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<SEC-DOCUMENT>0001104659-07-041390.txt : 20070723
<SEC-HEADER>0001104659-07-041390.hdr.sgml : 20070723
<ACCEPTANCE-DATETIME>20070518143052
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-07-041390
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESA ROYALTY TRUST/TX
		CENTRAL INDEX KEY:			0000313364
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				746284806
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		712 MAIN STREET
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77210
		BUSINESS PHONE:		7132165100

	MAIL ADDRESS:	
		STREET 1:		P O BOX 4717
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77210
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>

<head>






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<body lang="EN-US">

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
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  <p align="right" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font style="height:59px;left:0px;margin-left:7px;margin-top:12px;position:absolute;width:200px;z-index:1;"><img width="200" height="59" src="g135912gai001.jpg"></font><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->600 Travis, Suite 4200</p>
  </td>
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 <tr style="page-break-inside:avoid;">
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Houston, Texas 77002</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">713.220.4200 Phone</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">713.220.4285 Fax</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">andrewskurth.com</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Buck</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">713.220.4401 Phone</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">713.238.7126 Fax</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dbuck@andrewskurth.com</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 18, 2007</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">BY FEDERAL EXPRESS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange
Commission<br>
Division of Corporation Finance<br>
100 F Street NE<br>
Washington, D.C.&#160; 20549-7010<br>
Attn: Donald F. Delaney</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Mesa Royalty Trust<br>
Form 10-K for the Fiscal Year Ended December 31, 2006<br>
Filed on April 2, 2007<br>
File No. 001-07884</i></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr. Delaney:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of
The Bank of New York Trust Company, N.A., as Trustee of the Mesa Royalty Trust,
we are responding to your comment letter dated May 3, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form 10-K for
the Fiscal Year Ended December 31, 2006</font></u></p>

<p style="margin:0pt 0pt 12.0pt;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business, page
1</font></u></p>

<p style="margin:0pt 0pt 12.0pt;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description of
Royalty Properties, page 5</font></u></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>We note that you included a reserve report letter for the Hugoton
properties that was prepared by Paul McDonald of Pioneer Natural Resources
under this heading, and have not otherwise provided the disclosures required
under Item 102 of Regulation S-K and Industry Guide 2.&#160; We also note that you have not reported
reserve information for the Colorado portion of the San Juan Basin Royalty
Properties.</b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Please revise your disclosure to provide comprehensive tabular and
narrative disclosure of all of your estimated reserves and related estimates of
future cash flows, segregated by location, in addition to other pertinent
information specified within the guidance cited above for all of your
properties.&#160; While you are required to
identify any independent consultants that you refer to as having prepared or</font></b></p>

<p style="margin:24.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;letter-spacing:.5pt;">Austin&#160;&#160;&#160;&#160; Beijing&#160;&#160;&#160;&#160;
Dallas&#160; &#160;&#160;&#160;&#160;Houston&#160;&#160;&#160;&#160;
&#160;London&#160;&#160; &#160;&#160;&#160;Los
Angeles&#160;&#160;&#160; &#160;New York&#160;&#160;&#160;
&#160;The Woodlands&#160;&#160;&#160;&#160; Washington, DC</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">reviewed the reserve estimates you disclose, you are responsible for preparing
the disclosures that appear in the filing.</font></b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Any supporting reserve reports that you wish to include should be
attached as exhibits, rather than being included within the text of the report.</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESPONSE</font></u></b>:&#160;
The Trustee believes that comprehensive tabular and narrative disclosure
of all of the estimated reserves and related estimates of future cash flows, in
addition to other pertinent information specified within the guidance cited
above for all of the properties of the Trust, is included in the reserve letter
or is otherwise contained in the body of the Form 10-K.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee notes that the Trust is an entirely passive, royalty
income-receiving issuer.&#160; The
presentation of information in the Trust&#146;s filings differ in a number of
respects from normal issuers.&#160; For
example, the Trust presents its financial information in a &#147;Statement of
Distributable Income&#148; rather than an income statement.&#160; Similarly, the Trust relies on the <i>No Action, Interpretive and/or Exemptive Letter: Bank of America, N.A.</i>,
dated November 13, 2002 and prior direct correspondence with the Staff for
qualifications in its certification and matters relating to disclosure controls
and procedures.&#160; Due to this financial
presentation, the Trustee believes that certain corollary items under Industry
Guide No. 2 are applicable to the Trust&#146;s business or interests solely in the
context of its impact on Royalty income rather than the discussion of the
assets of the Trust.&#160; For example,
information relating to Item 3. Production, regarding average sales price per
unit and average production cost, is not under the control of the Trustee or reflective
of the presentation of financial reporting under the Statement of Distributable
Income.&#160; Accordingly, information relating
to average prices received is presented in the table &#147;Summary of Royalty
Income, Production and Average Prices&#148; and discussion under Item 7. in
Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations (&#147;MD&amp;A&#148;).&#160; Similarly,
information relating to (i) Item 6. Drilling Activity for the last three fiscal
years by appropriate geographic areas relating to (A) the number of net
productive and dry exploratory wells drilled and (B) the number of net
productive and dry development wells drilled, and (ii) Item 7. Present
Activities, such as the number of wells in the process of drilling, are
discussed in the Trust&#146;s operational overview under MD&amp;A to the extent the
information has been made available by the working interest owners and Trustee
believes is material to the historical and future Royalty income received by
the Trust.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Trustee is responsible for preparing the disclosures in the
filing, the Trustee (unlike management of a corporate registrant) relies
entirely on third parties for gathering and preparing information regarding
reserve and operating data.&#160; The Trust
does not own any working interests.&#160; The
Trustee does not control or produce any of this information.&#160; For this reason, the Trustee has previously included
the actual reserve reports prepared by the working interest owner or independent
third parties in the text of the reports, a practice that has not received
comment in prior reviews by the Staff of the SEC for over a decade.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding its prior practices, the Trustee proposes to prepare
its future Form 10-Ks as requested to include any third-party reserve report as
an exhibit rather than within the text of the report without amending the
current Form 10-K.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee has not reported reserve information for the Colorado
portion of the San Juan Basin Royalty Properties as the necessary information
relating to these royalty interests was unavailable at the time of filing of
the Form 10-K.&#160; See further discussion in
response to Comment #2, below.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
Statements and Supplementary Data, page 27</font></u></p>

<p style="margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note 27 -
Supplemental Reserve Information (Unaudited), page 30</font></u></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>We note that you did not report information pertaining to proved oil
and gas reserves attributable to the Colorado portion of the San Juan Basin
Royalty Properties, due to its relative significance.&#160; However, having significant oil and gas
producing activities, as defined in paragraph 8 of SFAS 69, there is no
provision for the omission of portions of your proved reserve estimates on this
basis.&#160; This view is further clarified in
paragraph&nbsp;14(a) of the Standard.&#160;
Unless the necessary information is unavailable, whereas the exception
explained in paragraph 10 of SFAS 69 is satisfied, and you are able to make an
affirmative disclosure to this effect in your filing, please revise your disclosures
to include the reserve information for these properties.</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESPONSE</font></u></b>:&#160;
The Trustee did not report information pertaining to proved oil and gas
reserves attributable to the Colorado portion of the San Juan Basin Royalty
Properties as the information relating to these royalty interests was
unavailable at the time of the filing of the Form 10-K.&#160; As such, the exception explained in paragraph
10 of SFAS 69 is satisfied.&#160; The Trust
will make an affirmative disclosure to this effect if the Trustee continues to
be unable to obtain such information, but proposes not filing an amendment to
the current Form 10-K solely for this purpose.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee has contacted the operator of the Colorado portion of the
San Juan Basin Royalty Properties; however, as of the date of this letter, the
operator has not responded with the necessary information to calculate the
reserve information.&#160; The Trust will
continue its reasonable efforts to obtain the necessary information in order to
include the reserve disclosures in future filings, including retaining other
independent reservoir engineers.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the foregoing response to your comments, the Trustee
acknowledges that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Trust is responsible for the adequacy and accuracy of the disclosure in the
filing;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>staff
comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Trust may not assert staff comments as a defense in any proceeding initiated by
the Commission or any person under federal securities laws of the United
States.</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly
  yours,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David C.
  Buck</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David C. Buck</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mike Ulrich, The
Bank of New York Trust Company, N.A.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Jeff Urban, KPMG</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p>
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