LG, i don't have a clue on how the tranche thing will play out, but it wouldn't make much since to me the way they handled the h's that got paid that wore owed under $500 dollars to save on admin. fee's. i would think they would wait to pay when there was enough money to pay in full or maybe your theory of closing tranche 4 after may payment, i have know clue. just thinking if admin. fee's are that expensive to handle that they would not be paying out small bits and pieces down the road as money comes in, but who knows. glta carguy64