Elephant Bank, with AA credit rating, wants to raise funds in dollars, with a maturity of 10 years and at a fixed cost. Castle, AA-rated, wants to raise funds in dollars, with a maturity of 10 years and at a variable cost. The two sides have asked Borough Bank to mediate the financing.

Loan Rates	Fixed	Floating
10 Years in AA Companies	8.50%	LIBOR
10 Years in AA Banks	9.20%	LIBOR + 35% b.p.

Design an interest rate swap agreement that meets the financing needs of both parties, taking into account that Borough Bank's fee is 5 basis points and the final cost for Castle is LIBOR - 20 basis points. What will be the benefit for Elephant?