Document:

CONFIRMATION

     

    TO: Wells
      Fargo Bank, N.A., not individually but solely as securities administrator on
      behalf of Carrington Mortgage Loan Trust, Series 2007-HE1 with respect to the
      Carrington Mortgage Loan Trust, Series 2007-HE1 Asset-Backed Pass-Through
      Certificates

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

     

    Attention:     Client
      Manager Carrington Mortgage Loan Trust, 2007 HE1

    Telephone:    (410)
      884
      2000

    Facsimile:       
      (410)
      715
      2380

    

    FROM:           
      Swiss
      Re
      Financial Products Corporation

             55
      East 52nd
      Street

             New
      York, New York 10055

    Attention:     Head
      of
      Operations

    Telephone:    (212)
      407-7322

    Facsimile.      (917)
      322-7201

     

    CC:

    Attention:     Head
      of
      Legal

    Facsimile:       
      (212)
      317-5474

     

    DATE:            
      July
      12,
      2007

     

    Transaction
      Reference Number: 1590352 - Class A Certificates

     

    Dear
      Sir/Madam,

     

    The
      purpose of this letter agreement is to confirm the terms and conditions of
      the
      transaction entered into between Wells Fargo Bank, N.A., not individually but
      solely as securities administrator on behalf of the Carrington Mortgage Loan
      Trust, Series 2007-HE1 with respect to the Carrington Mortgage Loan Trust,
      Series 2007-HE1 Asset-Backed Pass-Through Certificates, and Swiss Re Financial
      Products Corporation, a corporation organized under the laws of the State of
      Delaware (each a “party” and together “the parties”) on the Trade Date specified
      below (the “Transaction”). This letter agreement constitutes a “Confirmation” as
      referred to in the ISDA Master Agreement specified in paragraph 1 below. In
      this
      Confirmation, “Party A” means Swiss Re Financial Products Corporation, and
“Party B” means Carrington Mortgage Loan Trust, Series 2007-HE1, by Wells Fargo
      Bank, N.A., not individually but solely as securities administrator on behalf
      of
      the Carrington Mortgage Loan Trust, Series 2007-HE1 with respect to the
      Carrington Mortgage Loan Trust, Series 2007-HE1 Asset-Backed Pass-Through
      Certificates.

     

    The
      definitions and provisions contained in the 2000 ISDA Definitions, as published
      by the International Swaps and Derivatives Association, Inc. (the
“Definitions”), are incorporated into this Confirmation. In the event of any
      inconsistency between the Definitions and this Confirmation, this Confirmation
      will govern.

     

    Other
      capitalized terms used herein (but not otherwise defined) shall have the meaning
      specified in that certain Pooling and Servicing Agreement, dated as of June
      1,
      2007 (the “Pooling and Servicing Agreement”), among Stanwich Asset Acceptance
      Company, L.L.C., as Depositor, EMC Mortgage Corporation, as Interim Servicer
      Carrington Mortgage Services, LLC, as Servicer, Wells Fargo Bank, N.A. as Master
      Servicer and Securities Administrator and HSBC Bank USA, National Association,
      as Trustee (the “Trustee”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    1. This
      Confirmation evidences a complete binding agreement between the parties as
      to
      the terms of the Transaction to which this Confirmation relates. In addition,
      the parties agree that for the purposes of this Transaction, this Confirmation
      will supplement, form a part of, and be subject to that 1992 ISDA Master
      Agreement (the “Master Agreement”) dated as of July 12, 2007, between the
      parties. In the event of any inconsistency between the provisions of the Master
      Agreement and this Confirmation, this Confirmation will prevail for the purpose
      of this Transaction.

     

    2. The
      terms
      of the particular Transaction to which this Confirmation relates are as
      follows:

     

    
      	
              Notional
                Amount:

            	
              As
                set forth in Schedule A attached hereto

            
	
              Trade
                Date:

            	
              June 21,
                2007

            
	
              Effective
                Date:

            	
              July
                12, 2007

            
	
              Termination
                Date:

            	
              May 25,
                2011, subject to adjustment in accordance with the Following Business
                Day
                Convention with respect to Floating Amounts and subject to No Adjustment
                with respect to Fixed Amounts.

            
	
              Fixed
                Amounts:

            	 
	
              Fixed
                Rate Payer:

            	
              Party
                B

            
	
              Fixed
                Rate Payer Payment Dates:

            	
              The
                business day prior to the 25th
                of
                each month subject to adjustment in accordance with the Following
                Business
                Day Convention.

            
	
              Fixed
                Rate Payer Period End Dates:

            	
              The
                25th
                of
                each month, commencing on July 25, 2007 and ending on the Termination
                Date, with No Adjustment.

            
	
              Fixed
                Rate:

            	
              5.46%

            
	
              Fixed
                Rate Day Count Fraction:

            	
              30/360

            
	
              Floating
                Amounts:

            	 
	
              Floating
                Rate Payer:

            	
              Party
                A

            
	
              Floating
                Rate Payer Payment Dates:

            	
              The
                business day prior to the 25th
                of
                each month subject to adjustment in accordance with the Following
                Business
                Day Convention.

            
	
              Floating
                Rate Payer Period End Dates:

            	
              The
                25th of each month, commencing on July 25, 2007 in accordance with
                the Following Business Day Convention.

            
	
              Floating
                Rate for initial Calculation Period:

            	
              To
                be determined

            
	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA

            
	
              Designated
                Maturity:

            	
              One
                month

            
	
              Spread:

            	
              None

            
	
              Floating
                Rate Day Count Fraction:

            	
              Actual/360

            
	
              Reset
                Date:

            	
              First
                day of each Calculation Period

            
	
              Compounding:

            	
              Inapplicable

            
	
              Business
                Days:

            	
              New
                York

            
	
              Additional
                Payment:

            	
              Party
                A will pay $165,000 to Party B on July 12, 2007.

            
	
              Calculation
                Agent:

            	
              Party
                A; provided,
                however,
                if an Event of Default has occurred with respect to Party A, a Reference
                Market-maker, as designated by Party B, shall be the Calculation
                Agent.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. Account
      Details.

     

    Account
      for payments to Party A:

     

    
      
        	 	
                PAYMENT
                  INSTRUCTION:

              	
                JP
                  Morgan Chase Bank

                ABA#:
                  021-000-021

                Swift:
                  CHASUS33

                For
                  the Account of Swiss Re Financial Products

                ACCT
                  #: 066-911184

              
	 	
                 

              
	 	
                 

              
	 	
                 

              
	 	
                 

              

      

    

     

    Account
      for payments to Party B:

     

    
      
        	 	
                PAYMENT
                  INSTRUCTION:

              	
                Wells
                  Fargo Bank, National Association

                ABA#:
                  121-000-248

                ACCT
                  #: 3970771416

                ACCT
                  NAME: Corporate Trust Clearing

                For
                  further credit to ACCT #: 53161901

                REF:
                  Client Manager - Carrington Mortgage Loan Trust
                  2007-HE1

              

      

    

     

    4. Please
      confirm that the foregoing correctly sets forth the terms and conditions of
      our
      agreement by returning within three (3) Business Days via telecopier an executed
      copy of this Confirmation. Failure to respond within such period shall not
      affect the validity or enforceability of this Transaction.

     

    Yours
      sincerely,

     

    SWISS
      RE
      FINANCIAL PRODUCTS CORPORATION

     

    By: /s/Joseph
      Gullo                       

    Name:
      Joseph Gullo

    Title:
      Assistant Vice-President

     

    Confirmed
      as of the date above:

     

    By:
      WELLS
      FARGO BANK, N.A., not individually but solely as securities administrator on
      behalf of Carrington Mortgage Loan Trust, Series 2007-HE1 with respect to the
      Carrington Mortgage Loan Trust, Series 2007-HE1 Asset-Backed Pass-Through
      Certificates

     

    By:
      /s/Darron
      C.
      Woodus             

    Name:
      Darron C. Woodus 

    Title:
      Assistant Vice-President 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A
      to the
      Confirmation dated as of July 12, 2007,

     

    Re:
      Reference Number 1590352

     

    Amortization
      Schedule.
      Floating Rate Payer Period
      End Dates shall be subject
      to adjustment in accordance with the Following Business Day Convention, however,
      Fixed
      Rate Payer Period End Dates will use No Adjustment.

     

    
      	
              From
                and including

            	
              To
                but excluding

            	
              Notional
                Amount 

              (USD)

               

            
	
              July
                25, 2007

            	
              August
                25, 2007

            	
              359,280,000.00

            
	
              August
                25, 2007

            	
              September
                25, 2007

            	
              356,323,282.43

            
	
              September
                25, 2007

            	
              October
                25, 2007

            	
              352,160,929.66

            
	
              October
                25, 2007

            	
              November
                25, 2007

            	
              346,782,653.58

            
	
              November
                25, 2007

            	
              December
                25, 2007

            	
              340,188,223.65

            
	
              December
                25, 2007

            	
              January
                25, 2008

            	
              332,388,231.06

            
	
              January
                25, 2008

            	
              February
                25, 2008

            	
              323,404,599.22

            
	
              February
                25, 2008

            	
              March
                25, 2008

            	
              313,270,989.20

            
	
              March
                25, 2008

            	
              April
                25, 2008

            	
              302,033,307.78

            
	
              April
                25, 2008

            	
              May
                25, 2008

            	
              289,750,783.92

            
	
              May
                25, 2008

            	
              June
                25, 2008

            	
              276,553,921.44

            
	
              June
                25, 2008

            	
              July
                25, 2008

            	
              262,846,931.46

            
	
              July
                25, 2008

            	
              August
                25, 2008

            	
              249,769,352.98

            
	
              August
                25, 2008

            	
              September
                25, 2008

            	
              237,291,875.94

            
	
              September
                25, 2008

            	
              October
                25, 2008

            	
              225,386,570.52

            
	
              October
                25, 2008

            	
              November
                25, 2008

            	
              214,026,821.57

            
	
              November
                25, 2008

            	
              December
                25, 2008

            	
              203,187,266.17

            
	
              December
                25, 2008

            	
              January
                25, 2009

            	
              192,843,734.22

            
	
              January
                25, 2009

            	
              February
                25, 2009

            	
              182,973,191.83

            
	
              February
                25, 2009

            	
              March
                25, 2009

            	
              173,546,515.25

            
	
              March
                25, 2009

            	
              April
                25, 2009

            	
              164,446,043.61

            
	
              April
                25, 2009

            	
              May
                25, 2009

            	
              154,951,551.18

            
	
              May
                25, 2009

            	
              June
                25, 2009

            	
              135,968,534.65

            
	
              June
                25, 2009

            	
              July
                25, 2009

            	
              119,475,950.99

            
	
              July
                25, 2009

            	
              August
                25, 2009

            	
              105,130,208.79

            
	
              August
                25, 2009

            	
              September
                25, 2009

            	
              92,658,898.88

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              From
                and including

            	
              To
                but excluding

            	
              Notional
                Amount 

              (USD)

               

            
	
              September
                25, 2009

            	
              October
                25, 2009

            	
              82,083,102.15

            
	
              October
                25, 2009

            	
              November
                25, 2009

            	
              76,802,135.10

            
	
              November
                25, 2009

            	
              December
                25, 2009

            	
              76,802,135.10

            
	
              December
                25, 2009

            	
              January
                25, 2010

            	
              76,802,135.10

            
	
              January
                25, 2010

            	
              February
                25, 2010

            	
              76,802,135.10

            
	
              February
                25, 2010

            	
              March
                25, 2010

            	
              73,347,579.00

            
	
              March
                25, 2010

            	
              April
                25, 2010

            	
              69,647,764.20

            
	
              April
                25, 2010

            	
              May
                25, 2010

            	
              65,695,854.61

            
	
              May
                25, 2010

            	
              June
                25, 2010

            	
              61,989,866.72

            
	
              June
                25, 2010

            	
              July
                25, 2010

            	
              58,557,137.31

            
	
              July
                25, 2010

            	
              August
                25, 2010

            	
              55,370,451.79

            
	
              August
                25, 2010

            	
              September
                25, 2010

            	
              52,487,945.84

            
	
              September
                25, 2010

            	
              October
                25, 2010

            	
              49,977,421.90

            
	
              October
                25, 2010

            	
              November
                25, 2010

            	
              47,616,191.70

            
	
              November
                25, 2010

            	
              December
                25, 2010

            	
              45,374,229.15

            
	
              December
                25, 2010

            	
              January
                25, 2011

            	
              43,245,227.26

            
	
              January
                25, 2011

            	
              February
                25, 2011

            	
              41,223,063.19

            
	
              February
                25, 2011

            	
              March
                25, 2011

            	
              39,302,050.03

            
	
              March
                25, 2011

            	
              April
                25, 2011

            	
              37,476,822.85

            
	
              April
                25, 2011

            	
              May
                25, 2011

            	
              35,742,314.31

            
	
              May
                25, 2011

            	
              June
                25, 2011

            	
              34,093,749.14SCHEDULE

     

    to
      the

     

    Master
      Agreement

    (Multicurrency-Cross
      Border)

     

    dated
      as
      of

    July
      12,
      2007

     

    between

     

    SWISS
      RE FINANCIAL PRODUCTS CORPORATION,
      a
      corporation organized under the laws of 

    the
      State
      of Delaware

    (“Party
      A”)

     

    and

     

    WELLS
      FARGO BANK, N.A., not individually but solely as securities administrator on
      behalf of the Carrington Mortgage Loan Trust, Series 2007-HE1 with respect
      to
      the Carrington Mortgage Loan Trust, Series 2007-HE1 Asset-Backed Pass-Through
      Certificates

    (“Party
      B”)

     

    Part
      1

    Definitions

     

    Capitalized
      terms used herein and not otherwise defined shall have the meaning specified
      in
      that certain Pooling and Servicing Agreement, dated as of June 1, 2007 (the
“Pooling and Servicing Agreement”), among Stanwich Asset Acceptance Company,
      L.L.C., as Depositor, EMC Mortgage Corporation, as Interim Servicer Carrington
      Mortgage Services, LLC, as Servicer, Wells Fargo Bank, N.A., as Master Servicer
      and as Securities Administrator and HSBC Bank USA, National Association, as
      Trustee (the “Trustee”). For the avoidance of doubt, references herein to a
      particular “Section” of this Schedule are references to the corresponding
      section of the Master Agreement.

     

    Termination
      Provisions

     

    In
      this
      Agreement:-

    

    
      	
              (a)

            	
              “Specified
                Entity”
                means in relation to Party A for the purpose
                of:-

            

    

    

    
      	 	
              Section
                5(a)(v), 

            	
              Not
                Applicable

            

    

    
      	 	
              Section
                5(a)(vi), 

            	
              Not
                Applicable

            

    

    
      	 	
              Section
                5(a)(vii), 

            	
              Not
                Applicable

            

    

    
      	 	
              Section
                5(b)(iv), 

            	
              Not
                Applicable

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    in
      relation to Party B for the purpose of:-

    

    
      	 	
              Section
                5(a)(v), 

            	
              Not
                Applicable

            

    

    
      	 	
              Section
                5(a)(vi), 

            	
              Not
                Applicable

            

    

    
      	 	
              Section
                5(a)(vii), 

            	
              Not
                Applicable

            

    

    
      	 	
              Section
                5(b)(iv), 

            	
              Not
                Applicable

            

    

    

    
      	
              (b)

            	
              “Specified
                Transaction”
                is not applicable to Party A or Party B for any
                purpose.

            

    

    

    
      	
              (c)

            	
              The
                Events
                of Default
                specified under Sections 5(a)(ii), 5(a)(iii), 5(a)(iv); and 5(a)(vi)
                of
                the Agreement will not apply to Party B; provided that Section 5(a)(iii)
                shall apply to Party B to the extent that Party B fails to return
                a Return
                Amount under the Credit Support Annex. With respect to Party A and
                Party
                B, the provisions of Section 5(a)(v) will not
                apply.

            

    

    

    
      	
              (d)

            	
              Section
                5(a)(vi) “Cross Default” applies to Party
                A.

            

    

    

    “Specified
      Indebtedness”
will
      have the meaning specified in Section 14, except that such term will not include
      insurance contracts entered into in the ordinary course of Party A’s Credit
      Support Provider’s insurance business.

    

    “Threshold
      Amount”
      means an
      amount (or its equivalent in any currency) equal to 3% of the shareholders’
equity of Party A’s Credit Support Provider, determined as of the end of the
      most recent period for which audited financial statements have been
      prepared.

    

    
      	
              (e)

            	
              Section
                5(a)(vii) “Bankruptcy”
                applies to Party A and Party B; provided that with respect to Party
                B
                clauses (2), (7) and (9) will not be applicable as an Event of Default
                to
                the extent such event relates to nonpayment of indebtedness other
                than
                that of the related class of Notes; clause (4) will not apply to
                Party B
                to the extent that it refers to proceedings or petitions instituted
                or
                presented by Party A or any of its Affiliates; clause (6) will not
                apply
                to Party B to the extent that it refers to (i) any appointment that
                is
                contemplated or effected by the ISDA Master Agreement or (ii) any
                appointment that Party B has not become subject to clause (8) will
                not
                apply to Party B to the extent that it applies to Section
                5(a)(vii)(2),(4),(6), and (7) (except to the extent that such provisions
                are not disapplied with respect to Party
                B.

            

    

    

    
      	
              (f)

            	
              The
                “Credit
                Event Upon Merger”
                provisions of Section 5(b)(iv) will not apply to Party A and Party
                B.

            

    

    

    
      	
              (g)

            	
              The
                “Tax
                Event”
                provisions of Section 5(b)(ii) will apply, provided the words “(x) any
                action taken by a taxing authority or brought in a court of competent
                jurisdiction, on or after the date on which a Transaction is entered
                into
                (regardless of whether such action is taken or brought with respect
                to a
                party to this Agreement) or (y)” shall be
                deleted.

            

    

    

    
      	
              (h)

            	
              The
                “Tax
                Event Upon Merger”
                provisions of Section 5(b)(iii) will apply, provided that Party A
                shall
                not be entitled to designate an Early Termination Date by reason
                of a Tax
                Event upon Merger in respect of which it is the Affected
                Party.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              (i)

            	
              Section
                6(b)(ii) will apply; provided that the words “or if a Tax Event Upon
                Merger occurs and the Burdened Party is the Affected Party” shall be
                deleted.

            

    

     

    
      	
              (j)

            	
              The
                “Automatic
                Early Termination”
                provision of Section 6(a) will not apply to either Party A or to
                Party
                B.

            

    

    

    
      	
              (k)

            	
              Payments
                on Early Termination.
                For the purpose of Section 6(e) of this Agreement:-
                

            

    

    

    Market
      Quotation will apply and the Second Method will apply; provided,
      however,
      with
      respect to an early termination in which Party A is the Defaulting Party or
      sole
      Affected Party in respect of an Additional Termination Event or Tax Event Upon
      Merger, notwithstanding Section 6 of this Agreement the following amendment
      to
      this Agreement set forth in clauses (i) to (vi) below shall apply:

    

    For
      the
      purposes of Section 6(d)(i), Party B’s obligation with respect to the extent of
      information to be provided with its calculations is limited to information
      Party
      B has already received in writing which Party B is able to release without
      breaching any contractual obligations or the provisions of any law applicable
      to
      Party B.

    

    (i)
      The
      definition of “Market Quotation” shall be deleted in its entirety and replaced
      with the following:

    

    “Market
      Quotation”
means,
      with respect to one or more Terminated Transactions, a Firm Offer which is
      (1)
      made by a Reference Market-maker that is an Eligible Replacement, (2) for an
      amount that would be paid to Party B (expressed as a negative number) or by
      Party B (expressed as a positive number) in consideration of an agreement
      between Party B and such Reference Market-maker to enter into a transaction
      (the
“Replacement
      Transaction”)
      that
      would have the effect of preserving for such party the economic equivalent
      of
      any payment or delivery (whether the underlying obligation was absolute or
      contingent and assuming the satisfaction of each applicable condition precedent)
      by the parties under Section 2(a)(i) in respect of such Terminated Transactions
      or group of Terminated Transactions that would, but for the occurrence of the
      relevant Early Termination Date, have been required after that Date, (3) made
      on
      the basis that Unpaid Amounts in respect of the Terminated Transaction or group
      of Transactions are to be excluded but, without limitation, any payment or
      delivery that would, but for the relevant Early Termination Date, have been
      required (assuming satisfaction of each applicable condition precedent) after
      that Early Termination Date is to be included and (4) made in respect of a
      Replacement Transaction with terms substantially the same as those of this
      Agreement (save for the exclusion of provisions relating to Transactions that
      are not Terminated Transactions).” 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (ii) The
      definition of “Settlement Amount” shall be deleted in its entirety and replaced
      with the following:

     

    “Settlement
      Amount” means, with respect to any Early Termination Date, an amount (as
      determined by Party B in accordance with the Pooling and Servicing Agreement)
      equal to the Termination Currency Equivalent of the amount (whether positive
      or
      negative) of any Market Quotation for the relevant Terminated Transaction or
      group of Terminated Transactions that is accepted by Party B in accordance
      with
      the Pooling and Servicing Agreement so as to become legally binding,
provided
      that:

     

    (a)    if,
      on or
      prior to such Early Termination Date, a Market Quotation for the relevant
      Terminated Transaction or group of Terminated Transactions is accepted by Party
      B so as to become legally binding, the Termination Currency Equivalent of the
      amount (whether positive or negative) of such Market Quotation; 

    

    (b)    if,
      on
      such Early Termination Date, no Market Quotation for the relevant Terminated
      Transaction or group of Terminated Transactions is accepted by Party B so as
      to
      become legally binding and one or more Market Quotations have been communicated
      to Party B and remain capably of becoming legally binding upon acceptance by
      Party B, the Termination Currency Equivalent of the amount (whether positive
      or
      negative) of the lowest of such Market Quotation; 

    

    (c)    if,
      on
      such Early Termination Date, no Market Quotation for the relevant Terminated
      Transaction or group of Terminated Transactions is accepted by Party B so as
      to
      become legally binding and no Market Quotations have been communicated to Party
      B and remain capable of becoming legally binding upon acceptance by Party B,
      Party B’s Loss (whether positive or negative and without reference to Unpaid
      Amounts) for the relevant Terminated Transaction or group of Terminated
      Transactions; and

    

    (d)    At
      any
      time on or before the Early Termination Date at which two or more Market
      Quotations have been communicated to Party B and remain capable of becoming
      legally binding upon acceptance by Party B, Party B shall be entitled to accept
      only the lowest of such Market Quotations (for the avoidance of doubt, (i)
      a
      Market Quotation expressed as a negative number is lower than a Market Quotation
      expressed as a positive number and (ii) the lower of two Market Quotations
      expressed as negative numbers is the one with the largest absolute
      value).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (iii)
       For
      the
      purpose of sub-paragraph (4) of the definition of Market Quotation, Party B
      shall determine in its sole discretion in accordance with the Pooling and
      Servicing Agreement, acting in a commercially reasonable manner, whether a
      Firm
      Offer is made in respect of a Replacement Transaction with commercial terms
      substantially the same as those of this Agreement (save for the exclusion of
      provisions relating to Transactions that are not Terminated
      Transactions).

     

    (iv) If
      Party
      B requests Party A in writing to obtain Market Quotations, Party A shall use
      its
      reasonable efforts to do so before the Early Termination Date.

     

    (vi) If
      the
      Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement
      shall be deleted in its entirety and replaced with the following:

     

    “Second
      Method and Market Quotation.
      If
      Second Method and Market Quotation apply, (1) Party B shall pay to Party A
      an
      amount equal to the absolute value of the Settlement Amount in respect of the
      Terminated Transactions, (2) Party B shall pay to Party A the Termination
      Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party A
      shall
      pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing
      to Party B, provided that, (i) the amounts payable under (2) and (3) shall
      be
      subject to netting in accordance with Section 2(c) of this Agreement and (ii)
      notwithstanding any other provision of this Agreement, any amount payable by
      Party A under (3) shall not be netted-off against any amount payable by Party
      B
      under (1).”

     

    
      	
              (l)

            	
              “Termination
                Currency”
                means United States Dollars.

            

    

    

    
      	
              (m)

            	
              Timing
                of Party B Termination Payment.
                If an amount calculated as being due in respect of an Early Termination
                Date under Section 6(e) of this Agreement is an amount to be paid
                by Party
                B to Party A then, notwithstanding the provisions of Section 6(d)(ii)
                of
                this Agreement, such amount will be payable on the first Distribution
                Date
                following the date on which the payment would have been payable as
                determined in accordance with Section 6(d)(ii); provided
                that if the date on which the payment would have been payable as
                determined in accordance with Section 6(d)(ii) is a Distribution
                Date,
                then the payment will be payable on the date determined in accordance
                with
                Section 6(d)(ii).

            

    

    

    
      	
              (n)

            	
              Additional
                Termination Event will apply.
                Each of the following events shall constitute an Additional Termination
                Event hereunder: 

            

    

    

    
      	 	
              (i)

            	
              A
                Ratings Event or an S&P Required Rating Downgrade occurs as set forth
                in Part 5(f)(i) hereof and Party A fails to satisfy the requirements
                set
                forth in Part 5(f)(i) hereof or Party A fails to satisfy the Moody’s
                Downgrade provisions set forth in Part (5)(f)(ii) hereof. Party A
                shall be
                the sole Affected Party.

            

    

    

    
      	 	
              (ii)

            	
              The
                Pooling and Servicing Agreement is amended or modified, without the
                prior
                written consent of Party A, in any manner which materially adversely
                affects Party A, and such consent is required pursuant to the Pooling
                and
                Servicing Agreement. Party B shall be the sole Affected
                Party.

            

    

    

    
      	 	
              (iii)

            	
              The
                Trust Fund (as defined in the Pooling and Servicing Agreement) is
                terminated pursuant to the Pooling and Servicing Agreement or notice
                of
                the Terminator’s (as defined in the Pooling and Servicing Agreement)
                intention to exercise its option to purchase the Mortgage Loans pursuant
                to Section 10.01 of the Pooling and Servicing Agreement is given
                by the
                Securities Administrator to Certificateholders pursuant to Section
                10.01
                of the Pooling and Servicing Agreement. Party B shall be the sole
                Affected
                Party.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (iv)

            	
              A
                Swap Disclosure Event occurs as set forth in Part 5(g) hereof and
                Party A
                fails to satisfy the requirements set forth in Part 5(g) hereof.
                Party A
                shall be the sole Affected Party.

            

    

    

    Part
      2

    Tax
      Representations

     

    
      	
              (a)

            	
              Payer
                Representations. For
                the purpose of Section 3(e) of this Agreement, Party A and Par-ty
                B make
                the following representation:-

            

    

    

    It
      is not
      required by any applicable law, as modified by the practice of any relevant
      govern-mental revenue authority, of any Relevant Jurisdiction to make any
      deduction or withholding for or on account of any Tax from any payment (other
      than interest under Section 2(e), 6(d)(ii), or 6(e) of this Agreement) to be
      made by it to the other party under this Agreement. In making this
      representation, it may rely on (i) the accuracy of any representations made
      by
      the other party pursuant to Section 3(f) of this Agreement, (ii) the
      satisfaction of the agreement con-tained in Section 4(a)(i) or 4(a)(iii) of
      this
      Agreement, and the accuracy and effectiveness of any document provided by the
      other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agree-ment, and
      (iii) the satisfaction of the agreement of the other party contained in Section
      4(d) of this Agreement, provided
      that it
      shall not be a breach of this representation where reliance is placed on clause
      (ii) and the other party does not deliver a form or document under Section
      4(a)(iii) by reason of material prejudice to its legal or commercial
      position.

    

    
      	
              (b)

            	
              Payee
                Representations.
                For the purpose of Section 3(f) of this Agreement, Party A and Party
                B
                make the following
                representations:-

            

    

    

    
      	 	
              (i)

            	
              The
                following representation applies to Party A: Party A is a corporation
                organized under the laws of the State of
                Delaware.

            

    

    

    
      	 	
              (ii)

            	
              The
                following representation applies to Party B: Party B is a “U.S. person” as
                that term is used in section 1.1441-4(a)(3)(ii) of the United States
                Treasury Regulations (the “Regulations”) for United States federal income
                tax purposes.

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    Part
      3

    Agreement
      to Deliver Documents

     

    For
      the
      purpose of Section 4(a)(i) and (ii) of this Agreement, each Party agrees to
      deliver the following documents as applicable:-

     

    
      	
              (a)

            	
              Tax
                forms, documents or certificates to be delivered
                are:-

            

    

    

    
      	
              Party
                Required to deliver 

              Document

            	
               

              Form/Document/Certificate

            	
               

              Date
                by which to Delivered

            
	
              Party
                A and Party B.

            	
              An
                executed U.S. Internal Revenue Service Form W-9 (or any successor
                thereto).

            	
              (i)
                Before the first Payment Date under this Agreement, (ii) promptly
                upon
                reasonable demand by Party A and (iii) promptly upon learning that
                any
                such form previously provided to Party A has become obsolete or
                incorrect.

            

    

    

    
      	
              (b)

            	
              Other
                documents to be delivered are:

            

    

    

    
      	
              Party
                Required to

               deliver
                Document

            	
              Form/Document/

              Certificate

            	
              Date
                by which to be 

              Delivered

            	
              Covered
                by Section 

              3(d)

               Representation

            
	
              Party
                A.

            	
              Guarantee
                from Swiss Reinsurance Company as Credit Support Provider.

            	
              Concurrently
                with the execution of this Agreement.

            	
              No

            
	
              Party
                B. 

            	
              Credit
                Support Document, if any, specified in Part 4 hereof, such Credit
                Support
                Document being duly executed if required.

            	
              Concurrently
                with the execution of this Agreement. 

            	
              No.

            
	
              Party
                A/Party B. 

            	
              Incumbency
                certificate or other documents evidencing the authority of the party
                entering into this Agreement or any other document executed in connection
                with this Agreement.

            	
              Concurrently
                with the execution of this Agreement or of any other documents executed
                in
                connection with this Agreement.

            	
              Yes.

            
	
              Party
                B.

            	
              Copy
                of each report delivered under the Pooling and Servicing Agreement
                and/or
                any other Transaction Document.

            	
              Upon
                availability.

            	
              Yes.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              Party
                Required to

               deliver
                Document

            	
              Form/Document/

              Certificate

            	
              Date
                by which to be 

              Delivered

            	
              Covered
                by Section 

              3(d)

               Representation

            

    

    
      	
              Party
                A.

            	
              Legal
                opinion from counsel for Party A’s Credit Support Provider concerning due
                authorization, enforceability and related matters, addressed to Party
                B
                and acceptable to Party B. 

            	
              Concurrently
                with the execution of this Agreement.

            	
              No.

            
	
              Party A.

            	
              Certified
                copies of all corporate, partnership or membership authorizations,
                as the
                case may be, and any other documents with respect to the execution,
                delivery and performance of this Agreement and any Credit Support
                Document

            	
              Upon
                execution and delivery of this Agreement

            	
              Yes

            

    

     

    Part
      4

    Miscellaneous

     

    

     

    
      	
              (a)

            	
              Addresses
                for Notices: For the purpose of Section 12(a) of this
                Agreement:-

            

    

    

    Address
      for notices or communications to Party
      A:-

    

    Swiss
      Re
      Financial Products Corporation

    55
      East
      52nd
      Street

    New
      York,
      New York 10055

    
      	 	
              Attention:

            	
              Head
                of Legal

            

    

    
      	 	
              Facsimile.

            	
              (917)
                322-7201

            

    

    

    CC:

    
      	 	
              Attention:

            	
              Head
                of Legal

            

    

    
      	 	
              Facsimile:

            	
              (212)
                317-5474

            

    

    

    (For
      all
      purposes).

    

    Address
      for notices or communications to Party
      B:-

    

    Wells
      Fargo Bank, N.A., not individually but solely as securities administrator on
      behalf of Carrington Mortgage Loan Trust, Series 2007-HE1 with respect to the
      Carrington Mortgage Loan Trust, Series 2007-HE1 Asset-Backed Pass-Through
      Certificates

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    
      	 	
              Attention:

            	
              Client
                Manager Carrington Mortgage Loan Trust, 2007
                HE1

            

    

    
      	 	
              Telephone:

            	
              (410)
                884 2000

            

    

    
      	 	
              Facsimile:

            	
              (410)
                715 2380

            

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (For
      all
      purposes).

    

    
      	
              (b)

            	
              Process
                Agent.
                For the purpose of Section 13(c):-

            

    

    

    Party
      A
      appoints as its Process Agent:    Not
      Applicable.

    

    Party
      B
      appoints as its Process Agent:     Not
      Applicable.

    

    
      	
              (c)

            	
              Offices.
                The provisions of Section 10(a) will apply to this
                Agreement.

            

    

    

    
      	
              (d)

            	
              Multibranch
                Party.
                For the purpose of Section 10(c) of this
                Agreement:-

            

    

    

    Party
      A
      is not a Multibranch Party.

    

    Party
      B
      is not a Multibranch Party.

    

    
      	
              (e)

            	
              Calculation
                Agent.
                The Calculation Agent is Party A; provided,
                however,
                if an Event of Default has occurred with respect to Party A, a Reference
                Market-maker, as designated by Party B, shall be the Calculation
                Agent.

            

    

    

    
      	
              (f)

            	
              Credit
                Support Document.
                Details of any Credit Support
                Document:-

            

    

    

    Each
      of
      the following, as amended, extended, supplemented or otherwise modified in
      writing from time to time, is a “Credit Support Document”:

    

    Party
      A:
      A Guaranty of Swiss Reinsurance Company dated as of the date hereof, in a form
      acceptable to Party B and the ISDA Credit Support Annex, annexed
      hereto.

    

    Party
      B:
      The ISDA Credit Support Annex to the extent of Party B’s Return Amount
      obligations.

    

    
      	
              (g)

            	
              Credit
                Support Provider.

            

    

    

    Credit
      Support Provider means in relation to Party A, Swiss Reinsurance
      Company.

    

    Credit
      Support Provider means in relation to Party B, Not Applicable.

    

    
      	
              (h)

            	
              Governing
                Law.
                This Agreement will be governed by, and construed in accordance with,
                the
                laws of the State of New York without reference to its conflict of
                laws
                provisions (except for Sections 5-1401 and 5-1402 of the New York
                General
                Obligations Law).

            

    

    

    
      	
              (i)

            	
              Netting
                of Payments.
                Subparagraph (ii) of Section 2(c) of this Agreement will
                apply.

            

    

    

    
      	
              (j)

            	
              “Affiliate”
                will have the meaning specified in Section 14 of the Form Master
                Agreement; provided, however, that Party B shall be deemed not to
                have any
                Affiliates for purposes of this
                Transaction.

            

    

    

    Part
      5

    Other
      Provisions

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              (a)

            	
              Additional
                Representations.
                For purposes of Section 3, the following shall be added, immediately
                following paragraph (f) thereto:

            

    

    

    
      	 	
              (g)

            	
              It
                is an “eligible
                contract participant”
                within the meaning of Section 1(a)(12) of the Commodity Exchange
                Act, as
                amended.

            

    

    

    
      	 	
              (h)

            	
              It
                has entered into this Agreement (including each Transaction evidenced
                hereby) in conjunction with its line of business (including financial
                intermediation services) or the financing of its
                business.

            

    

    

    
      	 	
              (i)

            	
              Non-Reliance.
                Each party has made its own independent decisions to enter into this
                Transaction and as to whether this Transaction is appropriate or
                proper
                for it based upon its own judgment and upon advice from such advisors
                as
                it has deemed necessary. It is not relying on any communication (written
                or oral) of the other party as investment advice or as a recommendation
                to
                enter into this Transaction; it being understood that information
                and
                explanations related to the terms and conditions of this Transaction
                shall
                not be considered investment advice or a recommendation to enter
                into this
                Transaction. Further, such party has not received from the other
                party any
                assurance or guarantee as to the expected results of this
                Transaction.

            

    

    

    
      	 	
              (j)

            	
              Evaluation
                and Understanding.
                It is capable of evaluating and understanding (on its own behalf
                or
                through independent professional advice), and understands and accepts,
                the
                terms, conditions and risks of this Transaction. It is also capable
                of
                assuming, and assumes, the financial and other risks of this
                Transaction.

            

    

    

    
      	 	
              (k)

            	
              Status
                of Parties.
                The other party is not acting as an agent, fiduciary or advisor for
                it in
                respect of this Transaction.

            

    

    

    
      	 	
              (l)

            	
              Pari
                Passu: Party
                A represents that its obligations under this Agreement rank pari
                passu
                with all of its other unsecured, unsubordinated obligations except
                those
                obligations preferred by operation of
                law.

            

    

    

    
      	
              (b)

            	
              Notice
                by Facsimile Transmission. Section
                12(a) of the Agreement is hereby amended by deleting the parenthetical
                “(except that a notice or other communication under Section 5 or 6
                may not
                be given by facsimile transmission or electronic messaging
                system).”

            

    

    

    
      	
              (c)

            	
              No
                Set-off.
                Without affecting the provisions of the Agreement requiring the
                calculation of certain net payment amounts, as a result of an Event
                of
                Default or Additional Termination Event or otherwise, all payments
                will be
                made without setoff or counterclaim. The provisions for Set-off set
                forth
                in Section 6(e) of the Agreement shall not apply for purposes of
                this
                Agreement. 

            

    

    

    
      	
              (d)

            	
              Consent
                to Recording.
                The parties agree that each may electronically record all telephonic
                conversations between marketing and trading personnel in connection
                with
                this Agreement and that any such recordings may be submitted in evidence
                in any Proceedings relating to the
                Agreement.

            

    

    

    
      	
              (e)

            	
              Waiver
                of Jury Trial.
                EACH
                PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
                JURY
                WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
                THIS
                AGREEMENT, ANY CREDIT SUPPORT DOCUMENT OR ANY TRANSACTION CONTEMPLATED
                HEREUNDER.

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    
      	
              (f)

            	
              Downgrade
                of Party A.

            

    

    

    (i) For
      the
      purpose hereof, a “Ratings Event” shall occur in that event that (1) Party A's
      (or its Credit Support Provider’s) short-term unsecured and unsubordinated debt
      rating is reduced below “A-1” by Standard & Poor's Ratings Service
      (“S&P”) (or if its short-term rating is not available by S&P, in the
      event that its long-term unsecured and unsubordinated debt rating is reduced
      below “A+” by S&P) and with respect to Party A (or its Credit Support
      Provider) such entity is a Financial Institution (an “S&P Approved Ratings
      Downgrade”) or (2) its short-term unsecured and unsubordinated debt rating is
      reduced below “F1” by Fitch, Inc. (“Fitch”) (or, if its short-term rating is not
      available by Fitch), its long-term unsecured and unsubordinated debt rating
      is
      withdrawn or reduced below “A” by Fitch (collectively, the “Approved Rating
      Threshold”), to the extent such obligations are rated by S&P or Fitch. Party
      A agrees that it shall comply with the provisions set forth below following
      the
      occurrence of a Ratings Event or an S&P Required Rating Downgrade. The
      failure by Party A to comply with the provisions set forth below shall
      constitute an Additional Termination Event for which Party A shall be the sole
      Affected Party.

    

    If
      a
      Ratings Event shall occur and be continuing with respect to Party A, then Party
      A shall (at its own cost) (A) within 5 Business Days of such Ratings Event,
      give
      notice to Party B of the occurrence of such Ratings Event, and (B) (x) within
      30
      calendar days after the occurrence of a Ratings Event,
      with
      respect to Fitch or, (y) within 10 Business Days with respect to Party A (or
      its
      Credit Support Provider) that is a Financial Institution with respect to
      S&P, either (i) use reasonable efforts to transfer Party A’s rights and
      obligations hereunder to another party, subject to satisfaction of the Rating
      Agency Condition (as defined below), (ii) post Eligible Collateral in accordance
      with the Credit Support Annex attached hereto and made a part hereof or (iii)
      obtain a guaranty which satisfies the Rating Agency Condition. 

    

    If
      an
      S&P Required Rating Downgrade (as defined below) shall occur and be
      continuing with respect to Party A, then Party A shall within 2 Business Days
      of
      such S&P Required Rating Downgrade, (A) give notice to Party B of the
      occurrence of such S&P Required Rating Downgrade, and (B) within 10 Business
      Days of the occurrence of such S&P Required Rating Downgrade comply with the
      terms of the Credit Support Annex and (C) within 60 days of the date of the
      S&P Required Ratings Downgrade, in addition to posting collateral pursuant
      to the Credit Support Annex (i) transfer (at its own cost) Party A’s rights and
      obligations hereunder to another party, subject to satisfaction of the Rating
      Agency Condition or (ii) obtain a guaranty of its obligations hereunder from
      another party, subject to the satisfaction of the Rating Agency Condition,
      and
      such guaranty shall remain in effect only for so long as a S&P Required
      Rating Downgrade is continuing with respect to Party A. For the purpose hereof,
      a “S&P Required Rating Downgrade” shall occur with respect to Party A (or
      its Credit Support Provider) (x) if such entity is a Financial Institution,
      its
      the short-term senior unsecured deposit rating is withdrawn by S&P or cease
      to be at least “A-2” (or if its short-term rating is not available by S&P,
      in the event that its long-term unsecured and unsubordinated debt rating is
      cease to be at least “BBB+” by S&P) or (y) with respect to Party A (or its
      Credit Support Provider) if such entity is not a Financial Institution, at
      any
      time its short-term senior unsecured deposit rating is withdrawn or reduced
      below “A-1” (or if its short-term rating is not available by S&P, in the
      event that its long-term unsecured and unsubordinated debt rating is cease
      to be
      at least “A+” by S&P). 

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    “Financial
      Institution” means a bank, broker/dealer, insurance company, structured
      investment vehicle or derivative product company.

     

    “Rating
      Agency Condition” means, with respect to any action to be taken, a condition
      that is satisfied when S&P, Moody’s and Fitch have confirmed that such
      action would not result in the downgrade, qualification (if applicable) or
      withdrawal of the rating then assigned by such Rating Agency to the applicable
      class of Certificates.

    

    (ii) Moody’s
      Downgrade Provisions.

    

    (A) Moody’s
      First Rating Trigger Collateral.
      For
      purposes of this Part 5(f)(ii), if Party A has failed to comply with or perform
      any obligation to be complied with or performed by Party A in accordance with
      the Credit Support Annex entered into between Party A and Party B in relation
      to
      this Agreement (the “CSA obligation”), then, unless less than 30 Local Business
      Days have elapsed since the last date on which the Moody’s First Trigger
      Required Ratings of Party A were satisfied, such failure by Party A to comply
      with one or more CSA obligations shall constitute an Additional Termination
      Event, and Party A shall be the sole Affected Party.

    

    (B) Moody’s
      Second Rating Trigger Replacement.
      It
      shall be an Additional termination Event with Party A as sole Affected Party
      if
      on a given date (x) the Moody’s Second Rating Trigger Requirements of Party A
      are not satisfied and 30 or more Local Business Days have elapsed since the
      last
      date on which the Moody’s Second Rating Trigger Requirements of Party A were
      satisfied and (y) (i) at least one Eligible Replacement has made a Firm Offer
      (which remains capable of becoming legally binding upon acceptance) to be the
      transferee of a transfer to be made in accordance with Part 5(m)(ii) below
      and/or (ii) at least one entity whose ratings satisfy the Moody’s First Trigger
      Required Ratings and/or the Moody’s Second Trigger Required Ratings has made a
      Firm Offer (which remains capable of becoming legally binding upon acceptance
      by
      the offeree and satisfaction of the Rating Agency Condition) to provide an
      Eligible Guarantee in respect of all of Party A’s present and future obligations
      under this Agreement.

    

    “Eligible Guarantee”
means
      an unconditional and irrevocable guarantee that is provided by a guarantor
      as
      principal debtor rather than surety and is directly enforceable by Party B,
      where either (A) a law firm has given a legal opinion confirming that none
      of
      the guarantor’s payments to Party B under such guarantee will be subject to
      withholding for Tax or (B) such guarantee provides that, in the event that
      any
      of such guarantor’s payments to Party B are subject to withholding for tax, such
      guarantor is required to pay such additional amount as is necessary to ensure
      that the net amount actually received by Party B (free and clear of any
      withholding tax) will equal the full amount Party B would have received had
      no
      such withholding been required.

    

    “Eligible
      Replacement”
means
      an entity (A) with the Moody’s First Trigger Required Ratings or (B) whose
      present and future obligations owing to Party B are guaranteed pursuant to
      an
      Eligible Guarantee provided by a guarantor with the Moody’s First Trigger
      Required Ratings. 

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    “Firm
      Offer”
means
      an offer which, when made, was capable of becoming legally binding upon
      acceptance.

    

    “Moody’s
      Short-term Rating”
means
      a
      rating assigned by Moody’s under its short-term rating scale in respect of an
      entity’s
      short-term, unsecured and unsubordinated debt obligations

    

    “Relevant
      Entities”
means
      Party A and any guarantor under an Eligible Guarantee in respect of all of
      Party
      A’s present and future obligations under this Agreement.

    

    An
      entity
      shall satisfy the “Moody’s
      First Trigger Required
      Ratings”
either
      (x) if such entity is the subject of a Moody’s Short-term Rating, if such rating
      is “Prime-1”
      and its long-term, unsecured and unsubordinated debt or counterparty obligations
      are rated “A2” or above by Moody’s or (y) if such entity is not the subject of a
      Moody’s Short-term Rating, its long-term, unsecured and unsubordinated debt or
      counterparty obligations are rated “A1” or above by Moody’s.

    

    The
      “Moody’s
      Second
      Rating Trigger Requirements”
shall
      be satisfied if a Relevant Entity has the Moody’s Second Trigger Required
      Ratings.

     

    An
      entity
      shall satisfy the “Moody’s Second
      Trigger Required Ratings”
either
      (x), if such entity is the subject of a Moody’s Short-term Rating, if such
      rating is “Prime-2”
      or above and its long-term, unsecured and unsubordinated debt obligations are
      rated “A3” or above by Moody’s or (y), if such entity is not the subject of a
      Moody’s Short-term Rating, its long-term, unsecured and unsubordinated debt
      obligations are rated “A3” or above by Moody’s.

    

    So
      long as the Moody’s
      Second
      Rating Trigger Requirements are not satisfied,
      Party A
      will within 30 days and at its own cost use commercially reasonable efforts
      to,
      as soon as reasonably practicable, procure either
      (x) an Eligible Guarantee
      in
      respect of all of Party A’s present and future obligations under this Agreement
      to be provided by a guarantor with the Moody’s First Trigger Required Ratings
or
      (y) a transfer in accordance with Part 5(q)(ii) below.

    

    
      	
              (g)

            	
              Swap
                Disclosure Event.
                Upon the occurrence of a Swap Disclosure Event (as defined below),
                if
                Party A has not, within 10 days after such Swap Disclosure Event
                (the
                “Response Period”) complied with one of the solutions listed below, then
                an Additional Termination Event shall have occurred with respect
                to Party
                A and Party A shall be the sole Affected Party with respect to such
                Additional Termination Event.

            

    

    

    It
      shall
      be a swap disclosure event (“Swap Disclosure Event”) if at any time after the
      date hereof Carrington Securities, LP (“Carrington Securities”) or Stanwich
      Asset Acceptance Corporation (“Stanwich”) notifies Party A that in the
      reasonable discretion of Carrington Securities or Stanwich acting in good faith,
      the “aggregate significance percentage” of all derivative instruments (as such
      term is defined in Item 1115 of Regulation AB (as defined below)) provided
      by
      Party A and any of its affiliates to Carrington Mortgage Loan Trust, Series
      2007-HE1 (the “Significance Percentage”) is 10% or more.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    Following
      a Swap Disclosure Event, Party A’s Credit Support Provider shall take one of the
      following actions at its own expense: either (I) (a) (i) if the Significance
      Percentage is 10% or more, Party A’s Credit Support Provider shall provide in an
      EDGAR compatible format the information set forth in Item 1115(b)(1) of
      Regulation AB (or the alternative information described in Instructions 2,
      3 and
      5 to Item 1114 of Regulation AB or otherwise approved by the SEC in writing)
      for
      Party A (or for its Credit Support Provider, if applicable) or (ii) if the
      Significance Percentage is 20% or more, Party A provide in an EDGAR compatible
      format the information set forth in Item 1115(b)(2) of Regulation AB (or the
      alternative information described in Instructions 2, 3 and 5 to Item 1114 of
      Regulation AB or otherwise approved by the SEC in writing) for Party A (or
      for
      its Credit Support Provider, if applicable) (collectively, the “Reg AB
      Information”), to Carrington Securities or Stanwich and (b) provide written
      consent to Carrington Securities and Stanwich to incorporation by reference
      of
      such current Reg AB Information as is filed with the Securities and Exchange
      Commission in the reports of Stanwich filed pursuant to the Exchange Act, and
      (c) if applicable, cause its outside accounting firm to provide its consent
      to
      filing or incorporation by reference of such accounting firm’s report relating
      to their audits of such current Reg AB Information in the Exchange Act Reports
      of Stanwich, and (d) provide to Carrington Securities and Stanwich any updated
      Reg AB Information with respect to Party A or any entity that consolidates
      Party
      A within five days of the release of any such updated Reg AB Information; (II)
      cause a Reg AB Approved Entity (as defined below) to replace Party A as party
      to
      this Agreement on terms substantially similar to this Agreement prior to the
      expiration of the Response Period and cause such Reg AB Approved Entity to
      provide the Reg AB Information prior to the expiration of the Response Period;
      or (III) post collateral in an amount sufficient to reduce the Significance
      Percentage (1) to 8% if the Depositor has notified Party A that the Significance
      Percentage is 9% or more (but less than 19% or (2) to 18% if the Depositor
      has
      notified Party A that the Significance Percentage is 19% or more; provided
      however, that no such transfer to a Reg AB Approved Entity pursuant to (II)
      above shall occur unless the Reg AB Approved entity agrees to terms
      substantially identical to those contained in Part 5(n) of this Agreement.
“Reg
      AB Approved Entity” means any entity that (i) has the ability to provide the Reg
      AB Information and (ii) meets or exceeds the Approved Rating Threshold and
      satisfies the Ratings Agency Condition.

    

    “Regulation
      AB” means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
      §§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Securities
      and Exchange Commission (“SEC”) in the adopting release (Asset-Backed
      Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506-1,631 (Jan.
      7, 2005)) or by the staff of the SEC, or as may be provided by the SEC or its
      staff from time to time.

    

    
      	
              (h)

            	
              Non-Petition.
                Party A hereby agrees that it will not, prior to the date that is
                one year
                and one day (or, if longer, the applicable preference period) after
                all
                Certificates (as such term is defined in the Pooling and Servicing
                Agreement) issued by Party B pursuant to the Pooling and Servicing
                Agreement have been paid in full, acquiesce, petition or otherwise
                invoke
                or cause Party B to invoke the process of any court or governmental
                authority for the purpose of commencing or sustaining a case against
                Party
                B under any federal or state bankruptcy, insolvency or similar law
                or for
                the purpose of appointing a receiver, liquidator, assignee, trustee,
                custodian, sequestrator or other similar official for Party B or
                any
                substantial part of the property of Party B, or for the purpose of
                ordering the winding up or liquidation of the affairs of Party B.
                Nothing
                herein shall prevent Party A from participating in any such proceeding
                once commenced. The provisions of this paragraph shall survive the
                termination of this Agreement.

            

    

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    
      	
              (i)

            	
              Securities
                Administrator Liability Limitation.
                It is expressly understood and agreed by the parties hereto that
                (i) this
                Schedule is executed and delivered by Wells Fargo Bank, N.A. (“Wells
                Fargo”), not individually or personally but solely as securities
                administrator, (ii) each of the representations, undertakings and
                agreements herein made on the part of Party B is made and intended
                not as
                personal representations, undertakings and agreements by Wells Fargo
                but
                is made and intended for the purpose of binding only Party B, (iii)
                nothing herein contained shall be construed as creating any liability
                on
                Wells Fargo, individually or personally, to perform any covenant
                either
                expressed or implied contained herein, and (iv) under no circumstances
                shall Wells Fargo be personally liable for the payment of any indebtedness
                or expenses of Party B or be liable for the breach or failure of
                any
                obligation, representation, warranty or covenant made or undertaken
                by
                Party B hereunder or any other related documents. Any resignation
                or
                removal of Wells Fargo as securities administrator under the Pooling
                and
                Servicing Agreement shall require the assignment of this confirmation
                to
                Wells Fargo’s replacement.

            

    

    

    
      	
              (j)

            	
              Severability.
                If
                any term, provision, covenant, or condition of this Agreement, or
                the
                application thereof to any party or circumstance, shall be held to
                be
                invalid or unenforceable (in whole or in part) for any reason, the
                remaining terms, provisions, covenants, and conditions hereof shall
                continue in full force and effect as if this Agreement had been executed
                with the invalid or unenforceable portion eliminated, so long as
                this
                Agreement as so modified continues to express, without material change,
                the original intentions of the parties as to the subject matter of
                this
                Agreement and the deletion of such portion of this Agreement will
                not
                substantially impair the respective benefits or expectations of the
                parties.

            

    

    

    The
      parties shall endeavor to engage in good faith negotiations to replace any
      invalid or unenforceable term, provision, covenant or condition with a valid
      or
      enforceable term, provision, covenant or condition, the economic effect of
      which
      comes as close as possible to that of the invalid or unenforceable term,
      provision, covenant or condition.

    

    
      	
              (k)

            	
              The
                obligations of Party B under this Agreement are limited recourse
                obligations of Party B, payable solely from the Trust Fund (as such
                term
                is defined in the Pooling and Servicing Agreement), subject to and
                in
                accordance with the terms of the Pooling and Servicing Agreement,
                and,
                following exhaustion of the Trust Fund, any claims of Party A against
                Party B shall be extinguished. It is understood that the foregoing
                provisions shall not (i) prevent recourse to the Trust Fund for the
                sums
                due or to become due under any security, instrument or agreement
                which is
                part of the Trust Fund (subject to the priority of payments set forth
                in
                the Pooling and Servicing Agreement) or (ii) constitute a waiver,
                release
                or discharge of any obligation of Party B arising under this Agreement
                until the Trust Fee have been realized and the proceeds applied in
                accordance with the Pooling and Servicing Agreement, whereupon any
                outstanding obligation of Party B under this Agreement shall be
                extinguished. Notwithstanding the foregoing (or anything to the contrary
                in this Agreement), Party B shall be liable for its own fraud, negligence,
                willful misconduct and/or bad
                faith.

            

    

    

    
      	
              (l)

            	
              Delivery
                of Confirmations. For
                each Transaction entered into hereunder, Party A shall promptly send
                to Party B a Confirmation (which may be via facsimile transmission).
                Party B agrees to respond to such Confirmation within two General
                Business Days, either confirming agreement thereto or requesting
                a
                correction of any error(s) contained therein. Failure by Party A to
                send a Confirmation or of Party B to respond within such period shall
                not affect the validity or enforceability of such Transaction. Absent
                manifest error, there shall be a presumption that the terms contained
                in
                such Confirmation are the terms of the
                Transaction.

            

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    
      	
              (m)

            	
              Section
                5(a)(i) is hereby amended as
                follows:

            

    

    

    The
      word
“third” shall be replaced by the word “first” in the third line of Section
      5(a)(i) of the Agreement.

    

    
      	
              (n)

            	
              Compliance
                with Regulation AB.

            

    

    

    Party
      A
      agrees and acknowledges that Carrington Securities and Stanwich may be required
      under Regulation AB, to disclose certain financial information regarding Party
      A’s Credit Support Provider or depending on the applicable “significance
      percentage” of this Agreement, as calculated from time to time in accordance
      with Item 1115 of Regulation AB.

    

    Party
      A, or a Reg AB Approved Entity after a Swap Disclosure Event pursuant to Part
      5(g), as applicable, shall indemnify and hold harmless Carrington Securities,
      Stanwich, their respective directors or officers and any person controlling
      Carrington Securities or Stanwich, from and against any and all losses, claims,
      damages and liabilities caused by any untrue statement or alleged untrue
      statement of a material fact contained in the Reg AB Information that Party
      A,
      Party A’s Credit Support Provider or such Reg AB Approved Entity, as applicable,
      provides to Carrington Securities or Stanwich pursuant to Part 5(g) (the “Party
      A Information”) or caused by any omission or alleged omission to state in the
      Party A Information by Party A, Party A’s Credit Support Provider or the Reg AB
      Approved Entity, as applicable, a material fact required to be stated therein
      or
      necessary to make the statements therein, in light of the circumstances under
      which they were made, not misleading. For the avoidance of doubt, Party A shall
      provide the indemnity described above with respect to any Party A Information
      it
      is required to provide pursuant to Part 5(g) and any Reg AB Approved Entity
      which has replaced Party A pursuant to Part 5(g) shall provide the indemnity
      described above with respect to any Party A Information it is required to
      provide pursuant to Part 5(g).

    

    
      	
              (o)

            	
              Limited
                Transaction.
                Party A and Party B each agree and acknowledge that the only Transaction
                that is or will be governed by this Agreement is the Transaction
                evidenced
                by the Confirmation dated as of the date hereof (it being understood
                that,
                in the event any such Confirmation shall be amended (in any respect),
                such
                amendment shall not constitute (for purposes of this paragraph) a
                separate
                Transaction or a separate
                Confirmation).

            

    

    

    
      	
              (p)

            	
              Transfer,
                Amendment and Assignment.
                No
                transfer, amendment, waiver, supplement, assignment or other modification
                of this Transaction shall be permitted by either party unless Moody’s,
                S&P, and Fitch have been provided prior notice of the same and
                confirms in writing (including by facsimile transmission) that it
                will not
                downgrade, withdraw or otherwise modify its then-current ratings
                of any
                Certificates.

            

    

    

    
      	
              (q)

            	
              Transfers.

            

    

    

    
      	 	
              (i)

            	
              Section
                7 of this Agreement shall not apply to Party A and, subject to Section
                6(b)(ii) and Part 5(q)(ii) below, Party A may not transfer (whether
                by way
                of security or otherwise) any interest or obligation in or under
                this
                Agreement without the prior written consent of Party
                B.

            

    

     

    
      	 	
              (ii)

            	
              Subject
                to Part 5(s) below, Party A may (at its own cost) transfer all or
                substantially all of its rights and obligations with respect to this
                Agreement to any other entity (a “Transferee”)
                that is an Eligible Replacement, provided that Party B shall determine
                in
                its sole discretion, acting in a commercially reasonable manner,
                whether
                or not a transfer relates to all or substantially all of Party A’s rights
                and obligations under this Agreement. Following such transfer, all
                references to Party A shall be deemed to be references to the
                Transferee.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (iii)

            	
              If
                an entity has made a Firm Offer (which remains capable of becoming
                legally
                binding upon acceptance) to be the transferee of a transfer to be
                made in
                accordance with (ii) above, Party B shall (at Party A’s cost) at Party A’s
                written request, take any reasonable steps required to be taken by
                it to
                effect such transfer.

            

    

    

    
      	
              (r)

            	
              Tax.

            

    

    

    Notwithstanding
      the
definition
      of
“Indemnifiable Tax” in Section 14 of this Agreement, in relation to payments by
      Party A, any Tax shall be an Indemnifiable Tax and, in relation to payments
      by
      Party B, no Tax shall be an Indemnifiable Tax.

    

    
      	
              (s)

            	
              Rating
                Agency Notifications.

            

    

    

    Notwithstanding
      any other provision of this Agreement, this Agreement shall not be amended,
      no
      Early Termination Date shall be effectively designated by Party B, and no
      transfer of any rights or obligations under this Agreement shall be made (other
      than a transfer of all of Party A’s rights and obligations with respect to this
      Agreement in accordance with Part 5(q)(ii) above) unless Moody’s has been given
      prior written notice of such amendment, designation or transfer.

    

    

    [remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Schedule by their duly authorized officers as of
      the
      date hereof.

     

    

    
      	
              SWISS
                RE FINANCIAL PRODUCTS 

              CORPORATION

            	
              WELLS
                FARGO BANK, N.A., not individually but solely as securities administrator
                on behalf of the Carrington Mortgage Loan Trust, Series 2007-HE1
                with
                respect to the Carrington Mortgage Loan Trust, Series 2007-HE1
                Asset-Backed Pass-Through Certificates

            
	
               

               

              By: /s/Robert
                Spuler                         
                

            	
               

               

              By:
                /s/Darron
                C.
                Woodus                         
                

            
	
              Name:
                Robert Spuler 

            	
              Name:
                Darron C. Woodus 

            
	
              Title:
                Director

            	
              Title:
                Assistant Vice President

            

    

     

    
 

    
      
        
        

      

      
        18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}]]