Document:

EXHIBIT
        4.3/A

       

      
        

        

      

      HSI
        ASSET
        SECURITIZATION CORPORATION,

      Depositor,

       

      CITIMORTGAGE,
        INC.,

      Master
        Servicer,

       

      CITIBANK,
        N.A.,

      Securities
        Administrator

       

      and

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY,

      Trustee

       

      FIRST
        AMENDMENT TO 

      POOLING
        AND SERVICING AGREEMENT

      Dated
        as
        of September 12, 2007

       

      HSI
        ASSET
        LOAN OBLIGATION TRUST 2007-AR1

       

      MORTGAGE
        PASS THROUGH CERTIFICATES,

      SERIES
        2007-AR1

       

      
        

        

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      UFIRST
        AMENDMENT TO POOLING

      UAND
        SERVICING AGREEMENT

      

      THIS
        FIRST AMENDMENT TO POOLING AND SERVICING AGREEMENT is dated as of September
        12,
        2007 (herein referred to as this “First Amendment”) and is made by and among HSI
        ASSET SECURITIZATION CORPORATION, as depositor (the “Depositor”),
        CITIMORTGAGE, INC., a New York corporation (the “Master
        Servicer”),
        CITIBANK, N.A., a national banking association ( the “Securities
        Administrator”)
        and
        DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as
        trustee
        (the “Trustee”).

       

      URECITALSU

      

      WHEREAS,
        the Depositor, the Master Servicer, the Securities Administrator, Wells Fargo
        Bank, N.A., as custodian and the Trustee entered into a Pooling and Servicing
        Agreement dated as of January 1, 2007 (the “Agreement”), pursuant to which (i)
        the Depositor sold, conveyed and assigned certain Mortgage Loans to the Trustee
        in trust for the benefit of the Certificateholders of HSI Asset Loan Obligation
        Trust 2007-AR1, Mortgage Pass Through Certificates, Series 2007-AR1 (ii)
        the
        Master Servicer agreed to master service such Mortgage Loans in accordance
        with
        the terms thereof, and (iii) the Certificates were issued pursuant
        thereto;

       

      WHEREAS,
        this First Amendment
        is
        being delivered pursuant to Section
        13.01(a)(i) and (ii)
        of the
        Agreement.

       

      NOW,
        THEREFORE, in consideration of the preceding premises and assumptions and
        other
        good and valuable consideration, the receipt and adequacy of which are hereby
        acknowledged, the Depositor, the Master Servicer, the Securities Administrator
        and the Trustee agree as follows:

       

      
        	
                Section
                  1.

              	
                UDefinitionsU.
                  All capitalized terms used in this First Amendment which are not
                  specifically defined herein shall have the meanings assigned to
                  them in
                  the Agreement.

              

        	 	 

        	Section 2.	Amendments to AgreementU.

        	 	 

      
        	 	
                (a) 

              	
                USection
                  4.03(b)
                  shall be amended and restated in its entirety to read as follows:
                  

              

      

       

      “(b)
        For
        purposes of preparing the Monthly Statement, delinquencies shall be determined
        and reported by the Master Servicer based on the so-called “MBA” methodology
        irrespective of the method for determining delinquencies utilized by the
        applicable Servicer on mortgage loans similar to the Mortgage Loans. By way
        of
        example, a Mortgage Loan would be delinquent with respect to a Scheduled
        Payment
        due on a Due Date if such Scheduled Payment is not made by the close of business
        on the day immediately preceding the Mortgage Loan’s next succeeding Due Date,
        and a Mortgage Loan would be more than 30-days delinquent with respect to
        such
        Scheduled Payment if such Scheduled Payment were not made by the close of
        business on the day immediately preceding the Mortgage Loan’s second succeeding
        Due Date.”

       

      
        
           

        

        
          -1-

          
            

          

        

        
           

        

      

      
        	 	
                (b)
                  

              	
                Section
                  7.02(b)
                  shall be amended and restated in its entirety to read as
                  follows:

              

      

       

      “(b)
        Within 60 days after the occurrence of any Event of Default the Trustee
        shall provide written direction to the Securities Administrator instructing
        the
        Securities Administrator to distribute (and upon receipt of such direction
        the
        Securities Administrator shall distribute) notice to all Certificateholders
        and
        each Rating Agency of each such Event of Default hereunder known to the Trustee,
        unless such event shall have been cured or waived.”

       

      
        	
                Section
                  3.

              	
                UAgreement
                  to Remain in Full Force and EffectU.
                  Except as modified and amended hereby, all other terms and conditions
                  of
                  the Agreement shall remain in full force and effect and are hereby
                  ratified and confirmed by the parties
                  hereto.

              

      

       

      
        	
                Section
                  4.

              	
                UCounterpartsU.
                  This First Amendment may be executed simultaneously in any number
                  of
                  counterparts, each of which counterparts shall be deemed an original,
                  and
                  such counterparts shall constitute one and the same
                  instrument.

              

      

       

      
        	
                Section
                  5.

              	
                UGoverning
                  LawU.
                  The First Amendment shall be constructed in accordance with the
                  internal
                  laws of the State of New York applicable to agreements made and
                  to be
                  performed in said State, and the obligations, rights and remedies
                  of the
                  parties hereunder shall be determined in accordance with such
                  laws.

              

        	 	 

        	 	 

      

      [Signature
        Pages Follow]

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Depositor, the Master Servicer, the Securities
        Administrator and the Trustee have caused their names to be signed hereto
        by
        their respective officers thereunto duly authorized, all as of the day and
        year
        first above written.

       

      HSI
        ASSET
        SECURITIZATION 

      CORPORATION,
        

      as
        Depositor

      

      /s/
        Andrea Lenox        

      

      By
        Andrea
        Lenox         

      Its
        Vice
        President        

      

      CITIMORTGAGE,
        INC., 

      as
        Master
        Servicer

       

      /s/Thomas
        Harris        

      

      By
        Thomas
        Harris        

      Its
        Senior
        Vice President    

      

      CITIBANK,
        N.A., 

      as
        Securities Administrator

       

      /s/Cirino
        Emanuele        

      

      By
        Cirino Emanuele        

      Its
        Vice
        President        

       

      DEUTSCHE
        BANK NATIONAL TRUST 

      COMPANY,

      as
        Trustee

      

      /s/Manuel
        Rivas        

       

      By
        Manuel Rivas        

      Its
        Authorized SignerEXHIBIT
        10.10.BZ

       

    

    12%
      PROMISSORY TERM NOTE

     

    
      	$250,000 	
              September
                5, 2007 

            

    

    

    MICRO
      IMAGING TECHNOLOGY, INC., a
      California corporation (the “Company”),
      for
      the value received, hereby unconditionally and absolutely promises to pay to
      the
      order of ANTHONY
      M. FRANK KEOGH PLAN UTA CHARLES SCHWAB & CO., Inc. or
      holder
      (collectively, the “Holder”),
      upon
      presentation and surrender of this Note at its office at 970 Calle Amanecer,
      Suite F, San Clemente, California 92673, or such other place as the Company
      may,
      from time to time, designate, the sum of Two
      Hundred Fifty Thousand Dollars ($250,000),
      in
      lawful money of the United States, on the “Maturity Date” which date shall be
      the first to occur of the following events:

    

    A) March
      5,
      2008, or

     

    B) From
      the
      proceeds received by the Company from the sale of the Company’s public shell -
      MMTC.

     

    1. GRANT
      OF SECURITY INTEREST

     

    To
      secure
      the payment of all indebtedness due and the punctual performance by the Company
      of all the obligations described herein, the Company hereby creates, grants
      and
      assigns to the Holder a continuing security interest in and to the Company’s
      public shell until such time as this obligation is paid in full.

     

    2. PAYMENTS
      AND PREPAYMENTS.

    

    (a) All
      payment and prepayments of principal and interest shall be made in immediately
      available funds to the Holder at its office at 101 Montgomery Street, San
      Francisco, California 94104.

     

    (b) The
      unpaid principal amount of the Note from time to time outstanding shall bear
      interest from the date of this Note at the rate of Twelve Percent (12%) per
      annum until paid. Interest shall be computed for the actual number of days
      elapsed on the basis of a year consisting of 360 days.

     

    (c) The
      Company may prepay at any time in advance of the Maturity Date all or any part
      of this Note, plus accrued interest on the portion of the principal being
      prepaid. Interest on the portion of the Note prepaid shall cease to accrue
      on
      and after the date of such prepayment.

     

    3. NOTICES
      TO NOTEHOLDER.

    

    So
      long
      as this Note shall be outstanding, if the Company (i) shall pay any dividend
      or
      make any distribution upon the Company Stock or (ii) shall offer to the holders
      of Common Stock for subscription or purchase by them any share of any class
      or
      any other rights or (iii) shall effect a capital reorganization,
      reclassification of capital stock, consolidation or merger with or into another
      corporation, sale, lease or transfer of all or substantially all of the property
      and assets of the Company to another corporation, or voluntary or involuntary
      dissolution, liquidation or winding up of the Company, then in any such case,
      the Company shall cause to be mailed by certified mail to the Holder, at least
      fifteen days prior to the date specified in (x) or (y) below, as the case may
      be, a notice containing a brief description of the proposed action and stating
      the date on which (x) a record is to be taken for the purpose of such dividend,
      distribution or rights, or (y) such reclassification, reorganization,
      consolidation, merger, conveyance, lease, dissolution, liquidation or winding
      up
      is to take place and the date, if any is to be fixed, as of which the holders
      of
      Common Stock or other securities shall receive cash or other property
      deliverable upon such reclassification, reorganization, consolidation, merger,
      conveyance, dissolution, liquidation or winding up.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. EVENTS
      OF DEFAULT.
      If
      one or
      more of the following described events shall occur (each an “Event of
      Default”):

    

    (a) The
      Company shall fail to pay the principal of, or interest on, this Note within
      five (5) days after the Holder has given written notice to the Company that
      the
      same has become due; or

     

    (b) The
      Company shall fail to perform or observe any of the provisions contained in
      any
      Section of this Note and such failure shall continue for more than thirty (30)
      days after the Holder has given written notice to the Company; or

     

    (c) Any
      material representation or warranty made in writing by or on behalf of the
      Company in this Note shall prove to have been false or incorrect in any material
      respect, or omits to state a material fact required to be stated therein in
      order to make the statements contained therein, in the light of the
      circumstances under which made, not misleading, on the date as of which made,
      and the Company shall have failed to cure such false or incorrect statement
      within thirty (30) days after the Holder has given written notice to Borrower;
      or

     

    (d) The
      Company shall be adjudicated a bankrupt or insolvent, or admit in writing its
      inability to pay its debts as they mature, or make an assignment for the benefit
      of creditors; or the Company shall apply for or consent to the appointment
      of a
      receiver, trustee, or similar officer for it or for all or any substantial
      part
      of its property; or such receiver, trustee or similar officer shall be appointed
      without the application or consent of the Company and such appointment shall
      continue undischarged for a period of thirty (30) days; or the Company shall
      institute (by petition, application, answer, consent or otherwise) any
      bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
      dissolution, liquidation or similar proceeding relating to it under the laws
      of
      any jurisdiction; or any such proceeding shall be instituted (by petition,
      application or otherwise) against the Company and shall remain undismissed
      for a
      period of ninety (90) days; or any judgment, writ, warrant of attachment or
      execution or similar process shall be issued or levied against a substantial
      part of the property of the Company and such judgment, writ, or similar process
      shall not be released, vacated or fully bonded within ninety (90) days after
      its
      issue or levy; or

     

    (e) The
      Company shall be enjoined, restrained or in any way prevented by a court order
      from continuing to conduct all or any material part of its business
      affairs;

     

    (f) Any
      suit,
      action or other proceeding (judicial or administrative) commenced against the
      Company, or with respect to any assets of the Company, shall threaten to have
      a
      material adverse effect on their future operations, including, without
      limitation a final judgment or settlement in excess of $25,000 in excess of
      insurance shall be entered in, or agreed to in respect of any such suit, action
      or proceeding.

     

    THEN,
      or
      at any time thereafter, and in each and every case:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (1) Where
      the
      Company is in default under the provisions of Section 4(d) hereof, the entire
      unpaid principal amount of the Note, all interest accrued and unpaid thereon,
      and all other amounts payable to the Holder hereunder shall automatically become
      and be forthwith due and payable without offset or counterclaim of any kind
      and
      without presentment, demand, protest or notice of any kind, and without regard
      to the running of the statute of limitations, all of which are hereby expressly
      waived by the Company; and

     

    (2) In
      any
      other case referred to in this Section 4, the Holder may, by written notice
      to
      the Company, as the case may be, declare the entire unpaid principal amount
      of
      this Note, all interest accrued and unpaid hereon, and all other amounts payable
      hereunder to be forthwith due and payable, whereupon the same shall become
      immediately due and payable, without offset or counterclaim of any kind and
      without presentment, demand, or protest, and without regard to the running
      of
      any statutes of limitation, all of which are hereby expressly waived by the
      Company.

     

    Any
      declaration made pursuant to Section 4(2) hereof is subject to the condition
      that, if at any time after the principal of this Note shall have become due
      and
      payable, and before any judgment or decree for the payment of the moneys so
      due,
      or any thereof, shall have been entered, all arrears of principal and interest
      upon this Note (except that principal of this Note which by such declaration
      shall have become payable) shall have been duly paid, and every Event of Default
      shall have been made good, waived or cured, then and in every such case the
      Holder shall be deemed to have rescinded and annulled such declaration and
      its
      consequences; but no such rescission or annulment shall extend to or affect
      any
      subsequent Event of Default or impair any right consequent thereon.

    

    5. CORPORATE
      OBLIGATION. It
      is
      expressly understood that this Note is solely a corporate obligation of the
      Company and that any and all personal liability, either at common law or in
      equity, or by constitution or statute, of, and any and all rights and claims
      against, every stockholder, officer, or director, as such, past, present or
      future, are expressly waived and released by the Holder as a part of the
      consideration for the issuance hereof.

    

    6. AUTHORIZATION;
      NO CONFLICT. The
      borrowings hereunder, the execution and delivery of the Note and the performance
      by the Company of its obligations under this Agreement and the Note are within
      the corporate powers of the Company, have been authorized by all necessary
      corporate action, have received all necessary governmental approval (if any
      shall be required) and do not and will not contravene or conflict with any
      provision of law or of the charter or by-laws of the Company or of any agreement
      binding upon the Company.

    

    7. TRANSFER. 
      Subject
      to the appropriate provisions of the Act and of Section 7 hereof, this Note
      or
      any portion of the principal amount hereof (or any remaining balance if any
      pre-payments have occurred pursuant to Section 2 hereof) is transferable on
      the
      records of the Company upon presentation of this Note, properly endorsed, at
      its
      principal office; upon such presentation and transfer a new Note or Notes will
      be issued. For the purposes of payment and all other purposes, the Company
      shall
      deem and treat the person in whose name this Note is registered as the absolute
      owner hereof and the Company shall not be affected by any notice to the
      contrary.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8. MISCELLANEOUS. 

     

    (a) Notwithstanding
      the foregoing, the Company promises to pay interest after maturity (whether
      by
      acceleration or otherwise, and before as well as after judgment) at the same
      rate as above provided prior to maturity on balances, if any, then
      outstanding.

     

    (b) Interest
      under this Note shall be computed on the basis of a thirty (30) day month and
      a
      year of 360 days for the actual number of days elapsed.

    

    IN
      WITNESS WHEREOF, the Company has caused this Note to be executed in Cathedral
      City, California as of the day and year first above written.

     

    
      	COMPANY:	 	HOLDER:
	 	 	 
	MICRO
              IMAGING TECHNOLOGY, INC.	 	ANTHONY
              M. FRANK KEOGH PLAN
UTA CHARLES SCHWAB & CO.,
              INC.
	 	 	 	 	 
	
              By

            	
                /s/
                Catherine Patterson

            	 	
              By

            	
                /s/
                Anthony M. Frank

            
	 	
                Catherine
                Patterson

                Chief
                Financial Officer

            	 	 	
                Anthony
                M. Frank, Trustee

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