Document:

ANNEX A

REFERENCE NUMBER:  1294509

ISDA®

CREDIT SUPPORT ANNEX

to the Schedule to the

ISDA Master Agreement

dated as of  February 28, 2007, between

Swiss Re Financial Products Corporation (hereinafter referred to as “Party A” or “Pledgor”)

and

HSBC Bank USA, National Association, not in its individual capacity but solely as trustee on behalf of the Supplemental Interest Trust for Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1, Mortgage Pass-Through Certificates, Series 2007-OA1 (the “Trustee”) (hereinafter referred to as “Party B” or “Secured Party”).

For the avoidance of doubt, and notwithstanding anything to the contrary that may be contained in the Agreement, this Credit Support Annex shall relate solely to the Transaction documented in the Confirmations dated February 28, 2007, between Party A and Party B, Reference Number SRFP reference # 1294509.

Paragraph 13.  Elections and Variables.

(a)  Security Interest for “Obligations”.  The term “Obligations” as used in this Annex includes the following additional obligations:

With respect to Party A: not applicable.

With respect to Party B: not applicable.

(b)  Credit Support Obligations.

(i)  Delivery Amount, Return Amount and Credit Support Amount.

(A)  “Delivery Amount” has the meaning specified in Paragraph 3(a) as amended (I) by deleting the words “upon a demand made by the Secured Party on or promptly following a Valuation Date” and inserting in lieu thereof the words “not later than the close of business on each Valuation Date” and (II) by deleting in its entirety the sentence beginning “Unless otherwise specified in Paragraph 13” and ending “(ii) the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party.” and inserting in lieu thereof the following:

The “Delivery Amount” applicable to the Pledgor for any Valuation Date will equal the greatest of: 

(1)  the amount by which (a) the S&P Credit Support Amount for such Valuation Date exceeds (b) the S&P Value as of such Valuation Date of all Posted Credit Support held by the Secured Party,

(2)  the amount by which (a) the Moody’s First Trigger Credit Support Amount for such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such Valuation Date of all Posted Credit Support held by the Secured Party, and

(3)  the amount by which (a) the Moody’s Second Trigger Credit Support Amount for such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of such Valuation Date of all Posted Credit Support held by the Secured Party.

(B)  “Return Amount” has the meaning specified in Paragraph 3(b) as amended by deleting in its entirety the sentence beginning “Unless otherwise specified in Paragraph 13” and ending “(ii) the Credit Support Amount.” and inserting in lieu thereof the following:

The “Return Amount” applicable to the Secured Party for any Valuation Date will equal the least of 

(1)  the amount by which (a) the S&P Value as of such Valuation Date of all Posted Credit Support held by the Secured Party exceeds (b) the S&P Credit Support Amount for such Valuation Date,

(2)  the amount by which (a) the Moody’s First Trigger Value as of such Valuation Date of all Posted Credit Support held by the Secured Party exceeds (b) the Moody’s First Trigger Credit Support Amount for such Valuation Date, and

(3)  the amount by which (a) the Moody’s Second Trigger Value as of such Valuation Date of all Posted Credit Support held by the Secured Party exceeds (b) the Moody’s Second Trigger Credit Support Amount for such Valuation Date.

(C)  “Credit Support Amount” of Paragraph 3 shall not apply.  For purposes of calculating any Delivery Amount or Return Amount pursuant to Paragraphs 13(b)(i)(A) or 13(b)(i)(B) above for any Valuation Date, reference shall be made to the S&P Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or the Moody’s Second Trigger Credit Support Amount, in each case for such Valuation Date.

(ii)  Eligible Collateral.

On any date, the items set forth on the schedule of Eligible Collateral attached as Schedule A hereto will qualify as “Eligible Collateral” (for the avoidance of doubt, all Eligible Collateral to be denominated in USD):

(iii)  Other Eligible Support.

The following items will qualify as “Other Eligible Support” for the party specified:  

Not applicable.

(iv)  Threshold.

(A)  “Independent Amount” means zero with respect to Party A and Party B.

(B)  “Threshold” means, with respect to Party A and any Valuation Date, zero if (i) a Collateral Event has occurred and has been continuing (x) for at least 30 days or (y) since this Annex was executed, or (ii) a S&P Required Ratings Downgrade Event has occurred and is continuing; otherwise, infinity.

    “Threshold” means, with respect to Party B and any Valuation Date, infinity.

(C)  “Minimum Transfer Amount” means USD 100,000 with respect to Party A and Party B; provided, however, that if the aggregate Certificate Principal Balance and note principal balance of Certificates and Notes rated by S&P ceases to be more than USD 50,000,000, the “Minimum Transfer Amount” shall be USD 50,000.

(D)  Rounding: The Delivery Amount will be rounded up to the nearest integral multiple of USD 10,000. The Return Amount will be rounded down to the nearest integral multiple of USD 1,000.

(c)  Valuation and Timing.

(i)  “Valuation Agent” means Party A; provided, however, that if an Event of Default shall have occurred with respect to which Party A is the Defaulting Party, Party B shall have the right to designate as Valuation Agent an independent party, reasonably acceptable to Party A, the cost for which shall be borne by Party A.  All calculations by the Valuation Agent must be made in accordance with standard market practice, including, in the event of a dispute as to the Value of any Eligible Credit Support or Posted Credit Support, by making reference to quotations received by the Valuation Agent from one or more Pricing Sources.

(ii)  “Valuation Date” means (A) the first Local Business Day in each week on which any of the S&P Credit Support Amount, the Moody’s First Trigger Credit Support Amount or the Moody’s Second Trigger Credit Support Amount is greater than zero, and (B), if no Relevant Entity has a long-term unsubordinated and unsecured debt rating of at least BBB+ from S&P, also the last Local Business Day in each calendar month.

(iii)  “Valuation Time” means the close of business in the city of the Valuation Agent on the Local Business Day immediately preceding the Valuation Date or date of calculation, as applicable; provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date.  The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on the applicable Valuation Date (or in the case of Paragraph 6(d), the Local Business Day following the day on which such relevant calculations are performed).”

(iv)  “Notification Time” means 11:00 a.m., New York time, on a Local Business Day.  

(v)  External Verification.  Notwithstanding anything to the contrary in the definitions of Valuation Agent or Valuation Date, at any time at which Party A (or, to the extent applicable, its Credit Support Provider) does not have a long-term unsubordinated and unsecured debt rating of at least “BBB+” from S&P, the Valuation Agent shall (A) calculate the Secured Party’s Exposure and the S&P Value of Posted Credit Suppport on each Valuation Date based on internal marks and (B) verify such calculations with external marks monthly by obtaining on the last Local Business Day of each calendar month two external marks for each Transaction to which this Annex relates and for all Posted Credit Suport; such verification of the Secured Party’s Exposure shall be based on the higher of the two external marks.  Each external mark in respect of a Transaction shall be obtained from an independent Reference Market-maker that would be eligible and willing to enter into such Transaction in the absence of the current derivative provider, provided that an external mark may not be obtained from the same Reference Market-maker more than four times in any 12-month period.  The Valuation Agent shall obtain these external marks directly or through an independent third party, in either case at no cost to Party B.  The Valuation Agent shall calculate on each Valuation Date (for purposes of this paragraph, the last Local Business Day in each calendar month referred to above shall be considered a Valuation Date) the Secured Party’s Exposure based on the greater of the Valuation Agent’s internal marks and the external marks received.  If the S&P Value on any such Valuation Date of all Posted Credit Support then held by the Secured Party is less than the S&P Credit Support Amount on such Valuation Date (in each case as determined pursuant to this paragraph), Party A shall, within three Local Business Days of such Valuation Date, Transfer to the Secured Party Eligible Credit Support having an S&P Value as of the date of Transfer at least equal to such deficiency.

(vi)  Notice to S&P.  At any time at which Party A (or, to the extent applicable, its Credit Support Provider) does not have a long-term unsubordinated and unsecured debt rating of at least “BBB+” from S&P, the Valuation Agent shall provide to S&P not later than the Notification Time on the Local Business Day following each Valuation Date its calculations of the Secured Party’s Exposure and the S&P Value of any Eligible Credit Support or Posted Credit Support for that Valuation Date.  The Valuation Agent shall also provide to S&P any external marks received pursuant to the preceding paragraph.

(d)  Conditions Precedent and Secured Party’s Rights and Remedies.  The following Termination Events will be a “Specified Condition” for the party specified (that party being the Affected Party if the Termination Event occurs with respect to that party):  With respect to Party A: any Additional Termination Event with respect to which Party A is the sole Affected Party.  With respect to Party B: None.

(e)  Substitution.

(i)  “Substitution Date” has the meaning specified in Paragraph 4(d)(ii).

(ii)  Consent.  If specified here as applicable, then the Pledgor must obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d):  Inapplicable.

(f)  Dispute Resolution.

(i)  “Resolution Time” means 1:00 p.m. New York time on the Local Business Day following the date on which the notice of the dispute is given under Paragraph 5.

(ii)  Value.  Notwithstanding anything to the contrary in Paragraph 12, for the purpose of Paragraphs 5(i)(C) and 5(ii), the S&P Value, the Moody’s First Trigger Value, and the Moody’s Second Trigger Value, on any date, of Eligible Collateral other than Cash will be calculated as follows:  

For Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii): the sum of (A) the product of (1)(x) the bid price at the Valuation Time for such securities on the principal national securities exchange on which such securities are listed, or (y) if such securities are not listed on a national securities exchange, the bid price for such securities quoted at the Valuation Time by any principal market maker for such securities selected by the Valuation Agent, or (z) if no such bid price is listed or quoted for such date, the bid price listed or quoted (as the case may be) at the Valuation Time for the day next preceding such date on which such prices were available and (2) the applicable Valuation Percentage for such Eligible Collateral, and (B) the accrued interest on such securities (except to the extent Transferred to the Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price referred to in the immediately preceding clause (A)) as of such date.

(iii)  Alternative.  The provisions of Paragraph 5 will apply.

(g)  Holding and Using Posted Collateral.

(i)  Eligibility to Hold Posted Collateral; Custodians.  Party B (or any Custodian) will be entitled to hold Posted Collateral pursuant to Paragraph 6(b).

Party B may appoint as Custodian (A) the entity then serving as Cap Trustee or (B) any entity other than the entity then serving as Cap Trustee if such other entity (or, to the extent applicable, its parent company or credit support provider) shall then have a short-term unsecured and unsubordinated debt rating from S&P of at least “A-1.”

Initially, the Custodian for Party B is: Not applicable.

(ii)  Use of Posted Collateral.  The provisions of Paragraph 6(c)(i) will not apply to Party B, but the provisions of Paragraph 6(c)(ii) will apply to Party B.

(h)  Distributions and Interest Amount.

(i)  Interest Rate.  The “Interest Rate” will be the actual interest rate earned on Posted Collateral in the form of Cash that is held by Party B or its Custodian.

(ii)  Transfer of Interest Amount. The Transfer of the Interest Amount will be made on the second Local Business Day following the end of each calendar month and on any other Local Business Day on which Posted Collateral in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b); provided, however, that the obligation of Party B to Transfer any Interest Amount to Party A shall be limited to the extent that Party B has earned and received such funds and such funds are available to Party B.

(iii)  Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply.

(i)  Additional Representation(s).  There are no additional representations by either party.

(j)  Other Eligible Support and Other Posted Support.

(i)  “Value” with respect to Other Eligible Support and Other Posted Support means: not applicable.

(ii)  “Transfer” with respect to Other Eligible Support and Other Posted Support means: not applicable.

(k)  Demands and Notices.All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, except that any demand, specification or notice shall be given to or made at the following addresses, or at such other address as the relevant party may from time to time designate by giving notice (in accordance with the terms of this paragraph) to the other party:

If to Party A, at the address specified pursuant to the Notices Section of this Agreement.

If to Party B, at the address specified pursuant to the Notices Section of this Agreement.

If to Party B’s Custodian:  Same as Party B

(l)  Address for Transfers.  Each Transfer hereunder shall be made to the address specified below or to an address specified in writing from time to time by the party to which such Transfer will be made.

			
	Party A account details:

	JPMorgan Chase Bank

	 

	 
	SWIFT: 

	CHASUS33

	 
	Account of: 

	Swiss Re Financial Products

	 
	Account No.: 

	066-911184 

	 
	ABA#:

	021000021

Party B’s Custodian account details:  As specified from time to time in writing.

(m)  Other Provisions.

(i)  Collateral Account.  Party B shall open and maintain a segregated account, which shall be an Eligible Account (as such term is defined in the Pooling and Servicing Agreement), and hold, record and identify all Posted Collateral in such segregated account.

(ii)  Agreement as to Single Secured Party and Single Pledgor. Party A and Party B hereby agree that, notwithstanding anything to the contrary in this Annex, (a) the term “Secured Party” as used in this Annex means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A, (c) only Party A makes the pledge and grant in Paragraph 2, the acknowledgement in the final sentence of Paragraph 8(a) and the representations in Paragraph 9.

(iii)  Calculation of Value.  Paragraph 4(c) is hereby amended by deleting the word “Value” and inserting in lieu thereof “S&P Value, Moody’s First Trigger Value, Moody’s Second Trigger Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting the words “a Value” and inserting in lieu thereof “an S&P Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and (B) deleting the words “the Value” and inserting in lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.  Paragraph 5 (flush language) is hereby amended by deleting the word “Value” and inserting in lieu thereof “S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value”.  Paragraph 5(i) (flush language) is hereby amended by deleting the word “Value” and inserting in lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.  Paragraph 5(i)(C) is hereby amended by deleting the word “the Value, if” and inserting in lieu thereof “any one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value, as may be”.  Paragraph 5(ii) is hereby amended by (1) deleting the first instance of the words “the Value” and inserting in lieu thereof “any one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value” and (2) deleting the second instance of the words “the Value” and inserting in lieu thereof “such disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value”.  Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by deleting the word “Value” and inserting in lieu thereof “least of the S&P Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.  

(iv)  Form of Annex.  Party A and Party B hereby agree that the text of Paragraphs 1 through 12, inclusive, of this Annex is intended to be the printed form of ISDA Credit Support Annex (Bilateral Form - ISDA Agreements Subject to New York Law Only version) as published and copyrighted in 1994 by the International Swaps and Derivatives Association, Inc.

(v)  Events of Default.  Paragraph 7 will not apply to cause any Event of Default to exist with respect to Party B except that Paragraph 7(i) will apply to Party B solely in respect of Party B’s obligations under Paragraph 3(b) of the Credit Support Annex.  Notwithstanding anything to the contrary in Paragraph 7, any failure by Party A to comply with or perform any obligation to be complied with or performed by Party A under the Credit Support Annex shall only be an Event of Default if (A) a Required Ratings Downgrade Event has occurred and been continuing for 30 or more Local Business Days, and (B) such failure is not remedied on or before the third Local Business Day after notice of such failure is given to Party A.

(vi)  Expenses.  Notwithstanding anything to the contrary in Paragraph 10, the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer and other taxes and other costs involved in any Transfer of Eligible Collateral.

(vii)  Withholding.  Paragraph 6(d)(ii) is hereby amended by inserting immediately after “the Interest Amount” in the fourth line thereof  the words “less any applicable withholding taxes.”

(viii)  Notice of Failure to Post Collateral.  Upon any failure by Party A to post collateral as required under this Agreement, Party B shall, no later than the next Business Day after the date such collateral was required to be posted, give a written notice of such failure to Party A and to Depositor.  For the avoidance of doubt, notwithstanding anything in this Agreement to the contrary, the failure of Party B to comply with the requirements of this paragraph shall not constitute an Event of Default or Termination Event.  

(ix)  Additional Definitions.  As used in this Annex:

“Collateral Event” means an event which is deemed to occur with respect to Party A on any day on which any of a S&P Approved Ratings Event or a Moody’s First Trigger Ratings Event has occurred and is continuing.  

 “DV01” means, with respect to a Transaction and any date of determination, the estimated change in the Secured Party’s Transaction Exposure with respect to such Transaction that would result from a one basis point change in the relevant swap curve on such date, as determined by the Valuation Agent in good faith and in a commercially reasonable manner.  The Valuation Agent shall, upon request of Party B, provide to Party B a statement showing in reasonable detail such calculation.

“Exposure” has the meaning specified in Paragraph 12, except that after the word “Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the Schedule is deleted)” shall be inserted. 

“Local Business Day” means: any day on which (A) commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in New York and the location of Party A, Party B and any Custodian, and (B) in relation to a Transfer of Eligible Collateral, any day on which the clearance system agreed between the parties for the delivery of Eligible Collateral is open for acceptance and execution of settlement instructions (or in the case of a Transfer of Cash or other Eligible Collateral for which delivery is contemplated by other means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign deposits) in New York and the location of Party A, Party B and any Custodian. 

“Moody’s First Trigger Credit Support Amount” means, for any date, the excess, if any, of

(I)  (A)  for any date on which (I) a Moody’s First Trigger Ratings Event has occurred and has been continuing (x) for at least 30 Local Business Days or (y), if less, since this Annex was executed and (II) it is not the case that a Moody’s Second Trigger Ratings Event has occurred and been continuing for at least 30 Local Business Days, an amount equal to the greater of (a) zero and (b) the sum of (i) the Secured Party’s Exposure for such date and (ii) the sum, for each Transaction to which this Annex relates, of 

the least of (x) the product of the Moody’s First Trigger DV01 Multiplier and DV01 for such Transaction and such date and (y) the product of Moody’s First Trigger Notional Amount Multiplier and the Notional Amount for such Transaction for the Calculation Period which includes such date;

 and (z)

the product of the applicable Moody’s First Trigger Factor set forth in Table 1 and the Notional Amount for such Transaction for the Calculation Period which includes such date; or 

(B)  for any other date, zero, over

(II)  the Threshold for Party A for such date.

 “Moody’s First Trigger DV01 Multiplier” means 25.

“Moody’s First Trigger Value” means, on any date the sum of (I) with respect to any Eligible Collateral other than Cash, the product of bid price obtained by the Valuation Agent multiplied by the Moody’s First Trigger Valuation Percentage for such Eligible Collateral set forth in Paragraph 13(b)(ii), and (II) with respect to Cash, the amount thereof.

“Moody’s First Trigger Notional Amount Multiplier” means 4%.

“Moody’s Second Trigger Credit Support Amount” means, for any date, the excess, if any, of:

(I)  (A)  for any date on which it is the case that a Moody’s Second Trigger Ratings Event has occurred and been continuing for at least 30 Local Business Days, an amount equal to the greatest of (a) zero, (b) the aggregate amount of the next payment due to be paid by Party A under each Transaction to which this Annex relates, and (c) the sum of (x) the Secured Party’s Exposure for such date and (y) the sum, for each Transaction to which this Annex relates, of 

(1) if such Transaction is not a Transaction-Specific Hedge, 

the least of (i) the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such Transaction and such date and (ii) the product of the Moody’s Second Trigger Notional Amount Multiplier and the Notional Amount for such Transaction for the Calculation Period which includes such date and (iii) the product of the applicable Moody’s Second Trigger Factor set forth in Table 2 and the Notional Amount for such Transaction for the Calculation Period which includes such date;

 or

 (2) if such Transaction is a Transaction-Specific Hedge, 

the least of (i) the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01 Multiplier and DV01 for such Transaction and such date and (ii) the product of the Moody’s Second Trigger Transaction-Specific Hedge Notional Amount Multiplier and the Notional Amount for such Transaction for the Calculation Period which includes such date and (iii) the product of the applicable Moody’s Second Trigger Factor set forth in Table 3 and the Notional Amount for such Transaction for the Calculation Period which includes such date; or 

 (B)  for any other date, zero, over

(II)  the Threshold for Party A for such date.

“Moody’s Second Trigger DV01 Multiplier” means 60.

“Moody’s Second Trigger Transaction-Specific Hedge DV01 Multiplier” means 75.

“Moody’s Second Trigger Transaction-Specific Hedge Notional Amount Multiplier” means 11%.

“Moody’s Second Trigger Value” means, on any date the sum of (I) with respect to any Eligible Collateral other than Cash, the bid price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger Valuation Percentage for such Eligible Collateral set forth in Paragraph 13(b)(ii), and (II) with respect to Cash, the amount thereof.

“Moody’s Second Trigger Notional Amount Multiplier” means 9%.

“Pricing Sources” means the sources of financial information commonly known as Bloomberg, Bridge Information Services, Data Resources Inc., Interactive Data Services, International Securities Market Association, Merrill Lynch Securities Pricing Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ Kenny, S&P and Telerate.

“S&P Credit Support Amount” means, for any date, the excess, if any, of:

(I)  (A)   for any date on which (i) a S&P Approved Ratings Event has occurred and is continuing (x) for at least 30 days or (y), if less, since the Annex was executed, or (ii) a S&P Required Ratings Event has occurred and is continuing, an amount equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such date and (2) the sum, for each Transaction to which this Annex relates, of the product of the Volatility Buffer for such Transaction and the Notional Amount of such Transaction for the Calculation Period of such Transaction which includes such date, or 

(B)  for any other date, zero, over

(II)  the Threshold for Party A for such date.

“S&P Value” means, on any date the sum of (I) with respect to any Eligible Collateral other than Cash, the product of (A) the bid price obtained by the Valuation Agent for such Eligible Collateral and (B) the S&P Valuation Percentage for such Eligible Collateral set forth in paragraph 13(b)(ii), and (II) with respect to Cash, the amount thereof.

“Transaction Exposure” means, for any Transaction, Exposure determined as if such Transaction were the only Transaction between the Secured Party and the Pledgor.

“Transaction-Specific Hedge” means any Transaction that is an interest rate cap, interest rate floor or interest rate swaption, or an interest rate swap if (x) the notional amount of the interest rate swap is “balance guaranteed” or (y) the notional amount of the interest rate swap for any Calculation Period otherwise is not a specific dollar amount that is fixed at the inception of the Transaction.

“Valuation Percentage” shall mean, for purposes of determining the S&P Value, the Moody’s First Trigger Value, or the Moody’s Second Trigger Value with respect to any Eligible Collateral or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for such Eligible Collateral or Posted Collateral, respectively, in each case as set forth in Paragraph 13(b)(ii).

“Value” shall mean, in respect of any date, the related S&P Value, the related Moody’s First Trigger Value, and the related Moody’s Second Trigger Value.

“Volatility Buffer” means, for any Transaction, the related percentage set forth in the following table.  

					
	The higher of  the S&P credit rating of (i) Party A and (ii) the Credit Support Provider of Party A, if applicable

	Remaining Weighted Average Maturity 

up to 3 years

	Remaining Weighted Average Maturity

up to 5 years

	Remaining Weighted Average Maturity

up to 10 years

	Remaining Weighted Average Maturity

up to 30 years

	At least “A-2”

	2.75%

	3.25%

	4.00%

	4.75%

	“A-3”

	3.25%

	4.00%

	5.00%

	6.25%

	“BB+” or lower

	3.50%

	4.50%

	6.75%

	7.50%

Table 1

Moody’s First Trigger Factor

		
	Remaining Weighted Average Life of Hedge in Years

	Weekly Collateral Posting

	1 or less

	0.25%

	More than 1 but not more than 2

	0.50%

	More than 2 but not more than 3

	0.70%

	More than 3 but not more than 4

	1.00%

	More than 4 but not more than 5

	1.20%

	More than 5 but not more than 6

	1.40%

	More than 6 but not more than 7

	1.60%

	More than 7 but not more than 8

	1.80%

	More than 8 but not more than 9

	2.00%

	More than 9 but not more than 10

	2.20%

	More than 10 but not more than 11

	2.30%

	More than 11 but not more than 12

	2.50%

	More than 12 but not more than 13

	2.70%

	More than 13 but not more than 14

	2.80%

	More than 14 but not more than 15

	3.00%

	More than 15 but not more than 16

	3.20%

	More than 16 but not more than 17

	3.30%

	More than 17 but not more than 18

	3.50%

	More than 18 but not more than 19

	3.60%

	More than 19 but not more than 20

	3.70%

	More than 20 but not more than 21

	3.90%

	More than 21 but not more than 22

	4.00%

	More than 22 but not more than 23

	4.00%

	More than 23 but not more than 24

	4.00%

	More than 24 but not more than 25

	4.00%

	More than 25 but not more than 26

	4.00%

	More than 26 but not more than 27

	4.00%

	More than 27 but not more than 28

	4.00%

	More than 28 but not more than 29

	4.00%

	More than 29

	4.00%

Table 2

Moody's Second Trigger Factor

(Weekly Valuation)

		
	Remaining Weighted Average Life of Hedge in Years

	Weekly Collateral Posting

	1 or less

	0.60%

	More than 1 but not more than 2

	1.20%

	More than 2 but not more than 3

	1.70%

	More than 3 but not more than 4

	2.30%

	More than 4 but not more than 5

	2.80%

	More than 5 but not more than 6

	3.30%

	More than 6 but not more than 7

	3.80%

	More than 7 but not more than 8

	4.30%

	More than 8 but not more than 9

	4.80%

	More than 9 but not more than 10

	5.30%

	More than 10 but not more than 11

	5.60%

	More than 11 but not more than 12

	6.00%

	More than 12 but not more than 13

	6.40%

	More than 13 but not more than 14

	6.80%

	More than 14 but not more than 15

	7.20%

	More than 15 but not more than 16

	7.60%

	More than 16 but not more than 17

	7.90%

	More than 17 but not more than 18

	8.30%

	More than 18 but not more than 19

	8.60%

	More than 19 but not more than 20

	9.00%

	More than 20 but not more than 21

	9.00%

	More than 21 but not more than 22

	9.00%

	More than 22 but not more than 23

	9.00%

	More than 23 but not more than 24

	9.00%

	More than 24 but not more than 25

	9.00%

	More than 25 but not more than 26

	9.00%

	More than 26 but not more than 27

	9.00%

	More than 27 but not more than 28

	9.00%

	More than 28 but not more than 29

	9.00%

	More than 29

	9.00%

Table 3

Moody’s Second Trigger Factor for Transaction-Specific Hedges

(weekly valuation)

		
	Remaining Weighted Average Life of Hedge in Years

	Weekly Collateral Posting

	1 or less

	0.75%

	More than 1 but not more than 2

	1.50%

	More than 2 but not more than 3

	2.20%

	More than 3 but not more than 4

	2.90%

	More than 4 but not more than 5

	3.60%

	More than 5 but not more than 6

	4.20%

	More than 6 but not more than 7

	4.80%

	More than 7 but not more than 8

	5.40%

	More than 8 but not more than 9

	6.00%

	More than 9 but not more than 10

	6.60%

	More than 10 but not more than 11

	7.00%

	More than 11 but not more than 12

	7.50%

	More than 12 but not more than 13

	8.00%

	More than 13 but not more than 14

	8.50%

	More than 14 but not more than 15

	9.00%

	More than 15 but not more than 16

	9.50%

	More than 16 but not more than 17

	9.90%

	More than 17 but not more than 18

	10.40%

	More than 18 but not more than 19

	10.80%

	More than 19 but not more than 20

	11.00%

	More than 20 but not more than 21

	11.00%

	More than 21 but not more than 22

	11.00%

	More than 22 but not more than 23

	11.00%

	More than 23 but not more than 24

	11.00%

	More than 24 but not more than 25

	11.00%

	More than 25 but not more than 26

	11.00%

	More than 26 but not more than 27

	11.00%

	More than 27 but not more than 28

	11.00%

	More than 28 but not more than 29

	11.00%

	More than 29

	11.00%

  IN WITNESS WHEREOF, the parties have executed this Annex by their duly authorized representatives as of the date of the Agreement.

		
	Swiss Re Financial Products Corporation

	HSBC Bank USA, National Association, not in its individual capacity but solely as trustee on behalf of the Supplemental Interest Trust for Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1, Mortgage Pass-Through Certificates, Series 2007-OA1

	By:  /s/ David Starr

Name: David Starr

  Title:  Director

  Date:  February 28, 2007

	By:  /s/ Fernando Acebedo

Name: Fernando Acebedo

Title: Vice President

Date: February 28, 2007

SCHEDULE A to ¶13(b)(ii)

ELIGIBLE COLLATERAL and VALUATION PERCENTAGES

(weekly valuation)

					
	ISDA Collateral Asset Definition

(ICAD) Code

	Remaining Maturity in Years

	S&P

Valuation 

Percentage

	Moody’s

First Trigger Valuation Percentage

	Moody’s

Second Trigger

Valuation

Percentage

	(A)  US-CASH

	N/A

	100%

	100%

	100%

	

(B)  US-TBILL

       US-TNOTE

       US-TBOND

(USDollar Fixed Rate in all cases)

	 
	 
	 
	 

	 
	1 or less

	98.6%

	100%

	100%

	 
	More than 1 but not more than 2

	97.3%

	100%

	99%

	 
	More than 2 but not more than 3

	95.8%

	100%

	98%

	 
	More than 3 but not more than 5

	93.8%

	100%

	97%

	 
	More than 5 but not more than 7

	91.4%

	100%

	95%

	 
	More than 7 but not more than 10

	90.3%

	100%

	94%

	 
	More than 10 but not more than 20

	86.9%

	100%

	89%

	 
	More than 20

	84.6%

	100%

	87%

	

(C)  US-GNMA

       US-FNMA

       US-FHLMC

(USDollar Fixed Rate in all cases

)

	 
	 
	 
	 

	 
	1 or less

	98.0%

	100%

	99%

	 
	More than 1 but not more than 2

	96.8%

	100%

	98%

	 
	More than 2 but not more than 3

	96.3%

	100%

	97%

	 
	More than 3 but not more than 5

	92.5%

	100%

	96%

	 
	More than 5 but not more than 7

	90.3%

	100%

	94%

	 
	More than 7 but not more than 10

	86.9%

	100%

	93%

	 
	More than 10 but not more than 20

	81.6%

	100%

	88%

	 
	More than 20

	77.9%

	100%

	86%

	

Other items not listed above

	 
	0%

	0%

	0%

The ISDA Collateral Asset Definition (ICAD) Codes used in this Schedule A are taken from the Collateral Asset Definitions (First Edition – June 2003) as published and copyrighted in 2003 by the International Swaps and Derivatives Association, Inc.[National Amount:]

	
	Chairman of the Supervisory Board: Clemens Börsig

Management Board: Josef Ackermann (Chairman), Hugo Banziger, Tessen von Heydebreck, Anthony Di Iorio, Hermann-Josef Lamberti

Deutsche Bank AG New York

60 Wall Street

New York, NY 10005

Telephone: 212-250-5977

Facsimilie: 212-797-8826

		
	To:

	HSBC BANK USA, NATIONAL ASSOCIATION, not in its individual or corporate capacity but solely as Trustee for the Supplemental Interest Trust for Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1

	Attn:

	Corporate Trust & Loan Agency/DBALT 2007-OA1

	Fax No:

	212-525-1300

	From:

	DEUTSCHE BANK AG, NEW YORK BRANCH

	Attn:

	New York Derivatives Documentation

	Telephone No:

	212-250-9425

	Fax No:

	212-797-0779

	Email:

	NYderivative.documentation@db.com

	Reference:

	Global No. N577318N

	Date:

	February 28, 2007

Swap Transaction Confirmation

1.  The purpose of this letter agreement (“Confirmation”) is to confirm the terms and conditions of the Transaction entered into on the Trade Date specified below (the “Transaction”) between Deutsche Bank AG, New York Branch (“DBAG”) and HSBC Bank USA, National Association, not in its individual or corporate capacity but solely as Trustee for the Supplemental Interest Trust for Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1 (“Counterparty”) created under the Pooling and Servicing Agreement for Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1 dated as of February 1, 2007 among Deutsche Alt-A Securities, Inc., as depositor, Wells Fargo Bank, N.A., as master servicer and securities administrator, and HSBC Bank USA, National Association, as trustee (the “Pooling and Servicing Agreement”).

The definitions and provisions contained in the 2000 ISDA Definitions (the “2000 Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.  In the event of any inconsistency between the 2000 Definitions and this Confirmation, this Confirmation will govern for the purposes of the Transaction.  References herein to a “Transaction” shall be deemed to be references to a “Swap Transaction” for the purposes of the 2000 Definitions.  Capitalized terms used in this Confirmation and not defined in this Confirmation or the 2000 Definitions shall have the respective meaning assigned thereto in the Agreement (as herein defined).  Each party hereto agrees to make payment to the other party hereto in accordance with the provisions of this Confirmation and of the Agreement.

2.  This Confirmation supersedes any previous confirmation or other communication with respect to the Transaction and evidences a complete and binding agreement between you and us as to the terms of the Swap Transaction to which this Confirmation relates.  This Confirmation supplements, forms part of, and is subject to the terms and conditions of the ISDA Master Agreement dated as of February 28, 2007, between each of DBAG and Counterparty (the “Agreement”). Capitalized terms used in this Confirmation and not defined in the Agreement, this Confirmation or the 2000 Definitions shall have the respective meaning assigned in the Pooling and Servicing Agreement.

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

			
	 
	General Terms

	 

			
	 
	Type of Transaction:

	Rate Swap

	 
	Notional Amount:

	With respect to any Calculation Period the amount set forth for such period on Schedule I attached.

	 
	Trade Date:

	February 23, 2007

	 
	Effective Date:

	February 28, 2007

	 
	Termination Date:

	February 25, 2012, subject to adjustment in accordance with the Following Business Day Convention.

			
	 
	MTA Amounts:

	 

			
	 
	MTA Rate Payer:

	Counterparty

	 
	MTA Rate Option:

	The MTA Rate Option is defined as the twleve-month average of the monthly Treasury constant maturity rates as published in the Federal Reserve Statistical Release: “Selected Interest Rates / H.15”.  The 12-month average is determined by adding together the constant maturity rates and dividing by 12.  The result is rounded up to the nearest one-thousand of one percent.  The MTA Rate Option used for each Calculation Period will be the most recent MTA figure published as of the Reset Date through the Bloomberg Service, which may be obtained by typing "12MTA <Index> DES <Go>", where <Index> is the F10 key and <Go> is the "Enter" or "Return" key.  

If the MTA Rate Option is not available on such MTA Determination Date, then the Calculation Agent will determine the MTA Rate Option by polling Reference Market-makers.  If more than 3 rates are provided, the MTA Rate Option will be the arithmetic mean of the rates, without regard to the highest and lowest.  If exactly three are provided, the MTA Rate Option will be the rate remaining after disregarding he highest and lowest.  If fewer than three rates are provided, the MTA Rate Option will be determined by the Calculation Agent.

	 
	MTA Rate Payer Period End Dates:

	The 25th calendar day of each month during the Term of this Transaction, commencing March 25, 2007, and ending on the Termination Date, with No Adjustments.

	 
	MTA Rate Payer Payment Dates:

	The 25th calendar day of each month during the Term of this Transaction, commencing March 25, 2007, and ending on the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.  Early Payment shall be applicable. The MTA Rate Payer Payment Date shall be one (1) Business Day preceding each MTA Rate Payer Period End Date.

	 
	MTA Amount:

	Notional Amount * (MTA Rate Option plus 0.37% per annum) * MTA Rate Day Count Fraction

	 
	MTA Rate Day Count Fraction:

	30/360

	 
	Designated Maturity:

	One month

	 
	Reset Dates:

	The MTA Rate Option used for each Calculation Period will be the most recent MTA Rate Option available fifteen calendar days prior to the first day of the calendar month in which such Calculation Period begins.

	 
	Compounding:

	Inapplicable

			
	 
	LIBOR Amounts:

	 

				
	 
	LIBOR Rate Payer:  

	DBAG

	 
	LIBOR Rate Payer Period End Dates:  

	The 25th calendar day of each month during the Term of this Transaction, commencing March 25, 2007, and ending on the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

	 
	LIBOR Rate Payer Payment Dates:

	The 25th calendar day of each month during the Term of this Transaction, commencing March 25, 2007, and ending on the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.  Early Payment shall be applicable. The LIBOR Rate Payer Payment Date shall be one (1) Business Day preceding each LIBOR Rate Payer Period End Date.

 

	 
	LIBOR Rate Option:

	USD-LIBOR-BBA

	 
	LIBOR Amount:

	Notional Amount * LIBOR Rate Option * LIBOR Rate Day Count Fraction

	 
	Designated Maturity:

	One month

	 
	 
	LIBOR Rate Day Count Fraction:

	Actual/360

	 
	 
	Reset Dates:

	The first day of each Calculation Period

	 
	 
	Compounding:

	Inapplicable

			
	 
	Additional Terms:

	 

			
	 
	Business Days:

	New York

	 
	Calculation Agent:

	DBAG 

	 
	MTA Netting:

	Notwithstanding anything in the contrary in this Confirmation or the Agreement, for any MTA Rate Payer Payment Date, to the extent that the MTA Amount exceeds the LIBOR Amount (The “Net MTA Amount”), the MTA Rate Payer shall owe the LIBOR Rate Payer the Adjusted  Net MTA Amount for such MTA Rate Payer Payment Date.

	 
	Adjusted Net MTA Amount:  

	For any MTA Rate Payer Payment Date (other than the MTA Rate Payer Payment Date in February 2012), the excess, if any, of (A) the sum of (x) the Net MTA Amount plus (y) the Unpaid Deferred Net MTA Amount over (B) any Deferred Net MTA Amount for the current MTA Rate Payer Payment Date.

For the MTA Rate Payer Payment Date in February 2012, the sum of (x) the Net MTA Amount plus (y) the Unpaid Deferred Net MTA Amount.

	 
	Deferred Net MTA Amount:   

	For any MTA Rate Payer Payment Date, the lesser of (a) the excess, if any, of (x) the sum of (i) the Net MTA Amount plus (ii) the Unpaid Deferred Net MTA Amount over (y) Available Funds for that Distribution Date and (b) the Net Deferred Interest for that Distribution Date.

	 
	Unpaid Deferred Net MTA Amount:

	For any MTA Rate Payer Payment Date, the aggregate Deferred Net MTA Amount from prior MTA Rate Payer Payment Dates plus interest accrued during the related Accrual Period on such Deferred Net MTA Amount at a rate equal to the MTA Rate Option plus 0.37% per annum; provided, that on any MTA Rate Payment Date on which a Net LIBOR Amount is payable, immediately following such MTA Rate Payment Date, the Unpaid Deferred Adjusted Net Swap Amount for such MTA Rate Payment Date will be reduced (not below zero) by the lesser of (A) the Net LIBOR Amount for such Distribution Date and (B) the Unpaid Deferred Net MTA Amount for such Distribution Date.

	 
	LIBOR Netting:

	Notwithstanding anything in the contrary in this Confirmation or the Agreement, for any LIBOR Rate Payer Payment Date, to the extent that the LIBOR Amount exceeds the MTA Amount (The “Net LIBOR Amount”), the LIBOR Rate Payer shall owe the MTA Rate Payer the Adjusted Net LIBOR Amount for such LIBOR Rate Payer Payment Date.

	 
	Adjusted Net LIBOR Amount:

	For any LIBOR Rate Payer Payment Date, the excess, if any, of (A) the Net LIBOR Amount over (B) the Unpaid Deferred Net MTA Amount for such Distribution Date.

	 
	Account Details and Settlement Information:

	Payments to DBAG:

Deutsche Bank Trust Company – Americas, New York

SWIFT Code: BKTRUS33 / ABA 021001033

Favor of: Deutsche Bank AG, New York

Acct. # 01 473 969

	 
	 
	Payments to Counterparty:

Wells Fargo Bank, NA

ABA# 121000248

Account Name: SAS Clearing

Account #3970771416

FFC to: DBALT 2007-OA1 

Certificate Swap Account # 50986302

Please confirm that the foregoing correctly sets forth the terms of our agreement by having an authorized officer sign this Confirmation and return it via facsimile to:

Attention: Derivative Documentation

Telephone: 44 20 7547 4755

Facsimile: 44 20 7545 9761

E-mail:derivative.documentation@db.com

This message will be the only form of Confirmation dispatched by us.  If you wish to exchange hard copy forms of this Confirmation, please contact us.

		
	For and on behalf of 

DEUTSCHE BANK AG, NEW YORK BRANCH

(RMBS Derivatives Desk)

	For and on behalf of

HSBC BANK USA, NATIONAL ASSOCIATION, not in its individual or corporate capacity but solely as Trustee for the Supplemental Interest Trust for Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1

	

/s/ Cloris Eng

Name: Cloris Eng

Title: Assistant Vice President

Date: February 28, 2007

	

/s/ Fernando Acebedo

Name: Fernando Acebedo

Title: Vice President

Date: February 28, 2007

	

/s/ Vivian Jackson

Name: Vivian Jackson

Title: Vice President

Date: February 28, 2007

	 

SCHEDULE I

(With respect to each MTA Rate Payer Period End Date, all such dates are with No Adjustment, and with respect to each LIBOR Rate Payer Period End Date, all such dates are subject to adjustment in accordance with the Following Business Day Convention)

			
	Start Date

	End Date

	Swap Notional Amount ($)

	February 28, 2007

	March 25, 2007

	367,999,906.54

	March 25, 2007

	April 25, 2007

	360,234,165.03

	April 25, 2007

	May 25, 2007

	352,880,045.21

	May 25, 2007

	June 25, 2007

	345,679,790.40

	June 25, 2007

	July 25, 2007

	338,630,301.88

	July 25, 2007

	August 25, 2007

	331,728,202.75

	August 25, 2007

	September 25, 2007

	324,970,480.21

	September 25, 2007

	October 25, 2007

	318,353,416.46

	October 25, 2007

	November 25, 2007

	311,873,016.05

	November 25, 2007

	December 25, 2007

	305,525,382.60

	December 25, 2007

	January 25, 2008

	299,282,425.20

	January 25, 2008

	February 25, 2008

	293,169,322.81

	February 25, 2008

	March 25, 2008

	287,148,300.58

	March 25, 2008

	April 25, 2008

	281,251,996.69

	April 25, 2008

	May 25, 2008

	275,479,858.15

	May 25, 2008

	June 25, 2008

	269,829,085.73

	June 25, 2008

	July 25, 2008

	264,297,227.06

	July 25, 2008

	August 25, 2008

	258,881,604.70

	August 25, 2008

	September 25, 2008

	253,579,834.00

	September 25, 2008

	October 25, 2008

	248,388,961.17

	October 25, 2008

	November 25, 2008

	243,305,807.74

	November 25, 2008

	December 25, 2008

	238,327,274.46

	December 25, 2008

	January 25, 2009

	233,430,754.45

	January 25, 2009

	February 25, 2009

	228,632,852.62

	February 25, 2009

	March 25, 2009

	223,899,846.08

	March 25, 2009

	April 25, 2009

	219,263,437.50

	April 25, 2009

	May 25, 2009

	214,717,065.62

	May 25, 2009

	June 25, 2009

	210,154,181.35

	June 25, 2009

	July 25, 2009

	205,437,178.84

	July 25, 2009

	August 25, 2009

	200,826,755.12

	August 25, 2009

	September 25, 2009

	196,296,826.66

	September 25, 2009

	October 25, 2009

	191,870,291.43

	October 25, 2009

	November 25, 2009

	187,508,234.47

	November 25, 2009

	December 25, 2009

	183,234,389.63

	December 25, 2009

	January 25, 2010

	179,009,208.63

	January 25, 2010

	February 25, 2010

	174,880,643.57

	February 25, 2010

	March 25, 2010

	170,828,051.95

	March 25, 2010

	April 25, 2010

	166,854,306.53

	April 25, 2010

	May 25, 2010

	162,973,349.08

	May 25, 2010

	June 25, 2010

	159,182,596.19

	June 25, 2010

	July 25, 2010

	155,480,478.90

	July 25, 2010

	August 25, 2010

	151,826,410.59

	August 25, 2010

	September 25, 2010

	148,255,056.01

	September 25, 2010

	October 25, 2010

	144,761,301.84

	October 25, 2010

	November 25, 2010

	141,314,709.16

	November 25, 2010

	December 25, 2010

	137,919,781.88

	December 25, 2010

	January 25, 2011

	134,600,536.55

	January 25, 2011

	February 25, 2011

	131,356,072.41

	February 25, 2011

	March 25, 2011

	128,155,953.56

	March 25, 2011

	April 25, 2011

	125,032,889.86

	April 25, 2011

	May 25, 2011

	121,979,426.55

	May 25, 2011

	June 25, 2011

	118,984,998.25

	June 25, 2011

	July 25, 2011

	116,061,612.81

	July 25, 2011

	August 25, 2011

	113,209,272.12

	August 25, 2011

	September 25, 2011

	110,426,262.52

	September 25, 2011

	October 25, 2011

	107,709,136.18

	October 25, 2011

	November 25, 2011

	105,058,108.19

	November 25, 2011

	December 25, 2011

	102,471,583.10

	December 25, 2011

	January 25, 2012

	99,947,773.02

	January 25, 2012

	February 25, 2012

	97,485,372.33

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