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    AMERICAN
      HOME MORTGAGE INVESTMENT TRUST 2007-1

     

     

    ISSUING
      ENTITY

     

    WELLS
      FARGO BANK, N.A.

     

    SECURITIES
      ADMINISTRATOR

     

    AND

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

     

    INDENTURE
      TRUSTEE

     

    INDENTURE

     

    DATED
      AS
      OF MARCH 30, 2007

     

    MORTGAGE-BACKED
      NOTES AND GRANTOR TRUST CERTIFICATES

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

     

    
      
        	
                Section
                  1.01

              	
                Appendix
                  A

              
	
                Section
                  1.02

              	
                Incorporation
                  by Reference of Trust Indenture Act

              
	
                Section
                  1.03

              	
                Rules
                  of Construction

              
	 	 
	
                ARTICLE
                  II

              
	 	 
	
                ORIGINAL
                  ISSUANCE OF NOTES

              
	 	 
	
                Section
                  2.01

              	
                Form

              
	
                Section
                  2.02

              	
                Execution,
                  Authentication and Delivery

              
	
                Section
                  2.03

              	
                Acceptance
                  of Mortgage Loans by Indenture Trustee

              
	 	 
	
                ARTICLE
                  III

              
	 	 
	
                COVENANTS

              
	 	 
	
                Section
                  3.01

              	
                Collection
                  of Payments with respect to the Mortgage Loans

              
	
                Section
                  3.02

              	
                Maintenance
                  of Office or Agency

              
	
                Section
                  3.03

              	
                Money
                  for Payments To Be Held in Trust; Paying Agent

              
	
                Section
                  3.04

              	
                Existence

              
	
                Section
                  3.05

              	
                Payment
                  of Available Funds

              
	
                Section
                  3.06

              	
                [Reserved]

              
	
                Section
                  3.07

              	
                [reserved]

              
	
                Section
                  3.08

              	
                [reserved]

              
	
                Section
                  3.09

              	
                [reserved]

              
	
                Section
                  3.10

              	
                Other
                  Matters With Respect to the Securities

              
	
                Section
                  3.11

              	
                Protection
                  of Trust Estate

              
	
                Section
                  3.12

              	
                Opinions
                  as to Trust Estate

              
	
                Section
                  3.13

              	
                Performance
                  of Obligations

              
	
                Section
                  3.14

              	
                Negative
                  Covenants

              
	
                Section
                  3.15

              	
                Annual
                  Statement as to Compliance

              
	
                Section
                  3.16

              	
                Representations
                  and Warranties Concerning the Mortgage Loans

              
	
                Section
                  3.17

              	
                Amendments
                  to Servicing Agreements

              
	
                Section
                  3.18

              	
                Servicers
                  as Agent and Bailee of the Indenture Trustee

              
	
                Section
                  3.19

              	
                Investment
                  Company Act

              
	
                Section
                  3.20

              	
                Issuing
                  Entity May Consolidate, etc

              
	
                Section
                  3.21

              	
                Successor
                  or Transferee

              
	
                Section
                  3.22

              	
                No
                  Other Business

              
	
                Section
                  3.23

              	
                No
                  Borrowing

              
	
                Section
                  3.24

              	
                Guarantees,
                  Loans, Monthly Advances and Other Liabilities

              
	
                Section
                  3.25

              	
                Capital
                  Expenditures

              
	
                Section
                  3.26

              	
                Reserved

              
	
                Section
                  3.27

              	
                Restricted
                  Payments

              
	
                Section
                  3.28

              	
                Notice
                  of Events of Default

              
	
                Section
                  3.29

              	
                Further
                  Instruments and Acts

              
	
                Section
                  3.30

              	
                Statements
                  to Noteholders

              
	
                Section
                  3.31

              	
                Determination
                  of LIBOR

              
	
                Section
                  3.32

              	
                Determination
                  of MTA

              
	
                Section
                  3.33

              	
                Net
                  Deferred Interest

              
	
                Section
                  3.34

              	
                [Reserved]

              
	
                Section
                  3.35

              	
                [Reserved]

              
	
                Section
                  3.36

              	
                [Reserved]

              
	
                Section
                  3.37

              	
                [Reserved]

              
	
                Section
                  3.38

              	
                Certain
                  Representations Regarding the Trust Estate

              
	
                Section
                  3.39

              	
                Allocation
                  of Realized Losses

              
	 	 
	
                ARTICLE
                  IV

              
	 	 
	
                THE
                  SECURITIES; SATISFACTION AND DISCHARGE OF INDENTURE

              
	 	 
	
                Section
                  4.01

              	
                The
                  Securities

              
	
                Section
                  4.02

              	
                Registration
                  of and Limitations on Transfer and Exchange of Notes; Appointment
                  of Note
                  Registrar and Certificate Registrar

              
	
                Section
                  4.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Notes

              
	
                Section
                  4.04

              	
                Persons
                  Deemed Owners

              
	
                Section
                  4.05

              	
                Cancellation

              
	
                Section
                  4.06

              	
                Book-Entry
                  Securities

              
	
                Section
                  4.07

              	
                Notices
                  to Depository

              
	
                Section
                  4.08

              	
                Definitive
                  Securities

              
	
                Section
                  4.09

              	
                Tax
                  Treatment

              
	
                Section
                  4.10

              	
                Satisfaction
                  and Discharge of Indenture

              
	
                Section
                  4.11

              	
                Application
                  of Trust Money

              
	
                Section
                  4.12

              	
                [Reserved]

              
	
                Section
                  4.13

              	
                Repayment
                  of Monies Held by Paying Agent

              
	
                Section
                  4.14

              	
                Temporary
                  Notes

              
	
                Section
                  4.15

              	
                Representations
                  Regarding ERISA

              
	 	 
	
                ARTICLE
                  V

              
	 	 
	
                DEFAULT
                  AND REMEDIES

              
	 	 
	
                Section
                  5.01

              	
                Events
                  of Default

              
	
                Section
                  5.02

              	
                Acceleration
                  of Maturity; Rescission and Annulment

              
	
                Section
                  5.03

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Indenture
                  Trustee

              
	
                Section
                  5.04

              	
                Remedies;
                  Priorities

              
	
                Section
                  5.05

              	
                Optional
                  Preservation of the Trust Estate

              
	
                Section
                  5.06

              	
                Limitation
                  of Suits

              
	
                Section
                  5.07

              	
                Unconditional
                  Rights of Securityholders To Receive Principal and
                  Interest

              
	
                Section
                  5.08

              	
                Restoration
                  of Rights and Remedies

              
	
                Section
                  5.09

              	
                Rights
                  and Remedies Cumulative

              
	
                Section
                  5.10

              	
                Delay
                  or Omission Not a Waiver

              
	
                Section
                  5.11

              	
                Control
                  By Noteholders

              
	
                Section
                  5.12

              	
                Waiver
                  of Past Defaults

              
	
                Section
                  5.13

              	
                Undertaking
                  for Costs

              
	
                Section
                  5.14

              	
                Waiver
                  of Stay or Extension Laws

              
	
                Section
                  5.15

              	
                Sale
                  of Trust Estate

              
	
                Section
                  5.16

              	
                Action
                  on Securities

              
	
                Section
                  5.17

              	
                Performance
                  and Enforcement of Certain Obligations

              
	 	 
	
                ARTICLE
                  VI

              
	 	 
	
                THE
                  INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR

              
	 	 
	
                Section
                  6.01

              	
                Duties
                  of Indenture Trustee and Securities Administrator

              
	
                Section
                  6.02

              	
                Rights
                  of Indenture Trustee and the Securities Administrator

              
	
                Section
                  6.03

              	
                Individual
                  Rights

              
	
                Section
                  6.04

              	
                Indenture
                  Trustee’s and Securities Administrator’s Disclaimer

              
	
                Section
                  6.05

              	
                Notice
                  of Event of Default

              
	
                Section
                  6.06

              	
                Reports
                  by Securities Administrator to Holders and Tax
                  Administration

              
	
                Section
                  6.07

              	
                Compensation
                  and Indemnity

              
	
                Section
                  6.08

              	
                Replacement
                  of Indenture Trustee and the Securities Administrator

              
	
                Section
                  6.09

              	
                Successor
                  Indenture Trustee and Successor Securities Administrator by
                  Merger

              
	
                Section
                  6.10

              	
                Appointment
                  of Co-Indenture Trustee or Separate Indenture Trustee

              
	
                Section
                  6.11

              	
                Eligibility;
                  Disqualification

              
	
                Section
                  6.12

              	
                Preferential
                  Collection of Claims Against Issuing Entity

              
	
                Section
                  6.13

              	
                Representations
                  and Warranties

              
	
                Section
                  6.14

              	
                Directions
                  to Indenture Trustee

              
	
                Section
                  6.15

              	
                The
                  Agents

              
	
                Section
                  6.16

              	
                Administrative
                  Duties

              
	
                Section
                  6.17

              	
                Records

              
	
                Section
                  6.18

              	
                Additional
                  Information to be Furnished

              
	
                Section
                  6.19

              	
                [reserved]

              
	
                Section
                  6.20

              	
                Indenture
                  Trustee’s Application For Instructions From the Issuing
                  Entity

              
	
                Section
                  6.21

              	
                Limitation
                  of Liability

              
	
                Section
                  6.22

              	
                Assignment
                  of Rights, Not Assumption of Duties

              
	 	 
	
                ARTICLE
                  VII

              
	 	 
	
                SECURITYHOLDERS’
                  LISTS AND REPORTS

              
	 	 
	
                Section
                  7.01

              	
                Issuing
                  Entity To Furnish Indenture Trustee Names and Addresses of
                  Securityholders

              
	
                Section
                  7.02

              	
                Preservation
                  of Information; Communications to Securityholders

              
	
                Section
                  7.03

              	
                Reports
                  by Issuing Entity

              
	
                Section
                  7.04

              	
                Reports
                  by Indenture Trustee

              
	
                Section
                  7.05

              	
                Statements
                  to Securityholders

              
	 	 
	
                ARTICLE
                  VIII

              
	 	 
	
                ACCOUNTS,
                  DISBURSEMENTS AND RELEASES

              
	 	 
	
                Section
                  8.01

              	
                Collection
                  of Money

              
	
                Section
                  8.02

              	
                Trust
                  Accounts

              
	
                Section
                  8.03

              	
                Officer’s
                  Certificate

              
	
                Section
                  8.04

              	
                Termination
                  Upon Distribution to Noteholders

              
	
                Section
                  8.05

              	
                Termination
                  following TMP Trigger Event

              
	
                Section
                  8.06

              	
                Release
                  of Trust Estate

              
	
                Section
                  8.07

              	
                Surrender
                  of Securities Upon Final Payment or TMP Trigger Event

              
	
                Section
                  8.08

              	
                Optional
                  Redemption of the Securities

              
	
                Section
                  8.09

              	
                Collection
                  of Mortgage Loan Payments

              
	
                Section
                  8.10

              	
                Withdrawals
                  from the Payment Account

              
	 	 
	
                ARTICLE
                  IX

              
	 	 
	
                SUPPLEMENTAL
                  INDENTURES

              
	 	 
	
                Section
                  9.01

              	
                Supplemental
                  Indentures Without Consent of Securityholders

              
	
                Section
                  9.02

              	
                Supplemental
                  Indentures With Consent of Securityholders

              
	
                Section
                  9.03

              	
                Execution
                  of Supplemental Indentures

              
	
                Section
                  9.04

              	
                Effect
                  of Supplemental Indenture

              
	
                Section
                  9.05

              	
                Conformity
                  with Trust Indenture Act

              
	
                Section
                  9.06

              	
                Reference
                  in Securities to Supplemental Indentures

              
	
                Section
                  9.07

              	
                Consent
                  to Certain Supplemental Indentures

              
	 	 
	
                ARTICLE
                  X

              
	 	 
	
                MISCELLANEOUS

              
	 	 
	
                Section
                  10.01

              	
                Compliance
                  Certificates and Opinions, etc

              
	
                Section
                  10.02

              	
                Form
                  of Documents Delivered to Indenture Trustee

              
	
                Section
                  10.03

              	
                Acts
                  of Securityholders

              
	
                Section
                  10.04

              	
                Notices
                  etc

              
	
                Section
                  10.05

              	
                Notices
                  to Securityholders; Waiver

              
	
                Section
                  10.06

              	
                Conflict
                  with Trust Indenture Act

              
	
                Section
                  10.07

              	
                Effect
                  of Headings

              
	
                Section
                  10.08

              	
                Successors
                  and Assigns

              
	
                Section
                  10.09

              	
                Separability

              
	
                Section
                  10.10

              	
                [reserved]

              
	
                Section
                  10.11

              	
                Legal
                  Holidays

              
	
                Section
                  10.12

              	
                GOVERNING
                  LAW

              
	
                Section
                  10.13

              	
                Counterparts

              
	
                Section
                  10.14

              	
                Recording
                  of Indenture

              
	
                Section
                  10.15

              	
                Issuing
                  Entity Obligation

              
	
                Section
                  10.16

              	
                No
                  Petition

              
	
                Section
                  10.17

              	
                Inspection

              
	
                Section
                  10.18

              	
                Third
                  Party Rights

              
	 	 
	
                ARTICLE
                  XI

              
	 	 
	
                REMIC
                  CONVERSION

              
	 
	
                Section
                  11.01

              	
                Discharge
                  of Indenture and Transfer of Mortgage Loans

              
	
                Section
                  11.02

              	
                Conditions
                  Precedent to a REMIC Conversion

              
	 	 
	
                ARTICLE
                  XII

              
	 	 
	
                GRANTOR
                  TRUST

              
	 	 
	
                Section
                  12.01

              	
                Establishment
                  of Grantor Trust; Grantor Trust Designation

              
	
                Section
                  12.02

              	
                Deposit
                  of Class A Notes in the Grantor Trust

              
	
                Section
                  12.03

              	
                Grantor
                  Trust Reporting

              
	
                Section
                  12.04

              	
                Class
                  A-1-A Swap Agreement; Establishment of Class A-1-A Swap
                  Account

              
	
                Section
                  12.05

              	
                Class
                  A-1-B Swap Agreement; Establishment of Class A-1-B Swap
                  Account

              
	
                Section
                  12.06

              	
                Class
                  A-1-C Swap Agreement; Establishment of Class A-1-C Swap
                  Account

              
	
                Section
                  12.07

              	
                Class
                  A-2 Swap Agreement; Establishment of Class A-2 Swap
                  Account

              
	
                Section
                  12.08

              	
                Class
                  A-3 Swap Agreement; Establishment of Class A-3 Swap
                  Account

              
	
                Section
                  12.09

              	
                Class
                  A-1-A Swap Credit Support Annex

              
	
                Section
                  12.10

              	
                Class
                  A-1-B Swap Credit Support Annex

              
	
                Section
                  12.11

              	
                Class
                  A-1-C Swap Credit Support Annex

              
	
                Section
                  12.12

              	
                Class
                  A-2 Swap Credit Support Annex

              
	
                Section
                  12.13

              	
                Class
                  A-3 Swap Credit Support Annex

              
	
                Section
                  12.14

              	
                Payments
                  from Grantor Trust

              
	
                Section
                  12.15

              	
                Payments
                  Upon an Event of Default

              
	
                Section
                  12.16

              	
                Execution
                  of Interest Rate Swap Agreements by the Grantor Trust
                  Trustee

              
	
                Section
                  12.17

              	
                Liquidation
                  of the Grantor Trust

              

      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBITS

    

      
        	
                Exhibit
                  A-1

              	
                —

              	
                Form
                  of Class A-[_] Notes

              
	
                Exhibit
                  A-2

              	
                —

              	
                Form
                  of Class [M]B]-_] Notes

              
	
                Exhibit
                  A-3

              	
                —

              	
                Form
                  of Class X Notes

              
	
                Exhibit
                  A-4

              	
                —

              	
                Form
                  of Class A-[_] Certificates

              
	
                Exhibit
                  B

              	
                —

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  C

              	
                —

              	
                [Reserved]

              
	
                Exhibit
                  D-1

              	
                —

              	
                Form
                  of Interest Rate Swap Agreements

              
	
                Exhibit
                  E

              	
                —

              	
                [Reserved]

              
	
                Exhibit
                  F

              	
                —

              	
                [Reserved]

              
	
                Exhibit
                  G

              	
                —

              	
                [Reserved]

              
	
                Exhibit
                  H

              	
                —

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  I

              	
                —

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  J

              	
                —

              	
                Form
                  of Request for Release

              
	
                Exhibit
                  K

              	
                —

              	
                Form
                  of Rule 144A Investment Representation

              
	
                Exhibit
                  L

              	
                —

              	
                Form
                  of Certificate of Non-Foreign Status

              
	
                Exhibit
                  M

              	
                —

              	
                Form
                  of Investment Letter

              
	
                Exhibit
                  N

              	
                —

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  O

              	
                —

              	
                Form
                  of ERISA Letter

              
	
                Exhibit
                  P

              	
                —

              	
                Form
                  of Transferee Certificate

              
	
                Exhibit
                  Q

              	
                —

              	
                Form
                  of Lender Transferor
                  Certificate

              

      

    

     

     

    

    

     

    Section
      1.01  Appendix
      A.
      For all
      purposes of this Indenture, except as otherwise expressly provided herein or
      unless the context otherwise requires, capitalized terms used but not otherwise
      defined herein shall have the meanings assigned to such terms in the Definitions
      attached hereto as Appendix A which is incorporated by reference herein. All
      other capitalized terms used herein shall have the meanings specified
      herein.

     

    Section
      1.02  Incorporation
      by Reference of Trust Indenture Act.
      Whenever this Indenture refers to a provision of the Trust Indenture Act (the
      “TIA”), the provision is incorporated by reference in and made a part of this
      Indenture. The following TIA terms used in this Indenture have the following
      meanings:

     

    “Commission”
      means the Securities and Exchange Commission.

     

    “indenture
      securities” means the Securities.

     

    “indenture
      security holder” means a Securityholder.

     

    “indenture
      to be qualified” means this Indenture.

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuing Entity and any other obligor
      on
      the indenture securities.

     

    All
      other
      TIA terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by Commission rules have the meanings
      assigned to them by such definitions.

     

    Section
      1.03  Rules
      of Construction.
      Unless
      the context otherwise requires:

     

    (i)  a
      term
      has the meaning assigned to it;

     

    (ii)  an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii)  “or”
is
      not exclusive;

     

    (iv)  “including”
      means including without limitation;

     

    (v)  words
      in
      the singular include the plural and words in the plural include the singular;
      and

     

    (vi)  any
      agreement, instrument, statute, regulation or rule defined or referred to herein
      or in any instrument or certificate delivered in connection herewith means
      such
      agreement, instrument, statute, regulation or rule as from time to time amended,
      modified or supplemented and includes (in the case of agreements or instruments)
      references to all attachments thereto and instruments incorporated therein;
      references to a Person are also to its permitted successors and
      assigns.

     

    ARTICLE
      II

    ORIGINAL
      ISSUANCE OF NOTES

     

    Section
      2.01  Form.
      The
      Securities, together with the Securities Administrator’s certificate of
      authentication, shall be in substantially the form set forth in Exhibits
      A-1, A-2, A-3 and A-4,
      as
      applicable, to this Indenture, with such appropriate insertions, omissions,
      substitutions and other variations as are required or permitted by this
      Indenture.

     

    The
      Securities shall be typewritten, printed, lithographed or engraved or produced
      by any combination of these methods (with or without steel engraved
      borders).

     

    The
      terms
      of the Securities set forth in Exhibits A-1, A-2, A-3 and A-4 to this Indenture
      are part of the terms of this Indenture.

     

    Section
      2.02  Execution,
      Authentication and Delivery.
      The
      Securities shall be executed on behalf of the Issuing Entity by any of its
      Authorized Officers. The signature of any such Authorized Officer on the Notes
      may be manual or facsimile.

     

    Securities
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Issuing Entity shall bind the Issuing Entity,
      notwithstanding that such individuals or any of them have ceased to hold such
      offices prior to the authentication and delivery of such Securities or did
      not
      hold such offices at the date of such Securities.

     

    The
      Securities Administrator shall upon Issuing Entity Request authenticate and
      deliver each Class of Securities for original issue in an aggregate initial
      amount equal to the Initial Note Principal Balance, Initial Certificate
      Principal Balance or initial Notional Amount, as applicable, for such Class
      of
      Securities.

     

    Each
      of
      the Securities
      shall
      be
      dated the date of its authentication. The Securities shall be issuable as
      registered Securities and shall be issuable (i) in the case of the Grantor
      Trust
      Certificates, in the minimum initial Certificate Principal Balances of $100,000
      and integral multiples of $1 in excess thereof, (ii) in the case of the Notes
      (other than the Class X Notes), in the minimum initial Note Principal Balances
      of $250,000 and integral multiples of $1 in excess thereof and (iii) in the
      case
      of the Class X Notes, in minimum percentage interests of 20%.

     

    No
      Security shall be entitled to any benefit under this Indenture or be valid
      or
      obligatory for any purpose, unless there appears on such Security a certificate
      of authentication substantially in the form provided for herein executed by
      the
      Securities Administrator by the manual signature of one of its authorized
      signatories, and such certificate upon any Security shall be conclusive
      evidence, and the only evidence, that such Security has been duly authenticated
      and delivered hereunder.

     

    Section
      2.03  Acceptance
      of Mortgage Loans by Indenture Trustee.

     

    (a)  The
      Indenture Trustee shall acknowledge receipt of, subject to the exceptions the
      Indenture Trustee notes pursuant to the procedures described below, the
      documents (or certified copies thereof) referred to in Section 2.1(b) of the
      Mortgage Loan Purchase Agreement, and to declare that it holds and will continue
      to hold those documents and any amendments, replacements or supplements thereto
      and all other assets of the Trust Estate, in trust for the use and benefit
      of
      all present and future Holders of the Securities. No later than the Closing
      Date, with respect to the Mortgage Loans (or, with respect to any Eligible
      Substitute Mortgage Loan, within 5 days after the receipt by the Indenture
      Trustee thereof and, with respect to any documents received after the Closing
      Date, promptly thereafter), the Indenture Trustee shall, for the benefit of
      the
      Securityholders, review each Mortgage File delivered to it and to execute and
      deliver, or cause to be executed and delivered, to the Sponsor and the Servicer,
      an Initial Certification in the form annexed hereto as Exhibit H. In conducting
      such review, the Indenture Trustee shall ascertain whether all required
      documents described in Section 2.1(b)(i) to (v) (except clause (v)(ii)) of
      the
      Mortgage Loan Purchase Agreement, with respect to the Mortgage Loans, have
      been
      executed and received and whether those documents relate, to the Mortgage Loans
      it has received, as identified in Exhibit B to this Indenture, as supplemented
      (provided,
      however,
      that
      with respect to those documents described in subclause (b)(vi) of such section,
      the Indenture Trustee’s obligations shall extend only to documents actually
      delivered pursuant to such subclause). In performing any such review, the
      Indenture Trustee may conclusively rely on the purported due execution and
      genuineness of any such document and on the purported genuineness of any
      signature thereon. If the Indenture Trustee finds any document constituting
      part
      of the Mortgage File not to have been executed or received, or to be unrelated
      to the Mortgage Loans identified in Exhibit B to this Indenture or to not
      conform with the review criteria set forth in Exhibit H (a “defect”), the
      Indenture Trustee shall promptly notify the Sponsor of such finding and the
      Sponsor’s obligation to cure such defect or repurchase or substitute for the
      related Mortgage Loan. To the extent the Indenture Trustee has not received
      a
      Mortgage File with respect to any of the Mortgage Loans by the Closing Date,
      the
      Indenture Trustee shall not require the deposit of cash into the Payment Account
      or any other account to cover the amount of that Mortgage Loan and shall solely
      treat such Mortgage Loan as if it were in breach of a representation or
      warranty; provided that the aggregate Stated Principal Balance of such Mortgage
      Loans does not exceed 1% of the Cut-off Date Balance of the Mortgage
      Loans.

     

    (b)  No
      later
      than 180 days after the Closing Date, the Indenture Trustee will review, for
      the
      benefit of the Securityholders, the Mortgage Files and will execute and deliver
      or cause to be executed and delivered to the Sponsor and the Servicer, a Final
      Certification in the form annexed hereto as Exhibit I. In conducting such
      review, Indenture Trustee will ascertain whether an original of each document
      described in subclauses (b)(ii)-(iv) of Section 2.1 of the Mortgage Loan
      Purchase Agreement, with respect to the Mortgage Loans, required to be recorded
      has been returned from the applicable recording office with evidence of
      recording thereon or a certified copy has been obtained from such recording
      office. If the Indenture Trustee finds any document constituting part of the
      Mortgage File has not been executed or received, or to be unrelated, to the
      Mortgage Loans identified in Exhibit B to this Indenture or to appear defective
      on its face, the Indenture Trustee shall promptly notify the
      Sponsor.

     

    (c)  Upon
      deposit by the Sponsor of the Repurchase Price in the Payment Account as
      certified to the Indenture Trustee, and receipt of request for release, the
      Indenture Trustee shall release to the Sponsor or the Servicer, as applicable,
      the related Mortgage File and the Indenture Trustee shall execute and deliver
      all instruments of transfer or assignment, without recourse, representation
      or
      warranty, furnished to it by the Sponsor or the Servicer, as applicable, as
      are
      necessary to vest in the Sponsor or the Servicer, as applicable, title to and
      rights under the related Mortgage Loan. Such purchase shall be deemed to have
      occurred on the date on which the deposit of the Repurchase Price in the Payment
      Account was received by the Securities Administrator. The Sponsor shall amend
      the Mortgage Loan Schedule and shall promptly notify the Servicer, the Master
      Servicer, the Indenture Trustee and the Securities Administrator of such
      amendment and the Indenture Trustee shall amend its records to reflect such
      repurchase.

     

    ARTICLE
      III

    COVENANTS

     

    Section
      3.01  Collection
      of Payments with respect to the Mortgage Loans.
      The
      Securities Administrator shall establish and maintain an Eligible Account (the
      “Payment Account”) in which the Securities Administrator shall deposit, on the
      same day as it is received from the Master Servicer and Servicer, each
      remittance received by the Securities Administrator with respect to the Mortgage
      Loans. The
      Securities Administrator shall make all payments of principal of and interest
      on
      the Notes, subject to Section 3.03, and as provided in Section 3.05 and Section
      12.14 herein, from monies on deposit in the Payment Account. In the event that
      the Master Servicer and Securities Administrator are no longer affiliated,
      the
      Master Servicer shall establish and maintain an account separate from the
      Payment Account into which any funds remitted by the Sponsor and any Servicer
      will be deposited. No later than noon New York time on the Business Day prior
      to
      each Distribution Date, the Master Servicer shall remit any such funds to the
      Paying Agent for deposit in the Payment Account.

     

    Section
      3.02  Maintenance
      of Office or Agency.
      The
      Issuing Entity will maintain an office or agency where, subject to satisfaction
      of conditions set forth herein, Notes may be surrendered for registration of
      transfer or exchange, and where notices and demands to or upon the Issuing
      Entity in respect of the Securities and this Indenture may be served. The
      Issuing Entity hereby initially appoints the Securities Administrator to serve
      as its agent for the foregoing purposes. Surrenders may be made at the office
      of
      the Securities Administrator located at Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: American Home Mortgage Investment
      Trust
      2007-1. Notices and demands may be made or delivered at the Corporate Trust
      Office, and the Issuing Entity hereby appoints the Securities Administrator
      as
      its agent to receive all such surrenders, notices and demands.

     

    Section
      3.03  Money
      for Payments To Be Held in Trust; Paying Agent.
      (a) As
      provided in Section 3.01, all payments of amounts due and payable with respect
      to any Securities that are to be made from amounts withdrawn from the Payment
      Account pursuant to Section 3.01 shall be made on behalf of the Issuing Entity
      by the Securities Administrator or by the Paying Agent, and no amounts so
      withdrawn from the Payment Account for payments of Securities shall be paid
      over
      to the Issuing Entity except as provided in this Section 3.03. The Issuing
      Entity hereby appoints the Securities Administrator as its Paying
      Agent.

     

    The
      Issuing Entity will cause each Paying Agent other than the Indenture Trustee
      and
      the Securities Administrator, to execute and deliver to the Indenture Trustee
      and the Securities Administrator an instrument in which such Paying Agent shall
      agree with the Indenture Trustee and the Securities Administrator (and if the
      Indenture Trustee or the Securities Administrator acts as Paying Agent it hereby
      so agrees), subject to the provisions of this Section 3.03, that such Paying
      Agent will:

     

    (a)  hold
      all
      sums held by it for the payment of amounts due with respect to the Securities
      in
      trust for the benefit of the Persons entitled thereto until such sums shall
      be
      paid to such Persons or otherwise disposed of as herein provided and pay such
      sums to such Persons as herein provided;

     

    (b)  give
      the
      Indenture Trustee, the Securities Administrator notice of any default by the
      Issuing Entity of which it has actual knowledge in the making of any payment
      required to be made with respect to the Securities;

     

    (c)  at
      any
      time during the continuance of any such default, upon the written request of
      the
      Indenture Trustee or the Securities Administrator, forthwith pay to the Person
      designated in such request all sums so held in trust by such Paying
      Agent;

     

    (d)  immediately
      resign as Paying Agent and forthwith pay to such Person as directed by the
      Securities Administrator or Indenture Trustee, as applicable, all sums held
      by
      it in trust for the payment of Securities if at any time it ceases to meet
      the
      standards required to be met by a Paying Agent at the time of its
      appointment;

     

    (e)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Notes of any applicable withholding taxes imposed
      thereon and with respect to any applicable reporting requirements in connection
      therewith; and

     

    (f)  not
      commence a bankruptcy proceeding against the Issuing Entity in connection with
      this Indenture.

     

    The
      Issuing Entity may at any time, for the purpose of obtaining the satisfaction
      and discharge of this Indenture or for any other purpose, by Issuing Entity
      Request direct any Paying Agent to pay to the Person designated therein all
      sums
      held in trust by such Paying Agent, such sums to be held by such designee upon
      the same trusts as those upon which the sums were held by such Paying Agent;
      and
      upon such payment by any Paying Agent to such designee, such Paying Agent shall
      be released from all further liability with respect to such money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Securities Administrator or any Paying Agent in trust for the payment of any
      amount due with respect to any Security and remaining unclaimed for one year
      after such amount has become due and payable shall be discharged from such
      trust
      and be paid to the Issuing Entity; and the Holder of such Security shall
      thereafter, as an unsecured general creditor, look only to the Issuing Entity
      for payment thereof (but only to the extent of the amounts so paid to the
      Issuing Entity), and all liability of the Securities Administrator or such
      Paying Agent with respect to such trust money shall thereupon cease;
provided,
      however,
      that the
      Securities Administrator or such Paying Agent, before being required to make
      any
      such repayment, shall at the expense and direction of the Issuing Entity cause
      to be published once, in an Authorized Newspaper published in the English
      language, notice that such money remains unclaimed and that, after a date
      specified therein which shall not be less than 30 days from the date of such
      publication, any unclaimed balance of such money then remaining will be repaid
      to the Issuing Entity. The Securities Administrator may also adopt and employ,
      at the expense and direction of the Issuing Entity, any other reasonable means
      of notification of such repayment (including, but not limited to, mailing notice
      of such repayment to Holders whose Securities have been called but have not
      been
      surrendered for redemption or whose right to or interest in monies due and
      payable but not claimed is determinable from the records of the Securities
      Administrator or of any Paying Agent, at the last address of record for each
      such Holder).

     

    Section
      3.04  Existence.
      The
      Issuing Entity will keep in full effect its existence, rights and franchises
      as
      a statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuing Entity hereunder is or becomes, organized under the laws
      of any other state or of the United States of America, in which case the Issuing
      Entity will keep in full effect its existence, rights and franchises under
      the
      laws of such other jurisdiction) and will obtain and preserve its qualification
      to do business in each jurisdiction in which such qualification is or shall
      be
      necessary to protect the validity and enforceability of this Indenture, the
      Securities, the Mortgage Loans and each other instrument or agreement included
      in the Trust Estate.

     

    Section
      3.05  Payment
      of Available Funds.

     

    (a)  On
      each
      Payment Date from amounts on deposit in the Payment Account in accordance with
      Section 8.02 hereof, the Securities Administrator shall pay to the Persons
      specified below, to the extent provided therein in
      accordance with the statement furnished by the Securities
      Administrator
      pursuant
      to Section 7.05 hereof for such Payment Date,
      the
      Available Funds for such Payment Date.

     

    (b)  On
      each
      Payment Date, the Securities Administrator shall withdraw from funds in the
      Payment Account the Available Funds for such Payment Date and make the following
      payments, in the order of priority described below, in each case to the extent
      of the Available Funds remaining for such Payment Date:

     

    (i)  concurrently
      to the Holders of the Class A-1-A, Class A-1-B, Class A-1-C, Class A-2 and
      Class
      A-3 Notes, the Current Interest for each such Class and such Payment Date,
      pro
      rata, based on their respective entitlements;

     

    (ii)  to
      the
Class
      A-1-A, Class A-1-B, Class A-1-C, Class
      A-2
      and Class A-3 Swap Accounts, in an amount equal to equal to interest on the
      Class A-1-A, Class A-1-B, Class A-1-C, Class A-2 and Class A-3 Swap Principal
      Amount, respectively, in each case, calculated at the Note Interest Rate for
      the
      related Class of Class A Notes for such Payment Date;

     

    (iii)  the
      Senior Optimal Principal Amount for such Payment Date will be distributed
      concurrently, (i) to
      the
      Class A-1-A Notes (as
      described in clause (d) below) and
      to
      the Class A-1-A Swap Account (in an amount up to the Class A-1-A Swap Principal
      Amount), on a pro rata basis,
      (ii) to
      the Class A-1-B Notes (as described in clause (d) below) and to the Class A-1-B
      Swap Account (in an amount up to the Class A-1-B Swap Principal Amount), on
      a
      pro rata basis, (iii) to the Class A-1-C Notes (as described in clause (d)
      below) and to the Class A-1-C Swap Account (in an amount up to the Class A-1-C
      Swap Principal Amount), on a pro rata basis, (iv) to the Class A-2 Notes and
      to
      the Class A-2 Swap Account (in an amount up to the Class A-2 Swap Principal
      Amount), on a pro rata basis and (v) to the Class A-3 Notes and to the Class
      A-3
      Swap Account (in an amount up to the Class A-3 Swap Principal Amount), on a
      pro
      rata basis, in each case, until the Note Principal Balance or Swap Principal
      Amount thereof, as applicable, is reduced to zero;

     

    (iv)  sequentially
      to the Class
      M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Notes,
      in that
      order, in each case, first in an amount equal to the Current Interest for each
      such Class and such Payment Date, and second in an amount equal to such Class’s
      Allocable Share for such Payment Date;

     

    (v)  from
      amounts otherwise payable to the Restricted Notes, to the Holders of the Class
      A
      Notes and Holders of the Classes of Offered Notes, pro rata based on the Notes
      Principal Balances thereof, to the extent needed to pay any Carryover Shortfall
      Amount for each such Class; provided that any amounts otherwise payable to
      the
      Restricted Notes remaining after the allocation to pay Carryover Shortfall
      Amount based on the Note Principal Balances of those Notes will be distributed
      to each Class of Class A Notes and Classes of Offered Notes with respect to
      which there remains any unpaid Carryover Shortfall Amount (after the
      distribution based on Note Principal Balances), pro rata, based on the amount
      of
      the unpaid Carryover Shortfall Amount;

     

    (vi)  from
      amounts otherwise payable to the Class X Notes and from any Prepayment Charges
      otherwise payable to the Class B-3 Notes, sequentially, (i) to the Holders
      of
      the Class A-2 Notes, in an amount equal to the Unpaid Realized Loss Amount
      for
      such class for such Payment Date, and to the Class A-2 Swap Account, in an
      amount up to any Unpaid Realized Loss Amount for the Class A-2 Swap Principal
      Amount for such Payment Date, pro rata, (ii) to the Holders of the Class A-3
      Notes, in an amount equal to the Unpaid Realized Loss Amount for such class
      for
      such Payment Date, and to the Class A-3 Swap Account, in an amount up to any
      Unpaid Realized Loss Amount for the Class A-3 Swap Principal Amount for such
      Payment Date, pro rata, and (iii) sequentially to the Class M-1, Class M-2,
      Class M-3, Class M-4, Class M-5 and Class M-6 Notes, in that order, in each
      case, in an amount to the Unpaid Realized Loss Amount for each such Class for
      such Payment Date;

     

    (vii)  sequentially,
      to the Holders of the Class M-6, Class M-7, Class M-8, Class M-9, Class B-1
      and
      Class B-2 Notes, in that order, in each case, first in an amount equal to the
      Current Interest for each such Class for such Payment Date, and second in an
      amount equal to such Class’s Allocable Share for such Payment Date;

     

    (viii)  to
      the
      Holders of the Class B-3 Notes, in an amount equal to such Class’s Allocable
      Share for such Payment Date;

     

    (ix)  from
      amounts otherwise payable to the Class X Notes and from any Prepayment Charges
      otherwise payable to the Class B-3 Notes, sequentially,
      to
      the
      Holders of the Class M-6, Class M-7, Class M-8, Class M-9, Class B-1 and Class
      B-2 Notes, in that order, in an amount to the Carryover Shortfall Amount for
      each such Class for such Payment Date;

     

    (x)  from
      amounts otherwise payable to the Class X Notes and from any Prepayment Charges
      otherwise payable to the Class B-3 Notes, sequentially, to the Holders of the
      Class M-6, Class M-7, Class M-8, Class M-9, Class B-1, Class B-2 and Class
      B-3
      Notes, in that order, in an amount to the Unpaid Realized Loss Amount for each
      such Class for such Payment Date;

     

    (xi)  to
      the
      Holders of the Class X Notes, the Class X Interest Amount for such Payment
      Date;

     

    (xii)  to
      the
      Holders of the Class X Notes, until the Note Principal Balance is reduced to
      zero; and

     

    (xiii)  any
      remaining amounts shall be distributed to the Certificate Paying Agent, as
      designee of the Issuing Entity, for the benefit of the Holders of the Trust
      Certificate, as provided herein and in the Trust Agreement.

     

    (c)  On
      each
      Payment Date, the Securities Administrator shall withdraw all Prepayment Charges
      from the Payment Account and make payments in the following order of
      priority:

     

    (i)  concurrently
      on a pro rata basis, based on entitlement, (i) to the Class A-1-A Notes, in
      an
      amount up to the Class A-1-A Prepayment Yield Amount, (ii) to the Class A-1-B
      Notes, in an amount up to the Class A-1-B Prepayment Yield Amount, (iii) to
      the
      Class A-1-C Notes, in an amount up to the Class A-1-C Prepayment Yield Amount,
      (iv) to the Class A-2 Notes, in an amount up to the Class A-2 Prepayment Yield
      Amount, and (v) to the Class A-3 Notes, in an amount up to the Class A-3
      Prepayment Yield Amount, and

     

    (ii)  to
      the
      Class B-3 Notes, in an amount equal to any remaining Prepayment
      Charges.

     

    (d)  Amounts
      of principal paid to the Class A-1 Notes pursuant to clause (iii) above will
      be
      allocated as follows:

     

    (i)  to
      the
      Class A-1-A, Class A-1-B and Class A-1-C Notes, pro rata among (a) the Class
      A-1-A Notes and Class A-1-B Notes and (b) the Class A-1-C Notes (based on (1)
      the aggregate Note
      Principal Balance of
      the
      Class A-1-A Notes and Class A-1-B Notes in the case of clause (a) and (2) the
      Note Principal Balance of the Class A-1-C Notes in the case of clause (b)),
      with
      such amounts between (a) and (b) being further allocated as
      follows:

     

    (A)  sequentially
      to the Class A-1-A Notes and Class A-1-B Notes, in that order, in each case
      until the Note
      Principal Balance thereof
      is reduced to zero; and

     

    (B)  to
      the
      Class A-1-C Notes until the Note Principal Balance thereof is reduced to
      zero.

     

    Section
      3.06  [Reserved].

     

    Section
      3.07   [reserved].

     

    Section
      3.08  [reserved].

     

    Section
      3.09  [reserved].

     

    Section
      3.10  Other
      Matters With Respect to the Securities.

     

    (a)  Each
      distribution with respect to a Book-Entry Security shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Security Owners that it represents and to each indirect participating brokerage
      firm (a “brokerage firm” or “indirect participating firm”) for which it acts as
      agent. Each brokerage firm shall be responsible for disbursing funds to the
      Security Owners that it represents. None of the Indenture Trustee, the Note
      Registrar, the Paying Agent, the Depositor, the Securities Administrator, the
      Master Servicer or the Servicer shall have any responsibility therefor except
      as
      otherwise provided by this Indenture or applicable law.

     

    (b)  On
      each
      Payment Date, the Certificate Paying Agent shall deposit in the Certificate
      Distribution Account all amounts it received pursuant to Section 3.05 for the
      purpose of distributing such funds to the Certificateholders.

     

    (c)  Any
      installment of interest or principal, if any, payable on any Security that
      is
      punctually paid or duly provided for by the Issuing Entity on the applicable
      Payment Date shall, if such Holder shall have so requested at least five
      Business Days prior to the related Record Date, be paid to each Holder of record
      on the preceding Record Date, by wire transfer to an account specified in
      writing by such Holder reasonably satisfactory to the Securities Administrator
      as of the preceding Record Date or in all other cases or if no such instructions
      have been delivered to the Securities Administrator, by check to such
      Securityholder mailed to such Holder’s address as it appears in the Note
      Register in the amount required to be distributed to such Holder on such Payment
      Date pursuant to such Holder’s Security; provided,
      however,
      that
      the Securities Administrator shall not pay to such Holders any amount required
      to be withheld from a payment to such Holder by the Code.

     

    (d)  The
      principal of each Security shall be due and payable in full on the Final
      Scheduled Payment Date for such Security as provided in the forms of Security
      set forth in Exhibits A-1, A-2, A-3 and A-4, as applicable, to this Indenture.
      All principal payments on the Securities shall be made to the Securityholders
      entitled thereto in accordance with the Percentage Interests represented by
      such
      Securities. Upon notice (such notice to include the Final Scheduled Payment
      Date) to the Securities Administrator by the Issuing Entity, the Securities
      Administrator shall notify the Person in whose name a Security is registered
      at
      the close of business on the Record Date preceding the Final Scheduled Payment
      Date or other final Payment Date (including any final Payment Date resulting
      from any redemption pursuant to Section 8.07 hereof). Such notice shall to
      the
      extent practicable be mailed no later than five Business Days prior to such
      Final Scheduled Payment Date or other final Payment Date and shall specify
      that
      payment of the principal amount and any interest due with respect to such
      Security at the Final Scheduled Payment Date or other final Payment Date will
      be
      payable only upon presentation and surrender of such Security and shall specify
      the place where such Security may be presented and surrendered for such final
      payment. No interest shall accrue on the Securities on or after the Final
      Scheduled Payment Date or any such other final Payment Date.

     

    Section
      3.11  Protection
      of Trust Estate.

     

    (a)  The
      Issuing Entity will from time to time prepare, execute and deliver all such
      supplements and amendments hereto and all such financing statements,
      continuation statements, instruments of further assurance and other instruments,
      and will take such other action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  cause
      the
      Issuing Entity or Servicer to enforce any of the rights to the Mortgage Loans;
      or

     

    (iv)  preserve
      and defend title to the Trust Estate and the rights of the Indenture Trustee
      and
      the Securityholders in such Trust Estate against the claims of all persons and
      parties.

     

    (b)  Except
      as
      otherwise provided in this Indenture, neither the Indenture Trustee nor the
      Securities Administrator shall remove any portion of the Trust Estate that
      consists of money or is evidenced by an instrument, certificate or other writing
      from the jurisdiction in which it was held at the date of the most recent
      Opinion of Counsel delivered pursuant to Section 3.11 hereof (or from the
      jurisdiction in which it was held as described in the Opinion of Counsel
      delivered on the Closing Date pursuant to Section 3.11(a) hereof, if no Opinion
      of Counsel has yet been delivered pursuant to Section 3.11(b) hereof), unless
      the Indenture Trustee and the Securities Administrator shall have first received
      an Opinion of Counsel to the effect that the lien and security interest created
      by this Indenture with respect to such property will continue to be maintained
      after giving effect to such action or actions.

     

    The
      Issuing Entity hereby designates the Indenture Trustee its agent and
      attorney-in-fact to sign any financing statement, continuation statement or
      other instrument required to be signed pursuant to this Section 3.11 upon the
      Issuing Entity’s preparation thereof and delivery to the Indenture
      Trustee.

     

    Section
      3.12  Opinions
      as to Trust Estate.

     

    (a)  On
      the
      Closing Date, the Issuing Entity shall furnish to the Indenture Trustee and
      the
      Owner Trustee an Opinion of Counsel either stating that, in the opinion of
      such
      counsel, such action has been taken with respect to the recording and filing
      of
      this Indenture, any indentures supplemental hereto, and any other requisite
      documents, and with respect to the execution and filing of any financing
      statements and continuation statements, as are necessary to perfect and make
      effective the lien and first priority security interest in the Collateral and
      reciting the details of such action, or stating that, in the opinion of such
      counsel, no such action is necessary to make such lien and first priority
      security interest effective.

     

    (b)  On
      or
      before April 15 in each calendar year, beginning in 2008, the Issuing Entity
      shall furnish to the Indenture Trustee an Opinion of Counsel at the expense
      of
      the Issuing Entity either stating that, in the opinion of such counsel, such
      action has been taken with respect to the recording, filing, re-recording and
      refiling of this Indenture, any indentures supplemental hereto and any other
      requisite documents and with respect to the execution and filing of any
      financing statements and continuation statements as is necessary to maintain
      the
      lien and first priority security interest in the Collateral and reciting the
      details of such action or stating that in the opinion of such counsel no such
      action is necessary to maintain such lien and security interest. Such Opinion
      of
      Counsel shall also describe the recording, filing, re-recording and refiling
      of
      this Indenture, any indentures supplemental hereto and any other requisite
      documents and the execution and filing of any financing statements and
      continuation statements that will, in the opinion of such counsel, be required
      to maintain the lien and security interest in the Collateral until December
      31
      in the following calendar year.

     

    Section
      3.13  Performance
      of Obligations.

     

    (a)  The
      Issuing Entity will punctually perform and observe all of its obligations and
      agreements contained in this Indenture, the Basic Documents and in the
      instruments and agreements included in the Trust Estate.

     

    (b)  The
      Issuing Entity may contract with other Persons to assist it in performing its
      duties under this Indenture, and any performance of such duties by a Person
      identified to the Indenture Trustee in an Officer’s Certificate of the Issuing
      Entity shall be deemed to be action taken by the Issuing Entity.

     

    (c)  The
      Issuing Entity will not take any action or permit any action to be taken by
      others which would release any Person from any of such Person’s covenants or
      obligations under any of the documents relating to the Mortgage Loans or under
      any instrument included in the Trust Estate, or which would result in the
      amendment, hypothecation, subordination, termination or discharge of, or impair
      the validity or effectiveness of, any of the documents relating to the Mortgage
      Loans or any such instrument, except such actions as the Servicer is expressly
      permitted to take in the related Servicing Agreement. The Indenture Trustee,
      as
      pledgee of the Mortgage Loans, may exercise the rights of the Issuing Entity
      to
      direct the actions of the Servicer pursuant to the Servicing
      Agreement.

     

    Section
      3.14  Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuing Entity shall not:

     

    (a)  except
      as
      expressly permitted by this Indenture, sell, transfer, exchange or otherwise
      dispose of the Trust Estate, unless directed to do so by the Indenture
      Trustee;

     

    (b)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of, the Securities (other than amounts properly withheld from such
      payments under the Code) or assert any claim against any present or former
      Securityholder, by reason of the payment of the taxes levied or assessed upon
      any part of the Trust Estate;

     

    (c)  (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Securities under this Indenture except as may
      be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
      interest, mortgage or other encumbrance (other than the lien of this Indenture)
      to be created on or extend to or otherwise arise upon or burden the Trust Estate
      or any part thereof or any interest therein or the proceeds thereof or (C)
      permit the lien of this Indenture not to constitute a valid first priority
      security interest in the Trust Estate; or

     

    (d)  waive
      or
      impair, or fail to assert rights under, the Mortgage Loans, or impair or cause
      to be impaired the Issuing Entity’s interest in the Mortgage Loans, the Mortgage
      Loan Purchase Agreement or in any Basic Document, if any such action would
      materially and adversely affect the interests of the
      Securityholders.

     

    Section
      3.15  Annual
      Statement as to Compliance.
      The
      Issuing Entity will deliver to the Indenture Trustee, by March 1 of each year
      commencing with the calendar year 2008, an Officer’s Certificate stating, as to
      the Authorized Officer signing such Officer’s Certificate, that:

     

    (a)  a
      review
      of the activities of the Issuing Entity during the previous calendar year and
      of
      its performance under this Indenture has been made under such Authorized
      Officer’s supervision; and

     

    (b)  to
      the
      best of such Authorized Officer’s knowledge, based on such review, the Issuing
      Entity has complied with all conditions and covenants under this Indenture
      throughout such year, or, if there has been a default in its compliance with
      any
      such condition or covenant, specifying each such default known to such
      Authorized Officer and the nature and status thereof.

     

    Section
      3.16  Representations
      and Warranties Concerning the Mortgage Loans.
      The
      Indenture Trustee, as pledgee of the Mortgage Loans, shall have the benefit
      of
      the representations and warranties made by the Sponsor in the Mortgage Loan
      Purchase Agreement concerning the Sponsor and the Mortgage Loans to the same
      extent as though such representations and warranties were made directly to
      the
      Indenture Trustee. If a Responsible Officer of the Indenture Trustee has actual
      knowledge of any breach of any representation or warranty made by the Sponsor
      in
      the Mortgage Loan Purchase Agreement, the Indenture Trustee shall promptly
      notify the Sponsor of such finding and of the Sponsor’s obligation to cure such
      defect or repurchase or substitute for the related Mortgage Loan.

     

    Section
      3.17  Amendments
      to Servicing Agreements.
      The
      Issuing Entity covenants with the Indenture Trustee that it will not enter
      into
      any amendment or supplement to any Servicing Agreement without the prior written
      consent of the Indenture Trustee.

     

    Section
      3.18  Servicers
      as Agent and Bailee of the Indenture Trustee.
      Solely
      for purposes of perfection under Section 9-305 of the Uniform Commercial Code
      or
      other similar applicable law, rule or regulation of the state in which such
      property is held by the Servicer, the Issuing Entity and the Indenture Trustee
      hereby acknowledge that the Servicer is acting as bailee of the Indenture
      Trustee in holding amounts on deposit in the related Collection Account and
      the
      related Protected Account, as well as its bailee in holding any Related
      Documents released to the Servicer, and any other items constituting a part
      of
      the Trust Estate which from time to time come into the possession of the
      Servicer. It is intended that, by the Servicer’s acceptance of such bailee
      arrangement, the Indenture Trustee, as a secured party of the Mortgage Loans,
      will be deemed to have possession of such Related Documents, such monies and
      such other items for purposes of Section 9-305 of the Uniform Commercial Code
      of
      the state in which such property is held by the Servicer. The Indenture Trustee
      shall not be liable with respect to such documents, monies or items while in
      possession of the Servicer.

     

    Section
      3.19  Investment
      Company Act.
      The
      Issuing Entity shall not become an “investment company” or be under the
“control” of an “investment company” as such terms are defined in the Investment
      Company Act of 1940, as amended (or any successor or amendatory statute), and
      the rules and regulations thereunder (taking into account not only the general
      definition of the term “investment company” but also any available exceptions to
      such general definition); provided,
      however,
      that the
      Issuing Entity shall be in compliance with this Section 3.19 if it shall have
      obtained an order exempting it from regulation as an “investment company” so
      long as it is in compliance with the conditions imposed in such
      order.

     

    Section
      3.20  Issuing
      Entity May Consolidate, etc.

     

    (a)  The
      Issuing Entity shall not consolidate or merge with or into any other Person,
      unless:

     

    (i)  the
      Person (if other than the Issuing Entity) formed by or surviving such
      consolidation or merger shall be a Person organized and existing under the
      laws
      of the United States of America or any state or the District of Columbia and
      shall expressly assume, by an indenture supplemental hereto, executed and
      delivered to the Indenture Trustee, in form reasonably satisfactory to the
      Indenture Trustee, the due and punctual payment of the principal of and interest
      on all Securities, all amounts payable to the Indenture Trustee, the Swap
      Providers, the payment to the Certificate Paying Agent of all amounts due to
      the
      Trust Certificateholders, and the performance or observance of every agreement
      and covenant of this Indenture on the part of the Issuing Entity to be performed
      or observed, all as provided herein;

     

    (ii)  immediately
      after giving effect to such transaction, no Default or Event of Default shall
      have occurred and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuing Entity and the Indenture Trustee
      that such transaction shall not cause the rating of the Securities to be
      reduced, qualified, suspended or withdrawn or to be considered by either Rating
      Agency to be below investment grade;

     

    (iv)  the
      Issuing Entity shall have received an Opinion of Counsel (and shall have
      delivered a copy thereof to the Securities Administrator and Indenture Trustee)
      to the effect that such transaction will not (A) result in a “significant
      modification” of the Class A Notes and Offered Notes under Treasury Regulation
      section 1.1001-3, or adversely affect the status of the Class A Notes and
      Offered Notes as indebtedness for federal income tax purposes, provided that,
      for purposes of the foregoing, a TMP Trigger Event shall be deemed to result
      in
      a “significant modification” of the aforementioned Notes under Treasury
      Regulation Section 1.1001-3, or (B) if 100% of the Trust Certificates,
      Restricted Notes and Retained Notes (to the extent that such Notes have not
      received a “will be debt” opinion) are not owned by American Home Mortgage
      Acceptance Inc., cause the Trust to be subject to an entity level tax for
      federal income tax purposes;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken;

     

    (vi)  the
      Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
      Certificate and an Opinion of Counsel each stating that such consolidation
      or
      merger and such supplemental indenture comply with this Article III and that
      all
      conditions precedent herein provided for or relating to such transaction have
      been complied with (including any filing required by the Exchange Act), and
      that
      such supplemental indenture is enforceable.

     

    (b)  The
      Issuing Entity shall not convey or transfer any of its properties or assets,
      including those included in the Trust Estate, to any Person,
      unless:

     

    (i)  the
      Person that acquires by conveyance or transfer the properties and assets of
      the
      Issuing Entity, the conveyance or transfer of which is hereby restricted, shall
      (A) be a United States citizen or a Person organized and existing under the
      laws
      of the United States of America or any state thereof, (B) expressly assume,
      by
      an indenture supplemental hereto, executed and delivered to the Indenture
      Trustee, in form satisfactory to the Indenture Trustee and, the due and punctual
      payment of the principal of and interest on all Securities and all other amounts
      payable to the Swap Providers and the performance or observance of every
      agreement and covenant of this Indenture on the part of the Issuing Entity
      to be
      performed or observed, all as provided herein, (C) expressly agree by means
      of
      such supplemental indenture that all right, title and interest so conveyed
      or
      transferred shall be subject and subordinate to the rights of the Holders of
      the
Securities,
      (D)
      unless otherwise provided in such supplemental indenture, expressly agree to
      indemnify, defend and hold harmless the Securities Administrator, the Indenture
      Trustee against and from any loss, liability or expense arising under or related
      to this Indenture and the Securities and (E) expressly agree by means of such
      supplemental indenture that such Person (or if a group of Persons, then one
      specified Person) shall make all filings with the Commission (and any other
      appropriate Person) required by the Exchange Act in connection with the
      Securities;

     

    (ii)  immediately
      after giving effect to such transaction, no Default or Event of Default shall
      have occurred and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuing Entity and the Indenture Trustee
      that such transaction shall not cause the rating of the applicable Securities
      to
      be reduced, qualified, suspended or withdrawn.

     

    (iv)  the
      Issuing Entity shall have received an Opinion of Counsel (and shall have
      delivered a copy thereof to the Securities Administrator and the Indenture
      Trustee) to the effect that such transaction will not (A) result in a
“significant modification” of the Class A Notes and Offered Notes under Treasury
      Regulation section 1.1001-3, or adversely affect the status of the Class A
      Notes
      and Offered Notes as indebtedness for federal income tax purposes, provided
      that, for purposes of the foregoing, a TMP Trigger Event shall be deemed to
      result in a “significant
      modification”
      of the aforementioned Notes under Treasury Regulation 1.1001-3, or (B) if 100%
      of the Trust Certificates, Restricted Notes and Retained Notes (to the extent
      that such Notes have not received a “will be debt” opinion) are not owned by
      American Home Mortgage Acceptance Inc., cause the Trust to be subject to an
      entity level tax for federal income tax purposes;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken;

     

    (vi)  the
      Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
      Certificate and an Opinion of Counsel each stating that such conveyance or
      transfer and such supplemental indenture comply with this Article III and that
      all conditions precedent herein provided for relating to such transaction have
      been complied with (including any filing required by the Exchange
      Act).

     

    Section
      3.21  Successor
      or Transferee.

     

    (a)  Upon
      any
      consolidation or merger of the Issuing Entity in accordance with Section
      3.20(a), the Person formed by or surviving such consolidation or merger (if
      other than the Issuing Entity) shall, following the Issuing Entity’s
      satisfaction of all of the conditions precedent set forth therein with respect
      thereto, succeed to, and be substituted for, and may exercise every right and
      power of, the Issuing Entity under this Indenture with the same effect as if
      such Person had been named as the Issuing Entity herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuing Entity
      pursuant to Section 3.20(b), the Issuing Entity, following its satisfaction
      of
      all of the conditions precedent set forth herein with respect thereto, will
      be
      released from every covenant and agreement of this Indenture to be observed
      or
      performed on the part of the Issuing Entity with respect to the Securities
      immediately upon the delivery of written notice to the Indenture Trustee of
      such
      conveyance or transfer.

     

    Section
      3.22  No
      Other Business.
      The
      Issuing Entity shall not engage in any business other than as set forth with
      respect thereto in the Trust Agreement and other than financing, purchasing,
      owning and selling and managing the Mortgage Loans and the issuance of the
      Notes
      and Trust Certificates in the manner contemplated by this Indenture and the
      Basic Documents and all activities incidental thereto.

     

    Section
      3.23  No
      Borrowing.
      The
      Issuing Entity shall not issue, incur, assume, guarantee or otherwise become
      liable, directly or indirectly, for any indebtedness except for the Notes under
      this Indenture.

     

    Section
      3.24  Guarantees,
      Loans, Monthly Advances and Other Liabilities.
      Except
      as contemplated by this Indenture or the Basic Documents, the Issuing Entity
      shall not make any loan or advance or credit to, or guarantee (directly or
      indirectly or by an instrument having the effect of assuring another’s payment
      or performance on any obligation or capability of so doing or otherwise),
      endorse or otherwise become contingently liable, directly or indirectly, in
      connection with the obligations, stocks or dividends of, or own, purchase,
      repurchase or acquire (or agree contingently to do so) any stock, obligations,
      assets or securities of, or any other interest in, or make any capital
      contribution to, any other Person.

     

    Section
      3.25  Capital
      Expenditures.
      The
      Issuing Entity shall not make any expenditure (by long-term or operating lease
      or otherwise) for capital assets (either realty or personalty).

     

    Section
      3.26  Reserved. 

     

    Section
      3.27  Restricted
      Payments.
      The
      Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make
      any distribution (by reduction of capital or otherwise), whether in cash,
      property, securities or a combination thereof, to the Owner Trustee or any
      owner
      of a beneficial interest in the Issuing Entity or otherwise with respect to
      any
      ownership or equity interest or security in or of the Issuing Entity, (ii)
      redeem, purchase, retire or otherwise acquire for value any such ownership
      or
      equity interest or security or (iii) set aside or otherwise segregate any
      amounts for any such purpose; provided,
      however,
      that the
      Issuing Entity may make, or cause to be made, (x) distributions and payments
      to
      the Securities Administrator, the Owner Trustee, the Indenture Trustee, the
      Certificate Registrar, the Certificate Paying Agent, the Noteholders and the
      Trust Certificateholders as contemplated by, and to the extent funds are
      available for such purpose under this Indenture and the other Basic Documents
      and (y) payments to the Servicers and the Master Servicer pursuant to the terms
      of the related Servicing Agreement or Master Servicing Agreement. The Issuing
      Entity will not, directly or indirectly, make payments to or distributions
      from
      the Collection Account except in accordance with this Indenture and the Basic
      Documents.

     

    Section
      3.28  Notice
      of Events of Default.
      The
      Issuing Entity shall give the Indenture Trustee and the Rating Agencies prompt
      written notice of each Event of Default hereunder and under the Trust
      Agreement.

     

    Section
      3.29  Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee and the Issuing Entity will execute and deliver
      such further instruments and do such further acts as may be reasonably necessary
      or proper to carry out more effectively the purpose of this
      Indenture.

     

    Section
      3.30  Statements
      to Noteholders.
      On each
      Payment Date, the Securities Administrator shall make available on the
      Securities Administrator’s website, (or
      deliver at the recipient’s option), each Noteholder and Trust Certificateholder
      the statement prepared by the Securities Administrator pursuant to and in the
      manner provided for in Section 7.05 hereof. 

     

    Section
      3.31  Determination
      of LIBOR.

     

    On
      each
      LIBOR Determination Date, the Securities
      Administrator will
      determine One-Month LIBOR and the related Note Interest Rate for each Class
      of
      LIBOR Notes for the next Accrual Period. 

     

    In
      the
      event that on any LIBOR Determination Date, Telerate Screen 3750 fails to
      indicate the London interbank offered rate for one-month United States dollar
      deposits, then One-Month LIBOR for the LIBOR Notes for the related Accrual
      Period will be established by the Securities Administrator as
      follows:

     

    
      	 	
              (a)

            	
              If
                on such LIBOR Determination Date two or more Reference Banks provide
                such
                offered quotations, One-Month LIBOR for the related Accrual Period
                shall
                be the arithmetic mean of such offered quotations (rounded upwards
                if
                necessary to the nearest whole multiple of
                0.0625%).

            

    

     

    
      	 	
              (b)

            	
              If
                on such LIBOR Determination Date fewer than two Reference Banks provide
                such offered quotations, One-Month LIBOR for the related Accrual
                Period
                shall be the higher of (x) One-Month LIBOR as determined on the previous
                LIBOR Determination Date and (y) the Reserve Interest
                Rate.

            

    

     

    
      	 	
              (c)

            	
              If
                no such quotations can be obtained and no Reference Bank rate is
                available, One-Month LIBOR will be the One-Month LIBOR rate applicable
                to
                the preceding Accrual Period.

            

    

     

    The
      establishment of One-Month LIBOR by the Securities Administrator on any LIBOR
      Determination Date and the Securities Administrator’s calculation of the note
      Interest Rate applicable to the LIBOR Notes for the relevant Accrual Period,
      in
      the absence of manifest error, will be final and binding. 

     

    Section
      3.32  Determination
      of MTA.

     

    On
      each
      related MTA Determination Date, so long as the MTA Securities are outstanding,
      the Securities Administrator shall determine MTA for the related Accrual Period
      as published by the Federal Reserve Board in the Federal Reserve Statistical
      Release ‘Selected
      Interest Rates (H.15)’, determined by averaging the monthly yields for the most
      recently available twelve months. The MTA figure used to determine the
Note
      Interest Rates or Certificate Interest Rates, as applicable, on
      the
      MTA Securities
      will
      be
      based on the MTA as of fifteen days before the beginning of the related Accrual
      Period.

     

    If
      on any
      MTA Determination Date MTA is no longer available, the index used to determine
      the Note
      Interest Rates or Certificate Interest Rates, as applicable, on
      the
      MTA Securities will be the same
      index selected to determine the interest rates on the related Mortgage
      Loans.

     

    The
      Note
      Interest Rates or Certificate Interest Rates, as applicable, for
      each
      Class of MTA Securities for each Accrual Period shall be determined by the
      Securities Administrator on each MTA Determination Date so long as the MTA
      Securities are outstanding on the basis of MTA and the respective formulae
      appearing in the definition of the Note
      Interest Rates or Certificate Interest Rates, as applicable, corresponding
      to the MTA Securities. 

     

    The
      determination of MTA and the Note
      Interest Rates or Certificate Interest Rates, as applicable, for
      the
      MTA Securities by the Securities Administrator shall (in the absence of manifest
      error) be final, conclusive and binding upon each Holder of a MTA Securities
      and
      the Securities Administrator.

     

    Section
      3.33  Net
      Deferred Interest.

     

    (a)  On
      each
      Payment Date, Net Deferred Interest will be allocated among each class of Notes,
      other than the Class B-3 Notes, through a reduction in the amounts of interest
      payable to such Class in the following manner and order of
      priority:

     

    (i)  to
      the
      Class X Notes, through a reduction in the Note Interest Rate for the Class
      X
      Notes;

     

    (ii)  to
      the
      Class B-2, Class B-1, Class M-9, Class M-8 and Class M-7 Notes, in that order,
      in each case through a reduction in the Available Funds Rate for each such
      Class; and

     

    (iii)  to
      the
      Class A-1-A, Class A-1-B, Class A-1-C, Class A-2, Class A-3, Class M-1, Class
      M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Notes, pro rata, through
      a
      reduction in the Available Funds Rate for the Class A Notes and Offered
      Notes.

     

    Section
      3.34  [Reserved]. 

     

    Section
      3.35  [Reserved]. 

     

    Section
      3.36  [Reserved].  

     

    Section
      3.37  [Reserved].

     

    Section
      3.38  Certain
      Representations Regarding the Trust Estate.

     

    (a)  With
      respect to that portion of the Collateral described in clauses (a) through
      (j)
      of the Granting Clause, the Issuing Entity represents to the Indenture Trustee
      that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuing Entity.

     

    (ii)  The
      Collateral constitutes “deposit accounts” or “instruments,” as applicable,
      within the meaning of the applicable UCC.

     

    (iii)  The
      Issuing Entity owns and has good and marketable title to the Collateral, free
      and clear of any lien, claim or encumbrance of any Person.

     

    (iv)  The
      Issuing Entity has taken all steps necessary to cause the Indenture Trustee
      to
      become the account holder of the Collateral.

     

    (v)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, or the conveyances that the Issuing Entity would be required to
      make
      at the time of a REMIC Conversion following the satisfaction and discharge
      of
      this Indenture following a TMP Trigger Event, the Issuing Entity has not
      pledged, assigned, sold, granted a security interest in, or otherwise conveyed
      any of the Collateral.

     

    (vi)  The
      Collateral is not in the name of any Person other than the Issuing Entity or
      the
      Indenture Trustee. The Issuing Entity has not consented to the bank maintaining
      the Collateral to comply with instructions of any Person other than the
      Indenture Trustee.

     

    (b)  With
      respect to that portion of the Collateral described in clauses (i) and (j)
      of
      the Granting Clause, the Issuing Entity represents to the Indenture Trustee
      that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuing Entity.

     

    (ii)  The
      Collateral constitutes “general intangibles” within the meaning of the
      applicable UCC.

     

    (iii)  The
      Issuing Entity owns and has good and marketable title to the Collateral, free
      and clear of any lien, claim or encumbrance of any Person.

     

    (iv)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuing Entity has not pledged, assigned, sold, granted a
      security interest in, or otherwise conveyed any of the Collateral.

     

    (c)  With
      respect to any Collateral in which a security interest may be perfected by
      filing, the Issuing Entity has not authorized the filing of, and is not aware
      of
      any financing statements against, the Issuing Entity, that include a description
      of collateral covering such Collateral, other than any financing statement
      relating to the security interest granted to the Indenture Trustee hereunder
      or
      that has been terminated. The Issuing Entity is not aware of any judgment or
      tax
      lien filings against the Issuing Entity.

     

    (d)  The
      Issuing Entity has caused or will have caused, within ten days of the Closing
      Date, the filing of all appropriate financing statements in the proper filing
      office in the appropriate jurisdictions under applicable law in order to perfect
      the security interest in all Collateral granted to the Indenture Trustee
      hereunder in which a security interest may be perfected by filing. Any financing
      statement that is filed in connection with this Section 3.37 shall contain
      a
      statement that a purchase or security interest in any collateral described
      therein will violate the rights of the secured party named in such financing
      statement.

     

    (e)  The
      foregoing representations may not be waived and shall survive the issuance
      of
      the Securities.

     

    Section
      3.39  Allocation
      of Realized Losses.

     

    (a)  Any
      Realized Losses on the Mortgage Loans will be allocated or covered on any
      Payment Date, in accordance with the statement for such Payment Date provided
      by
      the Securities Administrator pursuant to Section 7.05 hereof, as follows: first,
      to the Class B-3 Notes, through a reduction in the amount of Prepayment Charges
      otherwise payable to the Class B-3 Notes on such Payment Date (and not in
      reduction of its Note Principal Balance), second, to the Class X Notes, through
      a reduction in the Class X Interest Amount otherwise payable to the Class X
      Notes on such Payment Date; third, sequentially, to the Class B-3, Class B-2,
      Class B-1, Class M-9, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4,
      Class M-3, Class M-2 and Class M-1 Notes, in that order, in each case in
      reduction of the Note Principal Balance of each such Class, until reduced to
      zero, fourth, in reduction of the Note Principal Balance of the Class A-3 Notes
      and in reduction of the Class A-3 Swap Principal Amount, pro rata, in each
      case
      until such amount is reduced to zero, and fifth, in reduction of the Note
      Principal Balance of the Class A-2 Notes and in reduction of the Class A-2
      Swap
      Principal Amount, pro rata, in each case until such amount is reduced to
      zero.

     

    (b)  Any
      reduction in the Note Principal Balance of the Class A-2 Notes and Class A-3
      Notes in clause (a) above due to the allocation of a Realized Loss will also
      result in a corresponding reduction in the Certificate Principal Balance of
      the
      Class A-2 Certificates and Class A-3 Certificates, respectively.

     

    (c)  No
      Realized Losses shall be allocated to the Class A-1-A, Class A-1-B or Class
      A-1-C Notes (or the Class A-1-A, Class A-1-B or Class A-1-C
      Certificates).

    
 

    ARTICLE
      IV

    THE
      SECURITIES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section
      4.01  The
      Securities.
      Each
      Class of Book-Entry
      Securities
      shall
      be
      registered in the name of a nominee designated by the Depository. With respect
      to the Book-Entry Securities, Beneficial Owners will hold interests in such
      Securities through the book-entry facilities of the Depository in (i) in the
      case of the Grantor Trust Certificates, in minimum initial Certificate Principal
      Balances of $100,000 and integral multiples of $1 in excess thereof, (ii) in
      the
      case of the Offered Notes, in minimum initial Note Principal Balances of
      $250,000 and integral multiples of $1 in excess thereof. The Notes (other than
      the Offered Notes and Class X Notes) will
      be
      issued in
      fully
      registered definitive physical form in minimum dollar denominations of $250,000
      and integral multiples of $1 in excess thereof. The Class X Notes will be issued
      in minimum percentage interests of 20%.

     

    The
      Indenture Trustee and the Securities Administrator may for all purposes
      (including the making of payments due on the Securities)
      deal
      with the Depository as the authorized representative of the Beneficial Owners
      with respect to the Book-Entry Securities for the purposes of exercising the
      rights of Holders of the Securities hereunder. Except as provided in the next
      succeeding paragraph of this Section 4.01, the rights of Beneficial Owners
      with
      respect to the Book-Entry Securities shall be limited to those established
      by
      law and agreements between such Beneficial Owners and the Depository and
      Depository Participants. Except as provided in Section 4.08 hereof, Beneficial
      Owners shall not be entitled to definitive certificates for the Book-Entry
      Securities as to which they are the Beneficial Owners. Requests and directions
      from, and votes of, the Depository as Holder of the Book-Entry Securities shall
      not be deemed inconsistent if they are made with respect to different Beneficial
      Owners. The Securities Administrator may establish a reasonable record date in
      connection with solicitations of consents from or voting by Securityholders
      and
      give notice to the Depository of such record date. Without the consent of the
      Issuing Entity and the Securities Administrator, no Offered Security may be
      transferred by the Depository except to a successor Depository that agrees
      to
      hold such Security for the account of the Beneficial Owners.

     

    In
      the
      event the Depository Trust Company resigns or is removed as Depository, the
      Securities Administrator with the approval of the Issuing Entity may appoint
      a
      successor Depository. If no successor Depository has been appointed within
      30
      days of the effective date of the Depository’s resignation or removal, each
      Beneficial Owner shall be entitled to certificates representing the Book-Entry
      Securities it beneficially owns in the manner prescribed in Section
      4.08.

     

    The
      Securities shall, on original issue, be executed on behalf of the Issuing Entity
      by the Owner Trustee, not in its individual capacity but solely as Owner
      Trustee, authenticated by the Securities Administrator and delivered by the
      Securities Administrator to or upon an Issuing Entity Request.

     

    Section
      4.02  Registration
      of and Limitations on Transfer and Exchange of Notes; Appointment of Note
      Registrar and Certificate Registrar. 

     

    (a)  The
      Issuing Entity shall cause to be kept at the Corporate Trust Office of the
      Note
      Registrar a Note Register in which, subject to such reasonable regulations
      as it
      may prescribe, the Note Registrar shall provide for the registration of
Securities
      and
      of
      transfers and exchanges of Securities as herein provided.

     

    Subject
      to the restrictions and limitations set forth below, upon surrender for
      registration of transfer of any Security at
      the
office
      designated by
      the
Securities
      Administrator, the Issuing Entity shall execute and the Note Registrar shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Securities in authorized initial Note Principal
      Balances or initial Certificate Principal Balances, as applicable, evidencing
      the same Class and aggregate Percentage Interests.

     

    Subject
      to the foregoing, at the option of the Securityholders, Securities may be
      exchanged for other Securities of like tenor and in authorized initial Note
      Principal Balances or initial Certificate Principal Balances, as applicable,
      evidencing the same Class and aggregate Percentage Interests upon surrender
      of
      the Securities
      to
      be
      exchanged at the office designated by the Note Registrar. Whenever any
      Securities are so surrendered for exchange, the Issuing Entity shall execute
      and
      the Indenture Trustee shall authenticate and deliver the Securities which the
      Securityholder making the exchange is entitled to receive. Each Security
      presented or surrendered for registration of transfer or exchange shall (if
      so
      required by the Note Registrar) be duly endorsed by, or be accompanied by a
      written instrument of transfer in form reasonably satisfactory to the Note
      Registrar duly executed by the Holder thereof or his attorney duly authorized
      in
      writing with such signature guaranteed by a commercial bank or trust company
      located or having a correspondent located in the city of New York. Securities
      delivered upon any such transfer or exchange will evidence the same obligations,
      and will be entitled to the same rights and privileges, as the Securities
      surrendered.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Securities, but the Note Registrar shall require payment of a sum sufficient
      to
      cover any tax or governmental charge that may be imposed in connection with
      any
      registration of transfer or exchange of Securities.

     

    The
      Issuing Entity hereby appoints the Securities Administrator as (i) Certificate
      Registrar to keep at its Corporate Trust Office a Certificate Register pursuant
      to Section 3.09 of the Trust Agreement in which, subject to such reasonable
      regulations as it may prescribe, the Certificate Registrar shall provide for
      the
      registration of Trust Certificates and of transfers and exchanges thereof
      pursuant to Section 3.05 of the Trust Agreement and (ii) Note Registrar under
      this Indenture. The Securities Administrator hereby accepts such
      appointments.

     

    (b)  No
      Person
      shall become a Holder of Restricted Notes until it shall establish its
      non-foreign status by submitting to the Paying Agent an IRS Form W-9 and the
      Certificate of Non-Foreign Status set forth in Exhibit L hereto.

     

    No
      transfer, sale, pledge or other disposition of a Non-Offered Note shall be
      made
      unless such transfer, sale, pledge or other disposition is exempt from the
      registration requirements of the Securities Act and any applicable state
      securities laws or is made in accordance with said Act and laws. In the event
      of
      any such transfer, the Note Registrar or the Depositor shall prior to such
      transfer require the transferee to execute (A) either (i) (a) an investment
      letter in substantially the form attached hereto as Exhibit K (or in such form
      and substance reasonably satisfactory to the Note Registrar and the Depositor)
      which investment letter shall not be an expense of the Trust, the Owner Trustee,
      the Indenture Trustee, the Securities Administrator, the Note Registrar, the
      Master Servicer, the Servicer, the Sponsor or the Depositor and which investment
      letter states that, among other things, such transferee (1) is a “qualified
      institutional buyer” as defined under Rule 144A, acting for its own account or
      the accounts of other “qualified institutional buyers” as defined under Rule
      144A, and (2) is aware that the proposed transferor intends to rely on the
      exemption from registration requirements under the Securities Act of 1933,
      as
      amended, provided by Rule 144A or (ii) (a) a written Opinion of Counsel
      acceptable to and in form and substance satisfactory to the Note Registrar
      and
      the Depositor that such transfer may be made pursuant to an exemption,
      describing the applicable exemption and the basis therefor, from said Act and
      laws or is being made pursuant to said Act and laws, which Opinion of Counsel
      shall not be an expense of the Trust, the Owner Trustee, the Indenture Trustee,
      the Securities Administrator, the Note Registrar, the Master Servicer, the
      Servicer, the Sponsor or the Depositor and (b) either (1) the transferee
      executes a representation letter, substantially in the form of Exhibit M hereto,
      and the transferor executes a representation letter, substantially in the form
      of Exhibit N hereto, each acceptable to and in form and substance satisfactory
      to the Note Registrar certifying the facts surrounding such transfer, which
      representation letters shall not be an expense of the Trust, the Owner Trustee,
      the Indenture Trustee, the Securities Administrator, the Note Registrar, the
      Master Servicer, the Servicer, the Sponsor or the Depositor or (2) an
      Opinion of Counsel has been rendered by nationally recognized tax counsel
      stating that such Notes will be treated as debt for federal income tax
      purposes
      and (B)
      in the case of a Restricted Note only, the Certificate of Non-Foreign Status
      (in
      substantially the form attached hereto as Exhibit L) acceptable to and in form
      and substance reasonably satisfactory to the Note Registrar, which certificate
      shall not be an expense of the Trust, the Owner Trustee, the Indenture Trustee,
      the Securities Administrator, the Note Registrar, the Master Servicer, the
      Servicer, the Sponsor or the Depositor. The Holder of a Non-Offered Note
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trust, the Owner Trustee, the Indenture Trustee, the Paying Agent, the Note
      Registrar, the Master Servicer, the Servicer and the Depositor against any
      liability that may result if the transfer is not so exempt or is not made in
      accordance with such federal and state laws.

     

    No
      person
      shall become a Holder of Restricted
      Notes,
      so long
      as any Securities are Outstanding, (i) until it shall establish its status
      as a
      real estate investment trust (“REIT”) or as a “qualified REIT subsidiary”
(“QRS”) within the meaning of Section 856(a) or Section 856(i) of the Code,
      respectively, by submitting to the Note Registrar the Transferee Certificate
      set
      forth in Exhibit P hereto or (ii) such Note has received a “will be debt”
opinion by nationally recognized counsel and the Note Registrar and the
      Securities Administrator are entitled to rely on such opinion.

     

    No
      offer,
      sale, transfer, pledge, hypothecation or other disposition (including any
      pledge, sale or transfer under a repurchase transaction or securities loan)
      of
      any Non-Offered Note shall be made to any transferee unless, prior to such
      disposition, the proposed transferor delivers to the Note Registrar (i) an
      Opinion of Counsel, rendered by a law firm generally recognized to be qualified
      to opine concerning the tax aspects of asset securitization, to the effect
      that
      such transfer will not cause the Trust to be no longer be treated for federal
      income tax purposes as a “qualified REIT subsidiary” within the meaning of
      Section 856(i) of the Code and (ii) a certificate that stating that any
      Non-Offered Notes may be transferred by the related lender under any such
      related loan agreement or repurchase agreement upon a default under any such
      indebtedness, in which case the transferor shall deliver to the Note Registrar
      and the Securities Administrator substantially in the form attached hereto
      as
      Exhibit Q certifying to such effect. Notwithstanding the foregoing, the
      provisions of this paragraph shall not apply (i) to the initial transfer of
      the
      Non-Offered Notes to the Depositor (or an affiliate thereof) or (ii) with respect
      to any disposition permitted following any default under any pledge or
      repurchase transaction which will cause a REMIC Conversion pursuant to Article
      11 herein.

     

    With
      respect to the restriction on transfer of the Securities contained in this
      Section 4.02 and in Section 4.15, any transferor providing an Opinion of Counsel
      shall (i) deliver such opinion to the appropriate addressees, (ii) confirm
      the
      acceptability of such opinion with the applicable addressees and (iii) inform
      the Note Registrar of delivery and confirmation described in clause (i) and
      clause (ii).

     

    Notwithstanding
      anything to the contrary herein, the transfer restrictions in this Section
      4.02
      shall not apply to (i) any transfer of a Non-Offered Note to an affiliate of
      the
      Depositor (either directly or through a nominee) in connection with the initial
      issuance of the Securities or (ii) the transfer of the Class A Notes from the
      Depositor to AHMA AHMIT Trust or (iii) the transfer of the Class A Notes from
      AHMA AHMIT Trust to the Grantor Trust.

     

    Notwithstanding
      any provisions herein in the contrary, in the event that any restrictions on
      transfer contained in this Section 4.02 apply to any Note that is a Book-Entry
      Note, then (i) in lieu of delivering any transfer letter, certificate or
      affidavit referred to herein, the transferee and/or transferor of any interest
      in such Note will instead be deemed to have made the representations and
      warranties set forth in Exhibits K, M, N and O, as applicable, and (ii) neither
      the Securities Administration nor the Note Registrar shall (a) have any duty
      or
      obligation to enforce or monitor such transfer restrictions or (b) incur any
      liability in respect of any transfer made in violation of any such restriction
      or transfer.

     

    Section
      4.03  Mutilated,
      Destroyed, Lost or Stolen Notes.
      If (i)
      any mutilated Security is surrendered to the Securities Administrator, or the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Security, and (ii) there is delivered to
      the
      Securities Administrator such security or indemnity as may be required by it
      to
      hold the Issuing Entity and the Securities Administrator harmless, then, in
      the
      absence of notice to the Issuing Entity, the Note Registrar or the Securities
      Administrator that such Security has been acquired by a bona fide purchaser,
      and
      provided that the requirements of Section 8-405 of the UCC are met, the Issuing
      Entity shall execute, and upon Issuing Entity Request the Securities
      Administrator shall authenticate and deliver, in exchange for or in lieu of
      any
      such mutilated, destroyed, lost or stolen Security, a replacement Security;
      provided,
      however,
      that if
      any such destroyed, lost or stolen Security, but not a mutilated Security,
      shall
      have become or within seven days shall be due and payable, instead of issuing
      a
      replacement Security, the Issuing Entity may pay such destroyed, lost or stolen
      Security when so due or payable without surrender thereof. If, after the
      delivery of such replacement Security or payment of a destroyed, lost or stolen
      Security pursuant to the proviso to the preceding sentence, a bona fide
      purchaser of the original Security in lieu of which such replacement Security
      was issued presents for payment such original Security, the Issuing Entity
      and
      the Securities Administrator shall be entitled to recover such replacement
      Note
      (or such payment) from the Person to whom it was delivered or any Person taking
      such replacement Security from such Person to whom such replacement Security
      was
      delivered or any assignee of such Person, except a bona fide purchaser, and
      shall be entitled to recover upon the security or indemnity provided therefor
      to
      the extent of any loss, damage, cost or expense incurred by the Issuing Entity
      or the Securities Administrator in connection therewith.

     

    Upon
      the
      issuance of any replacement Security under this Section 4.03, the Issuing Entity
      may require the payment by the Holder of such Security of a sum sufficient
      to
      cover any tax or other governmental charge that may be imposed in relation
      thereto and any other reasonable expenses (including the fees and expenses
      of
      the Securities Administrator) connected therewith.

     

    Every
      replacement Security issued pursuant to this Section 4.03 in replacement of
      any
      mutilated, destroyed, lost or stolen Security shall constitute an original
      additional contractual obligation of the Issuing Entity, whether or not the
      mutilated, destroyed, lost or stolen Security shall be at any time enforceable
      by anyone, and shall be entitled to all the benefits of this Indenture equally
      and proportionately with any and all other Securities duly issued
      hereunder.

     

    The
      provisions of this Section 4.03 are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Securities.

     

    Section
      4.04  Persons
      Deemed Owners.
      Prior
      to due presentment for registration of transfer of any Security, the Issuing
      Entity, the Indenture Trustee, the Paying Agent and any agent of the Issuing
      Entity or the Indenture Trustee or the Paying Agent may treat the Person in
      whose name any Security is registered (as of the day of determination) as the
      owner of such Security for the purpose of receiving payments of principal of
      and
      interest, if any, on such Security and for all other purposes whatsoever,
      whether or not such Security be overdue, and neither the Issuing Entity, the
      Indenture Trustee, the Paying Agent nor any agent of the Issuing Entity or
      the
      Indenture Trustee or the Paying Agent shall be affected by notice to the
      contrary.

     

    Section
      4.05  Cancellation.
      All
      Securities surrendered for payment, registration of transfer, exchange or
      redemption shall, if surrendered to any Person other than the Securities
      Administrator, be delivered to the Securities Administrator and shall be
      promptly cancelled by the Securities Administrator. The Issuing Entity may
      at
      any time deliver to the Securities Administrator for cancellation any
Securities
      previously
      authenticated and delivered hereunder which the Issuing Entity may have acquired
      in any manner whatsoever, and all Securities so delivered shall be promptly
      cancelled by the Securities Administrator. No Securities
      shall
      be
      authenticated in lieu of or in exchange for any Securities cancelled as provided
      in this Section 4.05, except as expressly permitted by this Indenture. All
      cancelled Securities may be held or disposed of by the Securities Administrator
      in accordance with its standard retention or disposal policy as in effect at
      the
      time unless the Issuing Entity shall direct by an Issuing Entity Request that
      they be destroyed or returned to it; provided,
      however,
      that
      such Issuing Entity Request is timely and the Securities have not been
      previously disposed of by the Securities Administrator.

     

    Section
      4.06  Book-Entry
      Securities.
      The
      Book-Entry Securities, upon original issuance, will be issued in the form of
      typewritten Securities, to be delivered to The Depository Trust Company, the
      initial Depository, or its designated custodian, by, or on behalf of, the
      Issuing Entity. The Book-Entry Securities shall initially be registered on
      the
      Note Register in the name of Cede & Co., the nominee of the initial
      Depository, and no Beneficial Owner will receive a Definitive Security
      representing such Beneficial Owner’s interest in such Security, except as
      provided in Section 4.08. With respect to such Securities,
      unless
      and until definitive, fully registered Notes (the “Definitive Securities”) have
      been issued to Beneficial Owners pursuant to Section 4.08:

     

    (i)  the
      provisions of this Section 4.06 shall be in full force and effect;

     

    (ii)  the
      Note
      Registrar, the Paying Agent and the Indenture Trustee shall be entitled to
      deal
      with the Depository for all purposes of this Indenture (including the payment
      of
      principal of and interest on the Securities and the giving of instructions
      or
      directions hereunder) as the sole Holder of the Securities, and shall have
      no
      obligation to the Beneficial Owners of the Securities;

     

    (iii)  to
      the
      extent that the provisions of this Section 4.06 conflict with any other
      provisions of this Indenture, the provisions of this Section 4.06 shall
      control;

     

    (iv)  the
      rights of Beneficial Owners shall be exercised only through the Depository
      and
      shall be limited to those established by law and agreements between such Owners
      of Securities and the Depository and/or the Depository Participants. Unless
      and
      until Definitive Securities are issued pursuant to Section 4.08, the initial
      Depository will make book-entry transfers among the Depository Participants
      and
      receive and transmit payments of principal of and interest on the Securities
      to
      such Depository Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Securities evidencing a specified percentage of
      the
      Note Principal Balances or Certificate Principal Balance, as applicable, of
      the
      Securities, the Depository shall be deemed to represent such percentage with
      respect to the Securities only to the extent that it has received instructions
      to such effect from Beneficial Owners and/or Depository Participants owning
      or
      representing, respectively, such required percentage of the beneficial interest
      in the Securities and has delivered such instructions to the Indenture
      Trustee.

     

    Section
      4.07  Notices
      to Depository.
      Whenever a notice or other communication to the Securityholders is required
      under this Indenture, unless and until Definitive Securities shall have been
      issued to Beneficial Owners pursuant to Section 4.08, the Indenture Trustee
      shall give all such notices and communications specified herein to be given
      to
      Holders of the Book-Entry Securities to the Depository, and shall have no
      obligation to the Beneficial Owners.

     

    Section
      4.08  Definitive
      Securities.
      If (i)
      the Depositor advises the Securities Administrator or the Note Registrar in
      writing that the Depository is no longer willing or able to properly discharge
      its responsibilities as clearing agency with respect to the Book-Entry
      Securities and the Depositor is unable to locate a qualified successor within
      30
      days, (ii) the Depositor, at its option (with the consent of the Securities
      Administrator, which consent shall not by unreasonably withheld), elects to
      terminate the book-entry system through the Depository or (iii) after the
      occurrence of an Event of Default, any Security Owner materially and adversely
      affected thereby may, at its option, request and receive a Definitive Security
      evidencing such Security Owner’s Percentage Interest in the related Class of
      Offered Securities. Upon surrender to the Note Registrar of the global
      Book-Entry Securities or definitive typewritten Securities representing the
      Book-Entry Securities by the Depository, accompanied by registration
      instructions, the Note Registrar will re-issue the Book-Entry Securities as
      Definitive Securities issued in the respective Note Principal Balances, or
      Certificate Principal Balances, as applicable, owned by individual Security
      Owners. None of the Issuing Entity, the Note Registrar, the Securities
      Administrator or the Indenture Trustee shall be liable for any delay in delivery
      of such instructions and may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of Definitive Securities,
      the
      Indenture Trustee and the Note Registrar shall recognize the Holders of the
      Definitive Securities as Securityholders.

     

    Section
      4.09  Tax
      Treatment.
      The
      Issuing Entity has entered into this Indenture, and the Securities
      will
      be
      issued with the intention that, for federal, state and local income, single
      business and franchise tax purposes, the Class A Notes and Offered Notes will
      qualify as indebtedness. The Issuing Entity, the Securities Administrator and
      the Indenture Trustee (in accordance with Section 6.06 hereof), by entering
      into
      this Indenture, and each Noteholder, by its acceptance of its Security
      (and
      each
      Beneficial Owner by its acceptance of an interest in the applicable Book-Entry
      Security), agree to treat the Notes for federal, state and local income, single
      business and franchise tax purposes as indebtedness.

     

    Section
      4.10  Satisfaction
      and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect with respect to the Securities
      except as to (i) rights of registration of transfer and exchange, (ii)
      substitution of mutilated, destroyed, lost or stolen Securities, (iii) rights
      of
      Securityholders to receive payments of principal thereof and interest thereon,
      (iv) Sections 3.03 and 3.05, (v) the rights and immunities of the Indenture
      Trustee hereunder (including the rights of the Indenture Trustee and Securities
      Administrator under Section 6.07) and the obligations of the Securities
      Administrator under Section 4.11 and (vi) the rights of Securityholders as
      beneficiaries hereof with respect to the property so deposited with the
      Indenture Trustee payable to all or any of them, and the Indenture Trustee,
      on
      demand of and at the expense of the Issuing Entity, shall execute proper
      instruments acknowledging satisfaction and discharge of this Indenture with
      respect to the Securities
      and
      shall
      release and deliver the Collateral to or upon the Issuing Entity Request,
      when

     

    (A)  either

     

    (1)  all
      Securities theretofore authenticated and delivered (other than (i) Securities
      that have been destroyed, lost or stolen and that have been replaced or paid
      as
      provided in Section 4.03 hereof and (ii) Securities for whose payment money
      has
      theretofore been deposited in trust or segregated and held in trust by the
      Issuing Entity and thereafter repaid to the Issuing Entity or discharged from
      such trust, as provided in Section 3.03) have been delivered to the Securities
      Administrator for cancellation; or

     

    (2)  all
      Securities not theretofore delivered to the Securities Administrator for
      cancellation

     

    
      	a.  	
              have
                become due and payable,

            

    

     

    
      	b.  	
              will
                become due and payable at the Final Scheduled Payment Date within
                one
                year, 

            

    

     

    
      	c.  	
              have
                been called for early redemption and the Trust has been terminated
                pursuant to Section 8.08 hereof, or

            

    

     

    
      	d.  	
              have
                been called for surrender in exchange for the corresponding Classes
                of
                REMIC Notes, Subsequent
                Grantor Trust Certificates or
                REMIC Privately Offered Certificates pursuant to Section 8.07 following
                the occurrence of the REMIC Conversion as described in Article XI
                and the
                Trust has been termination pursuant to Section 8.05
                hereof,

            

    

     

    and
      the
      Issuing Entity, in the case of a. or b. above, has irrevocably deposited or
      caused to be irrevocably deposited with the Securities Administrator cash or
      direct obligations of or obligations guaranteed by the United States of America
      (which will mature prior to the date such amounts are payable), in trust for
      such purpose, in an amount sufficient to pay and discharge the entire
      indebtedness on such Securities then outstanding not theretofore delivered
      to
      the Securities Administrator for cancellation when due on the Final Scheduled
      Payment Date or other final Payment Date and has delivered to the Securities
      Administrator a verification report with respect to such direct obligations
      or
      obligations guaranteed by the United States of America from a nationally
      recognized accounting firm certifying that the amounts deposited with the
      Securities Administrator are sufficient to pay and discharge the entire
      indebtedness of such Securities, or, in the case of c. above, the Issuing Entity
      shall have complied with all requirements of Section 8.07 hereof,
      and

     

    (B)  the
      Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate
      and an Opinion of Counsel, each meeting the applicable requirements of Section
      10.01 hereof, each stating that all conditions precedent herein provided for
      relating to the satisfaction and discharge of this Indenture have been complied
      with and, if the Opinion of Counsel relates to a deposit made in connection
      with
      Section 4.10(A)(2)b. above, such opinion shall further be to the effect that
      such deposit will constitute an “in-substance defeasance” within the meaning of
      Revenue Ruling 85-42, 1985-1 C.B. 36, and in accordance therewith, the Issuing
      Entity will be the owner of the assets deposited in trust for federal income
      tax
      purposes.

     

    Section
      4.11  Application
      of Trust Money.
      All
      monies deposited with the Securities Administrator pursuant to Section 4.10
      hereof shall be held in trust and applied by it, in accordance with the
      provisions of the Securities and this Indenture, to the payment, either directly
      or through any Paying Agent or the Certificate Paying Agent as designee of
      the
      Issuing Entity, as the Securities Administrator may determine, to the Holders
      of
      Securities, of all sums due and to become due thereon for principal and interest
      or otherwise; but such monies need not be segregated from other funds except
      to
      the extent required herein or required by law.

     

    Section
      4.12  [Reserved]. 

     

    Section
      4.13  Repayment
      of Monies Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all monies then held by any Person other than the Securities
      Administrator under the provisions of this Indenture with respect to such Notes
      shall, upon demand of the Issuing Entity, be paid to the Securities
      Administrator to be held and applied according to Sections 3.05, 3.06 and 3.07
      and thereupon such Person shall be released from all further liability with
      respect to such monies.

     

    Section
      4.14  Temporary
      Notes.
      Pending
      the preparation of any Definitive Securities, the Issuing Entity may execute
      and
      upon its written direction, the Securities Administrator may authenticate and
      make available for delivery, temporary Securities that are printed,
      lithographed, typewritten, photocopied or otherwise produced, in any
      denomination, substantially of the tenor of the Definitive Securities in lieu
      of
      which they are issued and with such appropriate insertions, omissions,
      substitutions and other variations as the officers executing such Securities
      may
      determine, as evidenced by their execution of such Securities.

     

    If
      temporary Securities are issued, the Issuing Entity will cause Definitive
      Securities to be prepared without unreasonable delay. After the preparation
      of
      the Definitive Securities, the temporary Securities shall be exchangeable for
      Definitive Securities upon surrender of the temporary Securities at the office
      of the agent of the Securities Administrator located at Sixth Street and
      Marquette Avenue, Minneapolis, Minnesota 55479, without charge to the Holder.
      Upon surrender for cancellation of any one or more temporary Securities, the
      Issuing Entity shall execute and, upon Issuing Entity Request, the Securities
      Administrator shall authenticate and make available for delivery, in exchange
      therefor, Definitive Securities of authorized denominations and of like tenor,
      class and aggregate principal amount. Until so exchanged, such temporary
      Securities shall in all respects be entitled to the same benefits under this
      Indenture as Definitive Securities.

     

    Section
      4.15  Representations
      Regarding ERISA.
      By
      acquiring an Offered Security, Class A Note or interest therein, each Holder
      of
      such Security
      or
      Beneficial Owner of any such interest will be deemed to represent that either
      (1) it is not acquiring such Security with Plan Assets or (2) (A) the
      acquisition, holding and transfer of such Security will not give rise to a
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (B) such
      Security is
      rated
      investment grade or better (unless, in the case of a Class A Note, it is not
      rated) and, in the case of an Offered Note or Class A Note, such person believes
      that such Security is properly treated as indebtedness without substantial
      equity features for purposes of Department of Labor regulation 29 C.F.R. §
2510.3-101 (the “DOL Regulations”), and agrees to so treat the Note.
      Alternatively, regardless of the rating of the Offered Security, such person
      may
      provide the Securities Administrator and the Owner Trustee with an opinion
      of
      counsel, which opinion of counsel will not be at the expense of the Issuing
      Entity, the Sponsor, the Depositor, any Underwriter, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Master Servicer or any
      successor servicer which opines that the acquisition, holding and transfer
      of
      such Offered Security or interest therein is permissible under applicable law,
      will not constitute or result in a non-exempt prohibited transaction under
      ERISA
      or Section 4975 of the Code and will not subject the Issuing Entity, the
      Sponsor, the Depositor, any Underwriter, the Owner Trustee, the Indenture
      Trustee, the Servicer, the Master Servicer or the Securities Administrator
      or
      any successor servicer to any obligation in addition to those undertaken in
      the
      Indenture.

     

    No
      transfer of Non-Offered Notes (except for the Class A Notes) or any interests
      therein shall be made to any Person that is acquiring such Notes with Plan
      Assets unless the Depositor, the Owner Trustee, the Indenture Trustee, the
      Note
      Registrar, the Master Servicer and the Servicer are provided with an Opinion
      of
      Counsel which establishes to the satisfaction of the Note Registrar that the
      purchase of Non-Offered Notes, operation of the Trust and management of Trust
      assets are permissible under applicable law, will not constitute or result
      in
      any prohibited transaction under ERISA or Section 4975 of the Code and will
      not
      subject the Depositor, the Owner Trustee, the Note Registrar, the Securities
      Administrator, the Sponsor the Master Servicer, the Servicer or any successor
      servicer to any obligation or liability (including obligations or liabilities
      under ERISA or Section 4975 of the Code) in addition to those undertaken in
      this
      Agreement, which Opinion of Counsel shall not be an expense of the Depositor,
      the Owner Trustee, the Indenture Trustee, the Note Registrar, the Securities
      Administrator, the Master Servicer, the Servicer or the Sponsor. In lieu of
      such
      Opinion of Counsel, a Person acquiring such Non-Offered Notes may provide a
      certification in the form of Exhibit O hereto to the Depositor, the Owner
      Trustee and the Note Registrar, which the Depositor, the Owner Trustee, the
      Indenture Trustee, the Note Registrar, the Securities Administrator, the Master
      Servicer, the Servicer and the Sponsor may rely upon without further inquiry
      or
      investigation. Neither an Opinion of Counsel nor a certification will be
      required in connection with the initial transfer of any such Non-Offered Note
      by
      the Depositor to an affiliate of the Depositor (in which case, the Depositor
      or
      any affiliate thereof shall be deemed to have represented that such affiliate
      is
      not a Plan or a Person investing Plan Assets) and the Owner Trustee and the
      Note
      Registrar shall be entitled to conclusively rely upon a representation (which,
      upon the request of the Owner Trustee or the Note Registrar, shall be a written
      representation) from the Depositor of the status of such transferee as an
      affiliate of the Depositor.

    

    ARTICLE
      V

    DEFAULT
      AND REMEDIES

     

    Section
      5.01  Events
      of Default.
      The
      Issuing Entity shall deliver to the Indenture Trustee, within five days after
      learning of the occurrence of an Event of Default, written notice in the form
      of
      an Officer’s Certificate of any event which with the giving of notice and the
      lapse of time would become an Event of Default under clause (c) or (d) of the
      definition of “Event of Default”, its status and what action the Issuing Entity
      is taking or proposes to take with respect thereto. The Indenture Trustee shall
      not be deemed to have knowledge of any Event of Default unless a Responsible
      Officer has actual knowledge thereof or unless written notice of such Event
      of
      Default is received by a Responsible Officer and such notice references the
      Securities, the Trust Estate or this Indenture.

     

    Section
      5.02  Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing, then and in every such case
      the
      Indenture Trustee may declare the Securities to be immediately due and payable,
      by a notice in writing to the Issuing Entity, and upon any such declaration
      the
      unpaid Note Principal Balance or Certificate Principal Balance, as applicable,
      of the Securities, together with accrued and unpaid interest thereon through
      the
      date of acceleration, shall become immediately due and payable.

     

    At
      any
      time after such declaration of acceleration of maturity with respect to an
      Event
      of Default has been made and before a judgment or decree for payment of the
      money due has been obtained by the Indenture Trustee as hereinafter in this
      Article V provided, the Holders of the Securities representing not less than
      a
      majority of the aggregate Note Principal Balance or Certificate Principal
      Balance, as applicable, of each Class of Securities, by written notice to the
      Issuing Entity and the Indenture Trustee, may waive the related Event of Default
      and rescind and annul such declaration and its consequences if, as certified
      to
      the Indenture Trustee:

     

    (a)  the
      Issuing Entity has paid or deposited with the Securities Administrator a sum
      sufficient to pay:

     

    (A)  all
      payments of principal of and interest on the Securities and all other amounts
      that would then be due hereunder or under the Securities if the Event of Default
      giving rise to such acceleration had not occurred;

     

    (B)  all
      sums
      paid or advanced by the Securities Administrator or the Indenture Trustee,
      as
      applicable, hereunder and the reasonable compensation, expenses, disbursements
      and advances of the Securities Administrator or the Indenture Trustee, as
      applicable, and its agents and counsel; and

     

    (C)  all
      amounts owed to the Swap Providers.

     

    (b)  All
      Events of Default, other than the nonpayment of the principal of the Securities
      that has become due solely by such acceleration, have been cured or waived
      as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    Section
      5.03  Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee.

     

    (a)  The
      Issuing Entity covenants that if (i) default is made in the payment of any
      interest on any Security when the same becomes due and payable, and such default
      continues for a period of five days, or (ii) default is made in the payment
      of
      the principal of or any installment of the principal of any Security when the
      same becomes due and payable, the Issuing Entity shall, upon demand of the
      Indenture Trustee, at the written direction of the Holders of a majority of
      the
      aggregate Note Principal Balance or Certificate Principal Balance, as
      applicable, of the Securities, pay to the Holders of Securities, the whole
      amount then due and payable on the related Securities for principal and
      interest, with interest at the applicable Note Interest Rate or Certificate
      Interest Rate upon the overdue principal, and in addition thereto such further
      amount as shall be sufficient to cover the costs and expenses of collection,
      including the reasonable compensation, expenses, disbursements and advances
      of
      the Indenture Trustee and its agents and counsel.

     

    (b)  In
      case
      the Issuing Entity shall fail forthwith to pay such amounts upon such demand,
      the Indenture Trustee, in its own name and as trustee of an express trust,
      subject to the provisions of Section 4.12 and Section 10.16 hereof, may
      institute a Proceeding for the collection of the sums so due and unpaid, and
      may
      prosecute such Proceeding to judgment or final decree, and may enforce the
      same
      against the Issuing Entity or other obligor upon the Securities and collect
      in
      the manner provided by law out of the property of the Issuing Entity or other
      obligor upon the Securities, wherever situated, the monies adjudged or decreed
      to be payable.

     

    (c)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee, subject to
      the
      provisions of Section 4.12 and Section 10.16 hereof, may, as more particularly
      provided in Section 5.04 hereof, in its discretion, proceed to protect and
      enforce its rights and the rights of the Securityholders by such appropriate
      Proceedings as directed in writing by the Holders of a majority of the aggregate
      Note Principal Balance or Certificate Principal Balance, as applicable, of
      each
      Class of Securities, to protect and enforce any such rights, whether for the
      specific enforcement of any covenant or agreement in this Indenture or in aid
      of
      the exercise of any power granted herein, or to enforce any other proper remedy
      or legal or equitable right vested in the Indenture Trustee by this Indenture
      or
      by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuing Entity or any other obligor
      upon
      the Securities or any Person having or claiming an ownership interest in the
      Trust Estate, Proceedings under Title 11 of the United States Code or any other
      applicable federal or state bankruptcy, insolvency or other similar law, or
      in
      case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuing Entity or its property or such other obligor
      or
      Person, or in case of any other comparable judicial Proceedings relative to
      the
      Issuing Entity or other obligor upon the Securities, or to the creditors or
      property of the Issuing Entity or such other obligor, the Indenture Trustee,
      as
      directed in writing by the Holders of a majority of the aggregate Note Principal
      Balance or Certificate Principal Balance, as applicable, of each Class of
      Securities, irrespective of whether the principal of any Securities shall then
      be due and payable as therein expressed or by declaration or otherwise and
      irrespective of whether the Indenture Trustee shall have made any demand
      pursuant to the provisions of this Section, shall be entitled and empowered,
      by
      intervention in such Proceedings or otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Securities and to file such other papers or
      documents as may be necessary or advisable in order to have the claims of the
      Indenture Trustee (including any claim for reasonable compensation to the
      Indenture Trustee and each predecessor Indenture Trustee, and their respective
      agents, attorneys and counsel, and for reimbursement of all expenses and
      liabilities incurred, and all advances made, by the Indenture Trustee and each
      predecessor Indenture Trustee, except as a result of negligence, willful
      misconduct or bad faith) and of the Securityholders allowed in such
      Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of Securities in any election of a trustee, a standby trustee or Person
      performing similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any monies or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the Securityholders and of the Indenture Trustee on their behalf,
      and

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the Holders
      of
      Securities allowed in any judicial proceedings relative to the Issuing Entity,
      its creditors and its property;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such Securityholders to make payments
      to the Securities Administrator, and, in the event that the Indenture Trustee
      shall consent to the making of payments directly to such Securityholders, to
      pay
      to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
      compensation to the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents, attorneys and counsel, and all other expenses and
      liabilities incurred, and all advances made, by the Indenture Trustee and each
      predecessor Indenture Trustee.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any Securityholder
      any
      plan of reorganization, arrangement, adjustment or composition affecting the
      Securities or the rights of any Holder thereof or to authorize the Indenture
      Trustee to vote in respect of the claim of any Securityholder in any such
      proceeding except, as aforesaid, to vote for the election of a trustee in
      bankruptcy or similar Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Securities, may be enforced by the Indenture Trustee without the possession
      of any of the Securities or the production thereof in any trial or other
      Proceedings relative thereto, and any such action or proceedings instituted
      by
      the Indenture Trustee shall be brought in its own name as trustee of an express
      trust, and any recovery of judgment, subject to the payment of the expenses,
      disbursements and compensation of the Indenture Trustee, each predecessor
      Indenture Trustee and their respective agents and attorneys, shall be for the
      ratable benefit of the Holders of the Securities, subject to Section 5.05
      hereof.

     

    (g)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the Holders of the Securities, and it shall not be necessary to make any
      Securityholder a party to any such Proceedings.

     

    (h)  When
      the
      Indenture Trustee incurs expenses or renders services in connection with an
      Event of Default specified in clause (e) of the definition thereof or any other
      related Proceedings the expenses (including the reasonable charges and expenses
      of its counsel) and the compensation for the services are intended to constitute
      expenses of administration under any applicable Federal or state bankruptcy,
      insolvency or other similar law.

     

    Section
      5.04  Remedies;
      Priorities.

     

    (a)  If
      an
      Event of Default shall have occurred and be continuing and if an acceleration
      has been declared and not rescinded pursuant to Section 5.02 hereof, the
      Indenture Trustee, subject to the provisions of Section 10.16 hereof, shall,
      at
      the written direction of the Holders of a majority of the aggregate Note
      Principal Balance or Certificate Principal Balance, as applicable, of the
      Securities, do one or more of the following (subject to Section 5.05
      hereof):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Securities or under this Indenture
      with respect thereto, whether by declaration or otherwise, enforce any judgment
      obtained, and collect from the Issuing Entity and any other obligor upon such
      Securities monies adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Trust Estate;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee
      and the Holders of the Securities; and

     

    (iv)  sell
      the
      Trust Estate or any portion thereof or rights or interest therein, at one or
      more public or private sales called and conducted in any manner permitted by
      law;

     

    provided,
      however,
      that
      the Indenture Trustee may not sell or otherwise liquidate the Trust Estate
      following an Event of Default, unless (A) the Indenture Trustee receives the
      consent of the Holders of 100% of the aggregate Note Principal Balance or
      Certificate Principal Balance, as applicable, of the Securities then
      outstanding, (B) it is determined that the proceeds of such sale or liquidation
      distributable to the Holders of the Securities are sufficient to discharge
      in
      full all amounts then due and unpaid upon such Securities for principal and
      interest or (C) it is determined that the Mortgage Loans will not continue
      to
      provide sufficient funds for the payment of principal of and interest on the
      applicable Notes as they would have become due if the Securities had not been
      declared due and payable, as determined by the Holders of 66 2/3% of the
      aggregate Note Principal Balance or Certificate Principal Balance, as
      applicable, of the Securities then outstanding. In determining such sufficiency
      or insufficiency with respect to clause (B) and (C), the Indenture Trustee
      may,
      but need not, obtain and rely upon an opinion (obtained at the expense of the
      Trust) of an Independent investment banking or accounting firm of national
      reputation as to the feasibility of such proposed action and as to the
      sufficiency of the Trust Estate for such purpose. Notwithstanding the foregoing,
      so long as an Event of Master Servicer Termination has not occurred, any Sale
      of
      the Trust Estate shall be made subject to the continued servicing of the
      Mortgage Loans by the Servicer as provided in the Servicing
      Agreement.

     

    (b)  If
      the
      Indenture Trustee collects any money or property with respect to the Mortgage
      Loans pursuant to this Article V, it shall deliver such funds to the Securities
      Administrator which will pay out the money or property in the following order
      as
      determined by the Securities Administrator: 

     

    FIRST:
      to
      the Indenture Trustee, the Securities Administrator, Master Servicer, the
      Grantor Trust Trustee and the Servicer for amounts due and not previously paid
      under
      the
      Basic Documents;

     

    SECOND:
      to the Swap Providers, any amounts due and unpaid under the related Interest
      Rate Swap Agreement;

     

    THIRD:
      to
      the Noteholders, the amount of interest then due and unpaid on the Notes (other
      than Carrryover Shortfall Amounts), first, to the Holders of the Class A Notes
      and , pro rata based on entitlement, the related Current Interest for such
      Classes, and second, sequentially, to the Class M-1, Class M-2, Class M-3,
      Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class B-1 and Class
      B-2 Noteholders, the related Current Interest for such Classes;

     

    FOURTH:
      first, to the Holders of the Class A Notes and second, sequentially to the
      Holders of the Subordinate Notes, in the order of their payment priority, until
      the Note Principal Balance of each such Class is reduced to zero;

     

    FIFTH:
      first to the Class A-2 Notes and Class A-3 Notes, pro rata, and second
      sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class
      M-6, Class M-7, Class M-8, Class M-9, Class B-1, Class B-2 and Class B-3
      Noteholders, the amount of any related Unpaid Realized Loss Amount for such
      Classes to the extent not previously paid;

     

    SIXTH:
      to
      the Notes, in order of payment priority, the amount of any Carrryover Shortfall
      Amounts not previously paid; and

     

    SEVENTH:
      to the payment of the remainder, if any, to the Holder of the Trust Certificate
      on behalf of the Issuing Entity.

     

    Any
      amounts paid to the Class A Noteholders will be paid to the Class A
      Certificateholders pursuant to Section 12.11 hereof.

     

    The
      Securities Administrator may fix a record date and Payment Date for any payment
      to Noteholders pursuant to this Section 5.04 (and to the Holders of the Grantor
      Trust Certificates pursuant to Section 12.11 hereof). With respect to the
      non-Book Entry Securities, at least 15 days before such record date, the
      Securities Administrator shall mail to each such Securityholder a notice that
      states the record date, the Payment Date and the amount to be paid.

     

    Section
      5.05  Optional
      Preservation of the Trust Estate.
      If the
      Securities have been declared to be due and payable under Section 5.02 following
      an Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee may elect to take and maintain
      possession of the Trust Estate. It is the desire of the parties hereto and
      the
      Securityholders that there be at all times sufficient funds for the payment
      of
      principal of and interest on the Securities and other obligations of the Issuing
      Entity, including payments to the Indenture Trustee, shall take such desire
      into
      account when determining whether or not to take and maintain possession of
      the
      Trust Estate. In determining whether to take and maintain possession of the
      Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon
      an
      opinion of an Independent investment banking or accounting firm of national
      reputation as to the feasibility of such proposed action and as to the
      sufficiency of the Trust Estate for such purpose.

     

    Section
      5.06  Limitation
      of Suits.
      No
      Holder of any Security shall have any right to institute any Proceeding,
      judicial or otherwise, with respect to this Indenture, or for the appointment
      of
      a receiver or trustee, or for any other remedy hereunder, unless and subject
      to
      the provisions of Section 10.16 hereof:

     

    (i)  such
      Holder has previously given written notice to the Indenture Trustee of a
      continuing Event of Default;

     

    (ii)  the
      Holders of not less than 25% of the aggregate Note Principal Balance or
      Certificate Principal Balance, as applicable, of the Securities have made a
      written request to the Indenture Trustee to institute such Proceeding in respect
      of such Event of Default in its own name as Indenture Trustee
      hereunder;

     

    (iii)  such
      Holder or Holders have offered to the Indenture Trustee reasonable indemnity
      against the costs, expenses and liabilities to be incurred in complying with
      such request;

     

    (iv)  the
      Indenture Trustee, for 60 days after its receipt of such notice of request
      and
      offer of indemnity, has failed to institute such Proceedings; and

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the Holders of a majority of the Note
      Principal Balance or Certificate Principal Balance, as applicable, of the
      Securities.

     

    It
      is
      understood and intended that no one or more Holders of Securities shall have
      any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Securities or to obtain or to seek to obtain priority or preference over
      any
      other Holders or to enforce any right under this Indenture, except in the manner
      herein provided. No Holder of any Security shall have any right to institute
      any
      Proceeding, judicial or otherwise, with respect to a TMP Trigger Event, with
      respect to the meeting of the conditions to a REMIC Conversion or with respect
      to a REMIC Conversion. 

     

    Subject
      to the last paragraph of Section 5.11 herein, in the event the Indenture Trustee
      shall receive conflicting or inconsistent requests and indemnity from two or
      more groups of Holders of Securities, each representing less than a majority
      of
      the Note Principal Balance or Certificate Principal Balance, as applicable,
      of
      the Securities, the Indenture Trustee shall take the action requested by the
      group of Holders representing the largest percentage of the Note Principal
      Balance or Certificate Principal Balance, as applicable.

     

    Section
      5.07  Unconditional
      Rights of Securityholders To Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture, the Holder of any
      Security shall have the right, which is absolute and unconditional, to receive
      payment of the principal of and interest, if any, on such Security on or after
      the respective due dates thereof expressed in such Security or in this Indenture
      and to institute suit for the enforcement of any such payment, and such right
      shall not be impaired without the consent of such Holder. Notwithstanding the
      foregoing, in the event of a REMIC Conversion, Holders of Offered Securities
      shall receive, in a mandatory exchange for such Securities, REMIC Notes or
      Subsequent Grantor Trust Certificates, as applicable, whose principal and
      interest entitlement shall not be determined by this Indenture but rather by
      the
      provisions of an indenture and pooling and servicing agreement governing the
      cashflows of the REMIC Notes, Subsequent Grantor Trust Certificates and REMIC
      Privately Offered Certificates, as applicable. In addition, in the event of
      a
      REMIC Conversion, Holders of the Non-Offered Notes shall receive, in a mandatory
      exchange for such Notes, REMIC Privately Offered Certificates, whose principal
      and interest entitlement shall not be determined by this Indenture but rather
      by
      the provisions of a pooling and servicing agreement governing the cashflows
      of
      the REMIC Privately Offered Certificates.

     

    Section
      5.08  Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any Securityholder has instituted any Proceeding to enforce
      any right or remedy under this Indenture and such Proceeding has been
      discontinued or abandoned for any reason or has been determined adversely to
      the
      Indenture Trustee or to such Securityholder, then and in every such case the
      Issuing Entity, the Indenture Trustee and the Securityholders shall, subject
      to
      any determination in such Proceeding, be restored severally and respectively
      to
      their former positions hereunder, and thereafter all rights and remedies of
      the
      Indenture Trustee and the Securityholders shall continue as though no such
      Proceeding had been instituted.

     

    Section
      5.09  Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee
      or to
      the Securityholders is intended to be exclusive of any other right or remedy,
      and every right and remedy shall, to the extent permitted by law, be cumulative
      and in addition to every other right and remedy given hereunder or now or
      hereafter existing at law or in equity or otherwise. The assertion or employment
      of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other appropriate right or remedy.

     

    Section
      5.10  Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee or any Holder of any Security to
      exercise any right or remedy accruing upon any Event of Default shall impair
      any
      such right or remedy or constitute a waiver of any such Event of Default or
      an
      acquiescence therein. Every right and remedy given by this Article V or by
      law
      to the Indenture Trustee or to the Securityholders may be exercised from time
      to
      time, and as often as may be deemed expedient, by the Indenture Trustee or
      by
      the Securityholders, as the case may be.

     

    Section
      5.11  Control
      By Noteholders.
      The
      Holders of a majority of the aggregate Note Principal Balance or Certificate
      Principal Balance, as applicable, of the Securities shall have the right to
      direct the time, method and place of conducting any Proceeding for any remedy
      available to the Indenture Trustee with respect to the related Securities or
      exercising any trust or power conferred on the Indenture Trustee; provided
      that:

     

    (a)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (b)  any
      direction to the Indenture Trustee to sell or liquidate the Trust Estate shall
      be by Holders of Securities representing not less than 100% of the Note
      Principal Balance or Certificate Principal Balance, as applicable, of the
      Securities; and

     

    (c)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction of the Holders of
      Securities representing a majority of the Note Principal Balance or Certificate
      Principal Balance, as applicable, of the Securities.

     

    Notwithstanding
      the rights of Securityholders set forth in this Section 5.11 the Indenture
      Trustee need not take any action that it determines might involve it in
      liability.

     

    Section
      5.12  Waiver
      of Past Defaults.
      Prior
      to the declaration of the acceleration of the maturity of the Securities as
      provided in Section 5.02 hereof, the Holders of Securities representing not
      less
      than a majority of the aggregate Note Principal Balance or Certificate Principal
      Balance, as applicable, of each Class of Securities may waive any past Event
      of
      Default and its consequences except an Event of Default (a) with respect to
      payment of principal of or interest on any of the Securities or (b) in respect
      of a covenant or provision hereof which cannot be modified or amended without
      the consent of the Holder of each Security. In the case of any such waiver,
      the
      Issuing Entity, the Indenture Trustee and the Holders of the Securities shall
      be
      restored to their former positions and rights hereunder, respectively, but
      no
      such waiver shall extend to any subsequent or other Event of Default or impair
      any right consequent thereto.

     

    Upon
      any
      such waiver, any Event of Default arising therefrom shall be deemed to have
      been
      cured and not to have occurred for every purpose of this Indenture; but no
      such
      waiver shall extend to any subsequent or other Event of Default or impair any
      right consequent thereto.

     

    Section
      5.13  Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each Holder of any Security and each
      Beneficial Owner of any interest therein by such Holder’s or Beneficial Owner’s
      acceptance thereof shall be deemed to have agreed, that any court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture, or in any suit against the Indenture Trustee for any action
      taken, suffered or omitted by it as Indenture Trustee, the filing by any party
      litigant in such suit of an undertaking to pay the costs of such suit, and
      that
      such court may in its discretion assess reasonable costs, including reasonable
      attorneys’ fees, against any party litigant in such suit, having due regard to
      the merits and good faith of the claims or defenses made by such party litigant;
      but the provisions of this Section 5.13 shall not apply to (a) any suit
      instituted by the Indenture Trustee, (b) any suit instituted by any
      Securityholder, or group of Securityholders, in each case holding in the
      aggregate more than 10% of the Note Principal Balance or Certificate Principal
      Balance, as applicable, of the Securities or (c) any suit instituted by any
      Securityholder for the enforcement of the payment of principal of or interest
      on
      any Security on or after the respective due dates expressed in such Security
      and
      in this Indenture.

     

    Section
      5.14  Waiver
      of Stay or Extension Laws.
      The
      Issuing Entity covenants (to the extent that it may lawfully do so) that it
      will
      not at any time insist upon, or plead or in any manner whatsoever, claim or
      take
      the benefit or advantage of, any stay or extension law wherever enacted, now
      or
      at any time hereafter in force, that may affect the covenants or the performance
      of this Indenture; and the Issuing Entity (to the extent that it may lawfully
      do
      so) hereby expressly waives all benefit or advantage of any such law, and
      covenants that it shall not hinder, delay or impede the execution of any power
      herein granted to the Indenture Trustee, but will suffer and permit the
      execution of every such power as though no such law had been
      enacted.

     

    Section
      5.15  Sale
      of Trust Estate.

     

    (a)  The
      power
      to effect any sale or other disposition (a “Sale”) of any portion of the Trust
      Estate pursuant to Section 5.04 hereof is expressly subject to the provisions
      of
      Sections 5.05 and 5.11(b) hereof and this Section 5.15. The power to effect
      any
      such Sale shall not be exhausted by any one or more Sales as to any portion
      of
      the Trust Estate remaining unsold, but shall continue unimpaired until the
      entire Trust Estate shall have been sold or all amounts payable on the
      Securities, under this Indenture and under the Insurance Policy shall have
      been
      paid. The Indenture Trustee may from time to time postpone any public Sale
      by
      public announcement made at the time and place of such Sale. The Indenture
      Trustee hereby expressly waives its right to any amount fixed by law as
      compensation for any Sale.

     

    (b)  The
      Indenture Trustee shall not in any private Sale sell the Trust Estate, or any
      portion thereof, unless

     

    (1)  Holders
      of all Securities consent to or direct the Indenture Trustee to make, such
      Sale,
      or

     

    (2)  the
      proceeds of such Sale would be not less than the entire amount which would
      be
      payable to the Securityholders under the Securities in full payment thereof
      in
      accordance with Section 5.02 hereof, on the Payment Date next succeeding the
      date of such Sale, 

     

    (3)  it
      is
      determined that the conditions for retention of the Trust Estate set forth
      in
      Section 5.05 hereof cannot be satisfied (in making any such determination,
      the
      Indenture Trustee may rely upon an opinion of an Independent investment banking
      firm obtained and delivered as provided in Section 5.05 hereof), the Holders
      of
      Securities representing at least 100% of the Note Principal Balance or
      Certificate Principal Balance, as applicable, of the Securities consent to
      such
      Sale:

     

    (4)  such
      Sale
      occurs following the occurrence of a TMP Trigger Event in accordance with the
      terms and conditions of this Indenture and the Trust Agreement.

     

    The
      purchase by the Indenture Trustee of all or any portion of the Trust Estate
      at a
      private Sale shall not be deemed a Sale or other disposition thereof for
      purposes of this Section 5.15(b).

     

    (c)  [Reserved]

     

    (d)  In
      connection with a Sale of all or any portion of the Trust Estate,

     

    (1)  any
      Holder or Holders of Securities may bid for and purchase the property offered
      for sale, and upon compliance with the terms of sale may hold, retain and
      possess and dispose of such property, without further accountability, and may,
      in paying the purchase money therefor, deliver any Securities or claims for
      interest thereon in lieu of cash up to the amount which shall, upon distribution
      of the net proceeds of such sale, be payable thereon, and such Securities,
      in
      case the amounts so payable thereon shall be less than the amount due thereon,
      shall be returned to the Holders thereof after being appropriately stamped
      to
      show such partial payment;

     

    (2)  the
      Indenture Trustee may, but is in no event obligated to, bid for and acquire
      the
      property offered for Sale in connection with any Sale thereof, and, subject
      to
      any requirements of, and to the extent permitted by, applicable law in
      connection therewith, may purchase all or any portion of the Trust Estate in
      a
      private sale, and, in lieu of paying cash therefor, may make settlement for
      the
      purchase price by crediting the gross Sale price against the sum of (A) the
      amount which would be distributable to the Holders of the Securities and Holders
      of Trust Certificates as a result of such Sale in accordance with Section
      5.04(b) hereof on the Payment Date next succeeding the date of such Sale and
      (B)
      the expenses of the Sale and of any Proceedings in connection therewith which
      are reimbursable to it, without being required to produce the Securities in
      order to complete any such Sale or in order for the net Sale price to be
      credited against such Securities, and any property so acquired by the Indenture
      Trustee shall be held and dealt with by it in accordance with the provisions
      of
      this Indenture;

     

    (3)  the
      Indenture Trustee shall execute and deliver an appropriate instrument of
      conveyance, prepared by the Issuing Entity and satisfactory to the Indenture
      Trustee, transferring its interest in any portion of the Trust Estate in
      connection with a Sale thereof;

     

    (4)  the
      Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
      of the Issuing Entity to transfer and convey its interest in any portion of
      the
      Trust Estate in connection with a Sale thereof, and to take all action necessary
      to effect such Sale; and

     

    (5)  no
      purchaser or transferee at such a Sale shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any monies.

     

    Section
      5.16  Action
      on Securities.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee or the
      Noteholders shall be impaired by the recovery of any judgment by the Indenture
      Trustee against the Issuing Entity or by the levy of any execution under such
      judgment upon any portion of the Trust Estate or upon any of the assets of
      the
      Issuing Entity. Any money or property collected by the Indenture Trustee shall
      be applied in accordance with Section 5.04(b) hereof.

     

    Section
      5.17  Performance
      and Enforcement of Certain Obligations.

     

    (a)  Promptly
      following a request from the Indenture Trustee to do so, the Issuing Entity
      in
      its capacity as holder of the Mortgage Loans, shall take all such lawful action
      as the Indenture Trustee may request to cause the Issuing Entity to compel
      or
      secure the performance and observance by the Sponsor and the Servicer, as
      applicable, of each of their obligations to the Issuing Entity under or in
      connection with the Mortgage Loan Purchase Agreement, the Servicing Agreements,
      and to exercise any and all rights, remedies, powers and privileges lawfully
      available to the Issuing Entity under or in connection with the Mortgage Loan
      Purchase Agreement, the Servicing Agreements to the extent and in the manner
      directed by the Indenture Trustee, as pledgee of the Mortgage Loans, including
      the transmission of notices of default on the part of the Sponsor or the
      Servicer thereunder and the institution of legal or administrative actions
      or
      proceedings to compel or secure performance by the Sponsor or the Servicer
      of
      each of their obligations under the Mortgage Loan Purchase Agreement and the
      Servicing Agreements, as applicable.

     

    (b)  The
      Indenture Trustee, as pledgee of the Mortgage Loans, subject to the rights
      of
      the Holders of 66-2/3% of the aggregate Note Principal Balance or Certificate
      Principal Balance, as applicable, of the Securities, shall exercise all rights,
      remedies, powers, privileges and claims of the Issuing Entity against the
      Sponsor or the Servicer under or in connection with the Mortgage Loan Purchase
      Agreement and the Servicing Agreement, including the right or power to take
      any
      action to compel or secure performance or observance by the Sponsor or the
      Servicer, as the case may be, of each of their obligations to the Issuing Entity
      thereunder and to give any consent, request, notice, direction, approval,
      extension or waiver under the Mortgage Loan Purchase Agreement and the Servicing
      Agreement, as the case may be, and any right of the Issuing Entity to take
      such
      action shall not be suspended.

     

    ARTICLE
      VI

    THE
      INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    Section
      6.01  Duties
      of Indenture Trustee and Securities Administrator.

     

    (a)  If
      an
      Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in their exercise as a prudent Person would exercise
      or
      use under the circumstances in the conduct of such Person’s own
      affairs.

     

    (b)  Except
      during the continuance of an Event of Default:

     

    (i)  the
      Indenture Trustee and the Securities Administrator undertakes to perform such
      duties and only such duties as are specifically set forth in this Indenture
      and
      no implied covenants or obligations shall be read into this Indenture against
      the Indenture Trustee or the Securities Administrator; and

     

    (ii)  in
      the
      absence of bad faith on its part, the Indenture Trustee and the Securities
      Administrator may each conclusively rely, as to the truth of the statements
      and
      the correctness of the opinions expressed therein, upon certificates, reports,
      documents, Issuing Entity Requests or other instruments or opinions furnished
      to
      each of the Indenture Trustee and the Securities Administrator and conforming
      to
      the requirements of this Indenture; however, the Indenture Trustee and the
      Securities Administrator shall examine the certificates, reports, documents,
      Issuing Entity Requests or other instruments and opinions to determine whether
      or not they conform to the requirements of this Indenture (but need not confirm
      or investigate the accuracy of mathematical calculations or other facts stated
      therein).

     

    (c)  The
      Indenture Trustee and the Securities Administrator may not be relieved from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct, except that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this Section
      6.01;

     

    (ii)  neither
      the Indenture Trustee nor the Securities Administrator shall be liable
      for any error of judgment made in good faith by a Responsible Officer unless
      it
      is proved that the Indenture Trustee was negligent in ascertaining the pertinent
      facts;

     

    (iii)  neither
      the Indenture Trustee nor the Securities Administrator shall be liable with
      respect to any action it takes or omits to take in good faith in accordance
      with
      a written direction received by it from Securityholders, the Trust
      Certificateholders or the Issuing Entity, which they are entitled to give under
      the Basic Documents;

     

    (iv)  neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      interest or income on any money received by it, except, in the case of the
      Securities Administrator, as set forth in the Basic Documents;

     

    (v)  money
      held in trust by the Securities Administrator need not be segregated from other
      trust funds except to the extent required by law or the terms of this Indenture
      or the Trust Agreement;

     

    (vi)  no
      provision of this Indenture or other Basic Document shall require the Indenture
      Trustee or the Securities
      Administrator to
      expend
      or risk its own funds or otherwise incur financial liability in the performance
      of any of its duties hereunder or in the exercise of any of its rights or
      powers, if it shall have reasonable grounds to believe that repayment of such
      funds or indemnity satisfactory to it against such risk or liability is not
      reasonably assured to it;

     

    (vii)  every
      provision of this Indenture or other Basic Document relating to the conduct
      or
      affecting the liability of or affording protection to the Indenture Trustee
      shall be subject to the provisions of this Section and to the provisions of
      the
      TIA;

     

    (viii)  the
      Indenture Trustee shall enter into and execute and act in accordance with the
      Master Servicing Agreement, the Servicing Agreement and the Trust Agreement;
      in
      no event however, shall the Indenture Trustee or the Securities Administrator
      have any liability for any act or omission of the Master Servicer, the Servicer,
      or the Owner Trustee, and the Indenture Trustee is not responsible for the
      terms
      of any such agreement or their sufficiency for any purpose; and

     

    (ix)  the
      Indenture Trustee shall not be deemed to have notice or knowledge of any Default
      or Event of Default, any Servicer Default or other event unless a Responsible
      Officer of the Indenture Trustee has actual knowledge thereof or unless written
      notice of any such event that is in fact an Event of Default, Default, Servicer
      Default or other event is received by the Indenture Trustee at its Corporate
      Trust Office and such notice references the Securities or Trust Certificates
      generally, the Issuing Entity, the Trust Estate or this Indenture.

     

    Section
      6.02  Rights
      of Indenture Trustee and the Securities Administrator.

     

    (a)  The
      Indenture Trustee and the Securities Administrator may rely conclusively on
      and
      shall be protected in acting or refraining from acting upon any resolution,
      certificate, statement, instrument, opinion, report, notice, request, direction,
      consent, order, bond, debenture, note, other evidence of indebtedness or other
      paper or document believed by it to be genuine and to have been signed or
      presented by the proper Person, party or parties. The Indenture Trustee and
      the
      Securities Administrator need not investigate any fact or matter stated in
      any
      such document.

     

    (b)  Before
      the Indenture Trustee or the Securities Administrator acts or refrains from
      acting, it may require an Officer’s Certificate or an Opinion of Counsel.
      Neither the Indenture Trustee nor the Securities Administrator shall be liable
      for any action it takes or omits to take in good faith in reliance on and in
      accordance with an Officer’s Certificate or Opinion of Counsel.

     

    (c)  Subject
      to the provisions of Section 6.01(c), neither the Indenture Trustee nor the
      Securities Administrator shall be liable for any action it takes or omits to
      take in good faith which it believes to be authorized or within its rights
      or
      powers.

     

    (d)  The
      Indenture Trustee and the Securities Administrator may each consult with counsel
      of its selection, and the written advice or Opinion of Counsel with respect
      to
      legal matters relating to this Indenture and the Securities or any Basic
      Document shall be full and complete authorization and protection from liability
      in respect to any action taken, omitted or suffered by it hereunder in good
      faith and in accordance with the written advice or Opinion of such
      counsel.

     

    (e)  For
      the
      limited purpose of effecting any action to be undertaken by each of the
      Indenture Trustee and the Securities Administrator, but not specifically as
      a
      duty of the Indenture Trustee or the Securities Administrator in the Indenture,
      each of the Indenture Trustee and the Securities Administrator may execute
      any
      of the trusts or powers hereunder or perform any duties hereunder, either
      directly or by or through agents, attorneys, custodians or nominees appointed
      with due care, and shall not be responsible for any willful misconduct or
      negligence on the part of any agent, attorney, custodian or nominee so
      appointed.

     

    (f)  Neither
      the Indenture Trustee nor the Securities Administrator shall be responsible
      or
      liable for the acts or omissions of the other.

     

    (g)  In
      order
      to comply with laws, rules and regulations applicable to banking institutions,
      including those relating to the funding of terrorist activities and money
      laundering, the Indenture Trustee is required to obtain, verify and record
      certain information relating to individuals and entities which maintain a
      business relationship with the Indenture Trustee. Accordingly, each of the
      parties agrees to provide to the Indenture Trustee upon its request from time
      to
      time such party’s complete name, address, tax identification number and such
      other identifying information together with copies of such party’s constituting
      documentation, securities disclosure documentation and such other identifying
      documentation as may be available for such party.

     

    (h)  Whenever
      in the administration of this Indenture the Indenture Trustee or the Securities
      Administrator shall deem it desirable that a matter be proved or established
      prior to taking, suffering or omitting any action hereunder, the Indenture
      Trustee or the Securities Administrator (unless other evidence be herein
      specifically prescribed) may, in the absence of bad faith on its part,
      conclusively rely upon an Officer’s Certificate of the Issuing
      Entity.

     

    (i)  The
      rights, privileges, protections, immunities and benefits given to the Indenture
      Trustee, including, without limitation, its right to be indemnified, are
      extended to, and shall be enforceable by, the Indenture Trustee and the
      Securities Administrator in each of its capacities hereunder, and to each
      custodian employed to act hereunder.

     

    (j)  The
      Indenture Trustee and the Securities Administrator may request that the Issuing
      Entity deliver an Officer’s Certificate setting forth the names of individuals
      and/or titles of officers authorized at such time to take specified actions
      pursuant to this Indenture, which Officer’s Certificate may be signed by any
      person authorized to sign an Officer’s Certificate, including any person
      specified as so authorized in any such certificate previously delivered and
      not
      superseded.

     

    Section
      6.03  Individual
      Rights.
      Each of
      the Indenture Trustee and the Securities Administrator in its individual or
      any
      other capacity may become the owner or pledgee of Securities and may otherwise
      deal with the Issuing Entity or its Affiliates with the same rights it would
      have if it were not Indenture Trustee or Securities Administrator, as
      applicable, subject to the requirements of the Trust Indenture Act. Any Note
      Registrar, co-registrar or co-paying agent may do the same with like rights.
      However, the Indenture Trustee must comply with Sections 6.11 and 6.12
      hereof.

     

    Section
      6.04  Indenture
      Trustee’s and Securities Administrator’s Disclaimer.
      The
      Indenture Trustee and the Securities Administrator shall not be responsible
      for
      and make no representation as to the validity or adequacy of this Indenture,
      the
      Securities or any other Basic Document, it shall not be accountable for the
      Issuing Entity’s use of the proceeds from the Notes, and it shall not be
      responsible for any statement of the Issuing Entity in the Indenture or in
      any
      document issued in connection with the sale of the Securities or in the
      Securities other than with respect to the Securities Administrator, its
      certificate of authentication.

     

    Section
      6.05  Notice
      of Event of Default.
      Subject
      to Section 5.01, the Indenture Trustee shall promptly mail to each
      Securityholder notice of the Event of Default after it is known to a Responsible
      Officer of the Indenture Trustee, unless such Event of Default shall have been
      waived or cured. Except in the case of an Event of Default in payment of
      principal of or interest on any Security, the Indenture Trustee may withhold
      the
      notice if and so long as a committee of its Responsible Officers in good faith
      determines that withholding the notice is in the best interests of
      Securityholders.

     

    Section
      6.06  Reports
      by Securities Administrator to Holders and Tax Administration.
      The
Securities
      Administrator shall
      deliver to each Securityholder such information as may be required to enable
      such holder to prepare its federal and state income tax returns.

     

    The
      Securities Administrator shall prepare and file (or cause to be prepared and
      filed), on behalf of the Owner Trustee, all information reports on Form 1099
      required to be provided to Securityholders and the Holder of the Trust
      Certificates. The Securities Administrator shall prepare and file all tax
      returns required to be filed on behalf of the Trust pursuant to Section 5.03
      of
      the Trust Agreement. All tax returns and information reports shall be signed
      by
      the Owner Trustee as provided in Section 5.03 of the Trust Agreement. The
      Securities Administrator shall prepare and file all tax returns required to
      be
      filed on behalf of the Grantor Trust including, without limitation, Form
      1041, but subject to any limitation set forth in Section 12.03.

     

    Section
      6.07  Compensation
      and Indemnity.
      The
      Indenture Trustee is entitled to receive a fee as compensation for its duties
      as
      agreed to by the Indenture Trustee and the Master Servicer, and which shall
      be
      paid by the Master Servicer. The Indenture Trustee’s compensation shall not be
      limited by any law on compensation of a trustee of an express trust. The
      Securities Administrator is entitled to receive a fee as compensation for its
      duties as agreed to by the Securities Administrator and the Master Servicer,
      and
      which shall be paid by the Master Servicer. The Issuing Entity shall reimburse
      the Indenture Trustee and the Securities Administrator as provided in Section
      8.02(c) for all reasonable out-of-pocket expenses incurred or made by it,
      including costs of collection. Such expenses shall include reasonable
      compensation and expenses, disbursements and advances of the Indenture Trustee’s
      or Securities Administrator’s agents, counsel, accountants and experts. The
      Issuing Entity shall indemnify the Indenture Trustee and the Securities
      Administrator as provided in Section 8.02(c) against any and all loss,
      liability, claims, damage, costs or expense (including reasonable attorneys’
fees and expenses) incurred by it in connection with the administration of
      this
      Trust and the performance of its duties hereunder and under the other Basic
      Documents. The Indenture Trustee and the Securities Administrator shall notify
      the Issuing Entity promptly of any claim for which it may seek indemnity.
      Failure by the Indenture Trustee, the Securities Administrator to so notify
      the
      Issuing Entity shall not relieve the Issuing Entity of its obligations
      hereunder. The Issuing Entity shall defend any such claim, and the Indenture
      Trustee and the Securities Administrator may have separate counsel and the
      Issuing Entity shall pay the fees and expenses of such counsel. The Issuing
      Entity is not obligated to reimburse any expense or indemnify against any loss,
      liability or expense incurred by the Indenture Trustee, the Securities
      Administrator or any of its agents, counsel, accountants or experts through
      the
      Indenture Trustee’s or such agent’s, counsel’s, accountant’s or expert’s own
      willful misconduct, negligence or bad faith.

     

    The
      Issuing Entity’s payment and indemnity obligations to the Indenture Trustee or
      the Securities Administrator pursuant to this Section 6.07 shall survive the
      discharge of this Indenture and the termination or resignation of the Indenture
      Trustee or the Securities Administrator, as applicable. If the Indenture Trustee
      or the Securities Administrator incurs expenses after the occurrence of an
      Event
      of Default with respect to the Issuing Entity, the expenses are intended to
      constitute expenses of administration under Title 11 of the United States Code
      or any other applicable federal or state bankruptcy, insolvency or similar
      law.

     

    The
      Grantor Trust Trustee shall be afforded the same protections, immunities and
      indemnities as those given to the Indenture Trustee under this Article
      VI.

     

    Section
      6.08  Replacement
      of Indenture Trustee and the Securities Administrator.
      No
      resignation or removal of the Indenture Trustee or the Securities Administrator
      and no appointment of a successor Indenture Trustee or successor Securities
      Administrator shall become effective until the acceptance of appointment by
      the
      successor Indenture Trustee or successor Securities Administrator pursuant
      to
      this Section 6.08. The Indenture Trustee or the Securities Administrator may
      resign at any time by so notifying the Issuing Entity. The Holders of a majority
      of aggregate Note Principal Balance or Certificate Principal Balance, as
      applicable, of each Class of Securities may remove the Indenture Trustee or
      the
      Securities Administrator by so notifying the Indenture Trustee or the Securities
      Administrator and may appoint a successor Indenture Trustee or successor
      Securities Administrator. The Issuing Entity, shall remove the Indenture Trustee
      or Securities Administrator , as applicable, if:

     

    (i)  the
      Indenture Trustee fails to comply with or qualify pursuant to the provisions
      of
      Section 6.11 hereof;

     

    (ii)  the
      Indenture Trustee or the Securities Administrator is adjudged a bankrupt or
      insolvent;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or the
      Securities Administrator or its property; or

     

    (iv)  the
      Indenture Trustee or the Securities Administrator otherwise becomes incapable
      of
      acting.

     

    (v)  If
      the
      Indenture Trustee or the Securities Administrator resigns or is removed or
      if a
      vacancy exists in the office of the Indenture Trustee or the Securities
      Administrator for any reason (the Indenture Trustee or the Securities
      Administrator in such event being referred to herein as the retiring Indenture
      Trustee or retiring Securities Administrator), the Issuing Entity shall promptly
      appoint a successor Indenture Trustee or successor Securities
      Administrator.

     

    Each
      of a
      successor Indenture Trustee or successor Securities Administrator shall deliver
      a written acceptance of its appointment to the retiring Indenture Trustee,
      retiring Securities Administrator and to the Issuing Entity. Thereupon, the
      resignation or removal of the retiring Indenture Trustee or retiring Securities
      Administrator shall become effective, and the successor Indenture Trustee or
      successor Securities Administrator shall have all the rights, powers and duties
      of the Indenture Trustee or Securities Administrator under this Indenture.
      Each
      of the successor Indenture Trustee and successor Securities Administrator shall
      mail a notice of its succession to Securityholders. The retiring Indenture
      Trustee or retiring Securities Administrator shall promptly transfer all
      property held by it as Indenture Trustee or Securities Administrator to the
      successor Indenture Trustee or successor Securities Administrator.

     

    If
      a
      successor Indenture Trustee or successor Securities Administrator does not
      take
      office within 60 days after the retiring Indenture Trustee or retiring
      Securities Administrator resigns or is removed, the retiring Indenture Trustee
      or retiring Securities Administrator, the successor Indenture Trustee or
      successor Securities Administrator, the Issuing Entity or the Holders of a
      majority of aggregate Note Principal Balance or Certificate Principal Balance,
      as applicable, of the Securities may petition any court of competent
      jurisdiction for the appointment of a successor Indenture Trustee or successor
      Securities Administrator.

     

    Notwithstanding
      the replacement of the Indenture Trustee or the Securities Administrator
      pursuant to this Section, the Issuing Entity’s obligations under
      Section 6.07 shall continue for the benefit of the retiring Indenture
      Trustee or retiring Securities Administrator.

     

    Any
      person appointed as successor trustee pursuant to this Section 6.08 shall also
      be required to serve as successor Grantor Trust Trustee with respect to each
      Interest Rate Swap Agreement.

     

    Section
      6.09  Successor
      Indenture Trustee and Successor Securities Administrator by
      Merger.
      If the
      Indenture Trustee or Securities Administrator consolidates with, merges or
      converts into, or transfers all or substantially all of its corporate trust
      business or assets to, another corporation, company or banking association,
      the
      resulting, surviving or transferee corporation, without any further act, shall
      be the successor Indenture Trustee or successor Securities Administrator;
      provided, that, in the case of the Indenture Trustee, such corporation, company
      or banking association shall be otherwise qualified and eligible under Section
      6.11 hereof. The Indenture Trustee and Securities Administrator shall each
      provide the Issuing Entity with prior written notice, and the Securityholders
      with prompt written notice, of any such transaction.

     

    If
      at the
      time such successor or successors by merger, conversion or consolidation to
      the
      Securities Administrator or shall succeed to the trusts created by this
      Indenture and any of the Securities shall have been authenticated but not
      delivered, any such successor to the Securities Administrator may adopt the
      certificate of authentication of any predecessor securities administrator and
      deliver such Securities so authenticated; and if at that time any of the
      Securities shall not have been authenticated, any successor to the Securities
      Administrator may authenticate such Securities either in the name of any
      predecessor hereunder or in the name of the successor to the Securities
      Administrator; and in all such cases such certificates shall have the full
      force
      which is in the Securities or in this Indenture provided that the certificate
      of
      the Securities Administrator shall have.

     

    Section
      6.10  Appointment
      of Co-Indenture Trustee or Separate Indenture Trustee.

     

    (a)  Notwithstanding
      any other provisions of this Indenture, at any time, for the purpose of meeting
      any legal requirement of any jurisdiction in which any part of the Trust Estate
      may at the time be located, the Indenture Trustee, shall have the power and
      may
      execute and deliver all instruments to appoint one or more Persons to act as
      a
      co-trustee or co-trustees, or separate trustee or separate trustees, of all
      or
      any part of the Trust Estate, and to vest in such Person or Persons, in such
      capacity and for the benefit of the Securityholders, such title to the Trust
      Estate, or any part hereof, and, subject to the other provisions of this
      Section, such powers, duties, obligations, rights and trusts as the Indenture
      Trustee may consider necessary or desirable. No co-trustee or separate trustee
      hereunder shall be required to meet the terms of eligibility as a successor
      trustee under Section 6.11 hereof.

     

    (b)  Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to the Trust Estate
      or
      any portion thereof in any such jurisdiction) shall be exercised and performed
      singly by such separate trustee or co-trustee, but solely at the direction
      of
      the Indenture Trustee;

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (iv)  Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Indenture and the conditions
      of this Article VI. Each separate trustee and co-trustee, upon its acceptance
      of
      the trusts conferred, shall be vested with the estates or property specified
      in
      its instrument of appointment, either jointly with the Indenture Trustee or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (v)  Any
      separate trustee or co-trustee may at any time constitute the Indenture Trustee,
      its agent or attorney-in-fact with full power and authority, to the extent
      not
      prohibited by law, to do any lawful act under or in respect of this Indenture
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Indenture Trustee, to the extent permitted by law, without the appointment
      of a
      new or successor trustee.

     

    Section
      6.11  Eligibility;
      Disqualification. 

     

    (a)  The
      Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).
      The Indenture Trustee shall have a combined capital and surplus of at least
      $50,000,000 as set forth in its most recent published annual report of condition
      and it or its parent shall have a long-term debt rating of Baa3 or better by
      Moody’s and BBB or better by Standard & Poor’s. The Indenture Trustee shall
      comply with TIA § 310(b), including the optional provision permitted by the
      second sentence of TIA § 310(b)(9); provided,
      however,
      that
      there shall be excluded from the operation of TIA § 310(b)(1) any indenture or
      indentures under which other securities of the Issuing Entity are outstanding
      if
      the requirements for such exclusion set forth in TIA § 310(b)(1) are
      met.

     

    (b)  The
      Securities Administrator (i) may not be an Originator, Master Servicer,
      Servicer, the Depositor or an affiliate of the Depositor unless the Securities
      Administrator is in an institutional trust department, (ii) must be authorized
      to exercise corporate trust powers under the laws of its jurisdiction of
      organization, and (iii) must be rated at least "A/F1" by Fitch, if Fitch is
      a
      Rating Agency (or such rating acceptable to Fitch pursuant to a rating
      confirmation), or the equivalent rating by Standard & Poor’s or Moody's. If
      no successor Securities Administrator shall have been appointed and shall have
      accepted appointment within 60 days after the Securities Administrator ceases
      to
      be the securities administrator pursuant to Section 6.08, then the Indenture
      Trustee shall become the successor Securities Administrator in accordance with
      this Article VI and in such capacity shall perform the duties of the Securities
      Administrator pursuant to this Agreement. The Indenture Trustee shall notify
      the
      Rating Agencies of any change of Securities Administrator. 

     

    Section
      6.12  Preferential
      Collection of Claims Against Issuing Entity.
      The
      Indenture Trustee shall comply with TIA § 311(a), excluding any creditor
      relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or
      been removed shall be subject to TIA § 311(a) to the extent
      indicated.

     

    Section
      6.13  Representations
      and Warranties.
      The
      Indenture Trustee hereby represents that:

     

    (a)  The
      Indenture Trustee is duly organized and validly existing as a banking
      corporation in good standing under the laws of New York State with power and
      authority to own its properties and to conduct its business as such properties
      are currently owned and such business is presently conducted;

     

    (b)  The
      Indenture Trustee has the power and authority to execute and deliver this
      Indenture and to carry out its terms; and the execution, delivery and
      performance of this Indenture have been duly authorized by the Indenture Trustee
      by all necessary corporate action.

     

    (c)  The
      consummation of the transactions contemplated by this Indenture and the
      fulfillment of the terms hereof do not conflict with, result in any breach
      of
      any of the terms and provisions of, or constitute (with or without notice or
      lapse of time) a default under, the articles of association or bylaws of the
      Indenture Trustee or any material agreement or other instrument to which the
      Indenture Trustee is a party or by which it is bound which would adversely
      affect its performance under this Indenture; and

     

    (d)  There
      are
      no proceedings or investigations pending or to, the Indenture Trustee's
      knowledge, threatened before any court, regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Indenture
      Trustee: (A) asserting the invalidity of this Indenture (B) seeking to prevent
      the consummation of any of the transactions contemplated by this Indenture
      or
      (C) seeking any determination or ruling that might materially and adversely
      affect the performance by the Indenture Trustee of its obligations under, or
      the
      validity or enforceability of, this Indenture.

     

    Section
      6.14  Directions
      to Indenture Trustee.
      The
      Indenture Trustee is hereby directed:

     

    (a)  to
      accept
      the pledge of the Mortgage Loans and hold the assets of the Trust Estate in
      trust for the Securityholders;

     

    (b)  to
      execute and deliver the TGIC Policy and related documentation on behalf of
      the
      Issuing Entity in the forms provided to the Indenture Trustee, solely in its
      capacity as Indenture Trustee and not in its individual capacity, it being
      acknowledged that all claims forms to be submitted, payments to be made and
      reports to be delivered thereunder will be submitted, made and delivered by
      the
      Securities Administrator on behalf of the Issuing Entity in accordance with
      this
      Indenture; and

     

    (c)  to
      take
      all other actions as shall be required to be taken by it under the terms of
      this
      Indenture.

     

    Section
      6.15  The
      Agents.
      The
      provisions of this Indenture relating to the limitations of the Indenture
      Trustee’s liability and to its indemnity, rights and protections shall inure
      also to the Paying Agent and Note Registrar.

     

    Section
      6.16  Administrative
      Duties.

     

    (a)  The
      Securities Administrator agrees to perform all of the duties of the Issuing
      Entity under the Depository Agreement. In addition to its duties performed
      under
      the Depository Agreement, the Securities Administrator shall take all
      appropriate action that is the duty of the Issuing Entity to take with respect
      to the following matters under the Trust Agreement, the Mortgage Loan Purchase
      Agreement and the Indenture (references are to sections of the
      Indenture):

     

    (i)  The
      Securities Administrator shall notify the Owner Trustee if the Securities
      Administrator obtains actual knowledge or receives written notice that any
      withholding tax is imposed on the Trust’s payments (or allocations of income) to
      a Trust Certificateholder;

     

    (ii)  the
      duty
      to cause the Note Register to be kept if the Issuing Entity assumes the duties
      of Note Registrar, and to give the Indenture Trustee notice of any appointment
      of a new Note Registrar and the location, or change in location, of the Note
      Register (Section 4.02);

     

    (iii)  causing
      the preparation of the Securities
      for
      execution by the Owner Trustee upon the registration of any transfer or exchange
      of the Securities or execution of a supplemental indenture (Sections 4.02,
      4.03
      and 9.06);

     

    (iv)  [reserved];

     

    (v)  causing
      the preparation of Definitive Securities in accordance with the instructions
      of
      any Clearing Agency (including the preparation of any temporary notes) (Section
      4.14);

     

    (vi)  the
      maintenance of an office for registration of transfer or exchange of Notes
      (Section 3.02);

     

    (vii)  [reserved];

     

    (viii)  [reserved];

     

    (ix)  [reserved];

     

    (x)  the
      notification to the Owner Trustee of the Issuing Entity’s non-compliance with
      its negative covenants or restricted payment covenants upon actual knowledge
      or
      receipt of written notice by the Securities Administrator of such non-compliance
      (Sections 3.09 and 3.25);

     

    (xi)  the
      furnishing of the Indenture Trustee with the names and addresses of Holders
      of
      Securities during any period when the Indenture Trustee is not the Note
      Registrar (Section 7.01).

     

    (b)  In
      carrying out any obligations under this Indenture, the Indenture Trustee and
      the
      Securities Administrator may enter into transactions with or otherwise deal
      with
      any of its Affiliates; provided, however, that the terms of any such
      transactions or dealings shall be in accordance with any directions received
      from the Issuing Entity and shall be, in the Indenture Trustee’s or the
      Securities Administrator’s opinion, no less favorable to the Issuing Entity than
      would be available from unaffiliated parties.

     

    (c)  The
      Securities Administrator in its capacity as the Certificate Registrar, and
      upon
      a request received from the Owner Trustee, shall promptly notify the Trust
      Certificateholders of (i) any change in the Corporate Trust Office of the Owner
      Trustee, (ii) any amendment to the Trust Agreement requiring notice be given
      to
      the Trust Certificateholders and (iii) any other notice required to be given
      to
      the Trust Certificateholders by the Owner Trustee under the Trust
      Agreement.

     

    (d) With
      respect to matters that in the reasonable judgment of the Indenture Trustee
      are
      non-ministerial, the Indenture Trustee shall not take any action pursuant to
      this Article VII unless within a reasonable time before the taking of such
      action, the Indenture Trustee shall have notified the Owner Trustee and the
      Rating Agencies of the proposed action and the Rating Agencies shall have
      notified the Issuing Entity in writing that such transaction shall not cause
      their respective ratings of the Securities to be reduced, qualified, suspended
      or withdrawn and the Owner Trustee shall not have withheld consent or provided
      an alternative direction. For the purpose of the preceding sentence,
“non-ministerial matters” shall include:

     

    (i)  the
      amendment of or any supplement to the Indenture;

     

    (ii)  the
      initiation of any claim or lawsuit by the Issuing Entity and the compromise
      of
      any action, claim or lawsuit brought by or against the Issuing Entity (other
      than in connection with the collection of the Mortgage Loans);

     

    (iii)  the
      amendment, change or modification of this Indenture or any of the other Basic
      Documents; and

     

    (iv)  the
      appointment of successor Paying Agents and successor Indenture Trustees pursuant
      to the Indenture or the appointment of a successor Master Servicer or the
      consent to the assignment by the Certificate Registrar, Paying Agent or
      Indenture Trustee of its obligations under the Indenture; 

     

    provided,
      however, that the Owner Trustee shall receive notices of items pursuant to
      clause (i) above and with respect to clause (iii) above to the extent it is
      a
      party to the related Basic Document.

     

    Section
      6.17  Records.
      The
Securities
      Administrator
      shall
      maintain appropriate books of account and records relating to services performed
      under this Indenture, which books of account and records shall be accessible
      for
      inspection by the Issuing Entity at any time during normal business
      hours.

     

    Section
      6.18  Additional
      Information to be Furnished.
      The
      Securities Administrator shall furnish to the Issuing Entity from time to time
      such additional information regarding the Mortgage Loans and the Securities
      as
      the Issuing Entity shall reasonably request, to the extent such information
      is
      readily available to it.

     

    Section
      6.19  [reserved]. 

     

    Section
      6.20  Indenture
      Trustee’s Application For Instructions From the Issuing Entity.

     

    Any
      application by the Indenture Trustee for written instructions from the Issuing
      Entity may, at the option of the Indenture Trustee, set forth in writing any
      action proposed to be taken or omitted by the Indenture Trustee under this
      Indenture and the date on and/or after which such action shall be taken or
      such
      omission shall be effective. The Indenture Trustee shall not be liable for
      any
      action taken by, or omission of, the Indenture Trustee in accordance with a
      proposal included in such application on or after the date specified in such
      application (which date shall not be less than three Business Days after the
      date any officer of the Issuing Entity actually receives such application,
      unless any such officer shall have consented in writing to any earlier date)
      unless prior to taking any such action (or the effective date in the case of
      an
      omission), the Indenture Trustee shall have received written instructions in
      response to such application specifying the action to be taken or
      omitted.

     

    Section
      6.21  Limitation
      of Liability.

     

    It
      is
      understood by the parties hereto other than Deutsche Bank National Trust Company
      (the “Bank”) that the sole recourse of the parties hereto other than the Bank in
      respect of the obligations of the Trust hereunder and under the other documents
      contemplated thereby and related thereto to which it is a party shall be to
      the
      parties hereto other than the Bank. In addition, the Bank is entering into
      this
      Indenture and the other documents contemplated thereby and related thereto
      to
      which it is a party solely in its capacity as Indenture Trustee under the
      Indenture and not in its individual capacity (except as expressly stated herein)
      and in no case shall the Bank (or any Person acting as successor Indenture
      Trustee under the Indenture) be personally liable for or on account of any
      of
      the statements, representations, warranties, covenants or obligations stated
      to
      be those of the Issuing Entity hereunder or thereunder, all such liability,
      if
      any, being expressly waived by the parties hereto and any person claiming by,
      through or under such party, provided, however, that the Bank (or any such
      successor Indenture Trustee) shall be personally liable hereunder and thereunder
      for its own negligence or willful misconduct or for its material breach of
      its
      covenants, representations and warranties contained herein or therein, to the
      extent expressly covenanted or made in its individual capacity. In no event
      shall the Indenture Trustee be liable under or in connection with this Indenture
      for indirect, special, incidental, punitive or consequential losses or damages
      of any kind whatsoever, including but not limited to lost profits, whether
      or
      not foreseeable, even if the Indenture Trustee has been advised of the
      possibility thereof and regardless of the form of action in which such damages
      are sought. The provisions of this section shall survive the termination of
      the
      Indenture and the resignation or removal of the Indenture Trustee.

     

    Section
      6.22  Assignment
      of Rights, Not Assumption of Duties.

     

    Anything
      herein contained to the contrary notwithstanding, (a) the Issuing Entity shall
      remain liable under this Indenture and each Basic Document to which it is a
      party to the extent set forth therein to perform all of its duties and
      obligations thereunder to the same extent as if this Indenture had not been
      executed, (b) the exercise by the Indenture Trustee or any Holder of any of
      their rights, remedies or powers hereunder shall not release the Issuing Entity
      from any of its duties or obligations under each of such documents to which
      it
      is a party and (c) none of any Holder nor the Indenture Trustee shall have
      any
      obligation or liability under any of such documents to which the Issuing Entity
      is a party by reason of or arising out of this Indenture, nor shall any Holder
      or the Indenture Trustee be obligated to perform any of the obligations or
      duties of the Issuing Entity thereunder or, except as expressly provided herein
      with respect to the Indenture Trustee, to take any action to collect or enforce
      any claim for payment assigned hereunder or otherwise.

     

    ARTICLE
      VII

    SECURITYHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.01  Issuing
      Entity To Furnish Indenture Trustee Names and Addresses of
      Securityholders.
      The
      Securities Administrator on behalf of the Issuing Entity will furnish or cause
      to be furnished to the Indenture Trustee at such times as the Indenture Trustee
      may request in writing, within 30 days after receipt by the Issuing Entity
      of
      any such request, a list of the names and addresses of the Holders of Security
      as of a date not more than 10 days prior to the time such list is
      furnished.

     

    Section
      7.02  Preservation
      of Information; Communications to Securityholders.

     

    (a)  The
      Securities Administrator shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Holders of Securities received
      by
      the Securities Administrator in its capacity as Note Registrar. The Securities
      Administrator may destroy any list furnished to it as provided in such Section
      7.01 upon receipt of a new list so furnished.

     

    (b)  Securityholders
      may communicate pursuant to TIA § 312(b) with other Securityholders with respect
      to their rights under this Indenture or under the Notes.

     

    (c)  The
      Issuing Entity, the Indenture Trustee and the Note Registrar shall have the
      protection of TIA § 312(c).

     

    Section
      7.03  Reports
      by Issuing Entity. 

     

    (a)  Subject
      to Section 4.06 of the Master Servicing Agreement, the Securities Administrator
      shall file with the Commission on behalf of the Issuing Entity, with a copy
      to
      the Issuing Entity, the annual reports and the information, documents and other
      reports (or such portions of any of the foregoing as the Commission may from
      time to time by rules and regulations prescribe) that the Issuing Entity may
      be
      required to file with the Commission pursuant to Sections 13 or 15(d) of the
      Exchange Act.

     

    (b)  The
      Indenture Trustee shall supply based on information provided to it (and the
      Securities Administrator shall transmit by mail to all Securityholders described
      in TIA § 313(c)) such summaries of any information, documents and reports
      required to be filed by the Issuing Entity pursuant to this Section 7.03(a)
      and
      by rules and regulations prescribed from time to time by the
      Commission.

     

    (c)  Unless
      the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity
      shall end on December 31 of each year.

     

    Section
      7.04  Reports
      by Indenture Trustee.
      If
      required by TIA § 313(a) and such requirement is not otherwise satisfied, within
      60 days after each January 30 beginning with March 31, 2008, the Indenture
      Trustee shall prepare, based on information provided to it, and furnish to
      the
      Securities Administrator and the Securities Administrator shall mail to each
      Securityholder as required by TIA § 313(c) a brief report dated as of such date
      that complies with TIA § 313(a). The Indenture Trustee also shall comply with
      TIA § 313(b).

     

    A
      copy of
      each report at the time of its mailing to Securityholders shall be filed by
      the
      Securities Administrator with the Commission via EDGAR.

     

    Section
      7.05  Statements
      to Securityholders.
      With
      respect to each Payment Date, the Securities Administrator shall make available
      via the Securities Administrator’s website, initially located at
      www.ctslink.com, to each Securityholder and each Trust Certificateholder, the
      Indenture Trustee, the Swap Providers, the Depositor, the Owner Trustee, the
      Paying Agent and each Rating Agency, a statement setting forth the following
      information as to the Securities, to the extent applicable:

     

    (i)  the
      aggregate amount of collections with respect to the Mortgage Loans;

     

    (ii)  the
      Available Funds with respect to the Mortgage Loans, payable to each Class of
      Noteholders for such Payment Date, the Carryover Shortfall Amount on each Class
      of Notes for such Payment Date;

     

    (iii)  (a)
      the
      amount of such distribution to each Class of Securities applied to reduce the
      Note Principal Balance or Certificate Principal Balance, as applicable, thereof
      and (b) the aggregate amount included therein representing Principal
      Prepayments;

     

    (iv)  the
      amount of such distribution to Holders of each Class of Securities allocable
      to
      interest;

     

    (v)  the
      amount of any distribution to the Trust Certificates;

     

    (vi)  if
      the
      distribution to the Holders of any Class of Securities is less than the full
      amount that would be distributable to such Holders if there were sufficient
      funds available therefor, the amount of the shortfall;

     

    (vii)  the
      number and the aggregate Stated Principal Balance of the Mortgage Loans as
      of
      the end of the related Due Period;

     

    (viii)  the
      aggregate Note Principal Balance or Certificate Principal Balance, as
      applicable, of each Class of Securities, after giving effect to the amounts
      distributed on such Payment Date, separately identifying any reduction thereof
      due to Realized Losses and the aggregate Note Principal Balance or Certificate
      Principal Balance, as applicable, of all of the Securities after giving effect
      to the distribution of principal on such Payment Date;

     

    (ix)  the
      number and aggregate Stated Principal Balances of Mortgage Loans, using the
      OTS
      method, (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90
      days, 91 or more days, respectively, (b) in foreclosure and (c) that have become
      REO Property, in each case as of the end of the preceding calendar
      month,;

     

    (x)  [reserved];

     

    (xi)  [reserved];

     

    (xii)  the
      amount of any Advances and Compensating Interest payments;

     

    (xiii)  the
      aggregate Realized Losses with respect to the related Payment Date and
      cumulative Realized Losses since the Closing Date;

     

    (xiv)  the
      number and aggregate Stated Principal Balance of Mortgage Loans repurchased
      pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date
      and cumulatively since the Closing Date;

     

    (xv)  to
      the
      extent reported to the Securities Administrator, the book value of any REO
      Property as of the close of business on the last Business Day of the calendar
      month preceding the Payment Date and prior to a TMP Trigger Event, the amount
      of
      proceeds received for all REO Property;

     

    (xvi)  the
      amount of any Prepayment Interest Shortfalls or Relief Act Shortfalls for such
      Payment Date;

     

    (xvii)  the
      aggregate Stated Principal Balance of Mortgage Loans purchased pursuant to
      Section 3.18 of the Servicing Agreement for the related Payment Date and
      cumulatively since the Closing Date;

     

    (xviii)  the
      amount payable on each Payment Date from the Grantor Trust to each Swap Provider
      pursuant to the related Interest Rate Swap Agreement, and the amount payable
      to
      the Grantor Trust from each Swap Provider on such Payment Date pursuant to
      the
      related Interest Rate Swap Agreement;

     

    (xix)  the
      amounts withdrawn from Available Funds with respect to the Mortgage Loans and
      used to make payments to Securityholders on that Payment Date, the amount
      remaining on deposit following such Payment Date; and

     

    (xx)  the
      Servicing Fee for such Payment Date;

     

    Items
      (iii) and (v) above shall be presented on the basis of a Note having a $1,000
      denomination. In addition, by January 31 of each calendar year following any
      year during which the Securities are outstanding, the Securities Administrator
      shall furnish a report to each Securityholder of record if so requested in
      writing at any time during each calendar year as to the aggregate of amounts
      reported pursuant to (iii) and (v) with respect to the Securities for such
      calendar year.

     

    The
      Securities Administrator may conclusively rely upon the remittance reports
      provided by the Master Servicer to the Securities Administrator pursuant to
      the
      Master Servicing Agreement, in the Securities Administrator’s preparation of its
      Statement to Securityholders and on information provided to it by the Swap
      Providers.

     

    The
      Securities Administrator will make the monthly statements provided for in this
      Section (and, at its option, any additional files containing the same
      information in an alternative format) available each month to Securityholders,
      other parties to this Agreement and any other interested parties via the
      Securities Administrator’s website. The Securities Administrator’s website shall
      initially be located at www.ctslink.com. Parties that are unable to use the
      website are entitled to have a paper copy mailed to them via first class mail
      by
      calling the customer service desk at 301-815-6600 and indicating such. The
      Securities Administrator may have the right to change the way the monthly
      statements are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Securities Administrator
      shall provide timely and adequate notification to all above parties regarding
      any such changes. 

     

    The
      Securities Administrator shall be entitled to rely on but shall not be
      responsible for the content or accuracy of any information provided by third
      parties for purposes of preparing the monthly statement, and may affix thereto
      any disclaimer it deems appropriate in its reasonable discretion (without
      suggesting liability on the part of any other party hereto).

     

    ARTICLE
      VIII

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01  Collection
      of Money.
      Except
      as otherwise expressly provided herein, the Indenture Trustee or the Securities
      Administrator may demand payment or delivery of, and shall receive and collect,
      directly and without intervention or assistance of any fiscal agent or other
      intermediary, all money and other property payable to or receivable by the
      Securities Administrator pursuant to this Indenture. The Securities
      Administrator shall apply all such money received by it as provided in this
      Indenture. Except as otherwise expressly provided in this Indenture, if any
      default occurs in the making of any payment or performance under any agreement
      or instrument that is part of the Trust Estate, the Indenture Trustee may take
      such action as may be appropriate to enforce such payment or performance,
      including the institution and prosecution of appropriate Proceedings. Any such
      action shall be without prejudice to any right to claim a Default or Event
      of
      Default under this Indenture and any right to proceed thereafter as provided
      in
      Article V.

     

    Section
      8.02  Trust
      Accounts.

     

    (a)  On
      or
      prior to the Closing Date, the Issuing Entity shall cause the Securities
      Administrator to establish and maintain, in the name of the Indenture Trustee,
      for the benefit of the Securityholders, the Payment Account as provided in
      Section 3.01 hereof.

     

    (b)  All
      monies deposited from time to time in the Payment Account and the Certificate
      Distribution Account and all deposits therein pursuant to this Indenture (other
      than deposits of any gain or income on investments thereof) are for the benefit
      of the Securityholders and the Trust Certificateholders. The funds in the
      Certificate Distribution Account shall be held uninvested. The amount at any
      time credited to the Payment Account may be invested in the name of the
      Securities Administrator, in the Permitted Investments, or deposited in demand
      deposits with such depository institutions, as determined by the Securities
      Administrator. All Permitted Investments shall mature or be subject to
      redemption or withdrawal on or before, and shall be held until, the next
      succeeding Payment Date if the obligor for such Permitted Investment is the
      Securities Administrator or, if such obligor is any other Person, the Business
      Day preceding such Payment Date.

     

    (c)  On
      each
      Payment Date, the Securities Administrator as Paying Agent shall be entitled
      to
      withdraw from the Payment Account all amounts reimbursable by the Issuing Entity
      or from the Payment Account to the Indenture Trustee or the Securities
      Administrator pursuant to any provision of any Basic Document, then shall pay
      the related LPMI Insurer Fee to the LPMI Insurers, and then shall distribute
      all
      remaining amounts on deposit in the Payment Account to the Securityholders
      in
      respect of the Securities and to such other persons in the order of priority
      set
      forth in Section 3.05 and Section 3.40 hereof (except as otherwise provided
      in
      Section 5.04(b) hereof).

     

    Section
      8.03  Officer’s
      Certificate.
      The
      Indenture Trustee shall receive at least seven Business Days’ notice when
      requested by the Issuing Entity to take any action pursuant to Section 8.06(a)
      hereof, accompanied by copies of any instruments to be executed, and the
      Indenture Trustee shall also require, as a condition to such action, an
      Officer’s Certificate, in form and substance satisfactory to the Indenture
      Trustee, stating the legal effect of any such action, outlining the steps
      required to complete the same, and concluding that all conditions precedent
      to
      the taking of such action have been complied with.

     

    Section
      8.04  Termination
      Upon Distribution to Noteholders.
      This
      Indenture and the respective obligations and responsibilities of the Issuing
      Entity, the Securities Administrator and the Indenture Trustee created hereby
      shall terminate upon the distribution to Securityholders, the Certificate Paying
      Agent on behalf of the Trust Certificateholders and the Indenture Trustee of
      all
      amounts required to be distributed pursuant to Article III; provided,
      however,
      that in
      no event shall the trust created hereby continue beyond the expiration of 21
      years from the death of the survivor of the descendants of Joseph P. Kennedy,
      the late ambassador of the United States to the Court of St. James, living
      on
      the date hereof.

     

    Section
      8.05  Termination
      following TMP Trigger Event.
      This
      Indenture and the respective obligations and responsibilities of the Issuing
      Entity, the Securities Administrator, the Note Registrar, the Paying Agent
      and
      the Indenture Trustee created hereby shall terminate, and this Indenture shall
      be satisfied and discharged, following the occurrence of a TMP Trigger Event
      and
      the conditions precedent to a REMIC Conversion, upon the mandatory exchange
      of
      the Notes for the corresponding Classes of REMIC Notes, Subsequent Grantor
      Trust
      Certificates or REMIC Privately Offered Certificates, pursuant to Article XI
      hereof; provided, however, that in no event shall the trust created hereby
      continue beyond the expiration of 21 years from the death of the survivor of
      the
      descendants of Joseph P. Kennedy, the late ambassador of the United States
      to
      the Court of St. James, living on the date hereof.

     

    Section
      8.06  Release
      of Trust Estate.

     

    (a)  Subject
      to the payment of its fees and expenses, the Indenture Trustee may, and when
      required by the provisions of this Indenture shall, execute instruments to
      release property from the lien of this Indenture, or convey the Indenture
      Trustee’s interest in the same, in a manner and under circumstances that are not
      inconsistent with the provisions of this Indenture, including for the purposes
      of any repurchase by the Servicer of a Mortgage Loan pursuant to Section 3.18
      of
      the Servicing Agreement. No party relying upon an instrument executed by the
      Indenture Trustee as provided in Article VIII hereunder shall be bound to
      ascertain the Indenture Trustee’s authority, inquire into the satisfaction of
      any conditions precedent, or see to the application of any monies.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) there are no Securities Outstanding
      and (ii) all sums then due and unpaid to the Indenture Trustee, the Securities
      Administrator and the Master Servicer pursuant to this Indenture have been
      paid
      and (iii) release any remaining portion of the Trust Estate that secured the
      Securities from the lien of this Indenture.

     

    (c)  The
      Indenture Trustee shall release property from the lien of this Indenture
      pursuant to this Section 8.06 only upon receipt of a request from the Issuing
      Entity accompanied by an Officers’ Certificate and an Opinion of Counsel stating
      that all applicable requirements have been satisfied or in conjunction with
      a
      sale or other transfer of such property required to occur for the proposed
      transfer of the Securities prior to a TMP Trigger Event, as described in Section
      11.01 herein and in the Trust Agreement.

     

    Section
      8.07  Surrender
      of Securities Upon Final Payment or TMP Trigger Event.
      By
      acceptance of any Security, the Holder thereof agrees to surrender such Security
      to the Note Registrar promptly, prior to such Securityholder’s receipt of the
      final payment thereon or concurrently against receipt of the corresponding
      Class
      of REMIC Note or REMIC Privately Offered Certificate following the occurrence
      of
      the REMIC Conversion as described in Article XI.

     

    Section
      8.08  Optional
      Redemption of the Securities.

     

    (a)  The
      Holder of the Trust Certificate, or if there is no single Holder, the Majority
      Certificateholder, shall have the option to purchase the assets of the Trust
      and
      thereby redeem the Securities on or after the Payment Date on which the Stated
      Principal Balance of the Mortgage Loans, and properties acquired in respect
      thereof has been reduced to less than 1% of the sum of the Cut-off Date Balance
      of the Mortgage Loans.

     

    (b)  The
      aggregate redemption price (the “Redemption
      Price”)
      for
      the related Notes in connection with any termination pursuant to clause (a)
      above will be equal to the sum of (i) 100% of the aggregate outstanding Note
      Principal Balance or Certificate Principal Balance, as applicable, of the
      Securities plus and
      accrued and unpaid interest thereon (including any related Carryover Shortfall
      Amount) at the Note Interest Rate or Certificate Interest Rate, as applicable,
      through the date on which the Securities are redeemed in full and (ii) all
      amounts due and owing to the Master Servicer, the
      Securities Administrator,
      the
      Grantor Trust Trustee and the Indenture Trustee under this Indenture or any
      other applicable Basic Document (which amounts shall be specified in writing
      upon request of the Issuing Entity by the Indenture Trustee, the Securities
      Administrator, the Servicer, the Grantor Trust Trustee or the Master Servicer,
      as applicable).

     

    (c)  In
      order
      to exercise the foregoing option with respect to the Notes, the Holder of the
      Trust Certificate or the Majority Certificateholder, as applicable, shall
      provide written notice of its exercise of such option, the Redemption Price
      and
      the proposed final Payment Date to the Indenture Trustee, the Securities
      Administrator, the Issuing Entity, the Owner Trustee, the Master Servicer and
      the applicable Servicer at least 15 days prior to its exercise. Following
      receipt of the notice, the Securities Administrator shall provide written notice
      to the applicable Securityholders of the final payment on the applicable
      Securities. In addition, the Holder of the Trust Certificate or the Majority
      Certificateholder, as applicable, shall, not less than one Business Day prior
      to
      the proposed Payment Date on which such redemption is to be made, deposit the
      Redemption Price with the Securities Administrator, who shall deposit the
      Redemption Price into the Payment Account and shall, on the Payment Date after
      receipt of the funds, apply such funds to make final payments of principal
      and
      interest on the Securities in accordance with Sections 3.05 or 3.06, as
      applicable, hereof and payment to itself, the Indenture Trustee and the Master
      Servicer as set forth in (e) above, and this Indenture shall be discharged
      subject to the provisions of Section 4.10 hereof. If for any reason the amount
      deposited by the Holder of the Trust Certificate or the Majority
      Certificateholder, as applicable, is not sufficient to make such redemption
      or
      if the Securities Administrator is notified such redemption cannot be completed
      for any reason, (a) the amount so deposited by the Holder of the Trust
      Certificate or the Majority Certificateholder, as applicable, with the
      Securities Administrator shall be immediately returned the Holder of the Trust
      Certificate or the Majority Certificateholder, as applicable, in full and shall
      not be used for any other purpose or be deemed to be part of the Trust Estate
      and (b) the Note Principal Balance or Certificate Principal Balance, as
      applicable, of the applicable Securities shall continue to bear interest at
      the
      related Note Interest Rate or Certificate Interest Rate, as
      applicable.

     

    Section
      8.09  Collection
      of Mortgage Loan Payments. 

     

    The
      Securities Administrator shall establish a segregated account in the name of
      the
      Securities Administrator for the benefit of the Noteholders (the “Payment
      Account”), which shall be an Eligible Account, in which the Securities
      Administrator shall deposit or cause to be deposited any amounts representing
      payments on and any collections in respect of the Mortgage Loans due subsequent
      to the Cut-off Date (other than in respect of the payments referred to in the
      following paragraph) within forty-eight (48) hours following receipt thereof,
      including the following payments and collections received or made by it (without
      duplication):

     

    (i)  Any
      amounts withdrawn from the Protected Account and remitted to the Securities
      Administrator by the Servicer;

     

    (ii)  Any
      Monthly Advance and any Compensating Interest Payments required to be made
      by
      the Master Servicer hereunder;

     

    (iii)  Any
      Insurance Proceeds or Net Liquidation Proceeds received by or on behalf of
      the
      Master Servicer or which were not deposited in the Protected
      Account;

     

    (iv)  Any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Protected Account and remitted to the Securities Administrator
      by the Servicer and any amounts required to be deposited with respect to losses
      on investments of deposits in the Payment Account and remitted by the Master
      Servicer to the Securities Administrator; and

     

    (v)  Any
      other
      amounts received by or on behalf of the Master Servicer and required to be
      deposited in the Payment Account pursuant to the Master Servicing
      Agreement.

     

    All
      amounts deposited to the Payment Account shall be held by the Securities
      Administrator in the name of the Indenture Trustee in trust for the benefit
      of
      the Securityholders in accordance with the terms and provisions of the Master
      Servicing Agreement and this Indenture. The requirements for crediting the
      Payment Account shall be exclusive, it being understood and agreed that, without
      limiting the generality of the foregoing, payments in the nature of (i) late
      payment charges or assumption, tax service, statement account or payoff,
      substitution, satisfaction, release and other like fees and charges, need not
      be
      credited by the Master Servicer, Securities Administrator or the Servicer to
      the
      Payment Account or remitted by the Master Servicer or Servicer to the Securities
      Administrator for deposit in the Payment Account, as applicable. In the event
      that the Master Servicer or Servicer shall remit or cause to be remitted to
      the
      Securities Administrator for deposit to the Payment Account any amount not
      required to be credited thereto, the Securities Administrator, upon receipt
      of a
      written request therefor signed by a Servicing Officer of the Master Servicer
      or
      Servicer, shall promptly transfer such amount to the Master Servicer or
      Servicer, any provision herein to the contrary notwithstanding.

     

    The
      amount at any time credited to the Payment Account may be invested, in the
      name
      of the Securities Administrator, or its nominee, for the benefit of the
      Securityholders, in Eligible Investments. All Eligible Investments shall mature
      or be subject to redemption or withdrawal on or before, and shall be held until,
      the next succeeding Payment Date. Any and all investment earnings on amounts
      on
      deposit in the Payment Account from time to time shall be for the account of
      the
      Master Servicer. The Securities Administrator from time to time shall be
      permitted to withdraw or receive distribution of any and all investment earnings
      from the Payment Account for payment to the Master Servicer. The risk of loss
      of
      monies required to be distributed to the Securityholders resulting from such
      investments shall be borne by and be the risk of the Master Servicer. The Master
      Servicer shall deposit the amount of any such loss in the Payment Account within
      two Business Days of receipt of notification of such loss but not later than
      the
      Business Day prior to the Payment Date on which the monies so invested are
      required to be distributed to the Securityholders.

     

    Section
      8.10  Withdrawals
      from the Payment Account.

     

    (a)  The
      Securities Administrator shall, from time to time as provided herein, make
      withdrawals from the Payment Account of amounts on deposit therein pursuant
      to
      Section 8.09 that are attributable to the Mortgage Loans for the following
      purposes (without duplication):

     

    (i)  To
      make
      withdrawals pursuant to Section 3.05 hereof;

     

    (ii)  to
      the
      extent deposited to the Payment Account, to reimburse the Master Servicer or
      the
      Servicer for previously unreimbursed expenses incurred in maintaining individual
      insurance policies pursuant to Sections 3.10 or 3.11 of the Servicing Agreement,
      or Liquidation Expenses, paid pursuant to Section 3.13 of the Servicing
      Agreement or otherwise reimbursable pursuant to the terms of this Master
      Servicing Agreement, such withdrawal right being limited to amounts received
      on
      the related Mortgage Loans (other than any Repurchase Price in respect thereto)
      which represent late recoveries of the payments for which such advances were
      made, or from related Liquidation Proceeds;

     

    (iii)  to
      pay
      the related LPMI Insurer Fee to the LPMI Insurers;

     

    (iv)  to
      pay to
      the Sponsor, with respect to any Mortgage Loan or property acquired in respect
      thereof that has been purchased or otherwise transferred to the Sponsor, all
      amounts received thereon and not required to be distributed to Securityholders
      as of the date on which the related Purchase Price or Repurchase Price is
      determined;

     

    (v)  to
      reimburse the Master Servicer or the Servicer for any Monthly Advance of its
      own
      funds or any advance of such Servicer’s own funds, the right of the Master
      Servicer or Servicer to reimbursement pursuant to this subclause (v) being
      limited to amounts received (including, for this purpose, the Repurchase Price
      therefor, Insurance Proceeds and Liquidation Proceeds) which represent late
      payments or recoveries of the principal of or interest on such Mortgage Loan
      respecting which such Monthly Advance or advance was made;

     

    (vi)  to
      reimburse the Master Servicer or the Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or such Servicer pursuant to Section 3.13 of the
      Servicing Agreement in connection with the restoration of the related Mortgaged
      Property which was damaged by the Uninsured Cause or in connection with the
      liquidation of such Mortgage Loan;

     

    (vii)  to
      pay
      the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds
      received in connection with the liquidation of any Mortgage Loan, the amount
      which the Servicer would have been entitled to receive under subclause (ii)
      of
      this Subsection 8.10(a) as servicing compensation on account of each defaulted
      Monthly Payment on such Mortgage Loan if paid in a timely manner by the related
      Mortgagor, but only to the extent that the aggregate of Liquidation Proceeds
      and
      Insurance Proceeds with respect to such Mortgage Loan, after any reimbursement
      to the Master Servicer or the Servicer, pursuant to other subclauses of this
      Subsection 8.10(a), exceeds the outstanding Stated Principal Balance of such
      Mortgage Loan plus accrued and unpaid interest thereon at the related Mortgage
      Rate less the Servicing Fee Rate to but not including the date of payment (in
      any event, the aggregate amount of servicing compensation received by the
      Servicer with respect to any defaulted Monthly Payment shall not exceed the
      applicable Servicing Fee);

     

    (viii)  to
      reimburse the Master Servicer or the Servicer for any Nonrecoverable Advance
      previously made, and not otherwise reimbursed pursuant to this Subsection
      8.10(a);

     

    (ix)  to
      reimburse the Master Servicer or the Servicer for any Monthly Advance or
      advance, after a Realized Loss has been allocated with respect to the related
      Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant
      to clause (v);

     

    (x)  to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 3.02 and 5.03 of the Master
      Servicing Agreement, to the extent that the Master Servicer has not already
      reimbursed itself for such amounts from the Payment Account;

     

    (xi)  to
      pay to
      the Servicer, as additional servicing compensation, any Foreclosure Profit
      to
      the extent not retained by the Servicer;

     

    (xii)  to
      reimburse or pay the Servicer any such amounts as are due thereto under the
      Servicing Agreement and have not been retained by or paid to the Servicer,
      to
      the extent provided in the Servicing Agreement;

     

    (xiii)  to
      reimburse the Securities Administrator or the Master Servicer for expenses,
      costs and liabilities incurred by or reimbursable to it pursuant to this Master
      Servicing Agreement, this Indenture and the Trust Agreement, to the extent
      such
      amounts have not already been paid or reimbursed to such party from the Payment
      Account;

     

    (xiv)  to
      withdraw any other amount deposited in the Payment Account that was not required
      to be deposited therein pursuant to Section 3.06; and

     

    (xv)  to
      clear
      and terminate the Payment Account following a termination of the Trust pursuant
      to Section 8.01 of the Trust Agreement.

     

    In
      connection with withdrawals pursuant to clauses (ii), (iii), (iv), (v), (vi),
      (vii) and (ix), the Master Servicer’s and Servicer’s entitlement thereto is
      limited to collections or other recoveries on the related Mortgage Loan, and
      the
      Master Servicer and Servicer shall keep and maintain separate accounting, on
      a
      Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
      withdrawal from the Payment Account pursuant to such clauses.

     

    (b)  Notwithstanding
      the provisions of this Section 8.10, the Master Servicer shall allow the
      Servicer to deduct from amounts received by it or from the related account
      maintained by the Servicer, prior to deposit in the Payment Account, any portion
      to which such Servicer is entitled hereunder as servicing compensation
      (including income on Eligible Investments) or reimbursement of any reimbursable
      Monthly Advances or Servicing Advances made by such Servicer.

     

    ARTICLE
      IX

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.01  Supplemental
      Indentures Without Consent of Securityholders.

     

    (a)  Without
      the consent of the Holders of any Securities but with prior notice to the Rating
      Agencies, the Owner Trustee, the Issuing Entity, the Securities Administrator
      and the Indenture Trustee (including in its capacity as Grantor Trust Trustee),
      when authorized by an Issuing Entity Request, at any time and from time to
      time,
      may enter into one or more indentures supplemental hereto (which shall conform
      to the provisions of the TIA as in force at the date of the execution thereof),
      in form satisfactory to the Indenture Trustee, for any of the following
      purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuing Entity, and the assumption by any such successor
      of the covenants of the Issuing Entity herein and in the Securities
      contained;

     

    (iii)  to
      add to
      the covenants of the Issuing Entity, for the benefit of the Holders of the
      Securities, or to surrender any right or power herein conferred upon the Issuing
      Entity;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture;

     

    (vi)  to
      make
      any other provisions with respect to matters or questions arising under this
      Indenture or in any supplemental indenture; provided, that such action shall
      not
      materially and adversely affect the interests of the Holders of the Securities
      as evidenced by an Opinion of Counsel;

     

    (vii)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Securities and to add to or change any
      of
      the provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI hereof; 

     

    (viii)  to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the TIA as
      evidenced by an Opinion of Counsel; or

     

    (ix)  following
      the occurrence of a TMP Trigger Event and the exchange of the Offered Notes
      and
      the Non-Offered Notes for the REMIC Notes, Subsequent Grantor Trust Certificates
      and the REMIC Privately Offered Certificates, respectively, pursuant to Article
      XI hereof;

     

    provided,
      however,
      that no
      such indenture supplements shall be entered into unless the Indenture Trustee
      shall have received an Opinion of Counsel as to the enforceability of any such
      indenture supplement, and that, except for indenture supplements entered into
      for the purposes described in (v) and (viii) above, such indenture supplements
      shall not adversely affect in any material respect the interests of any
      Securityholder and to the effect that (i) such indenture supplement is permitted
      hereunder and (ii) entering into such indenture supplement will not result
      in a
“significant modification” of the Class A Notes or Offered Notes under Treasury
      Regulation Section 1.1001-3 or adversely affect the status of such Notes as
      indebtedness for federal income tax purposes provided that, for purposes of
      the
      foregoing, a TMP Trigger Event shall be deemed to result in a “significant
      modification” of
      the
      aforementioned Notes under Treasury Regulation Section 1.1001-3.

     

    The
      Indenture Trustee is hereby authorized to join in the execution of any such
      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

     

    (b)  The
      Issuing Entity, the Securities Administrator and the Indenture Trustee
      (including in its capacity as Grantor Trust Trustee),
      when
      authorized by an Issuing Entity Request, may, also without the consent of any
      of
      the Holders of the Securities but with prior notice to the Rating Agencies,
      enter into an indenture or indentures supplemental hereto for the purpose of
      adding any provisions to, or changing in any manner or eliminating any of the
      provisions of, this Indenture or of modifying in any manner the rights of the
      Holders of the Securities under this Indenture; provided,
      however,
      that
      such action as evidenced by an Opinion of Counsel, (i) is permitted by this
      Indenture, (ii) shall not adversely affect in any material respect the interests
      of any Securityholder and (iii) if 100% of the Trust Certificates, restricted
      Notes and the Retained Notes (to the extent that such Retained Notes have not
      received a “will be debt” opinion) are not owned by American Home Mortgage
      Acceptance Inc., cause the Issuing Entity to be subject to an entity level
      tax
      for federal income tax purposes.

     

    Section
      9.02  Supplemental
      Indentures With Consent of Securityholders.
      The
      Issuing Entity, the Securities Administrator and the Indenture Trustee
      (including in its capacity as Grantor Trust Trustee), when authorized by an
      Issuing Entity Request, also may, with prior notice to the Rating Agencies
      and
      with the consent of the Holders of not less than a majority of the aggregate
      Note Principal Balance or Certificate Principal Balance, as applicable, of
      each
      Class of Securities affected thereby, by Act (as defined in Section 10.03
      hereof) of such Holders, delivered to the Issuing Entity, the Securities
      Administrator and the Indenture Trustee, enter into an indenture or indentures
      supplemental hereto for the purpose of adding any provisions to, or changing
      in
      any manner or eliminating any of the provisions of, this Indenture or of
      modifying in any manner the rights of the Holders of the Securities under this
      Indenture; provided,
      however,
      that no
      such supplemental indenture shall, without the consent of the Holder of each
      Security affected thereby:

     

    (i)  change
      the date of payment of any installment of principal of or interest on any
      Security, or reduce the principal amount thereof or the interest rate thereon,
      change the provisions of this Indenture relating to the application of
      collections on, or the proceeds of the sale of, the Trust Estate and to payment
      of principal of or interest on the Securities, or change any place of payment
      where, or the coin or currency in which, any Security or the interest thereon
      is
      payable, or impair the right to institute suit for the enforcement of the
      provisions of this Indenture requiring the application of funds available
      therefor, as provided in Article V, to the payment of any such amount due on
      the
      Securities on or after the respective due dates thereof;

     

    (ii)  reduce
      the percentage of the Note
      Principal Balances or Certificate Principal Balance, as applicable, of the
      Securities, or
      any
      Class of Securities, the consent of the Holders of which is required for any
      such supplemental indenture, or the consent of the Holders of which is required
      for any waiver of compliance with certain provisions of this Indenture or
      certain defaults hereunder and their consequences provided for in this
      Indenture;

     

    (iii)  modify
      or
      alter the provisions of the proviso to the definition of the term “Outstanding”
or modify or alter the exception in the definition of the term
“Holder”;

     

    (iv)  reduce
      the percentage of the Note Principal Balances or Certificate Principal Balance,
      as applicable, of the Securities, or any Class of Securities, required to direct
      the Indenture Trustee to direct the Issuing Entity to sell or liquidate the
      Trust Estate pursuant to Section 5.04 hereof;

     

    (v)  modify
      any provision of this Section 9.02 except to increase any percentage specified
      herein or to provide that certain additional provisions of this Indenture or
      the
      Basic Documents cannot be modified or waived without the consent of the Holder
      of each Security affected thereby;

     

    (vi)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      Security on any Payment Date (including the calculation of any of the individual
      components of such calculation); or

     

    (vii)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Trust Estate or, except as otherwise
      permitted or contemplated herein, terminate the lien of this Indenture on any
      property at any time subject hereto or deprive the Holder of any Security of
      the
      security provided by the lien of this Indenture;

     

    and
      provided,
      further,
      that
      such action shall not, as evidenced by an Opinion of Counsel, cause the Issuing
      Entity (if 100% of the Trust Certificates, Restricted Notes and the Retained
      Notes (to the extent that such Retained Notes have not received a “will be debt”
opinion) are not owned by American Home Mortgage Acceptance Inc.) to be subject
      to an entity level tax for federal income tax purposes.

     

    Any
      such
      action shall not adversely affect in any material respect the interest of any
      Holder (other than a Holder who shall consent to such supplemental indenture)
      as
      evidenced by an Opinion of Counsel (provided by the Person requesting such
      supplemental indenture) delivered to the Indenture Trustee.

     

    It
      shall
      not be necessary for any Act of Securityholders under this Section 9.02 to
      approve the particular form of any proposed supplemental indenture, but it
      shall
      be sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuing Entity, the Securities Administrator and
      the
      Indenture Trustee of any supplemental indenture pursuant to this Section 9.02,
      the Indenture Trustee shall mail to the Owner Trustee and the Holders of the
      Securities to which such amendment or supplemental indenture relates a notice
      setting forth in general terms the substance of such supplemental indenture.
      Any
      failure of the Indenture Trustee to mail such notice, or any defect therein,
      shall not, however, in any way impair or affect the validity of any such
      supplemental indenture.

     

    Section
      9.03  Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article VI or the modification thereby of the trusts
      created by this Indenture, the Indenture Trustee shall be entitled to receive,
      and subject to Sections 6.01 and 6.02 hereof, shall be fully protected in
      relying upon, an Opinion of Counsel stating that the execution of such
      supplemental indenture is authorized or permitted by this Indenture and that
      all
      conditions precedent thereto have been complied with. The Indenture Trustee
      may,
      but shall not be obligated to, enter into any such supplemental indenture that
      affects the Indenture Trustee’s own rights, duties, liabilities or immunities
      under this Indenture or otherwise.

     

    Section
      9.04  Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and shall be deemed to be modified and amended in
      accordance therewith with respect to the Securities affected thereby, and the
      respective rights, limitations of rights, obligations, duties, liabilities
      and
      immunities under this Indenture of the Indenture Trustee, the Issuing Entity
      and
      the Holders of the Securities shall thereafter be determined, exercised and
      enforced hereunder subject in all respects to such modifications and amendments,
      and all the terms and conditions of any such supplemental indenture shall be
      and
      be deemed to be part of the terms and conditions of this Indenture and the
      Securities for any and all purposes.

     

    Section
      9.05  Conformity
      with Trust Indenture Act.
      Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article IX shall conform to the requirements of the Trust Indenture
      Act
      as then in effect so long as this Indenture shall then be qualified under the
      Trust Indenture Act.

     

    Section
      9.06  Reference
      in Securities to Supplemental Indentures.
      Securities
      authenticated
      and delivered after the execution of any supplemental indenture pursuant to
      this
      Article IX may, and if required by the Securities Administrator shall, bear
      a
      notation in form approved by the Securities Administrator as to any matter
      provided for in such supplemental indenture. If the Issuing Entity or the
      Securities Administrator shall so determine, new Securities so modified as
      to
      conform, in the opinion of the Securities Administrator and the Issuing Entity,
      to any such supplemental indenture may be prepared and executed by the Issuing
      Entity and authenticated and delivered by the Securities Administrator in
      exchange for Outstanding Securities.

     

    Section
      9.07  Consent
      to Certain Supplemental Indentures.

     

    Notwithstanding
      any of the other provisions of this Article IX, none of the The Issuing Entity,
      the Securities Administrator or the Indenture Trustee (including in its capacity
      as Grantor Trust Trustee) shall enter into any amendment to Article XII of
      this
      Indenture, to the extent such amendments can reasonably be expected to have
      a
      material adverse effect on the interests of the Swap Providers hereunder, as
      evidenced by an Officer’s Certificate of the Depositor (excluding, for the
      avoidance of doubt, any amendment to this Indenture that is entered into solely
      for the purpose of appointing a successor servicer, master servicer, securities
      administrator, trustee or other service provider), without the prior written
      consent of the Swap Providers and shall not enter into an amendment, as
      evidenced by an Officer’s Certificate of the depositor, that has a materially
      adverse effect on the Swap Providers without the Swap Providers’ consent (such
      consent shall not be unreasonably withheld, conditioned or
      delayed).

     

     

    ARTICLE
      X

    MISCELLANEOUS

     

    Section
      10.01  Compliance
      Certificates and Opinions, etc.
      (a)
      Upon any
      application or request by the Issuing Entity to the Indenture Trustee to take
      any action under any provision of this Indenture, the Issuing Entity shall
      furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all
      conditions precedent, if any, provided for in this Indenture relating to the
      proposed action have been complied with and (ii) an Opinion of Counsel stating
      that in the opinion of such counsel all such conditions precedent, if any,
      have
      been complied with, except that, in the case of any such application or request
      as to which the furnishing of such documents is specifically required by any
      provision of this Indenture, no additional certificate or opinion need be
      furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (1)  a
      statement that each signatory of such certificate or opinion has read or has
      caused to be read such covenant or condition and the definitions herein relating
      thereto;

     

    (2)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (3)  a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with;

     

    (4)  a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with; and

     

    (5)  if
      the
      signatory of such certificate or opinion is required to be Independent, the
      statement required by the definition of the term “Independent”.

     

    (b)  Prior
      to
      the deposit of any Collateral or other property or securities with the Indenture
      Trustee that is to be made the basis for the release of any property or
      securities subject to the lien of this Indenture, the Issuing Entity shall,
      in
      addition to any obligation imposed in Section 10.01 (a) or elsewhere in this
      Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
      or stating the opinion of each person signing such certificate as to the fair
      value (within 90 days prior to such deposit) to the Issuing Entity of the
      Collateral or other property or securities to be so deposited and a report
      from
      a nationally recognized accounting firm verifying such value.

     

    (c)  Whenever
      the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to the
      matters described in clause (i) above, the Issuing Entity shall also deliver
      to
      the Indenture Trustee an Independent Certificate from a nationally recognized
      accounting firm as to the same matters, if the fair value of the securities
      to
      be so deposited and of all other such securities made the basis of any such
      withdrawal or release since the commencement of the then current fiscal year
      of
      the Issuing Entity, as set forth in the certificates delivered pursuant to
      clause (i) above and this clause (ii), is 10% or more of the Note Principal
      Balance or Certificate Principal Balance, as applicable, of the Securities,
      but
      such a certificate need not be furnished with respect to any securities so
      deposited, if the fair value thereof as set forth in the related Officer’s
      Certificate is less than $25,000 or less than one percent of the then
      outstanding Note Principal Balance or Certificate Principal Balance, as
      applicable, of the Securities.

     

    (d)  Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of each person signing such
      certificate as to the fair value (within 90 days prior to such release) of
      the
      property or securities proposed to be released and stating that in the opinion
      of such person the proposed release will not impair the security under this
      Indenture in contravention of the provisions hereof.

     

    (e)  Whenever
      the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to the
      matters described in clause (iii) above, the Issuing Entity shall also furnish
      to the Indenture Trustee an Independent Certificate as to the same matters
      if
      the fair value of the property or securities and of all other property or
      securities released from the lien of this Indenture since the commencement
      of
      the then-current calendar year, as set forth in the certificates required by
      clause (iii) above and this clause (iv), equals 10% or more of the Note
      Principal Balance or Certificate Principal Balance, as applicable, of the
      Securities, but such certificate need not be furnished in the case of any
      release of property or securities if the fair value thereof as set forth in
      the
      related Officer’s Certificate is less than $25,000 or less than one percent of
      the then outstanding Note Principal Balance or Certificate Principal Balance,
      as
      applicable, of the Securities.

     

    Section
      10.02  Form
      of Documents Delivered to Indenture Trustee.
      In any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    Any
      certificate or opinion of an Authorized Officer of the Issuing Entity may be
      based, insofar as it relates to legal matters, upon a certificate or opinion
      of,
      or representations by, counsel, unless such officer knows, or in the exercise
      of
      reasonable care should know, that the certificate or opinion or representations
      with respect to the matters upon which his certificate or opinion is based
      are
      erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
      may be based, insofar as it relates to factual matters, upon a certificate
      or
      opinion of, or representations by, an officer or officers of the Sponsor or
      the
      Issuing Entity, stating that the information with respect to such factual
      matters is in the possession of the Sponsor or the Issuing Entity, unless such
      counsel knows, or in the exercise of reasonable care should know, that the
      certificate or opinion or representations with respect to such matters are
      erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuing Entity shall deliver
      any document as a condition of the granting of such application, or as evidence
      of the Issuing Entity’s compliance with any term hereof, it is intended that the
      truth and accuracy, at the time of the granting of such application or at the
      effective date of such certificate or report (as the case may be), of the facts
      and opinions stated in such document shall in such case be conditions precedent
      to the right of the Issuing Entity to have such application granted or to the
      sufficiency of such certificate or report. The foregoing shall not, however,
      be
      construed to affect the Indenture Trustee’s right to rely upon the truth and
      accuracy of any statement or opinion contained in any such document as provided
      in Article VI.

     

    Section
      10.03  Acts
      of Securityholders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Securityholders
      may
      be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Securityholders in person or by agents duly appointed
      in
      writing; and except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Indenture Trustee, and, where it is hereby expressly required, to the Issuing
      Entity. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “Act” of the
      Securityholders signing such instrument or instruments. Proof of execution
      of
      any such instrument or of a writing appointing any such agent shall be
      sufficient for any purpose of this Indenture and (subject to Section 6.01
      hereof) conclusive in favor of the Indenture Trustee and the Issuing Entity,
      if
      made in the manner provided in this Section 10.03 hereof.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c)  The
      ownership of Securities shall be proved by the Note Registrar.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Securities shall bind the Holder of every Security
      issued upon the registration thereof or in exchange therefor or in lieu thereof,
      in respect of anything done, omitted or suffered to be done by the Indenture
      Trustee or the Issuing Entity in reliance thereon, whether or not notation
      of
      such action is made upon such Security.

     

    Section
      10.04  Notices
      etc., to Indenture Trustee, Issuing Entity and Securities
      Administrator.
      Any
      request, demand, authorization, direction, notice, consent, waiver or act of
      Securityholders or other documents provided or permitted by this Indenture
      shall
      be in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or act of Securityholders is to be made upon, given or furnished
      to or filed with:

     

    (a)  the
      Indenture Trustee by any Securityholder or by the Issuing Entity shall be
      sufficient for every purpose hereunder if made, given, furnished or filed in
      writing to or with the Indenture Trustee at the Corporate Trust Office. All
      notices to the Indenture Trustee shall be deemed effective only upon actual
      receipt. The Indenture Trustee shall promptly transmit any material notice
      received by it from the Securityholders to the Issuing Entity; or

     

    (b)  the
      Issuing Entity by the Indenture Trustee or by any Securityholder shall be
      sufficient for every purpose hereunder if made, given, furnished or filed in
      writing and mailed first-class, postage prepaid to the Issuing Entity addressed
      to: American Home Mortgage Investment Trust 2007-1, in care of Wilmington Trust
      Company, City of Wilmington, County of New Castle, State of Delaware at Rodney
      Square North, 1100 North Market Street, Wilmington, DE 19890, or at any other
      address previously furnished in writing to the Indenture Trustee by the Issuing
      Entity. The Issuing Entity shall promptly transmit any notice received by it
      from the Securityholders to the Indenture Trustee; or

     

    (c)  the
      Securities Administrator by the Indenture Trustee, any Securityholder or by
      the
      Issuing Entity shall be sufficient if made, given, furnished or filed in writing
      and mailed first-class, postage prepaid to the Securities Administrator
      addressed to: P.O. Box 98, Columbia, MD 21046 or for overnight deliveries,
      9062
      Old Annapolis Road, Columbia, MD, 21045, Attention: AHM 2007-1, or at any other
      address previously furnished in writing to the Indenture Trustee by the
      Securities Administrator. The Securities Administrator shall promptly transmit
      any written notice received by it from the Securityholders to the Indenture
      Trustee, the Issuing Entity; or

     

    (d)  Notices
      required to be given to the Rating Agencies by the Issuing Entity, the Indenture
      Trustee, the Securities Administrator or the Owner Trustee shall be in writing,
      mailed first-class postage pre-paid, (i) to Standard & Poor’s, at the
      following address: Standard & Poor’s, 55 Water Street, 41st Floor, New York,
      New York 10041, Attention of Asset Backed Surveillance Department; or as to
      each
      of the foregoing, at such other address as shall be designated by written notice
      to the other parties and (ii) to Moody’s, 99 Church Street, New York, New York
      10007, Attention: Home Equity Monitoring, or such other address as may be
      hereafter furnished to the other parties hereto by Moody’s in
      writing.

     

    Section
      10.05  Notices
      to Securityholders; Waiver.
      Where
      this Indenture provides for notice to Securityholders of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      made, given, furnished or filed in writing and mailed, first-class, postage
      prepaid to each Securityholder affected by such event, at such Person’s address
      as it appears on the Note Register, not later than the latest date, and not
      earlier than the earliest date, prescribed for the giving of such notice. In
      any
      case where notice to Securityholders is given by mail, neither the failure
      to
      mail such notice nor any defect in any notice so mailed to any particular
      Securityholder shall affect the sufficiency of such notice with respect to
      other
      Securityholders, and any notice that is mailed in the manner herein provided
      shall conclusively be presumed to have been duly given regardless of whether
      such notice is in fact actually received.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Securityholders shall be filed with the Indenture Trustee but such
      filing shall not be a condition precedent to the validity of any action taken
      in
      reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Securityholders when such notice is required to be given pursuant
      to
      any provision of this Indenture, then any manner of giving such notice as shall
      be satisfactory to the Indenture Trustee shall be deemed to be a sufficient
      giving of such notice.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Securityholders shall be filed with the Indenture Trustee but such
      filing shall not be a condition precedent to the validity of any action taken
      in
      reliance upon such a waiver.

     

    Section
      10.06  Conflict
      with Trust Indenture Act.
      If any
      provision hereof limits, qualifies or conflicts with another provision hereof
      that is required to be included in this Indenture by any of the provisions
      of
      the Trust Indenture Act, such required provision shall control.

     

    The
      provisions of TIA §§ 310 through 317 that impose duties on any Person (including
      the provisions automatically deemed included herein unless expressly excluded
      by
      this Indenture) are a part of and govern this Indenture, whether or not
      physically contained herein.

     

    Section
      10.07  Effect
      of Headings.
      The
      Article and Section headings herein are for convenience only and shall not
      affect the construction hereof.

     

    Section
      10.08  Successors
      and Assigns.
      All
      covenants and agreements in this Indenture and the Securities by the Issuing
      Entity shall bind its successors and assigns, whether so expressed or not.
      All
      agreements of the Indenture Trustee in this Indenture shall bind its successors,
      co-trustees and agents.

     

    Section
      10.09  Separability.
      In case
      any provision in this Indenture or in the Securities shall be invalid, illegal
      or unenforceable, the validity, legality, and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      10.10  [reserved]. 

     

    Section
      10.11  Legal
      Holidays.
      In any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Securities or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    Section
      10.12  GOVERNING
      LAW.
      THIS
      INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS EXCEPT SECTIONS 5-1401
      AND 5-1402 OF NEW YORK GENERAL OBLIGATIONS LAWS, AND THE OBLIGATIONS, RIGHTS
      AND
      REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS.

     

    The
      parties to this Indenture each hereby irrevocably submits to the non exclusive
      jurisdiction of any New York State or federal court sitting in the Borough
      of
      Manhattan in The City of New York in any action or proceeding arising out of
      or
      relating to the Notes, this Indenture or the transactions contemplated hereby,
      and all such parties hereby irrevocably agree that all claims in respect of
      such
      action or proceeding may be heard and determined in such New York State or
      federal court and hereby irrevocably waive, to the fullest extent that they
      may
      legally do so, the defense of an inconvenient forum to the maintenance of such
      action or proceeding. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
      TO
      THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
      BY
      JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
      THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    Section
      10.13  Counterparts.
      This
      Indenture may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      10.14  Recording
      of Indenture.
      If this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuing Entity and at its expense
      accompanied by an Opinion of Counsel at its expense (which may be counsel to
      the
      Indenture Trustee or any other counsel reasonably acceptable to the Indenture
      Trustee) to the effect that such recording is necessary either for the
      protection of the Securityholders or any other Person secured hereunder or
      for
      the enforcement of any right or remedy granted to the Indenture Trustee under
      this Indenture.

     

    Section
      10.15  Issuing
      Entity Obligation.
      No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the
      Securities or under this Indenture or any certificate or other writing delivered
      in connection herewith or therewith, against (i) the Indenture Trustee or the
      Owner Trustee in its individual capacity, (ii) any owner of a beneficial
      interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent,
      officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee in its individual capacity, any holder of a beneficial interest in
      the
      Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor
      or assign of the Indenture Trustee or the Owner Trustee in its individual
      capacity, except as any such Person may have expressly agreed (it being
      understood that the Indenture Trustee and the Owner Trustee have no such
      obligations in their individual capacity) and except that any such partner,
      owner or beneficiary shall be fully liable, to the extent provided by applicable
      law, for any unpaid consideration for stock, unpaid capital contribution or
      failure to pay any installment or call owing to such entity. For all purposes
      of
      this Indenture, in the performance of any duties or obligations of the Issuing
      Entity hereunder, the Owner Trustee shall be subject to, and entitled to the
      benefits of, the terms and provisions of Article VI, VII and VIII of the Trust
      Agreement.

     

    Section
      10.16  No
      Petition.
      The
      Indenture Trustee, by entering into this Indenture, and each Noteholder, by
      accepting a Note, hereby covenant and agree that they will not at any time
      prior
      to one year from the date of termination hereof, institute against the Depositor
      or the Issuing Entity, or join in any institution against the Depositor or
      the
      Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency
      or
      liquidation proceedings, or other proceedings under any United States federal
      or
      state bankruptcy or similar law in connection with any obligations relating
      to
      the Securities, this Indenture or any of the Basic Documents, provided, however,
      that nothing herein shall prohibit the Indenture Trustee from filing proofs
      of
      claim.

     

    Section
      10.17  Inspection.
      The
      Issuing Entity agrees that, at its expense, on reasonable prior notice, it
      shall
      permit any representative of the Indenture Trustee, during the Issuing Entity’s
      normal business hours, to examine all the books of account, records, reports
      and
      other papers of the Issuing Entity, to make copies and extracts therefrom,
      to
      cause such books to be audited by Independent certified public accountants,
      and
      to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing
      Entity’s officers, employees, and Independent certified public accountants, all
      at such reasonable times and as often as may be reasonably requested. The
      Indenture Trustee shall cause its representatives to hold in confidence all
      such
      information except to the extent disclosure may be required by law, regulation,
      administrative or regulatory authority (and all reasonable applications for
      confidential treatment are unavailing) and except to the extent that the
      Indenture Trustee may reasonably determine that such disclosure is consistent
      with its obligations hereunder, provided, however, that the Indenture Trustee
      may disclose such information, on a confidential basis, to its agents, attorneys
      and auditors in connection with the performance of its responsibilities under
      this Indenture.

     

    Section
      10.18  Third
      Party Rights. 

     

    Each
      Swap
      Provider shall be deemed an express third-party beneficiary of this Indenture
      to
      the extent of its express rights to receive any payments under this Indenture
      or
      any
      other express rights of
      such
      Swap Provider explicitly
      stated in this Indenture,
      and
      shall have the right to enforce  such rights under this
      Indenture as if it were a party hereto.

     

     

    ARTICLE
      XI

    REMIC
      CONVERSION

     

    Section
      11.01  Discharge
      of Indenture and Transfer of Mortgage Loans.
      It is
      the intention of all parties to this Indenture that upon the occurrence of
      a
      REMIC Conversion, that:

     

    (i)  There
      shall be a mandatory surrender to the Issuing Entity by the Holders thereof
      of
      the Offered Notes and the Non-Offered Notes, in exchange for (A) the REMIC
      Notes
      and Subsequent Grantor Trust Certificates which shall be issued pursuant to
      the
      REMIC Indenture and (B) the delivery to the Holders of the Non-Offered Notes
      of
      the REMIC Privately Offered Certificates which shall be issued pursuant to
      the
      REMIC Pooling and Servicing Agreement;

     

    (ii)  All
      of
      the Mortgage Loans shall be transferred by the Issuing Entity to the trustee
      named under the REMIC Pooling and Servicing Agreement in exchange for the REMIC
      Certificates and all parties hereto shall sign such REMIC Pooling and Servicing
      Agreement; and

     

    (iii)  Concurrently
      with a REMIC Conversion, this Indenture shall be discharged and terminated
      pursuant to Section 4.10 and Section 8.05 herein, respectively.

     

    Section
      11.02  Conditions
      Precedent to a REMIC Conversion.
      Prior
      to a REMIC Conversion:

     

    (i)  The
      Servicer shall have purchased all the REO properties in the Trust Estate at
      their fair market value;

     

    (ii)  
      the
      party who caused the TMP Trigger Event shall have contributed to the Trust
      Estate an amount equal to any allocation of Realized Losses on the Offered
      Notes, if any, resulting from the sale of the REO properties described in clause
      (i) above; 

     

    (iii)  The
      REMIC
      Pooling and Servicing Agreement, the REMIC Indenture and any necessary
      amendments to any other Basic Document shall have been executed;

     

    (iv)  Opinions
      of Counsel satisfactory to the Owner Trustee, Indenture Trustee, Securities
      Administrator and Depositor regarding the REMIC Conversion, including the
      qualification of any REMICs;

     

    (v)   confirmation
      has been received from the Rating Agencies that the REMIC Conversion will not
      cause the downgrade of any of the rated Notes;

     

    (vi)  the
      entity that delivered notice causing the REMIC Conversion to be undertaken
      shall
      have made provision for payment satisfactory to the Owner Trustee, the Indenture
      Trustee and the Securities Administrator the Paying Agent and the Note Registrar
      and others for any initial or ongoing additional administrative expenses
      associated with the REMIC elections;

     

    (vii)  the
      Grantor Trust has been liquidated pursuant to Section 12.13 hereof;
      and

     

    (viii)  each
      Rating Agency shall receive prior written notice of such TMP Trigger Event
      and
      shall be provided with all new documents relating to the occurrence of a REMIC
      Conversion, including, but not limited to, legal opinions, as to, among other
      things, qualification of the new structure as a REMIC.

     

     

     

    ARTICLE
      XII

    GRANTOR
      TRUST

     

    Section
      12.01  Establishment
      of Grantor Trust; Grantor Trust Designation.
      On the
      Closing Date, there is hereby established a separate Grantor Trust, the assets
      of which shall consist of the of the Interest Rate Swap Agreements, the Class
      A
      Notes, the Swap Collateral Accounts and the Swap Accounts. The Grantor Trust
      Certificates are hereby designated as undivided beneficial interests in the
      Grantor Trust, which trust shall be treated as a grantor trust within the
      meaning of subpart E, Part I of subchapter J of the Code. For federal income
      tax
      purposes, the Grantor Trust, including the Swap Accounts and Swap Collateral
      Accounts, shall be owned by the Grantor Trust Certificates. Amounts payable
      by
      the Securities Administrator on behalf of the Grantor Trust to the Swap
      Providers and amounts payable from the Swap Providers to the Swap Accounts
      pursuant to each Interest Rate Swap Agreement will be allocated in accordance
      with Section 12.14 hereof.

     

    Section
      12.02  Deposit
      of Class A Notes in the Grantor Trust.

     

    Solely
      in
      order to facilitate the issuance of the Grantor Trust Certificates pursuant
      to
      this Article XII, on the Closing Date the Depositor will transfer the Class
      A
      Notes to AHMA AHMIT Trust, which will then simultaneously transfer the Class
      A
      Notes to the Grantor Trust.

     

    Section
      12.03  Grantor
      Trust Reporting.

     

    (a)  The
      Grantor Trust is a WHFIT that is a NMWHFIT. The Securities Administrator will
      report as required under the WHFIT Regulations to the extent such information
      as
      is reasonably necessary to enable the Securities Administrator to do so is
      provided to the Securities Administrator on a timely basis. The Depositor shall
      provide the Securities Administrator with information identifying any
Holders
      of Grantor Trust Certificates
      that are
“middlemen” as defined by the WHFIT Regulations. The Securities Administrator
      will not be liable for any tax reporting penalties that may arise under the
      WHFIT Regulations as a result of the Depositor incorrectly determining the
      status of the Grantor Trust as a WHFIT.

     

    (b)  The
      Securities Administrator, in its discretion, will report required WHFIT
      information using either the cash or accrual method, except to the extent the
      WHFIT Regulations specifically require a different method. The Securities
      Administrator will be under no obligation to determine whether Holder of a
      Grantor Trust Certificates uses the cash or accrual method. The Securities
      Administrator will make available WHFIT information to the Holders of Grantor
      Trust Certificates annually. In addition, the Securities Administrator will
      not
      be responsible or liable for providing subsequently amended, revised or updated
      information to any certificate holder, unless requested by a Holder of a Grantor
      Trust Certificate.

     

    (c)  The
      Securities Administrator shall not be liable for failure to meet the reporting
      requirements of the WHFIT Regulations nor for any penalties thereunder if such
      failure is due to: (i) the lack of reasonably necessary information being
      provided to the Securities Administrator, (ii) incomplete, inaccurate or
      untimely information being provided to the Securities Administrator or (iii)
      the
      inability of the Securities Administrator, after good faith efforts, to alter
      its existing information reporting systems to capture information necessary
      to
      fully comply with the WHFIT Regulations for the 2007 calendar year. Each Holder
      of a Grantor Trust Certificate, by acceptance of its interest in such class
      of
      Securities, will be deemed to have agreed to provide the Securities
      Administrator with information regarding any sale of such Securities, including
      the price, amount of proceeds and date of sale. Absent receipt of such
      information, and unless informed otherwise by the Depositor, the Securities
      Administrator will assume there is no secondary market trading of WHFIT
      interests.

     

    (d)  To
      the
      extent required by the WHFIT Regulations, the Securities Administrator will
      use
      reasonable efforts to publish on an appropriate website the CUSIPs for the
      Grantor Trust Certificates. The Securities Administrator will make reasonable
      good faith efforts to keep the website accurate and updated to the extent CUSIPs
      have been received. Absent the receipt of a CUSIP, the Securities Administrator
      will use a reasonable identifier number in lieu of a CUSIP. The Securities
      Administrator will not be liable for investor reporting delays that result
      from
      the receipt of inaccurate or untimely CUSIP information.

     

    (e)  The
      Securities Administrator shall be entitled to additional reasonable compensation
      for changes in reporting required in respect of the WHFIT Regulations that
      arise
      as a result of a change in the WHFIT Regulations or a change in interpretation
      of the WHFIT Regulations by the IRS or the Depositor or its counsel, if such
      change requires, in the Securities Administrator’s sole discretion, a material
      increase in the Securities Administrator’s reporting obligations in respect of
      the Grantor Trust.

     

    Section
      12.04  Class
      A-1-A Swap Agreement; Establishment of Class A-1-A Swap Account.

     

    The
      Issuing Entity hereby directs the Grantor Trust Trustee, solely in its capacity
      as trustee of the Grantor Trust, to enter into and execute the Class A-1-A
      Swap
      Agreement and make all representations and warranties contained therein on
      behalf of the Issuing Entity.

     

    No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account on behalf of the Grantor Trust Trustee
      (the
“Class A-1-A Swap Account”), for the benefit of the Class A-1-A
      Certificateholders and the Class IO-P Certificates. Such account shall be an
      Eligible Account and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other monies, including, without
      limitation, other monies of the Securities Administrator held pursuant to this
      Indenture. Amounts in the Class A-1-A Swap Account shall be held uninvested.
      Funds on deposit in the Class A-1-A Swap Account shall be distributed in the
      amounts and in the order of priority described under Section 12.14
      hereof.

     

    In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Class A-1-A Swap Agreement (including, without limitation, its obligation to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Class
      A-1-A Swap Agreement) occurs with respect to the Class A-1-A Swap Agreement,
      the
      Securities Administrator shall, promptly following actual notice of such
      failure, breach or event, notify the Depositor and send any notices and make
      any
      demands, on behalf of the Grantor Trust, required to enforce the rights of
      the
      Grantor Trust under the Class A-1-A Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Class A-1-A Swap Agreement (such guaranty the “Class
      A-1-A Swap Guaranty” and such third party the “Class A-1-A Swap Guarantor”),
      then to the extent that the Swap Provider fails to make any payment by the
      close
      of business on the day it is required to make payment under the terms of the
      Class A-1-A Swap Agreement, the Securities Administrator shall, promptly
      following actual notice of the Swap Provider’s failure to pay and provided that
      the Securities Administrator shall have been notified of the Class A-1-A Swap
      Guaranty made by the Class A-1-A Swap Guarantor in favor of the Swap Provider,
      demand that the Class A-1-A Swap Guarantor make any and all payments then
      required to be made by the Class A-1-A Swap Guarantor pursuant to such Class
      A-1-A Swap Guaranty; provided, that the Securities Administrator shall in no
      event be liable for any failure or delay in the performance by the Swap Provider
      or any Class A-1-A Swap Guarantor of its obligations hereunder or pursuant
      to
      the Class A-1-A Swap Agreement and the Class A-1-A Swap Guaranty, nor for any
      special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an
      Early Termination (as defined in the Class A-1-A Swap Agreement) of the Class
      A-1-A Swap Agreement, the Depositor
      will use
      reasonable efforts to appoint a successor swap provider to enter into a new
      interest rate swap agreement with the Grantor Trust Trustee on terms
      substantially similar to the Class A-1-A Swap Agreement, with a successor swap
      provider meeting all applicable eligibility requirements.

     

    Section
      12.05  Class
      A-1-B Swap Agreement; Establishment of Class A-1-B Swap Account.

     

    The
      Issuing Entity hereby directs the Grantor Trust Trustee, solely in its capacity
      as trustee of the Grantor Trust, to enter into and execute the Class A-1-B
      Swap
      Agreement and make all representations and warranties contained therein on
      behalf of the Issuing Entity.

     

    No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account on behalf of the Grantor Trust Trustee
      (the
“Class A-1-B Swap Account”), for the benefit of the Class A-1-B
      Certificateholders and the Class IO-P Certificates. Such account shall be an
      Eligible Account and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other monies, including, without
      limitation, other monies of the Securities Administrator held pursuant to this
      Indenture. Amounts in the Class A-1-B Swap Account shall be held uninvested.
      Funds on deposit in the Class A-1-B Swap Account shall be distributed in the
      amounts and in the order of priority described under Section 12.14
      hereof.

     

    In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Class A-1-B Swap Agreement (including, without limitation, its obligation to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Class
      A-1-B Swap Agreement) occurs with respect to the Class A-1-B Swap Agreement,
      the
      Securities Administrator shall, promptly following actual notice of such
      failure, breach or event, notify the Depositor and send any notices and make
      any
      demands, on behalf of the Grantor Trust, required to enforce the rights of
      the
      Grantor Trust under the Class A-1-B Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Class A-1-B Swap Agreement (such guaranty the “Class
      A-1-B Swap Guaranty” and such third party the “Class A-1-B Swap Guarantor”),
      then to the extent that the Swap Provider fails to make any payment by the
      close
      of business on the day it is required to make payment under the terms of the
      Class A-1-B Swap Agreement, the Securities Administrator shall, promptly
      following actual notice of the Swap Provider’s failure to pay and provided that
      the Securities Administrator shall have been notified of the Class A-1-B Swap
      Guaranty made by the Class A-1-B Swap Guarantor in favor of the Swap Provider,
      demand that the Class A-1-B Swap Guarantor make any and all payments then
      required to be made by the Class A-1-B Swap Guarantor pursuant to such Class
      A-1-B Swap Guaranty; provided, that the Securities Administrator shall in no
      event be liable for any failure or delay in the performance by the Swap Provider
      or any Class A-1-B Swap Guarantor of its obligations hereunder or pursuant
      to
      the Class A-1-B Swap Agreement and the Class A-1-B Swap Guaranty, nor for any
      special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an
      Early Termination (as defined in the Class A-1-B Swap Agreement) of the Class
      A-1-B Swap Agreement, the Depositor will use reasonable efforts to appoint
      a
      successor swap provider to enter into a new interest rate swap agreement with
      the Grantor Trust Trustee on terms substantially similar to the Class A-1-B
      Swap
      Agreement, with a successor swap provider meeting all applicable eligibility
      requirements.

     

    Section
      12.06  Class
      A-1-C Swap Agreement; Establishment of Class A-1-C Swap Account.

     

    The
      Issuing Entity hereby directs the Grantor Trust Trustee, solely in its capacity
      as trustee of the Grantor Trust, to enter into and execute the Class A-1-C
      Swap
      Agreement and make all representations and warranties contained therein on
      behalf of the Issuing Entity.

     

    No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account on behalf of the Grantor Trust Trustee
      (the
“Class A-1-C Swap Account”), for the benefit of the Class A-1-C
      Certificateholders and the Class IO-P Certificates. Such account shall be an
      Eligible Account and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other monies, including, without
      limitation, other monies of the Securities Administrator held pursuant to this
      Indenture. Amounts in the Class A-1-C Swap Account shall be held uninvested.
      Funds on deposit in the Class A-1-C Swap Account shall be distributed in the
      amounts and in the order of priority described under Section 12.14
      hereof.

     

    In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Class A-1-C Swap Agreement (including, without limitation, its obligation to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Class
      A-1-C Swap Agreement) occurs with respect to the Class A-1-C Swap Agreement,
      the
      Securities Administrator shall, promptly following actual notice of such
      failure, breach or event, notify the Depositor and send any notices and make
      any
      demands, on behalf of the Grantor Trust, required to enforce the rights of
      the
      Grantor Trust under the Class A-1-C Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Class A-1-C Swap Agreement (such guaranty the “Class
      A-1-C Swap Guaranty” and such third party the “Class A-1-C Swap Guarantor”),
      then to the extent that the Swap Provider fails to make any payment by the
      close
      of business on the day it is required to make payment under the terms of the
      Class A-1-C Swap Agreement, the Securities Administrator shall, promptly
      following actual notice of the Swap Provider’s failure to pay and provided that
      the Securities Administrator shall have been notified of the Class A-1-C Swap
      Guaranty made by the Class A-1-C Swap Guarantor in favor of the Swap Provider,
      demand that the Class A-1-C Swap Guarantor make any and all payments then
      required to be made by the Class A-1-C Swap Guarantor pursuant to such Class
      A-1-C Swap Guaranty; provided, that the Securities Administrator shall in no
      event be liable for any failure or delay in the performance by the Swap Provider
      or any Class A-1-C Swap Guarantor of its obligations hereunder or pursuant
      to
      the Class A-1-C Swap Agreement and the Class A-1-C Swap Guaranty, nor for any
      special, indirect or consequential loss or damage of any kind whatsoever
      (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an
      Early Termination (as defined in the Class A-1-C Swap Agreement) of the Class
      A-1-C Swap Agreement, the Depositor will use reasonable efforts to appoint
      a
      successor swap provider to enter into a new interest rate swap agreement with
      the Grantor Trust Trustee on terms substantially similar to the Class A-1-C
      Swap
      Agreement, with a successor swap provider meeting all applicable eligibility
      requirements.

     

    Section
      12.07  Class
      A-2 Swap Agreement; Establishment of Class A-2 Swap Account.

     

    The
      Issuing Entity hereby directs the Grantor Trust Trustee, solely in its capacity
      as trustee of the Grantor Trust, to enter into and execute the Class A-2 Swap
      Agreement and make all representations and warranties contained therein on
      behalf of the Issuing Entity.

     

    No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account on behalf of the Grantor Trust Trustee
      (the
“Class A-2 Swap Account”), for the benefit of the Class A-2 Certificateholders
      and the Class IO-P Certificates. Such account shall be an Eligible Account
      and
      funds on deposit therein shall be held separate and apart from, and shall not
      be
      commingled with, any other monies, including, without limitation, other monies
      of the Securities Administrator held pursuant to this Indenture. Amounts in
      the
      Class A-2 Swap Account shall be held uninvested. Funds on deposit in the Class
      A-2 Swap Account shall be distributed in the amounts and in the order of
      priority described under Section 12.14 hereof.

     

    In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Class A-2 Swap Agreement (including, without limitation, its obligation to
      make
      any payment or transfer collateral), or breaches any of its representations
      and
      warranties thereunder, or in the event that any Event of Default, Termination
      Event, or Additional Termination Event (each as defined in the Class A-2 Swap
      Agreement) occurs with respect to the Class A-2 Swap Agreement, the Securities
      Administrator shall, promptly following actual notice of such failure, breach
      or
      event, notify the Depositor and send any notices and make any demands, on behalf
      of the Grantor Trust, required to enforce the rights of the Grantor Trust under
      the Class A-2 Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Class A-2 Swap Agreement (such guaranty the “Class
      A-2 Swap Guaranty” and such third party the “Class A-2 Swap Guarantor”), then to
      the extent that the Swap Provider fails to make any payment by the close of
      business on the day it is required to make payment under the terms of the Class
      A-2 Swap Agreement, the Securities Administrator shall, promptly following
      actual notice of the Swap Provider’s failure to pay and provided that the
      Securities Administrator shall have been notified of the Class A-2 Swap Guaranty
      made by the Class A-2 Swap Guarantor in favor of the Swap Provider, demand
      that
      the Class A-2 Swap Guarantor make any and all payments then required to be
      made
      by the Class A-2 Swap Guarantor pursuant to such Class A-2 Swap Guaranty;
      provided, that the Securities Administrator shall in no event be liable for
      any
      failure or delay in the performance by the Swap Provider or any Class A-2 Swap
      Guarantor of its obligations hereunder or pursuant to the Class A-2 Swap
      Agreement and the Class A-2 Swap Guaranty, nor for any special, indirect or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits) in connection therewith.

     

    Upon
      an
      Early Termination (as defined in the Class A-2 Swap Agreement) of the Class
      A-2
      Swap Agreement, the Depositor will use reasonable efforts to appoint a successor
      swap provider to enter into a new interest rate swap agreement with the Grantor
      Trust Trustee on terms substantially similar to the Class A-2 Swap Agreement,
      with a successor swap provider meeting all applicable eligibility
      requirements.

     

    Section
      12.08  Class
      A-3 Swap Agreement; Establishment of Class A-3 Swap Account.

     

    The
      Issuing Entity hereby directs the Grantor Trust Trustee, solely in its capacity
      as trustee of the Grantor Trust, to enter into and execute the Class A-3 Swap
      Agreement and make all representations and warranties contained therein on
      behalf of the Issuing Entity.

     

    No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account on behalf of the Grantor Trust Trustee
      (the
“Class A-3 Swap Account”), for the benefit of the Class A-3 Certificateholders
      and the Class IO-P Certificates. Such account shall be an Eligible Account
      and
      funds on deposit therein shall be held separate and apart from, and shall not
      be
      commingled with, any other monies, including, without limitation, other monies
      of the Securities Administrator held pursuant to this Indenture. Amounts in
      the
      Class A-3 Swap Account shall be held uninvested. Funds on deposit in the Class
      A-3 Swap Account shall be distributed in the amounts and in the order of
      priority described under Section 12.14 hereof.

     

    In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Class A-3 Swap Agreement (including, without limitation, its obligation to
      make
      any payment or transfer collateral), or breaches any of its representations
      and
      warranties thereunder, or in the event that any Event of Default, Termination
      Event, or Additional Termination Event (each as defined in the Class A-3 Swap
      Agreement) occurs with respect to the Class A-3 Swap Agreement, the Securities
      Administrator shall, promptly following actual notice of such failure, breach
      or
      event, notify the Depositor and send any notices and make any demands, on behalf
      of the Grantor Trust, required to enforce the rights of the Grantor Trust under
      the Class A-3 Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Class A-3 Swap Agreement (such guaranty the “Class
      A-3 Swap Guaranty” and such third party the “Class A-3 Swap Guarantor”), then to
      the extent that the Swap Provider fails to make any payment by the close of
      business on the day it is required to make payment under the terms of the Class
      A-3 Swap Agreement, the Securities Administrator shall, promptly following
      actual notice of the Swap Provider’s failure to pay and provided that the
      Securities Administrator shall have been notified of the Class A-3 Swap Guaranty
      made by the Class A-3 Swap Guarantor in favor of the Swap Provider, demand
      that
      the Class A-3 Swap Guarantor make any and all payments then required to be
      made
      by the Class A-3 Swap Guarantor pursuant to such Class A-3 Swap Guaranty;
      provided, that the Securities Administrator shall in no event be liable for
      any
      failure or delay in the performance by the Swap Provider or any Class A-3 Swap
      Guarantor of its obligations hereunder or pursuant to the Class A-3 Swap
      Agreement and the Class A-3 Swap Guaranty, nor for any special, indirect or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits) in connection therewith.

     

    Upon
      an
      Early Termination (as defined in the Class A-3 Swap Agreement) of the Class
      A-3
      Swap Agreement, the Depositor will use reasonable efforts to appoint a successor
      swap provider to enter into a new interest rate swap agreement with the Grantor
      Trust Trustee on terms substantially similar to the Class A-3 Swap Agreement,
      with a successor swap provider meeting all applicable eligibility
      requirements.

     

    Section
      12.09  Class
      A-1-A Swap Credit Support Annex.

     

    The
      Securities Administrator is hereby directed to perform the obligations of the
      custodian as defined under the Class A-1-A Swap Credit Support Annex (the “Class
      A-1-A Swap Custodian”).

     

    On
      or
      before the Closing Date, the Class A-1-A Swap Custodian shall establish a
      collateral account (the “Class A-1-A Swap Collateral Account”). The Class A-1-A
      Swap Collateral Account shall be held in the name of the Class A-1-A Swap
      Custodian in trust for the benefit of the Holders of Class A-1-A Certificates.
      The Class A-1-A Swap Collateral Account must be an Eligible Account and shall
      be
      entitled “American Home Mortgage Investment Trust 2007-1, Mortgage-Backed Notes
      and Grantor Trust Certificates, Series 2007-1, Class A-1-A Swap Collateral
      Account, Wells Fargo Bank, N.A., as Class A-1-A Swap Custodian for the benefit
      of holders of American Home Mortgage Investment Trust 2007-1, Mortgage-Backed
      Notes and Grantor Trust Certificates, Class A-1-A Certificates, Series
      2007-1.”

     

    The
      Class
      A-1-A Swap Custodian shall credit to the Class A-1-A Swap Collateral Account
      all
      collateral (whether in the form of cash or securities) posted by the Swap
      Provider to secure the obligations of the Swap Provider in accordance with
      the
      terms of the Class A-1-A Swap Agreement. Except for investment earnings, the
      Swap Provider shall not have any legal, equitable or beneficial interest in
      the
      Class A-1-A Swap Collateral Account other than in accordance with this
      Agreement, the Class A-1-A Swap Agreement and applicable law. The Class A-1-A
      Swap Custodian shall maintain and apply all collateral and earnings thereon
      on
      deposit in the Class A-1-A Swap Collateral Account in accordance with Class
      A-1-A Swap Credit Support Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Class A-1-A Swap
      Credit Support Annex shall be invested at the direction of the Swap Provider
      in
      Eligible Investments in accordance with the requirements of the Class A-1-A
      Swap
      Credit Support Annex. All amounts earned on amounts on deposit in the Class
      A-1-A Swap Collateral Account (whether cash collateral or securities) shall
      be
      for the account of and taxable to the Swap Provider.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Class A-1-A Swap Agreement) with respect to the Class A-1-A Swap Provider or
      upon occurrence or designation of an Early Termination Date (as defined in
      the
      an Event of Default or Specified Condition (each as defined in the) as a result
      of any such Event of Default or Specified Condition with respect to the Class
      A-1-A Swap Provider, and, in either such case, unless the Class A-1-A Swap
      Provider has paid in full all of its Obligations (as defined in the Class A-1-A
      Swap Credit Support Annex) that are then due, then any collateral posted by
      the
      Class A-1-A Swap Provider in accordance with the Class A-1-A Swap Credit Support
      Annex shall be applied to the payment of any Obligations due to Party B (as
      defined in the Class A-1-A Swap Agreement) in accordance with the Class A-1-A
      Swap Credit Support Annex. To the extent the Class A-1-A Swap Custodian is
      required to return any of the Posted Collateral to the Class A-1-A Swap Provider
      under the terms of the Class A-1-A Swap Credit Support Annex, the Class A-1-A
      Swap Custodian shall return such collateral in accordance with the terms of
      the
      Class A-1-A Swap Credit Support Annex.

     

    Section
      12.10  Class
      A-1-B Swap Credit Support Annex.

     

    The
      Securities Administrator is hereby directed to perform the obligations of the
      custodian as defined under the Class A-1-B Swap Credit Support Annex (the “Class
      A-1-B Swap Custodian”).

     

    On
      or
      before the Closing Date, the Class A-1-B Swap Custodian shall establish a
      collateral account (the “Class A-1-B Swap Collateral Account”). The Class A-1-B
      Swap Collateral Account shall be held in the name of the Class A-1-B Swap
      Custodian in trust for the benefit of the Holders of Class A-1-B Certificates.
      The Class A-1-B Swap Collateral Account must be an Eligible Account and shall
      be
      entitled “American Home Mortgage Investment Trust 2007-1, Mortgage-Backed Notes
      and Grantor Trust Certificates, Series 2007-1, Class A-1-B Swap Collateral
      Account, Wells Fargo Bank, N.A., as Class A-1-B Swap Custodian for the benefit
      of holders of American Home Mortgage Investment Trust 2007-1, Mortgage-Backed
      Notes and Grantor Trust Certificates, Class A-1-B Certificates, Series
      2007-1.”

     

    The
      Class
      A-1-B Swap Custodian shall credit to the Class A-1-B Swap Collateral Account
      all
      collateral (whether in the form of cash or securities) posted by the Swap
      Provider to secure the obligations of the Swap Provider in accordance with
      the
      terms of the Class A-1-B Swap Agreement. Except for investment earnings, the
      Swap Provider shall not have any legal, equitable or beneficial interest in
      the
      Class A-1-B Swap Collateral Account other than in accordance with this
      Agreement, the Class A-1-B Swap Agreement and applicable law. The Class A-1-B
      Swap Custodian shall maintain and apply all collateral and earnings thereon
      on
      deposit in the Class A-1-B Swap Collateral Account in accordance with Class
      A-1-B Swap Credit Support Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Class A-1-B Swap
      Credit Support Annex shall be invested at the direction of the Swap Provider
      in
      Eligible Investments in accordance with the requirements of the Class A-1-B
      Swap
      Credit Support Annex. All amounts earned on amounts on deposit in the Class
      A-1-B Swap Collateral Account (whether cash collateral or securities) shall
      be
      for the account of and taxable to the Swap Provider.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Class A-1-B Swap Agreement) with respect to the Class A-1-B Swap Provider or
      upon occurrence or designation of an Early Termination Date (as defined in
      the
      an Event of Default or Specified Condition (each as defined in the) as a result
      of any such Event of Default or Specified Condition with respect to the Class
      A-1-B Swap Provider, and, in either such case, unless the Class A-1-B Swap
      Provider has paid in full all of its Obligations (as defined in the Class A-1-B
      Swap Credit Support Annex) that are then due, then any collateral posted by
      the
      Class A-1-B Swap Provider in accordance with the Class A-1-B Swap Credit Support
      Annex shall be applied to the payment of any Obligations due to Party B (as
      defined in the Class A-1-B Swap Agreement) in accordance with the Class A-1-B
      Swap Credit Support Annex. To the extent the Class A-1-B Swap Custodian is
      required to return any of the Posted Collateral to the Class A-1-B Swap Provider
      under the terms of the Class A-1-B Swap Credit Support Annex, the Class A-1-B
      Swap Custodian shall return such collateral in accordance with the terms of
      the
      Class A-1-B Swap Credit Support Annex.

     

    Section
      12.11  Class
      A-1-C Swap Credit Support Annex.

     

    The
      Securities Administrator is hereby directed to perform the obligations of the
      custodian as defined under the Class A-1-C Swap Credit Support Annex (the “Class
      A-1-C Swap Custodian”).

     

    On
      or
      before the Closing Date, the Class A-1-C Swap Custodian shall establish a
      collateral account (the “Class A-1-C Swap Collateral Account”). The Class A-1-C
      Swap Collateral Account shall be held in the name of the Class A-1-C Swap
      Custodian in trust for the benefit of the Holders of Class A-1-C Certificates.
      The Class A-1-C Swap Collateral Account must be an Eligible Account and shall
      be
      entitled “American Home Mortgage Investment Trust 2007-1, Mortgage-Backed Notes
      and Grantor Trust Certificates, Series 2007-1, Class A-1-C Swap Collateral
      Account, Wells Fargo Bank, N.A., as Class A-1-C Swap Custodian for the benefit
      of holders of American Home Mortgage Investment Trust 2007-1, Mortgage-Backed
      Notes and Grantor Trust Certificates, Class A-1-C Certificates, Series
      2007-1.”

     

    The
      Class
      A-1-C Swap Custodian shall credit to the Class A-1-C Swap Collateral Account
      all
      collateral (whether in the form of cash or securities) posted by the Swap
      Provider to secure the obligations of the Swap Provider in accordance with
      the
      terms of the Class A-1-C Swap Agreement. Except for investment earnings, the
      Swap Provider shall not have any legal, equitable or beneficial interest in
      the
      Class A-1-C Swap Collateral Account other than in accordance with this
      Agreement, the Class A-1-C Swap Agreement and applicable law. The Class A-1-C
      Swap Custodian shall maintain and apply all collateral and earnings thereon
      on
      deposit in the Class A-1-C Swap Collateral Account in accordance with Class
      A-1-C Swap Credit Support Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Class A-1-C Swap
      Credit Support Annex shall be invested at the direction of the Swap Provider
      in
      Eligible Investments in accordance with the requirements of the Class A-1-C
      Swap
      Credit Support Annex. All amounts earned on amounts on deposit in the Class
      A-1-C Swap Collateral Account (whether cash collateral or securities) shall
      be
      for the account of and taxable to the Swap Provider.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Class A-1-C Swap Agreement) with respect to the Class A-1-C Swap Provider or
      upon occurrence or designation of an Early Termination Date (as defined in
      the
      an Event of Default or Specified Condition (each as defined in the) as a result
      of any such Event of Default or Specified Condition with respect to the Class
      A-1-C Swap Provider, and, in either such case, unless the Class A-1-C Swap
      Provider has paid in full all of its Obligations (as defined in the Class A-1-C
      Swap Credit Support Annex) that are then due, then any collateral posted by
      the
      Class A-1-C Swap Provider in accordance with the Class A-1-C Swap Credit Support
      Annex shall be applied to the payment of any Obligations due to Party B (as
      defined in the Class A-1-C Swap Agreement) in accordance with the Class A-1-C
      Swap Credit Support Annex. To the extent the Class A-1-C Swap Custodian is
      required to return any of the Posted Collateral to the Class A-1-C Swap Provider
      under the terms of the Class A-1-C Swap Credit Support Annex, the Class A-1-C
      Swap Custodian shall return such collateral in accordance with the terms of
      the
      Class A-1-C Swap Credit Support Annex.

     

    Section
      12.12  Class
      A-2 Swap Credit Support Annex.

     

    The
      Securities Administrator is hereby directed to perform the obligations of the
      custodian as defined under the Class A-2 Swap Credit Support Annex (the “Class
      A-2 Swap Custodian”).

     

    On
      or
      before the Closing Date, the Class A-2 Swap Custodian shall establish a
      collateral account (the “Class A-2 Swap Collateral Account”). The Class A-2 Swap
      Collateral Account shall be held in the name of the Class A-2 Swap Custodian
      in
      trust for the benefit of the Holders of Class A-2 Certificates. The Class A-2
      Swap Collateral Account must be an Eligible Account and shall be entitled
“American Home Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and
      Grantor Trust Certificates, Series 2007-1, Class A-2 Swap Collateral Account,
      Wells Fargo Bank, N.A., as Class A-2 Swap Custodian for the benefit of holders
      of American Home Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and
      Grantor Trust Certificates, Class A-2 Certificates, Series 2007-1.”

     

    The
      Class
      A-2 Swap Custodian shall credit to the Class A-2 Swap Collateral Account all
      collateral (whether in the form of cash or securities) posted by the Swap
      Provider to secure the obligations of the Swap Provider in accordance with
      the
      terms of the Class A-2 Swap Agreement. Except for investment earnings, the
      Swap
      Provider shall not have any legal, equitable or beneficial interest in the
      Class
      A-2 Swap Collateral Account other than in accordance with this Agreement, the
      Class A-2 Swap Agreement and applicable law. The Class A-2 Swap Custodian shall
      maintain and apply all collateral and earnings thereon on deposit in the Class
      A-2 Swap Collateral Account in accordance with Class A-2 Swap Credit Support
      Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Class A-2 Swap
      Credit Support Annex shall be invested at the direction of the Swap Provider
      in
      Eligible Investments in accordance with the requirements of the Class A-2 Swap
      Credit Support Annex. All amounts earned on amounts on deposit in the Class
      A-2
      Swap Collateral Account (whether cash collateral or securities) shall be for
      the
      account of and taxable to the Swap Provider.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Class A-2 Swap Agreement) with respect to the Class A-2 Swap Provider or upon
      occurrence or designation of an Early Termination Date (as defined in the an
      Event of Default or Specified Condition (each as defined in the) as a result
      of
      any such Event of Default or Specified Condition with respect to the Class
      A-2
      Swap Provider, and, in either such case, unless the Class A-2 Swap Provider
      has
      paid in full all of its Obligations (as defined in the Class A-2 Swap Credit
      Support Annex) that are then due, then any collateral posted by the Class A-2
      Swap Provider in accordance with the Class A-2 Swap Credit Support Annex shall
      be applied to the payment of any Obligations due to Party B (as defined in
      the
      Class A-2 Swap Agreement) in accordance with the Class A-2 Swap Credit Support
      Annex. To the extent the Class A-2 Swap Custodian is required to return any
      of
      the Posted Collateral to the Class A-2 Swap Provider under the terms of the
      Class A-2 Swap Credit Support Annex, the Class A-2 Swap Custodian shall return
      such collateral in accordance with the terms of the Class A-2 Swap Credit
      Support Annex.

     

    Section
      12.13  Class
      A-3 Swap Credit Support Annex.

     

    The
      Securities Administrator is hereby directed to perform the obligations of the
      custodian as defined under the Class A-3 Swap Credit Support Annex (the “Class
      A-3 Swap Custodian”).

     

    On
      or
      before the Closing Date, the Class A-3 Swap Custodian shall establish a
      collateral account (the “Class A-3 Swap Collateral Account”). The Class A-3 Swap
      Collateral Account shall be held in the name of the Class A-3 Swap Custodian
      in
      trust for the benefit of the Holders of Class A-3 Certificates. The Class A-3
      Swap Collateral Account must be an Eligible Account and shall be entitled
“American Home Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and
      Grantor Trust Certificates, Series 2007-1, Class A-3 Swap Collateral Account,
      Wells Fargo Bank, N.A., as Class A-3 Swap Custodian for the benefit of holders
      of American Home Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and
      Grantor Trust Certificates, Class A-3 Certificates, Series 2007-1.”

     

    The
      Class
      A-3 Swap Custodian shall credit to the Class A-3 Swap Collateral Account all
      collateral (whether in the form of cash or securities) posted by the Swap
      Provider to secure the obligations of the Swap Provider in accordance with
      the
      terms of the Class A-3 Swap Agreement. Except for investment earnings, the
      Swap
      Provider shall not have any legal, equitable or beneficial interest in the
      Class
      A-3 Swap Collateral Account other than in accordance with this Agreement, the
      Class A-3 Swap Agreement and applicable law. The Class A-3 Swap Custodian shall
      maintain and apply all collateral and earnings thereon on deposit in the Class
      A-3 Swap Collateral Account in accordance with Class A-3 Swap Credit Support
      Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Class A-3 Swap
      Credit Support Annex shall be invested at the direction of the Swap Provider
      in
      Eligible Investments in accordance with the requirements of the Class A-3 Swap
      Credit Support Annex. All amounts earned on amounts on deposit in the Class
      A-3
      Swap Collateral Account (whether cash collateral or securities) shall be for
      the
      account of and taxable to the Swap Provider.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Class A-3 Swap Agreement) with respect to the Class A-3 Swap Provider or upon
      occurrence or designation of an Early Termination Date (as defined in the an
      Event of Default or Specified Condition (each as defined in the) as a result
      of
      any such Event of Default or Specified Condition with respect to the Class
      A-3
      Swap Provider, and, in either such case, unless the Class A-3 Swap Provider
      has
      paid in full all of its Obligations (as defined in the Class A-3 Swap Credit
      Support Annex) that are then due, then any collateral posted by the Class A-3
      Swap Provider in accordance with the Class A-3 Swap Credit Support Annex shall
      be applied to the payment of any Obligations due to Party B (as defined in
      the
      Class A-3 Swap Agreement) in accordance with the Class A-3 Swap Credit Support
      Annex. To the extent the Class A-3 Swap Custodian is required to return any
      of
      the Posted Collateral to the Class A-3 Swap Provider under the terms of the
      Class A-3 Swap Credit Support Annex, the Class A-3 Swap Custodian shall return
      such collateral in accordance with the terms of the Class A-3 Swap Credit
      Support Annex.

     

    Section
      12.14  Payments
      from Grantor Trust.

     

    On
      each
      Distribution Date on
      or
      prior to the related Swap Agreement Termination Date, the Securities
      Administrator, on behalf of the Grantor Trust, shall distribute, from funds
      on
      deposit in the applicable Swap Account, the following amounts to the Grantor
      Trust Certificates and Swap Provider in the following order of
      priority:

     

    (a)  from
      amounts on deposit in the Class A-1-A, Class A-1-B, Class A-1-C, Class A-2
      and
      Class A-3 Swap Accounts, to the Holders of the Class IO-P
      Certificates:

     

    (i)  an
      amount
      equal to the sum of the Class A-1-A Fixed Strip Fee, the Class A-1-B Fixed
      Strip
      Fee, the Class A-1-C Fixed Strip Fee, the Class A-2 Fixed Strip Fee and the
      Class A-3 Fixed Strip Fee; and

     

    (ii)  an
      amount
      equal to the sum of (v) any Class A-1-A Prepayment Yield Amount paid to the
      Class A-1-A Notes pursuant to Section 3.05(c)(i) hereof, (w) any Class A-1-B
      Prepayment Yield Amount paid to the Class A-1-B Notes pursuant to Section
      3.05(c)(i) hereof, (x) any Class A-1-C Prepayment Yield Amount paid to the
      Class
      A-1-C Notes pursuant to Section 3.05(c)(i) hereof, (y) any Class A-2 Prepayment
      Yield Amount paid to the Class A-2 Notes pursuant to Section 3.05(c)(i) hereof
      and (z) any Class A-3 Prepayment Yield Amount paid to the Class A-3 Notes
      pursuant to Section 3.05(c)(i) hereof.

     

    (b)  on
      each
      Payment Date on or prior to the related Swap Agreement Termination Date,
      concurrently:

     

    (i)  concurrently,
      from amounts on deposit in the Class
      A-1-A Swap
      Account:

     

    (A)  to
      the
      Class A-1-A
      Swap
      Provider

     

    (1)  the
      Current Interest paid to the Class A-1-A
      Notes
      for such Payment Date pursuant to Section 3.05(b)(i) hereof, less the Class
      A-1-A
      Fixed
      Strip Fee;

     

    (2)  the
      amount of interest paid on the Class A-1-A
      Swap
      Principal Amount for such Payment Date pursuant to Section 3.05(b)(ii)
      hereof,

     

    (3)  the
      amount of principal paid in respect of the Class A-1-A
      Swap
      Principal Amount for such Payment Date pursuant to Section 3.05(b)(iii) hereof;
      and

     

    (4)  the
      amount of any Carryover Shortfall Amount paid to the Class A-1-A
      Notes
      for such Payment Date pursuant to Section 3.05(b)(v) hereof.

     

    (B)  to
      the
      Class A-1-A
      Certificates

     

    (1)  the
      Class
      A-1-A
      Uncapped
      Pass-Through Amount; and

     

    (2)  the
      amount of principal paid to the Class A-1-A
      Notes
      pursuant to Section 3.05(b)(iii)
      hereof.

     

    (ii)  concurrently,
      from amounts on deposit in the Class A-1-B Swap Account:

     

    (A)  to
      the
      Class A-1-B Swap Provider

     

    (1)  the
      Current Interest paid to the Class A-1-B Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-1-B Fixed Strip Fee;

     

    (2)  the
      amount of interest paid on the Class A-1-B Swap Principal Amount for such
      Payment Date pursuant to Section 3.05(b)(ii) hereof,

     

    (3)  the
      amount of principal paid in respect of the Class A-1-B Swap Principal Amount
      for
      such Payment Date pursuant to Section 3.05(b)(iii) hereof; and

     

    (4)  the
      amount of any Carryover Shortfall Amount paid to the Class A-1-B Notes for
      such
      Payment Date pursuant to Section 3.05(b)(v) hereof.

     

    (B)  to
      the
      Class A-1-B Certificates

     

    (1)  the
      Class
      A-1-B Uncapped Pass-Through Amount; and

     

    (2)  the
      amount of principal paid to the Class A-1-B Notes pursuant to Section
      3.05(b)(iii) hereof.

     

    (iii)  concurrently,
      from amounts on deposit in the Class A-1-C Swap Account:

     

    (A)  to
      the
      Class A-1-C Swap Provider

     

    (1)  the
      Current Interest paid to the Class A-1-C Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-1-C Fixed Strip Fee;

     

    (2)  the
      amount of interest paid on the Class A-1-C Swap Principal Amount for such
      Payment Date pursuant to Section 3.05(b)(ii) hereof,

     

    (3)  the
      amount of principal paid in respect of the Class A-1-C Swap Principal Amount
      for
      such Payment Date pursuant to Section 3.05(b)(iii) hereof; and

     

    (4)  the
      amount of any Carryover Shortfall Amount paid to the Class A-1-C Notes for
      such
      Payment Date pursuant to Section 3.05(b)(v) hereof.

     

    (B)  to
      the
      Class A-1-C Certificates

     

    (1)  the
      Class
      A-1-C Uncapped Pass-Through Amount; and

     

    (2)  the
      amount of principal paid to the Class A-1-C Notes pursuant to Section
      3.05(b)(iii) hereof.

     

    (iv)  concurrently,
      from amounts on deposit in the Class
      A-2
Swap
      Account:

     

    (A)  to
      the
      Class A-2 Swap Provider

     

    (1)  the
      Current Interest paid to the Class A-2 Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-2 Fixed Strip Fee;

     

    (2)  the
      amount of interest paid on the Class A-2 Swap Principal Amount for such Payment
      Date pursuant to Section 3.05(b)(ii) hereof,

     

    (3)  the
      amount of principal paid in respect of the Class A-2 Swap Principal Amount
      for
      such Payment Date pursuant to Section 3.05(b)(iii) hereof;

     

    (4)  the
      amount of any Carryover Shortfall Amount paid to the Class A-2 Notes for such
      Payment Date pursuant to Section 3.05(b)(v) hereof; and

     

    (5)  the
      amount of any Unpaid Paid Realized Loss Amounts paid in respect of the Class
      A-2
      Swap Principal Amount pursuant to Section 3.05(b)(vi) hereof.

     

    (B)  to
      the
      Class A-2 Certificates

     

    (1)  the
      Class
      A-2 Uncapped Pass-Through Amount;

     

    (2)  the
      amount of principal paid to the Class A-2 Notes pursuant to Section 3.05(b)(iii)
      hereof; and

     

    (3)  the
      amount of any Unpaid Paid Realized Loss Amounts paid to the Class A-2 Notes
      pursuant to Section 3.05(b)(vi) hereof.

     

    (v)  concurrently,
      from amounts on deposit in the Class A-3 Swap Account:

     

    (A)  to
      the
      Class A-3 Swap Provider

     

    (1)  the
      Current Interest paid to the Class A-3 Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-3 Fixed Strip Fee;

     

    (2)  the
      amount of interest paid on the Class A-3 Swap Principal Amount for such Payment
      Date pursuant to Section 3.05(b)(ii) hereof,

     

    (3)  the
      amount of principal paid in respect of the Class A-3 Swap Principal Amount
      for
      such Payment Date pursuant to Section 3.05(b)(iii) hereof;

     

    (4)  the
      amount of any Carryover Shortfall Amount paid to the Class A-3 Notes for such
      Payment Date pursuant to Section 3.05(b)(v) hereof; and

     

    (5)  the
      amount of any Unpaid Paid Realized Loss Amounts paid in respect of the Class
      A-3
      Swap Principal Amount pursuant to Section 3.05(b)(vi) hereof;

     

    (B)  to
      the
      Class A-3 Certificates

     

    (1)  the
      Class
      A-3 Uncapped Pass-Through Amount;

     

    (2)  the
      amount of principal paid to the Class A-3 Notes pursuant to Section 3.05(b)(iii)
      hereof; and

     

    (3)  the
      amount of any Unpaid Paid Realized Loss Amounts paid to the Class A-3 Notes
      pursuant to Section 3.05(b)(vi) hereof.

     

    (c)  on
      each
      Payment Date after the related Swap Agreement Termination Date,
      concurrently:

     

    (i)  to
      the
      Class A-1-A Certificates, from amounts on deposit in the Class A-1-A Swap
      Account

     

    (A)  the
      Current Interest paid to the Class A-1-A Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-1-A Fixed Strip Fee;

     

    (B)  the
      amount of principal paid to the Class A-1-A Notes for such Payment Date pursuant
      to Section 3.05(b)(iii) hereof;

     

    (C)  the
      amount of any Carryover Shortfall Amount paid to the Class A-1-A Notes for
      such
      Payment Date pursuant to Section 3.05(b)(v) hereof.

     

    (ii)  to
      the
      Class A-1-B Certificates, from amounts on deposit in the Class A-1-B Swap
      Account

     

    (A)  the
      Current Interest paid to the Class A-1-B Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-1-B Fixed Strip Fee;

     

    (B)  the
      amount of principal paid to the Class A-1-B Notes for such Payment Date pursuant
      to Section 3.05(b)(iii) hereof;

     

    (C)  the
      amount of any Carryover Shortfall Amount paid to the Class A-1-B Notes for
      such
      Payment Date pursuant to Section 3.05(b)(v) hereof.

     

    (iii)  to
      the
      Class A-1-C Certificates, from amounts on deposit in the Class A-1-C Swap
      Account

     

    (A)  the
      Current Interest paid to the Class A-1-C Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-1-C Fixed Strip Fee;

     

    (B)  the
      amount of principal paid to the Class A-1-C Notes for such Payment Date pursuant
      to Section 3.05(b)(iii) hereof;

     

    (C)  the
      amount of any Carryover Shortfall Amount paid to the Class A-1-C Notes for
      such
      Payment Date pursuant to Section 3.05(b)(v) hereof.

     

    (iv)  to
      the
      Class A-2 Certificates, from amounts on deposit in the Class A-2 Swap
      Account:

     

    (A)  the
      Current Interest paid to the Class A-2 Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-2 Fixed Strip Fee;

     

    (B)  the
      amount of principal paid to the Class A-2 Notes for such Payment Date pursuant
      to Section 3.05(b)(iii) hereof;

     

    (C)  the
      amount of any Carryover Shortfall Amount paid to the Class A-3 Notes for such
      Payment Date pursuant to Section 3.05(b)(v) hereof; and

     

    (D)  the
      amount of any Unpaid Paid Realized Loss Amounts paid to the Class A-2 Notes
      for
      such Payment Date pursuant to Section 3.05(b)(vi) hereof.

     

    (v)  to
      the
      Class A-3 Certificates, from amounts on deposit in the Class A-3 Swap
      Account:

     

    (A)  the
      Current Interest paid to the Class A-3 Notes for such Payment Date pursuant
      to
      Section 3.05(b)(i) hereof, less the Class A-3 Fixed Strip Fee;

     

    (B)  the
      amount of principal paid to the Class A-3 Notes for such Payment Date pursuant
      to Section 3.05(b)(iii) hereof;

     

    (C)  the
      amount of any Carryover Shortfall Amount paid to the Class A-3 Notes for such
      Payment Date pursuant to Section 3.05(b)(v) hereof; and

     

    (D)  the
      amount of any Unpaid Paid Realized Loss Amounts paid to the Class A-3 Notes
      for
      such Payment Date pursuant to Section 3.05(b)(vi) hereof.

     

    Section
      12.15  Payments
      Upon an Event of Default.

     

    Any
      payments made by the Securities Administrator to the Class A Notes pursuant
      to
      Section 5.04 hereof shall be paid to each Class of Grantor Trust Certificates
      in
      the same manner and priority as described in Section 12.14 hereof.

     

    Section
      12.16  Execution
      of Interest Rate Swap Agreements by the Grantor Trust Trustee.

     

    (a)  The
      Grantor Trust Trustee is hereby directed to execute and deliver the Class A-1-A
      Swap Agreement on behalf of Party B (as defined therein) and make the
      representations of Party B thereunder, solely in its capacity as Grantor Trust
      Trustee on behalf of Party B (as defined therein) and not in its individual
      capacity. The
      Securities Administrator is hereby directed to perform the obligations of and
      exercise the rights of Party B (as defined under in the Class A-1-A Swap
      Agreement) under the Class A-1-A Swap Agreement.

     

    The
      Master Servicer, the Securities Administrator, the Depositor and the
      Securityholders (by acceptance of their Securities) acknowledge and agree
      that:

     

    (i)        
      the
      Grantor Trust Trustee shall execute and deliver the Class A-1-A Swap Agreement
      on behalf of Party B (as defined therein),

     

    (ii)      
      the
      Grantor Trust Trustee shall exercise the rights, perform the obligations, and
      make the representations of Party B thereunder, solely in its capacity as
      Grantor Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity, and

     

    (iii)      
      the
      Securities Administrator is
      hereby
      directed to act on behalf of the Grantor
      Trust Trustee under the Class A-1-A Swap Agreement.

     

    (b)  The
      Grantor Trust Trustee is hereby directed to execute and deliver the Class A-1-B
      Swap Agreement on behalf of Party B (as defined therein) and make the
      representations of Party B thereunder, solely in its capacity as Grantor Trust
      Trustee on behalf of Party B (as defined therein) and not in its individual
      capacity. The Securities Administrator is hereby directed to perform the
      obligations of and exercise the rights of Party B (as defined under in the
      Class
      A-1-B Swap Agreement) under the Class A-1-B Swap Agreement.

     

    The
      Master Servicer, the Securities Administrator, the Depositor and the
      Securityholders (by acceptance of their Securities) acknowledge and agree
      that:

     

    (i)        
      the
      Grantor Trust Trustee shall execute and deliver the Class A-1-B Swap Agreement
      on behalf of Party B (as defined therein),

     

    (ii)       
      the
      Grantor Trust Trustee shall exercise the rights, perform the obligations, and
      make the representations of Party B thereunder, solely in its capacity as
      Grantor Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity, and

     

    (iii)      
      the
      Securities Administrator is hereby directed to act on behalf of the Grantor
      Trust Trustee under the Class A-1-B Swap Agreement.

     

    (c)  The
      Grantor Trust Trustee is hereby directed to execute and deliver the Class A-1-C
      Swap Agreement on behalf of Party B (as defined therein) and make the
      representations of Party B thereunder, solely in its capacity as Grantor Trust
      Trustee on behalf of Party B (as defined therein) and not in its individual
      capacity. The Securities Administrator is hereby directed to perform the
      obligations of and exercise the rights of Party B (as defined under in the
      Class
      A-1-C Swap Agreement) under the Class A-1-C Swap Agreement.

     

    The
      Master Servicer, the Securities Administrator, the Depositor and the
      Securityholders (by acceptance of their Securities) acknowledge and agree
      that:

     

    (i)        
      the
      Grantor Trust Trustee shall execute and deliver the Class A-1-C Swap Agreement
      on behalf of Party B (as defined therein),

     

    (ii)       
      the
      Grantor Trust Trustee shall exercise the rights, perform the obligations, and
      make the representations of Party B thereunder, solely in its capacity as
      Grantor Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity, and

     

    (iii)      
      the
      Securities Administrator is hereby directed to act on behalf of the Grantor
      Trust Trustee under the Class A-1-C Swap Agreement.

     

    (d)  The
      Grantor Trust Trustee is hereby directed to execute and deliver the Class A-2
      Swap Agreement on behalf of Party B (as defined therein) and to exercise the
      rights, perform the obligations, and make the representations of Party B
      thereunder, solely in its capacity as Grantor Trust Trustee on behalf of Party
      B
      (as defined therein) and not in its individual capacity. The Securities
      Administrator is hereby directed to perform the obligations of and exercise
      the
      rights of Party B (as defined under in the Class A-2 Swap Agreement) under
      the
      Class A-2 Swap Agreement.

     

    The
      Master Servicer, the Securities Administrator, the Depositor and the
      Securityholders (by acceptance of their Securities) acknowledge and agree
      that:

     

    (i)        
      the
      Grantor Trust Trustee shall execute and deliver the Class A-2 Swap Agreement
      on
      behalf of Party B (as defined therein),

     

    (ii)       
      the
      Grantor Trust Trustee shall exercise the rights, perform the obligations, and
      make the representations of Party B thereunder, solely in its capacity as
      Grantor Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity, and

     

    (iii)      
      the
      Securities Administrator is hereby directed to act on behalf of the Grantor
      Trust Trustee under the Class A-2 Swap Agreement.

     

    (e)  The
      Grantor Trust Trustee is hereby directed to execute and deliver the Class A-3
      Swap Agreement on behalf of Party B (as defined therein) and make the
      representations of Party B thereunder, solely in its capacity as Grantor Trust
      Trustee on behalf of Party B (as defined therein) and not in its individual
      capacity. The Securities Administrator is hereby directed to perform the
      obligations of and exercise the rights of Party B (as defined under in the
      Class
      A-3 Swap Agreement) under the Class A-3 Swap Agreement.

     

    The
      Master Servicer, the Securities Administrator, the Depositor and the
      Securityholders (by acceptance of their Securities) acknowledge and agree
      that:

     

    (i)the
      Grantor Trust Trustee shall execute and deliver the Class A-3 Swap Agreement
      on
      behalf of Party B (as defined therein),

     

    (ii)the
      Grantor Trust Trustee shall exercise the rights, perform the obligations, and
      make the representations of Party B thereunder, solely in its capacity as
      Grantor Trust Trustee on behalf of Party B (as defined therein) and not in
      its
      individual capacity, and

     

    (iii)the
      Securities Administrator is hereby directed to act on behalf of the Grantor
      Trust Trustee under the Class A-3 Swap Agreement.

     

    (f)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Grantor Trust Trustee and the Securities
      Administrator shall apply to the Grantor Trust Trustee’s execution of the
      Interest Rate Swap Agreements (in the case of the Grantor Trust Trustee only),
      and the performance of its respective duties and satisfaction of its obligations
      thereunder by the Grantor Trust Trustee or the Securities
      Administrator.

     

    Section
      12.17  Liquidation
      of the Grantor Trust.

     

    Upon
      the
      occurrence of a TMP Trigger Event and prior to a REMIC Conversion, the Grantor
      Trust shall be liquidated. In connection with a REMIC Conversion, (i) the Class
      A Notes will be exchanged for Class A REMIC Notes, (ii) the Class A Certificates
      will be exchanged for newly issued Class A Certificates, which will be issued
      out of a newly created grantor trust and (iii) the Class IO-P Certificates
      will
      be exchanged for Class IO-P Notes, which will be issued pursuant to the REMIC
      Indenture.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    IN
      WITNESS WHEREOF, the Issuing Entity, the Securities Administrator and the
      Indenture 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.

     

    
      	 	 	 
	 	
              AMERICAN
                HOME MORTGAGE INVESTMENT TRUST 2007-1, as Issuing Entity by WILMINGTON
                TRUST
                COMPANY,
                not in its individual capacity but solely as Owner
                Trustee

            
	 
 	 
 	 
 
	 	By:  	/s/ J.
              Christopher Murphy
	 	
              Name:  

            	J. Christopher Murphy 
	 	Title:	Financial Services
              Officer 

    

     

    
       

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	/s/ Martin
                Reed 
	 	
                Name:  

              	Martin Reed 
	 	Title:	Vice President 

      

       

    

    
      
         

        
          	 	 	 
	 	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY, not in its individual capacity but
                    solely as
                    Indenture Trustee

                
	 
 	 
 	 
 
	 	By:  	 /s/
                  Radha
                  Nila Kantan
	 	
                  Name:  

                	 Radha Nila Kantan
	 	Title:	 Authorized
                  Signer

        

      

    

    
      
         

        
          	 	 	 
	 
 	 
 	 
 
	 	By:  	/s/  Mei
                  Nghia
	 	
                  Name:  

                	 Mei Nghia
	 	Title:	 Authorized Signer

        

         

      

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
      	STATE OF DELAWARE	)
	 	) ss.:
	COUNTY OF NEW
              CASTLE	)

    

    
 

    On
      this
      30th day of March, 2007, before me personally appeared _______________ to me
      known, who being by me duly sworn, did depose and say, that he/she is the
      _________________ of the Owner Trustee, one of the corporations described in
      and
      which executed the above instrument; and that he signed his name thereto by
      like
      order.

     

    Notary
      Public

    

    

    NOTARY
      PUBLIC

     

    [NOTARIAL
      SEAL]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
       

      
        	STATE OF NEW YORK	)
	 	) ss.:
	COUNTY
                OF KINGS	)

      

       

    

     

    On
      this
      30th day of March, 2007, before me personally appeared ______________ to me
      known, who being by me duly sworn, did depose and say, that he/she is the
      ______________ of Wells Fargo Bank, N.A., one of the corporations described
      in
      and which executed the above instrument; and that he signed his name thereto
      by
      like order.

     

    Notary
      Public

    

    

    NOTARY
      PUBLIC

     

    [NOTARIAL
      SEAL]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
       

      
        
          	STATE OF CALIFORNIA	)
	 	) ss.:
	COUNTY
                  OF ORANGE	)

        

         

      

    

     

    On
      this
      30th day of March, 2007, before me personally appeared ______________ to me
      known, who being by me duly sworn, did depose and say, that he/she is a(n)
      Authorized Signer of the Indenture Trustee, one of the entities described in
      and
      which executed the above instrument; and that she signed her name thereto by
      like order.

     

    Notary
      Public

    

    

    NOTARY
      PUBLIC

     

    [NOTARIAL
      SEAL]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
       

      
         

        
          
            	STATE OF CALIFORNIA	)
	 	) ss.:
	COUNTY
                    OF ORANGE	)

          

        

      

    

     

    On
      this
      30th day of March, 2007, before me personally appeared _____________ to me
      known, who being by me duly sworn, did depose and say, that he/she is a(n)
      Authorized Signer of the Indenture Trustee, one of the entities described in
      and
      which executed the above instrument; and that she signed her name thereto by
      like order.

     

    Notary
      Public

    

    

    NOTARY
      PUBLIC

     

    [NOTARIAL
      SEAL]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

      APPENDIX
        A

      DEFINITIONS

       

      Accepted
        Master Servicing Practices:
        With
        respect to any Mortgage Loan, those customary mortgage master servicing
        practices of prudent mortgage servicing institutions that master service
        mortgage loans of the same type and quality as such Mortgage Loan in the
        jurisdiction where the related Mortgaged Property is located, to the extent
        applicable to the Indenture Trustee or the Master Servicer (except in its
        capacity as successor to the Servicer).

       

      Accepted
        Servicing Practices:
        The
        Servicer’s normal servicing practices in servicing and administering revolving
        home equity line of credit Mortgage Loans for its own account, which in general
        will conform to the mortgage servicing practices of prudent mortgage lending
        institutions which service for their own account, Mortgage Loans of the same
        type as the Mortgage Loans in the jurisdictions in which the related Mortgaged
        Properties are located.

       

      Accrual
        Period:
        With
        respect to any Payment Date and each Class of Subordinate Notes (other than
        the
        Class B-3 Notes), the period commencing on the prior Payment Date (or in
        the
        case of the first Payment Date, the Closing Date) and ending on the day
        immediately preceding that Payment Date. With respect to each Class of Class
        A
        Notes (including the Class
        A-1-A, Class A-1-B, Class A-1-C, Class
        A-2
        and Class A-3 Certificates after the termination of the related Interest
        Rate
        Swap Agreement), the prior calendar month.

       

      Additional
        Form 10-D Disclosure:
        Has the
        meaning set forth in Section 4.06 of the Master Servicing
        Agreement.

       

      Additional
        Form 10-K Disclosure:
        Has the
        meaning set forth in Section 4.06 of the Master Servicing
        Agreement.

       

      Adjustment
        Date:
        As to
        each Mortgage Loan, each date set forth in the related Mortgage Note on which
        an
        adjustment to the interest rate on such Mortgage Loan becomes
        effective.

       

      Affiliate:
        With
        respect to any Person, any other Person controlling, controlled by or under
        common control with such Person. For purposes of this definition, “control”
means the power to direct the management and policies of a Person, directly
        or
        indirectly, whether through ownership of voting securities, by contract or
        otherwise and “controlling” and “controlled” shall have meanings correlative to
        the foregoing.

       

      Allocable
        Share:
        As to
        any Payment Date, the Subordinate Optimal Principal Amount and any Class
        of
        Subordinate Notes, the portion of the Subordinate Optimal Principal Amount
        allocable to such Class, equal to the product of the Subordinate Optimal
        Principal Amount on such Payment Date and a fraction, the numerator of which
        is
        the related Note Principal Balance thereof and the denominator of which is
        the
        aggregate of the Note Principal Balances of the Subordinate Notes; provided,
        that except as described in the succeeding sentence, no Class of Subordinate
        Notes (other than the Class of Class M Notes outstanding with the
        lowest numerical designation, or the Class B Notes outstanding with the lowest
        numerical designation, if the aggregate Note Principal Balance of the Class
        M
        Notes has been reduced to zero) shall be entitled on any Payment Date to
        receive
        distributions pursuant to clauses (2), (3) and (5) of the definition of
        Subordinate Optimal Principal Amount unless the Class Prepayment Distribution
        Trigger for the related Class is satisfied for such Payment Date. If on any
        Payment Date the Note Principal Balance of any Class of Subordinate Notes
        for
        which the related Class Prepayment Distribution Trigger was satisfied on
        such
        Payment Date is reduced to zero, any amounts distributable to such Class
        pursuant to clauses (2), (3) and (5) of the definition of Subordinate Optimal
        Principal Amount, to the extent of such Class’s remaining Allocable Share, shall
        be distributed to the remaining Classes of Subordinate Notes in reduction
        of
        their respective Note Principal Balances, sequentially, first, to the Class
        M
        Notes in the order of their numerical Class designations, and then sequentially
        to the Class B Notes in the order of their numerical Class
        designations.

       

      Applied
        Realized Loss Amount:
        With
        respect to the Class A-2, Class A-3, Class M and Class B Notes and the Class
        A-2
        Swap Principal Amount and Class A-3 Swap Principal Amount and any Payment
        Date,
        an amount equal to any Realized Losses allocated to that Class of Notes or
        Swap
        Principal Amount on that Payment Date.

       

      Appraised
        Value:
        The
        appraised value of a Mortgaged Property based upon the appraisal made by
        or for
        the Sponsor, in compliance with the Sponsor’s underwriting criteria, of such
        Mortgaged Property at such time of origination. With respect to a Mortgage
        Loan,
        the proceeds of which were used to refinance an existing Mortgage Loan, the
        appraised value of the Mortgaged Property based upon the appraisal obtained
        at
        the time of refinancing.

       

      ARM
        Loans:
        At any
        time, collectively, the Mortgage Loans which have adjustable Mortgage
        Rates.

       

      Assignment
        of Mortgage:
        An
        assignment of Mortgage, notice of transfer or equivalent instrument, in
        recordable form, which is sufficient under the laws of the jurisdiction wherein
        the related Mortgaged Property is located to reflect of record the sale of
        the
        Mortgage, which assignment, notice of transfer or equivalent instrument may
        be
        in the form of one or more blanket assignments covering Mortgages secured
        by
        Mortgaged Properties located in the same county, if permitted by
        law.

       

      Authorized
        Newspaper:
        A
        newspaper of general circulation in the Borough of Manhattan, The City of
        New
        York, printed in the English language and customarily published on each Business
        Day, whether or not published on Saturdays, Sundays or holidays.

       

      Authorized
        Officer:
        With
        respect to the Issuing Entity, any officer of the Owner Trustee who is
        authorized to act for the Owner Trustee in matters relating to the Issuing
        Entity and who is identified on the list of Authorized Officers delivered
        by the
        Owner Trustee to the Indenture Trustee on the Closing Date (as such list
        may be
        modified or supplemented from time to time thereafter).

       

      Available
        Funds:
        For any
        Payment Date, an amount equal to the amount received by the Securities
        Administrator and available in the Payment Account on that Payment Date in
        respect of such Loan Groups that includes: (1) all previously undistributed
        payments on account of principal (including the principal portion of Monthly
        Payments, Principal Prepayments and the principal amount of Net Liquidation
        Proceeds) and all previously undistributed payments on account of interest
        (including the interest portion of any Net Liquidation Proceeds) received
        after
        the Cut-off Date and on or prior to the related Determination Date; (2) any
        Monthly Advances and Compensating Interest Payments made by the Master Servicer
        or Servicer for such Payment Date; (3) any amounts reimbursed by the Master
        Servicer in connection with losses on certain Eligible Investments in the
        Payment Account; and net of (4) fees payable to, and amounts reimbursable
        to the
        Master Servicer, the Servicer, the Securities Administrator, the Indenture
        Trustee, the Grantor Trust Trustee and TGIC, as applicable. Investment earnings
        on amounts on deposit in the Payment Account are not part of Available
        Fund.

       

      Available
        Funds Rate:
        With
        respect to the Class A Notes and the Offered Notes and any Payment Date,
        a per
        annum rate equal to the quotient of (i) the product of (a) 12, in the case
        of
        the Class A Notes, and the quotient of 360 divided by the actual number of
        days
        in the Accrual Period, for the Offered Notes, and (b) the sum of (I) the
        amount
        of interest paid or advanced with respect to the Mortgage Loans in the prior
        calendar month, net of the Servicing Fee and the TGIC Fee and, in the case
        of
        any Mortgage Loan covered by a lender-paid mortgage insurance policy other
        than
        the TGIC Policy, the related mortgage insurance premium rate, plus (II) the
        amount of the Principal Prepayment Amount used to offset Deferred Interest
        on
        the Mortgage Loans for the prior calendar month, divided by (ii) the aggregate
        of the Note Principal Balance of the Class A Notes and the Offered Notes
        immediately prior to such Payment Date.

       

      With
        respect to each Class of Restricted Notes (other than the Class B-3 Notes
        and
        Class X Notes) and any Payment Date, a per annum rate equal to the quotient
        of
        (i) the product of (a) the quotient of 360 divided by the actual number of
        days
        in the Accrual Period and (b) the excess, if any, of (I) the sum of (A) the
        amount of interest paid or advanced with respect to the Mortgage Loans in
        the
        prior calendar month, net of net of the Servicing Fee and the TGIC Fee, plus
        (B)
        the amount of the Principal Prepayment Amount used to offset Deferred Interest
        on the Mortgage Loans for the prior calendar month, over (II) the aggregate
        amount of Current Interest on the Class A Notes, the Offered Notes, and any
        Class of Restricted Notes having a higher payment priority on such Payment
        Date,
        divided by (ii) the Note Principal Balance of the subject Class of Restricted
        Notes immediately before such Payment Date.

       

      Bankruptcy
        Code:
        The
        Bankruptcy Code of 1978, as amended.

       

      Basic
        Documents:
        The
        Trust Agreement, the Certificate of Trust, the Indenture, the Master Servicing
        Agreement, the Servicing Agreement, the Mortgage Loan Purchase Agreement,
        the
        Swap Agreements and the other documents and certificates delivered in connection
        with any of the above.

       

      Beneficial
        Owner:
        With
        respect to any Book-Entry Security,
        the
        Person who is the beneficial owner of such Security as reflected on the books
        of
        the Depository or on the books of a Person maintaining an account with such
        Depository (directly as a Depository Participant or indirectly through a
        Depository Participant, in accordance with the rules of such
        Depository).

       

      Book-Entry
        Securities:
        Beneficial interests in the Offered Securities, ownership and transfers of
        which
        shall be made through book entries by the Depository as described in Section
        4.06 of the Indenture.

       

      Business
        Day:
        Any day
        other than (i) a Saturday or a Sunday or (ii) a day on which banking
        institutions in the States of Maryland, Minnesota, New York, Delaware or
        Maryland or in the city in which a Corporate Trust Office is located, is
        required or authorized by law to be closed.

       

      Calendar
        Quarter:
        A
        calendar quarter shall consist of one of the following time periods in any
        given
        year: January 1 through March 31, April 1 through June 30, July 1 though
        September 30, and October 1 through December 31.

       

      Carryover
        Shortfall Amount:
        For any
        Payment Date and any Class of Class A Notes and Subordinate Notes (other
        than
        the Class B-3 Notes), an amount equal to the sum of (i) excess of (a) interest
        accrued on such Class for the related Accrual Period based on the related
        Note
        Interest Rate computed without regard to the related Available Funds Rate
        over
        (b) interest accrued at the related Available Funds Rate increased by the
        amount
        of Net Deferred Interest allocated to such Class on such Payment Date, (ii)
        any
        amount described in clause (i) that remains unpaid from prior Payment Dates
        and
        (iii) interest on the amount described in clause (ii) at the related Note
        Interest Rate for such Payment Date determined without regard to the related
        Available Funds Rate.

       

      Cash
        Liquidation:
        As to
        any defaulted Mortgage Loan other than a Mortgage Loan as to which an REO
        Acquisition occurred, a determination by the Servicer evidenced in a certificate
        of a Servicing Officer that it has received all Insurance Proceeds, Liquidation
        Proceeds and other payments or cash recoveries which the Servicer reasonably
        and
        in good faith expects to be finally recoverable with respect to such Mortgage
        Loan.

       

      Certificate
        Distribution Account:
        The
        account or accounts created and maintained pursuant to Section 3.10(c) of
        the
        Trust Agreement. The Certificate Distribution Account shall be an Eligible
        Account.

       

      Certificate
        Interest Rate:
        With
        respect to the Class A-1-A Certificates and any Payment Date on or prior
        to the
        termination of the Class A-1-A Swap Agreement, the Class A-1-A Uncapped
        Pass-Through Rate. With respect to the Class A-1-A Certificates and any Payment
        Date after the termination of the Class A-1-A Swap Agreement, the Certificate
        Interest Rate on the Class A-1-A Certificates will be equal to the Note Interest
        Rate on the Class A-1-A Notes less the Class A-1-A Fixed Strip Fee. With
        respect
        to the Class A-1-B Certificates and any Payment Date on or prior to the
        termination of the Class A-1-B Swap Agreement, the Class A-1-B Uncapped
        Pass-Through Rate. With respect to the Class A-1-B Certificates and any Payment
        Date after the termination of the Class A-1-B Swap Agreement, the Certificate
        Interest Rate on the Class A-1-B Certificates will be equal to the Note Interest
        Rate on the Class A-1-B Notes less the Class A-1-B Fixed Strip Fee. With
        respect
        to the Class A-1-C Certificates and any Payment Date on or prior to the
        termination of the Class A-1-C Swap Agreement, the Class A-1-C Uncapped
        Pass-Through Rate. With respect to the Class A-1-C Certificates and any Payment
        Date after the termination of the Class A-1-C Swap Agreement, the Certificate
        Interest Rate on the Class A-1-C Certificates will be equal to the Note Interest
        Rate on the Class A-1-C Notes less the Class A-1-C Fixed Strip Fee. With
        respect
        to the Class A-2 Certificates and any Payment Date on or prior to the
        termination of the Class A-2 Swap Agreement, the Class A-2 Uncapped Pass-Through
        Rate. With respect to the Class A-2 Certificates and any Payment Date after
        the
        termination of the Class A-1 Swap Agreement, the Certificate Interest Rate
        on
        the Class A-2 Certificates will be equal to the Note Interest Rate on the
        Class
        A-2 Notes less the Class A-2 Fixed Strip Fee. With respect to the Class A-3
        Certificates and any Payment Date on or prior to the termination of the Class
        A-3 Swap Agreement, the Class A-3 Uncapped Pass-Through Rate. With respect
        to
        the Class A-3 Certificates and any Payment Date after the termination of
        the
        Class A-3 Swap Agreement, the Certificate Interest Rate on the Class A-3
        Certificates will be equal to the Note Interest Rate on the Class A-3 Notes
        less
        the Class A-3 Fixed Strip Fee.

       

      Certificate
        of Trust:
        The
        Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the
        Statutory Trust Statute.

       

      Certificate
        Paying Agent:
        The
        Securities Administrator, in its capacity as Certificate Paying Agent, or
        any
        successor to the Securities Administrator.

       

      Certificate
        Percentage Interest:
        With
        respect to each Certificate, the Certificate Percentage Interest stated on
        the
        face thereof.

       

      Certificate
        Principal Balance:
        With
        respect to the Class
        A-1-A, Class A-1-B, Class A-1-C, Class A-2 and Class A-3
        Certificates,
        the
        Note Principal Balance of the Class A-1-A, Class A-1-B, Class A-1-C, Class
        A-2
        and Class A-3 Notes, respectively, provided, however, that (i) until the
        Payment
        Date after the Class A-1-A Swap Agreement Termination Date, the Net Deferred
        Interest allocable to the Class A-1-A Notes will not be added to the Certificate
        Principal Balance of the Class A-1-A Certificates, (ii) until the Payment
        Date
        after the Class A-1-B Swap Agreement Termination Date, the Net Deferred Interest
        allocable to the Class A-1-B Notes will not be added to the Certificate
        Principal Balance of the Class A-1-B Certificates (iii) until the Payment
        Date
        after the Class A-1-C Swap Agreement Termination Date, the Net Deferred Interest
        allocable to the Class A-1-C Notes will not be added to the Certificate
        Principal Balance of the Class A-1-C Certificates, (iv) until the Payment
        Date
        after the Class A-2 Swap Agreement Termination Date, the Net Deferred Interest
        allocable to the Class A-2 Notes will not be added to the Certificate Principal
        Balance of the Class A-2 Certificates and (v) until the Payment Date after
        the
        Class A-3 Swap Agreement Termination Date, the Net Deferred Interest allocable
        to the Class A-3 Notes will not be added to the Certificate Principal Balance
        of
        the Class A-3 Certificates.

       

      Certificate
        Register:
        The
        register maintained by the Certificate Registrar in which the Certificate
        Registrar shall provide for the registration of Trust Certificates and of
        transfers and exchanges of Trust Certificates.

       

      Certificate
        Registrar:
        Initially, the Securities Administrator, in its capacity as Certificate
        Registrar, or any successor to the Securities Administrator.

       

      Class:
        Any of
        the Class A, Class M, Class B or Class X Notes or any of the Class A
        Certificates or Class IO-P Certificates.

       

      Class
        A Certificates:
        The
        Class A-1, Class A-2 and Class A-3 Certificates, in the form attached as
        Exhibit
        A-2 to the Indenture.

       

      Class
        A-1 Certificates:
        The
        Class A-1-A, Class A-1-B and Class A-1-C Certificates.

       

      Class
        A Notes:
        The
        Class A-1, Class A-2 and Class A-3 Notes,
        in the
        form attached as Exhibit A-1 to the Indenture.

       

      Class
        A-1 Notes:
        The
        Class A-1-A, Class A-1-B and Class A-1-C Notes.

       

      Class
        A-1-A Fixed Strip Fee:
        One
        month’s interest at the Fixed Strip Fee Rate on the Note Principal Balance of
        the Class A-1-A Notes for such Payment Date.

       

      Class
        A-1-A Prepayment Yield Amount:
        An
        amount equal to the product of (i) the Prepayment Yield Amount for such Payment
        Date and (ii) a fraction, the numerator of which is the Note Principal Balance
        for the Class A-1-A Notes for such Payment Date, and the denominator of which
        is
        the aggregate Note Principal Balance of the Class A Notes for such Payment
        Date.

       

      Class
        A-1-A Swap Account:
        The
        separate Eligible Account created and initially maintained by the Securities
        Administrator pursuant to Section 12.04 of the Indenture.

       

      Class
        A-1-A Swap Agreement:
        The
        interest rate swap agreement, dated as of March 30, 2007, between the Grantor
        Trust Trustee, on behalf of the Grantor Trust, and the Class A-1-A Swap
        Provider, for the benefit of the holders of the Class A-1-A Certificates,
        including the Class A-1-A Swap Credit Support Annex, any
        schedule, confirmation or other credit support document relating
        thereto,
        in
        substantially the form of Exhibit D hereto.

       

      Class
        A-1-A Swap Agreement Termination Date:
        The
        earliest of (i) the
        Payment Date in May 2047,
        (ii) the
        Payment Date upon which the Certificate Principal Balance of the Class A-1-A
        Certificates has been reduced to zero and (iii) the termination of the Class
        A-1-A Swap Agreement and the failure to find a replacement swap
        agreement.

       

      Class
        A-1-A Swap Collateral Account:
        As
        defined in Section 12.09 of the Indenture.

       

      Class
        A-1-A Swap Credit Support Annex:
        The
        credit support annex, dated as of March 30, 2007, between the Grantor Trustee
        and the Swap Provider, which is annexed to and forms part of the Class A-1-A
        Swap Agreement.

       

      Class
        A-1-A Swap Guarantor:
        As
        defined in Section 12.04 of the Indenture.

       

      Class
        A-1-A Swap Guaranty:
        As
        defined in Section 12.04 of the Indenture.

       

      Class
        A-1-A Swap Principal Amount:
        On any
        Payment Date prior to the Class A-1-A Swap Agreement Termination Date, the
        aggregate amount of Net Deferred Interest that would have been added to the
        Certificate Principal Balance of the Class A-1-A Certificates in the absence
        of
        the Class A-1-A Swap Agreement, as reduced by any prior distributions of
        principal pursuant to Section 3.05(b) of the Indenture.

       

      Class
        A-1-A Swap Provider:
        The
        swap provider under the Class A-1-A Swap Agreements. Initially, Deutsche
        Bank AG
        New York Branch.

       

      Class
        A-1-A Uncapped Pass-Through Amount:
        The
        product of:

       

      (1) the
        Class
        A-1-A Uncapped Pass-Through Rate;

       

      (2) the
        Certificate Principal Balance of the Class A-1-A Certificates immediately
        prior
        to such Payment Date; and

       

      (3) the
        number of days in the related calculation period (calculated on the basis
        of the
        actual number of days) divided by 360.

       

      Class
        A-1-A Uncapped Pass-Through Rate:
        With
        respect to the Class A-1-A Certificates and any Payment Date that is on or
        prior
        to the Class A-1-A Swap Agreement Termination Date and (i) such Payment Date
        is
        on or before the optional termination date, one-month LIBOR (as determined
        pursuant to the Class A-1-A Swap Agreement) plus 0.160% or (ii) such Payment
        Date is on any Payment Date after the optional termination date, one-month
        LIBOR
        (as determined pursuant to the Class A-1-A Swap Agreement) plus
        0.320%.

       

      Class
        A-1-B Fixed Strip Fee:
        One
        month’s interest at the Fixed Strip Fee Rate on the Note Principal Balance of
        the Class A-1-B Notes for such Payment Date.

       

      Class
        A-1-B Prepayment Yield Amount:
        An
        amount equal to the product of (i) the Prepayment Yield Amount for such Payment
        Date and (ii) a fraction, the numerator of which is the Note Principal Balance
        for the Class A-1-B Notes for such Payment Date, and the denominator of which
        is
        the aggregate Note Principal Balance of the Class A Notes for such Payment
        Date.

       

      Class
        A-1-B Swap Account:
        The
        separate Eligible Account created and initially maintained by the Securities
        Administrator pursuant to Section 12.05 of the Indenture.

       

      Class
        A-1-B Swap Agreement:
        The
        interest rate swap agreement, dated as of March 30, 2007, between the Grantor
        Trust Trustee, on behalf of the Grantor Trust, and the Class A-1-B Swap
        Provider, for the benefit of the holders of the Class A-1-B Certificates,
        including the Class A-1-B Swap Credit Support Annex, any schedule, confirmation
        or other credit support document relating thereto, in substantially the form
        of
        Exhibit D hereto.

       

      Class
        A-1-B Swap Collateral Account:
        As
        defined in Section 12.10 of the Indenture.

       

      Class
        A-1-B Swap Credit Support Annex:
        The
        credit support annex, dated as of March 30, 2007, between the Grantor Trustee
        and the Swap Provider, which is annexed to and forms part of the Class A-1-B
        Swap Agreement.

       

      Class
        A-1-B Swap Guarantor:
        As
        defined in Section 12.05 of the Indenture.

       

      Class
        A-1-B Swap Guaranty:
        As
        defined in Section 12.05 of the Indenture.

       

      Class
        A-1-B Swap Agreement Termination Date:
        The
        earliest of (i) the Payment Date in May 2047, (ii) the Payment Date upon
        which
        the Certificate Principal Balance of the Class A-1-B Certificates has been
        reduced to zero and (iii) the termination of the Class A-1-B Swap Agreement
        and
        the failure to find a replacement swap agreement.

       

      Class
        A-1-B Swap Principal Amount:
        On any
        Payment Date prior to the Class A-1-B Swap Agreement Termination Date, the
        aggregate amount of Net Deferred Interest that would have been added to the
        Certificate Principal Balance of the Class A-1-B Certificates in the absence
        of
        the Class A-1-B Swap Agreement, as reduced by any prior distributions of
        principal pursuant to Section 3.05(b) of the Indenture.

       

      Class
        A-1-B Swap Provider:
        The
        swap provider under the Class A-1-B Swap Agreements. Initially, Deutsche
        Bank AG
        New York Branch.

       

      Class
        A-1-B Uncapped Pass-Through Amount:
        The
        product of:

       

      (1) the
        Class
        A-1-B Uncapped Pass-Through Rate;

       

      (2) the
        Certificate Principal Balance of the Class A-1-B Certificates immediately
        prior
        to such Payment Date; and

       

      (3) the
        number of days in the related calculation period (calculated on the basis
        of the
        actual number of days) divided by 360.

       

      Class
        A-1-B Uncapped Pass-Through Rate:
        With
        respect to the Class A-1-B Certificates and any Payment Date that is on or
        prior
        to the Class A-1-B Swap Agreement Termination Date and (i) such Payment Date
        is
        on or before the optional termination date, one-month LIBOR (as determined
        pursuant to the Class A-1-B Swap Agreement) plus 0.300% or (ii) such Payment
        Date is on any Payment Date after the optional termination date, one-month
        LIBOR
        (as determined pursuant to the Class A-1-B Swap Agreement) plus
        0.600%.

       

      Class
        A-1-C Fixed Strip Fee:
        One
        month’s interest at the Fixed Strip Fee Rate on the Note Principal Balance of
        the Class A-1-C Notes for such Payment Date.

       

      Class
        A-1-C Prepayment Yield Amount:
        An
        amount equal to the product of (i) the Prepayment Yield Amount for such Payment
        Date and (ii) a fraction, the numerator of which is the Note Principal Balance
        for the Class A-1-C Notes for such Payment Date, and the denominator of which
        is
        the aggregate Note Principal Balance of the Class A Notes for such Payment
        Date.

       

      Class
        A-1-C Swap Account:
        The
        separate Eligible Account created and initially maintained by the Securities
        Administrator pursuant to Section 12.06 of the Indenture.

       

      Class
        A-1-C Swap Agreement:
        The
        interest rate swap agreement, dated as of March 30, 2007, between the Grantor
        Trust Trustee, on behalf of the Grantor Trust, and the Class A-1-C Swap
        Provider, for the benefit of the holders of the Class A-1-C Certificates,
        including the Class A-1-C Swap Credit Support Annex, any schedule, confirmation
        or other credit support document relating thereto, in substantially the form
        of
        Exhibit D hereto.

       

      Class
        A-1-C Swap Agreement Termination Date:
        The
        earliest of (i) the Payment Date in May 2047, (ii) the Payment Date upon
        which
        the Certificate Principal Balance of the Class A-1-C Certificates has been
        reduced to zero and (iii) the termination of the Class A-1-C Swap Agreement
        and
        the failure to find a replacement swap agreement.

       

      Class
        A-1-C Swap Collateral Account:
        As
        defined in Section 12.11 of the Indenture.

       

      Class
        A-1-C Swap Credit Support Annex:
        The
        credit support annex, dated as of March 30, 2007, between the Grantor Trustee
        and the Swap Provider, which is annexed to and forms part of the Class A-1-C
        Swap Agreement.

       

      Class
        A-1-C Swap Guarantor:
        As
        defined in Section 12.06 of the Indenture.

       

      Class
        A-1-C Swap Guaranty:
        As
        defined in Section 12.06 of the Indenture.

       

      Class
        A-1-C Swap Principal Amount:
        On any
        Payment Date prior to the Class A-1-C Swap Agreement Termination Date, the
        aggregate amount of Net Deferred Interest that would have been added to the
        Certificate Principal Balance of the Class A-1-C Certificates in the absence
        of
        the Class A-1-C Swap Agreement, as reduced by any prior distributions of
        principal pursuant to Section 3.05(b) of the Indenture.

       

      Class
        A-1-C Swap Provider:
        The
        swap provider under the Class A-1-C Swap Agreements. Initially, Deutsche
        Bank AG
        New York Branch.

       

      Class
        A-1-C Uncapped Pass-Through Amount:
        The
        product of:

       

      (1) the
        Class
        A-1-C Uncapped Pass-Through Rate;

       

      (2) the
        Certificate Principal Balance of the Class A-1-C Certificates immediately
        prior
        to such Payment Date; and

       

      (3) the
        number of days in the related calculation period (calculated on the basis
        of the
        actual number of days) divided by 360.

       

      Class
        A-1-C Uncapped Pass-Through Rate:
        With
        respect to the Class A-1-C Certificates and any Payment Date that is on or
        prior
        to the Class A-1-C Swap Agreement Termination Date and (i) such Payment Date
        is
        on or before the optional termination date, one-month LIBOR (as determined
        pursuant to the Class A-1-C Swap Agreement) plus 0.190% or (ii) such Payment
        Date is on any Payment Date after the optional termination date, one-month
        LIBOR
        (as determined pursuant to the Class A-1-C Swap Agreement) plus
        0.380%.

       

      Class
        A-2 Fixed Strip Fee:
        One
        month’s interest at the Fixed Strip Fee Rate on the Note Principal Balance of
        the Class A-2 Notes for such Payment Date.

       

      Class
        A-2 Prepayment Yield Amount:
        An
        amount equal to the product of (i) the Prepayment Yield Amount for such Payment
        Date and (ii) a fraction, the numerator of which is the Note Principal Balance
        for the Class A-2 Notes for such Payment Date, and the denominator of which
        is
        the aggregate Note Principal Balance of the Class A Notes for such Payment
        Date.

       

      Class
        A-2 Swap Account:
        The
        separate Eligible Account created and initially maintained by the Securities
        Administrator pursuant to Section 12.07 of the Indenture.

       

      Class
        A-2 Swap Agreement:
        The
        interest rate swap agreement, dated as of March 30, 2007, between the Grantor
        Trust Trustee, on behalf of the Grantor Trust, and the Class A-2 Swap Provider,
        for the benefit of the holders of the Class A-2 Certificates, including the
        Class A-2 Swap Credit Support Annex, any schedule, confirmation or other
        credit
        support document relating thereto, in substantially the form of Exhibit D
        hereto.

       

      Class
        A-2 Swap Collateral Account:
        As
        defined in Section 12.12 of the Indenture.

       

      Class
        A-2 Swap Credit Support Annex:
        The
        credit support annex, dated as of March 30, 2007, between the Grantor Trustee
        and the Swap Provider, which is annexed to and forms part of the Class A-2
        Swap
        Agreement.

       

      Class
        A-2 Swap Guarantor:
        As
        defined in Section 12.07 of the Indenture.

       

      Class
        A-2 Swap Guaranty:
        As
        defined in Section 12.07 of the Indenture.

       

      Class
        A-2 Swap Agreement Termination Date:
        The
        earliest of (i) the Payment Date in May 2047, (ii) the Payment Date upon
        which
        the Certificate Principal Balance of the Class A-2 Certificates has been
        reduced
        to zero and (iii) the termination of the Class A-2 Swap Agreement and the
        failure to find a replacement swap agreement.

       

      Class
        A-2 Swap Principal Amount:
        On any
        Payment Date prior to the Class A-2 Swap Agreement Termination Date, the
        aggregate amount of Net Deferred Interest that would have been added to the
        Certificate Principal Balance of the Class A-2 Certificates in the absence
        of
        the Class A-2 Swap Agreement, as reduced by any prior distributions of principal
        pursuant to Section 3.05(b) of the Indenture.

       

      Class
        A-2 Swap Provider:
        The
        swap provider under the Class A-2 Swap Agreement. Initially, Deutsche Bank
        AG
        New York Branch.

       

      Class
        A-2 Uncapped Pass-Through Amount:
        The
        product of:

       

      (1) the
        Class
        A-2 Uncapped Pass-Through Rate;

       

      (2) the
        Certificate Principal Balance of the Class A-2 Certificates immediately prior
        to
        such Payment Date; and

       

      (3) the
        number of days in the related calculation period (calculated on the basis
        of the
        actual number of days) divided by 360.

       

      Class
        A-2 Uncapped Pass-Through Rate:
        With
        respect to the Class A-2 Certificates and any Payment Date that is on or
        prior
        to the Class A-2 Swap Agreement Termination Date and (i) such Payment Date
        is on
        or before the optional termination date, one-month LIBOR (as determined pursuant
        to the Class A-2 Swap Agreement) plus 0.240% or (ii) such Payment Date is
        on any
        Payment Date after the optional termination date, one-month LIBOR (as determined
        pursuant to the Class A-2 Swap Agreement) plus 0.480%.

       

      Class
        A-3 Fixed Strip Fee:
        One
        months interest at the Fixed Strip Fee Rate on the Note Principal Balance
        of the
        Class A-3 Notes for such Payment Date.

       

      Class
        A-3 Prepayment Yield Amount:
        An
        amount equal to the product of (i) the Prepayment Yield Amount for such Payment
        Date and (ii) a fraction, the numerator of which is the Note Principal Balance
        for the Class A-3 Notes for such Payment Date, and the denominator of which
        is
        the aggregate Note Principal Balance of the Class A Notes for such Payment
        Date.

       

      Class
        A-3 Swap Account:
        The
        separate Eligible Account created and initially maintained by the Securities
        Administrator pursuant to Section 12.08 of the Indenture.

       

      Class
        A-3 Swap Agreement:
        The
        interest rate swap agreement, dated as of March 30, 2007, between the Grantor
        Trust Trustee, on behalf of the Grantor Trust, and the Class A-3 Swap Provider,
        for the benefit of the holders of the Class A-3 Certificates, including the
        Class A-3 Swap Credit Support Annex, any schedule, confirmation or other
        credit
        support document relating thereto, in substantially the form of Exhibit D
        hereto.

       

      Class
        A-3 Swap Collateral Account:
        As
        defined in Section 12.13 of the Indenture.

       

      Class
        A-3 Swap Credit Support Annex:
        The
        credit support annex, dated as of March 30, 2007, between the Grantor Trustee
        and the Swap Provider, which is annexed to and forms part of the Class A-3
        Swap
        Agreement.

       

      Class
        A-3 Swap Guarantor:
        As
        defined in Section 12.08 of the Indenture.

       

      Class
        A-3 Swap Guaranty:
        As
        defined in Section 12.08 of the Indenture.

       

      Class
        A-3 Swap Agreement Termination Date:
        The
        earliest of (i) the Payment Date in May 2047, (ii) the Payment Date upon
        which
        the Certificate Principal Balance of the Class A-3 Certificates has been
        reduced
        to zero and (iii) the termination of the Class A-3 Swap Agreement and the
        failure to find a replacement swap agreement.

       

      Class
        A-3 Swap Principal Amount:
        On any
        Payment Date prior to the Class A-3 Swap Agreement Termination Date, the
        aggregate amount of Net Deferred Interest that would have been added to the
        Certificate Principal Balance of the Class A-3 Certificates in the absence
        of
        the Class A-3 Swap Agreement, as reduced by any prior distributions of principal
        pursuant to Section 3.05(b) of the Indenture.

       

      Class
        A-3 Swap Provider:
        The
        swap provider under the Class A-3 Swap Agreement. Initially, Deutsche Bank
        AG
        New York Branch.

       

      Class
        A-3 Uncapped Pass-Through Amount:
        The product of:

       

      (1) the
        Class
        A-3 Uncapped Pass-Through Rate;

       

      (2) the
        Certificate Principal Balance of the Class A-3 Certificates immediately prior
        to
        such Payment Date; and

       

      (3) the
        number of days in the related calculation period (calculated on the basis
        of the
        actual number of days) divided by 360.

       

      Class
        A-3 Uncapped Pass-Through Rate:
        With
        respect to the Class A-3 Certificates and any Payment Date that is on or
        prior
        to the Class A-3 Swap Agreement Termination Date and (i) such Payment Date
        is on
        or before the optional termination date, one-month LIBOR (as determined pursuant
        to the Class A-3 Swap Agreement) plus 0.320% or (ii) such Payment Date is
        on any
        Payment Date after the optional termination date, one-month LIBOR (as determined
        pursuant to the Class A-3 Swap Agreement) plus 0.640%.

       

      Class
        B Notes:
        The
        Class
        B-1, Class B-2 and Class B-3 Notes, in the form attached as Exhibit A-2 to
        the
        Indenture.

       

      Class
        M Notes:
        The
        Class
        M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
        M-8
        and Class M-9 Notes, in the form attached as Exhibit A-2 to the
        Indenture.

       

      Class
        X Interest Amount:
        For any
        Payment Date, one month’s interest at the related Note Interest Rate for such
        Payment Date on the Notional Amount of such Class immediately prior to such
        Payment Date.

       

      Class
        Prepayment Distribution Trigger:
        For a
        Class of Subordinate Notes and for any Payment Date, a fraction (expressed
        as a
        percentage), the numerator of which is the aggregate Note Principal Balance
        of
        such Class and each Class of Subordinate Notes subordinate thereto, if any,
        and
        the denominator of which is the Scheduled Principal Balance of the Mortgage
        Loans as of the related Due Date, equals or exceeds such percentage calculated
        as of the Closing Date.

       

      Clearing
        Agency:
        An
        organization registered as a “clearing agency” pursuant to Section 17A of the
        Securities and Exchange Act of 1934, as amended, which initially shall be
        the
        Depository.

       

      Closing
        Date:
        March
        30, 2007.

       

      Code:
        The
        Internal Revenue Code of 1986, as amended, and the rules and regulations
        promulgated thereunder.

       

      Collateral:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Commission:
        The
        Securities and Exchange Commission.

       

      Compensating
        Interest:
        Any
        payments made by the Master Servicer or the Servicer pursuant to the Master
        Servicing Agreement and Servicing Agreement, as applicable, to cover Prepayment
        Interest Shortfalls. Any such Compensating Interest payment shall not exceed
        (i)
in
        the
        case of the Servicer,
        the
        Servicing Fee for the related Payment Date and (ii) in the case of the Master
        Servicer, the Master Servicing Compensation for the related Payment
        Date.

       

      Corporate
        Trust Office:
        With
        respect to the Indenture Trustee, the principal corporate trust office of
        the
        Indenture Trustee at which at any particular time its corporate trust business
        shall be administered, which office at the date of the execution of this
        instrument is located at 1791 East St. Andrew Place, Santa Ana, California
        92705, Attention: Trust Administration - AH0701. The Indenture Trustee shall
        notify all Noteholders of any change in the location of the Corporate Trust
        Office. With respect to the Owner Trustee, the principal corporate trust
        office
        of the Owner Trustee at which at any particular time its corporate trust
        business shall be administered, which office at the date of the execution
        of
        this Trust Agreement is located at Wilmington Trust Company, Rodney Square
        North, 1100 North Market Street, Wilmington, Delaware 19801, Attention: American
        Home Mortgage Investment Trust 2007-1. The Securities Administrator’s Corporate
        Trust Office for purposes of presentment and surrender of the Offered Notes
        for
        the final distribution thereon and for transfers is located at Sixth Street
        and
        Marquette Avenue, Minneapolis, Minnesota 55479, Attention: American Home
        Mortgage Investment Trust 2007-1, and for all other purposes is located at
        P.O.
        Box 92, Columbia, Maryland 21046 (or, for overnight deliveries, 9062 Old
        Annapolis Road, Columbia, Maryland 21045), Attention: Corporate Trust Services
        AHMIT 2007-1, or any other address that the Securities Administrator may
        designate from time to time by notice to the Securityholders.

       

      CPR:
        A
        constant rate of prepayment on the Mortgage Loans.

       

      Cumulative
        Losses:
        As to
        any Payment Date and the related Mortgage Loans, the cumulative aggregate
        amount
        of Realized Losses on the related Mortgage Loans from the Cut-off Date through
        the end of the calendar month immediately preceding such Payment
        Date.

       

      Current
        Interest:
        For any
        Payment Date and each Class of Class A Notes and Subordinate Notes (other
        than
        the Class B-3 Notes), interest accrued during the related Accrual Period
        at the
        then-applicable Note Interest Rate on the related Note Principal Balance
        thereof
        immediately prior to such Payment Date, plus any Current Interest remaining
        unpaid from any prior Payment Dates with interest thereon at the related
        Note
        Interest Rate without regard to the related Available Funds Rate. Current
        Interest for each Class of the Subordinate Notes (other than the Class B-3
        Notes) shall be calculated on the basis of the actual number of days in the
        related Accrual Period and a 360-day year. Current Interest for the Class
        A
        Notes (including the Class A-1-A, Class A-1-B, Class A-1-C, Class A-2 and
        Class
        A-3 Certificates after the termination of the related Interest Rate Swap
        Agreement) shall be calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months.

       

      Cut-off
        Date:
        March
        1, 2007.

       

      Cut-off
        Date Principal Balance:
        With
        respect to any Mortgage Loan, the unpaid principal balance thereof as of
        the
        Cut-off Date after applying the principal portion of Monthly Payments due
        on or
        before such date, whether or not received, and without regard to any payments
        due after such date.

       

      Default:
        Any
        occurrence which with notice or the lapse of time or both would become an
        Event
        of Default.

       

      Deferred
        Interest:
        With
        respect to each Mortgage Loan and each related Due Period, the excess, if
        any,
        of (1) the amount of interest accrued on such Mortgage Loan from the Due
        Date in
        the preceding Due Period to the Due Date in the related Due Period, over
        (2) the
        Monthly Payment with respect to such Mortgage Loan due for such Due
        Period.

       

      Deficient
        Valuation:
        With
        respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
        of the Mortgaged Property in an amount less than the then outstanding
        indebtedness under the Mortgage Loan, or any reduction in the amount of
        principal to be paid in connection with any scheduled Monthly Payment that
        constitutes a permanent forgiveness of principal, which valuation or reduction
        results from a proceeding under the Bankruptcy Code.

       

      Definitive
        Notes:
        The
        meaning specified in Section 4.08 of the Indenture.

       

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan replaced or to be replaced with an Eligible Substitute Mortgage
        Loan.

       

      Delinquent:
        A
        Mortgage Loan is considered to be: “30 to 59 days” or “30 or more days”
delinquent, in accordance with the OTS Method, when a payment due on any
        scheduled due date remains unpaid as of the close of business on the next
        following monthly scheduled due date; “60 to 89 days” or “60 or more days”
delinquent when a payment due on any scheduled due date remains unpaid as
        of the
        close of business on the second following monthly scheduled due date; and
        so on.
        The determination as to whether a Mortgage Loan falls into these categories
        is
        made as of the close of business on the last business day of each month.
        For
        example, a mortgage loan with a payment due on July 1 that remained unpaid
        as of
        the close of business on August 31 would then be considered to be 30 to 59
        days
        delinquent.

       

      Depositor:
        American Home Mortgage Securities LLC, a Delaware limited liability company,
        or
        its successor in interest.

       

      Depository
        or Depository Agency:
        The
        Depository Trust Company or a successor appointed by the Securities
        Administrator. Any successor to the Depository shall be an organization
        registered as a “clearing agency” pursuant to Section 17A of the Exchange Act
        and the regulations of the Securities and Exchange Commission
        thereunder.

       

      Depository
        Agreement:
        With
        respect to the Class of Book-Entry Securities, the agreement among the Issuing
        Entity, the Securities Administrator and the initial Depository, dated as
        of the
        Closing Date.

       

      Depository
        Participant:
        A
        Person for whom, from time to time, the Depository effects book-entry transfers
        and pledges of securities deposited with the Depository.

       

      Determination
        Date:
        With
        respect to any Payment Date, the 18th of the related month, or if the 18th
        day
        of such month is not a Business Day, the immediately preceding Business Day.
        

       

      Due
        Date:
        With
        respect to each Mortgage Loan, the date in each month on which its Monthly
        Payment is due, exclusive of any days of grace.

       

      Due
        Period:
        With
        respect to any Payment Date and the Mortgage Loans, the period commencing
        on the
        second day of the month immediately preceding the month in which such Payment
        Date occurs and ending on the first day of the month in which such Payment
        Date
        occurs.

       

      Eligible
        Account:
        Either
        (i) an account maintained with a federal or state chartered depository
        institution or trust company having corporate trust powers, the short term
        deposit or debt obligations of which (or of such institution’s parent holding
        company) are rated at least A-1 by S&P at the time of any deposit therein
        and the long term deposit or debt obligations of which (or of such institution’s
        parent holding company) are rated in one of the three highest long term rating
        categories of S&P at the time of deposit therein or (ii) an account
        maintained with the corporate trust department of a federal depository
        institution or state-chartered depository institution subject to regulations
        regarding fiduciary funds on deposit similar to Title 12 of the U.S. Code
        of
        Federal Regulations Section 9.10(b), which, in either case, has corporate
        trust
        powers and is acting in its fiduciary capacity. Eligible Accounts may be
        with
        the Indenture Trustee or the Securities Administrator (provided that it
        otherwise meets the requirements of the foregoing definition) and may bear
        interest.

       

      Each
        Eligible Account shall be separate and identifiable, segregated from all
        other
        accounts maintained with the holding institution. Such Eligible Account shall
        not be evidenced by a certificate of deposit, a passbook, or other
        instrument.

       

      Eligible
        Investments:
        One or
        more of the following:

       

      (i) obligations
        of or guaranteed as to principal and interest by the United States or any
        agency
        or instrumentality thereof when such obligations are backed by the full faith
        and credit of the United States;

       

      (ii) repurchase
        agreements on obligations specified in clause (i) maturing not more than
        one
        month from the date of acquisition thereof, provided that the unsecured
        obligations of the party agreeing to repurchase such obligations are at the
        time
        rated by the Rating Agencies in their respective highest short-term rating
        available;

       

      (iii) federal
        funds, certificates of deposit, demand deposits, time deposits and bankers’
acceptances (which shall each have an original maturity of not more than
        90 days
        and, in the case of bankers’ acceptances, shall in no event have an original
        maturity of more than 365 days or a remaining maturity of more than 30 days)
        denominated in United States dollars of any U.S. depository institution or
        trust
        company incorporated under the laws of the United States or any state thereof
        or
        of any domestic branch of a foreign depository institution or trust company;
        provided that the debt obligations of such depository institution or trust
        company (or, if the only Rating Agency is Standard & Poor’s, in the case of
        the principal depository institution in a depository institution holding
        company, debt obligations of the depository institution holding company)
        at the
        date of acquisition thereof have been rated by the Rating Agencies in their
        respective highest short-term rating available; and provided further that,
        if
        the only Rating Agency is Standard & Poor’s and if the depository or trust
        company is a principal subsidiary of a bank holding company and the debt
        obligations of such subsidiary are not separately rated, the applicable rating
        shall be that of the bank holding company; and, provided further that, if
        the
        original maturity of such short-term obligations of a domestic branch of
        a
        foreign depository institution or trust company shall exceed 30 days, the
        short-term rating of such institution shall be A-1+ in the case of Standard
        & Poor’s if Standard & Poor’s is the Rating Agency;

       

      (iv) commercial
        paper (having original maturities of not more than 365 days) of any corporation
        incorporated under the laws of the United States or any state thereof which
        on
        the date of acquisition has been rated by Moody’s, Standard & Poor’s and
        Fitch in their highest short-term ratings available; provided that such
        commercial paper shall have a remaining maturity of not more than 30
        days;

       

      (v) a
        money
        market fund or a qualified investment fund rated by Moody’s and Fitch in its
        highest long-term ratings available, if so rated, and rated AAAm or AAAm-G
        by
        Standard & Poor’s, including any such funds for which Deutsche Bank National
        Trust Company (or any successor Indenture Trustee) or the Securities
        Administrator or any affiliate thereof serves as an investment advisor, manager,
        administrator, shareholder, servicing agent, and/or custodian or sub-custodian;
        and

       

      (vi) other
        obligations or securities that are acceptable to each Rating Agency as a
        Eligible Investment hereunder and will not reduce the rating assigned to
        any
        Class of Notes (without taking the Insurance Policy into account) by such
        Rating
        Agency below the lower of the then-current rating or the rating assigned
        to such
        Notes as of the Closing Date by such Rating Agency, as evidenced in writing;
        and

       

      (vii) any
        investment approved in writing by each of the Rating Agencies.

       

      Each
        of
        the Indenture Trustee and the Securities Administrator may purchase from
        or sell
        to itself or an affiliate, as principal or agent, the Eligible Investments
        listed above.

       

      provided,
        however,
        that no
        instrument shall be an Eligible Investment if it represents, either (1) the
        right to receive only interest payments with respect to the underlying debt
        instrument or (2) the right to receive both principal and interest payments
        derived from obligations underlying such instrument and the principal and
        interest payments with respect to such instrument provide a yield to maturity
        greater than 120% of the yield to maturity at par of such underlying
        obligations.

       

      Eligible
        Substitute Mortgage Loan:
        A
        Mortgage Loan substituted by the Sponsor for a Deleted Mortgage Loan which
        must,
        on the date of such substitution, as confirmed in an Officer's Certificate
        delivered to the Indenture Trustee, (i) have an outstanding principal balance,
        after deduction of the principal portion of the monthly payment due in the
        month
        of substitution (or in the case of a substitution of more than one Mortgage
        Loan
        for a Deleted Mortgage Loan, an aggregate outstanding principal balance,
        after
        such deduction), not in excess of the outstanding principal balance of the
        Deleted Mortgage Loan (the amount of any shortfall to be deposited by the
        Sponsor in the related Collection Account in the month of substitution);
        (ii)
        comply with each non-statistical representation and warranty set forth in
        Section 3.1(b) of the Mortgage Loan Purchase Agreement as of the date of
        substitution; (iii) have a Mortgage Rate no lower than and not more than
        1% per
        annum higher than the Mortgage Rate of the Deleted Mortgage Loan as of the
        date
        of substitution; (iv) have a Loan-to-Value Ratio or Combined-Loan-to-Value
        Ratio
        at the time of substitution no higher than that of the Deleted Mortgage Loan
        at
        the time of substitution; (v) have a remaining term to stated maturity not
        greater than (and not more than one year less than) that of the Deleted Mortgage
        Loan; (vi) not be 30 days or more delinquent; (vii) be an adjustable-rate
        first
        lien Mortgage Loan, if being substituted for an ARM Loan; and (viii) be a
        fixed-rate first lien Mortgage Loan, if being substituted for a Fixed Rate
        Loan.

       

      Equity
        Securities:
        Each
        Class of Restricted Notes
        and the
        Trust Certificates.

       

      ERISA:
        The
        Employee Retirement Income Security Act of 1974, as amended.

       

      Event
        of Default:
        Any one
        of the following: (a) the failure by the Issuing Entity to pay the full amount
        of the Current Interest on any Class of Offered Securities with respect to
        a Payment Date on such Payment Date; (b) a default by the Issuing Entity
        in the
        observance of certain negative covenants in the Indenture; (c) a default
        by the
        Issuing Entity in the observance of any other covenant of the Indenture,
        and the
        continuation of any such default for a period of thirty days after notice
        to the
        Issuing Entity by the Indenture Trustee or by the Holders of at least 25%
        of the
        aggregate Note Principal Balance or Certificate Principal Balance, as
        applicable, of the Securities, as applicable; (d) any representation or warranty
        made by the Issuing Entity in the Indenture or in any Note or other writing
        delivered pursuant thereto having been incorrect in a material respect as
        of the
        time made, and the circumstance in respect of which such representation or
        warranty is incorrect not having been cured within thirty days after notice
        thereof is given to the Issuing Entity by the Indenture Trustee or by the
        Holders of at least 25% of the aggregate Note Principal Balance or Certificate
        Principal Balance, as applicable, of the Securities, as applicable; (e) certain
        events of bankruptcy, insolvency, receivership or reorganization of the Issuing
        Entity; (f) the failure by the Issuing Entity on the Final Scheduled Payment
        Date to pay all Current Interest, all remaining Carryover Shortfall Amounts,
        Unpaid Realized Loss Amounts and to reduce the Note Principal Balance or
        Certificate Principal Balance, as applicable, of the Securities to zero;
        or (g)
        the Trust becomes subject to taxation as a corporation.

       

      Event
        of Master Servicer Termination:
        With
        respect to the Master Servicing Agreement, a Servicing Default as defined
        in
        Section 6.01 of the Master Servicing Agreement.

       

      Exchange
        Act:
        The
        Securities Exchange Act of 1934, as amended, and the rules and regulations
        promulgated thereunder.

       

      Expenses:
        The
        meaning specified in Section 7.02 of the Trust Agreement.

       

      Fannie
        Mae:
        Fannie
        Mae (formerly, the Federal National Mortgage Association), or any successor
        thereto.

       

      FDIC:
        The
        Federal Deposit Insurance Corporation or any successor thereto.

       

      Final
        Certification:
        The
        final certification delivered by the Indenture
        Trustee pursuant
        to Section 2.03(a)(i) of the Indenture and in the form attached as Exhibit
        Two
        thereto.

       

      Final
        Scheduled Payment Date:
        The
        Payment Date in May 2047.

       

      Fixed
        Rate Loans:
        At any
        time, collectively, all the Mortgage Loans which have fixed Mortgage Rates,
        as
        specified on the Mortgage Loan Schedule.

       

      Fixed
        Strip Fee Rate:
        A
        per
        annum
        rate equal to 2.0784%.

       

      Foreclosure
        Profit:
        With
        respect to a Liquidated Mortgage Loan, the amount, if any, as reported by
        the
        related Servicer to the Securities Administrator, by which (i) the aggregate
        of
        its Net Liquidation Proceeds exceeds (ii) the related Stated Principal Balance
        (plus accrued and unpaid interest thereon at the applicable Mortgage Rate
        from
        the date interest was last paid through the date of receipt of the final
        Liquidation Proceeds) of such Liquidated Mortgage Loan immediately prior
        to the
        final recovery of its Liquidation Proceeds. 

       

      Form
        8-K Disclosure Information:
        Has the
        meaning set forth in Section 4.06 of the Master Servicing
        Agreement.

       

      Freddie
        Mac:
        Freddie
        Mac (also known as the Federal Home Loan Mortgage Corporation), or any successor
        thereto.

       

      Grant:
        Pledge,
        bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
        create, and grant a lien upon and a security interest in and right of set-off
        against, deposit, set over and confirm pursuant to the Indenture. A Grant
        of the
        Collateral or of any other agreement or instrument shall include all rights,
        powers and options (but none of the obligations) of the granting party
        thereunder, including the immediate and continuing right to claim for, collect,
        receive and give receipt for principal and interest payments in respect of
        such
        collateral or other agreement or instrument and all other moneys payable
        thereunder, to give and receive notices and other communications, to make
        waivers or other agreements, to exercise all rights and options, to bring
        proceedings in the name of the granting party or otherwise, and generally
        to do
        and receive anything that the granting party is or may be entitled to do
        or
        receive thereunder or with respect thereto.

       

      Grantor
        Trust:
        The
        corpus of a trust created by the Indenture Trustee, as Grantor Trust Trustee,
        pursuant to Section 12.01 of the Indenture and designated as the “American Home
        Mortgage Investment Trust 2007-1 Grantor Trust,” consisting of the Interest Rate
        Swap Agreements, the Class A Notes, the Swap Collateral Accounts and the
        Swap
        Accounts, beneficial
        ownership of which is represented by the Grantor
        Trust Certificates. For the avoidance of doubt, the Grantor Trust does not
        constitute a part of the Trust.

       

      Grantor
        Trust Certificates:
        The
        Class
        A-1-A, Class A-1-B, Class A-1-C, Class A-2, Class A-3 and Class IO-P
        Certificates, in the form attached as Exhibit A-4 to the Indenture.

       

      Grantor
        Trust Trustee:
        Deutsche Bank National Trust Company, as trustee on behalf of the Grantor
        Trust,
        its successors or assigns.

       

      Gross
        Margin:
        With
        respect to any ARM Loan, the percentage set forth as the “Gross Margin” for such
        Mortgage Loan on the Mortgage Loan Schedule, as adjusted from time to time
        in
        accordance with the terms of the Servicing Agreement.

       

      Hazardous
        Materials:
        Any
        dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances,
        including, without limitation, those so identified pursuant to the Comprehensive
        Environmental Response, Compensation and Liability Act, 42 U.S.C. Section
        9601
        et seq., or any other environmental laws now existing, and specifically
        including, without limitation, asbestos and asbestos-containing materials,
        polychlorinated biphenyls, radon gas, petroleum and petroleum products, urea
        formaldehyde and any substances classified as being “in inventory”, “usable work
        in progress” or similar classification which would, if classified unusable, be
        included in the foregoing definition.

       

      Indemnified
        Party:
        The
        meaning specified in Section 7.02 of the Trust Agreement.

       

      Indenture:
        The
        indenture dated as of March 30, 2007, between the Issuing Entity, the Securities
        Administrator and the Indenture Trustee, relating to the American Home Mortgage
        Investment Trust 2007-1 Securities.

       

      Indenture
        Trustee:
        Deutsche Bank National Trust Company, and its successors and assigns or any
        successor indenture trustee appointed pursuant to the terms of the Indenture.
        Upon the REMIC Conversion, the indenture trustee shall be the indenture trustee
        specified in the indenture governing the terms of the REMIC Notes.

       

      Independent:
        When
        used with respect to any specified Person, the Person (i) is in fact independent
        of the Issuing Entity, any other obligor on the Notes, the Sponsor, the Master
        Servicer, the Depositor, American Home Mortgage Investment Corp. and any
        Affiliate of any of the foregoing Persons, (ii) does not have any direct
        financial interest or any material indirect financial interest in the Issuing
        Entity, any such other obligor, the Sponsor, the Master Servicer, the Depositor,
        American Home Mortgage Investment Corp. or any Affiliate of any of the foregoing
        Persons and (iii) is not connected with the Issuing Entity, any such other
        obligor, the Sponsor, the Master Servicer, the Depositor, American Home Mortgage
        Investment Corp. or any Affiliate of any of the foregoing Persons as an officer,
        employee, promoter, underwriter, trustee, partner, director or person performing
        similar functions.

       

      Independent
        Certificate:
        A
        certificate or opinion to be delivered to the Indenture Trustee under the
        circumstances described in, and otherwise complying with, the applicable
        requirements of Section 10.01 of the Indenture, made by an independent appraiser
        or other expert appointed by an Issuing Entity Request and approved by the
        Indenture Trustee in the exercise of reasonable care, and such opinion or
        certificate shall state that the signer has read the definition of “Independent”
in this Indenture and that the signer is Independent within the meaning
        thereof.

       

      Index:
        With
        respect to any Mortgage Loan, the index for the adjustment of the Mortgage
        Rate
        set forth as such in the related Mortgage Note.

       

      Initial
        Certificate Principal Balance:
        The
        Class A Certificates shall have the following Initial Certificate Principal
        Balances:

       

      
        	
                Class

              	 	
                Initial
                  Certificate Principal Balance

              
	
                A-1-A

              	 	
                $

              	
                300,000,000

              
	
                A-1-B

              	 	
                $

              	
                28,167,000

              
	
                A-1-C

              	 	
                $

              	
                724,888,000

              
	
                A-2

              	 	
                $

              	
                438,772,000

              
	
                A-3

              	 	
                $

              	
                263,263,000

              

      

      

      Initial
        Certification:
        The
        initial certification delivered by the Indenture Trustee pursuant to Section
        2.03(a) of the Indenture and in the form attached thereto as Exhibit One
        thereto.

       

      Initial
        Note Principal Balance:
        The
        Notes shall have the following Initial Note Principal Balances:

       

       

        
          	
                  Class

                	 	
                  Initial
                    Note Principal Balance

                
	
                  A-1-A

                	 	
                  $

                	
                  300,000,000.00

                
	
                  A-1-B

                	 	
                  $

                	
                  28,167,000.00

                
	
                  A-1-C

                	 	
                  $

                	
                  724,888,000.00

                
	
                  A-2

                	 	
                  $

                	
                  438,772,000.00

                
	
                  A-3

                	 	
                  $

                	
                  263,263,000.00

                
	
                  M-1

                	 	
                  $

                	
                  49,300,000.00

                
	
                  M-2

                	 	
                  $

                	
                  41,412,000.00

                
	
                  M-3

                	 	
                  $

                	
                  13,804,000.00

                
	
                  M-4

                	 	
                  $

                	
                  19,720,000.00

                
	
                  M-5

                	 	
                  $

                	
                  11,832,000.00

                
	
                  M-6

                	 	
                  $

                	
                  9,860,000.00

                
	
                  M-7

                	 	
                  $

                	
                  7,888,000.00

                
	
                  M-8

                	 	
                  $

                	
                  7,888,000.00

                
	
                  M-9

                	 	
                  $

                	
                  7,888,000.00

                
	
                  B-1

                	 	
                  $

                	
                  15,776,000.00

                
	
                  B-2

                	 	
                  $

                	
                  16,762,000.00

                
	
                  B-3

                	 	
                  $

                	
                  14,827,576.91

                
	
                  X

                	 	
                  $

                	
                  0

                

        

      

      

      

      Insurance
        Proceeds:
        Proceeds paid by any insurer pursuant to any insurance policy covering a
        Mortgage Loan which are required to be remitted to the Servicer, net of any
        component thereof, released to the Mortgagor in accordance with the Servicer’s
        normal servicing procedures, as applicable.

       

      Interest
        Determination Date:
        With
        respect each Class of LIBOR Notes, (i) the first Accrual Period, the second
        LIBOR Business Day preceding the Closing Date, and (ii) with respect to each
        Accrual Period thereafter, the second LIBOR Business Day preceding the related
        Payment Date on which such Accrual Period commences. 

       

      Interest
        Rate Adjustment Date:
        With
        respect to each Mortgage Loan, the date or dates on which the Mortgage Rate
        is
        adjusted in accordance with the related Mortgage Note.

       

      Interest
        Rate Swap Agreements:
        The
        Class A-1-A Swap Agreement, Class A-1-B Swap Agreement, Class A-1-C Swap
        Agreement, Class A-2-A Swap Agreement and Class A-3 Swap Agreement, as
        applicable.

       

      Interested
        Person:
        As of
        any date of determination, the Depositor, the Master Servicer, the Servicer,
        the
        Indenture Trustee, American Home Mortgage Investment Corp., any Mortgagor,
        or
        any Person actually known to a Responsible Officer of the Indenture Trustee
        or
        the Securities Administrator, as applicable, to be an Affiliate of any of
        them.

       

      Investment
        Company Act:
        The
        Investment Company Act of 1940, as amended, and any amendments
        thereto.

       

      IRS:
        The
        Internal Revenue Service.

       

      Issuing
        Entity or Trust:
        American Home Mortgage Investment Trust 2007-1, a Delaware statutory trust, or
        its successor in interest, to be created pursuant to the Trust
        Agreement.

       

      Issuing
        Entity Request:
        A
        written order or request signed in the name of the Issuing Entity by any
        one of
        its Authorized Officers and delivered to the Indenture Trustee or the Securities
        Administrator, as applicable.

       

      LIBOR
        Business Day:
        A day
        on which banks are open for dealing in foreign currency and exchange in London
        and New York City.

       

      LIBOR
        Note:
        Any
        Subordinate Note (other than a Class B-3 Note).

       

      Lien:
        Any
        mortgage, deed of trust, pledge, conveyance, hypothecation, assignment,
        participation, deposit arrangement, encumbrance, lien (statutory or other),
        preference, priority right or interest or other security agreement or
        preferential arrangement of any kind or nature whatsoever, including, without
        limitation, any conditional sale or other title retention agreement, any
        financing lease having substantially the same economic effect as any of the
        foregoing and the filing of any financing statement under the UCC (other
        than
        any such financing statement filed for informational purposes only) or
        comparable law of any jurisdiction to evidence any of the foregoing;
provided,
        however,
        that
        any assignment pursuant to Servicing Agreement or Master Servicing Agreement,
        as
        applicable, shall not be deemed to constitute a Lien.

       

      Lifetime
        Rate Cap:
        With
        respect to each Mortgage Loan with respect to which the related Mortgage
        Note
        provides for a lifetime rate cap, the maximum Mortgage Rate permitted over
        the
        life of such Mortgage Loan under the terms of such Mortgage Note, as set
        forth
        in the Mortgage Loan Schedule.

       

      Liquidated
        Mortgage Loan:
        With
        respect to any Payment Date, any Mortgage Loan in respect of which the Servicer
        has determined, in accordance with the servicing procedures specified in
        the
        Servicing Agreement as of the end of the related Due Period that substantially
        all Liquidation Proceeds which it reasonably expects to recover with respect
        to
        the disposition of the related Mortgaged Property or REO Property have been
        recovered, as reported by such Servicer to the Securities
        Administrator.

       

      Liquidation
        Expenses:
        Out-of-pocket expenses (exclusive of overhead) which are incurred by or on
        behalf of the Servicer in connection with the liquidation of any Mortgage
        Loan
        and not recovered under any insurance policy, such expenses including, without
        limitation, legal fees and expenses, any unreimbursed amount expended respecting
        the related Mortgage Loan and any related and unreimbursed expenditures for
        real
        estate property taxes or for property restoration, preservation or insurance
        against casualty loss or damage.

       

      Liquidation
        Proceeds:
        Proceeds (including Insurance Proceeds) received in connection with the
        liquidation of any Mortgage Loan or related REO Property, whether through
        trustee’s sale, foreclosure sale or otherwise.

       

      Loan-to-Value
        Ratio:
        With
        respect to any Mortgage Loan, as of any date of determination, a fraction
        expressed as a percentage, the numerator of which is the then current principal
        amount of the Mortgage Loan, and the denominator of which is the Appraised
        Value
        of the related Mortgaged Property.

       

      Loan
        Year:
        With
        respect to any Mortgage Loan, the one-year period commencing on the day
        succeeding the origination of such Mortgage Loan and ending on the anniversary
        date of such Mortgage Loan, and each annual period thereafter.

       

      Lost
        Note Affidavit:
        With
        respect to any Mortgage Loan as to which the original Mortgage Note has been
        lost or destroyed and has not been replaced, an affidavit from the Sponsor
        certifying that the original Mortgage Note has been lost, misplaced or destroyed
        (together with a copy of the related Mortgage Note).

       

      LPMI
        Insurer:
        TGIC or
        the related mortgage insurer, as applicable.

       

      LPMI
        Insurer Fee:
        With
        respect to any Payment Date and each Mortgage Loan covered by a lender-paid
        primary mortgage insurance policy, the fee payable to the related insurer
        at a
        rate equal to 1/12th of the related LPMI Insurer Fee Rate multiplied by the
        Stated Principal Balance of such Mortgage Loan as of the beginning of the
        related Due Period.

       

      LPMI
        Insurer Fee Rate:
        With
        respect to each Mortgage Loan covered by the TGIC Policy, the TGIC Fee Rate
        and
        (ii) each Mortgage Loan covered by a lender-paid mortgage insurance policy
        other
        than the TGIC Policy, the related mortgage insurance premium rate, as
        applicable.

       

      Majority
        Certificateholder:
        A
        Holder of a 50.01% or greater Certificate Percentage Interest of the Trust
        Certificates.

       

      Master
        Servicer:
        Wells
        Fargo Bank, N.A., a national banking association, and its successors and
        assigns.

       

      Master
        Servicing Agreement:
        The
Master
        Servicing Agreement dated as of March 30, 2007, among the Master Servicer,
        Securities Administrator, Indenture Trustee and Issuing Entity.

       

      Master
        Servicing Compensation:
        As
        defined in Section 3.15 of the Master Servicing Agreement.

       

      Maximum
        Mortgage Rate:
        With
        respect to each ARM Loan, the maximum Mortgage Rate.

       

      MERS:
        Mortgage Electronic Registration Systems, Inc., a corporation organized and
        existing under the laws of the State of Delaware, or any successor
        thereto.

       

      MERS®
        System:
        The
        system of recording transfers of Mortgages electronically maintained by
        MERS.

       

      MIN:
        The
        Mortgage Identification Number for Mortgage Loans registered with MERS on
        the
        MERS® System.

       

      Minimum
        Mortgage Rate:
        With
        respect to each ARM Loan, the minimum Mortgage Rate.

       

      Minimum
        Monthly Payment:
        The
        minimum amount required to be paid by the mortgagor pursuant to the terms
        of a
        Mortgage Note related to a Mortgage Loan.

       

      MOM
        Loan:
        With
        respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage
        Loan, solely as nominee for the originator of such Mortgage Loan and its
        successors and assigns, at the origination thereof.

       

      Monthly
        Advance:
        As to
        any Mortgage Loan, any advance made by the Master Servicer pursuant to Section
        4.04 of the Master Servicing Agreement or by the Servicer in respect of
        delinquent Monthly Payments of principal and interest pursuant to the Servicing
        Agreement..

       

      Monthly
        Payment:
        With
        respect to any Mortgage Loan (including any REO Property) and any Due Date,
        the
        payment of principal and interest due thereon in accordance with the
        amortization schedule at the time applicable thereto (after adjustment, if
        any,
        for partial Principal Prepayments and for Deficient Valuations occurring
        prior
        to such Due Date but before any adjustment to such amortization schedule
        by
        reason of any bankruptcy, other than a Deficient Valuation, or similar
        proceeding or any moratorium or similar waiver or grace period, and after
        any
        adjustment required by the Relief Act).

       

      Moody’s:
        Moody’
Investors Service, Inc. or its successor in interest.

       

      Mortgage:
        The
        mortgage, deed of trust or other instrument creating a first, second or third
        lien on an estate in fee simple interest in real property securing a Mortgage
        Loan.

       

      Mortgage
        File:
        The
        file containing the Related Documents pertaining to a particular Mortgage
        Loan
        and any additional documents required to be added to the Mortgage File pursuant
        to the Mortgage Loan Purchase Agreement, Servicing Agreement, as
        applicable.

       

      Mortgage
        Loans:
        The
        Mortgage Loans that will be transferred and assigned to the Trust pursuant
        to
        Section 2.03(a) of the Indenture, each Mortgage Loan so held being identified
        in
        the Mortgage Loan Schedule. 

       

      Mortgage
        Loan Purchase Agreement:
        The
        Mortgage Loan Purchase Agreement, dated as of the Closing Date, between the
        Sponsor, as seller, and the Purchaser, as purchaser, relating to the sale,
        transfer and assignment of the Mortgage Loans.

       

      Mortgage
        Loan Schedule:
        With
        respect to any date, the schedule of Mortgage Loans held by the Issuing Entity
        on such date. The schedule of Mortgage Loans as of the Cut-off Date is the
        schedule set forth in Exhibit B of the Indenture, which schedule sets forth
        as
        to each Mortgage Loan:

       

      
        	
                (I)

              	
                THE
                  LOAN NUMBER AND NAME OF THE MORTGAGOR;

              
	
                (II)

              	
                THE
                  STREET ADDRESS, CITY, STATE AND ZIP CODE OF THE MORTGAGED
                  PROPERTY;

              
	
                (III)

              	
                THE
                  ORIGINAL MORTGAGE RATE;

              
	
                (IV)

              	
                THE
                  MATURITY DATE;

              
	
                (V)

              	
                THE
                  ORIGINAL PRINCIPAL BALANCE;

              
	
                (VI)

              	
                THE
                  FIRST PAYMENT DATE;

              
	
                (VII)

              	
                THE
                  TYPE OF MORTGAGED PROPERTY;

              
	
                (VIII)

              	
                THE
                  MONTHLY PAYMENT IN EFFECT AS OF THE CUT-OFF DATE;

              
	
                (IX)

              	
                THE
                  CUT-OFF DATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS;

              
	
                (X)

              	
                THE
                  INDEX AND THE GROSS MARGIN, IF APPLICABLE;

              
	
                (XI)

              	
                THE
                  ADJUSTMENT DATE FREQUENCY AND PAYMENT DATE FREQUENCY, IF
                  APPLICABLE;

              
	
                (XII)

              	
                THE
                  OCCUPANCY STATUS;

              
	
                (XIII)

              	
                THE
                  PURPOSE OF THE MORTGAGE LOAN;

              
	
                (XIV)

              	
                THE
                  APPRAISED VALUE OF THE MORTGAGED PROPERTY;

              
	
                (XV)

              	
                THE
                  ORIGINAL TERM TO MATURITY;

              
	
                (XVI)

              	
                THE
                  PAID-THROUGH DATE OF THE MORTGAGE LOAN;

              
	
                (XVII)

              	
                THE
                  LOAN-TO-VALUE RATIO;

              
	
                (XVIII)

              	
                WHETHER
                  OR NOT THE MORTGAGE LOAN WAS UNDERWRITTEN PURSUANT TO A LIMITED
                  DOCUMENTATION PROGRAM;

              
	
                (XIX)

              	
                [RESERVED];

              
	
                (XX)

              	
                WHETHER
                  THE MORTGAGE LOAN HAS A FIXED INTEREST RATE OR AN ADJUSTABLE INTEREST
                  RATE; AND

              
	
                (XXI)

              	
                A
                  CODE INDICATING IF THE MORTGAGE LOAN IS A NEGATIVE AMORTIZATION
                  MORTGAGE
                  LOAN.

              

      

      

      The
        Mortgage Loan Schedule shall also set forth the total of the amounts described
        under (ix) above for all of the Mortgage Loans.

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor under a Mortgage
        Loan.

       

      Mortgage
        Rate:
        With
        respect to any Mortgage Loan, the annual rate at which interest accrues on
        such
        Mortgage Loan.

       

      Mortgaged
        Property:
        The
        underlying property, including real property and improvements thereon, securing
        a Mortgage Loan.

       

      Mortgagor:
        The
        obligor or obligors under a Mortgage Note. 

       

      MTA:
        The
        twelve-month average monthly yield on U.S. Treasury Securities adjusted to
        a
        constant maturity of one-year, as published by the Federal Reserve Board
        in the
        Federal Reserve Statistical Release “Selected Interest Rates (H.15)”, or, if not
        available, then the index selected pursuant to Section 3.32 of the
        Indenture.

       

      MTA
        Securities:
        The
        Class A Notes
        (and the
        Class A-1-A, Class A-1-B, Class A-1-C, Class A-2 and Class A-3 Certificates
        after the termination of the related Interest Rate Swap Agreement).

       

      MTA
        Determination Date:
        With
        respect to each Class of MTA
        Securities and (i) the first Accrual Period, the fifteenth Business Day
        preceding the Closing Date, and (ii) with respect to each Accrual Period
        thereafter, the fifteenth Business Day preceding the date on which such Accrual
        Period commences.

       

      NMWHFIT:
        A
“Non-Mortgage Widely Held Fixed Investment Trust” as that term is defined in
        Treasury Regulations section 1.671-5(b)(12) or successor
        provisions.

       

      Net
        Deferred Interest:
        With
        respect to each Payment Date, the excess, if any, of (1) the Deferred Interest
        that accrued on the Mortgage Loans for that Payment Date over (2) the Principal
        Prepayment Amount for
        that
        Payment Date.

       

      Net
        Liquidation Proceeds:
        With
        respect to any Liquidated Mortgage Loan, Liquidation Proceeds and Subsequent
        Recoveries net of unreimbursed Servicing Advances, Monthly Advances and
        Liquidation Expenses. 

       

      Net
        Mortgage Rate:
        For any
        Mortgage Loan, the then applicable Mortgage Rate thereon less (a) with respect
        to any Mortgage Loan, the Servicing Fee and (b) in the case of a Mortgage
        Loan
        covered by a LPMI Insurer, the related LPMI
        Insurer Fee Rate.

       

      Net
        Prepayments:
        For any
        Payment Date, the excess, if any, of (i) the Principal Prepayment Amount
        for
        such Payment Date, over (ii) the aggregate amount of Deferred Interest accrued
        on the Mortgage Loans during the prior calendar month.

       

      Net
        Worth:
        With
        respect to any Person at any date, the excess of total assets over total
        liabilities of such Person, and its consolidated subsidiaries, on such date,
        each to be determined in accordance with generally accepted accounting
        principles (GAAP) as in effect in the United States from time to
        time.

       

      Non-Offered
        Notes:
        The
Class
        A,
        Class M-7, Class M-8, Class M-9, Class B and Class X Notes.

       

      Nonrecoverable
        Advance:
        Any
        Monthly Advance or any Servicing Advance (i) which was previously made or
        is
        proposed to be made by the Servicer
        or Master Servicer, as applicable; and
        (ii)
        which, in the good faith judgment of the Servicer or Master Servicer, as
        applicable, will not or, in the case of a proposed advance, would not, be
        ultimately recoverable by the Servicer or Master Servicer, as applicable,
        from
        Liquidation Proceeds or future payments on any Mortgage Loan. The Securities
        Administrator may conclusively rely on any determination of nonrecoverability
        made by the Servicer or Master Servicer, as applicable. 

       

      Note
        Interest Rate:
        With
        respect to each Payment Date and the Class A Notes, the lesser of (i) One-Year
        MTA plus the related Note Margin and (ii) the related Available Funds Rate.
        With
        respect to each Payment Date and the Class M, Class B-1 and Class B-2 Notes,
        the
        lesser of (i) One-Month LIBOR plus the related Note Margin and (ii) the related
        Available Funds Rate. The Class X Notes will accrue interest on its Notional
        Amount at a per annum rate equal to the excess of (i) a per annum rate equal
        to
        the quotient of (a) the product of (I) 12 and (II) the sum of the amount
        of
        interest accrued on the Mortgage Loans in the prior calendar month at their
        Net
        Mortgage Rates divided by (b) the aggregate Stated Principal Balance of the
        Mortgage Loans as of the month preceding the month in which the Payment Date
        occurs (after giving effect to Principal Prepayments paid on the preceding
        Payment Date), over (ii) the weighted average of the Note Interest Rates
        on the
        Notes (other than the Class X Notes) immediately before such Payment Date
        computed without regard to the related Available Funds Rate.

       

      Note
        Margin:
        For
each
        Class of
        Class A Notes listed below, the
        per
        annum rate indicated in the following table:

       

      
        	
                Class

              	 	
                Note
                  Margin

              
	
                A-1-A

              	 	
                2.8384%

              
	
                A-1-B

              	 	
                2.9784%

              
	
                A-1-C

              	 	
                2.8684%

              
	
                A-2

              	 	
                2.9284%

              
	
                A-3

              	 	
                3.0184%

              

      

      

      For
        each
        Class of Class M Notes
        listed
        below, the
        per
        annum rate indicated in the following table:

       

      
        	
                Note
                  Margin

              
	
                Class

              	 	
                (1)

              	 	
                (2)

              
	
                Class
                  M-1

              	 	
                0.500%

              	 	
                0.750%

              
	
                Class
                  M-2

              	 	
                0.600%

              	 	
                0.900%

              
	
                Class
                  M-3

              	 	
                0.950%

              	 	
                1.425%

              
	
                Class
                  M-4

              	 	
                1.500%

              	 	
                2.250%

              
	
                Class
                  M-5

              	 	
                2.000%

              	 	
                3.000%

              
	
                Class
                  M-6

              	 	
                1.250%

              	 	
                1.875%

              
	
                Class
                  M-7

              	 	
                2.250%

              	 	
                3.375%

              
	
                Class
                  M-8

              	 	
                4.000%

              	 	
                6.000%

              
	
                Class
                  M-9

              	 	
                6.000%

              	 	
                9.000%

              

      

      ________________

      (1) On
        any
        Payment Date on or prior to the Step-Up Date.

       

      (2) On
        any
        Payment Date after the Step-Up Date.

       

      For
        the
        Class B-1 Notes and Class B-2 Notes, the
        per
        annum rate indicated in the following table:

       

      
        	
                Class

              	 	
                Note
                  Margin

              
	
                B-1

              	 	
                7.500%

              
	
                B-2

              	 	
                15.000%

              

      

      

      Note
        Owner:
        The
        Beneficial Owner of a Note.

       

      
        Note
          Principal Balance:
          With
          respect to any Class A Note or Subordinate Note, as of any date of
          determination, the sum of (i) the initial Note Principal Balance as stated
          on
          the face thereof and (ii) any Net Deferred Interest allocated thereto on
          the
          related Payment Date and all previous Payment Dates reduced by the sum
          of (i)
          all amounts allocable to principal previously distributed with respect
          to that
          Note and (ii) any reductions in the Note Principal Balance of that Certificate
          deemed to have occurred in connection with allocations of Realized Losses
          in the
          manner described in Section 3.39 of the Indenture, provided, however, that
          the
          Note Principal Balance of any Class A Note or Subordinate Note outstanding
          with
          the highest payment priority to which Realized Losses have been allocated
          shall
          be increased by the percentage interest evidenced thereby multiplied by
          the
          amount of any Subsequent Recoveries not previously allocated, but not by
          more
          than the amount of Realized Losses previously allocated to reduce the Note
          Principal Balance of that Note, and the Note Principal Balance of the Class
          of
          Subordinate Notes, with a Note Principal Balance greater than zero with
          the
          lowest payment priority shall be further reduced by an amount equal to
          the
          percentage interest evidenced thereby multiplied by the excess, if any,
          of (a)
          the then-aggregate Note Principal Balance of the Class A Notes and Subordinate
          Notes then outstanding over (b) the aggregate Stated Principal Balance
          of the
          Mortgage Loans as of such date; provided that the Note Principal Balance
          of the
          most subordinate Class of the Subordinate Notes then outstanding shall
          equal the
          excess, if any, of (i) the then-aggregate Stated Principal Balance of all
          of the
          Mortgage Loans over (ii) the then-aggregate Note Principal Balance of all
          other
          classes of Notes (other than the Class X Notes) then outstanding. The Class
          X
          Notes will have a Note Principal Balance initially equal to zero, which
          Note
          Principal Balance will increase to the extent any Net Deferred Interest
          is
          allocated to the Class X Notes in reduction of the amount of interest owed
          to
          the Class X Notes. The Class X Notes will not accrue interest on its Note
          Principal Balance. Interest will accrue on the Note Principal Balance of
          the
          Notes as reduced and as provided in this definition. 

      

       

      Note
        Register:
        The
        register maintained by the Note Registrar in which the Note Registrar shall
        provide for the registration of Securities and of transfers and exchanges
        of
        Securities.

       

      Note
        Registrar:
        The
        Securities Administrator, in its capacity as Note Registrar, or any successor
        to
        the Securities Administrator.

       

      Notional
        Amount:
        With
        respect to the Class X Notes and any Payment Date, the aggregate Stated
        Principal Balance of the Mortgage Loans on such Payment Date. With respect
        to
        the Class IO-P Certificates, the aggregate Note Principal Balance of the
        Class A
        Notes on such Payment Date.

       

      Notes:
        The
        Class
        A, Class M, Class B and Class X Notes.

       

      Offered
        Notes:
        The
Class
        M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6
        Notes.

       

      Offered
        Securities:
        The
Offered
        Notes and the Grantor Trust Certificates.

       

      Officer’s
        Certificate:
        With
        respect to the Servicer or Master Servicer, as applicable, a certificate
        signed
        by the President, Managing Director, a Director, a Vice President or an
        Assistant Vice President, of the Servicer or Master Servicer, as applicable,
        and
        delivered to the Indenture Trustee or Master Servicer, as applicable. With
        respect to the Issuing Entity, a certificate signed by any Authorized Officer
        of
        the Issuing Entity, under the circumstances described in, and otherwise
        complying with, the applicable requirements of Section 10.01 of the Indenture,
        and delivered to the Securities Administrator. Unless otherwise specified,
        any
        reference in the Indenture to an Officer’s Certificate shall be to an Officer’s
        Certificate of any Authorized Officer of the Issuing Entity.

       

      One-Month
        LIBOR:
        With
        respect to any Accrual Period, the rate determined by the Securities
        Administrator on the related LIBOR Determination Date on the basis of the
        London
        interbank offered rate for one-month United States dollar deposits, as such
        rates appear on the Telerate Screen Page 3750, as of 11:00 a.m. (London time)
        on
        such LIBOR Determination Date pursuant to Section 3.31 of the
        Indenture.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel acceptable to the Indenture Trustee or the Master
        Servicer, as applicable, in its reasonable discretion which counsel may be
        in-house counsel for the Servicer or Master Servicer, as applicable, if
        acceptable to the Indenture Trustee, the Master Servicer and the Rating Agencies
        or counsel for the Depositor, as the case may be.

       

      Original
        Subordinate Principal Balance:
        The
        aggregate Note Principal Balance of the Subordinate Notes as of the Closing
        Date.

       

      OTS:
        Office
        of Thrift Supervision or any successor.

       

      OTS
        Method: The
        delinquency method used for calculations with respect to the Mortgage Loans
        will
        be in accordance with the methodology used by lenders regulated by the
        OTS.

       

      Outstanding:
        With
        respect to the Securities, as of the date of determination, all Securities
        theretofore executed, authenticated and delivered under this Indenture
        except:

       

      (i) Securities
        theretofore canceled by the Note Registrar or delivered to the Securities
        Administrator for cancellation; and

       

      (ii) Securities
        in exchange for or in lieu of which other Securities have been executed,
        authenticated and delivered pursuant to the Indenture unless proof satisfactory
        to the Securities Administrator is presented that any such Securities are
        held
        by a holder in due course.

       

      Outstanding
        Mortgage Loan:
        As to
        any Due Date, a Mortgage Loan (including an REO Property) which was not the
        subject of a Principal Prepayment in Full, Cash Liquidation or REO Disposition
        and which was not purchased, deleted or substituted for prior to such Due
        Date
        pursuant to the Servicing Agreement or Mortgage Loan Purchase Agreement,
        as
        applicable.

       

      Outstanding
        Principal Balance:
        With
        respect to a Mortgage Loan, the Principal Balance of such Mortgage Loan
        remaining to be paid by the mortgagor or, in the case of an REO Property,
        the
        principal balance of the related Mortgage Loan remaining to be paid by the
        mortgagor at the time such property was acquired by the Trust.

       

      Owner
        Trust Estate:
        The
        corpus of the Issuing Entity created by the Trust Agreement which consists
        of
        items referred to in Section 3.01 of the Trust Agreement.

       

      Owner
        Trustee:
        Wilmington Trust Company and its successors and assigns or any successor
        owner
        trustee appointed pursuant to the terms of the Trust Agreement.

       

      Owner
        Trustee’s Fee:
        A fee
        of $3,500 per annum payable to the Owner Trustee in advance on the Closing
        Date
        and a fee of $4,000 payable on each anniversary thereof by American Home
        Mortgage Servicing, Inc.; provided, however, that in the event of any removal
        or
        resignation of the Owner Trustee, the Owner Trustee will promptly remit to
        American Home Mortgage Servicing, Inc. the portion of the Owner Trustee Fee
        that
        would have been earned by the Owner Trustee during the remainder of such
        year
        had it not been removed or resigned or the Notes redeemed.

       

      Paying
        Agent:
        Any
        paying agent or co-paying agent appointed pursuant to Section 3.03 of the
        Indenture, which initially shall be the Securities Administrator.

       

      Payment
        Account:
        The
        account established by the Securities Administrator pursuant to Section 8.09
        of
        the Indenture. The Payment Account shall be an Eligible Account. 

       

      Payment
        Date:
        The
        25th day of each month, or if such day is not a Business Day, then the next
        Business Day, commencing in April 2007.

       

      Payment
        Date Statement:
        The
        statement delivered to the Noteholders pursuant to Section 7.05 of the
        Indenture.

       

      PCAOB:
        Shall
        mean the Public Company Accounting Oversight Board.

       

      Penalty
        Allocation Percentage:
        With
        respect to any Payment Date where the 1-month CPR of the Mortgage Loans exceeds
        the CPR in the Prepayment Schedule for such month, 70%. With respect to any
        Payment Date where the 1-month CPR of the Mortgage Loans is equal to or less
        than the CPR in the Prepayment Schedule for such month, 50%.

       

      Percentage
        Interest:
        With
        respect to any Note, the percentage obtained by dividing the Note Principal
        Balance of such Note by the aggregate Note Principal Balances of all Notes
        of
        that Class. With respect to any Certificate, the percentage as stated on
        the
        face thereof.

       

      Periodic
        Rate Cap:
        With
        respect to any ARM Loan, the maximum rate, if any, by which the Mortgage
        Rate on
        such Mortgage Loan can adjust on any Adjustment Date, as stated in the related
        Mortgage Note or Mortgage.

       

      Person:
        Any
        individual, corporation, partnership, limited liability company, joint venture,
        association, joint-stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

       

      Plan:
        Any
        employee benefit plan or certain other retirement plans and arrangements,
        including individual retirement accounts and annuities, Keogh plans and bank
        collective investment funds and insurance company general or separate accounts
        in which such plans, accounts or arrangements are invested, that are subject
        to
        ERISA or Section 4975 of the Code.

       

      Plan
        Assets:
        Assets
        of a Plan within the meaning of Department of Labor regulation 29 C.F.R.
§
2510.3-101, as modified by Section 3(42) of ERISA.

       

      Pool
        Balance:
        With
        respect to any date of determination, the aggregate of the Stated Principal
        Balances of all Mortgage Loans as of such date.

       

      Prepayment
        Charge:
        With
        respect to any Mortgage Loan, the charges, penalties or premiums, if any,
        due in
        connection with a full or partial prepayment of such Mortgage Loan in accordance
        with the terms of the related Mortgage Note (or any rider or annex thereto),
        or
        any amounts in respect thereof paid by the Sponsor in accordance with the
        Mortgage Loan Purchase Agreement or the Servicer in accordance with the
        Servicing Agreement.

       

      Prepayment
        Interest Shortfall:
        As to
        any Payment Date and any Mortgage Loan (other than a Mortgage Loan relating
        to
        an REO Property) that was the subject of (a) a Principal Prepayment in Full
        during the related Prepayment Period, an amount equal to the excess of interest
        accrued during the related Prepayment Period at the Net Mortgage Rate on
        the
        Stated Principal Balance of such Mortgage Loan over the sum of the amount
        of
        interest paid by the Mortgagor for such Prepayment Period to the date of
        such
        Principal Prepayment in Full or (b) a partial Principal Prepayment during
        the
        related Prepayment Period, an amount equal to the interest at the Mortgage
        Rate
        (less the Servicing Fee Rate) during the related Prepayment Period on the
        amount
        of such partial Principal Prepayment.

       

      Prepayment
        Period:
        With
        respect to each Mortgage Loan and any Payment Date, the calendar month
        immediately preceding the month in which such Payment Date occurs.

       

      Prepayment
        Schedule:
        With
        respect to the applicable Payment Date, the percentage listed
        below:

       

      
        	
                DEAL
                  MONTH

              	 	
                CPR
                  (%)

              	 	 	 	
                DEAL
                  MONTH

              	 	
                CPR
                  (%)

              
	
                1

              	 	
                8.50

              	 	 	 	
                21

              	 	
                42.75

              
	
                2

              	 	
                13.25

              	 	 	 	
                22

              	 	
                41.75

              
	
                3

              	 	
                16.75

              	 	 	 	
                23

              	 	
                46.00

              
	
                4

              	 	
                19.25

              	 	 	 	
                24

              	 	
                49.50

              
	
                5

              	 	
                21.75

              	 	 	 	
                25

              	 	
                49.50

              
	
                6

              	 	
                24.00

              	 	 	 	
                26

              	 	
                44.25

              
	
                7

              	 	
                26.50

              	 	 	 	
                27

              	 	
                39.75

              
	
                8

              	 	
                29.00

              	 	 	 	
                28

              	 	
                39.00

              
	
                9

              	 	
                31.50

              	 	 	 	
                29

              	 	
                38.75

              
	
                10

              	 	
                34.50

              	 	 	 	
                30

              	 	
                38.50

              
	
                11

              	 	
                45.25

              	 	 	 	
                31

              	 	
                38.25

              
	
                12

              	 	
                54.75

              	 	 	 	
                32

              	 	
                38.00

              
	
                13

              	 	
                56.50

              	 	 	 	
                33

              	 	
                37.75

              
	
                14

              	 	
                54.25

              	 	 	 	
                34

              	 	
                38.75

              
	
                15

              	 	
                50.50

              	 	 	 	
                35

              	 	
                56.25

              
	
                16

              	 	
                48.75

              	 	 	 	
                36

              	 	
                69.00

              
	
                17

              	 	
                47.25

              	 	 	 	
                37

              	 	
                69.75

              
	
                18

              	 	
                46.00

              	 	 	 	
                38

              	 	
                64.75

              
	
                19

              	 	
                45.00

              	 	 	 	
                39

              	 	
                60.50

              
	
                20

              	 	
                43.75

              	 	 	 	
                40+

              	 	
                60.00

              

      

      

      Prepayment
        Yield Amount:
        With
        respect to each Payment Date, an amount equal to the lesser of (i) all
        Prepayment Charges received during the related Prepayment Period and (ii)
        the
        product of (a) an amount equal to the sum of clauses (2) and (3) in the
        definition of Senior Optimal Principal Amount for such Payment Date, (b)
        the
        Penalty Allocation Percentage for such Payment Date, (c) the weighted average
        Note Interest Rate for the Class A Notes for such Payment Date and (d)
        50%.

       

      Primary
        Insurance Policy:
        Each
        primary policy of mortgage guaranty insurance issued by a Qualified Insurer
        or
        any replacement policy therefor.

       

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan which is received
        in
        advance of its scheduled Due Date to the extent that it is not accompanied
        by an
        amount as to interest representing scheduled interest due on any date or
        dates
        in any month or months subsequent to the month of prepayment, including
        Insurance Proceeds and Repurchase Proceeds, but excluding the principal portion
        of Net Liquidation Proceeds received at the time a Mortgage Loan becomes
        a
        Liquidated Mortgage Loan.

       

      Principal
        Prepayment Amount:
        For
        any
        Payment Date, the sum of (i) all partial and full principal prepayments by
        borrowers on the Mortgage Loans received during the related Prepayment Period
        and (ii) any Subsequent Recoveries on the Mortgage Loans received during
        the
        related Due Period.

       

      Principal
        Prepayment in Full:
        Any
        Principal Prepayment made by a Mortgagor of the entire principal balance
        of a
        Mortgage Loan.

       

      Proceeding:
        Any
        suit in equity, action at law or other judicial or administrative
        proceeding.

       

      Protected
        Account:
        An
        account established and maintained for the benefit of Securityholders by
        the
        Servicer with respect to the related Mortgage Loans and with respect to REO
        Property pursuant to the Servicing Agreement.

       

      Purchase
        Price:
        The
        meaning specified in Section 2.2(a) of the Mortgage Loan Purchase
        Agreement.

       

      Purchaser:
        American Home Mortgage Securities LLC, a Delaware limited liability company,
        and
        its successors and assigns.

       

      Qualified
        Insurer:
        A
        mortgage guaranty insurance company duly qualified as such under the laws
        of the
        state of its principal place of business and each state having jurisdiction
        over
        such insurer in connection with the insurance policy issued by such insurer,
        duly authorized and licensed in such states to transact a mortgage guaranty
        insurance business in such states and to write the insurance provided by
        the
        insurance policy issued by it, approved as an insurer by the Servicer or
        Master
        Servicer, as applicable, and as a Fannie Mae-approved mortgage
        insurer.

       

      Rating
        Agency:
        Any
        nationally recognized statistical rating organization, or its successor,
        that
        rated the Notes at the request of the Depositor at the time of the initial
        issuance of the Notes. Initially, Standard & Poor’s and Moody’s. References
        herein to the highest short term unsecured rating category of a Rating Agency
        shall mean A-1 or better in the case of Standard & Poor’s or Fitch and P-1
        or better in the case of Moody’s and in the case of any other Rating Agency
        shall mean such equivalent ratings. References herein to the highest long-term
        rating category of a Rating Agency shall mean “AAA” in the case of Standard
& Poor’s or Fitch and “Aaa” in the case of Moody’s and in the case of any
        other Rating Agency, such equivalent rating.

       

      Realized
        Loss:
        With
        respect to a Mortgage Loan is (i) a Deficient Valuation, or (ii) as to any
        Liquidated Mortgage Loan, the unpaid principal balance thereof plus accrued
        and
        unpaid interest thereon at the Mortgage Rate through the last day of the
        month
        of liquidation less the Net Liquidation Proceeds with respect to such Mortgage
        Loan and the related Mortgaged Property.

       

      Record
        Date:
        With
        respect to each Payment Date and (i) the Class
        IO-P Certificates and (ii) the Class A-1-A, Class A-1-B, Class A-1-C, Class
        A-2
        and Class A-3 Certificates after the Class A-1-A Swap Agreement Termination
        Date, the Class A-1-B Swap Agreement Termination Date, the Class A-1-B Swap
        Agreement Termination Date, the Class A-2 Swap Agreement Termination Date
        and
        Class A-3 Swap Agreement Termination Date, respectively,
        the
        close of business on the last Business
        Day of
        the
        calendar month preceding such Distribution Date. With respect to each Payment
        Date and (i) the Subordinate Notes and (ii) the Class A-1-A, Class A-1-B,
        Class
        A-1-C, Class A-2 and Class A-3 Certificates prior to the Class A-1-A Swap
        Agreement Termination Date, the Class A-1-B Swap Agreement Termination Date,
        the
        Class A-1-B Swap Agreement Termination Date, the Class A-2 Swap Agreement
        Termination Date and Class A-3 Swap Agreement Termination Date, respectively,
        and so long as such Certificates are Book-Entry Securities, the Business
        Day
        immediately prior to such Payment Date, and if any such Certificates are
        no
        longer Book-Entry Securities, then the close of business on the last Business
        Day of the calendar month preceding such Payment Date.

       

      Reference
        Banks:
        Any
        leading banks selected by the Securities Administrator and engaged in
        transactions in Eurodollar deposits in the international Eurocurrency market
        (i)
        with an established place of business in London, (ii) whose quotations appear
        on
        the Telerate Screen Page 3750 on the Interest Determination Date in question,
        (iii) which have been designated as such by the Securities Administrator,
        and
        (iv) which are not Affiliates of the Depositor, the Sponsor, the Master Servicer
        or the Servicer.

       

      Registered
        Holder:
        The
        Person in whose name a Security is registered in the Note Register on the
        applicable Record Date.

       

      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 Commission
        in
        the adopting release (Asset-Backed Securities, Securities Act Release No.
        33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time.

       

      Related
        Documents:
        With
        respect to each Mortgage Loan, the documents specified in Section 2.1(b)
        of the
        Mortgage Loan Purchase Agreement, and any documents required to be added
        to such
        documents pursuant to the Mortgage Loan Purchase Agreement, the Trust Agreement,
        Indenture or the Servicing Agreement.

       

      Relevant
        Servicing Criteria:
        Means
        with respect to any Servicing Function Participant, the Servicing Criteria
        applicable to such party, as set forth on Exhibit E to the Master Servicing
        Agreement. For clarification purposes, multiple parties can have responsibility
        for the same Relevant Servicing Criteria. With respect to a Servicing Function
        Participant engaged by the Master Servicer, the Securities Administrator,
        or the
        Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the
        Relevant Servicing Criteria applicable to such parties.

       

      Relief
        Act:
        The
        Servicemember’s Civil Relief Act, as amended.

       

      Relief
        Act Shortfall:
        As to
        any Payment Date and any Mortgage Loan (other than a Mortgage Loan relating
        to
        an REO Property), any shortfalls relating to the Relief Act or similar
        legislation or regulations.

       

      REMIC:
        A “real
        estate mortgage investment conduit” within the meaning of section 860D of the
        Code.

       

      REMIC
        Certificates:
        Any of
        the certificates issued pursuant to the Underlying REMIC Trust Pooling and
        Servicing Agreement upon the REMIC Conversion, as described in the Trust
        Agreement.

       

      REMIC
        Conversion:
        The
        deposit by the Issuing Entity of the Mortgage Loans (but not any REO Properties)
        pursuant to a pooling and servicing agreement into a New York common law
        trust
        with respect to whose assets one or more REMIC elections shall be made (such
        pooling and servicing agreement, Exhibit K to the Trust Agreement), following
        the occurrence of a TMP Trigger Event and the other preconditions to such
        conversion set forth in the Indenture and the Trust Agreement. No REMIC
        Conversion shall occur unless (i) American Home Mortgage Investment Corp.
        shall
        have purchased all of the REO properties in the Trust Estate at their fair
        market value, (ii) the party who caused the TMP Trigger Event shall have
        contributed to the Trust Estate an amount equal to any allocation of Realized
        Losses on the Offered Notes, if any, resulting from the sale of the REO
        properties described in clause (i) above, and (iii) the entity seeking to
        separately transfer or hold any Class of Notes shall have made provision
        for
        payment satisfactory to the Owner Trustee, the Indenture Trustee, the Securities
        Administrator, the Master Servicer, the Paying Agent and the Note Registrar
        and
        others for any initial or ongoing additional administrative expenses associated
        with the REMIC elections made in connection with a REMIC
        Conversion.

       

      REMIC
        Indenture:
        An
        indenture, which the parties to the Indenture shall enter into, and agree
        to be
        bound by, upon the occurrence of a REMIC Conversion, which shall issue the
        REMIC
        Notes and Subsequent Grantor Trust Certificates.

       

      REMIC
        Notes:
        Each
        Class of Notes issued in connection with a REMIC Conversion in exchange for
        a
        Classes of Offered Notes and Class A Notes then outstanding and bearing the
        same
        alpha numeric designation.

       

      REMIC
        Pooling and Servicing Agreement:
        A
        pooling and servicing agreement, which the parties to the Indenture shall
        enter
        into, and agree to be bound by, upon the occurrence of a REMIC Conversion,
        which
        shall issue the REMIC Privately Offered Certificates.

       

      REMIC
        Privately Offered Certificates:
        Certificates representing regular interests in one or more REMICs issued
        in
        exchange for Non-Offered Notes in connection with a REMIC
        Conversion.

       

      Remittance
        Report:
        The
        report prepared by each Servicer pursuant to Section 4.01 of the related
        Servicing Agreement.

       

      REO
        Acquisition:
        The
        acquisition by the Servicer, on behalf of the Issuing Entity for the benefit
        of
        the Noteholders of any REO Property pursuant to Section 3.13 of the Servicing
        Agreement.

       

      REO
        Disposition:
        As to
        any REO Property, a determination by the Servicer that it has received
        substantially all Insurance Proceeds, Liquidation Proceeds, REO Proceeds
        and
        other payments and recoveries (including proceeds of a final sale) which
        the
        Servicer expects to be finally recoverable from the sale or other disposition
        of
        the REO Property.

       

      REO
        Imputed Interest:
        As to
        any REO Property, for any period, an amount equivalent to interest (at the
        Net
        Mortgage Rate that would have been applicable to the related Mortgage Loan
        had
        it been Outstanding) on the unpaid principal balance of the Mortgage Loan
        as of
        the date of acquisition thereof for such period as such balance is reduced
        pursuant to Section 3.13 of the Servicing Agreement by any income from the
        REO
        Property treated as a recovery of principal.

       

      REO
        Proceeds:
        Proceeds, net of expenses, received in respect of any REO Property (including,
        without limitation, proceeds from the rental of the related Mortgaged Property)
        which proceeds are required to be deposited into the Protected Account only
        upon
        the related REO Disposition.

       

      REO
        Property:
        A
        Mortgaged Property that is acquired by the Trust by foreclosure or by deed
        in
        lieu of foreclosure.

       

      Reportable
        Event:
        Has the
        meaning set forth in Section 4.06 of the Master Servicing
        Agreement.

       

      Repurchase
        Price:
        With
        respect to any Mortgage Loan required to be repurchased, an amount equal
        to the
        sum of the following: (i) 100% of the Stated Principal Balance thereof (without
        reduction for any amounts charged off), (ii) unpaid accrued interest at the
        Mortgage Rate on the outstanding principal balance thereof from the Due Date
        for
        which interest was last paid by the Mortgagor to the first day of the month
        following the month of purchase, (iii) the amount of unreimbursed Monthly
        Advances or unreimbursed Servicing Advances made with respect to such Mortgage
        Loan, (iv) any other amounts owed to the Servicer or Master Servicer pursuant
        to
        the Master Servicing Agreement or Servicing Agreement and not included in
        clause
        (iii) of this definition plus (v) any costs and damages incurred by the trust
        in
        connection with any violation of such loan of any predatory lending
        law.

       

      Repurchase
        Proceeds:
        The
        Repurchase Price in connection with any repurchase of a Mortgage Loan by
        the
        Sponsor and any cash deposit in connection with the substitution of a Mortgage
        Loan.

       

      Reserve
        Interest Rate:
        With
        respect to any Interest Determination Date, the rate per annum that the
        Securities Administrator determines to be either (i) the arithmetic mean
        (rounded upwards if necessary to the nearest whole multiple of 0.0625%) of
        the
        one-month, six-month or one-year (as applicable) United States dollar lending
        rates which New York City banks selected by the Securities Administrator
        are
        quoting on the relevant Interest Determination Date to the principal London
        offices of leading banks in the London interbank market or (ii) in the event
        that the Securities Administrator can determine no such arithmetic mean,
        the
        lowest one-month, six-month or one-year (as applicable) United States dollar
        lending rate which New York City banks selected by the Securities Administrator
        are quoting on such Interest Determination Date to leading European
        banks.

       

      Responsible
        Officer:
        With
        respect to the Indenture Trustee or the Securities Administrator, (a) any
        officer within the corporate trust department of the Indenture Trustee including
        any vice president, assistant vice president, treasurer, assistant treasurer,
        trust officer or any other officer of the Indenture Trustee who customarily
        performs functions similar to those performed by the persons who at the time
        shall be such officers, respectively, or to whom any corporate trust matter
        is
        referred because of such person’s knowledge of and familiarity with the
        particular subject and (b) who shall have direct responsibility for the
        administration of the applicable Agreement. 

       

      Restricted
        Notes:
        The
        Class M-7, Class M-8, Class M-9, Class B-1, Class B-2, Class B-3 and Class
        X
        Notes.

       

      Retained
        Notes:
        Any
        Class or portion of any such other Class of Notes that is not a Class of
        Restricted Notes and that is acquired by the Sponsor or one of its wholly
        owned
“disregarded entities” on the Closing Date.

       

      Redemption
        Price:
        As
        defined in Section 8.08 of the Indenture.

       

      Sarbanes-Oxley
        Act:
        Means
        the Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission
        promulgated thereunder (including any interpretations thereof by the
        Commission’s staff).

       

      Sarbanes-Oxley
        Certification:
        A
        written certification covering the activities of all Servicing Function
        Participants and signed by an officer of the Depositor that complies with
        (i)
        the Sarbanes-Oxley Act of 2002, as amended from time to time, and (ii) Exchange
        Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time; provided
        that
        if, after the Closing Date (a) the Sarbanes-Oxley Act of 2002 is amended,
        (b)
        the Rules referred to in clause (ii) are modified or superseded by any
        subsequent statement, rule or regulation of the Commission or any statement
        of a
        division thereof, or (c) any future releases, rules and regulations are
        published by the Commission from time to time pursuant to the Sarbanes-Oxley
        Act
        of 2002, which in any such case affects the form or substance of the required
        certification and results in the required certification being, in the reasonable
        judgment of the Depositor, materially more onerous that then form of the
        required certification as of the Closing Date, the Sarbanes-Oxley Certification
        shall be as agreed to by the Depositor and the Sponsor following a negotiation
        in good faith to determine how to comply with any such new
        requirements.

       

      Securities:
        The
        Notes and the Grantor Trust Certificates.

       

      Securities
        Act:
        The
        Securities Act of 1933, as amended, and the rules and regulations promulgated
        thereunder.

       

      Securities
        Administrator:
        Wells
        Fargo Bank, N.A., a national banking association, and its successors and
        assigns.

       

      Securities
        Intermediary:
        Deutsche Bank National Trust Company, or its successors and
        assigns.

       

      Security:
        Any of
        the Grantor Trust Certificates or Notes.

       

      Securityholder
        or Holder:
        The
        Person in whose name a Security is registered in the Note Register, except
        that,
        any Security registered in the name of the Depositor, the Issuing Entity,
        American Home Mortgage Investment Corp., the Indenture Trustee, the Securities
        Administrator, the Seller, Servicer or Master Servicer or any Affiliate of
        any
        of them shall be deemed not to be a holder or holders, nor shall any so owned
        be
        considered outstanding, for purposes of giving any request, demand,
        authorization, direction, notice, consent or waiver under the Indenture or
        the
        Trust Agreement; provided that, in determining whether the Securities
        Administrator and the Indenture Trustee shall be protected in relying upon
        any
        such request, demand, authorization, direction, notice, consent or waiver,
        only
Securities
        that
        a
        Responsible Officer of the Securities Administrator, the Indenture Trustee
        or
        the Owner Trustee actually knows to be so owned shall be so disregarded.
        Owners
        of Securities that have been pledged in good faith may be regarded as Holders
        if
        the pledgee establishes to the satisfaction of the Securities Administrator,
        the
        Indenture Trustee or the Owner Trustee the pledgee's right so to act with
        respect to such Securities and that the pledgee is not the Issuing Entity,
        any
        other obligor upon the Securities or any Affiliate of any of the foregoing
        Persons. 

       

      Security
        Instrument:
        A
        written instrument creating a valid first lien on a Mortgaged Property securing
        a Mortgage Note, which may be any applicable form of mortgage, deed of trust,
        deed to secure debt or security deed, including any riders or addenda
        thereto.

       

      Senior
        Optimal Principal Amount:
        With
        respect to each Payment Date will be an amount equal to the sum of the following
        (but in no event greater than the aggregate Note Principal Balances of the
        Class
        A Notes immediately prior to such Payment Date):

       

      (1) the
        applicable Senior Percentage of the principal portion of all Monthly Payments
        due on the Mortgage Loans on the related Due Date, as specified in the
        amortization schedule at the time applicable thereto (after adjustment for
        previous principal prepayments but before any adjustment to such amortization
        schedule by reason of any bankruptcy or similar proceeding or any moratorium
        or
        similar waiver or grace period);

       

      (2) the
        applicable Senior Prepayment Percentage of the Stated Principal Balance of
        each
        Mortgage Loan which was the subject of a prepayment in full received by the
        Servicer during the applicable Prepayment Period;

       

      (3) the
        applicable Senior Prepayment Percentage of all partial prepayments allocated
        to
        principal received during the applicable Prepayment Period;

       

      (4) the
        lesser of (a) the applicable Senior Prepayment Percentage of the sum of (i)
        all
        Net Liquidation Proceeds allocable to principal received in respect of each
        Mortgage Loan in the related Loan Group which became a Liquidated Mortgage
        Loan
        during the related Prepayment Period (other than Mortgage Loans described
        in the
        immediately following clause (ii)) and all Subsequent Recoveries received
        in
        respect of each Liquidated Mortgage Loan in the related Loan Group during
        the
        related Due Period and (ii) the Stated Principal Balance of each such Mortgage
        Loan purchased by an insurer from the Indenture Trustee during the related
        Prepayment Period pursuant to the related primary mortgage insurance policy,
        if
        any, or otherwise; and (b) the applicable Senior Percentage of the sum of
        (i)
        the Stated Principal Balance of each Mortgage Loan which became a Liquidated
        Mortgage Loan during the related Prepayment Period (other than the Mortgage
        Loans described in the immediately following clause (ii) and (ii) the Stated
        Principal Balance of each such Mortgage Loan that was purchased by an insurer
        from the Indenture Trustee during the related Prepayment Period pursuant
        to the
        related primary mortgage insurance policy, if any or otherwise; and

       

      (5) the
        applicable Senior Prepayment Percentage of the sum of (a) the Stated Principal
        Balance of each Mortgage Loan which was repurchased by the
        Sponsor in
        connection with such Payment Date and (b) the excess, if any, of the Stated
        Principal Balance of each mortgage that has been replaced by the Sponsor
        with a
        substitute Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement
        in
        connection with such Payment Date over the Stated Principal Balance of each
        such
        substitute Mortgage Loan.

       

      less

       

      (6) the
        amount of the applicable Senior Prepayment Percentage of the Principal
        Prepayment Amount used to offset Deferred Interest.

       

      Senior
        Percentage:
        With
        respect to each Payment Date, the lesser of (a) 100% and (b) the percentage
        (carried to six places rounded up) obtained by dividing the aggregate Note
        Principal Balance of the Class A Notes immediately prior to such Payment
        Date by
        the aggregate Stated Principal Balance of the Mortgage Loans as of the beginning
        of the related Due Period.

       

      Senior
        Prepayment Percentage:
        The
        Senior Prepayment Percentage on any Payment Date occurring during the periods
        set forth below will be as follows:

       

      
        	
                Period
                  (Dates Inclusive)

              	 	
                Senior
                  Prepayment Percentage

              
	
                April
                  25, 2007 - March 25, 2017

              	 	
                100%
                  

              
	
                April
                  25, 2017 - March 25, 2018

              	 	
                Senior
                  Percentage for the Class A Notes Plus 70% of the Subordinate
                  Percentage.

              
	
                April
                  25, 2018 - March 25, 2019

              	 	
                Senior
                  Percentage for the Class A Notes Plus 60% of the Subordinate
                  Percentage.

              
	
                April
                  25, 2019 - March 25, 2020

              	 	
                Senior
                  Percentage for the Class A Notes Plus 40% of the Subordinate
                  Percentage.

              
	
                April
                  25, 2020 - March 25, 2021

              	 	
                Senior
                  Percentage for the Class A Notes Plus 20% of the Subordinate
                  Percentage.

              
	
                April
                  25, 2021 and thereafter 

              	 	
                Senior
                  Percentage of the Class A Notes.

              

      

      

      Any
        scheduled reduction to the Senior Prepayment Percentage for the Class A Notes
        shall not be made as of any Payment Date unless, as of the last day of the
        month
        preceding such Payment Date (1) the aggregate Stated Principal Balance of
        the
        Mortgage Loans delinquent 60 days or more (including for this purpose any
        such
        Mortgage Loans in foreclosure and bankruptcy and such Mortgage Loans with
        respect to which the related mortgaged property has been acquired by the
        trust)
        averaged over the last six months, as a percentage of the aggregate Note
        Principal Balance of the Subordinate Notes does not exceed 50% and (2)
        cumulative Realized Losses on the Mortgage Loans do not exceed (a) 30% of
        the
        aggregate Note Principal Balance of the Original Subordinate Principal Balance
        if such Payment Date occurs between and including April 2017 and March 2018,
        (b)
        35% of the Original Subordinate Principal Balance if such Payment Date occurs
        between and including April 2018 and March 2019, (c) 40% of the Original
        Subordinate Principal Balance if such Payment Date occurs between
        and including April 2019 and March 2020,
        (d) 45%
        of the Original Subordinate Principal Balance if such Payment Date occurs
        between and including April 2020 and March 2021 and (e) 50% of the Original
        Subordinate Principal Balance if such Payment Date occurs during or after
        April
        2021.

       

      
        In
          addition, if before the Payment Date in April 2010, the Aggregate Subordinate
          Percentage for such Payment Date is equal to or greater than two times
          the
          initial Aggregate Subordinate Percentage, and the aggregate Stated Principal
          Balance of the Mortgage Loans delinquent 60 days or more (including for
          this
          purpose any such Mortgage Loans in foreclosure and bankruptcy and such
          Mortgage
          Loans with respect to which the related Mortgaged Property has been acquired
          by
          the Trust), averaged over the last six months, as a percentage of the aggregate
          Note Principal Balance of the Subordinate Notes does not exceed 50% and
          cumulative Realized Losses on the Mortgage Loans as of the end of the related
          Prepayment Period do not exceed 20% of the Original Subordinate Principal
          Balance, then the Senior Prepayment Percentages for the Class A Notes for
          such
          Payment Date will equal the Senior Percentage for the Class A Notes plus
          50% of
          the Subordinate Percentage on such Payment Date. If on or after the Payment
          Date in April 2010, the Aggregate Subordinate Percentage is equal to or
          greater
          than two times the initial Aggregate Subordinate Percentage, and the aggregate
          Stated Principal Balance of the Mortgage Loans delinquent 60 days or more
          (including for this purpose any such Mortgage Loans in foreclosure and
          bankruptcy and such Mortgage Loans with respect to which the related Mortgaged
          Property has been acquired by the Trust), averaged over the last six months,
          as
          a percentage of the aggregate Note Principal Balance of the Subordinate
          Notes
          does not exceed 50% and the cumulative Realized Losses do not exceed 30%
          of the
          Original Subordinate Principal Balance, then the Senior Prepayment Percentage
          for such Payment Date will equal the Senior Percentage.

         

      

      Notwithstanding
        the foregoing, if on any Payment Date, the percentage, the numerator of which
        is
        the aggregate Note Principal Balance of the Class A Notes immediately preceding
        such Payment Date, and the denominator of which is the aggregate Stated
        Principal Balance of the Mortgage Loans as of the beginning of the related
        Due
        Period, exceeds such percentage as of the Cut-off Date, then the Senior
        Prepayment Percentage with respect to the Class A Notes for such Payment
        Date
        will equal 100%.

       

      Servicer:
        American Home Mortgage Servicing, Inc., a Maryland corporation, and its
        successors and assigns.

       

      Servicer
        Remittance Date:
        Four
        Business Days prior to the related Payment Date.

       

      Service(s)(ing):
        Means,
        in accordance with Regulation AB, the act of servicing and administering
        the
        Mortgage Loans or any other assets of the Issuing Entity by an entity that
        meets
        the definition of “servicer’ set forth in Item 1101 of Regulation AB and is
        subject to the disclosure requirements set forth in 1108 of Regulation AB.
        For
        clarification purposes, any uncapitalized occurrence of this term shall have
        the
        meaning commonly understood by participants in the residential mortgage-backed
        securitization market.

       

      Servicing
        Account:
        The
        separate trust account created and maintained by the Servicer with respect
        to
        the Mortgage Loans or REO Property, which shall be an Eligible Account, for
        collection of taxes, assessments, insurance premiums and comparable items
        as
        described in Section 3.08 of the Servicing Agreement.

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out of pocket” costs and expenses incurred
        in connection with a default, delinquency or other unanticipated event in
        the
        performance by the Servicer of its servicing obligations, including, without
        duplication, but not limited to, the cost of (i) the preservation, restoration
        and protection of a Mortgaged Property, (ii) any enforcement or judicial
        proceedings, including foreclosures and any expenses incurred in relation
        to any
        such proceedings that result from the Mortgage Loan being registered on the
        MERS® System, (iii) the management and liquidation of any REO Property, (iv)
        compliance with the obligations under Sections 3.10, 3.11, 3.13 of the Servicing
        Agreement, (v) covering any expenses incurred by or on behalf of the Servicer
        in
        connection with obtaining Insurance Proceeds and (vi) that is applied to
        the
        restoration or repair of the related Mortgaged Property.

       

      Servicing
        Agreement:
        The
        Servicing Agreement dated as of March 30, 2007, among the Seller, Servicer,
        Master Servicer, Issuing Entity and Indenture Trustee.

       

      Servicing
        Fee:
        With
        respect to each Mortgage Loan and any Payment Date, the fee payable monthly
        to
        the Servicer in respect of servicing compensation that accrues at an annual
        rate
        equal to the Servicing Fee Rate multiplied by the Stated Principal Balance
        of
        such Mortgage Loan as of the first day of the related Due Period.

       

      Servicing
        Fee Rate:
        With
        respect to any Mortgage Loan, 0.375% per annum.

       

      Servicing
        Rights Pledgee:
        One or
        more lenders, selected by the Servicer, to which the Servicer may pledge
        and
        assign all of its right, title and interest in, to and under the Servicing
        Agreement, including Bank of America, N.A., as the representative of certain
        lenders.

       

      Servicing
        Certificate:
        A
        certificate completed and executed by a Servicing Officer on behalf of a
        Servicer in accordance with Section 4.01 of the Servicing
        Agreement.

       

      Servicing
        Criteria:
        Means
        the criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as
        such
        may be amended from time to time.

       

      Servicing
        Default:
        The
        meaning assigned in Section 6.01 of the Servicing Agreement.

       

      Servicing
        Function Participant:
        The
        Servicer and the Master Servicer and the Securities Administrator, subcontractor
        or affiliates of any of the foregoing, or any other Person, that is
        participating in the servicing function within the meaning of Item 1122 of
        Regulation AB performing activities addressed by the Servicing Criteria,
        unless
        such Person’s activities relate only to five percent (5%) or less of the
        Mortgage Loans.

       

      Servicing
        Officer:
        Any
        officer of the Servicer or Master Servicer, as applicable, involved in, or
        responsible for, the administration and servicing (or master servicing, as
        applicable) of the Mortgage Loans whose name and specimen signature appear
        on a
        list of servicing officers furnished to the Indenture Trustee or the Master
        Servicer, as applicable, by the Servicer or Master Servicer, as applicable,
        on
        the Closing Date, as such list may be amended from time to time.

       

      Sponsor:
        American Home Mortgage Acceptance, Inc., a Maryland corporation, and its
        successors and assigns.

       

      Standard
        & Poor’s:
        Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or its
        successor in interest.

       

      Stated
        Principal Balance:
        With
        respect to any Mortgage Loan and any Payment Date (1) the unpaid principal
        balance of such Mortgage Loan as of the close of business on the related
        Due
        Date (taking account of the principal payment to be made on such Due Date
        and
        irrespective of any delinquency in its payment), as specified in the
        amortization schedule at the time relating thereto (before any adjustment
        to
        such amortization schedule by reason of any bankruptcy or similar proceeding
        occurring after the Cut-off Date (other than a Deficient Valuation) or any
        moratorium or similar waiver or grace period) plus any Deferred Interest
        added
        to the balance of such Mortgage Loan less (2) any Principal Prepayments and
        the
        principal portion of any Net Liquidation Proceeds received during or prior
        to
        the immediately preceding Prepayment Period; provided that the Stated Principal
        Balance of any Liquidated Mortgage Loan is zero.

       

      Statutory
        Trust Statute:
        Chapter
        38 of Title 12 of the Delaware Code, 12 Del.
        Code
§§3801 et seq.,
        as the
        same may be amended from time to time.

       

      Step-Up
        Date:
        With
        respect to the Class M Notes, the Payment Date on or after the first Payment
        Date on which the aggregate Stated Principal Balance of the Mortgage Loans
        has
        been reduced to less than or equal to 1% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-Off Date.

       

      Subordinate
        Notes:
        The
        Class M Notes and Class B Notes.

       

      Subordinate
        Optimal Principal Amount:
        With
        respect to the Subordinate Notes and each Payment Date will be an amount
        equal
        to the sum of the following (but in no event greater than the aggregate Note
        Principal Balances of the Subordinate Notes immediately prior to such Payment
        Date):

       

      
        	 	
                (1)

              	
                the
                  applicable Subordinate Percentage of the principal portion of all
                  Monthly
                  Payments due on each Mortgage Loan on the related Due Date, as
                  specified
                  in the amortization schedule at the time applicable thereto (after
                  adjustment for previous principal prepayments but before any adjustment
                  to
                  such amortization schedule by reason of any bankruptcy or similar
                  proceeding or any moratorium or similar waiver or grace
                  period);

              

      

       

      
        	 	
                (2)

              	
                the
                  applicable Subordinate Prepayment Percentage of the Stated Principal
                  Balance of each Mortgage Loan which was the subject of a prepayment
                  in
                  full received by the Servicer during the applicable Prepayment
                  Period;

              

      

       

      
        	 	
                (3)

              	
                the
                  applicable Subordinate Prepayment Percentage of all partial prepayments
                  of
                  principal received during the applicable Prepayment Period for
                  each
                  Mortgage Loan;

              

      

       

      
        	 	
                (4)

              	
                the
                  excess, if any, of (a) the Net Liquidation Proceeds allocable to
                  principal
                  received during the related Prepayment Period in respect of each
                  Liquidated Mortgage Loan and all Subsequent Recoveries received
                  in respect
                  of each Liquidated Mortgage Loan during the related Due Period
                  over (b)
                  the sum of the amounts distributable to the holders of the Class
                  A Notes
                  pursuant to clause (4) of the definition of “Senior Optimal Principal
                  Amount” on such Payment Date;

              

      

       

      
        	 	
                (5)

              	
                the
                  applicable Subordinate Prepayment Percentage of the sum of (a)
                  the Stated
                  Principal Balance of each Mortgage Loan which was repurchased by
                  the
                  Sponsor in connection with such Payment Date and (b) the difference,
                  if
                  any, between the Stated Principal Balance of each Mortgage Loan
                  that has
                  been replaced by the Sponsor with a substitute Mortgage Loan pursuant
                  to
                  the Mortgage Loan Purchase Agreement in connection with such Payment
                  Date
                  and the Stated Principal Balance of each such substitute Mortgage
                  Loan;
                  and

              

      

       

      
        	 	
                (6)

              	
                on
                  the Payment Date on which the aggregate Note Principal Balance
                  of the
                  Class A Notes have all been reduced to zero, 100% of any applicable
                  Senior
                  Optimal Principal Amount.

              

      

       

      less

       

      
        	 	
                (7)

              	
                the
                  amount of the applicable Subordinate Prepayment Percentage of the
                  Principal Prepayment Amount used to offset Deferred
                  Interest.

              

      

       

      Subordinate
        Percentage:
        As
        of any
        Payment Date, 100% minus the Senior Percentage. The initial Subordinate
        Percentage will be approximately 10.999985%.

       

      
        Subordinate
          Prepayment Percentage:
          As of
          any Payment Date, 100% minus the Senior Prepayment Percentage, except that
          on
          any Payment Date after the aggregate Note Principal Balance of the Class
          A Notes
          have been reduced to zero, if (A) the weighted average of the Subordinate
          Percentage on such Payment Date equals or exceeds two times the initial
          weighted
          average of the Subordinate Percentage and (B) the aggregate Stated Principal
          Balance of the Mortgage Loans delinquent 60 days or more (including for
          this
          purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage
          Loans
          with respect to which the related Mortgaged Property has been acquired
          by the
          Trust), averaged over the last six months, as a percentage of the sum of
          the
          aggregate Note Principal Balance of the Subordinate Notes does not exceed
          50%,
          the Subordinate Prepayment Percentage for the Subordinate Notes will equal
          100%.
          If the above test is not satisfied on any Payment Date after the aggregate
          Note
          Principal Balance of the Class A Notes have been reduced to zero, then
          the
          Subordinate Prepayment Percentage shall equal zero for such Payment
          Date.

         

      

      Subsequent
        Grantor Trust Certificate:
        Each grantor trust certificate issued in connection with a REMIC Conversion
        in exchange for a Class A Certificate then outstanding and bearing the
        same alpha numeric designation which evidences ownership of (i) the related
        REMIC Note and (ii) the rights and obligations under the related Interest
        Rate
        Swap Agreement.

       

      Subsequent
        Recoveries:
        Unexpected recoveries, net of reimbursable expenses, with respect to a
        Liquidated Mortgage Loan that resulted in a Realized Loss in a month prior
        to
        the receipt of such recoveries.

       

      Substitution
        Adjustment Amount:
        With
        respect to any Eligible Substitute Mortgage Loan, the amount as defined in
        Section 2.03 of the Servicing Agreement.

       

      Swap
        Account:
        The
        Class A-1-A Swap Account, Class A-1-B Swap Account, Class A-1-C Swap Account,
        Class A-2 Swap Account and Class A-3 Swap Account, as applicable.

       

      Swap
        Collateral Account:
        The
        Class A-1-A Swap Collateral Account, Class A-1-B Swap Collateral Account,
        Class
        A-1-C Swap Collateral Account, Class A-2 Swap Collateral Account and Class
        A-3
        Swap Collateral Account, as applicable.

       

      Swap
        Principal Amount:
        The
        Class
        A-1-A Swap Principal Amount,
        Class
        A-1-B Swap Principal Amount, Class A-1-C Swap Principal Amount, Class A-2
        Swap
        Principal Amount and Class A-3 Swap Principal Amount, as applicable.

       

      Swap
        Provider:
        The
        Class A-1-A Swap Provider, Class A-1-B Swap Provider, Class A-1-C Swap Provider,
        Class A-2 Swap Provider and Class A-3 Swap
        Provider,
        as
        applicable.

       

      Telerate
        Screen Page 3750:
        The
        display designated as page 3750 on the Telerate Service (or such other page
        as
        may replace page 3750 on that service for the purpose of displaying London
        interbank offered rates of major banks).

       

      TGIC:
        Triad
        Guaranty Insurance Corporation, or its successor in interest.

       

      TGIC
        Fee:
        With
respect
        to any Payment Date and each Mortgage
        Loan covered
        by the TGIC Policy, the fee payable to TGIC at a rate equal to 1/12th of
        the
        TGIC Fee Rate multiplied by the Stated Principal Balance of such Mortgage
        Loan
        as of the beginning of the related Due Period.

       

      TGIC
        Fee Rate:
        With
        respect to each Mortgage Loan covered by the TGIC Policy, 0.55% per
        annum.

       

      TMP
        Trigger Event:
        Delivery of written notification to the Master Servicer and the Securities
        Administrator that the Equity Securities are no longer owned by a REIT directly
        or indirectly through one or by a “disregarded entity”.

       

      Transferor:
        The
        Holder of the Certificates as shown on the Certificate Register.

       

      Treasury
        Regulations:
        Regulations, including proposed or temporary Regulations, promulgated under
        the
        Code. References herein to specific provisions of proposed or temporary
        regulations shall include analogous provisions of final Treasury Regulations
        or
        other successor Treasury Regulations.

       

      Trust
        Agreement:
        The
        Amended and Restated Trust Agreement dated as of March 30, 2007, among the
        Owner
        Trustee, the Depositor and the Securities Administrator, relating to the
        Trust.

       

      Trust
        Certificates:
        The
        American Home Mortgage Investment Trust 2007-1 Trust Certificates, Series
        2007-1, evidencing the beneficial ownership interest in the Issuing Entity
        and
        executed by the Owner Trustee in substantially the form set forth in Exhibit
        A
        to the Trust Agreement.

       

      Trust
        Certificateholder or Holder:
        The
        Person in whose name a Trust Certificate is registered in the Certificate
        Register. Owners of Trust Certificates that have been pledged in good faith
        may
        be regarded as Holders if the pledgee establishes to the satisfaction of
        the
        Certificate Registrar and the Owner Trustee, as the case may be, the pledgee’s
        right so to act with respect to such Trust Certificates and that the pledgee
        is
        not the Issuing Entity, any other obligor upon the Certificates or any Affiliate
        of any of the foregoing Persons.

       

      Trust
        Estate:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Trust
        Indenture Act or TIA:
        The
        Trust Indenture Act of 1939, as amended from time to time, as in effect on
        any
        relevant date.

       

      UCC:
        The
        Uniform Commercial Code, as amended from time to time, as in effect in any
        specified jurisdiction.

       

      Underlying
        REMIC Trust:
        The new
        trust to be created pursuant to the Underlying REMIC Trust Pooling and Servicing
        Agreement upon the REMIC Conversion.

       

      Underlying
        REMIC Trust Pooling and Servicing Agreement:
        The new
        pooling and servicing agreement to be entered into by the parties identified
        therein upon the REMIC Conversion, pursuant to which, among other events
        contemplated by the REMIC Conversion, the Underlying REMIC Trust will be
        formed
        and the REMIC Certificates will be issued.

       

      Underwriter:
        Countrywide Securities Corporation.

       

      Uninsured
        Cause:
        Any
        cause of damage to property subject to a Mortgage that the complete restoration
        of such property is not fully reimbursable by the hazard insurance
        policies.

       

      WHFIT:
        A
“Widely Held Fixed Investment Trust” as that term is defined in Treasury
        Regulations section 1.671-5(b)(22) or successor provisions.

       

      WHFIT
        Regulations:
        Treasury Regulations section 1.671-5, as amended.

       

      WHMT:
        A
“Widely Held Mortgage Trust” as that term is defined in Treasury Regulations
        section 1.671-5(b)(23) or successor provisions.

       

      
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-1

     

    CLASS
      A-[__] NOTES

     

    THE
      HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE DEEMED
      TO
      REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF THE
      INDENTURE.

     

    THIS
      NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
      PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE INDENTURE
      REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS
      ON
      THIS NOTE.

     

    THIS
      NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 4.02 OF THE INDENTURE REFERRED TO
      HEREIN.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN
      ON THE FACE HEREOF.

     

    BY
      ACCEPTANCE OF THIS NOTE, THE HOLDER HEREOF AGREES TO SURRENDER THIS NOTE TO
      THE
      SECURITIES ADMINISTRATOR PROMPTLY UPON RECEIPT OF THE CORRESPONDING CLASS OF
      REMIC NOTES FOLLOWING THE OCCURRENCE OF THE REMIC CONVERSION AS DESCRIBED IN
      THE
      INDENTURE.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    AMERICAN
      HOME MORTGAGE INVESTMENT TRUST 2007-1

    MORTGAGE-BACKED
      NOTES, SERIES 2007-1

    CLASS
      A-[__]

     

    

    
      	
              AGGREGATE
                NOTE PRINCIPAL

              BALANCE:
                $[________________]

            	
              NOTE
                INTEREST

              RATE:
                [Adjustable Rate][__%]

            
	
              INITIAL
                NOTE PRINCIPAL

              BALANCE
                OF THIS NOTE: $[_____________]

            	
              NOTE
                NO. 1

            
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO: [_______________]

            

    

    

    American
      Home Mortgage Investment Trust 2007-1 (the “Issuing Entity”), a Delaware
      statutory trust, for value received, hereby promises to pay to [____________].
      or registered assigns, the principal sum of $[____________________] in monthly
      installments on the twenty-fifth day of each month or, if such day is not a
      Business Day, the next succeeding Business Day (each a “Payment Date”),
      commencing in April 2007 and ending on or before the Payment Date occurring
      in
      _____________ (the “Final Scheduled Payment Date”) and to pay interest on the
      Note Principal Balance of this Note (this “Note”) outstanding from time to time
      as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuing Entity’s Mortgage-Backed Notes
      and Grantor Trust Certificates, Series 2007-1 (the “Securities”), issued under
      an Indenture dated as of March 30, 2007 (the “Indenture”), between the Issuing
      Entity, Deutsche Bank National Trust Company, as indenture trustee (the
“Indenture Trustee”) and Wells Fargo Bank, N.A., as securities administrator
      (the “Securities Administrator”) to which Indenture and all indentures
      supplemental thereto reference is hereby made for a statement of the respective
      rights thereunder of the Issuing Entity, the Indenture Trustee, the Securities
      Administrator and the Holders of the Notes and the terms upon which the Notes
      are to be authenticated and delivered. All terms used in this Note which are
      defined in the Indenture shall have the meanings assigned to them in the
      Indenture.

     

    Payments
      of principal and interest on this Note will be made on each Payment Date to
      the
      Noteholder of record as of the related Record Date. The “Note Principal Balance”
of a Note as of any date of determination is equal to the initial Note Principal
      Balance thereof, reduced by the aggregate of all amounts previously paid with
      respect to such Note on account of principal [and reduced by the aggregate
      amount of cumulative Realized Losses allocated to such Note on all prior Payment
      Dates, and increased by any Subsequent Recoveries allocated to such
      Note.]

     

    The
      principal of, and interest on, this Note are due and payable as described in
      the
      Indenture, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts. All
      payments made by the Issuing Entity with respect to this Note shall be equal
      to
      this Note’s pro rata share of the aggregate payments on all Class A-[__] Notes
      as described above, and shall be applied as between interest and principal
      as
      provided in the Indenture.

     

    All
      principal and interest accrued on the Notes, if not previously paid, will become
      finally due and payable at the Final Scheduled Payment Date.

     

    The
      Holder of the Trust Certificate, or if there is no single Holder, the Majority
      Certificateholder, shall have the option to purchase the assets of the Trust
      and
      thereby redeem the Securities [on or after] the Payment Date on which the Stated
      Principal Balance of the Mortgage Loans, and properties acquired in respect
      thereof has been reduced to less than 1% of the sum of the Cut-off Date Balance
      of the Mortgage Loans.

     

    The
      Issuing Entity shall not be liable upon the indebtedness evidenced by the Notes
      except to the extent of amounts available from the Trust Estate which
      constitutes security for the payment of the Notes. The assets included in the
      Trust Estate will be the sole source of payments on the Class A-[__] Notes,
      and
      each Holder hereof, by its acceptance of this Note, agrees that (i) such Note
      will be limited in right of payment to amounts available from the Trust Estate
      as provided in the Indenture and (ii) such Holder shall have no recourse to
      the
      Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor, the
      Sponsor, the Securities Administrator, the Master Servicer, any Servicer or
      any
      of their respective affiliates, or to the assets of any of the foregoing
      entities, except the assets of the Issuing Entity pledged to secure the Class
      A-[__] Notes pursuant to the Indenture and the rights conveyed to the Issuing
      Entity under the Indenture.

     

    Any
      payment of principal or interest payable on this Note which is punctually paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of

    principal
      and interest payable with respect to such Note, which shall be payable as
      provided below. Notwithstanding the foregoing, upon written request with
      appropriate instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder. All reductions in the principal amount of a Note
      effected by payments of principal made on any Payment Date shall be binding
      upon
      all Holders of this Note and of any Note issued upon the registration of
      transfer thereof or in exchange therefor or in lieu thereof, whether or not
      such
      payment is noted on such Note. The final payment of this Note shall be payable
      upon presentation and surrender thereof on or after the Payment Date thereof
      at
      the office or agency designated by the Securities Administrator and maintained
      by it for such purpose pursuant to Section 3.02 of the Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note,
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture. If any such acceleration
      of maturity occurs prior to the payment of the entire unpaid Note Principal
      Balance of the Notes, the amount payable to the Holder of this Note will be
      equal to the sum of the unpaid Note Principal Balance of this Note, together
      with accrued and unpaid interest thereon as described in the Indenture. The
      Indenture provides that, notwithstanding the acceleration of the maturity of
      the
      Notes, under certain circumstances specified therein, all amounts collected
      as
      proceeds of the Trust Estate securing the Notes or otherwise shall continue
      to
      be applied to payments of principal of and interest on the Notes as if they
      had
      not been declared due and payable.

     

    No
      transfer, sale, pledge or other disposition of a Class A-[__] Note shall be
      made
      unless such transfer, sale, pledge or other disposition is exempt from the
      registration requirements of the Securities Act and any applicable state
      securities laws or is made in accordance with said Act and laws. In the event
      of
      any such transfer, the Note Registrar or the Depositor shall prior to such
      transfer require the transferee to execute (i) (a) an investment letter in
      substantially the form attached to the Indenture as Exhibit K (or in such form
      and substance reasonably satisfactory to the Note Registrar and the Depositor)
      which investment letter shall not be an expense of the Trust, the Owner Trustee,
      the Indenture Trustee, the Securities Administrator, the Note Registrar, the
      Master Servicer, the Servicer, the Sponsor or the Depositor and which investment
      letter states that, among other things, such transferee (1) is a “qualified
      institutional buyer” as defined under Rule 144A, acting for its own account or
      the accounts of other “qualified institutional buyers” as defined under Rule
      144A, and (2) is aware that the proposed transferor intends to rely on the
      exemption from registration requirements under the Securities Act of 1933,
      as
      amended, provided by Rule 144A or (ii) (a) a written Opinion of Counsel
      acceptable to and in form and substance satisfactory to the Note Registrar
      and
      the Depositor that such transfer may be made pursuant to an exemption,
      describing the applicable exemption and the basis therefor, from said Act and
      laws or is being made pursuant to said Act and laws, which Opinion of Counsel
      shall not be an expense of the Trust, the Owner Trustee, the Indenture Trustee,
      the Securities Administrator, the Note Registrar, the Master Servicer, the
      Servicer, the Sponsor or the Depositor and (b) either (1) the transferee
      executes a representation letter, substantially in the form of Exhibit M to
      the
      Indenture, and the transferor executes a representation letter, substantially
      in
      the form of Exhibit N to the Indenture, each acceptable to and in form and
      substance satisfactory to the Note Registrar certifying the facts surrounding
      such transfer, which representation letters shall not be an expense of the
      Trust, the Owner Trustee, the Indenture Trustee, the Securities Administrator,
      the Note Registrar, the Master Servicer, the Servicer, the Sponsor or the
      Depositor or (2) an Opinion of Counsel has been rendered by nationally
      recognized tax counsel stating that such Notes will be treated as debt for
      federal income tax purposes and. The Holder of a Class A-[__] desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trust, the Owner
      Trustee, the Indenture Trustee, the Paying Agent, the Note Registrar, the Master
      Servicer, the Servicer and the Depositor against any liability that may result
      if the transfer is not so exempt or is not made in accordance with such federal
      and state laws.

     

    The
      Holder of this Note or Beneficial Owner of any interest herein is deemed to
      represent that either (1) it is not acquiring the Note with Plan Assets or
      (2)
      (A) the acquisition, holding and transfer of a Note will not give rise to a
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (B) if the Note is rated, it is rated investment grade or better
      and such person believes that the Note is properly treated as indebtedness
      without substantial equity features for purposes of the DOL Regulations, and
      agrees to so treat the Note. Alternatively, regardless of the rating of the
      Note, such person may provide the Securities Administrator and the Owner Trustee
      with an opinion of counsel, which opinion of counsel will not be at the expense
      of the Issuing Entity, the Sponsor, the Depositor, any Underwriter, the Owner
      Trustee, the Indenture Trustee, the Securities Administrator, the Master
      Servicer, the Servicers or any successor servicer, which opines that the
      acquisition, holding and transfer of such Note or interest therein is
      permissible under applicable law, will not constitute or result in a non-exempt
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Issuing Entity, the Sponsor, the Depositor, any Underwriter, the
      Owner Trustee, the Indenture Trustee, the Securities Administrator, the Master
      Servicer, the Servicers or any successor servicer to any obligation in addition
      to those undertaken in the Indenture.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the Issuing
      Entity. Upon surrender for registration of transfer of, or presentation of
      a
      written instrument of transfer for, this Note at the office or agency designated
      by the Issuing Entity pursuant to the Indenture, accompanied by proper
      instruments of assignment in form satisfactory to the Securities Administrator,
      one or more new Notes of any authorized denominations and of a like aggregate
      then outstanding Note Principal Balance, will be issued to the designated
      transferee or transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuing
      Entity, the Indenture Trustee, the Securities Administrator and any agent of
      the
      Issuing Entity, Indenture Trustee or the Securities Administrator may treat
      the
      Person in whose name this Note is registered as the owner of such Note (i)
      on
      the applicable Record Date for the purpose of making payments and interest
      of
      such Note, and (ii) on any other date for all other purposes whatsoever, as
      the
      owner hereof, whether or not this Note be overdue, and neither the Issuing
      Entity, the Indenture Trustee, the Securities Administrator nor any such agent
      of the Issuing Entity, the Indenture Trustee or the Securities Administrator
      shall be affected by notice to the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuing Entity
      and the rights of the Holders of the Notes under the Indenture at any time
      by
      the Issuing Entity and the Holders of a majority of each Class of Notes affected
      thereby. The Indenture also contains provisions permitting the Holders of Notes
      representing not less than a majority of the aggregate Note Principal Balance
      of
      the Notes, to waive any past Event of Default and its consequences except an
      Event of Default (a) with respect to payment of principal of or interest on
      any
      of the Notes, or (b) in respect of a covenant or provision of the Indenture
      which cannot be modified or amended without the consent of the Holder of each
      Note. Any such waiver by the Holder, at the time of the giving thereof, of
      this
      Note (or any one or more predecessor Notes) shall bind the Holder of every
      Note
      issued upon the registration of transfer hereof or in exchange hereof or in
      lieu
      hereof, whether or not notation of such consent or waiver is made upon such
      Note. The Indenture also permits the Issuing Entity and the Indenture Trustee
      to
      amend or waive certain terms and conditions set forth in the Indenture without
      the consent of the Holders of the Notes issued thereunder.

     

    Initially,
      the Notes will be registered in the name of [______________________]. The Notes
      will be delivered by the clearing agency in denominations as provided in the
      Indenture and subject to certain limitations therein set forth. The Notes are
      exchangeable for a like aggregate then outstanding Note Principal Balance of
      Notes of different authorized denominations, as requested by the Holder
      surrendering same.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Note shall not be entitled to any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    Anything
      herein to the contrary notwithstanding, except as expressly provided in the
      Basic Documents, neither the Owner Trustee in its individual capacity, nor
      any
      of its respective partners, beneficiaries, agents, officers, directors,
      employees, or successors or assigns, shall be personally liable for, nor shall
      recourse be had to any of them for, the payment of principal of or interest
      on,
      or performance of, or omission to perform, any of the covenants, obligations
      or
      indemnifications contained in this Note, it being expressly understood that
      said
      covenants, obligations and indemnifications have been made solely by the Trust
      to the extent of the assets of the Trust. The holder of this Note by the
      acceptance hereof agrees that, except as expressly provided in the Basic
      Documents, the Holder shall have no claim against any of the foregoing for
      any
      deficiency, loss or claim therefrom; provided, however, that nothing contained
      herein shall be taken to prevent recourse to, and enforcement against, the
      assets of the Trust Estate for any and all liabilities, obligations and
      undertakings contained in this Note.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    IN
      WITNESS WHEREOF, the Issuing Entity has caused this instrument to be duly
      executed by Wilmington Trust Company, not in its individual capacity but solely
      as Owner Trustee.

     

    Dated:
      March 30, 2007

     

    
       

      
        	 	 	 
	 	
                AMERICAN
                  HOME MORTGAGE INVESTMENT TRUST 2007-1

              
	 
 	 
 	 
 
	 	By:  	
                WILMINGTON
                  TRUST COMPANY, not in its individual capacity but solely in its
                  capacity
                  as Owner Trustee

              
	 	 	 
	 	
                  

              	 
	 	By:	Authorized Signatory

      

       

    

     

     

    SECURITIES
      ADMINISTRATOR’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-[__] Notes referred to in the within-mentioned
      Indenture.

     

    WELLS
      FARGO BANK, N.A., as Securities Administrator

     

    By: ________________________

    Authorized
      Signatory

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

    

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              __________
                Custodian ______________________________

              (Cust)   
                (Minor)

              under
                Uniform Gifts to Minor Act _____________________

              (State)

            

    

    

    ADDITIONAL
      ABBREVIATIONS MAY ALSO BE USED THOUGH NOT IN THE ABOVE LIST.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, THE UNDERSIGNED HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

     

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

     

    
      
        

      

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints ________________________ attorney to transfer said Note on the books
      kept for registration thereof, with full power of substitution in the
      premises.

     

    Dated:_____________________________     
      __________________________________________________            

     

    Signature
      Guaranteed by
      _____________________________________________________________        

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      A-2

    CLASS
      [M][B]-__] NOTES

     

    THIS
      NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-[__] NOTES AND [CLASS
      M-[__] NOTES AND THE [CLASS B-[__] NOTES] AS DESCRIBED IN THE
      INDENTURE.

     

    [UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.]

     

    [FOR
      OFFERED NOTES] THE HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST
      HEREIN WILL BE DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED
      IN
      SECTION 4.15 OF THE INDENTURE.

     

    THIS
      NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
      PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE INDENTURE
      REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS
      ON
      THIS NOTE.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN
      ON THE FACE HEREOF.

     

    [NO
      TRANSFER OF THIS NOTE SHALL BE MADE UNLESS THE NOTE REGISTRAR SHALL HAVE
      RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS TO THE TRANSFEREE'S
      STATUS AS A U.S. PERSON OR CORPORATION UNDER U.S. LAW.

     

    NO
      TRANSFER OF THIS NOTE SHALL BE MADE UNLESS THE NOTE REGISTRAR HAS RECEIVED
      PROOF
      OF THE TRANSFEREE'S STATUS AS A REIT OR AS A QUALIFIED REIT SUBSIDIARY, WITHIN
      THE MEANING OF SECTION 856(a) OR SECTION 856(i) OF THE CODE, RESPECTIVELY.
      [FOR
      NON-OFFERED NOTES] [, AND FOLLOWING SUCH TRANSFER, SUCH HOLDER OF NON-OFFERED
      NOTES SHALL OWN 100% OF THE NON-OFFERED NOTES AND THE TRUST
      CERTIFICATES.]

     

    THIS
      NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 4.02 OF THE INDENTURE REFERRED TO
      HEREIN.

     

    [FOR
      NON-OFFERED NOTES] NO TRANSFER OF THIS NOTE SHALL BE MADE UNLESS THE NOTE
      REGISTRAR SHALL HAVE RECEIVED EITHER (i) A REPRESENTATION LETTER FROM THE
      TRANSFEREE OF THIS NOTE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE
      BENEFIT PLAN OR OTHER PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE
      OF 1986, AS AMENDED (THE “CODE”), OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
      OR USING THE ASSETS OF ANY SUCH PLAN, OR (ii) IF THIS NOTE IS PRESENTED FOR
      REGISTRATION IN THE NAME OF A PLAN SUBJECT TO ERISA OR SECTION 4975 OF THE
      CODE
      (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS), OR A TRUSTEE OF ANY
      SUCH PLAN, OR ANY OTHER PERSON WHO IS USING THE ASSETS OF ANY SUCH PLAN TO
      EFFECT SUCH ACQUISITION, AN OPINION OF COUNSEL TO THE EFFECT THAT THE PURCHASE
      OF NOTES, OPERATION OF TRUST AND MANAGEMENT OF TRUST ASSETS ARE PERMISSIBLE
      UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY PROHIBITED
      TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE
      DEPOSITOR, THE SPONSOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, THE NOTE
      REGISTRAR, THE SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR ANY SERVICER
      TO
      ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER ERISA
      OR
      SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE TRUST
      AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE DEPOSITOR,
      THE SPONSOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, THE NOTE REGISTRAR,
      THE
      MASTER SERVICER, THE SECURITIES ADMINISTRATOR OR ANY
      SERVICER.]

     

    [BY
      ACCEPTANCE OF THIS NOTE, THE HOLDER HEREOF AGREES TO SURRENDER THIS NOTE TO
      THE
      SECURITIES ADMINSTRATOR PROMPTLY UPON RECEIPT OF THE CORRESPONDING CLASS OF
      REMIC NOTES OR REMIC PUBLICLY OFFERED CERTIFICATES, AS APPLICABLE, FOLLOWING
      THE
      OCCURRENCE OF THE REMIC CONVERSION AS DESCRIBED IN THE
      INDENTURE.]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    AMERICAN
      HOME MORTGAGE INVESTMENT TRUST 2007-1

    MORTGAGE-BACKED
      NOTES, SERIES 2007-1

    CLASS
      [M][B]-__]

    

    
      	
              AGGREGATE
                NOTE PRINCIPAL

              BALANCE:
                $[______________]

            	
              [NOTE
                INTEREST

              RATE:
                Adjustable Rate]

            
	
              INITIAL
                NOTE PRINCIPAL

              BALANCE
                OF THIS NOTE: $[_____________]

            	
              NOTE
                NO. 1

            
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO:

            

    

    

    American
      Home Mortgage Investment Trust 2007-1 (the “Issuing Entity”), a Delaware
      statutory trust, for value received, hereby promises to pay to [____________]
      or
      registered assigns, the principal sum of $[______________] in monthly
      installments on the twenty-fifth day of each month or, if such day is not a
      Business Day, the next succeeding Business Day (each a “Payment Date”),
      commencing in April 2007 and ending on or before the Payment Date occurring
      in
      _________________ (the “Final Scheduled Payment Date”) and to pay interest on
      the Note Principal Balance of this Note (this “Note”) outstanding from time to
      time as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuing Entity’s Mortgage-Backed Notes,
      Series 2007-1 (the “Notes”), issued under an Indenture dated as of March 30,
      2007 (the “Indenture”), between the Issuing Entity, Deutsche Bank National Trust
      Company as indenture trustee (the “Indenture Trustee”) and Wells Fargo Bank,
      N.A., as securities administrator (the “Securities Administrator”), to which
      Indenture and all indentures supplemental thereto reference is hereby made
      for a
      statement of the respective rights thereunder of the Issuing Entity, the
      Indenture Trustee, the Securities Administrator and the Holders of the Notes
      and
      the terms upon which the Notes are to be authenticated and delivered. All terms
      used in this Note which are defined in the Indenture shall have the meanings
      assigned to them in the Indenture.

     

    Payments
      of principal [and interest] on this Note will be made on each Payment Date
      to
      the Noteholder of record as of the related Record Date. The “Note Principal
      Balance” of a Note as of any date of determination is equal to the initial Note
      Principal Balance thereof, reduced by the aggregate of all amounts previously
      paid with respect to such Note on account of principal and the aggregate amount
      of cumulative Realized Losses allocated to such Note on all prior Payment Dates,
      and increased by any Subsequent Recoveries allocated to such Note.

     

    The
      principal of, [and interest on], this Note are due and payable as described
      in
      the Indenture, in such coin or currency of the United States of America as
      at
      the time of payment is legal tender for payment of public and private debts.
      All
      payments made by the Issuing Entity with respect to this Note shall be equal
      to
      this Note’s pro rata share of the aggregate payments on all Class
      [M][B]-__] Notes as
      described above, and shall be applied as between interest and principal as
      provided in the Indenture.

     

    All
      principal [and interest] accrued on the Notes, if not previously paid, will
      become finally due and payable at the Final Scheduled Payment Date.

     

    The
      Holder of the Trust Certificate, or if there is no single Holder, the Majority
      Certificateholder, shall have the option to purchase the assets of the Trust
      and
      thereby redeem the Securities [on or after] the Payment Date on which the Stated
      Principal Balance of the Mortgage Loans, and properties acquired in respect
      thereof has been reduced to less than 1% of the sum of the Cut-off Date Balance
      of the Mortgage Loans.

     

    The
      Issuing Entity shall not be liable upon the indebtedness evidenced by the Notes
      except to the extent of amounts available from the Trust Estate which
      constitutes security for the payment of the Notes. The assets included in the
      Trust Estate will be the sole source of payments on the Class [M][B]-__] Notes,
      and each Holder hereof, by its acceptance of this Note, agrees that (i) such
      Note will be limited in right of payment to amounts available from the Trust
      Estate as provided in the Indenture and (ii) such Holder shall have no recourse
      to the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor,
      the Securities Administrator, the Sponsor, the Master Servicer, any Servicer
      or
      any of their respective affiliates, or to the assets of any of the foregoing
      entities, except the assets of the Issuing Entity pledged to secure Class
      [M][B]-__] Notes pursuant to the Indenture and the rights conveyed to the
      Issuing Entity under the Indenture.

     

    Any
      payment of principal [or interest] payable on this Note which is punctually
      paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of principal and interest
      payable with respect to such Note, which shall be payable as provided below.
      Notwithstanding the foregoing, upon written request with appropriate
      instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder. All reductions in the principal amount of a Note
      effected by payments of principal made on any Payment Date shall be binding
      upon
      all Holders of this Note and of any note issued upon the registration of
      transfer thereof or in exchange therefor or in lieu thereof, whether or not
      such
      payment is noted on such Note. The final payment of this Note shall be payable
      upon presentation and surrender thereof on or after the Payment Date thereof
      at
      the office or agency designated by the Securities Administrator and maintained
      by it for such purpose pursuant to Section 3.02 of the Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note,
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture. If any such acceleration
      of maturity occurs prior to the payment of the entire unpaid Note Principal
      Balance of the Notes, the amount payable to the Holder of this Note will be
      equal to the sum of the unpaid Note Principal Balance of this Note, [together
      with accrued and unpaid interest thereon as described in the Indenture]. The
      Indenture provides that, notwithstanding the acceleration of the maturity of
      the
      Notes, under certain circumstances specified therein, all amounts collected
      as
      proceeds of the Trust Estate securing the Notes or otherwise shall continue
      to
      be applied to payments of principal of and interest on the Notes as if they
      had
      not been declared due and payable.

     

    [For
      Offered Notes] [The Holder of this Note or Beneficial Owner of any interest
      herein is deemed to represent that either (1) it is not acquiring the Note
      with
      Plan Assets or (2) (A) the acquisition, holding and transfer of a Note will
      not
      give rise to a non-exempt prohibited transaction under Section 406 of ERISA
      or
      Section 4975 of the Code and (B) the Note is rated investment grade or better
      and such person believes that the Note is properly treated as indebtedness
      without substantial equity features for purposes of the DOL Regulations, and
      agrees to so treat the Note. Alternatively, regardless of the rating of the
      Note, such person may provide the Securities Administrator and the Owner Trustee
      with an opinion of counsel, which opinion of counsel will not be at the expense
      of the Issuing Entity, the Sponsor, the Depositor, any Underwriter, the Owner
      Trustee, the Indenture Trustee, the Securities Administrator, the Master
      Servicer, any Servicer of any successor servicer, which opines that the
      acquisition, holding and transfer of such Note or interest therein is
      permissible under applicable law, will not constitute or result in a non-exempt
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Issuing Entity, the Sponsor, the Depositor, any Underwriter, the
      Owner Trustee, the Indenture Trustee, the Securities Administrator, the Master
      Servicer, any Servicer or any successor servicer to any obligation in addition
      to those undertaken in the Indenture.]

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the Issuing
      Entity. Upon surrender for registration of transfer of, or presentation of
      a
      written instrument of transfer for, this Note at the office or agency designated
      by the Issuing Entity pursuant to the Indenture, accompanied by proper
      instruments of assignment in form satisfactory to the Securities Administrator,
      one or more new Notes of any authorized denominations and of a like aggregate
      then outstanding Note Principal Balance, will be issued to the designated
      transferee or transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuing
      Entity, the Securities Administrator, the Indenture Trustee and any agent of
      the
      Issuing Entity, the Indenture Trustee or the Securities Administrator may treat
      the Person in whose name this Note is registered as the owner of such Note
      (i)
      on the applicable Record Date for the purpose of making payments and interest
      of
      such Note, and (ii) on any other date for all other purposes whatsoever, as
      the
      owner hereof, whether or not this Note be overdue, and neither the Issuing
      Entity, the Indenture Trustee, the Securities Administrator nor any such agent
      of the Issuing Entity, the Indenture Trustee or the Securities Administrator
      shall be affected by notice to the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuing Entity
      and the rights of the Holders of the Notes under the Indenture at any time
      by
      the Issuing Entity and the Holders of a majority of each Class of Notes affected
      thereby. The Indenture also contains provisions permitting the Holders of Notes
      representing not less than a majority of the aggregate Note Principal Balance
      of
      the Notes, to waive any past Event of Default and its consequences except an
      Event of Default (a) with respect to payment of principal of or interest on
      any
      of the Notes, or (b) in respect of a covenant or provision of the Indenture
      which cannot be modified or amended without the consent of the Holder of each
      Note. Any such waiver by the Holder, at the time of the giving thereof, of this
      Note (or any one or more predecessor Notes) shall bind the Holder of every
      Note
      issued upon the registration of transfer hereof or in exchange hereof or in
      lieu
      hereof, whether or not notation of such consent or waiver is made upon such
      Note. The Indenture also permits the Issuing Entity and the Indenture Trustee,
      following prior notice to the Rating Agencies, to amend or waive certain terms
      and conditions set forth in the Indenture without the consent of the Holders
      of
      the Notes issued thereunder.

     

    [Initially,
      the Notes will be registered in the name of ____________- ] [Initially, the
      Notes will be registered in the name of Cede & Co. as nominee of DTC, acting
      in its capacity as the Depository for the Notes. The Notes will be delivered
      by
      the clearing agency in denominations as provided in the Indenture and subject
      to
      certain limitations therein set forth.] The Notes are exchangeable for a like
      aggregate then outstanding Note Principal Balance of Notes of different
      authorized denominations, as requested by the Holder surrendering
      same.

     

    [No
      transfer, sale, pledge or other disposition of a Class [M][B]-__] Note shall
      be
      made unless such transfer, sale, pledge or other disposition is exempt from
      the
      registration requirements of the Securities Act and any applicable state
      securities laws or is made in accordance with said Act and laws. In the event
      of
      any such transfer, the Note Registrar or the Depositor shall prior to such
      transfer require the transferee to execute (A) either (i) (a) an investment
      letter in substantially the form attached to the Indenture as Exhibit K (or
      in
      such form and substance reasonably satisfactory to the Note Registrar and the
      Depositor) which investment letter shall not be an expense of the Trust, the
      Owner Trustee, the Indenture Trustee, the Securities Administrator, the Note
      Registrar, the Master Servicer, the Servicer, the Sponsor or the Depositor
      and
      which investment letter states that, among other things, such transferee (1)
      is
      a “qualified institutional buyer” as defined under Rule 144A, acting for its own
      account or the accounts of other “qualified institutional buyers” as defined
      under Rule 144A, and (2) is aware that the proposed transferor intends to rely
      on the exemption from registration requirements under the Securities Act of
      1933, as amended, provided by Rule 144A or (ii) (a) a written Opinion of Counsel
      acceptable to and in form and substance satisfactory to the Note Registrar
      and
      the Depositor that such transfer may be made pursuant to an exemption,
      describing the applicable exemption and the basis therefor, from said Act and
      laws or is being made pursuant to said Act and laws, which Opinion of Counsel
      shall not be an expense of the Trust, the Owner Trustee, the Indenture Trustee,
      the Securities Administrator, the Note Registrar, the Master Servicer, the
      Servicer, the Sponsor or the Depositor and (b) either (1) the transferee
      executes a representation letter, substantially in the form of Exhibit M to
      the
      Indenture, and the transferor executes a representation letter, substantially
      in
      the form of Exhibit N to the Indenture, each acceptable to and in form and
      substance satisfactory to the Note Registrar certifying the facts surrounding
      such transfer, which representation letters shall not be an expense of the
      Trust, the Owner Trustee, the Indenture Trustee, the Securities Administrator,
      the Note Registrar, the Master Servicer, the Servicer, the Sponsor or the
      Depositor or (2) an Opinion of Counsel has been rendered by nationally
      recognized tax counsel stating that such Notes will be treated as debt for
      federal income tax purposes [and (B) the Certificate of Non-Foreign Status
      (in
      substantially the form attached to the Indenture as Exhibit L) acceptable to
      and
      in form and substance reasonably satisfactory to the Note Registrar, which
      certificate shall not be an expense of the Trust, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Note Registrar, the Master
      Servicer, the Servicer, the Sponsor or the Depositor]. The Holder of a Class
      [M][B]-__] Notes desiring to effect such transfer shall, and does hereby agree
      to, indemnify the Trust, the Owner Trustee, the Indenture Trustee, the Paying
      Agent, the Note Registrar, the Master Servicer, the Servicer and the Depositor
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    [For
      Non-Offered Notes] No transfer of a Class [M][B]-__] Notes or any interest
      therein shall be made to any Person unless the Depositor, the Owner Trustee,
      the
      Securities Administrator, the Note Registrar, the Master Servicer, any Servicer
      and the Sponsor are provided with an Opinion of Counsel which establishes to
      the
      satisfaction of the Depositor, the Owner Trustee, the Securities Administrator
      and the Note Registrar that the purchase of Non-Offered Notes is permissible
      under applicable law, will not constitute or result in any prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Depositor, the Owner Trustee, the Indenture Trustee, the Securities
      Administrator, the Note Registrar, the Master Servicer, any Servicer or the
      Sponsor to any obligation or liability (including obligations or liabilities
      under ERISA or Section 4975 of the Code) in addition to those undertaken in
      the
      Indenture, which Opinion of Counsel shall not be an expense of the Depositor,
      the Owner Trustee, the Indenture Trustee, the Securities Administrator, the
      Note
      Registrar, the Master Servicer, any Servicer or the Sponsor. In lieu of such
      Opinion of Counsel, a Person may provide a certification in the form of Exhibit
      O to the Indenture, which the Depositor, the Owner Trustee, the Indenture
      Trustee, the Securities Administrator, the Note Registrar, the Master Servicer,
      any Servicer and the Sponsor may rely upon without further inquiry or
      investigation. Neither an Opinion of Counsel nor a certification will be
      required in connection with the initial transfer of any such Note by the
      Depositor to an affiliate of the Depositor (in which case, the Depositor or
      any
      affiliate thereof shall have deemed to have represented that such affiliate
      is
      not a Plan or a Person investing Plan Assets) and the Owner Trustee, the
      Indenture Trustee and the Securities Administrator shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Owner
      Trustee and Securities Administrator, shall be a written representation) from
      the Depositor of the status of such transferee as an affiliate of the
      Depositor.

     

    [No
      person shall become a Class [M][B]-__] Noteholder, so long as any Securities
      are
      Outstanding, (i) until it shall establish its status as a real estate investment
      trust (“REIT”) or as a “qualified REIT subsidiary” (“QRS”) within the meaning of
      Section 856(a) or Section 856(i) of the Code, respectively, by submitting to
      the
      Note Registrar and the Transferee Certificate set forth in Exhibit H to the
      Indenture [for Non-Offered Notes] [, and following such transfer, such Holder
      of
      the Non-Offered Notes shall own 100% of the Non-Offered Notes and the Trust
      Certificates].

     

    [No
      offer, sale, transfer, pledge, hypothecation or other disposition (including
      any
      pledge, sale or transfer under a repurchase transaction or securities loan)
      of
      any Class [M][B]-__] Notes shall be made to any transferee unless, prior to
      such
      disposition, the proposed transferor delivers to the Note Registrar (i) an
      Opinion of Counsel, rendered by a law firm generally recognized to be qualified
      to opine concerning the tax aspects of asset securitization, to the effect
      that
      such transfer (including any disposition permitted following any default under
      any pledge or repurchase transaction) will not cause the Trust to be no longer
      be treated for federal income tax purposes as a “qualified REIT subsidiary”
within the meaning of Section 856(i) of the Code and (ii) a certificate that
      stating that any Non-Offered Notes may be transferred by the related lender
      under any such related loan agreement or repurchase agreement upon a default
      under any such indebtedness, in which case the transferor shall deliver to
      the
      Note Registrar and the Securities Administrator substantially in the form
      attached as Exhibit I to the Indenture certifying to such effect.
      Notwithstanding the foregoing, the provisions of this paragraph shall not apply
      to the initial transfer of the Non-Offered Notes to the Depositor.]

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Note shall not be entitled to any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    Anything
      herein to the contrary notwithstanding, except as expressly provided in the
      Basic Documents, neither the Owner Trustee in its individual capacity, nor
      any
      of its respective partners, beneficiaries, agents, officers, directors,
      employees, or successors or assigns, shall be personally liable for, nor shall
      recourse be had to any of them for, the payment of principal of or interest
      on,
      or performance of, or omission to perform, any of the covenants, obligations
      or
      indemnifications contained in this Note, it being expressly understood that
      said
      covenants, obligations and indemnifications have been made solely by the Trust
      to the extent of the assets of the Trust. The Holder of this Note by the
      acceptance hereof agrees that, except as expressly provided in the Basic
      Documents, the Holder shall have no claim against any of the foregoing for
      any
      deficiency, loss or claim therefrom; provided, however, that nothing contained
      herein shall be taken to prevent recourse to, and enforcement against, the
      assets of the Trust Estate for any and all liabilities, obligations and
      undertakings contained in this Note.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Issuing Entity has caused this instrument to be duly
      executed by Wilmington Trust Company, not in its individual capacity but solely
      as Owner Trustee.

     

    Dated:
      March 30, 2007

     

    
       

      
         

        
          	 	 	 
	 	
                  AMERICAN
                    HOME MORTGAGE INVESTMENT TRUST 2007-1

                
	 
 	 
 	 
 
	 	By:  	
                  
                    WILMINGTON
                      TRUST COMPANY, not in its individual capacity but solely in
                      its capacity
                      as Owner Trustee

                  

                
	 	 	 
	 	
                    

                	 
	 	By:	Authorized Signatory

        

         

      

       

    

     

    SECURITIES
      ADMINISTRATOR’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class [__-M-__] Notes referred to in the within-mentioned
      Indenture.

     

    WELLS
      FARGO BANK, N.A., as Securities Administrator

     

    
      	
              By:

            	
              __________________________

            

    

    Authorized
      Signatory

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

    

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              __________
                Custodian ______________________________

              (Cust)   
                (Minor)

              under
                Uniform Gifts to Minor Act _____________________

              (State)

            

    

    

    ADDITIONAL
      ABBREVIATIONS MAY ALSO BE USED THOUGH NOT IN THE ABOVE LIST.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, THE UNDERSIGNED HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

     

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

     

    
      
        

      

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints ________________________ attorney to transfer said Note on the books
      kept for registration thereof, with full power of substitution in the
      premises.

     

    Dated:
      _______________________     
___________________________________            

     

    Signature
      Guaranteed by ________________________________________________  

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      A-3

    

    

    CLASS
      X NOTES

     

    THIS
      NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES AS DESCRIBED IN THE
      INDENTURE.

     

    THIS
      NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
      PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE INDENTURE
      REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS
      ON
      THIS NOTE.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN
      ON THE FACE HEREOF.

     

    NO
      TRANSFER OF THIS NOTE SHALL BE MADE UNLESS THE NOTE REGISTRAR SHALL HAVE
      RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS TO THE TRANSFEREE'S
      STATUS AS A U.S. PERSON OR CORPORATION UNDER U.S. LAW.

     

    NO
      TRANSFER OF THIS NOTE SHALL BE MADE UNLESS THE NOTE REGISTRAR HAS RECEIVED
      PROOF
      OF THE TRANSFEREE'S STATUS AS A REIT OR AS A QUALIFIED REIT SUBSIDIARY, WITHIN
      THE MEANING OF SECTION 856(a) OR SECTION 856(i) OF THE CODE, RESPECTIVELY AND
      FOLLOWING SUCH TRANSFER, SUCH HOLDER OF NON-OFFERED NOTES SHALL OWN 100% OF
      THE
      NON-OFFERED NOTES AND THE TRUST CERTIFICATES.

     

    THIS
      NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR
      TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
      OR
      TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT
      AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE
      PROVISIONS OF SECTION 4.02 OF THE INDENTURE REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS NOTE SHALL BE MADE UNLESS THE NOTE REGISTRAR SHALL HAVE
      RECEIVED EITHER (i) A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS NOTE
      TO
      THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN
      SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
      ANY SUCH PLAN, OR (ii) IF THIS NOTE IS PRESENTED FOR REGISTRATION IN THE NAME
      OF
      A PLAN SUBJECT TO ERISA OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS
      OF
      ANY SUBSEQUENT ENACTMENTS), OR A TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER PERSON
      WHO IS USING THE ASSETS OF ANY SUCH PLAN TO EFFECT SUCH ACQUISITION, AN OPINION
      OF COUNSEL TO THE EFFECT THAT THE PURCHASE OF NOTES, OPERATION OF TRUST AND
      MANAGEMENT OF TRUST ASSETS ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
      CONSTITUTE OR RESULT IN ANY PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975
      OF THE CODE AND WILL NOT SUBJECT THE DEPOSITOR, THE SPONSOR, THE OWNER TRUSTEE,
      THE INDENTURE TRUSTEE, THE NOTE REGISTRAR, THE SECURITIES ADMINISTRATOR, THE
      MASTER SERVICER OR ANY SERVICER TO ANY OBLIGATION OR LIABILITY (INCLUDING
      OBLIGATIONS OR LIABILITIES UNDER ERISA OR SECTION 4975 OF THE CODE) IN ADDITION
      TO THOSE UNDERTAKEN IN THE TRUST AGREEMENT, WHICH OPINION OF COUNSEL SHALL
      NOT
      BE AN EXPENSE OF THE DEPOSITOR, THE SPONSOR, THE OWNER TRUSTEE, THE INDENTURE
      TRUSTEE, THE NOTE REGISTRAR, THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR
      OR ANY SERVICER.

     

    BY
      ACCEPTANCE OF THIS NOTE, THE HOLDER HEREOF AGREES TO SURRENDER THIS NOTE TO
      THE
      SECURITIES ADMINSTRATOR PROMPTLY UPON RECEIPT OF THE CORRESPONDING CLASS OF
      REMIC NOTES OR REMIC PUBLICLY OFFERED CERTIFICATES, AS APPLICABLE, FOLLOWING
      THE
      OCCURRENCE OF THE REMIC CONVERSION AS DESCRIBED IN THE
      INDENTURE.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    AMERICAN
      HOME MORTGAGE INVESTMENT TRUST 2007-1

    MORTGAGE-BACKED
      NOTES, SERIES 2007-1

    CLASS
      X

    

    
      	
              INITIAL
                NOTE PRINCIPAL

              BALANCE
                OF THIS NOTE: $[_____________]

            	
              NOTE
                INTEREST

              RATE:
                Variable Rate

            
	
              INITIAL
                NOTIONAL

              AMOUNT:
                $[______________]

            	
              NOTE
                NO. 1

            
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO:

            

    

    

    American
      Home Mortgage Investment Trust 2007-1 (the “Issuing Entity”), a Delaware
      statutory trust, for value received, hereby promises to pay to [____________]
      or
      registered assigns, the principal sum of $[______________] in monthly
      installments on the twenty-fifth day of each month or, if such day is not a
      Business Day, the next succeeding Business Day (each a “Payment Date”),
      commencing in April 2007 and ending on or before the Payment Date occurring
      in
      _________________ (the “Final Scheduled Payment Date”) and to pay interest on
      the Note Principal Balance of this Note (this “Note”) outstanding from time to
      time as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuing Entity’s Mortgage-Backed Notes
      and Grantor Trust Certificates, Series 2007-1 (the “Securities”), issued under
      an Indenture dated as of March 30, 2007 (the “Indenture”), between the Issuing
      Entity, Deutsche Bank National Trust Company as indenture trustee (the
“Indenture Trustee”) and Wells Fargo Bank, N.A., as securities administrator
      (the “Securities Administrator”), to which Indenture and all indentures
      supplemental thereto reference is hereby made for a statement of the respective
      rights thereunder of the Issuing Entity, the Indenture Trustee, the Securities
      Administrator and the Holders of the Securities and the terms upon which the
      Securities are to be authenticated and delivered. All terms used in this Note
      which are defined in the Indenture shall have the meanings assigned to them
      in
      the Indenture.

     

    Payments
      of principal and interest on this Note will be made on each Payment Date to
      the
      Noteholder of record as of the related Record Date. The “Note Principal Balance”
of a Note as of any date of determination is equal to the initial Note Principal
      Balance thereof, reduced by the aggregate of all amounts previously paid with
      respect to such Note on account of principal and the aggregate amount of
      cumulative Realized Losses allocated to such Note on all prior Payment Dates,
      and increased by any Subsequent Recoveries allocated to such Note.

     

    The
      principal of, and interest on, this Note are due and payable as described in
      the
      Indenture, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts. All
      payments made by the Issuing Entity with respect to this Note shall be equal
      to
      this Note’s pro rata share of the aggregate payments on all Class X Notes as
      described above, and shall be applied as between interest and principal as
      provided in the Indenture.

     

    All
      principal and interest accrued on the Notes, if not previously paid, will become
      finally due and payable at the Final Scheduled Payment Date.

     

    The
      Holder of the Trust Certificate, or if there is no single Holder, the Majority
      Certificateholder, shall have the option to purchase the assets of the Trust
      and
      thereby redeem the Securities [on or after] the Payment Date on which the Stated
      Principal Balance of the Mortgage Loans, and properties acquired in respect
      thereof has been reduced to less than 1% of the sum of the Cut-off Date Balance
      of the Mortgage Loans.

     

    The
      Issuing Entity shall not be liable upon the indebtedness evidenced by the Notes
      except to the extent of amounts available from the Trust Estate which
      constitutes security for the payment of the Notes. The assets included in the
      Trust Estate will be the sole source of payments on the Class X Notes, and
      each
      Holder hereof, by its acceptance of this Note, agrees that (i) such Note will
      be
      limited in right of payment to amounts available from the Trust Estate as
      provided in the Indenture and (ii) such Holder shall have no recourse to the
      Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor, the
      Securities Administrator, the Sponsor, the Master Servicer, any Servicer or
      any
      of their respective affiliates, or to the assets of any of the foregoing
      entities, except the assets of the Issuing Entity pledged to secure Class X
      Notes pursuant to the Indenture and the rights conveyed to the Issuing Entity
      under the Indenture.

     

    Any
      payment of principal or interest payable on this Note which is punctually paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of principal and interest
      payable with respect to such Note, which shall be payable as provided below.
      Notwithstanding the foregoing, upon written request with appropriate
      instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder. All reductions in the principal amount of a Note
      effected by payments of principal made on any Payment Date shall be binding
      upon
      all Holders of this Note and of any note issued upon the registration of
      transfer thereof or in exchange therefor or in lieu thereof, whether or not
      such
      payment is noted on such Note. The final payment of this Note shall be payable
      upon presentation and surrender thereof on or after the Payment Date thereof
      at
      the office or agency designated by the Securities Administrator and maintained
      by it for such purpose pursuant to Section 3.02 of the Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note,
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture. If any such acceleration
      of maturity occurs prior to the payment of the entire unpaid Note Principal
      Balance of the Notes, the amount payable to the Holder of this Note will be
      equal to the sum of the unpaid Note Principal Balance of this Note, together
      with accrued and unpaid interest thereon as described in the Indenture. The
      Indenture provides that, notwithstanding the acceleration of the maturity of
      the
      Notes, under certain circumstances specified therein, all amounts collected
      as
      proceeds of the Trust Estate securing the Notes or otherwise shall continue
      to
      be applied to payments of principal of and interest on the Notes as if they
      had
      not been declared due and payable.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the Issuing
      Entity. Upon surrender for registration of transfer of, or presentation of
      a
      written instrument of transfer for, this Note at the office or agency designated
      by the Issuing Entity pursuant to the Indenture, accompanied by proper
      instruments of assignment in form satisfactory to the Securities Administrator,
      one or more new Notes of any authorized denominations and of a like aggregate
      then outstanding Note Principal Balance, will be issued to the designated
      transferee or transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuing
      Entity, the Securities Administrator, the Indenture Trustee and any agent of
      the
      Issuing Entity, the Indenture Trustee or the Securities Administrator may treat
      the Person in whose name this Note is registered as the owner of such Note
      (i)
      on the applicable Record Date for the purpose of making payments and interest
      of
      such Note, and (ii) on any other date for all other purposes whatsoever, as
      the
      owner hereof, whether or not this Note be overdue, and neither the Issuing
      Entity, the Indenture Trustee, the Securities Administrator nor any such agent
      of the Issuing Entity, the Indenture Trustee or the Securities Administrator
      shall be affected by notice to the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuing Entity
      and the rights of the Holders of the Notes under the Indenture at any time
      by
      the Issuing Entity and the Holders of a majority of each Class of Notes affected
      thereby. The Indenture also contains provisions permitting the Holders of Notes
      representing not less than a majority of the aggregate Note Principal Balance
      of
      the Notes, to waive any past Event of Default and its consequences except an
      Event of Default (a) with respect to payment of principal of or interest on
      any
      of the Notes, or (b) in respect of a covenant or provision of the Indenture
      which cannot be modified or amended without the consent of the Holder of each
      Note. Any such waiver by the Holder, at the time of the giving thereof, of
      this
      Note (or any one or more predecessor Notes) shall bind the Holder of every
      Note
      issued upon the registration of transfer hereof or in exchange hereof or in
      lieu
      hereof, whether or not notation of such consent or waiver is made upon such
      Note. The Indenture also permits the Issuing Entity and the Indenture Trustee,
      following prior notice to the Rating Agencies, to amend or waive certain terms
      and conditions set forth in the Indenture without the consent of the Holders
      of
      the Notes issued thereunder.

     

    [Initially,
      the Notes will be registered in the name of ____________]. The Notes are
      exchangeable for a like aggregate then outstanding Notional Amount of Notes
      of
      different authorized denominations, as requested by the Holder surrendering
      same.

     

    No
      transfer, sale, pledge or other disposition of a Class X Note shall be made
      unless such transfer, sale, pledge or other disposition is exempt from the
      registration requirements of the Securities Act and any applicable state
      securities laws or is made in accordance with said Act and laws. In the event
      of
      any such transfer, the Note Registrar or the Depositor shall prior to such
      transfer require the transferee to execute (A) either (i) (a) an investment
      letter in substantially the form attached to the Indenture as Exhibit K (or
      in
      such form and substance reasonably satisfactory to the Note Registrar and the
      Depositor) which investment letter shall not be an expense of the Trust, the
      Owner Trustee, the Indenture Trustee, the Securities Administrator, the Note
      Registrar, the Master Servicer, the Servicer, the Sponsor or the Depositor
      and
      which investment letter states that, among other things, such transferee (1)
      is
      a “qualified institutional buyer” as defined under Rule 144A, acting for its own
      account or the accounts of other “qualified institutional buyers” as defined
      under Rule 144A, and (2) is aware that the proposed transferor intends to rely
      on the exemption from registration requirements under the Securities Act of
      1933, as amended, provided by Rule 144A or (ii) (a) a written Opinion of Counsel
      acceptable to and in form and substance satisfactory to the Note Registrar
      and
      the Depositor that such transfer may be made pursuant to an exemption,
      describing the applicable exemption and the basis therefor, from said Act and
      laws or is being made pursuant to said Act and laws, which Opinion of Counsel
      shall not be an expense of the Trust, the Owner Trustee, the Indenture Trustee,
      the Securities Administrator, the Note Registrar, the Master Servicer, the
      Servicer, the Sponsor or the Depositor and (b) either (1) the transferee
      executes a representation letter, substantially in the form of Exhibit M to
      the
      Indenture, and the transferor executes a representation letter, substantially
      in
      the form of Exhibit N to the Indenture, each acceptable to and in form and
      substance satisfactory to the Note Registrar certifying the facts surrounding
      such transfer, which representation letters shall not be an expense of the
      Trust, the Owner Trustee, the Indenture Trustee, the Securities Administrator,
      the Note Registrar, the Master Servicer, the Servicer, the Sponsor or the
      Depositor or (2) an Opinion of Counsel has been rendered by nationally
      recognized tax counsel stating that such Notes will be treated as debt for
      federal income tax purposes [and (B) the Certificate of Non-Foreign Status
      (in
      substantially the form attached to the Indenture as Exhibit L) acceptable to
      and
      in form and substance reasonably satisfactory to the Note Registrar, which
      certificate shall not be an expense of the Trust, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Note Registrar, the Master
      Servicer, the Servicer, the Sponsor or the Depositor]. The Holder of a Class
      X
      Notes desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trust, the Owner Trustee, the Indenture Trustee, the Paying Agent,
      the Note Registrar, the Master Servicer, the Servicer and the Depositor against
      any liability that may result if the transfer is not so exempt or is not made
      in
      accordance with such federal and state laws.

     

    No
      transfer of a Class X Notes or any interest therein shall be made to any Person
      unless the Depositor, the Owner Trustee, the Securities Administrator, the
      Note
      Registrar, the Master Servicer, any Servicer and the Sponsor are provided with
      an Opinion of Counsel which establishes to the satisfaction of the Depositor,
      the Owner Trustee, the Securities Administrator and the Note Registrar that
      the
      purchase of Non-Offered Notes is permissible under applicable law, will not
      constitute or result in any prohibited transaction under ERISA or Section 4975
      of the Code and will not subject the Depositor, the Owner Trustee, the Indenture
      Trustee, the Securities Administrator, the Note Registrar, the Master Servicer,
      any Servicer or the Sponsor to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those undertaken in the Indenture, which Opinion of Counsel shall not be
      an
      expense of the Depositor, the Owner Trustee, the Indenture Trustee, the
      Securities Administrator, the Note Registrar, the Master Servicer, any Servicer
      or the Sponsor. In lieu of such Opinion of Counsel, a Person may provide a
      certification in the form of Exhibit O to the Indenture, which the Depositor,
      the Owner Trustee, the Indenture Trustee, the Securities Administrator, the
      Note
      Registrar, the Master Servicer, any Servicer and the Sponsor may rely upon
      without further inquiry or investigation. Neither an Opinion of Counsel nor
      a
      certification will be required in connection with the initial transfer of any
      such Note by the Depositor to an affiliate of the Depositor (in which case,
      the
      Depositor or any affiliate thereof shall have deemed to have represented that
      such affiliate is not a Plan or a Person investing Plan Assets) and the Owner
      Trustee, the Indenture Trustee and the Securities Administrator shall be
      entitled to conclusively rely upon a representation (which, upon the request
      of
      the Owner Trustee and Securities Administrator, shall be a written
      representation) from the Depositor of the status of such transferee as an
      affiliate of the Depositor.

     

    No
      person
      shall become a Class X Noteholder, so long as any Securities are Outstanding,
      (i) until it shall establish its status as a real estate investment trust
      (“REIT”) or as a “qualified REIT subsidiary” (“QRS”) within the meaning of
      Section 856(a) or Section 856(i) of the Code, respectively, by submitting to
      the
      Note Registrar and the Transferee Certificate set forth in Exhibit H to the
      Indenture and following such transfer, such Holder of the Non-Offered Notes
      shall own 100% of the Non-Offered Notes and the Trust Certificates.

     

    No
      offer,
      sale, transfer, pledge, hypothecation or other disposition (including any
      pledge, sale or transfer under a repurchase transaction or securities loan)
      of
      any Class X Notes shall be made to any transferee unless, prior to such
      disposition, the proposed transferor delivers to the Note Registrar (i) an
      Opinion of Counsel, rendered by a law firm generally recognized to be qualified
      to opine concerning the tax aspects of asset securitization, to the effect
      that
      such transfer (including any disposition permitted following any default under
      any pledge or repurchase transaction) will not cause the Trust to be no longer
      be treated for federal income tax purposes as a “qualified REIT subsidiary”
within the meaning of Section 856(i) of the Code and (ii) a certificate that
      stating that any Non-Offered Notes may be transferred by the related lender
      under any such related loan agreement or repurchase agreement upon a default
      under any such indebtedness, in which case the transferor shall deliver to
      the
      Note Registrar and the Securities Administrator substantially in the form
      attached as Exhibit I to the Indenture certifying to such effect.
      Notwithstanding the foregoing, the provisions of this paragraph shall not apply
      to the initial transfer of the Non-Offered Notes to the Depositor.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Note shall not be entitled to any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    Anything
      herein to the contrary notwithstanding, except as expressly provided in the
      Basic Documents, neither the Owner Trustee in its individual capacity, nor
      any
      of its respective partners, beneficiaries, agents, officers, directors,
      employees, or successors or assigns, shall be personally liable for, nor shall
      recourse be had to any of them for, the payment of principal of or interest
      on,
      or performance of, or omission to perform, any of the covenants, obligations
      or
      indemnifications contained in this Note, it being expressly understood that
      said
      covenants, obligations and indemnifications have been made solely by the Trust
      to the extent of the assets of the Trust. The Holder of this Note by the
      acceptance hereof agrees that, except as expressly provided in the Basic
      Documents, the Holder shall have no claim against any of the foregoing for
      any
      deficiency, loss or claim therefrom; provided, however, that nothing contained
      herein shall be taken to prevent recourse to, and enforcement against, the
      assets of the Trust Estate for any and all liabilities, obligations and
      undertakings contained in this Note.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Issuing Entity has caused this instrument to be duly
      executed by Wilmington Trust Company, not in its individual capacity but solely
      as Owner Trustee.

     

    Dated:
      March 30, 2007

     

    
       

      
        
          
            	 	 	 
	 	
                    AMERICAN
                      HOME MORTGAGE INVESTMENT TRUST 2007-1

                  
	 
 	 
 	 
 
	 	By:  	
                    
                      
                        WILMINGTON
                          TRUST COMPANY, not in its individual capacity but solely
                          in its capacity
                          as Owner Trustee

                      

                    

                  
	 	 	 
	 	
                      

                  	 
	 	By:	Authorized Signatory

          

           

        

      

    

     

     

    
    

    SECURITIES
      ADMINISTRATOR’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class X Notes referred to in the within-mentioned
      Indenture.

     

    WELLS
      FARGO BANK, N.A., as Securities Administrator

     

    
      	
              By:

            	
              __________________________

            

    

    Authorized
      Signatory

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

    

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              __________
                Custodian ______________________________

              (Cust)   
                (Minor)

              under
                Uniform Gifts to Minor Act _____________________

              (State)

            

    

    

    ADDITIONAL
      ABBREVIATIONS MAY ALSO BE USED THOUGH NOT IN THE ABOVE LIST.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, THE UNDERSIGNED HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

     

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

     

     

    
      
        

      

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints ________________________ attorney to transfer said Note on the books
      kept for registration thereof, with full power of substitution in the
      premises.

     

    Dated:
      _________________     
______________________________________            

     

    Signature
      Guaranteed by ____________________________________________           

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      A-4

    CLASS
      A-[__] CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
      OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
      CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
      NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
      IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL
      BE
      DEEMED TO REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15
      OF
      THE INDENTURE.

     

    THIS
      CERTIFICATE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT
      OF PAYMENT TO AMOUNTS AVAILABLE FROM THE GRANTOR TRUST AS PROVIDED IN THE
      INDENTURE REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE
      FOR
      PAYMENTS ON THIS CERTIFICATE.

     

    [PRINCIPAL
      OF THIS CERTIFICATE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY,
      THE
      OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN
      ON THE FACE HEREOF.]

     

    BY
      ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER HEREOF AGREES TO SURRENDER THIS
      CERTIFICATE TO THE SECURITIES ADMINISTRATOR PROMPTLY UPON RECEIPT OF THE
      CORRESPONDING CLASS OF REMIC CERTIFICATE FOLLOWING THE OCCURRENCE OF THE REMIC
      CONVERSION AS DESCRIBED IN THE INDENTURE.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    AMERICAN
      HOME MORTGAGE INVESTMENT TRUST 2007-1

    MORTGAGE-BACKED
      GRANTOR TRUST CERTIFICATES, SERIES 2007-1

    CLASS
      A-[__]

     

    

    
      	
              AGGREGATE
                [CERTIFICATE PRINCIPAL

              BALANCE][
                NOTIONAL AMOUNT]: $[________________]

            	
              CERTIFICATE
                INTEREST

              RATE:
                [Adjustable Rate][__%]

            
	
              INITIAL
                [CERTIFICATE PRINCIPAL

              BALANCE][
                NOTIONAL AMOUNT] OF THIS CERTIFICATE: $[_____________]

            	
              CERTIFICATE
                NO. 1

            
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO: [_______________]

            

    

    

    American
      Home Mortgage Investment Trust 2007-1 (the “Issuing Entity”), a Delaware
      statutory trust, for value received, hereby promises to pay to [____________]
      or
      registered assigns, the [principal sum of $[____________________] in monthly
      installments on the twenty-fifth day of each month or, if such day is not a
      Business Day, the next succeeding Business Day (each a “Payment Date”),
      commencing in April 2007 and ending on or before the Payment Date occurring
      in
      _____________ (the “Final Scheduled Payment Date”) and to pay interest on the
      Certificate Principal Balance of this Certificate (this “Certificate”)
      outstanding from time to time as provided below] [to pay interest on the
      Notional Amount of this Certificate (this “Certificate”) on the twenty-fifth day
      of each month or, if such day is not a Business Day, the next succeeding
      Business Day (each a “Payment Date”), commencing in April 2007 and ending on or
      before the Payment Date occurring in _____________ (the “Final Scheduled Payment
      Date”)].

     

    This
      Certificate is one of a duly authorized issue of the Issuing Entity’s
      Mortgage-Backed Notes and Grantor Trust Certificates, Series 2007-1 (the
“Securities”), issued under an Indenture dated as of March 30, 2007 (the
“Indenture”), between the Issuing Entity, Deutsche Bank National Trust Company,
      as indenture trustee (the “Indenture Trustee”) and Wells Fargo Bank, N.A., as
      securities administrator (the “Securities Administrator”) to which Indenture and
      all indentures supplemental thereto reference is hereby made for a statement
      of
      the respective rights thereunder of the Issuing Entity, the Indenture Trustee,
      the Securities Administrator and the Holders of the Securities and the terms
      upon which the Securities are to be authenticated and delivered. All terms
      used
      in this Certificate which are defined in the Indenture shall have the meanings
      assigned to them in the Indenture.

     

    Payments
      of [principal and] interest on this Certificate will be made on each Payment
      Date to the Securityholder of record as of the related Record Date.

     

    The
      [principal of, and] interest on, this Certificate are due and payable as
      described in the Indenture, in such coin or currency of the United States of
      America as at the time of payment is legal tender for payment of public and
      private debts. All payments made by the Grantor Trust with respect to this
      Certificate shall be equal to this Certificate’s pro rata share of the aggregate
      payments on all Class A-[__] Certificates as described above, and shall be
      applied as between interest [and principal] as provided in the
      Indenture.

     

    All
      [principal and] interest accrued on the Certificates, if not previously paid,
      will become finally due and payable at the Final Scheduled Payment
      Date.

     

    The
      Holder of the Trust Certificate, or if there is no single Holder, the Majority
      Certificateholder, shall have the option to purchase the assets of the Trust
      and
      thereby redeem the Securities on or after the Payment Date on which the Stated
      Principal Balance of the Mortgage Loans, and properties acquired in respect
      thereof has been reduced to less than 1% of the sum of the Cut-off Date Balance
      of the Mortgage Loans.

     

    The
      Issuing Entity shall not be liable upon the indebtedness evidenced by the
      Securities except to the extent of amounts available from the Grantor Trust
      which constitutes security for the payment of the Securities. The assets
      included in the Grantor Trust will be the sole source of payments on the Class
      A-[__] Certificates, and each Holder hereof, by its acceptance of this
      Certificate, agrees that (i) such Certificate will be limited in right of
      payment to amounts available from the Grantor Trust as provided in the Indenture
      and (ii) such Holder shall have no recourse to the Issuing Entity, the Owner
      Trustee, the Indenture Trustee, the Depositor, the Sponsor, the Securities
      Administrator, the Master Servicer, any Servicer or any of their respective
      affiliates, or to the assets of any of the foregoing entities, except the assets
      of the Issuing Entity pledged to secure the Class A-[__] Certificates pursuant
      to the Indenture and the rights conveyed to the Issuing Entity under the
      Indenture.

     

    Any
      payment of [principal or] interest payable on this Certificate which is
      punctually paid on the applicable Payment Date shall be paid to the Person
      in
      whose name such Certificate is registered at the close of business on the Record
      Date for such Payment Date by check mailed to such person’s address as it
      appears in the Note Register on such Record Date, except for the final
      installment of [principal and] interest payable with respect to such
      Certificate, which shall be payable as provided below. Notwithstanding the
      foregoing, upon written request with appropriate instructions by the Holder
      of
      this Certificate delivered to the Securities Administrator at least five
      Business Days prior to the Record Date, any payment of [principal or] interest,
      other than the final installment of [principal or] interest, shall be made
      by
      wire transfer to an account in the United States designated by such Holder.
      [All
      reductions in the principal amount of a Certificate effected by payments of
      principal made on any Payment Date shall be binding upon all Holders of this
      Certificate and of any Certificate issued upon the registration of transfer
      thereof or in exchange therefor or in lieu thereof, whether or not such payment
      is noted on such Certificate.] The final payment of this Certificate shall
      be
      payable upon presentation and surrender thereof on or after the Payment Date
      thereof at the office or agency designated by the Securities Administrator
      and
      maintained by it for such purpose pursuant to Section 3.02 of the
      Indenture.

    Subject
      to the foregoing provisions, each Security delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Security,
      shall carry the right to unpaid [principal and] interest that were carried
      by
      such other Security.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Securities, the Securities may become or be declared due and
      payable in the manner and with the effect provided in the Indenture. If any
      such
      acceleration of maturity occurs prior to the payment of the entire unpaid Note
      Principal Balance or Certificate Principal Balance, as applicable, of the
      Securities, the amount payable to the Holder of this Certificate will be equal
      to [the sum of the unpaid Certificate Principal Balance of this Certificate,
      together with accrued and unpaid interest thereon [unpaid interest on the
      Notional Amount thereon] as described in the Indenture. The Indenture provides
      that, notwithstanding the acceleration of the maturity of the Securities, under
      certain circumstances specified therein, all amounts collected as proceeds
      of
      the Trust Estate securing the Securities or otherwise shall continue to be
      applied to payments of [principal of and] interest on the Securities as if
      they
      had not been declared due and payable.

     

    The
      Holder of this Certificate or Beneficial Owner of any interest herein is deemed
      to represent that either (1) it is not acquiring the Certificate with Plan
      Assets or (2) (A) the acquisition, holding and transfer of a Certificate will
      not give rise to a non-exempt prohibited transaction under Section 406 of ERISA
      or Section 4975 of the Code and (B) the Certificate is rated investment grade
      or
      better. Alternatively, regardless of the rating of the Certificate, such person
      may provide the Securities Administrator and the Owner Trustee with an opinion
      of counsel, which opinion of counsel will not be at the expense of the Issuing
      Entity, the Sponsor, the Depositor, any Underwriter, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Master Servicer, the
      Servicers or any successor servicer, which opines that the acquisition, holding
      and transfer of such Certificate or interest therein is permissible under
      applicable law, will not constitute or result in a non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Issuing Entity, the Sponsor, the Depositor, any Underwriter, the Owner Trustee,
      the Indenture Trustee, the Securities Administrator, the Master Servicer, the
      Servicers or any successor servicer to any obligation in addition to those
      undertaken in the Indenture.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Certificate may be registered on the Note Register of
      the
      Issuing Entity. Upon surrender for registration of transfer of, or presentation
      of a written instrument of transfer for, this Certificate at the office or
      agency designated by the Issuing Entity pursuant to the Indenture, accompanied
      by proper instruments of assignment in form satisfactory to the Securities
      Administrator, one or more new Certificates of any authorized denominations
      and
      of a like aggregate then outstanding [Certificate Principal Balance] [Notional
      Amount], will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Certificate, the
      Issuing Entity, the Indenture Trustee, the Securities Administrator and any
      agent of the Issuing Entity, Indenture Trustee or the Securities Administrator
      may treat the Person in whose name this Certificate is registered as the owner
      of such Certificate (i) on the applicable Record Date for the purpose of making
      payments and interest of such Certificate, and (ii) on any other date for all
      other purposes whatsoever, as the owner hereof, whether or not this Certificate
      be overdue, and neither the Issuing Entity, the Indenture Trustee, the
      Securities Administrator nor any such agent of the Issuing Entity, the Indenture
      Trustee or the Securities Administrator shall be affected by notice to the
      contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuing Entity
      and the rights of the Holders of the Securities under the Indenture at any
      time
      by the Issuing Entity and the Holders of a majority of each Class of Securities
      affected thereby. The Indenture also contains provisions permitting the Holders
      of Securities representing not less than a majority of the aggregate Note
      Principal Balance or Certificate Principal Balance, as applicable, of the
      Securities, to waive any past Event of Default and its consequences except
      an
      Event of Default (a) with respect to payment of principal of or interest on
      any
      of the Securities, or (b) in respect of a covenant or provision of the Indenture
      which cannot be modified or amended without the consent of the Holder of each
      Security. Any such waiver by the Holder, at the time of the giving thereof,
      of
      this Certificate (or any one or more predecessor Securities) shall bind the
      Holder of every Security issued upon the registration of transfer hereof or
      in
      exchange hereof or in lieu hereof, whether or not notation of such consent
      or
      waiver is made upon such Security. The Indenture also permits the Issuing Entity
      and the Indenture Trustee to amend or waive certain terms and conditions set
      forth in the Indenture without the consent of the Holders of the Securities
      issued thereunder.

     

    Initially,
      this Certificates will be registered in the name of Cede & Co. as nominee of
      DTC, acting in its capacity as the Depository for the Offered Securities. The
      Offered Securities will be delivered by the clearing agency in denominations
      as
      provided in the Indenture and subject to certain limitations therein set forth.
      The Securities are exchangeable for a like aggregate then outstanding Note
      Principal Balance, Certificate Principal Balance or Notional Amount, as
      applicable, of Securities of different authorized denominations, as requested
      by
      the Holder surrendering same.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    Anything
      herein to the contrary notwithstanding, except as expressly provided in the
      Basic Documents, neither the Owner Trustee in its individual capacity, nor
      any
      of its respective partners, beneficiaries, agents, officers, directors,
      employees, or successors or assigns, shall be personally liable for, nor shall
      recourse be had to any of them for, the payment of [principal of or] interest
      on, or performance of, or omission to perform, any of the covenants, obligations
      or indemnifications contained in this Certificate, it being expressly understood
      that said covenants, obligations and indemnifications have been made solely
      by
      the Trust to the extent of the assets of the Trust. The holder of this
      Certificate by the acceptance hereof agrees that, except as expressly provided
      in the Basic Documents, the Holder shall have no claim against any of the
      foregoing for any deficiency, loss or claim therefrom; provided, however, that
      nothing contained herein shall be taken to prevent recourse to, and enforcement
      against, the assets of the grantor Trust for any and all liabilities,
      obligations and undertakings contained in this Certificate.

     

    AS
      PROVIDED IN THE INDENTURE, THIS CERTIFICATE AND THE INDENTURE CREATING THIS
      CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS
      OF
      THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      THEREIN.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    IN
      WITNESS WHEREOF, the Issuing Entity has caused this instrument to be duly
      executed by Wilmington Trust Company, not in its individual capacity but solely
      as Owner Trustee.

     

    Dated:
      March 30, 2007

    
       

      
         

        
          
            
              	 	 	 
	 	
                      AMERICAN
                        HOME MORTGAGE INVESTMENT TRUST 2007-1

                    
	 
 	 
 	 
 
	 	By:  	
                      
                        
                          WILMINGTON
                            TRUST COMPANY, not in its individual capacity but solely
                            in its capacity
                            as Owner Trustee

                        

                      

                    
	 	 	 
	 	
                        

                    	 
	 	By:	Authorized Signatory

            

             

          

        

      

    

     

    SECURITIES
      ADMINISTRATOR’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A-[__] Certificates referred to in the within-mentioned
      Indenture.

     

    WELLS
      FARGO BANK, N.A., as Securities Administrator

     

    By: ________________________

    Authorized
      Signatory

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the
      Certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

    

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              __________
                Custodian ______________________________

              (Cust)   
                (Minor)

              under
                Uniform Gifts to Minor Act _____________________

              (State)

            

    

    

    ADDITIONAL
      ABBREVIATIONS MAY ALSO BE USED THOUGH NOT IN THE ABOVE LIST.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, THE UNDERSIGNED HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

     

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

     

    
      
        

      

    

    the
      within Certificate and all rights thereunder, and hereby irrevocably constitutes
      and appoints ________________________ attorney to transfer said Certificate
      on
      the books kept for registration thereof, with full power of substitution in
      the
      premises.

     

    Dated:
      ___________                     ___________________________________________________            

     

    Signature
      Guaranteed by _______________________________________        

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Certificate in every particular, without alteration
      or enlargement or any change whatsoever. Signature(s) must be guaranteed by
      a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

    
                                                                                                        4/1 NEXT DUE
LOAN NUMBER                          LSAMS#                        LOAN AMOUNT               SCHEDULED BALANCE              1,972,048,479.02
     998497                      1000998497                             588740                       590322.97
    1016917                      1001016917                             238000                       238896.21
    1054402                      1001054402                             586000                          586000
    1112171                      1001112171                            1499999                         1499999
    1141103                      1001141103                             243000                          243000
    1153715                      1001153715                             243000                          243000
    1247897                      1001247897                             324500                          324500
    1285361                      1001285361                             366990                       375308.27
    1370279                      1001370279                             189900                       190499.74
    1376979                      1001376979                            1085000                         1085000
    1383507                      1001383507                             448000                          448000
    1396536                      1001396536                              78568                           78568
    1397002                      1001397002                            1500000                      1506560.91
    1425161                      1001425161                             220000                       220792.61
    1427027                      1001427027                             356000                       357516.54
    1434264                      1001434264                             128000                          128000
    1436717                      1001436717                             284000                       285010.53
    1437974                      1001437974                             571500                          571500
    1442782                      1001442782                             522500                       524872.47
    1443421                      1001443421                             148000                          148000
    1446986                      1001446986                             303750                       305323.57
    1447998                      1001447998                            2700000                         2700000
    1449608                      1001449608                             290900                          290900
    1454265                      1001454265                             328000                       329354.89
    1454457                      1001454457                             238671                       239536.77
    1456289                      1001456289                             237500                       238617.25
    1458221                      1001458221                             250750                          250750
    1459644                      1001459644                             220000                       220973.85
    1463256                      1001463256                             320000                          320000
    1463661                      1001463661                            2294000                         2294000
    1465144                      1001465144                            2695000                      2707254.16
    1466691                      1001466691                             246700                       248561.08
    1466811                      1001466811                             503920                          503920
    1469811                      1001469811                             315000                       316289.66
    1473120                      1001473120                             631200                       633077.24
    1474292                      1001474292                             780000                       783281.67
    1482953                      1001482953                             264500                       265546.25
    1483537                      1001483537                             250000                          250000
    1483685                      1001483685                             468750                       470688.47
    1484186                      1001484186                            1767500                         1767500
    1484929                      1001484929                             330400                          330400
    1485105                      1001485105                             146250                          146250
    1485604                      1001485604                              56000                        56084.28
    1486231                      1001486231                             429421                       431261.74
    1491848                      1001491848                             497760                       499447.77
    1493436                      1001493436                             322164                          322164
    1494398                      1001494398                             156000                       157524.07
    1495502                      1001495502                             140000                          140000
    1495782                      1001495782                             189600                          189600
    1496602                      1001496602                             288000                       289685.01
    1496749                      1001496749                            6300000                      6324052.34
    1497184                      1001497184                             179925                          179925
    1498713                      1001498713                             105000                       105380.53
    1499356                      1001499356                             197750                        197134.5
    1500405                      1001500405                             234990                       235989.31
    1500637                      1001500637                             450000                       450956.13
    1501847                      1001501847                             190450                          191086
    1502275                      1001502275                            1040000                      1043667.85
    1502509                      1001502509                             650000                          650000
    1502617                      1001502617                             137000                       137659.21
    1503060                      1001503060                             245000                          245000
    1503206                      1001503206                             552000                       554130.09
    1503215                      1001503215                             204250                       205117.71
    1503390                      1001503390                             376000                       376992.11
    1504132                      1001504132                             937500                       941415.57
    1504312                      1001504312                             197750                       198068.75
    1504735                      1001504735                             488000                          488000
    1504940                      1001504940                             160000                       160630.92
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    1551858                      1001551858                             551200                       551797.96
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    1552000                      1001552000                             373500                       374600.27
    1552014                      1001552014                             155750                       153763.62
    1552140                      1001552140                             300000                          300000
    1552193                      1001552193                             116250                       116650.47
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    1552260                      1001552260                             277500                       278002.21
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    1552301                      1001552301                             351000                        352494.9
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    1552353                      1001552353                             220000                       220755.13
    1552363                      1001552363                             285000                       286038.67
    1552444                      1001552444                             183350                       184228.93
    1552470                      1001552470                             222000                          222000
    1552515                      1001552515                             238500                       239706.48
    1552570                      1001552570                            1260000                       1264155.2
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    1552758                      1001552758                             300000                       302242.87
    1552776                      1001552776                             290700                       293071.88
    1552810                      1001552810                             388000                          388000
    1552911                      1001552911                             299750                       300849.32
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    1552991                      1001552991                             284000                       285094.18
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    1553078                      1001553078                             208610                       209482.02
    1553090                      1001553090                             297000                       298539.54
    1553163                      1001553163                             371250                          371250
    1553178                      1001553178                             621500                       623568.21
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    1553297                      1001553297                             222000                        222945.5
    1553336                      1001553336                             288000                       289363.55
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    1553436                      1001553436                             500000                          500000
    1553455                      1001553455                             450000                       452024.53
    1553521                      1001553521                             450000                          450000
    1553563                      1001553563                             500000                       502147.85
    1553693                      1001553693                             278400                       279640.91
    1553950                      1001553950                             810500                          810500
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    1554099                      1001554099                             202500                       203433.69
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    1554613                      1001554613                             304870                       306165.38
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    1556574                      1001556574                             480000                        481313.2
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    1557095                      1001557095                             378628                          378628
    1557148                      1001557148                             585000                          585000
    1557156                      1001557156                             302500                          302500
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    1557981                      1001557981                             418000                          418000
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    1558210                      1001558210                             492000                       493608.56
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    1558501                      1001558501                             558400                       560755.48
    1558531                      1001558531                             248000                          248000
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    1558916                      1001558916                            2000000                         2000000
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    1559526                      1001559526                            1242500                         1242500
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    1566179                      1001566179                             356500                       357856.76
    1566231                      1001566231                             370400                          370400
    1566232                      1001566232                             650000                          650000
    1566234                      1001566234                             665926                       668539.25
    1566270                      1001566270                             566910                       569327.08
    1566279                      1001566279                             631750                       634541.56
    1566297                      1001566297                             503500                       506165.42
    1566310                      1001566310                             301500                       303075.43
    1566366                      1001566366                             791000                       794048.07
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    1566376                      1001566376                             413950                       416168.59
    1566390                      1001566390                             540000                       542429.43
    1566436                      1001566436                             327000                       328184.61
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    1566448                      1001566448                             136000                       136614.28
    1566449                      1001566449                             337500                       339052.28
    1566451                      1001566451                             280000                       281296.13
    1566457                      1001566457                            1575000                      1581503.25
    1566556                      1001566556                             996750                      1000833.83
    1566568                      1001566568                            2300000                         2300000
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    1566744                      1001566744                             194370                       195173.51
    1566754                      1001566754                             560000                       562286.08
    1566767                      1001566767                             290000                          290000
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    1566846                      1001566846                             228000                       229063.76
    1566870                      1001566870                             305000                       304788.32
    1566912                      1001566912                             332000                       333790.56
    1566948                      1001566948                             582000                        583985.2
    1566960                      1001566960                             650000                       652829.52
    1567003                      1001567003                             206250                       206948.74
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    1567714                      1001567714                             255000                       255961.21
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    1568382                      1001568382                             337500                       338810.84
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    1573714                      1001573714                             391500                       393284.33
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    1573741                      1001573741                             500000                          500000
    1573751                      1001573751                             389500                       391422.57
    1573821                      1001573821                             380000                          380000
    1573835                      1001573835                             465500                       469665.24
    1573837                      1001573837                             315000                       316365.96
    1573839                      1001573839                             234000                          234000
    1573861                      1001573861                             356250                       357961.95
    1573894                      1001573894                             479000                       481174.95
    1573897                      1001573897                             296875                       298122.62
    1573898                      1001573898                             436500                          436500
    1573909                      1001573909                             364000                          364000
    1573922                      1001573922                             279000                       279856.53
    1573927                      1001573927                             589500                       592487.51
    1573941                      1001573941                             555100                        557693.4
    1573947                      1001573947                             323000                       324822.35
    1573950                      1001573950                             322500                       323615.02
    1573958                      1001573958                            1927000                      1935759.59
    1573966                      1001573966                             500000                       502059.35
    1573984                      1001573984                             450000                       452390.57
    1573987                      1001573987                             387000                       389006.07
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    1574025                      1001574025                             490500                          490500
    1574035                      1001574035                             214600                       215559.73
    1574036                      1001574036                             450000                       451985.76
    1574039                      1001574039                             100000                        100462.9
    1574058                      1001574058                             176700                       177459.28
    1574065                      1001574065                             396000                       397990.38
    1574085                      1001574085                             304000                       305241.01
    1574103                      1001574103                             468000                       469681.65
    1574196                      1001574196                             590400                       592957.78
    1574207                      1001574207                              80796                        81078.38
    1574219                      1001574219                             155000                       155688.97
    1574235                      1001574235                             324000                       325511.29
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    1574252                      1001574252                             380000                        383561.8
    1574260                      1001574260                             172500                       173297.63
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    1574387                      1001574387                             224100                       225027.66
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    1574409                      1001574409                             416000                       417602.75
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    1574434                      1001574434                             392000                          392000
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    1574468                      1001574468                             351500                       352941.89
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    1574523                      1001574523                             481727                       483514.88
    1574545                      1001574545                             193500                       194052.84
    1574546                      1001574546                             787500                          787500
    1574547                      1001574547                             242400                          242400
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    1574584                      1001574584                             468000                        469672.4
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    1574680                      1001574680                             380000                          380000
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    1574745                      1001574745                             150000                       150699.85
    1574753                      1001574753                             402500                       404054.91
    1574828                      1001574828                             292500                       293924.81
    1574830                      1001574830                             975000                        978675.2
    1574840                      1001574840                             232200                          232200
    1574850                      1001574850                             117500                       117718.17
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    1575103                      1001575103                             387000                       389058.02
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    1575128                      1001575128                             440000                       441640.22
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    1575195                      1001575195                             180000                       180925.55
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    1575198                      1001575198                             484000                        485880.2
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    1575217                      1001575217                             588000                          588000
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    1575247                      1001575247                             270000                       271090.97
    1575253                      1001575253                             600000                          600000
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    1575294                      1001575294                             500000                          500000
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    1575345                      1001575345                             405000                          405000
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    1575374                      1001575374                             226200                          226200
    1575419                      1001575419                             546250                       548253.48
    1575429                      1001575429                             483750                          483750
    1575432                      1001575432                             318250                       319616.49
    1575461                      1001575461                             146400                          146400
    1575465                      1001575465                             147500                       148116.62
    1575478                      1001575478                             177925                       178506.06
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    1575485                      1001575485                             385000                       386716.05
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    1575519                      1001575519                             490000                       492412.42
    1575540                      1001575540                             380000                        381657.1
    1575544                      1001575544                             590000                       589851.02
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    1575562                      1001575562                             370000                          370000
    1575563                      1001575563                             218700                       219753.47
    1575570                      1001575570                             205000                        205806.9
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    1575622                      1001575622                             459800                       461475.71
    1575670                      1001575670                             168000                       168386.45
    1575699                      1001575699                             660000                          660000
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    1575814                      1001575814                             480000                        481853.2
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    1575935                      1001575935                             170910                       171680.63
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    1575983                      1001575983                             270000                       271357.07
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    1576021                      1001576021                             369000                        370643.7
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    1576042                      1001576042                             772000                       775312.35
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    1576076                      1001576076                             370000                       371562.98
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    1576084                      1001576084                             405500                       407032.05
    1576099                      1001576099                             265000                       265751.57
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    1576473                      1001576473                             580000                          580000
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    1576586                      1001576586                             485900                       488524.45
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    1579807                      1001579807                             216000                       217016.77
    1579835                      1001579835                             179100                       179995.88
    1579844                      1001579844                             347700                       349453.72
    1579845                      1001579845                            1425000                      1430876.61
    1579857                      1001579857                             175000                          175000
    1579865                      1001579865                             164600                       165274.39
    1579870                      1001579870                             170000                       170701.13
    1579875                      1001579875                             235400                       236488.48
    1579887                      1001579887                             650000                       652653.26
    1579906                      1001579906                            1280000                         1280000
    1579914                      1001579914                             500000                       503502.33
    1579921                      1001579921                             851000                       854207.79
    1579929                      1001579929                             400000                       401866.25
    1579932                      1001579932                             446500                          446500
    1579946                      1001579946                             331550                       332680.92
    1579968                      1001579968                             284750                       285884.47
    1579975                      1001579975                             413250                       414815.94
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    1579997                      1001579997                             127120                          127120
    1580013                      1001580013                             196000                       196766.57
    1580024                      1001580024                             340000                       341352.45
    1580027                      1001580027                             380000                       381479.89
    1580059                      1001580059                             570000                          570000
    1580060                      1001580060                             155000                          155000
    1580085                      1001580085                             343761                          343761
    1580092                      1001580092                             566937                        568877.5
    1580096                      1001580096                             304000                          304000
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    1580103                      1001580103                             143000                          142800
    1580110                      1001580110                             329000                       330616.12
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    1580129                      1001580129                             323900                          323900
    1580150                      1001580150                              90400                        90672.36
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    1580160                      1001580160                              84800                        85055.49
    1580190                      1001580190                             424000                       425825.53
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    1580473                      1001580473                             505000                       507151.27
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    1580543                      1001580543                             500000                       502239.05
    1580544                      1001580544                             240000                          240000
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    1580566                      1001580566                             346500                       348131.06
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    1580665                      1001580665                             548100                       550414.16
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    1580782                      1001580782                             337500                       338965.85
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    1580931                      1001580931                             380000                       381822.37
    1580937                      1001580937                             309150                       310096.55
    1580949                      1001580949                             825000                       828109.78
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    1580953                      1001580953                             442800                       445151.24
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    1580962                      1001580962                             226000                       226967.21
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    1580998                      1001580998                             330000                       328798.51
    1581013                      1001581013                             272000                       273690.11
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    1581016                      1001581016                             480000                       481769.33
    1581035                      1001581035                            1800000                      1806800.97
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    1581113                      1001581113                             192850                       193686.09
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    1581300                      1001581300                             507000                          507000
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    1581327                      1001581327                             150000                       150625.61
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    1581416                      1001581416                             228000                          228000
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    1581470                      1001581470                             119000                       119490.75
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    1581636                      1001581636                             640000                          640000
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    1584340                      1001584340                             440100                          440100
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    1584374                      1001584374                             304000                       305445.62
    1584393                      1001584393                             326000                          326000
    1584411                      1001584411                             216500                          216500
    1584481                      1001584481                             300000                       301287.18
    1584487                      1001584487                             473400                          473400
    1584496                      1001584496                             211410                       212340.46
    1584500                      1001584500                             311250                       312703.76
    1584521                      1001584521                             390000                       391411.85
    1584523                      1001584523                             305010                          305010
    1584525                      1001584525                             400000                       401948.46
    1584526                      1001584526                             475000                       477275.68
    1584537                      1001584537                             402200                       403781.05
    1584543                      1001584543                             365000                       366735.22
    1584597                      1001584597                             168000                       168556.83
    1584630                      1001584630                             279000                          279000
    1584639                      1001584639                             367200                       368821.41
    1584665                      1001584665                             176200                       177059.69
    1584667                      1001584667                             340000                       341246.36
    1584725                      1001584725                             484500                          484500
    1584734                      1001584734                             140000                          140000
    1584741                      1001584741                             200000                       200705.67
    1584747                      1001584747                             418300                       420197.14
    1584749                      1001584749                             262500                       263670.03
    1584765                      1001584765                             231930                       232908.11
    1584768                      1001584768                             246000                          246000
    1584777                      1001584777                             400000                       401628.59
    1584781                      1001584781                             251910                       252965.07
    1584793                      1001584793                             456000                       457956.52
    1584799                      1001584799                             465000                       466660.04
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    1584806                      1001584806                             233000                       233757.25
    1584808                      1001584808                             170400                       171005.69
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    1584830                      1001584830                             574650                       577586.21
    1584836                      1001584836                             384000                       385303.46
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    1584841                      1001584841                             188000                          188000
    1584869                      1001584869                             369000                       370797.45
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    1584928                      1001584928                             247200                       248188.57
    1584947                      1001584947                             255800                          255800
    1584961                      1001584961                             247500                          247500
    1584963                      1001584963                             480000                          480000
    1584964                      1001584964                             195990                          195990
    1584969                      1001584969                             448000                       449763.37
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    1584971                      1001584971                             750000                          750000
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    1585014                      1001585014                             629850                       632661.48
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    1585027                      1001585027                             430000                          430000
    1585037                      1001585037                             180000                          180000
    1585052                      1001585052                             264800                       265918.03
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    1585082                      1001585082                             787500                       791132.59
    1585093                      1001585093                             500000                          500000
    1585095                      1001585095                             570000                          570000
    1585101                      1001585101                             463500                       462134.61
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    1585146                      1001585146                             472000                       473867.67
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    1585212                      1001585212                             157500                       158188.07
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    1585751                      1001585751                             389600                       391407.72
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    1585781                      1001585781                             879000                       882758.79
    1585783                      1001585783                             333750                       335114.16
    1585787                      1001585787                             224000                          224000
    1585818                      1001585818                             200000                          200000
    1585819                      1001585819                             305000                        306322.9
    1585824                      1001585824                             562500                          562500
    1585853                      1001585853                             230000                       230680.63
    1585878                      1001585878                             204000                       204766.22
    1585885                      1001585885                             585000                       587370.19
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    1586020                      1001586020                             660000                          660000
    1586055                      1001586055                             570000                       572379.31
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    1586461                      1001586461                             410000                       411932.07
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    1586547                      1001586547                             429000                       430860.32
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    1586719                      1001586719                            2960000                         2960000
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    1587255                      1001587255                             242500                          242500
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    1590260                      1001590260                             499000                       500786.92
    1590267                      1001590267                             422500                          422500
    1590285                      1001590285                             240000                       241037.64
    1590292                      1001590292                             256500                       257458.45
    1590298                      1001590298                             270400                       271518.09
    1590305                      1001590305                             525974                          525974
    1590323                      1001590323                             359900                       361201.11
    1590348                      1001590348                             378000                          378000
    1590390                      1001590390                             394250                       389218.97
    1590397                      1001590397                             427500                          427500
    1590402                      1001590402                             427500                       429817.91
    1590403                      1001590403                             358150                          358150
    1590425                      1001590425                             136500                       137055.93
    1590433                      1001590433                             269500                       270525.26
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    1590466                      1001590466                             284603                       285967.32
    1590474                      1001590474                             247500                       248708.78
    1590523                      1001590523                             489955                          489955
    1590533                      1001590533                             535000                          535000
    1590544                      1001590544                             223686                          223686
    1590547                      1001590547                             495000                          495000
    1590578                      1001590578                             456000                       455355.58
    1590584                      1001590584                             273750                       274928.63
    1590587                      1001590587                             150000                          150000
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    1590625                      1001590625                             315000                          315000
    1590626                      1001590626                             440000                          440000
    1590635                      1001590635                             354825                       356304.18
    1590672                      1001590672                             257000                          257000
    1590674                      1001590674                             242500                          242500
    1590702                      1001590702                             376000                       377276.31
    1590707                      1001590707                             314450                       315801.86
    1590725                      1001590725                             432000                       433786.29
    1590731                      1001590731                             180000                          180000
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    1590781                      1001590781                             328500                        329668.2
    1590848                      1001590848                             247000                        248125.2
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    1590851                      1001590851                             506250                          506250
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    1590942                      1001590942                             207000                       207846.62
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    1590991                      1001590991                             306000                        307290.5
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    1591001                      1001591001                             171500                       172243.86
    1591012                      1001591012                             428000                          428000
    1591024                      1001591024                             219555                          219555
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    1591039                      1001591039                             129150                       129604.09
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    1591102                      1001591102                             373417                       374781.76
    1591118                      1001591118                             450000                       452098.04
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    1591149                      1001591149                             217000                       217881.73
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    1591212                      1001591212                             315000                          315000
    1591215                      1001591215                             455000                          455000
    1591223                      1001591223                             265500                          265500
    1591253                      1001591253                             320100                          320100
    1591266                      1001591266                             257450                        258477.9
    1591268                      1001591268                             452000                       453920.52
    1591270                      1001591270                             270000                          270000
    1591298                      1001591298                             280800                          280800
    1591300                      1001591300                             270000                          270000
    1591324                      1001591324                             330000                          330000
    1591345                      1001591345                             260000                       261101.13
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    1591353                      1001591353                             520000                       522426.12
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    1591376                      1001591376                             197000                       197830.81
    1591381                      1001591381                             750000                          750000
    1591385                      1001591385                             865511                       869410.46
    1591403                      1001591403                             665000                          665000
    1591404                      1001591404                             270400                       271439.22
    1591427                      1001591427                             500000                       502420.45
    1591458                      1001591458                             588700                       591547.77
    1591490                      1001591490                             198000                       198771.09
    1591492                      1001591492                             386100                       388121.06
    1591498                      1001591498                             322500                          322500
    1591536                      1001591536                             110070                       110438.31
    1591541                      1001591541                             279000                       279892.39
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    1591557                      1001591557                             560000                       562612.74
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    1591568                      1001591568                             204000                       204765.61
    1591580                      1001591580                             499500                          499500
    1591597                      1001591597                             540000                          540000
    1591612                      1001591612                             427500                       429137.76
    1591613                      1001591613                             355000                          355000
    1591617                      1001591617                             180000                       180732.31
    1591626                      1001591626                              52500                        52468.09
    1591645                      1001591645                             342000                          342000
    1591678                      1001591678                             240000                       240874.67
    1591699                      1001591699                             300000                       301089.25
    1591733                      1001591733                              75000                           75000
    1591734                      1001591734                             152000                          152000
    1591765                      1001591765                             352000                       353341.51
    1591783                      1001591783                             335000                       336550.73
    1591786                      1001591786                             495000                          495000
    1591790                      1001591790                             400000                          400000
    1591793                      1001591793                             181000                          181000
    1591811                      1001591811                             814500                       818009.38
    1591815                      1001591815                             423000                        425069.3
    1591849                      1001591849                             362500                       363251.32
    1591855                      1001591855                             282500                       283669.22
    1591866                      1001591866                             144850                          144850
    1591879                      1001591879                             414000                          414000
    1591880                      1001591880                             348000                          348000
    1591882                      1001591882                             210000                       210833.34
    1591883                      1001591883                             161900                          161900
    1591914                      1001591914                             937500                       941795.88
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    1591931                      1001591931                             207000                       207745.78
    1591939                      1001591939                             108000                       108403.56
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    1591990                      1001591990                             252000                          253021
    1592001                      1001592001                             216000                          216000
    1592006                      1001592006                             308000                          308000
    1592020                      1001592020                            1000975                         1000975
    1592041                      1001592041                             246000                       246972.56
    1592057                      1001592057                             348750                          348750
    1592060                      1001592060                             140000                          140000
    1592062                      1001592062                             399600                       401453.67
    1592072                      1001592072                             487500                       489591.74
    1592106                      1001592106                             329000                       330439.12
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    1592125                      1001592125                             195000                       195804.17
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    1592207                      1001592207                             508000                          508000
    1592213                      1001592213                             574750                       577507.08
    1592216                      1001592216                             318000                        319218.7
    1592228                      1001592228                             345633                       347462.71
    1592279                      1001592279                             315000                       316048.48
    1592283                      1001592283                             217700                       218625.89
    1592297                      1001592297                             315000                          315000
    1592309                      1001592309                             215000                        215765.9
    1592315                      1001592315                             180000                       180635.72
    1592366                      1001592366                             222000                       222934.01
    1592418                      1001592418                             193500                       194375.63
    1592420                      1001592420                             496000                        498427.8
    1592429                      1001592429                             260100                          260100
    1592442                      1001592442                             205200                       206264.26
    1592468                      1001592468                             431250                       432639.12
    1592483                      1001592483                             380000                          380000
    1592496                      1001592496                             280000                       281234.72
    1592499                      1001592499                             453000                       454381.59
    1592506                      1001592506                             100000                          100000
    1592509                      1001592509                             525000                       527236.46
    1592532                      1001592532                             172000                          170866
    1592533                      1001592533                             295000                        296193.2
    1592551                      1001592551                             368500                       370440.88
    1592561                      1001592561                             163800                       164499.18
    1592566                      1001592566                             148000                          148000
    1592568                      1001592568                             295000                          295000
    1592571                      1001592571                             351000                        352881.2
    1592581                      1001592581                             208800                          208800
    1592590                      1001592590                             191000                        191692.2
    1592614                      1001592614                             285000                       286513.32
    1592628                      1001592628                             270000                          270000
    1592638                      1001592638                             110000                       110458.22
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    1592688                      1001592688                             382500                       384347.27
    1592720                      1001592720                              69000                        69343.77
    1592725                      1001592725                             395500                       397418.29
    1592732                      1001592732                             880750                          880750
    1592735                      1001592735                             208000                       208888.45
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    1592748                      1001592748                             675000                          675000
    1592776                      1001592776                             202275                       203260.31
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    1592797                      1001592797                             650000                       653208.11
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    1592820                      1001592820                             688000                        691066.6
    1592824                      1001592824                             198750                          198750
    1592829                      1001592829                             518000                       520287.29
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    1592844                      1001592844                             325000                          325000
    1592845                      1001592845                             222800                          222800
    1592864                      1001592864                             716000                          716000
    1592866                      1001592866                             419000                          419000
    1592936                      1001592936                             100000                          100000
    1592937                      1001592937                             246600                       247559.51
    1592955                      1001592955                              90000                        90424.11
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    1592970                      1001592970                             261000                       261981.62
    1593002                      1001593002                             191200                          191200
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    1593023                      1001593023                             472000                       474128.24
    1593027                      1001593027                             203000                       200101.18
    1593039                      1001593039                             880000                          880000
    1593047                      1001593047                             182000                       182676.76
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    1593101                      1001593101                             250000                          250000
    1593106                      1001593106                             200000                          200000
    1593143                      1001593143                             330000                          330000
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    1593156                      1001593156                             243000                       243855.23
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    1593180                      1001593180                             186300                          186300
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    1593235                      1001593235                             100000                          100000
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    1593283                      1001593283                             499500                          499500
    1593295                      1001593295                             353400                       354812.77
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    1593318                      1001593318                             277900                       279208.15
    1593322                      1001593322                             502000                          502000
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    1593419                      1001593419                             250000                       251167.68
    1593431                      1001593431                             938000                          938000
    1593435                      1001593435                             100000                          100000
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    1593467                      1001593467                             476500                       478696.05
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    1593528                      1001593528                             548000                       550002.02
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    1593550                      1001593550                             202500                        203396.6
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    1593562                      1001593562                             550000                          550000
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    1593852                      1001593852                             362000                          362000
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    1593958                      1001593958                             300000                          300000
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    1593994                      1001593994                             329795                       331005.23
    1594010                      1001594010                             315000                          315000
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    1594535                      1001594535                             408000                       409682.57
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    1594586                      1001594586                             171000                          171000
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    1594769                      1001594769                             472000                          472000
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    1595012                      1001595012                              56250                        56481.98
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    1595048                      1001595048                             350000                       351257.65
    1595052                      1001595052                             480800                          480800
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    1595090                      1001595090                             499500                        501881.1
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    1595142                      1001595142                             355500                       357031.72
    1595144                      1001595144                             500000                          500000
    1595147                      1001595147                             264000                          264000
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    1595238                      1001595238                             327750                        329270.3
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    1595258                      1001595258                              58500                        58733.95
    1595263                      1001595263                             331000                       332532.21
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    1595274                      1001595274                              72000                           72349
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    1595309                      1001595309                             282500                       283599.21
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    1595323                      1001595323                             152500                       152786.65
    1595326                      1001595326                             327200                       328440.33
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    1595348                      1001595348                             225000                          225000
    1595393                      1001595393                             116900                       117361.93
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    1595413                      1001595413                            1360000                         1360000
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    1595428                      1001595428                             720000                       722909.24
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    1595508                      1001595508                             340000                          340000
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    1595554                      1001595554                             427920                       429533.02
    1595559                      1001595559                             191800                          191800
    1595563                      1001595563                             450000                          450000
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    1595615                      1001595615                             300000                       301298.55
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    1595633                      1001595633                             428000                          428000
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    1595648                      1001595648                              66800                        66758.98
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    1595664                      1001595664                              99540                           99540
    1595670                      1001595670                             350000                          350000
    1595675                      1001595675                              62000                        61961.14
    1595685                      1001595685                             396000                          396000
    1595689                      1001595689                              59200                        59164.38
    1595702                      1001595702                             265000                          265000
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    1595710                      1001595710                             224000                          224000
    1595712                      1001595712                             367000                       368729.45
    1595715                      1001595715                             310000                          310000
    1595724                      1001595724                             120000                          120000
    1595823                      1001595823                            1890000                         1890000
    1595857                      1001595857                             216000                          216000
    1595875                      1001595875                             560000                       558030.74
    1595963                      1001595963                             200000                          200000
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    1595996                      1001595996                             410000                       411473.79
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    1596070                      1001596070                             400000                       401644.66
    1596073                      1001596073                             159900                       160481.22
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    1633912                      1001633912                             369000                          369000
    1633985                      1001633985                             225000                          225000
    1633992                      1001633992                             172500                          172500
    1634046                      1001634046                              89600                           89600
    1634054                      1001634054                             321000                          321000
    1634061                      1001634061                             252000                          252000
    1634065                      1001634065                             229500                          229500
    1634067                      1001634067                             279000                          279000
    1634134                      1001634134                             173500                          173500
    1634205                      1001634205                             223930                          223930
    1634211                      1001634211                             683200                          683200
    1634212                      1001634212                             108000                          108000
    1634220                      1001634220                             434550                          434550
    1634246                      1001634246                             180000                          180000
    1634310                      1001634310                             400000                          400000
    1634356                      1001634356                             229500                          229500
    1634363                      1001634363                             321600                          321600
    1634385                      1001634385                             611000                          611000
    1634404                      1001634404                             108000                          108000
    1634413                      1001634413                             154000                          154000
    1634515                      1001634515                              96750                           96750
    1634533                      1001634533                             344000                          344000
    1634553                      1001634553                             409454                          409454
    1634565                      1001634565                             432000                          432000
    1634626                      1001634626                             270000                          270000
    1634642                      1001634642                             364000                          364000
    1634686                      1001634686                              99750                           99750
    1634704                      1001634704                             233750                          233750
    1634722                      1001634722                             369550                          369550
    1634734                      1001634734                             250000                          250000
    1634757                      1001634757                             179000                          179000
    1634788                      1001634788                             116000                          116000
    1634801                      1001634801                             342000                          342000
    1634812                      1001634812                             340000                          340000
    1634816                      1001634816                             251000                          251000
    1634825                      1001634825                             300000                          300000
    1634892                      1001634892                             364000                          364000
    1634907                      1001634907                             850000                          850000
    1634921                      1001634921                             180000                          180000
    1634928                      1001634928                             211500                          211500
    1635007                      1001635007                             315000                          315000
    1635041                      1001635041                             180000                          180000
    1635048                      1001635048                             217800                          217800
    1635063                      1001635063                             382000                          382000
    1635066                      1001635066                             325000                          325000
    1635069                      1001635069                             241000                          241000
    1635095                      1001635095                             418000                          418000
    1635101                      1001635101                             450000                          450000
    1635103                      1001635103                             540000                          540000
    1635104                      1001635104                             114400                          114400
    1635150                      1001635150                             480000                          480000
    1635261                      1001635261                             474400                          474400
    1635283                      1001635283                             282000                          282000
    1635327                      1001635327                             446500                          446500
    1635453                      1001635453                             164500                          164500
    1635471                      1001635471                             146000                          146000
    1635519                      1001635519                             303000                          303000
    1635602                      1001635602                             540602                          540602
    1635615                      1001635615                            1500000                         1500000
    1635637                      1001635637                             123500                          123500
    1635698                      1001635698                             378000                          378000
    1635726                      1001635726                             225000                          225000
    1635750                      1001635750                             240000                          240000
    1635792                      1001635792                             134800                          134800
    1635796                      1001635796                             265000                          265000
    1635828                      1001635828                             975000                          975000
    1635878                      1001635878                             227160                          227160
    1635905                      1001635905                            1500000                         1500000
    1635936                      1001635936                             347300                          347300
    1635979                      1001635979                             200000                          200000
    1635994                      1001635994                             115200                          115200
    1636015                      1001636015                             488273                          488273
    1636018                      1001636018                             385000                          385000
    1636041                      1001636041                             875000                          875000
    1636068                      1001636068                             231000                          231000
    1636090                      1001636090                             460000                          460000
    1636247                      1001636247                             528000                          528000
    1636250                      1001636250                             429300                          429300
    1636293                      1001636293                             162630                          162630
    1636305                      1001636305                             435000                          435000
    1636350                      1001636350                             288000                          288000
    1636438                      1001636438                             283500                          283500
    1636446                      1001636446                             244000                          244000
    1636477                      1001636477                             310000                          310000
    1636504                      1001636504                             237500                          237500
    1636508                      1001636508                             122000                          122000
    1636573                      1001636573                             362108                          362108
    1636674                      1001636674                             198000                          198000
    1636701                      1001636701                             328500                          328500
    1636744                      1001636744                             318000                          318000
    1636767                      1001636767                             280000                          280000
    1636802                      1001636802                             414000                          414000
    1636856                      1001636856                             412300                          412300
    1636860                      1001636860                             598500                          598500
    1636949                      1001636949                             234000                          234000
    1636964                      1001636964                             560000                          560000
    1637021                      1001637021                             151200                          151200
    1637044                      1001637044                             230000                          230000
    1637130                      1001637130                             209000                          209000
    1637168                      1001637168                             240000                          240000
    1637257                      1001637257                            1240000                         1240000
    1637267                      1001637267                             446000                          446000
    1637308                      1001637308                             356250                          356250
    1637338                      1001637338                             231200                          231200
    1637376                      1001637376                             705000                          705000
    1637405                      1001637405                             234000                          234000
    1637426                      1001637426                             495000                          495000
    1637428                      1001637428                             313000                          313000
    1637429                      1001637429                             480000                          480000
    1637432                      1001637432                             350900                          350900
    1637463                      1001637463                             116250                          116250
    1637470                      1001637470                             400000                          400000
    1637513                      1001637513                             255075                          255075
    1637560                      1001637560                             495000                          495000
    1637570                      1001637570                             455905                          455905
    1637605                      1001637605                             487500                          487500
    1637667                      1001637667                             172500                          172500
    1637709                      1001637709                             320000                          320000
    1637730                      1001637730                             256500                          256500
    1637906                      1001637906                             344000                          344000
    1637919                      1001637919                             389500                          389500
    1637993                      1001637993                             242250                          242250
    1638025                      1001638025                             280250                          280250
    1638035                      1001638035                             344800                          344800
    1638137                      1001638137                             271000                          271000
    1638139                      1001638139                             235000                          235000
    1638169                      1001638169                             258300                          258300
    1638185                      1001638185                             313500                          313500
    1638224                      1001638224                             247000                          247000
    1638246                      1001638246                             185000                          185000
    1638289                      1001638289                             352500                          352500
    1638309                      1001638309                             365500                          365500
    1638382                      1001638382                             558750                          558750
    1638386                      1001638386                             179550                          179550
    1638407                      1001638407                             184000                          184000
    1638443                      1001638443                             446000                          446000
    1638481                      1001638481                             268850                          268850
    1638542                      1001638542                             480000                          480000
    1638562                      1001638562                             341762                          341762
    1638566                      1001638566                              75200                           75200
    1638590                      1001638590                             275000                          275000
    1638591                      1001638591                             399950                          399950
    1638601                      1001638601                             216000                          216000
    1638720                      1001638720                             267300                          267300
    1638725                      1001638725                             495000                          495000
    1638760                      1001638760                             324000                          324000
    1638853                      1001638853                             227319                          227319
    1638975                      1001638975                             115600                          115600
    1639013                      1001639013                             331000                          331000
    1639056                      1001639056                             168000                          168000
    1639110                      1001639110                             330912                          330912
    1639166                      1001639166                             270000                          270000
    1639190                      1001639190                             188000                          188000
    1639261                      1001639261                             495000                          495000
    1639279                      1001639279                             216000                          216000
    1639301                      1001639301                             157900                          157900
    1639446                      1001639446                             365000                          365000
    1639510                      1001639510                             210000                          210000
    1639529                      1001639529                             183750                          183750
    1639654                      1001639654                             219750                          219750
    1639725                      1001639725                             656000                          656000
    1639756                      1001639756                             340000                          340000
    1639764                      1001639764                             498375                          498375
    1639852                      1001639852                             190000                          190000
    1640110                      1001640110                             100000                          100000
    1640125                      1001640125                             560000                          560000
    1640134                      1001640134                             285000                          285000
    1640145                      1001640145                             262500                          262500
    1640176                      1001640176                             251250                          251250
    1640201                      1001640201                             180000                          180000
    1640227                      1001640227                             211500                          211500
    1640294                      1001640294                             429000                          429000
    1640322                      1001640322                             265000                          265000
    1640364                      1001640364                             200000                          200000
    1640444                      1001640444                             205000                          205000
    1640453                      1001640453                             468000                          468000
    1640457                      1001640457                             180000                          180000
    1640485                      1001640485                             203000                          203000
    1640510                      1001640510                             199600                          199600
    1640563                      1001640563                             628000                          628000
    1640600                      1001640600                             677000                          677000
    1640676                      1001640676                             279000                          279000
    1640677                      1001640677                             584350                          584350
    1640701                      1001640701                             726000                          726000
    1640744                      1001640744                             371000                          371000
    1640745                      1001640745                             150000                          150000
    1640753                      1001640753                             226000                          226000
    1640759                      1001640759                             487000                          487000
    1640787                      1001640787                             225400                          225400
    1640790                      1001640790                             395000                          395000
    1640850                      1001640850                             413000                          413000
    1640913                      1001640913                             351000                          351000
    1640919                      1001640919                             395200                          395200
    1640927                      1001640927                             319500                          319500
    1640980                      1001640980                             180500                          180500
    1641013                      1001641013                             292500                          292500
    1641043                      1001641043                             358000                          358000
    1641045                      1001641045                             350000                          350000
    1641072                      1001641072                             300000                          300000
    1641107                      1001641107                             266250                          266250
    1641140                      1001641140                             234000                          234000
    1641144                      1001641144                             386570                          386570
    1641176                      1001641176                             375000                          375000
    1641225                      1001641225                             235000                          235000
    1641236                      1001641236                             382500                          382500
    1641248                      1001641248                            1000000                         1000000
    1641283                      1001641283                             185000                          185000
    1641329                      1001641329                             284391                          284391
    1641383                      1001641383                             150300                          150300
    1641406                      1001641406                             178200                          178200
    1641416                      1001641416                             225000                          225000
    1641426                      1001641426                             108850                          108850
    1641525                      1001641525                             190190                          190190
    1641532                      1001641532                             310200                          310200
    1641533                      1001641533                             292000                          292000
    1641592                      1001641592                             185700                          185700
    1641663                      1001641663                              78750                           78750
    1641674                      1001641674                             292500                          292500
    1641675                      1001641675                             424000                        417170.7
    1641710                      1001641710                             248000                          248000
    1641724                      1001641724                             235000                          235000
    1641761                      1001641761                             315000                          315000
    1641780                      1001641780                             320000                          320000
    1641795                      1001641795                             540000                          540000
    1641907                      1001641907                             288900                          288900
    1641992                      1001641992                             294500                          294500
    1642019                      1001642019                             472500                          472500
    1642037                      1001642037                             312000                          312000
    1642042                      1001642042                             478400                          478400
    1642061                      1001642061                             627500                          627500
    1642072                      1001642072                             261360                          261360
    1642101                      1001642101                             257000                          257000
    1642137                      1001642137                             247000                          247000
    1642155                      1001642155                             600000                          600000
    1642217                      1001642217                             250750                          250750
    1642259                      1001642259                             288750                          288750
    1642281                      1001642281                             240000                          240000
    1642332                      1001642332                             237000                          237000
    1642376                      1001642376                             313500                          313500
    1642392                      1001642392                             281600                          281600
    1642511                      1001642511                             205000                          205000
    1642643                      1001642643                             495000                          495000
    1642649                      1001642649                             512000                          512000
    1642662                      1001642662                             423200                          423200
    1642679                      1001642679                             261000                          261000
    1642714                      1001642714                             320000                          320000
    1642759                      1001642759                             327200                          327200
    1642804                      1001642804                             388000                          388000
    1642806                      1001642806                             296000                          296000
    1642823                      1001642823                             648000                          648000
    1642864                      1001642864                             198500                          198500
    1642895                      1001642895                             467900                          467900
    1642896                      1001642896                             295000                          295000
    1642978                      1001642978                             650000                          650000
    1642987                      1001642987                             208000                          208000
    1643005                      1001643005                             745000                          745000
    1643016                      1001643016                             322500                        320750.9
    1643025                      1001643025                             194000                          194000
    1643036                      1001643036                             641250                          641250
    1643063                      1001643063                             296000                          296000
    1643069                      1001643069                             403750                          403750
    1643070                      1001643070                             300000                          300000
    1643112                      1001643112                             414000                          414000
    1643265                      1001643265                             171000                          171000
    1643281                      1001643281                             283500                          283500
    1643317                      1001643317                             315400                          315400
    1643348                      1001643348                             202500                          202500
    1643376                      1001643376                             378000                          378000
    1643467                      1001643467                             297000                          297000
    1643513                      1001643513                              88800                           88800
    1643597                      1001643597                             216000                          216000
    1643656                      1001643656                             301500                          301500
    1643677                      1001643677                             318500                          318500
    1643714                      1001643714                              69300                           69300
    1643772                      1001643772                              76930                           76930
    1643834                      1001643834                             485000                          485000
    1643907                      1001643907                             513750                          513750
    1643915                      1001643915                             219000                          219000
    1643946                      1001643946                             307500                          307500
    1644024                      1001644024                             160000                          160000
    1644040                      1001644040                             173700                          173700
    1644064                      1001644064                             371000                          371000
    1644124                      1001644124                             123000                          123000
    1644127                      1001644127                             396000                          396000
    1644141                      1001644141                             378000                          378000
    1644170                      1001644170                             473000                          473000
    1644180                      1001644180                             288000                          288000
    1644198                      1001644198                             384000                          384000
    1644215                      1001644215                             217000                          217000
    1644238                      1001644238                             320000                          320000
    1644263                      1001644263                             338000                          338000
    1644315                      1001644315                             316300                          316300
    1644364                      1001644364                             257600                          257600
    1644366                      1001644366                             162000                          162000
    1644398                      1001644398                              72500                           72500
    1644417                      1001644417                             372000                          372000
    1644434                      1001644434                             258000                          258000
    1644506                      1001644506                             355500                          355500
    1644544                      1001644544                             380000                          380000
    1644781                      1001644781                             877500                          877500
    1644852                      1001644852                             800000                          800000
    1644923                      1001644923                             300000                          300000
    1644943                      1001644943                             280000                          280000
    1644963                      1001644963                             318750                          318750
    1645090                      1001645090                             477000                          477000
    1645325                      1001645325                             161360                          161360
    1645344                      1001645344                             181300                          181300
    1645347                      1001645347                             340000                          340000
    1645429                      1001645429                             377955                          377955
    1645440                      1001645440                             129600                          129600
    1645699                      1001645699                             254700                          254700
    1645718                      1001645718                             440000                          440000
    1645840                      1001645840                             277200                          277200
    1645850                      1001645850                             285800                          285800
    1645950                      1001645950                             153000                          153000
    1645968                      1001645968                             375000                          375000
    1646023                      1001646023                             379050                          379050
    1646215                      1001646215                             273000                          273000
    1646334                      1001646334                             269910                          269910
    1646481                      1001646481                             633750                          633750
    1646566                      1001646566                             504540                          504540
    1646663                      1001646663                             157500                          157500
    1646707                      1001646707                             179400                          179400
    1646799                      1001646799                             481500                          481500
    1646971                      1001646971                             305950                          305950
    1646980                      1001646980                             427500                          427500
    1646981                      1001646981                             350000                          350000
    1647126                      1001647126                             292311                          292311
    1647179                      1001647179                             450000                          450000
    1647192                      1001647192                             385000                          385000
    1647590                      1001647590                             206250                          206250
    1647640                      1001647640                             200000                          200000
    1647655                      1001647655                             385000                          385000
    1647742                      1001647742                             606000                          606000
    1647803                      1001647803                             275500                          275500
    1647815                      1001647815                             280000                          280000
    1647884                      1001647884                             207000                          207000
    1648185                      1001648185                             460000                          460000
    1648371                      1001648371                             210800                          210800
    1648565                      1001648565                             784000                          784000
    1648661                      1001648661                             364500                          364500
    1648666                      1001648666                             197000                          197000
    1648764                      1001648764                             262000                          262000
    1648838                      1001648838                             147000                          147000
    1648934                      1001648934                             284800                          284800
    1649006                      1001649006                             160000                          160000
    1649105                      1001649105                             234000                          234000
    1649322                      1001649322                             540000                          540000
    1649333                      1001649333                             108000                          108000
    1649364                      1001649364                             131000                          131000
    1649446                      1001649446                             198000                          198000
    1649492                      1001649492                             825000                          825000
    1649593                      1001649593                             415000                          415000
    1649758                      1001649758                             408500                          408500
    1649780                      1001649780                              82800                           82800
    1649909                      1001649909                             337250                          337250
    1649972                      1001649972                             112000                          112000
    1649998                      1001649998                             180000                          180000
    1650151                      1001650151                             196000                          196000
    1650324                      1001650324                             787500                          787500
    1650432                      1001650432                             176250                          176250
    1650550                      1001650550                             233000                          233000
    1650694                      1001650694                             416000                          416000
    1650911                      1001650911                             256500                          256500
    1650919                      1001650919                             386000                          386000
    1651143                      1001651143                             875000                          875000
    1651144                      1001651144                             382500                          382500
    1651166                      1001651166                             185250                          185250
    1651450                      1001651450                             231000                          231000
    1651544                      1001651544                            1523000                         1523000
    1651558                      1001651558                             164000                          164000
    1651592                      1001651592                             400000                          400000
    1651595                      1001651595                             621000                          621000
    1651808                      1001651808                             260000                          260000
    1651875                      1001651875                             270000                          270000
    1651916                      1001651916                             312000                          312000
    1652050                      1001652050                             252000                          252000
    1652074                      1001652074                             304000                          304000
    1652127                      1001652127                             247000                          247000
    1652253                      1001652253                             247500                          247500
    1652308                      1001652308                             332000                          332000
    1652421                      1001652421                             324000                          324000
    1652566                      1001652566                             396000                          396000
    1652919                      1001652919                             224000                          224000
    1652980                      1001652980                             576000                          576000
    1653137                      1001653137                             209700                          209700
    1653143                      1001653143                             356000                          356000
    1653813                      1001653813                              70000                           70000
    1654011                      1001654011                             328000                          328000
    1654541                      1001654541                             164000                          164000
    1654733                      1001654733                             297000                          297000
    1654767                      1001654767                             404550                          404550
    1654794                      1001654794                             378000                          378000
    1655281                      1001655281                             246500                          246500
    1655286                      1001655286                             311400                          311400
    1655521                      1001655521                             247000                          247000
    1655541                      1001655541                             232500                          232500
    1655854                      1001655854                             216000                          216000
    1656685                      1001656685                             439375                          439375
    1656825                      1001656825                             283500                          283500
    1658413                      1001658413                             242000                          242000
    1659307                      1001659307                             232000                          232000
    1660488                      1001660488                             361000                          361000
    1660553                      1001660553                             398793                          398793
    1662636                      1001662636                             217500                          217500
    1663254                      1001663254                             495000                          495000
    1664852                      1001664852                             462000                          462000

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      C

     

    [RESERVED]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      D-1

     

    FORM
      OF
      INTEREST RATE SWAP AGREEMENTS

     

    

      
         

      

      

      
        	 	 

      

       

      

        
          	
                  DATE:

                	
                  March
                    30, 2007

                
	
                  TO:

                	
                  Deutsche
                    Bank National Trust Company, not in its individual capacity,
                    but solely as
                    Grantor Trust Trustee for the Grantor Trust with respect to American
                    Home
                    Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor
                    Trust
                    Certificates, Series 2007-1 

                
	
                  ATTENTION:

                	
                  Trust
                    Administration - AH0701

                
	
                  TELEPHONE:

                	
                  (714)
                    247-6000

                
	
                  FACSIMILE:

                	
                  (714)
                    855-1557

                
	
                  FROM:

                	
                  Deutsche
                    Bank AG, New York Branch 

                
	 	 
	
                  ATTENTION:

                	
                  New
                    York Derivatives Documentation 

                
	
                  TELEPHONE:

                	
                  1
                    212 250 9425 

                
	
                  FACSIMILE:

                	
                  1
                    212 797 0779 

                
	
                  EMAIL:

                	
                  NYderivative.documentation@db.com

                
	 	 
	
                  OUR
                    REFERENCE:

                	
                  Global
                    No. N593887N 

                
	 	 
	
                  RE:

                	
                  Interest
                    Rate Swap Transaction

                

        

      

      

      The
        purpose of this long-form confirmation (“Confirmation”)
        is to
        confirm the terms and conditions of the current Transaction entered into
        on the
        Trade Date specified below (the “Transaction”) between Deutsche Bank AG, New
        York Branch (“Party A”) and Deutsche Bank National Trust Company, not in its
        individual capacity, but solely as grantor trust trustee (“Grantor Trust
        Trustee”) for the Grantor Trust (“Grantor Trust”) with respect to American Home
        Mortgage Investment
        Trust 2007-1,
        Mortgage-Backed Notes and Grantor Trust Certificates, Series 2007-1 (“Party B”)
        created under Indenture, dated as of March 30, 2007, among American Home
        Mortgage Investment Trust 2007-1 (the “Issuing Entity” or “Trust”), Wells Fargo
        Bank, N.A. (the “Securities Administrator”) and Deutsche Bank National Trust
        Company (the “Trustee”) (the “Indenture”). This Confirmation evidences a
        complete and binding agreement between you and us to enter into the Transaction
        on the terms set forth below and replaces any previous agreement between
        us with
        respect to the subject matter hereof. This Confirmation constitutes a
“Confirmation” and also constitutes a “Schedule” as referred to in the ISDA
        Master Agreement, and Paragraph 13 of a Credit Support Annex to the Schedule.
        

      

      
        	1.          
                 	
                This
                  Confirmation shall supplement, form a part of, and be subject to
                  an
                  agreement in the form of the ISDA Master Agreement (Multicurrency
                  - Cross
                  Border) as published and copyrighted in 1992 by the International
                  Swaps
                  and Derivatives Association, Inc. (the “ISDA Master Agreement”), as if
                  Party A and Party B had executed an agreement in such form on the
                  date
                  hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                  and
                  an 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., with Paragraph
                  13
                  thereof as set forth in Annex A hereto (the “Credit Support Annex”). For
                  the avoidance of doubt, the Transaction described herein shall
                  be the sole
                  Transaction governed by such ISDA Master Agreement. In the event
                  of any
                  inconsistency among any of the following documents, the relevant
                  document
                  first listed shall govern: (i) this Confirmation, exclusive of
                  the
                  provisions set forth in Item 3 hereof and Annex A hereto; (ii)
                  the
                  provisions set forth in Item 3 hereof, which are incorporated by
                  reference
                  into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                  and (v) the ISDA Master Agreement.

              

      

      

      Each
        reference herein to a “Section” (unless specifically referencing the Indenture)
        or to a “Section” “of this Agreement” will be construed as a reference to a
        Section of the ISDA Master Agreement; each herein reference to a “Part” will be
        construed as a reference to the provisions herein deemed incorporated in
        a
        Schedule to the ISDA Master Agreement; each reference herein to a “Paragraph”
will be construed as a reference to a Paragraph of the Credit Support
        Annex. 

      

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

      

      
        	
                Type
                  of Transaction:

              	
                Interest
                  Rate Swap

              
	 	 
	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, an amount equal to the Note
                  Principal
                  Balance of the Class A-1-A Notes immediately preceding the Note
                  Payment
                  Date which occurs in the calendar month of the Floating Rate Payer
                  Payment
                  Date for such Calculation Period (determined for this purpose without
                  regard to any adjustment of the Floating Rate Payer Payment Date
                  or Note
                  Payment Date relating to business days). 

              
	 	 
	 	
                The
                  CUSIP no. of the Class A-1-A Note is: 026932 AA1

              
	 	 
	
                Trade
                  Date:

              	
                March
                  28, 2007

              
	 	 
	
                Effective
                  Date:

              	
                March
                  30, 2007

              
	 	 
	
                Termination
                  Date:

              	
                The
                  earlier to occur of (i) May 25, 2047 and (ii) the date on which
                  the
                  Notional Amount has been reduced to zero, subject to adjustment
                  in
                  accordance with the Following Business Day Convention; provided,
                  however,
                  that for the purpose of determining the final Floating Rate II
                  Payer
                  Period End Date, Termination Date shall be subject to No
                  Adjustment.

              
	 	 
	
                Floating
                  Amount I:

              	 
	 	 
	
                Floating
                  Rate I Payer:

              	
                Party
                  A

              
	 	 
	
                Floating
                  Rate I Payer 

              	 
	
                Period
                  End Dates:

              	
                The
                  25th day of each month from and including April 25th, 2007, to
                  and
                  including the Termination Date, subject to adjustment in accordance
                  with
                  the Following Business Day Convention.

              
	 	 
	
                Floating
                  Rate I Payer 

              	 
	
                Payment
                  Dates:

              	
                Early
                  Payment shall be applicable. Each Floating Rate I Payer Payment
                  Date shall
                  be one Business Day prior to the related Floating Rate I Payer
                  Period End
                  Date.

              
	 	 
	
                Floating
                  Rate I:

              	
                One-Month
                  LIBOR (as defined in the Indenture) plus (i) with respect to any
                  Floating
                  Rate I Payer Payment Date occurring prior to the Step-Up Date,
                  0.160% per
                  annum or (ii) with respect to any Floating Rate I Payer Payment
                  Date
                  occurring on or after the Step-Up Date, 0.320% per annum. 

              
	 	 
	
                Floating
                  Rate I 

              	 
	
                Day
                  Count Fraction:

              	
                Actual/360

              
	 	 
	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period

              
	 	 
	
                Compounding:

              	
                Inapplicable

              
	 	 
	
                Additional
                  Payment:

              	
                Party
                  A agrees to pay USD 1,395,383.33 to Party B for value on the Effective
                  Date.

              
	 	 
	 	 
	
                Floating
                  Amount II:

              	 
	 	 
	
                Floating
                  Rate II Payer:

              	
                Party
                  B

              
	 	 
	
                Floating
                  Rate II Payer 

              	 
	
                Period
                  End Dates:

              	
                The
                  1st day of each month from and including April 1st, 2007, to and
                  including
                  the 1st calendar day of the month in which the Termination Date
                  occurs,
                  subject to No Adjustment. 

              
	 	 
	
                Floating
                  Rate II Payer 

              	 
	
                Payment
                  Dates:

              	
                Delayed
                  Payment shall be applicable. Each Floating Rate II Payer Payment
                  Date
                  shall be the day that is twenty-four (24) calendar days following
                  the
                  related Floating Rate II Payer Period End Date, subject to adjustment
                  in
                  accordance with the Following Business Day Convention. For the
                  avoidance
                  of doubt, the Floating Rate II Payer Payment Date shall apply to
                  the
                  Floating Rate II Payer First Payment, the Floating Rate II Payer
                  Second
                  Payment, the Floating Rate II Payer Third Payment and the Floating
                  Rate II
                  Payer Fourth Payment. 

              
	 	 
	
                Initial
                  Calculation Period:

              	
                Notwithstanding
                  anything to the contrary in Section 4.13 of the Definitions, the
                  initial
                  Calculation Period with respect to Floating Amount II shall commence
                  on
                  March 1, 2007.

              
	 	 
	
                Floating
                  Rate II:

              	
                With
                  respect to each Calculation Period, the excess, if any, of (i)
                  the lesser
                  of (1) One-Year MTA (as defined in the Indenture) plus 2.8384%
                  per annum
                  and (2) the Available Funds Rate (as defined in the Indenture)
                  with
                  respect to the Class A-1-A Notes for the Note Payment Date occurring
                  in
                  the calendar month of the related Floating Rate II Payer Payment
                  Date
                  (determined for this purpose without regard to any adjustment of
                  the
                  Floating Rate Payer Payment Date or Note Payment Date relating
                  to business
                  days over (ii) 2.0784% per annum. 

              
	 	 
	
                Floating
                  Rate II Payer 

              	 
	
                First
                  Payment:

              	
                With
                  respect to each Floating Rate II Payer Payment Date, the sum of:
                  (i) the
                  product of Floating Rate II * Notional Amount * Floating Rate II
                  Day Count
                  Fraction and (ii) an amount
                  equal
                  to the amount of any Current Interest in respect of the Class A-1-A
                  Notes
                  remaining unpaid from any prior Note Payment Date, with interest
                  thereon
                  at the Class A-1-A Note Interest Rate, determined without regard
                  to the
                  Class A-1-A Available Funds Rate, paid to Party B pursuant to the
                  Indenture in respect of the Class A-1-A Notes on the Note Payment
                  Date
                  occurring in the calendar month of such Floating Rate II Payer
                  Payment
                  Date (determined for this purpose without regard to any adjustment
                  of the
                  Floating Rate Payer Payment Date or Note Payment Date relating
                  to business
                  days).

              
	 	 
	
                Floating
                  Rate II Payer 

              	 
	
                Second
                  Payment:

              	
                With
                  respect to each Floating Rate II Payer Payment Date, an amount
                  equal to
                  the amount of any Class A-1-A Swap Principal Amount (and interest
                  thereon
                  at a rate equal to Floating Rate II) paid
                  to
                  Party B pursuant to the Indenture in respect of the Class A-1-A
                  Notes on
                  the Note Payment Date occurring in the calendar month of such Floating
                  Rate II Payer Payment Date (determined for this purpose without
                  regard to
                  any adjustment of the Floating Rate Payer Payment Date or Note
                  Payment
                  Date relating to business days). 

              
	
                Floating
                  Rate II Payer 

              	 
	
                Third
                  Payment:

              	
                With
                  respect to each Floating Rate II Payer Payment Date, an amount
                  equal to
                  the amount of any Carryover Shortfall Amount paid
                  to
                  Party B pursuant to the Indenture in respect of the Class A-1-A
                  Notes on
                  the Note Payment Date occurring in the calendar month of such Floating
                  Rate II Payer Payment Date (determined for this purpose without
                  regard to
                  any adjustment of the Floating Rate Payer Payment Date or Note
                  Payment
                  Date relating to business days).

              
	 	 
	
                Floating
                  Rate II 

              	 
	
                Day
                  Count Fraction:

              	
                30/360

              
	 	 
	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period

              
	 	 
	
                Compounding:

              	
                Inapplicable

              
	 	 
	
                Business
                  Days:

              	
                New
                  York

              
	 	 
	
                Business
                  Day Convention:

              	
                For
                  all purposes other than determining Floating Rate II Payer Payment
                  Dates,
                  the Business Day Convention will be Following Business Day
                  Convention.

              
	 	 
	
                Netting:

              	
                Notwithstanding
                  anything to the contrary in Section 2(c), any amounts payable by
                  the
                  Floating Rate Payer I on a Floating Rate Payer I Payment Date,
                  and by the
                  Floating Rate Payer II on the related Floating Rate Payer II Payment
                  Date,
                  shall be netted, even though such dates may be different, and the
                  party
                  with the larger aggregate amount shall make the net payment on
                  such
                  party’s applicable Floating Rate Payer Payment Date. 

              
	 	 
	
                Note
                  Payment Date:

              	
                Payment
                  Date (as defined in the Indenture).

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3. Provisions
        Deemed Incorporated in a Schedule to the ISDA Master Agreement:

      

      
        	
                Part
                  1.

              	
                Termination
                  Provisions.

              

      

      

      For
        the
        purposes of this Agreement:-

      

      (a)         
         “Specified
        Entity”
        will not
        apply to Party A or Party B for any purpose. 

      

      
        	
                (b)

              	
                “Specified
                  Transaction”
                  will have the meaning specified in Section
                  14.

              

      

      

      
        	
                (c)

              	
                Events
                  of Default.

              

      

      

      The
        statement below that an Event of Default will apply to a specific party means
        that upon the occurrence of such an Event of Default with respect to such
        party,
        the other party shall have the rights of a Non-defaulting Party under Section
        6
        of this Agreement; conversely, the statement below that such event will not
        apply to a specific party means that the other party shall not have such
        rights.

      

      
        	(i)  	
                The
                  “Failure to Pay or Deliver” provisions of Section 5(a)(i) will apply to
                  Party
                  A and to Party B; provided, however, that Section 5(a)(i) is hereby
                  amended by replacing the word “third” with the word “first”; provided,
                  further, that notwithstanding anything to the contrary in Section
                  5(a)(i),
                  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
                  not constitute an Event of Default under Section 5(a)(i) unless
                  (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.

              

      

      

      
        	(ii)  	
                The
                  “Breach of Agreement” provisions of Section 5(a)(ii) will apply to Party A
                  and will not apply to Party B.

              

      

      

      
        	(iii)  	
                The
                  “Credit Support Default” provisions of Section 5(a)(iii) will apply to
                  Party A and will not apply to Party B except that Section 5(a)(iii)(1)
                  will apply to Party B solely in respect of Party B’s obligations under
                  Paragraph 3(b) of the Credit Support Annex; provided, however,
                  that
                  notwithstanding anything to the contrary in Section 5(a)(iii)(1),
                  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
                  not
                  constitute an Event of Default under Section 5(a)(iii) unless (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.

              

      

      

      
        	(iv)  	
                The
                  “Misrepresentation” provisions of Section 5(a)(iv) will apply to Party A
                  and will not apply to Party B. 

              

      

      

      
        	(v)  	
                The
                  “Default under Specified Transaction” provisions of Section 5(a)(v) will
                  apply to Party A and will not apply to Party
                  B.

              

      

      

      
        	(vi)  	
                The
                  “Cross Default” provisions of Section 5(a)(vi) will apply to Party A and
                  will not apply to Party B; provided, however, that, notwithstanding
                  the
                  foregoing, an Event of Default shall not occur under either Section
                  5(a)(vi)(1) or Section 5(a)(vi)(2) if (A) (I) the default, or other
                  similar event or condition referred to in Section 5(a)(vi)(1) or
                  the
                  failure to pay referred to in Section 5(a)(vi)(2) is a failure
                  to pay or
                  deliver caused by an error or omission of an administrative or
                  operational
                  nature, and (II) funds or the asset to be delivered were available
                  to such
                  party to enable it to make the relevant payment or delivery when
                  due and
                  (III) such payment or delivery is made within three (3) Local Business
                  Days following receipt of written notice from an interested party
                  of such
                  failure to pay, or (B) such party was precluded from paying, or
                  was unable
                  to pay, using reasonable means, through the office of the party
                  through
                  which it was acting for purposes of the relevant Specified Indebtedness,
                  by reason of force majeure, act of State, illegality or impossibility.
                  

              

      

      

      For
        purposes of Section 5(a)(vi), solely with respect to Party A:

      

      “Specified
        Indebtedness” will have the meaning specified in Section 14 , except that such
        term shall not include obligations in respect of deposits received in the
        ordinary course of Party A’s banking business.

      

      “Threshold
        Amount” means with respect to Party A an amount equal to three percent (3%) of
        the Shareholders’ Equity of Party A or, if applicable, the Eligible Guarantor.

      

      “Shareholders’
        Equity” means with respect to an entity, at any time, the sum (as shown in the
        most recent annual audited financial statements of such entity) of (i) its
        capital stock (including preferred stock) outstanding, taken at par value,
        (ii)
        its capital surplus and (iii) its retained earnings, minus (iv) treasury
        stock,
        each to be determined in accordance with generally accepted accounting
        principles.

      

      
        	(vii)  	
                The
                  “Bankruptcy” provisions of Section 5(a)(vii) will apply to Party A and
                  will apply to Party B except that the provisions of Section 5(a)(vii)(2),
                  (6) (to the extent that such provisions refer to any appointment
                  contemplated or effected by the Indenture or any appointment to
                  which
                  Party B has not become subject), (7) and (9) will not apply to
                  Party B;
                  provided that, with respect to Party B only, Section 5(a)(vii)(4)
                  is
                  hereby amended by adding after the words “against it” the words
                  “(excluding any proceeding or petition instituted or presented by
                  Party A
                  or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                  deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                  (4) as amended, (5), (6) as amended, or
                  (7)”.

              

      

      

      
        	(viii)  	
                The
                  “Merger Without Assumption” provisions of Section 5(a)(viii) will apply to
                  Party A and will apply to Party B.

              

      

      

      (d)         
         Termination
        Events.

      

      The
        statement below that a Termination Event will apply to a specific party means
        that upon the occurrence of such a Termination Event, if such specific party
        is
        the Affected Party with respect to a Tax Event, the Burdened Party with respect
        to a Tax Event Upon Merger (except as noted below) or the non-Affected Party
        with respect to a Credit Event Upon Merger, as the case may be, such specific
        party shall have the right to designate an Early Termination Date in accordance
        with Section 6 of this Agreement; conversely, the statement below that such
        an
        event will not apply to a specific party means that such party shall not
        have
        such right; provided, however, with respect to “Illegality” the statement that
        such event will apply to a specific party means that upon the occurrence
        of such
        a Termination Event with respect to such party, either party shall have the
        right to designate an Early Termination Date in accordance with Section 6
        of
        this Agreement.

      

      (i)          
         The
        “Illegality” provisions of Section 5(b)(i) will apply to Party A and will apply
        to Party B.

      

      
        	 	
                (ii)

              	
                The
                  “Tax Event” provisions of Section 5(b)(ii) will apply to Party A except
                  that, for purposes of the application of Section 5(b)(ii) to Party
                  A,
                  Section 5(b)(ii) is hereby amended by deleting 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)”, and the “Tax Event” provisions of
                  Section 5(b)(ii) will apply to Party B.

              

      

      

      
        	 	
                (iii)

              	
                The
                  “Tax Event Upon Merger” provisions of Section 5(b)(iii) will apply to
                  Party A and will apply to Party B, 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.

              

      

      

      
        	 	
                (iv)

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

              

      

      

      
        	
                (e)

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

              

      

      

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

      

      
        	(i)  	
                Market
                  Quotation will apply, provided, however, that, in the event of
                  a
                  Derivative Provider Trigger Event, the following provisions will
                  apply:

              

      

      

      
        	 	
                (A)
                  

              	
                The
                  definition of Market Quotation in Section 14 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
        Replacement Transaction, and (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.

      

      
        	 	
                (B)

              	
                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) equal to: 

      

      
        	 	
                (a)

              	
                If
                  a Market Quotation for the relevant Terminated Transaction or group
                  of
                  Terminated Transactions is accepted by Party B so as to become
                  legally
                  binding on or before the day falling ten Local Business Days after
                  the day
                  on which the Early Termination Date is designated, or such later
                  day as
                  Party B may specify in writing to Party A, but in either case no
                  later
                  than one Local Business Day prior to the Early Termination Date
                  (such day,
                  the “Latest Settlement Amount Determination Day”), the Termination
                  Currency Equivalent of the amount (whether positive or negative)
                  of such
                  Market Quotation; 

              

      

      

      
        	 	
                (b)

              	
                If,
                  on the Latest Settlement Amount Determination Day, no Market Quotation
                  for
                  the relevant Terminated Transaction or group of Terminated Transactions
                  has been accepted by Party B so as to become legally binding and
                  one or
                  more Market Quotations from
                  Approved Replacements have
                  been made and remain capable of becoming legally binding upon acceptance,
                  the Settlement Amount shall equal the Termination Currency Equivalent
                  of
                  the amount (whether positive or negative) of the lowest of such
                  Market
                  Quotations (for the avoidance of doubt, the lowest of such Market
                  Quotations shall be the lowest Market Quotation of
                  such Market Quotations
                  expressed as a positive number or, if any of such Market Quotations
                  is
                  expressed as a negative number, the Market Quotation expressed
                  as a
                  negative number with the largest absolute value);
                  or

              

      

      

      
        	 	
                (c)

              	
                If,
                  on the Latest Settlement Amount Determination Day, 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
                  Quotation from an Approved Replacement remains capable of becoming
                  legally
                  binding upon acceptance, the Settlement Amount shall equal Party
                  B’s Loss
                  (whether positive or negative and without reference to any Unpaid
                  Amounts)
                  for the relevant Terminated Transaction or group of Terminated
                  Transactions.

              

      

      

      
        	 	
                (C)

              	
                If
                  Party B requests Party A in writing to obtain Market Quotations,
                  Party A
                  shall use its reasonable efforts to do so before the Latest Settlement
                  Amount Determination Day.

              

      

      

      
        	 	
                (D)

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

              

      

      

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

       

      
        	 	
                (E)

              	
                At
                  any time on or before the Latest Settlement Amount Determination
                  Day at
                  which two or more Market Quotations from Approved Replacements
                  remain
                  capable of becoming legally binding upon acceptance, Party B shall
                  be
                  entitled to accept only the lowest of such Market Quotations (for
                  the
                  avoidance of doubt, the lowest of such Market Quotations shall
                  be the
                  lowest Market Quotation of such Market Quotations expressed as
                  a positive
                  number or, if any of such Market Quotations is expressed as a negative
                  number, the Market Quotation expressed as a negative number with
                  the
                  largest absolute value).

              

      

      

      
        	(ii)  	
                The
                  Second Method will apply.

              

      

      

      (g)        
         “Termination
        Currency”
        means
        USD.

      

      (h)        
          Additional
        Termination Events.
        Additional Termination Events will apply as provided in Part 5(c).

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Part
        2.  Tax
        Matters.

      

      (a)         
         Tax
        Representations. 

      

      
        	 	
                (i)

              	
                Payer
                  Representations. For the purpose of Section 3(e) of this Agreement:
                  

              

      

       

      (A)        
         Party
        A
        makes the following representation(s):

      

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental 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: the accuracy of any representations made by the other party
        pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
        agreement contained 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 Agreement; 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)        
         Party
        B
        makes the following representation(s):

      

      None.

      

      (ii)       
          Payee
        Representations. For the purpose of Section 3(f) of this Agreement:

       

      (A)       
         Party
        A
        makes the following representation(s):

      

      It
        is a
“foreign person” within the meaning of the applicable U.S. Treasury Regulations
        concerning information reporting and backup withholding tax (as in effect
        on
        January 1, 2001), unless Party A provides written notice to Party B that
        it is
        no longer a foreign person. In respect of any Transaction it enters into
        through
        an office or discretionary agent in the United States or which otherwise
        is
        allocated for United States federal income tax purposes to such United States
        trade or makes the following representation(s):

      

      (B)        
         Party
        B
        makes the following representation(s):

      

      None. 

      

      
        	
                (b)

              	
                Tax
                  Provisions.

              

      

      

      
        	 	
                (i)

              	
                Gross
                  Up. Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                  2(d)(ii) shall not apply to Party B as Y, in each case such that
                  Party B
                  shall not be required to pay any additional amounts referred to
                  therein.

              

      

      

      
        	 	
                (ii)

              	
                Indemnifiable
                  Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                  entirety and replaced with the
                  following:

              

      

      

      “Indemnifiable
        Tax” means, in relation to payments by Party A, any Tax and, in relation to
        payments by Party B, no Tax. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Part
        3.  Agreement
        to Deliver Documents. 

      

      (a) For
        the
        purpose of Section 4(a)(i), tax forms, documents, or certificates to be
        delivered are:

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              
	
                Party
                  A

              	
                A
                  correct, complete and duly executed U.S. Internal Revenue Service
                  Form
                  W-8ECI or other applicable form (or successor thereto), together
                  with
                  appropriate attachments, that eliminates U.S. federal withholding
                  and
                  backup withholding Tax on payments to Party A under this
                  Agreement.

              	 	
                (i)
                  upon execution of this Agreement, (ii) on or before the first payment
                  date
                  under this Agreement, including any Credit Support Document, (iii)
                  promptly upon the reasonable demand by Party B, (iv) prior to the
                  expiration or obsolescence of any previously delivered form, and
                  (v)
                  promptly upon the information on any such previously delivered
                  form
                  becoming inaccurate or incorrect.

              
	 	 	 	 
	
                Party
                  B

              	
                Party
                  B will deliver a completed and executed United States Internal
                  Revenue
                  Service Form W-9 or other applicable form (or any successor thereto)
                  with
                  respect to any payments received or to be received by Party A,
                  that
                  eliminates U.S. federal withholding and backup withholding Tax
                  on payments
                  to Party A under this Agreement, and may deliver other tax forms
                  relating
                  to the beneficial owner of payments to Party B under this Agreement
                  from
                  time to time.

              	 	
                (i)
                  on or before the first payment date under this Agreement, including
                  any
                  Credit Support Document, (ii) promptly upon the reasonable demand
                  by Party
                  B, (iii) prior to the expiration or obsolescence of any previously
                  delivered form, and (iv) promptly upon Party B’s actual knowledge that the
                  information on any such previously delivered form becoming inaccurate
                  or
                  incorrect.

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b) For
        the
        purpose of Section 4(a)(ii), other documents to be delivered (unless otherwise
        publicly available) are:

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	 	
                Date
                  by which to

                be
                  delivered

              	
                Covered
                  by Section 3(d) Representation

              
	
                Party
                  A and

                Party
                  B

              	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver the Agreement, this Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under the Agreement, this Confirmation and any Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	
                Yes

              
	 	 	 	 	 
	
                Party
                  A and

                Party
                  B

              	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing the
                  Agreement, this Confirmation, and any relevant Credit Support Document,
                  as
                  the case may be

              	 	
                Upon
                  the execution and delivery of this Agreement

              	
                Yes

              
	 	 	 	 	 
	
                Party
                  A

              	
                Annual
                  Report of Party A containing consolidated financial statements
                  certified
                  by independent certified public accountants and prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Promptly
                  upon becoming publicly available

              	
                Yes

              
	 	 	 	 	 
	
                Party
                  A

              	
                Quarterly
                  Financial Statements of Party A containing unaudited, consolidated
                  financial statements of Party A’s fiscal quarter prepared in accordance
                  with generally accepted accounting principles in the country in
                  which
                  Party A is organized

              	 	
                Promptly
                  upon becoming publicly available

              	
                Yes

              
	 	 	 	 	 
	
                Party
                  A

              	
                An
                  opinion of counsel to Party A acceptable in form and substance
                  to Party
                  B

              	 	
                Upon
                  the execution and delivery of this Agreement

              	
                No

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Part
        4. Miscellaneous. 

      

      
        	
                (a)

              	
                Address
                  for Notices:
                  For the purposes of Section 12(a) of this
                  Agreement:

              

      

      

      Address
        for notices or communications to Party A: 

       

      Any
        notice to Party A relating to a particular Transaction shall be delivered
        to the
        address or facsimile number specified in the Confirmation of such Transaction.
        Any notice delivered for purposes of Sections 5 and 6 (other than notices
        under
        Section 5(a)(i) with respect to Party A) of this Agreement shall be delivered
        to
        the following address: 

      

      Deutsche
        Bank AG, Head Office

      Taunusanlage
        12 

      60262
        Frankfurt 

      GERMANY
        

      Attention:
        Legal Department 

      Fax
        No:
        0049 69 910 36097

      

      (For
        all
        purposes)

      

      Address
        for notices or communications to Party B: 

      
        	
                Address:

              	
                Wells
                  Fargo Bank, N.A. as Securities Administrator

              
	
                 

              	
                9062
                  Old Annapolis Road 

              
	 	
                Columbia,
                  Maryland 21045

              
	
                Attention:

              	
                Corporate
                  Trust Services - AHMIT 2007-1

              
	
                Tel:

              	
                (410)
                  884-2000

              
	
                Fax:

              	
                (418)
                  715-2380

              

      

      

      
        
          with
            a
            copy to: 
 

      

      
        	
                Address:

              	
                Deutsche
                  Bank National Trust Company

              
	 	
                1761
                  East St. Andrew Place

              
	 	
                Santa
                  Ana, California 92705

              
	
                Attention:

              	
                Trust
                  Administrator

              
	
                Tel:

              	
                (714)
                  247-6000

              
	
                Fax:

              	
                (714)
                  855-1557

              
	 	 
	
                (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; neither
                  Party A nor Party B has any Offices other than as set forth in
                  the Notices
                  Section and Party A agrees that, for purposes of Section 6(b) of
                  this
                  Agreement, it shall not in the future have any Office other than
                  one in
                  the United States.

              

      

      

      
        	
                (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, that if an
                  Event of
                  Default shall have occurred with respect to Party A, Party B shall
                  have
                  the right to appoint as Calculation Agent a third party, reasonably
                  acceptable to Party A, the cost for which shall be borne by Party
                  A.

              

      

      

      (f)           
         Credit
        Support Document. 

       

      
        	
                Party
                  A:

              	
                The
                  Credit Support Annex, and any guarantee in support of Party A’s
                  obligations under this Agreement.

              
	 	 
	
                Party
                  B:

              	
                The
                  Credit Support Annex, solely in respect of Party B’s obligations under
                  Paragraph 3(b) of the Credit Support
                  Annex.

              

      

      

      
        	
                (g)

              	
                Credit
                  Support Provider.

              

      

      

      
        	
                Party
                  A:

              	
                The
                  guarantor under any guarantee in support of Party A’s obligations under
                  this Agreement.

              
	 	 
	
                Party
                  B:

              	
                None.

              

      

      

      
        	
                (h)

              	
                Governing
                  Law.
                  The parties to this Agreement hereby agree that the law of the
                  State of
                  New York shall govern their rights and duties in whole, without
                  regard to
                  the conflict of law provisions thereof other than New York General
                  Obligations Law Sections 5-1401 and 5-1402.

              

      

      

      
        	
                (i)

              	
                Netting
                  of Payments.
                  The parties agree that subparagraph (ii) of Section 2(c) will apply
                  to
                  each Transaction hereunder. 

              

      

      

      
        	
                (j)

              	
                Affiliate.“Affiliate”
                  shall have the meaning assigned thereto in Section 14; provided,
                  however,
                  that Party B shall be deemed to have no Affiliates for purposes
                  of this
                  Agreement, including for purposes of Section
                  6(b)(ii).

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Part
        5.  Others
        Provisions.

      

      
        	
                (a)

              	
                Definitions.
                  Unless otherwise specified in a Confirmation, this Agreement and
                  each
                  Transaction under this Agreement are subject to the 2000 ISDA Definitions
                  as published and copyrighted in 2000 by the International Swaps
                  and
                  Derivatives Association, Inc. (the “Definitions”), and will be governed in
                  all relevant respects by the provisions set forth in the Definitions,
                  without regard to any amendment to the Definitions subsequent to
                  the date
                  hereof. The provisions of the Definitions are hereby incorporated
                  by
                  reference in and shall be deemed a part of this Agreement, except
                  that (i)
                  references in the Definitions to a “Swap Transaction” shall be deemed
                  references to a “Transaction” for purposes of this Agreement, and (ii)
                  references to a “Transaction” in this Agreement shall be deemed references
                  to a “Swap Transaction” for purposes of the Definitions. Each term
                  capitalized but not defined in this Agreement shall have the meaning
                  assigned thereto in the Indenture.

              

      

       

      (b)         
         Amendments
        to ISDA Master Agreement.

      

      
        	 	
                (i)

              	
                Single
                  Agreement. Section 1(c) is hereby amended by the adding the words
                  “including, for the avoidance of doubt, the Credit Support Annex” after
                  the words “Master Agreement”. 

              

      

      

      (ii)         
         Conditions
        Precedent. Section
        2(a)(iii) is hereby amended by adding the following at the end thereof:

      

      Notwithstanding
        anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
        with
        respect to Party B or Potential Event of Default with respect to Party B
        has
        occurred and been continuing for more than 30 Local Business Days and no
        Early
        Termination Date in respect of the Affected Transactions has occurred or
        been
        effectively designated by Party A, the obligations of Party A under Section
        2(a)(i) shall cease to be subject to the condition precedent set forth in
        Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
        of
        Default or such Potential Event of Default (the “Specific Event”); provided,
        however, for the avoidance of doubt, the obligations of Party A under Section
        2(a)(i) shall be subject to the condition precedent set forth in Section
        2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
        occurrence of the same Event of Default with respect to Party B or Potential
        Event of Default with respect to Party B after the Specific Event has ceased
        to
        be continuing and with respect to any occurrence of any other Event of Default
        with respect to Party B or Potential Event of Default with respect to Party
        B
        that occurs subsequent to the Specific Event. 

      

      
        	 	
                (iii)

              	
                Change
                  of Account. Section 2(b) is hereby amended by the addition of the
                  following after the word “delivery” in the first line
                  thereof:

              

      

       

      “to
        another account in the same legal and tax jurisdiction as the original
        account”.

      

      
        	 	
                (iv)

              	
                Representations.
                  Section 3 is hereby amended by adding at the end thereof the following
                  subsection (g): 

              

      

      

      
        	 	
                “(g)

              	
                Relationship
                  Between Parties. 

              

      

      

      
        	 	
                (1)

              	
                Nonreliance.
                  (i) It is not relying on any statement or representation of the
                  other
                  party regarding the Transaction (whether written or oral), other
                  than the
                  representations expressly made in this Agreement or the Confirmation
                  in
                  respect of that Transaction and (ii) it has consulted with its
                  own legal,
                  regulatory, tax, business, investment, financial and accounting
                  advisors
                  to the extent it has deemed necessary, and it has made its own
                  investment,
                  hedging and trading decisions based upon its own judgment and upon
                  any
                  advice from such advisors as it has deemed necessary and not upon
                  any view
                  expressed by the other party.

              

      

       

      
        	 	
                (2)

              	
                Evaluation
                  and Understanding. (i) It has the capacity to evaluate (internally
                  or
                  through independent professional advice) the Transaction and has
                  made its
                  own decision to enter into the Transaction and (ii) It understands
                  the
                  terms, conditions and risks of the Transaction and is willing and
                  able to
                  accept those terms and conditions and to assume those risks, financially
                  and otherwise. 

              

      

      

      
        	 	
                (3)

              	
                Purpose.
                  It is entering into the Transaction for the purposes of managing
                  its
                  borrowings or investments, hedging its underlying assets or liabilities
                  or
                  in connection with a line of business.

              

      

      

      
        	 	
                (4)

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

              

      

      

      
        	 	
                (5)

              	
                Eligible
                  Contract Participant. It is an “eligible swap participant” as such term is
                  defined in, Section 35.1(b)(2) of the regulations (17 C.F.R. 35)
                  promulgated under, and an “eligible contract participant” as defined in
                  Section 1(a)(12) of the Commodity Exchange Act, as
                  amended.”

              

      

      

      
        	 	
                (v)

              	
                Transfer
                  to Avoid Termination Event. Section 6(b)(ii) is hereby amended
                  by (i)
                  deleting the words “or if a Tax Event Upon Merger occurs and the Burdened
                  Party is the Affected Party,” and (ii) by deleting the words “to transfer”
                  and inserting the words “to effect a Permitted Transfer” in lieu
                  thereof.

              

      

      

      
        	 	
                (vi)

              	
                Jurisdiction.
                  Section 13(b) is hereby amended by: (i) deleting in the second
                  line of
                  subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                  end of subparagraph (i) and inserting “.” in lieu thereof, and (iii)
                  deleting the final paragraph
                  thereof.

              

      

      

      
        	 	
                (vii)

              	
                Local
                  Business Day. The definition of Local Business Day in Section 14
                  is hereby
                  amended by the addition of the words “or any Credit Support Document”
                  after “Section 2(a)(i)” and the addition of the words “or Credit Support
                  Document” after “Confirmation”. 

              

      

      

      
        	
                (c)

              	
                Additional
                  Termination Events. The
                  following Additional Termination Events will
                  apply:

              

      

      

      
        	(i)          
                 	
                First
                  Rating Trigger Collateral.
                  If
                  (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                  occurred and been continuing for 30 or more Local Business Days
                  and (B)
                  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,
                  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. 

              

      

      

      
        	(ii)           	
                Second
                  Rating Trigger Replacement.
                  If
                  (A) a Required Ratings Downgrade Event has occurred and been continuing
                  for 30 or more Local Business Days and (B) (i) at least one Eligible
                  Replacement has made a Firm Offer to be the transferee of all of
                  Party A’s
                  rights and obligations under this Agreement (and such Firm Offer
                  remains
                  an offer that will become legally binding upon such Eligible Replacement
                  upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                  has made
                  a Firm Offer to provide an Eligible Guarantee (and such Firm Offer
                  remains
                  an offer that will become legally binding upon such Eligible Guarantor
                  immediately upon acceptance by the offeree), 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. 

              

      

      

      
        	 	
                (iii)

              	
                Amendment
                  of Indenture.
                  If, without the prior written consent of Party A where such consent
                  is
                  required under the Indenture (such consent not to be unreasonably
                  withheld), an amendment is made to the Indenture which amendment
                  could
                  reasonably be expected to have a material adverse effect on the
                  interests
                  of Party A (excluding, for the avoidance of doubt, any amendment
                  to the
                  Indenture that is entered into solely for the purpose of appointing
                  a
                  successor servicer, master servicer, securities administrator,
                  trustee or
                  other service provider) under this Agreement, an Additional Termination
                  Event shall have occurred with respect to Party B and Party B shall
                  be the
                  sole Affected Party with respect to such Additional Termination
                  Event.
                  

              

      

       

      
        	 	
                (iv)

              	
                Compliance
                  with Regulation AB. If,
                  upon the occurrence of a Swap Disclosure Event (as defined in Part
                  5(e)
                  below) Party
                  A
                  has not, within 15 days after such Swap Disclosure Event complied
                  with any
                  of the provisions set forth in Part 5(e)(ii) 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.

              

      

       

      
        	
                (d)

              	
                Required
                  Ratings Downgrade Event.
                  In
                  the event that no Relevant Entity has credit ratings at least equal
                  to the
                  Required Ratings Threshold, then Party A shall, as soon as reasonably
                  practicable and so long as a Required Ratings Downgrade Event is
                  in
                  effect, at its own expense, using commercially reasonable efforts,
                  procure
                  either (A) a Permitted Transfer or (B) an Eligible
                  Guarantee.

              

      

       

      (e)
         Compliance
        with Regulation AB.
        Party A
        agrees and acknowledges that American Home Mortgage Assets LLC (the “Depositor”)
        is required under Regulation AB under the Securities Act of 1933, as amended,
        and the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
        (“Regulation AB”), to disclose certain financial information regarding Party A
        or its group of affiliated entities, if applicable, depending on the aggregate
        “significant percentage” of this Agreement and any other derivative contracts
        between Party A or its group of affiliated entities, if applicable, and Party
        B,
        as calculated from time to time in accordance with Item 1115 of Regulation
        AB.

       

       

      
        	 	
                (i)

              	
                It
                  shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
                  Business Day after the date hereof, the Depositor requests from
                  Party A
                  the applicable financial information described in Item 1115 of
                  Regulation
                  AB (such request to be based on a reasonable determination by the
                  Depositor, in good faith, that such information is required under
                  Regulation AB) (the “Swap Financial
                  Disclosure”).

              

      

       

       

      
        	 	
                (ii)
                  

              	
                Upon
                  the occurrence of a Swap Disclosure Event, Party A, at its own
                  expense,
                  shall (1)(a) either (i) provide to the Depositor and the Securities
                  Administrator the current Swap Financial Disclosure in an EDGAR-compatible
                  format (for example, such information may be provided in Microsoft
                  Word®
                  or Microsoft Excel® format but not in .pdf format) or (ii) provide written
                  consent to the Depositor and the Securities Administrator to incorporation
                  by reference of such current Swap Financial Disclosure as is filed
                  with
                  the Securities and Exchange Commission in the Exchange Act Reports
                  of the
                  Depositor, (b) if applicable, cause its outside accounting firm
                  to provide
                  its consent to filing or incorporation by reference in the Exchange
                  Act
                  Reports of the Depositor of such accounting firm’s report relating to
                  their audits of such current Swap Financial Disclosure, and (c)
                  provide to
                  the Depositor and the Securities Administrator any updated Swap
                  Financial
                  Disclosure with respect to Party A or any entity that consolidates
                  Party A
                  within five days of the release of any such updated Swap Financial
                  Disclosure; (2) secure by Permitted Transfer another entity to
                  replace
                  Party A as party to this Agreement on terms substantially similar
                  to this
                  Agreement which entity (or a guarantor therefore) meets or exceeds
                  the
                  Approved Rating Thresholds and which satisfies the Rating Agency
                  Condition
                  and which entity is able to comply with the requirements of Item
                  1115 of
                  Regulation AB or (3) obtain a guaranty of the Party A’s obligations under
                  this Agreement from an affiliate of the Party A, subject to the
                  Rating
                  Agency Condition, that is able to comply with the financial information
                  disclosure requirements of Item 1115 of Regulation AB, such that
                  disclosure provided in respect of the affiliate will satisfy any
                  disclosure requirements applicable to the Swap Provider, and cause
                  such
                  affiliate to provide Swap Financial Disclosure. If permitted by
                  Regulation
                  AB, any required Swap Financial Disclosure may be provided by
                  incorporation by reference from reports filed pursuant to the Exchange
                  Act. 

              

      

       

       

      
        	 	
                (iii)

              	
                Party
                  A and the primary obligor under any Credit Support Document agree
                  that, in
                  the event that Party A provides Swap Financial Disclosure to the
                  Depositor
                  and the Securities Administrator in accordance with Part 5(ii)
                  or causes
                  its affiliate to provide Swap Financial Disclosure to the Depositor
                  and
                  the Securities Administrator in accordance with Part 5(ii), Party
                  A and
                  such primary obligor will indemnify and hold harmless the Depositor,
                  the
                  Trustee, the Grantor Trust Trustee and the Securities Administrator,
                  their
                  respective directors or officers and any person controlling any
                  such
                  party, 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 such Swap Financial Disclosure or
                  caused by
                  any omission or alleged omission to state in such Swap Financial
                  Disclosure a material fact, when considered in conjunction with
                  any other
                  information regarding Party A or the derivative instrument being
                  written
                  by Party A in the final prospectus for American Home Mortgage Investment
                  Trust 2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                  Series
                  2007-1, required to be stated therein or necessary to make the
                  statements
                  therein, in light of the circumstances under which they were made,
                  not
                  misleading. 

              

      

       

       

      
        	 	
                (iv)

              	
                The
                  Depositor shall be an express third party beneficiary of this Agreement
                  as
                  if a party hereto and as if all references to Grantor Trust Trustee’s
                  rights in Part 5(e) (“Compliance with Regulation AB”) directly above were
                  also references to Depositor’s
                  rights.

              

      

       

      
        	
                (f)

              	
                Transfers. 

              

      

       

      (i)           
         Section
        7
        is hereby amended to read in its entirety as follows:

       

      “Except
        with respect to (a) any Permitted Transfer pursuant to Section 6(b)(ii),
        Part
        5(d), and Part 5(e), or the succeeding sentence, or (b) a Permitted Security
        Interest, neither Party A nor Party B is permitted to assign, novate or transfer
        (whether by way of security or otherwise) as a whole or in part any of its
        rights, obligations or interests under the Agreement or any Transaction unless
        (a) the prior written consent of the other party is obtained and (b) the
        Rating
        Agency Condition has been satisfied with respect to S&P. At any time at
        which no Relevant Entity has credit ratings at least equal to the Approved
        Ratings Threshold, Party A may make a Permitted Transfer.” 

       

      
        	 	
                (ii)

              	
                If
                  an Eligible Replacement has made a Firm Offer (which remains an
                  offer that
                  will become legally binding upon acceptance by Party B) to be the
                  transferee pursuant to a Permitted Transfer, Party B shall, at
                  Party A’s
                  written request and at Party A’s expense, execute such documentation
                  provided to it as reasonably deemed necessary by Party B to
                  effect such transfer. 

              

      

       

      
        	
                (g)

              	
                Non-Recourse.
                  Party A acknowledges and agrees that, notwithstanding any provision
                  in
                  this Agreement to the contrary, the obligations of Party B hereunder
                  are
                  limited recourse obligations of Party B, payable solely from the
                  Grantor
                  Trust and the proceeds thereof, in accordance with the priority
                  of
                  payments and other terms of the Indenture and that Party A will
                  not have
                  any recourse to any of the directors, officers, agents, employees,
                  shareholders or affiliates of Party B with respect to any claims,
                  losses,
                  damages, liabilities, indemnities or other obligations in connection
                  with
                  any transactions contemplated hereby. In the event that the Grantor
                  Trust
                  and the proceeds thereof, should be insufficient to satisfy all
                  claims
                  outstanding and following the realization of the account held by
                  the
                  Grantor Trust and the proceeds thereof, any claims against or obligations
                  of Party B under the ISDA Master Agreement or any other confirmation
                  thereunder still outstanding shall be extinguished and thereafter
                  not
                  revive. The Grantor Trust Trustee and the Securities Administrator
                  shall
                  not have liability for any failure or delay in making a payment
                  hereunder
                  to Party A due to any failure or delay in receiving amounts in
                  the account
                  held by the Grantor Trust from the Trust created pursuant to the
                  Indenture. This provision will survive the termination of this
                  Agreement.

              

      

      

      
        	
                (h)

              	
                Timing
                  of Payments by Party B upon Early Termination.
                  Notwithstanding anything to the contrary in Section 6(d)(ii), to
                  the
                  extent that all or a portion (in either case, the “Unfunded Amount”) of
                  any amount that is calculated as being due in respect of any Early
                  Termination Date under Section 6(e) from Party B to Party A will
                  be paid
                  by Party B from amounts other than any upfront payment paid to
                  Party B by
                  an Eligible Replacement that has entered a Replacement Transaction
                  with
                  Party B, then such Unfunded Amount shall be due on the next subsequent
                  Note Payment Date following the date on which the payment would
                  have been
                  payable as determined in accordance with Section 6(d)(ii), and
                  on any
                  subsequent Note Payment Dates until paid in full (or if such Early
                  Termination Date is the final Note Payment Date, on such final
                  Note
                  Payment Date); provided, however, that if the date on which the
                  payment
                  would have been payable as determined in accordance with Section
                  6(d)(ii)
                  is a Note Payment Date, such payment will be payable on such Note
                  Payment
                  Date.

              

      

      

      
        	
                (i)

              	
                Rating
                  Agency Notifications.
                  Notwithstanding any other provision of this Agreement, no Early
                  Termination Date shall be effectively designated hereunder by Party
                  B and
                  no transfer of any rights or obligations under this Agreement shall
                  be
                  made by either party unless each Swap Rating Agency has been given
                  prior
                  written notice of such designation or transfer.

              

      

      

      
        	
                (j)

              	
                No
                  Set-off.
                  Except as expressly provided for in Section 2(c), Section 6 or
                  Part
                  1(f)(i)(D) hereof, and notwithstanding any other provision of this
                  Agreement or any other existing or future agreement, each party
                  irrevocably waives any and all rights it may have to set off, net,
                  recoup
                  or otherwise withhold or suspend or condition payment or performance
                  of
                  any obligation between it and the other party hereunder against
                  any
                  obligation between it and the other party under any other agreements.
                  Section 6(e) shall be amended by deleting the following sentence:
“The
                  amount, if any, payable in respect of an Early Termination Date
                  and
                  determined pursuant to this Section will be subject to any
                  Set-off.”.

              

      

       

      
        	
                (k)

              	
                Amendment.
                  Notwithstanding any provision to the contrary in this Agreement,
                  no
                  amendment of either this Agreement or any Transaction under this
                  Agreement
                  shall be permitted by either party unless each of the Swap Rating
                  Agencies
                  has been provided prior written notice of the same and such amendment
                  satisfies the Rating Agency Condition with respect to
                  S&P.

              

      

      

      
        	
                (l)

              	
                Notice
                  of Certain Events or Circumstances.
                  Each Party agrees, upon learning of the occurrence or existence
                  of any
                  event or condition that constitutes (or that with the giving of
                  notice or
                  passage of time or both would constitute) an Event of Default or
                  Termination Event with respect to such party, promptly to give
                  the other
                  Party and to each Swap Rating Agency notice of such event or condition;
                  provided that failure to provide notice of such event or condition
                  pursuant to this Part 5(l) shall not constitute an Event of Default
                  or a
                  Termination Event.

              

      

       

      (m)        
         Proceedings.
        No
        Relevant Entity shall institute against, or cause any other person to institute
        against, or join any other person in instituting against Party B, the Grantor
        Trust or the trust formed pursuant to the Indenture, in any bankruptcy,
        reorganization, arrangement, insolvency or liquidation proceedings or other
        proceedings under any federal or state bankruptcy or similar law for a period
        of
        one year (or, if longer, the applicable preference period) and one day following
        payment in full of the Certificates and any Notes. This provision will survive
        the termination of this Agreement. 

      

      
        	
                (n)

              	
                Grantor
                  Trust Trustee Liability Limitations.
                  It
                  is expressly understood and agreed by the parties hereto that (a)
                  this
                  Agreement is executed by Deutsche Bank Trust Company Americas (“Deutsche”)
                  not in its individual capacity, but solely as Grantor Trust Trustee
                  under
                  the Indenture in the exercise of the powers and authority conferred
                  and
                  invested in it thereunder; (b) Deutsche has been directed pursuant
                  to the
                  Indenture to enter into this Agreement and to perform its obligations
                  hereunder and nothing herein contained shall be construed as creating
                  any
                  liability for Deutsche, individually or personally, to perform
                  any
                  covenant (either express or implied) contained herein, and all
                  such
                  liability, if any, is hereby expressly waived by the parties hereto,
                  and
                  such waiver shall bind any third party making a claim by or through
                  one of
                  the parties hereto; (c) each of the representations, undertakings
                  and
                  agreements herein made on behalf of Party B is made and intended
                  not as
                  personal representations of the Grantor Trust but is made and intended
                  for
                  the purpose of binding only Party B; and (d) under no circumstances
                  shall
                  Deutsche in its individual capacity be personally liable for any
                  payments
                  hereunder or for the breach or failure of any obligation, representation,
                  warranty or covenant made or undertaken under this
                  Agreement.

              

      

      

      
        	
                (o)

              	
                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) in any respect,
                  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; provided, however, that this severability provision shall
                  not be
                  applicable if any provision of Section 2, 5, 6, or 13 (or any definition
                  or provision in Section 14 to the extent it relates to, or is used
                  in or
                  in connection with any such Section) shall be so held to be invalid
                  or
                  unenforceable. 

              

      

      

      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. 

      

      
        	
                (p)

              	
                Agent
                  for Party B.
                  Party A acknowledges that the Issuing
                  Entity has appointed the Grantor Trust Trustee
                  and the Securities Administrator as its agents under the Indenture
                  to
                  carry out certain functions on behalf of Party B, and that the
                  Grantor
                  Trust Trustee and Securities Administrator shall be entitled to
                  give
                  notices and to perform and satisfy the obligations of Party B hereunder
                  on
                  behalf of Party B. 

              

      

       

      
        	
                (q)

              	
                Escrow
                  Payments.
                  If
                  (whether by reason of the time difference between the cities in
                  which
                  payments are to be made or otherwise) it is not possible for simultaneous
                  payments to be made on any date on which both parties are required
                  to make
                  payments hereunder, either Party may at its option and in its sole
                  discretion notify the other Party that payments on that date are
                  to be
                  made in escrow. In this case deposit of the payment due earlier
                  on that
                  date shall be made by 2:00 pm (local time at the place for the
                  earlier
                  payment) on that date with an escrow agent selected by the notifying
                  party, accompanied by irrevocable payment instructions (i) to release
                  the
                  deposited payment to the intended recipient upon receipt by the
                  escrow
                  agent of the required deposit of any corresponding payment payable
                  by the
                  other party on the same date accompanied by irrevocable payment
                  instructions to the same effect or (ii) if the required deposit
                  of the
                  corresponding payment is not made on that same date, to return
                  the payment
                  deposited to the party that paid it into escrow. The party that
                  elects to
                  have payments made in escrow shall pay all costs of the escrow
                  arrangements.

              

      

       

      
        	
                (r)

              	
                Consent
                  to Recording.
                  Each party hereto consents to the monitoring or recording, at any
                  time and
                  from time to time, by the other party of any and all communications
                  between trading, marketing, and operations personnel of the parties
                  and
                  their Affiliates, waives any further notice of such monitoring
                  or
                  recording, and agrees to notify such personnel of such monitoring
                  or
                  recording. 

              

      

      

      
        	
                (s)

              	
                Waiver
                  of Jury Trial.
                  Each party waives any right it may have to a trial by jury in respect
                  of
                  any suit, action or proceeding relating to this Agreement or any
                  Credit
                  Support Document. 

              

      

      

      
        	
                (t)

              	
                Form
                  of ISDA Master Agreement.
                  Party A and Party B hereby agree that the text of the body of the
                  ISDA
                  Master Agreement is intended to be the printed form of the ISDA
                  Master
                  Agreement (Multicurrency - Crossborder) as published and copyrighted
                  in
                  1992 by the International Swaps and Derivatives Association,
                  Inc.

              

      

      

      
        	
                (u)

              	
                Payment
                  Instructions.
                  Party A hereby agrees that, unless notified in writing by Party
                  B of other
                  payment instructions, any and all amounts payable by Party A to
                  Party B
                  under this Agreement shall be paid to the account specified in
                  Item 4 of
                  this Confirmation, below. 

              

      

      

      
        	
                (v)

              	
                Additional
                  representations.

              

      

      

      
        	 	
                (i)

              	
                Representations
                  of Party A. Party A represents to Party B on the date on which
                  Party A
                  enters into each Transaction
                  that:--

              

      

       

      Party
        A’s
        obligations under this Agreement rank pari passu with all of Party A’s other
        unsecured, unsubordinated obligations except those obligations preferred
        by
        operation of law.

      

      
        	 	
                (ii)

              	
                Capacity.
                  Party A represents to Party B on the date on which Party A enters
                  into
                  this Agreement that it is entering into the Agreement and the Transaction
                  as principal and not as agent of any person. The Grantor Trust
                  Trustee
                  represents to Party A on the date on which the Grantor Trust Trustee
                  executes this Agreement that it is executing the Agreement in its
                  capacity
                  as the Grantor Trust Trustee, pursuant to the
                  Indenture.

              

      

       

      
        	
                (w)

              	
                Acknowledgements.

              

      

      

      
        	 	
                (i)

              	
                Substantial
                  financial transactions. Each party hereto is hereby advised and
                  acknowledges as of the date hereof that the other party has engaged
                  in (or
                  refrained from engaging in) substantial financial transactions
                  and has
                  taken (or refrained from taking) other material actions in reliance
                  upon
                  the entry by the parties into the Transaction being entered into
                  on the
                  terms and conditions set forth herein and in the Indenture relating
                  to
                  such Transaction, as applicable. This paragraph shall be deemed
                  repeated
                  on the trade date of each
                  Transaction.

              

      

       

      
        	 	
                (ii)

              	
                Bankruptcy
                  Code. Subject to Part 5(m), without limiting the applicability
                  if any, of
                  any other provision of the U.S. Bankruptcy Code as amended (the
                  “Bankruptcy Code”) (including without limitation Sections 362, 546, 556,
                  and 560 thereof and the applicable definitions in Section 101 thereof),
                  the parties acknowledge and agree that all Transactions entered
                  into
                  hereunder will constitute “forward contracts” or “swap agreements” as
                  defined in Section 101 of the Bankruptcy Code or “commodity contracts” as
                  defined in Section 761 of the Bankruptcy Code, that the rights
                  of the
                  parties under Section 6 of this Agreement will constitute contractual
                  rights to liquidate Transactions, that any margin or collateral
                  provided
                  under any margin, collateral, security, pledge, or similar agreement
                  related hereto will constitute a “margin payment” as defined in Section
                  101 of the Bankruptcy Code, and that the parties are entities entitled
                  to
                  the rights under, and protections afforded by, Sections 362, 546,
                  556, and
                  560 of the Bankruptcy Code.

              

      

       

      
        	
                (x)

              	
                Permitted
                  Security Interest. 

              

      

       

      Party
        A
        hereby acknowledges and consents to the Permitted Security Interest.

       

      “Permitted
        Security Interest” means the collateral assignment by Party B of the Swap
        Collateral to the Indenture Trustee pursuant to the Indenture and any transfer
        of such rights pursuant to an exercise of creditor’s remedies in respect of such
        collateral assignment, and the granting to the Indenture Trustee of a first
        priority security interest in the Swap Collateral pursuant to the
        Indenture.

       

      “Swap
        Collateral” means all right, title and interest of Party B in this Agreement,
        each Transaction hereunder, and all present and future amounts payable by
        Party
        A to Party B under or in connection with the Agreement or any Transaction
        governed by the Agreement, including, without limitation, any transfer or
        termination of any such Transaction. 

       

      
        	
                (y)

              	
                [Reserved]

              

      

       

      (z) Additional
        Definitions. 

       

      As
        used
        in this Agreement, the following terms shall have the meanings set forth
        below,
        unless the context clearly requires otherwise: 

       

      “Approved
        Ratings Threshold” means each of the S&P Approved Ratings Threshold and the
        Moody’s First Trigger Ratings Threshold.

      

      “Approved
        Replacement” means, with respect to a Market Quotation, an entity making such
        Market Quotation, which entity would satisfy conditions (a), (b), (c), (d)
        and
        (e) of the definition of Permitted Transfer (as determined by Party B in
        its
        sole discretion, acting in a commercially reasonable manner) if such entity
        were
        a Transferee, as defined in the definition of Permitted Transfer.

      

      “Derivative
        Provider Trigger Event” means (i) an Event of Default with respect to which
        Party A is a Defaulting Party, (ii) a Termination Event with respect to which
        Party A is the sole Affected Party or (iii) an Additional Termination Event
        with
        respect to which Party A is the sole Affected Party.

      

      “Eligible
        Guarantee” means an unconditional and irrevocable guarantee of all present and
        future obligations (for the avoidance of doubt, not limited to payment
        obligations) of Party A or an Eligible Replacement to Party B under this
        Agreement that is provided by an Eligible Guarantor as principal debtor rather
        than surety and that is directly enforceable by Party B, the form and substance
        of which guarantee are subject to the Rating Agency Condition with respect
        to
        S&P, and 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 Tax
        collected by withholding or
        (B)
        such guarantee provides that, in the event that any of such guarantor’s payments
        to Party B are subject to Tax collected by withholding, 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 Tax collected
        by
        withholding) will equal the full amount Party B would have received had no
        such
        withholding been required.

      

      “Eligible
        Guarantor” means an entity that (A) has credit ratings from S&P at least
        equal to the S&P Approved Ratings Threshold and (B) has credit ratings from
        Moody’s at least equal to the Moody’s Second Trigger Required Ratings Threshold,
        provided, for the avoidance of doubt, that an Eligible Guarantee of an Eligible
        Guarantor with credit ratings below the Moody’s First Trigger Approved Ratings
        Threshold will not cause a Collateral Event (as defined in the Credit Support
        Annex) not to occur or continue with respect to Moody’s, in each case certified
        by such entity to Party B. 

      

      “Eligible
        Replacement” means an entity (i) (a) that has credit ratings from S&P at
        least equal to the S&P Approved Ratings Threshold, and (b) has credit
        ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
        Threshold, provided, for the avoidance of doubt, that an Eligible Replacement
        with credit ratings below the Moody’s First Trigger Ratings Threshold will not
        cause a Collateral Event (as defined in the Credit Support Annex) not to
        occur
        or continue with respect to Moody’s, or (ii) the present and future obligations
        (for the avoidance of doubt, not limited to payment obligations) of which
        entity
        to Party B under this Agreement are guaranteed pursuant to an Eligible
        Guarantee, in each case certified by such entity to Party B.

      

      “Estimated
        Swap Termination Payment” means, with respect to an Early Termination Date, an
        amount determined by Party A in good faith and in a commercially reasonable
        manner as the maximum payment that could be owed by Party B to Party A in
        respect of such Early Termination Date pursuant to Section 6(e) of the ISDA
        Master Agreement, taking into account then current market
        conditions.

      

      “Firm
        Offer” means (A) with respect to an Eligible Replacement, a quotation from such
        Eligible Replacement (i) in an amount equal to the actual amount payable
        by or
        to Party B in consideration of an agreement between Party B and such Eligible
        Replacement to replace Party A as the counterparty to this Agreement by way
        of
        novation or, if such novation is not possible, an agreement between Party
        B and
        such Eligible Replacement to enter into a Replacement Transaction (assuming
        that
        all Transactions hereunder become Terminated Transactions), and (ii) that
        constitutes an offer by such Eligible Replacement to replace Party A as the
        counterparty to this Agreement or enter a Replacement Transaction that will
        become legally binding upon such Eligible Replacement upon acceptance by
        Party
        B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
        Guarantor to provide an Eligible Guarantee that will become legally binding
        upon
        such Eligible Guarantor upon acceptance by the offeree.

      

      “Moody’s”
        means Moody’s Investors Service, Inc., or any successor thereto. 

      

      “Moody’s
        First Trigger Ratings Event” means that no Relevant Entity has credit ratings
        from Moody’s at least equal to the Moody’s First Trigger Ratings Threshold.

      

      “Moody’s
        First Trigger Ratings
        Threshold” means, with respect to Party A, the guarantor under an Eligible
        Guarantee or an Eligible Replacement, (i) if such entity has a short-term
        unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
        short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
        or (ii) if such entity does not have a short-term unsecured and unsubordinated
        debt rating or counterparty rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

      

      “Moody’s
        Second Trigger Ratings Event” means that no Relevant Entity has credit ratings
        from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold.

      

      “Moody’s
        Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor
        under an Eligible Guarantee or an Eligible Replacement, (i) if such entity
        has a
        short-term unsecured and unsubordinated debt rating from Moody’s, a long-term
        unsecured and unsubordinated debt rating or counterparty rating from Moody’s of
“A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of
“Prime-2”, or (ii) if such entity does not have a short-term unsecured and
        unsubordinated debt rating from Moody’s, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.

      

      “Permitted
        Transfer” means a transfer by novation by Party A pursuant to Section 6(b)(ii),
        Part 5(d), Part 5(e) , or the second sentence of Section 7 (as amended herein)
        to a transferee (the “Transferee”) of all, but not less than all, of Party A’s
        rights, liabilities, duties and obligations under this Agreement, with
        respect to which transfer each of the following conditions is
        satisfied:
        (a) the
        Transferee is an Eligible Replacement (b) Party A and the Transferee are
        both
“dealers in notional principal contracts” within the meaning of Treasury
        regulations section 1.1001-4; (c) as of the date of such transfer the Transferee
        would not be required to withhold or deduct on account of Tax from any payments
        under this Agreement or would be required to gross up for such Tax under
        Section
        2(d)(i)(4); (d) an Event of Default or Termination Event would not occur
        as a
        result of such transfer; (e) pursuant to a written instrument (the “Transfer
        Agreement”), the Transferee acquires and assumes all rights and obligations of
        Party A under the Agreement and the relevant Transaction; (f) Party B shall
        have
        determined, in its sole discretion, acting in a commercially reasonable manner,
        that such Transfer Agreement is effective to transfer to the Transferee all,
        but
        not less than all, of Party A’s rights and obligations under the Agreement and
        all relevant Transactions; (g) Party A will be responsible for any costs
        or
        expenses incurred in connection with such transfer (including any replacement
        cost of entering into a replacement transaction); (h) either (A) Moody’s has
        been given prior written notice of such transfer and the Rating Agency Condition
        is satisfied with respect to S&P or (B) each Swap Rating Agency has been
        given prior written notice of such transfer and such transfer is in connection
        with the assignment and assumption of this Agreement without modification
        of its
        terms, other than party names, dates relevant to the effective date of such
        transfer, tax representations (provided that the representations in Part
        2(a)(i)
        are not modified) and any other representations regarding the status of the
        substitute counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2)
        or Part 5(v)(ii), notice information and account details; and (i) such transfer
        otherwise complies with the terms of the Indenture.

       

      “Rating
        Agency Condition” means, with respect to any particular proposed act or omission
        to act hereunder and each Swap Rating Agency specified in connection with
        such
        proposed act or omission, that the party acting or failing to act must consult
        with each of the specified Swap Rating Agencies and receive from each such
        Swap
        Rating Agency a prior written confirmation that the proposed action or inaction
        would not cause a downgrade or withdrawal of the then-current rating of any
        Certificates or Notes.

      

      “Relevant
        Entity” means Party A and, to the extent applicable, a guarantor under an
        Eligible Guarantee.

      

      “Replacement
        Transaction” means, with respect to any Terminated Transaction or group of
        Terminated Transactions, a transaction or group of transactions that (i)
        would
        have the effect of preserving for Party B 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 Transaction or group
        of
        Terminated Transactions that would, but for the occurrence of the relevant
        Early
        Termination Date, have been required after that Date, and (ii) has terms
        which
        are substantially the same as this Agreement, including, without limitation,
        rating triggers, Regulation AB compliance, and credit support documentation,
        save for the exclusion of provisions relating to Transactions that are not
        Terminated Transaction, as determined by Party B in its sole discretion,
        acting
        in a commercially reasonable manner.

      

      “Required
        Ratings Downgrade Event” means that no Relevant Entity has credit ratings at
        least equal to the Required Ratings Threshold. 

      

      “Required
        Ratings Threshold” means each of the S&P Required Ratings Threshold and the
        Moody’s Second Trigger Ratings Threshold.

      

      “S&P”
        means Standard & Poor's Rating Services, a division of The McGraw-Hill
        Companies, Inc., or any successor thereto. 

      

      “S&P
        Approved Ratings Threshold” means, with respect to Party A, the guarantor under
        an Eligible Guarantee or an Eligible Replacement, a short-term unsecured
        and
        unsubordinated debt rating from S&P of “A-1+”, or, if such entity does not
        have a short-term unsecured and unsubordinated debt rating from S&P, a
        long-term unsecured and unsubordinated debt rating or counterparty rating
        from
        S&P of “AA-”.

      

      “S&P
        Required Ratings Threshold” means, with respect to Party A, the guarantor under
        an Eligible Guarantee or an Eligible Replacement, a long-term unsecured and
        unsubordinated debt rating or counterparty rating from S&P of
“BBB+”.

      

      “Swap
        Rating Agencies” means, with respect to any date of determination, each of
        S&P and Moody’s, to the extent that each such rating agency is then
        providing a rating for any of the American Home Mortgage Investment Trust
        2007-1, Mortgage-Backed Notes and Grantor Trust Certificates, Series 2007-1
        (the
“Certificates”) or any notes backed by the Certificates (the
“Notes”).

       

      [Remainder
        of this page intentionally left blank.]

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      4. Account
        Details and Settlement Information:  

       

      

      
        	
                Payments
                  to Party A:

              	
                Account
                  with bank:

              
	 	
                DB
                  Trust Co Americas

              
	 	
                ABA
                  021001033

              
	 	
                BKTRUS33

              
	 	 
	 	
                Beneficiary:

              
	 	
                Deutsche
                  Bank AG New York

              
	 	
                a/c:
                  01473969 

              
	 	
                Global
                  No. N593887N

              
	 	 
	
                Payments
                  to Party B:

              	
                Wells
                  Fargo Bank, N.A.

              
	 	
                ABA
                  #: 121-000-248

              
	 	
                Account
                  Name: SAS Clearing

              
	 	
                Account
                  #: 3970771416

              
	 	
                FFC
                  to: AHMIT 2007-1, Class A-1-A Swap Account # 53135402

              
	 	 

      

      

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

      

      Very
        truly yours,

      

      DEUTCSHE
        BANK AG, NEW YORK BRANCH

      

      
        	
                By:

              	 	 	
                By:

              	 
	 	 	 	 	 
	 	 	 	 	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Authorized
                  Signatory

              	 	
                Authorized
                  Signatory

              

      

      

      

      

      Party
        B,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the date hereof.

      

      Deutsche
        Bank National Trust Company, not in its individual capacity, but solely as
        Grantor Trust Trustee for the Grantor Trust with respect to American Home
        Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor Trust
        Certificates, Series 2007-1

      

      

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Annex
        A

      

      Paragraph
        13 of the Credit Support Annex

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        
           
ANNEX
          A

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of March 30, 2007 between

        Deutsche
          Bank AG, New York Branch (hereinafter referred to as “Party
          A”
          or
“Pledgor”)

        and

        Deutsche
          Bank National Trust Company, not in its individual capacity, but solely
          as
          Grantor Trust Trustee for the Grantor Trust with respect to American Home
          Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor Trust
          Certificates, Series 2007-1 (the
“
          Grantor Trust”, 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 Confirmation dated March 30, 2007, between
          Party A
          and Party B, N593887N.

        

         

        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”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount 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, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                    above.

                

        

         

        
          	(ii)  	
                  Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the following items will qualify as “Eligible
          Collateral”
(for
          the avoidance of doubt, all Eligible Collateral to be denominated in
          USD):

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
           

           

          
            	
                     

                    Collateral
                      

                  	
                    S&P

                    Valuation
                      

                    Percentage

                  	
                    Moody’s
                      

                    First
                      Trigger Valuation
                      Percentage

                  	
                    Moody’s
                      

                    Second
                      Trigger Valuation
                      Percentage

                  
	
                    (A)  Cash

                  	
                    100%

                  	
                    100%

                  	
                    100%

                  
	
                    (B)  Fixed-rate
                      negotiable debt obligations issued by the U.S. Treasury Department
                      having
                      a remaining maturity on such date of not more than one
                      year

                  	
                    98.5%

                  	
                    100%

                  	
                    100%

                  
	
                    (C)  Fixed-rate
                      negotiable debt obligations issued by the U.S. Treasury Department
                      having
                      a remaining maturity on such date of more than one year but
                      not more than
                      ten years

                  	
                    89.9%

                  	
                    100%

                  	
                    94%

                  
	
                    (D)  Fixed-rate
                      negotiable debt obligations issued by the U.S. Treasury Department
                      having
                      a remaining maturity on such date of more than ten years

                  	
                    83.9%

                  	
                    100%

                  	
                    87%

                  

          

           

          	(ii)  	
                  Other
                    Eligible Support. 

                

           

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

           

          Not
            applicable.

           

          	(iii)  	
                  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 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 of any Certificates
                    and the
                    aggregate principal balance of any Notes rated by S&P is at the time
                    of any transfer less 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 10,000.

                

           

          	(b)  	
                  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
                    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.

                

           

          	(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 Support 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 Support; 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.

                

           

          	(c)  	
                  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.

                

           

          	(d)  	
                  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.

                

           

          	(e)  	
                  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, Moody’s First Trigger
                    Value, and 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.

                

           

          	(f)  	
                  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 Securities Administrator
            or (B) any entity other than the entity then serving as Securities Administrator
            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: Securities Administrator. 

           

          	(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. Posted
                    Collateral
                    in the form of Cash shall be invested in such overnight (or redeemable
                    within two Local Business Days of demand) Permitted Investments
                    rated at
                    least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by
                    Moody’s, as directed by Party A (unless (x) an Event of Default or
                    an
                    Additional Termination Event has occurred with respect to which
                    Party A is
                    the defaulting or sole Affected Party or (y) an Early Termination
                    Date has
                    been designated, in which case such investment shall be held
                    uninvested).
                    Gains and losses incurred in respect of any investment of Posted
                    Collateral in the form of Cash in Permitted Investments as directed
                    by
                    Party A shall be for the account of Party
                    A.

                

           

          	(g)  	
                  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.

                

           

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

                

           

          	(i)  	
                  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.

                

           

          	(j)  	
                  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: 

           

          Wells
            Fargo Bank, N.A. as Securities Administrator  

          9062
            Old
            Annapolis Road 

          Columbia,
            Maryland 21045  

          Attention: Corporate
            Trust Services - AHMIT 2007-1

          Tel:  (410)
            884-2000

          Fax:  (418)
            715-2380

          

           

          	(k)  	
                  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:              
  The
            Bank
            of New York

          aba
            #
            021000018

          a/c
            #
            8900603658

          for
            further credit: 

          SAS
            Clearing     

          Acct
            #:
            3970771416

          Re:
            AHMIT
            2007-1, Class A-1-A Collateral Account # 53135407

          Party
            B:
 

          Wells
            Fargo Bank, N.A.    

          ABA
            #:
            121-000-248

          Account
            Name: SAS Clearing

          Account
            #: 3970771416

          FFC
            to:
            AHMIT 2007-1,
            Class
            A-1-A Collateral
            Account
            # 53135407

          

          	(l)  	
                  Other
                    Provisions.

                

           

          	(i)  	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, 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) Additional
            Definitions.
            As used
            in this Annex::

           

          “Collateral
            Event” means
            that no Relevant Entity has credit ratings at least equal to the Approved
            Ratings Threshold.

           

          “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,
            for purposes of this Annex: 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 Event” means
            that no Relevant Entity has credit ratings from Moody’s at least equal to the
            Moody’s First Trigger Ratings Threshold.

           

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

           

          
            	 	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation 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) 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
                      Valuation Date and (ii) the sum, for each Transaction to which
                      this Annex
                      relates, of the product of (i) the applicable Moody’s First Trigger Factor
                      set forth in Table 1 and (ii)
                      the
                      Notional Amount for such Transaction for the Calculation Period
                      for such
                      Transaction (each as defined in the related Confirmation) which
                      includes
                      such Valuation Date; or 

                  

          

           

          
            	 	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          (II)         
             the
            Threshold for Party A such Valuation Date.

           

          “Moody’s
            First Trigger Value”
            means,
            on any date and with respect to any Eligible Collateral other than Cash,
            the 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).

           

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

           

          
            	 	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation 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 Payments for all Next Payment
                      Dates, and (c)
                      the sum of (x) the Secured Party’s Exposure for such Valuation 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 product of
            (i) the
            applicable Moody’s Second Trigger Factor set forth in Table 2, and (ii) the
            Notional Amount for such Transaction for the Calculation Period for such
            Transaction (each as defined in the related Confirmation) which includes
            such
            Valuation Date; or

          

          (2)
            if
            such Transaction is a Transaction-Specific Hedge, the product of (i)
            the
            applicable Moody’s Second Trigger Factor set forth in Table 3 and (ii) the
            Notional Amount for such Transaction for the Calculation Period which
            includes
            such Valuation Date; or 

          

          
            	 	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          (II)         
             the
            Threshold for Party A for such Valuation Date.

           

          “Moody’s
            Second Trigger Value”
            means,
            on any date and 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).

           

          “Next
            Payment”
            means,
            in respect of each Next Payment Date, the greater of (i) the amount of
            any
            payments due to be made by Party A under Section 2(a) on such Next Payment
            Date
            less any payments due to be made by Party B under Section 2(a) on such
            Next
            Payment Date (in each case, after giving effect to any applicable netting
            under
            Section 2(c)) and (ii) zero.

           

          “Next
            Payment Date”
            means
            each date on which the next scheduled payment under any Transaction is
            due to be
            paid.

           

          “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.

           

          “Remaining
            Weighted Average Maturity” means,
            with respect to a Transaction, the expected weighted average maturity
            for such
            Transaction as determined by the Valuation Agent. 

           

          “S&P
            Approved Ratings Downgrade Event”
            means
            that no Relevant Entity has credit ratings at least equal to the S&P
            Approved Ratings Threshold.

           

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

           

          
            	 	
                    (I)

                  	
                    (A)
                      

                  	
                    for
                      any Valuation Date on which (i) an S&P Approved Ratings Threshold
                      Event has occurred and been continuing for at least 30 days,
                      or (ii) a
                      S&P Required Ratings Downgrade Event has occurred and is continuing,
                      an amount equal to the sum of (a) USD 179,879.18 and (b) if
                      an S&P
                      Interest Rate Collateral Event has occurred and is continuing,
                      an amount
                      equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                      Valuation Date and (2) the sum, for each Transaction to which
                      this Annex
                      relates, of the product of (i) the Volatility Buffer for such
                      Transaction
                      and (ii) the Notional Amount of such Transaction (each as defined
                      in the
                      related Confirmation) for the Calculation Period of such Transaction
                      which
                      includes such Valuation Date, or 

                  

          

           

          
            	 	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          (II)         
             the
            Threshold for Party A for such Valuation Date.

           

          “S&P
            Interest Rate Collateral Threshold” means,
            with respect to Party A, the guarantor under an Eligible Guarantee or
            an
            Eligible Replacement, a short-term unsecured and unsubordinated debt
            rating from
            S&P of “A-1”, or, if such entity does not have a short-term unsecured and
            unsubordinated debt rating from S&P, a long-term unsecured and
            unsubordinated debt rating or counterparty rating from S&P of “A+”.

           

          “S&P
            Interest Rate Collateral Event”
            means no
            Relevant Entity has credit ratings at least equal to the S&P Interest Rate
            Collateral Threshold.

           

          “S&P
            Required Ratings Downgrade Event”
            means no
            Relevant Entity has credit ratings at least equal to the S&P Required
            Ratings Threshold.

           

          “S&P
            Value”
            means,
            on any date and 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).

           

          “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 (i) an interest rate swap in respect of which (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
            (as defined
            in the related Confirmation) otherwise is not a specific dollar amount
            that is
            fixed at the inception of the Transaction, (ii) an interest rate cap,
            (iii) an
            interest rate floor or (iv) an interest rate swaption.

           

          “Valuation
            Percentage”
            shall
            mean, for purposes of determining the S&P Value, Moody’s First Trigger
            Value, or 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 of such Transaction 

                    up
                      to 3 years

                  	
                    Remaining
                      Weighted Average Maturity of such Transaction

                    up
                      to 5 years

                  	
                    Remaining
                      Weighted Average Maturity of such Transaction

                    up
                      to 10 years

                  	
                    Remaining
                      Weighted Average Maturity of such Transaction

                    up
                      to 30 years

                  
	
                    “A-2”
                      or higher

                  	
                    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%

                  

          

          

           

          
            	
                    (n)
                      

                  	
                    Grantor
                      Trust Trustee Liability Limitations. It
                      is expressly understood and agreed by the parties hereto that
                      (a) this
                      Agreement is executed by Deutsche Bank Trust Company Americas
                      (“Deutsche”)
                      not in its individual capacity, but solely as Grantor Trust
                      Trustee under
                      the Pooling and Servicing Agreement in the exercise of the
                      powers and
                      authority conferred and invested in it thereunder; (b) Deutsche
                      has been
                      directed pursuant to the Pooling and Servicing Agreement to
                      enter into
                      this Agreement and to perform its obligations hereunder and
                      nothing herein
                      contained shall be construed as creating any liability for
                      Deutsche,
                      individually or personally, to perform any covenant (either
                      express or
                      implied) contained herein, and all such liability, if any,
                      is hereby
                      expressly waived by the parties hereto, and such waiver shall
                      bind any
                      third party making a claim by or through one of the parties
                      hereto; (c)
                      each of the representations, undertakings and agreements herein
                      made on
                      behalf of Party B is made and intended not as personal representations
                      of
                      the Grantor Trust but is made and intended for the purpose
                      of binding only
                      Party B; and (d) under no circumstances shall Deutsche in its
                      individual
                      capacity be personally liable for any payments hereunder or
                      for the breach
                      or failure of any obligation, representation, warranty or covenant
                      made or
                      undertaken under this Agreement. 

                  

          

           

          [Remainder
            of this page intentionally left blank]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          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 for Interest Rate Swaps with Fixed Notional
            Amounts

           

          
            	
                    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

           

          
            	
                    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.

           

          

           

          
            	
                    Deutsche
                      Bank AG, New York Branch

                  	 	
                    Deutsche
                      Bank National Trust Company, not
                      in its individual capacity, but solely as Grantor Trust Trustee
                      for the
                      Grantor Trust with respect to American Home Mortgage Investment
                      Trust
                      2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                      Series
                      2007-1

                  
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	
                    By:

                  	 
	
                    Name:

                  	 	 	
                    Name:

                  	 
	
                    Title:

                  	 	 	
                    Title:

                  	 
	
                    Date:

                  	 	 	
                    Date:

                  	 

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

         

        
          
            	
                     

                  	
                    

                  

          

           

           

          

          
            	
                    DATE:

                  	
                    March
                      30, 2007

                  
	
                    TO:

                  	
                    Deutsche
                      Bank National Trust Company,

                    not
                      in its individual capacity, but solely as Grantor Trust Trustee
                      for
                      the

                    Grantor
                      Trust with respect to American Home Mortgage Investment Trust
                      2007-1,

                    Mortgage-Backed
                      Notes and Grantor Trust Certificates, Series 2007-1 

                  
	 	 
	
                    ATTENTION:

                  	
                    Trust
                      Administration - AH0701

                  
	 	
                    Telephone:
                      (714)
                      247-6000

                  
	 	
                    Facsimile:
                      (714) 855-1557

                  
	
                    FROM:

                  	
                    Deutsche
                      Bank AG, New York Branch 

                  
	 	 
	
                    ATTENTION:

                  	
                    New
                      York Derivatives Documentation 

                  
	
                    TELEPHONE:

                  	
                    1
                      212 250 9425 

                  
	
                    FACSIMILE:

                  	
                    1
                      212 797 0779 

                  
	
                    EMAIL:

                  	
                    NYderivative.documentation@db.com

                  
	 	 
	
                    OUR
                      REFERENCE:

                  	
                    Global
                      No. N593886N 

                  
	 	 
	
                    RE:

                  	
                    Interest
                      Rate Swap Transaction

                  

          

          

          The
            purpose of this long-form confirmation (“Confirmation”)
            is to
            confirm the terms and conditions of the current Transaction entered into
            on the
            Trade Date specified below (the “Transaction”) between Deutsche Bank AG, New
            York Branch (“Party A”) and Deutsche Bank National Trust Company, not in its
            individual capacity, but solely as grantor trust trustee (“Grantor Trust
            Trustee”) for the Grantor Trust (“Grantor Trust”) with respect to American Home
            Mortgage Investment
            Trust 2007-1,
            Mortgage-Backed Notes and Grantor Trust Certificates, Series 2007-1 (“Party B”)
            created under Indenture, dated as of March 30, 2007, among American Home
            Mortgage Investment Trust 2007-1 (the “Issuing Entity” or “Trust”), Wells Fargo
            Bank, N.A. (the “Securities Administrator”) and Deutsche Bank National Trust
            Company (the “Trustee”) (the “Indenture”). This Confirmation evidences a
            complete and binding agreement between you and us to enter into the Transaction
            on the terms set forth below and replaces any previous agreement between
            us with
            respect to the subject matter hereof. This Confirmation constitutes a
            “Confirmation” and also constitutes a “Schedule” as referred to in the ISDA
            Master Agreement, and Paragraph 13 of a Credit Support Annex to the Schedule.
            

          

          
            	1.  	
                    This
                      Confirmation shall supplement, form a part of, and be subject
                      to an
                      agreement in the form of the ISDA Master Agreement (Multicurrency
                      - Cross
                      Border) as published and copyrighted in 1992 by the International
                      Swaps
                      and Derivatives Association, Inc. (the “ISDA Master Agreement”), as if
                      Party A and Party B had executed an agreement in such form
                      on the date
                      hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                      and
                      an 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., with
                      Paragraph 13
                      thereof as set forth in Annex A hereto (the “Credit Support Annex”). For
                      the avoidance of doubt, the Transaction described herein shall
                      be the sole
                      Transaction governed by such ISDA Master Agreement. In the
                      event of any
                      inconsistency among any of the following documents, the relevant
                      document
                      first listed shall govern: (i) this Confirmation, exclusive
                      of the
                      provisions set forth in Item 3 hereof and Annex A hereto; (ii)
                      the
                      provisions set forth in Item 3 hereof, which are incorporated
                      by reference
                      into the Schedule; (iii) the Credit Support Annex; (iv) the
                      Definitions;
                      and (v) the ISDA Master Agreement.

                  

          

          

          Each
            reference herein to a “Section” (unless specifically referencing the Indenture)
            or to a “Section” “of this Agreement” will be construed as a reference to a
            Section of the ISDA Master Agreement; each herein reference to a “Part” will be
            construed as a reference to the provisions herein deemed incorporated
            in a
            Schedule to the ISDA Master Agreement; each reference herein to a “Paragraph”
will be construed as a reference to a Paragraph of the Credit Support
            Annex. 

          

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

          

          
            	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Swap

                  
	 	 
	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, an amount equal to the Note
                      Principal
                      Balance of the Class A-1-B Notes immediately preceding the
                      Note Payment
                      Date which occurs in the calendar month of the Floating Rate
                      Payer Payment
                      Date for such Calculation Period (determined for this purpose
                      without
                      regard to any adjustment of the Floating Rate Payer Payment
                      Date or Note
                      Payment Date relating to business days). 

                  
	 	 
	 	
                    The
                      CUSIP no. of the Class A-1-B Note is: 026932 AB9

                  
	 	 
	
                    Trade
                      Date:

                  	
                    March
                      28, 2007

                  
	 	 
	
                    Effective
                      Date:

                  	
                    March
                      30, 2007

                  
	 	 
	
                    Termination
                      Date:

                  	
                    The
                      earlier to occur of (i) May 25, 2047 and (ii) the date on which
                      the
                      Notional Amount has been reduced to zero, subject to adjustment
                      in
                      accordance with the Following Business Day Convention; provided,
                      however,
                      that for the purpose of determining the final Floating Rate
                      II Payer
                      Period End Date, Termination Date shall be subject to No
                      Adjustment.

                  
	 	 
	
                    Floating
                      Amount I:

                  	 
	 	 
	 	 Floating
                    Rate I Payer:	 Party
                    A
	 	 	 
	 	
                    Floating
                      Rate I Payer 

                    Period
                      End Dates:

                  	
                     

                    The
                      25th day of each month from and including April 25th, 2007,
                      to and
                      including the Termination Date, subject to adjustment in accordance
                      with
                      the Following Business Day Convention.

                  
	 	 	 
	 	
                    
                      Floating
                        Rate I Payer

                      Payment
                        Dates: 

                    

                  	
                     

                    Early
                      Payment shall be applicable. Each Floating Rate I Payer Payment
                      Date shall
                      be one Business Day prior to the related Floating Rate I Payer
                      Period End
                      Date.

                  
	 	 	 
	 	
                    Floating
                      Rate I:

                  	
                    One-Month
                      LIBOR (as defined in the Indenture) plus (i) with respect to
                      any Floating
                      Rate I Payer Payment Date occurring prior to the Step-Up Date,
                      0.300% per
                      annum or (ii) with respect to any Floating Rate I Payer Payment
                      Date
                      occurring on or after the Step-Up Date, 0.600% per annum.
                      

                  
	 	 	 
	 	
                    
                      Floating
                        Rate I

                      Day
                        Count Fraction: 

                    

                  	
                     

                    Actual/360

                  
	 	 	 
	 	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period

                  
	 	 	 
	 	
                    Compounding:

                  	
                    Inapplicable

                  
	 	 	 
	 	
                    Additional
                      Payment:

                  	
                    Party
                      A agrees to pay USD 134,189.15 to Party B for value on the
                      Effective
                      Date.

                  
	 	 
	
                    Floating
                      Amount II:

                  	 
	 	 
	 	
                    Floating
                      Rate II Payer:

                  	
                    Party
                      B

                  
	 	 	 
	 	
                    
                      Floating
                        Rate II Payer

                      Period
                        End Dates: 

                    

                  	
                     

                    The
                      1st day of each month from and including April 1st, 2007, to
                      and including
                      the 1st calendar day of the month in which the Termination
                      Date occurs,
                      subject to No Adjustment. 

                  
	 	
                     

                  	 
	 	
                    Floating
                      Rate II Payer

                    Payment
                      Dates: 

                  	
                     

                    Delayed
                      Payment shall be applicable. Each Floating Rate II Payer Payment
                      Date
                      shall be the day that is twenty-four (24) calendar days following
                      the
                      related Floating Rate II Payer Period End Date, subject to
                      adjustment in
                      accordance with the Following Business Day Convention. For
                      the avoidance
                      of doubt, the Floating Rate II Payer Payment Date shall apply
                      to the
                      Floating Rate II Payer First Payment, the Floating Rate II
                      Payer Second
                      Payment, the Floating Rate II Payer Third Payment and the Floating
                      Rate II
                      Payer Fourth Payment. 

                  
	 	 	 
	 	
                    Initial
                      Calculation Period:

                  	
                    Notwithstanding
                      anything to the contrary in Section 4.13 of the Definitions,
                      the initial
                      Calculation Period with respect to Floating Amount II shall
                      commence on
                      March 1, 2007.

                  
	 	 	 
	 	
                    Floating
                      Rate II:

                  	
                    With
                      respect to each Calculation Period, the excess, if any, of
                      (i) the lesser
                      of (1) One-Year MTA (as defined in the Indenture) plus 2.9784%
                      per annum
                      and (2) the Available Funds Rate (as defined in the Indenture)
                      with
                      respect to the Class A-1-B Notes for the Note Payment Date
                      occurring in
                      the calendar month of the related Floating Rate II Payer Payment
                      Date
                      (determined for this purpose without regard to any adjustment
                      of the
                      Floating Rate Payer Payment Date or Note Payment Date relating
                      to business
                      days over (ii) 2.0784% per annum. 

                  
	 	
                     

                  	 
	 	
                    Floating
                      Rate II Payer First Payment: 

                  	
                     

                    With
                      respect to each Floating Rate II Payer Payment Date, the sum
                      of: (i) the
                      product of Floating Rate II * Notional Amount * Floating Rate
                      II Day Count
                      Fraction and (ii) an amount
                      equal
                      to the amount of any Current Interest in respect of the Class
                      A-1-B Notes
                      remaining unpaid from any prior Note Payment Date, with interest
                      thereon
                      at the Class A-1-B Note Interest Rate, determined without regard
                      to the
                      Class A-1-B Available Funds Rate, paid to Party B pursuant
                      to the
                      Indenture in respect of the Class A-1-B Notes on the Note Payment
                      Date
                      occurring in the calendar month of such Floating Rate II Payer
                      Payment
                      Date (determined for this purpose without regard to any adjustment
                      of the
                      Floating Rate Payer Payment Date or Note Payment Date relating
                      to business
                      days).

                  
	 	 	 
	 	
                    
                      Floating
                        Rate II Payer Second Payment:

                    

                  	
                     

                    With
                      respect to each Floating Rate II Payer Payment Date, an amount
                      equal to
                      the amount of any Class A-1-B Swap Principal Amount (and interest
                      thereon
                      at a rate equal to Floating Rate II) paid
                      to
                      Party B pursuant to the Indenture in respect of the Class A-1-B
                      Notes on
                      the Note Payment Date occurring in the calendar month of such
                      Floating
                      Rate II Payer Payment Date (determined for this purpose without
                      regard to
                      any adjustment of the Floating Rate Payer Payment Date or Note
                      Payment
                      Date relating to business days). 

                  
	 	
                     

                  	 
	 	
                    
                      Floating
                        Rate II Payer Third Payment:

                    

                  	
                     

                    With
                      respect to each Floating Rate II Payer Payment Date, an amount
                      equal to
                      the amount of any Carryover Shortfall Amount paid
                      to
                      Party B pursuant to the Indenture in respect of the Class A-1-B
                      Notes on
                      the Note Payment Date occurring in the calendar month of such
                      Floating
                      Rate II Payer Payment Date (determined for this purpose without
                      regard to
                      any adjustment of the Floating Rate Payer Payment Date or Note
                      Payment
                      Date relating to business days).

                  
	 	
                     

                  	 
	 	
                    
                      Floating
                        Rate II 

                      Day
                        Count Fraction:

                    

                  	
                     

                    30/360

                  
	 	 	 
	 	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period

                  
	 	 	 
	 	
                    Compounding:

                  	
                    Inapplicable

                  
	 	 
	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 
	
                    Business
                      Day Convention:

                  	
                    For
                      all purposes other than determining Floating Rate II Payer
                      Payment Dates,
                      the Business Day Convention will be Following Business Day
                      Convention.

                  
	 	 
	
                    Netting:

                  	
                    Notwithstanding
                      anything to the contrary in Section 2(c), any amounts payable
                      by the
                      Floating Rate Payer I on a Floating Rate Payer I Payment Date,
                      and by the
                      Floating Rate Payer II on the related Floating Rate Payer II
                      Payment Date,
                      shall be netted, even though such dates may be different, and
                      the party
                      with the larger aggregate amount shall make the net payment
                      on such
                      party’s applicable Floating Rate Payer Payment Date. 

                  
	 	 
	
                    Note
                      Payment Date:

                  	
                    Payment
                      Date (as defined in the Indenture).

                  

          

           

          3. Provisions
            Deemed Incorporated in a Schedule to the ISDA Master Agreement:

          

          
            	
                    Part
                      1.

                  	
                    Termination
                      Provisions.

                  

          

          

          For
            the
            purposes of this Agreement:-

           

          
            
              	
                      (a)

                    	
                      “Specified
                        Entity”
                        will not apply to Party A or Party B for any
                        purpose.

                    

            

             

          

          
            	
                    (b)

                  	
                    “Specified
                      Transaction”
                      will have the meaning specified in Section
                      14.

                  

          

          

          
            	
                    (c)

                  	
                    Events
                      of Default.

                  

          

          

          The
            statement below that an Event of Default will apply to a specific party
            means
            that upon the occurrence of such an Event of Default with respect to
            such party,
            the other party shall have the rights of a Non-defaulting Party under
            Section 6
            of this Agreement; conversely, the statement below that such event will
            not
            apply to a specific party means that the other party shall not have such
            rights.

          

          
            	(i)         
                      	
                    The
                      “Failure to Pay or Deliver” provisions of Section 5(a)(i) will apply to
                      Party
                      A and to Party B; provided, however, that Section 5(a)(i) is
                      hereby
                      amended by replacing the word “third” with the word “first”; provided,
                      further, that notwithstanding anything to the contrary in Section
                      5(a)(i),
                      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
                      not constitute an Event of Default under Section 5(a)(i) unless
                      (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.

                  

          

          

          
            	(ii)            	
                    The
                      “Breach of Agreement” provisions of Section 5(a)(ii) will apply to Party A
                      and will not apply to Party B.

                  

          

          

          
            	(iii)            	
                    The
                      “Credit Support Default” provisions of Section 5(a)(iii) will apply to
                      Party A and will not apply to Party B except that Section 5(a)(iii)(1)
                      will apply to Party B solely in respect of Party B’s obligations under
                      Paragraph 3(b) of the Credit Support Annex; provided, however,
                      that
                      notwithstanding anything to the contrary in Section 5(a)(iii)(1),
                      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 not
                      constitute an Event of Default under Section 5(a)(iii) unless
                      (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.

                  

          

          

          
            	(iv)            	
                    The
                      “Misrepresentation” provisions of Section 5(a)(iv) will apply to Party A
                      and will not apply to Party B. 

                  

          

          

          
            	(v)            	
                    The
                      “Default under Specified Transaction” provisions of Section 5(a)(v) will
                      apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	(vi)           	
                    The
                      “Cross Default” provisions of Section 5(a)(vi) will apply to Party A and
                      will not apply to Party B; provided, however, that, notwithstanding
                      the
                      foregoing, an Event of Default shall not occur under either
                      Section
                      5(a)(vi)(1) or Section 5(a)(vi)(2) if (A) (I) the default,
                      or other
                      similar event or condition referred to in Section 5(a)(vi)(1)
                      or the
                      failure to pay referred to in Section 5(a)(vi)(2) is a failure
                      to pay or
                      deliver caused by an error or omission of an administrative
                      or operational
                      nature, and (II) funds or the asset to be delivered were available
                      to such
                      party to enable it to make the relevant payment or delivery
                      when due and
                      (III) such payment or delivery is made within three (3) Local
                      Business
                      Days following receipt of written notice from an interested
                      party of such
                      failure to pay, or (B) such party was precluded from paying,
                      or was unable
                      to pay, using reasonable means, through the office of the party
                      through
                      which it was acting for purposes of the relevant Specified
                      Indebtedness,
                      by reason of force majeure, act of State, illegality or impossibility.
                      

                  

          

          

          For
            purposes of Section 5(a)(vi), solely with respect to Party A:

          

          “Specified
            Indebtedness” will have the meaning specified in Section 14 , except that such
            term shall not include obligations in respect of deposits received in
            the
            ordinary course of Party A’s banking business.

          

          “Threshold
            Amount” means with respect to Party A an amount equal to three percent (3%) of
            the Shareholders’ Equity of Party A or, if applicable, the Eligible Guarantor.

          

          “Shareholders’
            Equity” means with respect to an entity, at any time, the sum (as shown in the
            most recent annual audited financial statements of such entity) of (i)
            its
            capital stock (including preferred stock) outstanding, taken at par value,
            (ii)
            its capital surplus and (iii) its retained earnings, minus (iv) treasury
            stock,
            each to be determined in accordance with generally accepted accounting
            principles.

          

          
            	(vii)         	
                    The
                      “Bankruptcy” provisions of Section 5(a)(vii) will apply to Party A and
                      will apply to Party B except that the provisions of Section
                      5(a)(vii)(2),
                      (6) (to the extent that such provisions refer to any appointment
                      contemplated or effected by the Indenture or any appointment
                      to which
                      Party B has not become subject), (7) and (9) will not apply
                      to Party B;
                      provided that, with respect to Party B only, Section 5(a)(vii)(4)
                      is
                      hereby amended by adding after the words “against it” the words
                      “(excluding any proceeding or petition instituted or presented
                      by Party A
                      or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                      deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                      (4) as amended, (5), (6) as amended, or
                      (7)”.

                  

          

          

          
            	(viii)         	
                    The
                      “Merger Without Assumption” provisions of Section 5(a)(viii) will apply to
                      Party A and will apply to Party B.

                  

          

          

          (d) Termination
            Events.

          

          The
            statement below that a Termination Event will apply to a specific party
            means
            that upon the occurrence of such a Termination Event, if such specific
            party is
            the Affected Party with respect to a Tax Event, the Burdened Party with
            respect
            to a Tax Event Upon Merger (except as noted below) or the non-Affected
            Party
            with respect to a Credit Event Upon Merger, as the case may be, such
            specific
            party shall have the right to designate an Early Termination Date in
            accordance
            with Section 6 of this Agreement; conversely, the statement below that
            such an
            event will not apply to a specific party means that such party shall
            not have
            such right; provided, however, with respect to “Illegality” the statement that
            such event will apply to a specific party means that upon the occurrence
            of such
            a Termination Event with respect to such party, either party shall have
            the
            right to designate an Early Termination Date in accordance with Section
            6 of
            this Agreement.

          

          (i) The
            “Illegality” provisions of Section 5(b)(i) will apply to Party A and will apply
            to Party B.

          

          
            	 	
                    (ii)

                  	
                    The
                      “Tax Event” provisions of Section 5(b)(ii) will apply to Party A except
                      that, for purposes of the application of Section 5(b)(ii) to
                      Party A,
                      Section 5(b)(ii) is hereby amended by deleting 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)”, and the “Tax Event” provisions of
                      Section 5(b)(ii) will apply to Party B.

                  

          

          

          
            	 	
                    (iii)

                  	
                    The
                      “Tax Event Upon Merger” provisions of Section 5(b)(iii) will apply to
                      Party A and will apply to Party B, 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.

                  

          

          

          
            	 	
                    (iv)

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

                  

          

          

          
            	
                    (e)

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

                  

          

          

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

          

          
            	(i)            	
                    Market
                      Quotation will apply, provided, however, that, in the event
                      of a
                      Derivative Provider Trigger Event, the following provisions
                      will
                      apply:

                  

          

          

          
            	 	
                    (A)
                      

                  	
                    The
                      definition of Market Quotation in Section 14 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
            Replacement Transaction, and (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.

          

          
            	 	
                    (B)

                  	
                    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) equal to: 

          

          
            	 	
                    (a)

                  	
                    If
                      a Market Quotation for the relevant Terminated Transaction
                      or group of
                      Terminated Transactions is accepted by Party B so as to become
                      legally
                      binding on or before the day falling ten Local Business Days
                      after the day
                      on which the Early Termination Date is designated, or such
                      later day as
                      Party B may specify in writing to Party A, but in either case
                      no later
                      than one Local Business Day prior to the Early Termination
                      Date (such day,
                      the “Latest Settlement Amount Determination Day”), the Termination
                      Currency Equivalent of the amount (whether positive or negative)
                      of such
                      Market Quotation; 

                  

          

          

          
            	 	
                    (b)

                  	
                    If,
                      on the Latest Settlement Amount Determination Day, no Market
                      Quotation for
                      the relevant Terminated Transaction or group of Terminated
                      Transactions
                      has been accepted by Party B so as to become legally binding
                      and one or
                      more Market Quotations from
                      Approved Replacements have
                      been made and remain capable of becoming legally binding upon
                      acceptance,
                      the Settlement Amount shall equal the Termination Currency
                      Equivalent of
                      the amount (whether positive or negative) of the lowest of
                      such Market
                      Quotations (for the avoidance of doubt, the lowest of such
                      Market
                      Quotations shall be the lowest Market Quotation of
                      such Market Quotations
                      expressed as a positive number or, if any of such Market Quotations
                      is
                      expressed as a negative number, the Market Quotation expressed
                      as a
                      negative number with the largest absolute value);
                      or

                  

          

          

          
            	 	
                    (c)

                  	
                    If,
                      on the Latest Settlement Amount Determination Day, 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
                      Quotation from an Approved Replacement remains capable of becoming
                      legally
                      binding upon acceptance, the Settlement Amount shall equal
                      Party B’s Loss
                      (whether positive or negative and without reference to any
                      Unpaid Amounts)
                      for the relevant Terminated Transaction or group of Terminated
                      Transactions.

                  

          

          

          
            	 	
                    (C)

                  	
                    If
                      Party B requests Party A in writing to obtain Market Quotations,
                      Party A
                      shall use its reasonable efforts to do so before the Latest
                      Settlement
                      Amount Determination Day.

                  

          

          

          
            	 	
                    (D)

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

                  

          

          

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

           

          
            	 	
                    (E)

                  	
                    At
                      any time on or before the Latest Settlement Amount Determination
                      Day at
                      which two or more Market Quotations from Approved Replacements
                      remain
                      capable of becoming legally binding upon acceptance, Party
                      B shall be
                      entitled to accept only the lowest of such Market Quotations
                      (for the
                      avoidance of doubt, the lowest of such Market Quotations shall
                      be the
                      lowest Market Quotation of such Market Quotations expressed
                      as a positive
                      number or, if any of such Market Quotations is expressed as
                      a negative
                      number, the Market Quotation expressed as a negative number
                      with the
                      largest absolute value).

                  

          

          

          
            	(ii)           	
                    The
                      Second Method will apply.

                  

          

          

          (g)           “Termination
            Currency”
            means
            USD.

          

          (h)            Additional
            Termination Events.
            Additional Termination Events will apply as provided in Part 5(c).

          Part
            2.  Tax
            Matters.

          

          (a)           Tax
            Representations. 

          

          
            	 	
                    (i)

                  	
                    Payer
                      Representations. For the purpose of Section 3(e) of this Agreement:
                      

                  

          

           

          (A)          Party
            A
            makes the following representation(s):

          

          It
            is not
            required by any applicable law, as modified by the practice of any relevant
            governmental 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: the accuracy of any representations made by the other party
            pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of
            the
            agreement contained 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 Agreement; 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)        
             Party
            B
            makes the following representation(s):

          

          None.

          

          (ii)         Payee
            Representations. For the purpose of Section 3(f) of this Agreement:

           

          (A)         Party
            A
            makes the following representation(s):

          

          It
            is a
“foreign person” within the meaning of the applicable U.S. Treasury Regulations
            concerning information reporting and backup withholding tax (as in effect
            on
            January 1, 2001), unless Party A provides written notice to Party B that
            it is
            no longer a foreign person. In respect of any Transaction it enters into
            through
            an office or discretionary agent in the United States or which otherwise
            is
            allocated for United States federal income tax purposes to such United
            States
            trade or makes the following representation(s):

          

          (B)         Party
            B
            makes the following representation(s):

          

          None. 

          

          
            	
                    (b)

                  	
                    Tax
                      Provisions.

                  

          

          

          
            	 	
                    (i)

                  	
                    Gross
                      Up. Section 2(d)(i)(4) shall not apply to Party B as X, and
                      Section
                      2(d)(ii) shall not apply to Party B as Y, in each case such
                      that Party B
                      shall not be required to pay any additional amounts referred
                      to
                      therein.

                  

          

          

          
            	 	
                    (ii)

                  	
                    Indemnifiable
                      Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                      entirety and replaced with the
                      following:

                  

          

          

          “Indemnifiable
            Tax” means, in relation to payments by Party A, any Tax and, in relation to
            payments by Party B, no Tax. 

          

          Part
            3.  Agreement
            to Deliver Documents. 

          

          (a) For
            the
            purpose of Section 4(a)(i), tax forms, documents, or certificates to
            be
            delivered are:

          

          
            	
                     

                    Party
                      required 

                    to
                      deliver document

                  	 	
                     

                     

                    Form/Document/Certificate

                  	 	
                     

                     

                    Date
                      by which to be
                      delivered

                  
	
                     

                    Party
                      A

                     

                  	 	
                     

                    A
                      correct, complete and duly executed U.S. Internal Revenue Service
                      Form
                      W-8ECI or other applicable form (or successor thereto), together
                      with
                      appropriate attachments, that eliminates U.S. federal withholding
                      and
                      backup withholding Tax on payments to Party A under this
                      Agreement.

                     

                  	 	
                     

                    (i)
                      upon execution of this Agreement, (ii) on or before the first
                      payment date
                      under this Agreement, including any Credit Support Document,
                      (iii)
                      promptly upon the reasonable demand by Party B, (iv) prior
                      to the
                      expiration or obsolescence of any previously delivered form,
                      and (v)
                      promptly upon the information on any such previously delivered
                      form
                      becoming inaccurate or incorrect.

                     

                  
	
                     

                    Party
                      B

                     

                  	 	
                     

                    Party
                      B will deliver a completed and executed United States Internal
                      Revenue
                      Service Form W-9 or other applicable form (or any successor
                      thereto) with
                      respect to any payments received or to be received by Party
                      A, that
                      eliminates U.S. federal withholding and backup withholding
                      Tax on payments
                      to Party A under this Agreement, and may deliver other tax
                      forms relating
                      to the beneficial owner of payments to Party B under this Agreement
                      from
                      time to time.

                     

                  	 	
                     

                    (i)
                      on or before the first payment date under this Agreement, including
                      any
                      Credit Support Document, (ii) promptly upon the reasonable
                      demand by Party
                      B, (iii) prior to the expiration or obsolescence of any previously
                      delivered form, and (iv) promptly upon Party B’s actual knowledge that the
                      information on any such previously delivered form becoming
                      inaccurate or
                      incorrect.

                     

                  

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          (b) For
            the
            purpose of Section 4(a)(ii), other documents to be delivered (unless
            otherwise
            publicly available) are:

          

          
            	
                     

                    Party
                      required 

                    to
                      deliver document

                  	 	
                     

                     

                    Form/Document/Certificate

                  	 	
                     

                     

                    Date
                      by which to be
                      delivered

                  	 	
                     

                    Covered
                      by Section 3(d) Representation

                  
	
                     

                    Party
                      A and

                    Party
                      B

                     

                  	 	
                     

                    Any
                      documents required by the receiving party to evidence the authority
                      of the
                      delivering party or its Credit Support Provider, if any, for
                      it to execute
                      and deliver the Agreement, this Confirmation, and any Credit
                      Support
                      Documents to which it is a party, and to evidence the authority
                      of the
                      delivering party or its Credit Support Provider to perform
                      its obligations
                      under the Agreement, this Confirmation and any Credit Support
                      Document, as
                      the case may be

                     

                  	 	
                     

                    Upon
                      the execution and delivery of this Agreement

                     

                  	 	
                     

                    Yes

                     

                  
	
                     

                    Party
                      A and

                    Party
                      B

                     

                  	 	
                     

                    A
                      certificate of an authorized officer of the party, as to the
                      incumbency
                      and authority of the respective officers of the party signing
                      the
                      Agreement, this Confirmation, and any relevant Credit Support
                      Document, as
                      the case may be

                     

                  	 	
                     

                    Upon
                      the execution and delivery of this Agreement

                     

                  	 	
                     

                    Yes

                     

                  
	
                     

                    Party
                      A

                     

                  	 	
                     

                    Annual
                      Report of Party A containing consolidated financial statements
                      certified
                      by independent certified public accountants and prepared in
                      accordance
                      with generally accepted accounting principles in the country
                      in which
                      Party A is organized

                     

                  	 	
                     

                    Promptly
                      upon becoming publicly available

                     

                  	 	
                     

                    Yes

                     

                  
	
                     

                    Party
                      A

                     

                  	 	
                     

                    Quarterly
                      Financial Statements of Party A containing unaudited, consolidated
                      financial statements of Party A’s fiscal quarter prepared in accordance
                      with generally accepted accounting principles in the country
                      in which
                      Party A is organized

                     

                  	 	
                     

                    Promptly
                      upon becoming publicly available

                     

                  	 	
                     

                    Yes

                     

                  
	
                     

                    Party
                      A

                     

                  	 	
                     

                    An
                      opinion of counsel to Party A acceptable in form and substance
                      to Party
                      B

                     

                  	 	
                     

                    Upon
                      the execution and delivery of this Agreement

                     

                  	 	
                     

                    No

                     

                  

          

          

          Part
            4. Miscellaneous. 

          

          
            	
                    (a)

                  	
                    Address
                      for Notices:
                      For the purposes of Section 12(a) of this
                      Agreement:

                  

          

          

          Address
            for notices or communications to Party A: 

          

          Any
            notice to Party A relating to a particular Transaction shall be delivered
            to the
            address or facsimile number specified in the Confirmation of such Transaction.
            Any notice delivered for purposes of Sections 5 and 6 (other than notices
            under
            Section 5(a)(i) with respect to Party A) of this Agreement shall be delivered
            to
            the following address: 

          

          
            	 	
                    Deutsche
                      Bank AG, Head Office

                  
	 	
                    Taunusanlage
                      12 

                  
	 	
                    60262
                      Frankfurt 

                  
	 	
                    GERMANY
                      

                  
	 	
                    Attention:
                      Legal Department 

                  
	 	
                    Fax
                      No: 0049 69 910 36097

                  

          

           

          
            	 	 	
                    (For
                      all purposes)

                  
	 	 	 
	 	
                    Address
                      for notices or communications to Party B:

                  
	 	 	
                    Address:

                  	
                    Wells
                      Fargo Bank, N.A. as Securities Administrator

                  
	 	 	 	
                    9062
                      Old Annapolis Road 

                  
	 	 	 	
                    Columbia,
                      Maryland 21045

                  
	 	 	
                    Attention:

                  	
                    Corporate
                      Trust Services - AHMIT 2007-1

                  
	 	 	
                    Tel:

                  	
                    (410)
                      884-2000

                  
	 	 	
                    Fax:

                  	
                    (418)
                      715-2380

                  
	 	 	 	 
	 	 	
                    with
                      a copy to: 

                  	 
	 	 	 	 
	 	 	
                    Address:

                  	
                    Deutsche
                      Bank National Trust Company

                  
	 	 	 	
                    1761
                      East St. Andrew Place

                  
	 	 	 	
                    Santa
                      Ana, California 92705

                  
	 	 	
                    Attention:

                  	
                    Trust
                      Administrator

                  
	 	 	
                    Tel:

                  	
                    (714)
                      247-6000

                  
	 	 	
                    Fax:

                  	
                    (714)
                      855-1557

                  

          

          

          (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;
                      neither
                      Party A nor Party B has any Offices other than as set forth
                      in the Notices
                      Section and Party A agrees that, for purposes of Section 6(b)
                      of this
                      Agreement, it shall not in the future have any Office other
                      than one in
                      the United States.

                  

          

          

          
            	
                    (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, that if
                      an Event of
                      Default shall have occurred with respect to Party A, Party
                      B shall have
                      the right to appoint as Calculation Agent a third party, reasonably
                      acceptable to Party A, the cost for which shall be borne by
                      Party
                      A.

                  

          

          

          (f) Credit
            Support Document. 

          

          
            	 	
                    Party
                      A:

                  	
                    The
                      Credit Support Annex, and any guarantee in support of Party
                      A’s
                      obligations under this Agreement.

                  
	 	 	 
	 	
                    Party
                      B:

                  	
                    The
                      Credit Support Annex, solely in respect of Party B’s obligations under
                      Paragraph 3(b) of the Credit Support
                      Annex.

                  

          

          

          
            	
                    (g)

                  	
                    Credit
                      Support Provider.

                  

          

          

          
            	 	
                    Party
                      A:

                  	
                    The
                      guarantor under any guarantee in support of Party A’s obligations under
                      this Agreement.

                  
	 	 	 
	 	
                    Party
                      B:

                  	
                    None.

                  

          

          

          

          
            	
                    (h)

                  	
                    Governing
                      Law.
                      The parties to this Agreement hereby agree that the law of
                      the State of
                      New York shall govern their rights and duties in whole, without
                      regard to
                      the conflict of law provisions thereof other than New York
                      General
                      Obligations Law Sections 5-1401 and 5-1402.

                  

          

          

          
            	
                    (i)

                  	
                    Netting
                      of Payments.
                      The parties agree that subparagraph (ii) of Section 2(c) will
                      apply to
                      each Transaction hereunder. 

                  

          

          

          
            	
                    (j)

                  	
                    Affiliate.“Affiliate”
                      shall have the meaning assigned thereto in Section 14; provided,
                      however,
                      that Party B shall be deemed to have no Affiliates for purposes
                      of this
                      Agreement, including for purposes of Section
                      6(b)(ii).

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Part
            5.  Others
            Provisions.

          

          
            	
                    (a)

                  	
                    Definitions.
                      Unless otherwise specified in a Confirmation, this Agreement
                      and each
                      Transaction under this Agreement are subject to the 2000 ISDA
                      Definitions
                      as published and copyrighted in 2000 by the International Swaps
                      and
                      Derivatives Association, Inc. (the “Definitions”), and will be governed in
                      all relevant respects by the provisions set forth in the Definitions,
                      without regard to any amendment to the Definitions subsequent
                      to the date
                      hereof. The provisions of the Definitions are hereby incorporated
                      by
                      reference in and shall be deemed a part of this Agreement,
                      except that (i)
                      references in the Definitions to a “Swap Transaction” shall be deemed
                      references to a “Transaction” for purposes of this Agreement, and (ii)
                      references to a “Transaction” in this Agreement shall be deemed references
                      to a “Swap Transaction” for purposes of the Definitions. Each term
                      capitalized but not defined in this Agreement shall have the
                      meaning
                      assigned thereto in the Indenture.

                  

          

           

          (b) Amendments
            to ISDA Master Agreement.

          

          
            	 	
                    (i)

                  	
                    Single
                      Agreement. Section 1(c) is hereby amended by the adding the
                      words
                      “including, for the avoidance of doubt, the Credit Support Annex” after
                      the words “Master Agreement”. 

                  

          

          

          (ii)        
             Conditions
            Precedent. Section
            2(a)(iii) is hereby amended by adding the following at the end thereof:
            

          

          Notwithstanding
            anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
            with
            respect to Party B or Potential Event of Default with respect to Party
            B has
            occurred and been continuing for more than 30 Local Business Days and
            no Early
            Termination Date in respect of the Affected Transactions has occurred
            or been
            effectively designated by Party A, the obligations of Party A under Section
            2(a)(i) shall cease to be subject to the condition precedent set forth
            in
            Section 2(a)(iii)(1) with respect to such specific occurrence of such
            Event of
            Default or such Potential Event of Default (the “Specific Event”); provided,
            however, for the avoidance of doubt, the obligations of Party A under
            Section
            2(a)(i) shall be subject to the condition precedent set forth in Section
            2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
            occurrence of the same Event of Default with respect to Party B or Potential
            Event of Default with respect to Party B after the Specific Event has
            ceased to
            be continuing and with respect to any occurrence of any other Event of
            Default
            with respect to Party B or Potential Event of Default with respect to
            Party B
            that occurs subsequent to the Specific Event. 

          

          
            	 	
                    (iii)

                  	
                    Change
                      of Account. Section 2(b) is hereby amended by the addition
                      of the
                      following after the word “delivery” in the first line
                      thereof:

                  

          

           

          “to
            another account in the same legal and tax jurisdiction as the original
            account”.

          

          
            	 	
                    (iv)

                  	
                    Representations.
                      Section 3 is hereby amended by adding at the end thereof the
                      following
                      subsection (g): 

                  

          

          

          
            	 	
                    “(g)

                  	
                    Relationship
                      Between Parties. 

                  

          

          

          
            	 	
                    (1)

                  	
                    Nonreliance.
                      (i) It is not relying on any statement or representation of
                      the other
                      party regarding the Transaction (whether written or oral),
                      other than the
                      representations expressly made in this Agreement or the Confirmation
                      in
                      respect of that Transaction and (ii) it has consulted with
                      its own legal,
                      regulatory, tax, business, investment, financial and accounting
                      advisors
                      to the extent it has deemed necessary, and it has made its
                      own investment,
                      hedging and trading decisions based upon its own judgment and
                      upon any
                      advice from such advisors as it has deemed necessary and not
                      upon any view
                      expressed by the other party.

                  

          

           

          
            	 	
                    (2)

                  	
                    Evaluation
                      and Understanding. (i) It has the capacity to evaluate (internally
                      or
                      through independent professional advice) the Transaction and
                      has made its
                      own decision to enter into the Transaction and (ii) It understands
                      the
                      terms, conditions and risks of the Transaction and is willing
                      and able to
                      accept those terms and conditions and to assume those risks,
                      financially
                      and otherwise. 

                  

          

          

          
            	 	
                    (3)

                  	
                    Purpose.
                      It is entering into the Transaction for the purposes of managing
                      its
                      borrowings or investments, hedging its underlying assets or
                      liabilities or
                      in connection with a line of business.

                  

          

          

          
            	 	
                    (4)

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

                  

          

          

          
            	 	
                    (5)

                  	
                    Eligible
                      Contract Participant. It is an “eligible swap participant” as such term is
                      defined in, Section 35.1(b)(2) of the regulations (17 C.F.R.
                      35)
                      promulgated under, and an “eligible contract participant” as defined in
                      Section 1(a)(12) of the Commodity Exchange Act, as
                      amended.”

                  

          

          

          
            	 	
                    (v)

                  	
                    Transfer
                      to Avoid Termination Event. Section 6(b)(ii) is hereby amended
                      by (i)
                      deleting the words “or if a Tax Event Upon Merger occurs and the Burdened
                      Party is the Affected Party,” and (ii) by deleting the words “to transfer”
                      and inserting the words “to effect a Permitted Transfer” in lieu
                      thereof.

                  

          

          

          
            	 	
                    (vi)

                  	
                    Jurisdiction.
                      Section 13(b) is hereby amended by: (i) deleting in the second
                      line of
                      subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                      end of subparagraph (i) and inserting “.” in lieu thereof, and (iii)
                      deleting the final paragraph
                      thereof.

                  

          

          

          
            	 	
                    (vii)

                  	
                    Local
                      Business Day. The definition of Local Business Day in Section
                      14 is hereby
                      amended by the addition of the words “or any Credit Support Document”
                      after “Section 2(a)(i)” and the addition of the words “or Credit Support
                      Document” after “Confirmation”. 

                  

          

          

          
            	
                    (c)

                  	
                    Additional
                      Termination Events. The
                      following Additional Termination Events will
                      apply:

                  

          

          

          
            	(i)           	
                    First
                      Rating Trigger Collateral.
                      If
                      (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                      occurred and been continuing for 30 or more Local Business
                      Days and (B)
                      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, 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. 

                  

          

          

          
            	(ii)           	
                    Second
                      Rating Trigger Replacement.
                      If
                      (A) a Required Ratings Downgrade Event has occurred and been
                      continuing
                      for 30 or more Local Business Days and (B) (i) at least one
                      Eligible
                      Replacement has made a Firm Offer to be the transferee of all
                      of Party A’s
                      rights and obligations under this Agreement (and such Firm
                      Offer remains
                      an offer that will become legally binding upon such Eligible
                      Replacement
                      upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                      has made
                      a Firm Offer to provide an Eligible Guarantee (and such Firm
                      Offer remains
                      an offer that will become legally binding upon such Eligible
                      Guarantor
                      immediately upon acceptance by the offeree), 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. 

                  

          

          

          
            	 	
                    (iii)

                  	
                    Amendment
                      of Indenture.
                      If, without the prior written consent of Party A where such
                      consent is
                      required under the Indenture (such consent not to be unreasonably
                      withheld), an amendment is made to the Indenture which amendment
                      could
                      reasonably be expected to have a material adverse effect on
                      the interests
                      of Party A (excluding, for the avoidance of doubt, any amendment
                      to the
                      Indenture that is entered into solely for the purpose of appointing
                      a
                      successor servicer, master servicer, securities administrator,
                      trustee or
                      other service provider) under this Agreement, an Additional
                      Termination
                      Event shall have occurred with respect to Party B and Party
                      B shall be the
                      sole Affected Party with respect to such Additional Termination
                      Event.
                      

                  

          

           

          
            	 	
                    (iv)

                  	
                    Compliance
                      with Regulation AB. If,
                      upon the occurrence of a Swap Disclosure Event (as defined
                      in Part 5(e)
                      below) Party
                      A
                      has not, within 15 days after such Swap Disclosure Event complied
                      with any
                      of the provisions set forth in Part 5(e)(ii) 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.

                  

          

           

          
            	
                    (d)

                  	
                    Required
                      Ratings Downgrade Event.
                      In
                      the event that no Relevant Entity has credit ratings at least
                      equal to the
                      Required Ratings Threshold, then Party A shall, as soon as
                      reasonably
                      practicable and so long as a Required Ratings Downgrade Event
                      is in
                      effect, at its own expense, using commercially reasonable efforts,
                      procure
                      either (A) a Permitted Transfer or (B) an Eligible
                      Guarantee.

                  

          

           

          (e)
             Compliance
            with Regulation AB.
            Party A
            agrees and acknowledges that American Home Mortgage Assets LLC (the “Depositor”)
            is required under Regulation AB under the Securities Act of 1933, as
            amended,
            and the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
            (“Regulation AB”), to disclose certain financial information regarding Party A
            or its group of affiliated entities, if applicable, depending on the
            aggregate
“significant percentage” of this Agreement and any other derivative contracts
            between Party A or its group of affiliated entities, if applicable, and
            Party B,
            as calculated from time to time in accordance with Item 1115 of Regulation
            AB.

           

          
            	 	
                    (i)

                  	
                    It
                      shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
                      Business Day after the date hereof, the Depositor requests
                      from Party A
                      the applicable financial information described in Item 1115
                      of Regulation
                      AB (such request to be based on a reasonable determination
                      by the
                      Depositor, in good faith, that such information is required
                      under
                      Regulation AB) (the “Swap Financial
                      Disclosure”).

                  

          

           

          
            	 	
                    (ii)
                      

                  	
                    Upon
                      the occurrence of a Swap Disclosure Event, Party A, at its
                      own expense,
                      shall (1)(a) either (i) provide to the Depositor and the Securities
                      Administrator the current Swap Financial Disclosure in an EDGAR-compatible
                      format (for example, such information may be provided in Microsoft
                      Word®
                      or Microsoft Excel® format but not in .pdf format) or (ii) provide written
                      consent to the Depositor and the Securities Administrator to
                      incorporation
                      by reference of such current Swap Financial Disclosure as is
                      filed with
                      the Securities and Exchange Commission in the Exchange Act
                      Reports of the
                      Depositor, (b) if applicable, cause its outside accounting
                      firm to provide
                      its consent to filing or incorporation by reference in the
                      Exchange Act
                      Reports of the Depositor of such accounting firm’s report relating to
                      their audits of such current Swap Financial Disclosure, and
                      (c) provide to
                      the Depositor and the Securities Administrator any updated
                      Swap Financial
                      Disclosure with respect to Party A or any entity that consolidates
                      Party A
                      within five days of the release of any such updated Swap Financial
                      Disclosure; (2) secure by Permitted Transfer another entity
                      to replace
                      Party A as party to this Agreement on terms substantially similar
                      to this
                      Agreement which entity (or a guarantor therefore) meets or
                      exceeds the
                      Approved Rating Thresholds and which satisfies the Rating Agency
                      Condition
                      and which entity is able to comply with the requirements of
                      Item 1115 of
                      Regulation AB or (3) obtain a guaranty of the Party A’s obligations under
                      this Agreement from an affiliate of the Party A, subject to
                      the Rating
                      Agency Condition, that is able to comply with the financial
                      information
                      disclosure requirements of Item 1115 of Regulation AB, such
                      that
                      disclosure provided in respect of the affiliate will satisfy
                      any
                      disclosure requirements applicable to the Swap Provider, and
                      cause such
                      affiliate to provide Swap Financial Disclosure. If permitted
                      by Regulation
                      AB, any required Swap Financial Disclosure may be provided
                      by
                      incorporation by reference from reports filed pursuant to the
                      Exchange
                      Act. 

                  

          

           

          
            	 	
                    (iii)

                  	
                    Party
                      A and the primary obligor under any Credit Support Document
                      agree that, in
                      the event that Party A provides Swap Financial Disclosure to
                      the Depositor
                      and the Securities Administrator in accordance with Part 5(ii)
                      or causes
                      its affiliate to provide Swap Financial Disclosure to the Depositor
                      and
                      the Securities Administrator in accordance with Part 5(ii),
                      Party A and
                      such primary obligor will indemnify and hold harmless the Depositor,
                      the
                      Trustee, the Grantor Trust Trustee and the Securities Administrator,
                      their
                      respective directors or officers and any person controlling
                      any such
                      party, 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 such Swap Financial Disclosure
                      or caused by
                      any omission or alleged omission to state in such Swap Financial
                      Disclosure a material fact, when considered in conjunction
                      with any other
                      information regarding Party A or the derivative instrument
                      being written
                      by Party A in the final prospectus for American Home Mortgage
                      Investment
                      Trust 2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                      Series
                      2007-1, required to be stated therein or necessary to make
                      the statements
                      therein, in light of the circumstances under which they were
                      made, not
                      misleading. 

                  

          

           

          
            	 	
                    (iv)

                  	
                    The
                      Depositor shall be an express third party beneficiary of this
                      Agreement as
                      if a party hereto and as if all references to Grantor Trust
                      Trustee’s
                      rights in Part 5(e) (“Compliance with Regulation AB”) directly above were
                      also references to Depositor’s
                      rights.

                  

          

           

          
            	
                    (f)

                  	
                    Transfers. 

                  

          

           

          (i)          
             Section
            7
            is hereby amended to read in its entirety as follows:

           

          “Except
            with respect to (a) any Permitted Transfer pursuant to Section 6(b)(ii),
            Part
            5(d), and Part 5(e), or the succeeding sentence, or (b) a Permitted Security
            Interest, neither Party A nor Party B is permitted to assign, novate
            or transfer
            (whether by way of security or otherwise) as a whole or in part any of
            its
            rights, obligations or interests under the Agreement or any Transaction
            unless
            (a) the prior written consent of the other party is obtained and (b)
            the Rating
            Agency Condition has been satisfied with respect to S&P. At any time at
            which no Relevant Entity has credit ratings at least equal to the Approved
            Ratings Threshold, Party A may make a Permitted Transfer.” 

           

          
            	 	
                    (ii)

                  	
                    If
                      an Eligible Replacement has made a Firm Offer (which remains
                      an offer that
                      will become legally binding upon acceptance by Party B) to
                      be the
                      transferee pursuant to a Permitted Transfer, Party B shall,
                      at Party A’s
                      written request and at Party A’s expense, execute such documentation
                      provided to it as reasonably deemed necessary by Party B to
                      effect such transfer. 

                  

          

           

          
            	
                    (g)

                  	
                    Non-Recourse.
                      Party A acknowledges and agrees that, notwithstanding any provision
                      in
                      this Agreement to the contrary, the obligations of Party B
                      hereunder are
                      limited recourse obligations of Party B, payable solely from
                      the Grantor
                      Trust and the proceeds thereof, in accordance with the priority
                      of
                      payments and other terms of the Indenture and that Party A
                      will not have
                      any recourse to any of the directors, officers, agents, employees,
                      shareholders or affiliates of Party B with respect to any claims,
                      losses,
                      damages, liabilities, indemnities or other obligations in connection
                      with
                      any transactions contemplated hereby. In the event that the
                      Grantor Trust
                      and the proceeds thereof, should be insufficient to satisfy
                      all claims
                      outstanding and following the realization of the account held
                      by the
                      Grantor Trust and the proceeds thereof, any claims against
                      or obligations
                      of Party B under the ISDA Master Agreement or any other confirmation
                      thereunder still outstanding shall be extinguished and thereafter
                      not
                      revive. The Grantor Trust Trustee and the Securities Administrator
                      shall
                      not have liability for any failure or delay in making a payment
                      hereunder
                      to Party A due to any failure or delay in receiving amounts
                      in the account
                      held by the Grantor Trust from the Trust created pursuant to
                      the
                      Indenture. This provision will survive the termination of this
                      Agreement.

                  

          

          

          
            	
                    (h)

                  	
                    Timing
                      of Payments by Party B upon Early Termination.
                      Notwithstanding anything to the contrary in Section 6(d)(ii),
                      to the
                      extent that all or a portion (in either case, the “Unfunded Amount”) of
                      any amount that is calculated as being due in respect of any
                      Early
                      Termination Date under Section 6(e) from Party B to Party A
                      will be paid
                      by Party B from amounts other than any upfront payment paid
                      to Party B by
                      an Eligible Replacement that has entered a Replacement Transaction
                      with
                      Party B, then such Unfunded Amount shall be due on the next
                      subsequent
                      Note Payment Date following the date on which the payment would
                      have been
                      payable as determined in accordance with Section 6(d)(ii),
                      and on any
                      subsequent Note Payment Dates until paid in full (or if such
                      Early
                      Termination Date is the final Note Payment Date, on such final
                      Note
                      Payment Date); provided, however, that if the date on which
                      the payment
                      would have been payable as determined in accordance with Section
                      6(d)(ii)
                      is a Note Payment Date, such payment will be payable on such
                      Note Payment
                      Date.

                  

          

          

          
            	
                    (i)

                  	
                    Rating
                      Agency Notifications.
                      Notwithstanding any other provision of this Agreement, no Early
                      Termination Date shall be effectively designated hereunder
                      by Party B and
                      no transfer of any rights or obligations under this Agreement
                      shall be
                      made by either party unless each Swap Rating Agency has been
                      given prior
                      written notice of such designation or transfer.

                  

          

          

          
            	
                    (j)

                  	
                    No
                      Set-off.
                      Except as expressly provided for in Section 2(c), Section 6
                      or Part
                      1(f)(i)(D) hereof, and notwithstanding any other provision
                      of this
                      Agreement or any other existing or future agreement, each party
                      irrevocably waives any and all rights it may have to set off,
                      net, recoup
                      or otherwise withhold or suspend or condition payment or performance
                      of
                      any obligation between it and the other party hereunder against
                      any
                      obligation between it and the other party under any other agreements.
                      Section 6(e) shall be amended by deleting the following sentence:
“The
                      amount, if any, payable in respect of an Early Termination
                      Date and
                      determined pursuant to this Section will be subject to any
                      Set-off.”.

                  

          

           

          
            	
                    (k)

                  	
                    Amendment.
                      Notwithstanding any provision to the contrary in this Agreement,
                      no
                      amendment of either this Agreement or any Transaction under
                      this Agreement
                      shall be permitted by either party unless each of the Swap
                      Rating Agencies
                      has been provided prior written notice of the same and such
                      amendment
                      satisfies the Rating Agency Condition with respect to
                      S&P.

                  

          

          

          
            	
                    (l)

                  	
                    Notice
                      of Certain Events or Circumstances.
                      Each Party agrees, upon learning of the occurrence or existence
                      of any
                      event or condition that constitutes (or that with the giving
                      of notice or
                      passage of time or both would constitute) an Event of Default
                      or
                      Termination Event with respect to such party, promptly to give
                      the other
                      Party and to each Swap Rating Agency notice of such event or
                      condition;
                      provided that failure to provide notice of such event or condition
                      pursuant to this Part 5(l) shall not constitute an Event of
                      Default or a
                      Termination Event.

                  

          

           

          
            
              	
                      (m)

                    	
                      Proceedings.
                        No
                        Relevant Entity shall institute against, or cause any other
                        person to
                        institute against, or join any other person in instituting
                        against Party
                        B, the Grantor Trust or the trust formed pursuant to the
                        Indenture, in any
                        bankruptcy, reorganization, arrangement, insolvency or liquidation
                        proceedings or other proceedings under any federal or state
                        bankruptcy or
                        similar law for a period of one year (or, if longer, the
                        applicable
                        preference period) and one day following payment in full
                        of the
                        Certificates and any Notes. This provision will survive the
                        termination of
                        this Agreement.

                    

            

             

          

          
            	
                    (n)

                  	
                    Grantor
                      Trust Trustee Liability Limitations.
                      It
                      is expressly understood and agreed by the parties hereto that
                      (a) this
                      Agreement is executed by Deutsche Bank Trust Company Americas
                      (“Deutsche”)
                      not in its individual capacity, but solely as Grantor Trust
                      Trustee under
                      the Indenture in the exercise of the powers and authority conferred
                      and
                      invested in it thereunder; (b) Deutsche has been directed pursuant
                      to the
                      Indenture to enter into this Agreement and to perform its obligations
                      hereunder and nothing herein contained shall be construed as
                      creating any
                      liability for Deutsche, individually or personally, to perform
                      any
                      covenant (either express or implied) contained herein, and
                      all such
                      liability, if any, is hereby expressly waived by the parties
                      hereto, and
                      such waiver shall bind any third party making a claim by or
                      through one of
                      the parties hereto; (c) each of the representations, undertakings
                      and
                      agreements herein made on behalf of Party B is made and intended
                      not as
                      personal representations of the Grantor Trust but is made and
                      intended for
                      the purpose of binding only Party B; and (d) under no circumstances
                      shall
                      Deutsche in its individual capacity be personally liable for
                      any payments
                      hereunder or for the breach or failure of any obligation, representation,
                      warranty or covenant made or undertaken under this
                      Agreement.

                  

          

          

          
            	
                    (o)

                  	
                    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) in any respect,
                      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; provided, however, that this severability provision
                      shall not be
                      applicable if any provision of Section 2, 5, 6, or 13 (or any
                      definition
                      or provision in Section 14 to the extent it relates to, or
                      is used in or
                      in connection with any such Section) shall be so held to be
                      invalid or
                      unenforceable. 

                  

          

          

          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. 

          

          
            	
                    (p)

                  	
                    Agent
                      for Party B.
                      Party A acknowledges that the Issuing
                      Entity has appointed the Grantor Trust Trustee
                      and the Securities Administrator as its agents under the Indenture
                      to
                      carry out certain functions on behalf of Party B, and that
                      the Grantor
                      Trust Trustee and Securities Administrator shall be entitled
                      to give
                      notices and to perform and satisfy the obligations of Party
                      B hereunder on
                      behalf of Party B. 

                  

          

           

          
            	
                    (q)

                  	
                    Escrow
                      Payments.
                      If
                      (whether by reason of the time difference between the cities
                      in which
                      payments are to be made or otherwise) it is not possible for
                      simultaneous
                      payments to be made on any date on which both parties are required
                      to make
                      payments hereunder, either Party may at its option and in its
                      sole
                      discretion notify the other Party that payments on that date
                      are to be
                      made in escrow. In this case deposit of the payment due earlier
                      on that
                      date shall be made by 2:00 pm (local time at the place for
                      the earlier
                      payment) on that date with an escrow agent selected by the
                      notifying
                      party, accompanied by irrevocable payment instructions (i)
                      to release the
                      deposited payment to the intended recipient upon receipt by
                      the escrow
                      agent of the required deposit of any corresponding payment
                      payable by the
                      other party on the same date accompanied by irrevocable payment
                      instructions to the same effect or (ii) if the required deposit
                      of the
                      corresponding payment is not made on that same date, to return
                      the payment
                      deposited to the party that paid it into escrow. The party
                      that elects to
                      have payments made in escrow shall pay all costs of the escrow
                      arrangements.

                  

          

           

          
            	
                    (r)

                  	
                    Consent
                      to Recording.
                      Each party hereto consents to the monitoring or recording,
                      at any time and
                      from time to time, by the other party of any and all communications
                      between trading, marketing, and operations personnel of the
                      parties and
                      their Affiliates, waives any further notice of such monitoring
                      or
                      recording, and agrees to notify such personnel of such monitoring
                      or
                      recording. 

                  

          

          

          
            	
                    (s)

                  	
                    Waiver
                      of Jury Trial.
                      Each party waives any right it may have to a trial by jury
                      in respect of
                      any suit, action or proceeding relating to this Agreement or
                      any Credit
                      Support Document. 

                  

          

          

          
            	
                    (t)

                  	
                    Form
                      of ISDA Master Agreement.
                      Party A and Party B hereby agree that the text of the body
                      of the ISDA
                      Master Agreement is intended to be the printed form of the
                      ISDA Master
                      Agreement (Multicurrency - Crossborder) as published and copyrighted
                      in
                      1992 by the International Swaps and Derivatives Association,
                      Inc.

                  

          

          

          
            	
                    (u)

                  	
                    Payment
                      Instructions.
                      Party A hereby agrees that, unless notified in writing by Party
                      B of other
                      payment instructions, any and all amounts payable by Party
                      A to Party B
                      under this Agreement shall be paid to the account specified
                      in Item 4 of
                      this Confirmation, below. 

                  

          

          

          
            	
                    (v)

                  	
                    Additional
                      representations.

                  

          

          

          
            	 	
                    (i)

                  	
                    Representations
                      of Party A. Party A represents to Party B on the date on which
                      Party A
                      enters into each Transaction
                      that:--

                  

          

           

          Party
            A’s
            obligations under this Agreement rank pari passu with all of Party A’s other
            unsecured, unsubordinated obligations except those obligations preferred
            by
            operation of law.

          

          
            	 	
                    (ii)

                  	
                    Capacity.
                      Party A represents to Party B on the date on which Party A
                      enters into
                      this Agreement that it is entering into the Agreement and the
                      Transaction
                      as principal and not as agent of any person. The Grantor Trust
                      Trustee
                      represents to Party A on the date on which the Grantor Trust
                      Trustee
                      executes this Agreement that it is executing the Agreement
                      in its capacity
                      as the Grantor Trust Trustee, pursuant to the
                      Indenture.

                  

          

           

          
            	
                    (w)

                  	
                    Acknowledgements.

                  

          

          

          
            	 	
                    (i)

                  	
                    Substantial
                      financial transactions. Each party hereto is hereby advised
                      and
                      acknowledges as of the date hereof that the other party has
                      engaged in (or
                      refrained from engaging in) substantial financial transactions
                      and has
                      taken (or refrained from taking) other material actions in
                      reliance upon
                      the entry by the parties into the Transaction being entered
                      into on the
                      terms and conditions set forth herein and in the Indenture
                      relating to
                      such Transaction, as applicable. This paragraph shall be deemed
                      repeated
                      on the trade date of each
                      Transaction.

                  

          

           

          
            	 	
                    (ii)

                  	
                    Bankruptcy
                      Code. Subject to Part 5(m), without limiting the applicability
                      if any, of
                      any other provision of the U.S. Bankruptcy Code as amended
                      (the
                      “Bankruptcy Code”) (including without limitation Sections 362, 546, 556,
                      and 560 thereof and the applicable definitions in Section 101
                      thereof),
                      the parties acknowledge and agree that all Transactions entered
                      into
                      hereunder will constitute “forward contracts” or “swap agreements” as
                      defined in Section 101 of the Bankruptcy Code or “commodity contracts” as
                      defined in Section 761 of the Bankruptcy Code, that the rights
                      of the
                      parties under Section 6 of this Agreement will constitute contractual
                      rights to liquidate Transactions, that any margin or collateral
                      provided
                      under any margin, collateral, security, pledge, or similar
                      agreement
                      related hereto will constitute a “margin payment” as defined in Section
                      101 of the Bankruptcy Code, and that the parties are entities
                      entitled to
                      the rights under, and protections afforded by, Sections 362,
                      546, 556, and
                      560 of the Bankruptcy Code.

                  

          

           

          
            	
                    (x)

                  	
                    Permitted
                      Security Interest. 

                  

          

           

          Party
            A
            hereby acknowledges and consents to the Permitted Security Interest.
            

           

          “Permitted
            Security Interest” means the collateral assignment by Party B of the Swap
            Collateral to the Indenture Trustee pursuant to the Indenture and any
            transfer
            of such rights pursuant to an exercise of creditor’s remedies in respect of such
            collateral assignment, and the granting to the Indenture Trustee of a
            first
            priority security interest in the Swap Collateral pursuant to the
            Indenture.

           

          “Swap
            Collateral” means all right, title and interest of Party B in this Agreement,
            each Transaction hereunder, and all present and future amounts payable
            by Party
            A to Party B under or in connection with the Agreement or any Transaction
            governed by the Agreement, including, without limitation, any transfer
            or
            termination of any such Transaction. 

           

          
            	
                    (y)

                  	
                    [Reserved]

                  

          

           

          
            
              	
                      (z)

                    	
                      Additional
                        Definitions. 

                    

            

          

           

          As
            used
            in this Agreement, the following terms shall have the meanings set forth
            below,
            unless the context clearly requires otherwise: 

           

          “Approved
            Ratings Threshold” means each of the S&P Approved Ratings Threshold and the
            Moody’s First Trigger Ratings Threshold.

          

          “Approved
            Replacement” means, with respect to a Market Quotation, an entity making such
            Market Quotation, which entity would satisfy conditions (a), (b), (c),
            (d) and
            (e) of the definition of Permitted Transfer (as determined by Party B
            in its
            sole discretion, acting in a commercially reasonable manner) if such
            entity were
            a Transferee, as defined in the definition of Permitted Transfer.

          

          “Derivative
            Provider Trigger Event” means (i) an Event of Default with respect to which
            Party A is a Defaulting Party, (ii) a Termination Event with respect
            to which
            Party A is the sole Affected Party or (iii) an Additional Termination
            Event with
            respect to which Party A is the sole Affected Party.

          

          “Eligible
            Guarantee” means an unconditional and irrevocable guarantee of all present and
            future obligations (for the avoidance of doubt, not limited to payment
            obligations) of Party A or an Eligible Replacement to Party B under this
            Agreement that is provided by an Eligible Guarantor as principal debtor
            rather
            than surety and that is directly enforceable by Party B, the form and
            substance
            of which guarantee are subject to the Rating Agency Condition with respect
            to
            S&P, and 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 Tax
            collected by withholding or
            (B)
            such guarantee provides that, in the event that any of such guarantor’s payments
            to Party B are subject to Tax collected by withholding, 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 Tax collected
            by
            withholding) will equal the full amount Party B would have received had
            no such
            withholding been required.

          

          “Eligible
            Guarantor” means an entity that (A) has credit ratings from S&P at least
            equal to the S&P Approved Ratings Threshold and (B) has credit ratings from
            Moody’s at least equal to the Moody’s Second Trigger Required Ratings Threshold,
            provided, for the avoidance of doubt, that an Eligible Guarantee of an
            Eligible
            Guarantor with credit ratings below the Moody’s First Trigger Approved Ratings
            Threshold will not cause a Collateral Event (as defined in the Credit
            Support
            Annex) not to occur or continue with respect to Moody’s, in each case certified
            by such entity to Party B. 

          

          “Eligible
            Replacement” means an entity (i) (a) that has credit ratings from S&P at
            least equal to the S&P Approved Ratings Threshold, and (b) has credit
            ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
            Threshold, provided, for the avoidance of doubt, that an Eligible Replacement
            with credit ratings below the Moody’s First Trigger Ratings Threshold will not
            cause a Collateral Event (as defined in the Credit Support Annex) not
            to occur
            or continue with respect to Moody’s, or (ii) the present and future obligations
            (for the avoidance of doubt, not limited to payment obligations) of which
            entity
            to Party B under this Agreement are guaranteed pursuant to an Eligible
            Guarantee, in each case certified by such entity to Party B.

          

          “Estimated
            Swap Termination Payment” means, with respect to an Early Termination Date, an
            amount determined by Party A in good faith and in a commercially reasonable
            manner as the maximum payment that could be owed by Party B to Party
            A in
            respect of such Early Termination Date pursuant to Section 6(e) of the
            ISDA
            Master Agreement, taking into account then current market
            conditions.

          

          “Firm
            Offer” means (A) with respect to an Eligible Replacement, a quotation from such
            Eligible Replacement (i) in an amount equal to the actual amount payable
            by or
            to Party B in consideration of an agreement between Party B and such
            Eligible
            Replacement to replace Party A as the counterparty to this Agreement
            by way of
            novation or, if such novation is not possible, an agreement between Party
            B and
            such Eligible Replacement to enter into a Replacement Transaction (assuming
            that
            all Transactions hereunder become Terminated Transactions), and (ii)
            that
            constitutes an offer by such Eligible Replacement to replace Party A
            as the
            counterparty to this Agreement or enter a Replacement Transaction that
            will
            become legally binding upon such Eligible Replacement upon acceptance
            by Party
            B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
            Guarantor to provide an Eligible Guarantee that will become legally binding
            upon
            such Eligible Guarantor upon acceptance by the offeree.

          

          “Moody’s”
            means Moody’s Investors Service, Inc., or any successor thereto. 

          

          “Moody’s
            First Trigger Ratings Event” means that no Relevant Entity has credit ratings
            from Moody’s at least equal to the Moody’s First Trigger Ratings Threshold.

          

          “Moody’s
            First Trigger Ratings
            Threshold” means, with respect to Party A, the guarantor under an Eligible
            Guarantee or an Eligible Replacement, (i) if such entity has a short-term
            unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
            unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
            short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
            or (ii) if such entity does not have a short-term unsecured and unsubordinated
            debt rating or counterparty rating from Moody’s, a long-term unsecured and
            unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

          

          “Moody’s
            Second Trigger Ratings Event” means that no Relevant Entity has credit ratings
            from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold.

          

          “Moody’s
            Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor
            under an Eligible Guarantee or an Eligible Replacement, (i) if such entity
            has a
            short-term unsecured and unsubordinated debt rating from Moody’s, a long-term
            unsecured and unsubordinated debt rating or counterparty rating from
            Moody’s of
“A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of
“Prime-2”, or (ii) if such entity does not have a short-term unsecured and
            unsubordinated debt rating from Moody’s, a long-term unsecured and
            unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.

          

          “Permitted
            Transfer” means a transfer by novation by Party A pursuant to Section 6(b)(ii),
            Part 5(d), Part 5(e) , or the second sentence of Section 7 (as amended
            herein)
            to a transferee (the “Transferee”) of all, but not less than all, of Party A’s
            rights, liabilities, duties and obligations under this Agreement, with
            respect to which transfer each of the following conditions is
            satisfied:
            (a) the
            Transferee is an Eligible Replacement (b) Party A and the Transferee
            are both
“dealers in notional principal contracts” within the meaning of Treasury
            regulations section 1.1001-4; (c) as of the date of such transfer the
            Transferee
            would not be required to withhold or deduct on account of Tax from any
            payments
            under this Agreement or would be required to gross up for such Tax under
            Section
            2(d)(i)(4); (d) an Event of Default or Termination Event would not occur
            as a
            result of such transfer; (e) pursuant to a written instrument (the “Transfer
            Agreement”), the Transferee acquires and assumes all rights and obligations of
            Party A under the Agreement and the relevant Transaction; (f) Party B
            shall have
            determined, in its sole discretion, acting in a commercially reasonable
            manner,
            that such Transfer Agreement is effective to transfer to the Transferee
            all, but
            not less than all, of Party A’s rights and obligations under the Agreement and
            all relevant Transactions; (g) Party A will be responsible for any costs
            or
            expenses incurred in connection with such transfer (including any replacement
            cost of entering into a replacement transaction); (h) either (A) Moody’s has
            been given prior written notice of such transfer and the Rating Agency
            Condition
            is satisfied with respect to S&P or (B) each Swap Rating Agency has been
            given prior written notice of such transfer and such transfer is in connection
            with the assignment and assumption of this Agreement without modification
            of its
            terms, other than party names, dates relevant to the effective date of
            such
            transfer, tax representations (provided that the representations in Part
            2(a)(i)
            are not modified) and any other representations regarding the status
            of the
            substitute counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2)
            or Part 5(v)(ii), notice information and account details; and (i) such
            transfer
            otherwise complies with the terms of the Indenture.

           

          “Rating
            Agency Condition” means, with respect to any particular proposed act or omission
            to act hereunder and each Swap Rating Agency specified in connection
            with such
            proposed act or omission, that the party acting or failing to act must
            consult
            with each of the specified Swap Rating Agencies and receive from each
            such Swap
            Rating Agency a prior written confirmation that the proposed action or
            inaction
            would not cause a downgrade or withdrawal of the then-current rating
            of any
            Certificates or Notes.

          

          “Relevant
            Entity” means Party A and, to the extent applicable, a guarantor under an
            Eligible Guarantee.

          

          “Replacement
            Transaction” means, with respect to any Terminated Transaction or group of
            Terminated Transactions, a transaction or group of transactions that
            (i) would
            have the effect of preserving for Party B 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 Transaction or group
            of
            Terminated Transactions that would, but for the occurrence of the relevant
            Early
            Termination Date, have been required after that Date, and (ii) has terms
            which
            are substantially the same as this Agreement, including, without limitation,
            rating triggers, Regulation AB compliance, and credit support documentation,
            save for the exclusion of provisions relating to Transactions that are
            not
            Terminated Transaction, as determined by Party B in its sole discretion,
            acting
            in a commercially reasonable manner.

          

          “Required
            Ratings Downgrade Event” means that no Relevant Entity has credit ratings at
            least equal to the Required Ratings Threshold. 

          

          “Required
            Ratings Threshold” means each of the S&P Required Ratings Threshold and the
            Moody’s Second Trigger Ratings Threshold.

          

          “S&P”
            means Standard & Poor's Rating Services, a division of The McGraw-Hill
            Companies, Inc., or any successor thereto. 

          

          “S&P
            Approved Ratings Threshold” means, with respect to Party A, the guarantor under
            an Eligible Guarantee or an Eligible Replacement, a short-term unsecured
            and
            unsubordinated debt rating from S&P of “A-1+”, or, if such entity does not
            have a short-term unsecured and unsubordinated debt rating from S&P, a
            long-term unsecured and unsubordinated debt rating or counterparty rating
            from
            S&P of “AA-”.

          

          “S&P
            Required Ratings Threshold” means, with respect to Party A, the guarantor under
            an Eligible Guarantee or an Eligible Replacement, a long-term unsecured
            and
            unsubordinated debt rating or counterparty rating from S&P of
“BBB+”.

          

          “Swap
            Rating Agencies” means, with respect to any date of determination, each of
            S&P and Moody’s, to the extent that each such rating agency is then
            providing a rating for any of the American Home Mortgage Investment Trust
            2007-1, Mortgage-Backed Notes and Grantor Trust Certificates, Series
            2007-1 (the
“Certificates”) or any notes backed by the Certificates (the
“Notes”).

          

          [Remainder
            of this page intentionally left blank.]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          4.        
             Account
            Details and Settlement Information: 

           

          
            	
                    Payments
                      to Party A:

                  	
                    Account
                      with bank:

                  
	 	
                    DB
                      Trust Co Americas

                  
	 	
                    ABA
                      021001033

                  
	 	
                    BKTRUS33

                  
	 	 
	 	
                    Beneficiary:

                  
	 	
                    Deutsche
                      Bank AG New York

                  
	 	
                    a/c:
                      01473969 

                  
	 	
                    Global
                      No. N593886N

                  
	 	 
	
                    Payments
                      to Party B:

                  	
                    Wells
                      Fargo Bank, N.A.

                  
	 	
                    ABA
                      #: 121-000-248

                  
	 	
                    Account
                      Name: SAS Clearing

                  
	 	
                    Account
                      #: 3970771416

                  
	 	
                    FFC
                      to: AHMIT 2007-1, Class A-1-B Swap Account #
                      53135403

                  

          

          

          This
            Agreement may be executed in several counterparts, each of which shall
            be deemed
            an original but all of which together shall constitute one and the same
            instrument.

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          We
            are
            very pleased to have executed this Transaction with you and we look forward
            to
            completing other transactions with you in the near future.

          

          Very
            truly yours,

          

          DEUTSCHE
            BANK AG, NEW YORK BRANCH

          

          

          
            	
                    By:

                  	 	
                    By:

                  
	 	 	 
	
                    Name:

                  	 	
                    Name:

                  
	
                    Authorized
                      Signatory

                  	 	
                    Authorized
                      Signatory

                  

          

          

          

          

          Party
            B,
            acting through its duly authorized signatory, hereby agrees to, accepts
            and
            confirms the terms of the foregoing as of the date hereof.

          

          Deutsche
            Bank National Trust Company, not in its individual capacity, but solely
            as
            Grantor Trust Trustee for the Grantor Trust with respect to American
            Home
            Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor Trust
            Certificates, Series 2007-1

          

          

          

          
            	
                    By:

                  	 
	 	
                    Name:

                  
	 	
                    Title:

                  

          

          

          

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          Annex
            A

          

          Paragraph
            13 of the Credit Support Annex

          

          

          
            	 	 

          

           

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

           

          
            
               
ANNEX
              A

            

            ISDA®

            CREDIT
              SUPPORT ANNEX

            to
              the
              Schedule to the

            ISDA
              Master Agreement

            dated
              as
              of March 30, 2007 between

            Deutsche
              Bank AG, New York Branch (hereinafter referred to as “Party
              A”
              or
“Pledgor”)

            and

            Deutsche
              Bank National Trust Company, not in its individual capacity, but solely
              as
              Grantor Trust Trustee for the Grantor Trust with respect to American
              Home
              Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor
              Trust
              Certificates, Series 2007-1 (the
“
              Grantor Trust”, 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 Confirmation dated March 30, 2007, between
              Party A
              and Party B, N593886N.

            

             

            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”
                        shall not apply. For purposes of calculating any Delivery
                        Amount or Return
                        Amount 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, as provided in Paragraphs 13(b)(i)(A) and
                        13(b)(i)(B),
                        above.

                    

            

             

            
              	(ii)  	
                      Eligible
                        Collateral.
                        

                    

            

             

            On
              any
              date, the following items will qualify as “Eligible
              Collateral”
(for
              the avoidance of doubt, all Eligible Collateral to be denominated in
              USD):

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

             

            
              	
                       

                      Collateral
                        

                    	
                      S&P

                      Valuation
                        

                      Percentage

                    	
                      Moody’s
                        

                      First
                        Trigger Valuation
                        Percentage

                    	
                      Moody’s
                        

                      Second
                        Trigger Valuation
                        Percentage

                    
	
                      (A)  Cash

                    	
                      100%

                    	
                      100%

                    	
                      100%

                    
	
                      (B)  Fixed-rate
                        negotiable debt obligations issued by the U.S. Treasury Department
                        having
                        a remaining maturity on such date of not more than one
                        year

                    	
                      98.5%

                    	
                      100%

                    	
                      100%

                    
	
                      (C)  Fixed-rate
                        negotiable debt obligations issued by the U.S. Treasury Department
                        having
                        a remaining maturity on such date of more than one year but
                        not more than
                        ten years

                    	
                      89.9%

                    	
                      100%

                    	
                      94%

                    
	
                      (D)  Fixed-rate
                        negotiable debt obligations issued by the U.S. Treasury Department
                        having
                        a remaining maturity on such date of more than ten years

                    	
                      83.9%

                    	
                      100%

                    	
                      87%

                    

            

            

             

            
              	(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 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 of any Certificates
                        and the
                        aggregate principal balance of any Notes rated by S&P is at the time
                        of any transfer less 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 10,000.

                    

            

             

            
              	(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
                        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.

                    

            

             

            
              	(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 Support 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 Support; 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, Moody’s First Trigger
                        Value, and 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 Securities
              Administrator
              or (B) any entity other than the entity then serving as Securities
              Administrator
              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: Securities Administrator. 

             

            
              	(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. Posted
                        Collateral
                        in the form of Cash shall be invested in such overnight (or
                        redeemable
                        within two Local Business Days of demand) Permitted Investments
                        rated at
                        least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by
                        Moody’s, as directed by Party A (unless (x) an Event of Default
                        or an
                        Additional Termination Event has occurred with respect to
                        which Party A is
                        the defaulting or sole Affected Party or (y) an Early Termination
                        Date has
                        been designated, in which case such investment shall be held
                        uninvested).
                        Gains and losses incurred in respect of any investment of
                        Posted
                        Collateral in the form of Cash in Permitted Investments as
                        directed by
                        Party A shall be for the account of Party
                        A.

                    

            

             

            
              	(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: 

             

            Wells
              Fargo Bank, N.A. as Securities Administrator  

            9062
              Old
              Annapolis Road 

            Columbia,
              Maryland 21045  

            Attention: Corporate
              Trust Services - AHMIT 2007-1

            Tel:  (410)
              884-2000

            Fax:  (418)
              715-2380

            

             

            
              	(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:                The
              Bank
              of New York

            aba
              #
              021000018

            a/c
              #
              8900603658

            for
              further credit: 

            SAS
              Clearing     

            Acct
              #:
              3970771416

            Re:
              AHMIT
              2007-1, Class A-1-B Collateral Account # 53135408

              

            Party
              B:
 

            Wells
              Fargo Bank, N.A.    

            ABA
              #:
              121-000-248

            Account
              Name: SAS Clearing

            Account
              #: 3970771416

            FFC
              to:
              AHMIT 2007-1,
              Class
              A-1-B Collateral Account
              #
              53135408

            

            
              	(m)  	
                      Other
                        Provisions.

                    

            

             

            
              	(i)  	
                      Collateral
                        Account.
                        Party B shall open and maintain a segregated account, which
                        shall be an
                        Eligible Account, 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) Additional
              Definitions.
              As used
              in this Annex::

             

            “Collateral
              Event” means
              that no Relevant Entity has credit ratings at least equal to the Approved
              Ratings Threshold.

             

            “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,
              for purposes of this Annex: 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 Event” means
              that no Relevant Entity has credit ratings from Moody’s at least equal to the
              Moody’s First Trigger Ratings Threshold.

             

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

             

            
              	 	
                      (I)

                    	
                      (A)

                    	
                      for
                        any Valuation 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) 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
                        Valuation Date and (ii) the sum, for each Transaction to
                        which this Annex
                        relates, of the product of (i) the applicable Moody’s First Trigger Factor
                        set forth in Table 1 and (ii)
                        the
                        Notional Amount for such Transaction for the Calculation
                        Period for such
                        Transaction (each as defined in the related Confirmation)
                        which includes
                        such Valuation Date; or 

                    

            

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II)          
               the
              Threshold for Party A such Valuation Date.

             

            “Moody’s
              First Trigger Value”
              means,
              on any date and with respect to any Eligible Collateral other than
              Cash, the 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).

             

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

             

            
              	 	
                      (I)

                    	
                      (A)

                    	
                      for
                        any Valuation 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 Payments for all Next Payment
                        Dates, and (c)
                        the sum of (x) the Secured Party’s Exposure for such Valuation 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 product of
              (i) the
              applicable Moody’s Second Trigger Factor set forth in Table 2, and (ii) the
              Notional Amount for such Transaction for the Calculation Period for
              such
              Transaction (each as defined in the related Confirmation) which includes
              such
              Valuation Date; or

            

            (2)
              if
              such Transaction is a Transaction-Specific Hedge, the product of (i)
              the
              applicable Moody’s Second Trigger Factor set forth in Table 3 and (ii) the
              Notional Amount for such Transaction for the Calculation Period which
              includes
              such Valuation Date; or 

            

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II)         
               the
              Threshold for Party A for such Valuation Date.

             

            “Moody’s
              Second Trigger Value”
              means,
              on any date and 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).

             

            “Next
              Payment”
              means,
              in respect of each Next Payment Date, the greater of (i) the amount
              of any
              payments due to be made by Party A under Section 2(a) on such Next
              Payment Date
              less any payments due to be made by Party B under Section 2(a) on such
              Next
              Payment Date (in each case, after giving effect to any applicable netting
              under
              Section 2(c)) and (ii) zero.

             

            “Next
              Payment Date”
              means
              each date on which the next scheduled payment under any Transaction
              is due to be
              paid.

             

            “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.

             

            “Remaining
              Weighted Average Maturity” means,
              with respect to a Transaction, the expected weighted average maturity
              for such
              Transaction as determined by the Valuation Agent. 

             

            “S&P
              Approved Ratings Downgrade Event”
              means
              that no Relevant Entity has credit ratings at least equal to the S&P
              Approved Ratings Threshold.

             

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

             

            
              	 	
                      (I)

                    	
                      (A)
                        

                    	
                      for
                        any Valuation Date on which (i) an S&P Approved Ratings Threshold
                        Event has occurred and been continuing for at least 30 days,
                        or (ii) a
                        S&P Required Ratings Downgrade Event has occurred and is continuing,
                        an amount equal to the sum of (a) USD 16,888.86 and (b) if
                        an S&P
                        Interest Rate Collateral Event has occurred and is continuing,
                        an amount
                        equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                        Valuation Date and (2) the sum, for each Transaction to which
                        this Annex
                        relates, of the product of (i) the Volatility Buffer for
                        such Transaction
                        and (ii) the Notional Amount of such Transaction (each as
                        defined in the
                        related Confirmation) for the Calculation Period of such
                        Transaction which
                        includes such Valuation Date, or 

                    

            

             

            
              	 	
                      (B)

                    	
                      for
                        any other Valuation Date, zero,
                        over

                    

            

             

            (II)         
               the
              Threshold for Party A for such Valuation Date.

             

            “S&P
              Interest Rate Collateral Threshold” means,
              with respect to Party A, the guarantor under an Eligible Guarantee
              or an
              Eligible Replacement, a short-term unsecured and unsubordinated debt
              rating from
              S&P of “A-1”, or, if such entity does not have a short-term unsecured and
              unsubordinated debt rating from S&P, a long-term unsecured and
              unsubordinated debt rating or counterparty rating from S&P of “A+”.

             

            “S&P
              Interest Rate Collateral Event”
              means no
              Relevant Entity has credit ratings at least equal to the S&P Interest Rate
              Collateral Threshold.

             

            “S&P
              Required Ratings Downgrade Event”
              means no
              Relevant Entity has credit ratings at least equal to the S&P Required
              Ratings Threshold.

             

            “S&P
              Value”
              means,
              on any date and 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).

             

            “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 (i) an interest rate swap in respect of which (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
              (as defined
              in the related Confirmation) otherwise is not a specific dollar amount
              that is
              fixed at the inception of the Transaction, (ii) an interest rate cap,
              (iii) an
              interest rate floor or (iv) an interest rate swaption.

             

            “Valuation
              Percentage”
              shall
              mean, for purposes of determining the S&P Value, Moody’s First Trigger
              Value, or 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 of such Transaction 

                      up
                        to 3 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 5 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 10 years

                    	
                      Remaining
                        Weighted Average Maturity of such Transaction

                      up
                        to 30 years

                    
	
                      “A-2”
                        or higher

                    	
                      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%

                    

            

            

             

            
              	
                      (n)
                        

                    	
                      Grantor
                        Trust Trustee Liability Limitations. It
                        is expressly understood and agreed by the parties hereto
                        that (a) this
                        Agreement is executed by Deutsche Bank Trust Company Americas
                        (“Deutsche”)
                        not in its individual capacity, but solely as Grantor Trust
                        Trustee under
                        the Pooling and Servicing Agreement in the exercise of the
                        powers and
                        authority conferred and invested in it thereunder; (b) Deutsche
                        has been
                        directed pursuant to the Pooling and Servicing Agreement
                        to enter into
                        this Agreement and to perform its obligations hereunder and
                        nothing herein
                        contained shall be construed as creating any liability for
                        Deutsche,
                        individually or personally, to perform any covenant (either
                        express or
                        implied) contained herein, and all such liability, if any,
                        is hereby
                        expressly waived by the parties hereto, and such waiver shall
                        bind any
                        third party making a claim by or through one of the parties
                        hereto; (c)
                        each of the representations, undertakings and agreements
                        herein made on
                        behalf of Party B is made and intended not as personal representations
                        of
                        the Grantor Trust but is made and intended for the purpose
                        of binding only
                        Party B; and (d) under no circumstances shall Deutsche in
                        its individual
                        capacity be personally liable for any payments hereunder
                        or for the breach
                        or failure of any obligation, representation, warranty or
                        covenant made or
                        undertaken under this Agreement. 

                    

            

             

            [Remainder
              of this page intentionally left blank]

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            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 for Interest Rate Swaps with Fixed Notional
              Amounts

             

            
              	
                      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

             

            
              	
                      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.

             

            

             

            
              	
                      Deutsche
                        Bank AG, New York Branch

                    	 	
                      Deutsche
                        Bank National Trust Company, not
                        in its individual capacity, but solely as Grantor Trust Trustee
                        for the
                        Grantor Trust with respect to American Home Mortgage Investment
                        Trust
                        2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                        Series
                        2007-1

                    
	 	 	 	 	 
	 	 	 	 	 
	
                      By:

                    	 	 	
                      By:

                    	 
	
                      Name:

                    	 	 	
                      Name:

                    	 
	
                      Title:

                    	 	 	
                      Title:

                    	 
	
                      Date:

                    	 	 	
                      Date:

                    	 

            

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

             

            
              
                 

              

              

              
                	 	
                        

                      

              

              

              

              
                	
                        DATE:

                      	
                        March
                          30, 2007

                      
	
                        TO:

                      	
                        Deutsche
                          Bank National Trust Company, not in its individual capacity,
                          but solely as
                          Grantor Trust Trustee for the Grantor Trust with respect
                          to American Home
                          Mortgage Investment Trust 2007-1, Mortgage-Backed Notes
                          and Grantor Trust
                          Certificates, Series 2007-1 

                      
	
                        ATTENTION:

                      	
                        Trust
                          Administration - AH0701

                      
	
                        TELEPHONE:

                      	
                        (714)
                          247-6000

                      
	
                        FACSIMILE:

                      	
                        (714)
                          855-1557

                      
	
                        FROM:

                      	
                        Deutsche
                          Bank AG, New York Branch 

                      
	 	 
	
                        ATTENTION:

                      	
                        New
                          York Derivatives Documentation 

                      
	
                        TELEPHONE:

                      	
                        1
                          212 250 9425 

                      
	
                        FACSIMILE:

                      	
                        1
                          212 797 0779 

                      
	
                        EMAIL:

                      	
                        NYderivative.documentation@db.com

                      
	 	 
	
                        OUR
                          REFERENCE:

                      	
                        Global
                          No. N593884N 

                      
	 	 
	
                        RE:

                      	
                        Interest
                          Rate Swap Transaction

                      

              

              

              The
                purpose of this long-form confirmation (“Confirmation”)
                is to
                confirm the terms and conditions of the current Transaction entered
                into on the
                Trade Date specified below (the “Transaction”) between Deutsche Bank AG, New
                York Branch (“Party A”) and Deutsche Bank National Trust Company, not in its
                individual capacity, but solely as grantor trust trustee (“Grantor Trust
                Trustee”) for the Grantor Trust (“Grantor Trust”) with respect to American Home
                Mortgage Investment
                Trust 2007-1,
                Mortgage-Backed Notes and Grantor Trust Certificates, Series 2007-1
                (“Party B”)
                created under Indenture, dated as of March 30, 2007, among American
                Home
                Mortgage Investment Trust 2007-1 (the “Issuing Entity” or “Trust”), Wells Fargo
                Bank, N.A. (the “Securities Administrator”) and Deutsche Bank National Trust
                Company (the “Trustee”) (the “Indenture”). This Confirmation evidences a
                complete and binding agreement between you and us to enter into the
                Transaction
                on the terms set forth below and replaces any previous agreement
                between us with
                respect to the subject matter hereof. This Confirmation constitutes
                a
“Confirmation” and also constitutes a “Schedule” as referred to in the ISDA
                Master Agreement, and Paragraph 13 of a Credit Support Annex to the
                Schedule.

              

              
                	1.          
                         	
                        This
                          Confirmation shall supplement, form a part of, and be subject
                          to an
                          agreement in the form of the ISDA Master Agreement (Multicurrency
                          - Cross
                          Border) as published and copyrighted in 1992 by the International
                          Swaps
                          and Derivatives Association, Inc. (the “ISDA Master Agreement”), as if
                          Party A and Party B had executed an agreement in such form
                          on the date
                          hereof, with a Schedule as set forth in Item 3 of this
                          Confirmation, and
                          an 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.,
                          with Paragraph 13
                          thereof as set forth in Annex A hereto (the “Credit Support Annex”). For
                          the avoidance of doubt, the Transaction described herein
                          shall be the sole
                          Transaction governed by such ISDA Master Agreement. In
                          the event of any
                          inconsistency among any of the following documents, the
                          relevant document
                          first listed shall govern: (i) this Confirmation, exclusive
                          of the
                          provisions set forth in Item 3 hereof and Annex A hereto;
                          (ii) the
                          provisions set forth in Item 3 hereof, which are incorporated
                          by reference
                          into the Schedule; (iii) the Credit Support Annex; (iv)
                          the Definitions;
                          and (v) the ISDA Master Agreement.

                      

              

              

              Each
                reference herein to a “Section” (unless specifically referencing the Indenture)
                or to a “Section” “of this Agreement” will be construed as a reference to a
                Section of the ISDA Master Agreement; each herein reference to a
“Part” will be
                construed as a reference to the provisions herein deemed incorporated
                in a
                Schedule to the ISDA Master Agreement; each reference herein to a
“Paragraph”
will be construed as a reference to a Paragraph of the Credit Support
                Annex. 

              

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

              

              
                	
                        Type
                          of Transaction:

                      	
                        Interest
                          Rate Swap

                      
	 	 
	
                        Notional
                          Amount:

                      	
                        With
                          respect to any Calculation Period, an amount equal to the
                          Note Principal
                          Balance of the Class A-1-C Notes immediately preceding
                          the Note Payment
                          Date which occurs in the calendar month of the Floating
                          Rate Payer Payment
                          Date for such Calculation Period (determined for this purpose
                          without
                          regard to any adjustment of the Floating Rate Payer Payment
                          Date or Note
                          Payment Date relating to business days). 

                      
	 	 
	 	
                        The
                          CUSIP no. of the Class A-1-C Note is: 026932 AC7

                      
	 	 
	
                        Trade
                          Date:

                      	
                        March
                          28, 2007

                      
	 	 
	
                        Effective
                          Date:

                      	
                        March
                          30, 2007

                      
	 	 
	
                        Termination
                          Date:

                      	
                        The
                          earlier to occur of (i) May 25, 2047 and (ii) the date
                          on which the
                          Notional Amount has been reduced to zero, subject to adjustment
                          in
                          accordance with the Following Business Day Convention;
                          provided, however,
                          that for the purpose of determining the final Floating
                          Rate II Payer
                          Period End Date, Termination Date shall be subject to No
                          Adjustment.

                      
	 	 
	
                        Floating
                          Amount I:

                      	 
	 	 
	
                        Floating
                          Rate I Payer:

                      	
                        Party
                          A

                      
	 	 
	
                        Floating
                          Rate I Payer 

                      	 
	
                        Period
                          End Dates:

                      	
                        The
                          25th day of each month from and including April 25th, 2007,
                          to and
                          including the Termination Date, subject to adjustment in
                          accordance with
                          the Following Business Day Convention.

                      
	 	 
	
                        Floating
                          Rate I Payer 

                      	 
	
                        Payment
                          Dates:

                      	
                        Early
                          Payment shall be applicable. Each Floating Rate I Payer
                          Payment Date shall
                          be one Business Day prior to the related Floating Rate
                          I Payer Period End
                          Date.

                      
	 	 
	
                        Floating
                          Rate I:

                      	
                        One-Month
                          LIBOR (as defined in the Indenture) plus (i) with respect
                          to any Floating
                          Rate I Payer Payment Date occurring prior to the Step-Up
                          Date, 0.190% per
                          annum or (ii) with respect to any Floating Rate I Payer
                          Payment Date
                          occurring on or after the Step-Up Date, 0.380% per annum. 

                      
	 	 
	
                        Floating
                          Rate I 

                      	 
	
                        Day
                          Count Fraction:

                      	
                        Actual/360

                      
	 	 
	
                        Reset
                          Dates:

                      	
                        The
                          first day of each Calculation Period

                      
	 	 
	
                        Compounding:

                      	
                        Inapplicable

                      
	 	 
	
                        Additional
                          Payment:

                      	
                        Party
                          A agrees to pay USD 3,389,173.57 to Party B for value on
                          the Effective
                          Date.

                      
	 	 
	 	 
	
                        Floating
                          Amount II:

                      	 
	 	 
	
                        Floating
                          Rate II Payer:

                      	
                        Party
                          B

                      
	 	 
	
                        Floating
                          Rate II Payer 

                      	 
	
                        Period
                          End Dates:

                      	
                        The
                          1st day of each month from and including April 1st, 2007,
                          to and including
                          the 1st calendar day of the month in which the Termination
                          Date occurs,
                          subject to No Adjustment. 

                      
	 	 
	
                        Floating
                          Rate II Payer 

                      	 
	
                        Payment
                          Dates:

                      	
                        Delayed
                          Payment shall be applicable. Each Floating Rate II Payer
                          Payment Date
                          shall be the day that is twenty-four (24) calendar days
                          following the
                          related Floating Rate II Payer Period End Date, subject
                          to adjustment in
                          accordance with the Following Business Day Convention.
                          For the avoidance
                          of doubt, the Floating Rate II Payer Payment Date shall
                          apply to the
                          Floating Rate II Payer First Payment, the Floating Rate
                          II Payer Second
                          Payment, the Floating Rate II Payer Third Payment and the
                          Floating Rate II
                          Payer Fourth Payment. 

                      
	 	 
	
                        Initial
                          Calculation Period:

                      	
                        Notwithstanding
                          anything to the contrary in Section 4.13 of the Definitions,
                          the initial
                          Calculation Period with respect to Floating Amount II shall
                          commence on
                          March 1, 2007.

                      
	 	 
	
                        Floating
                          Rate II:

                      	
                        With
                          respect to each Calculation Period, the excess, if any,
                          of (i) the lesser
                          of (1) One-Year MTA (as defined in the Indenture) plus
                          2.8684% per annum
                          and (2) the Available Funds Rate (as defined in the Indenture)
                          with
                          respect to the Class A-1-C Notes for the Note Payment Date
                          occurring in
                          the calendar month of the related Floating Rate II Payer
                          Payment Date
                          (determined for this purpose without regard to any adjustment
                          of the
                          Floating Rate Payer Payment Date or Note Payment Date relating
                          to business
                          days over (ii) 2.0784% per annum. 

                      
	 	 
	
                        Floating
                          Rate II Payer 

                      	 
	
                        First
                          Payment:

                      	
                        With
                          respect to each Floating Rate II Payer Payment Date, the
                          sum of: (i) the
                          product of Floating Rate II * Notional Amount * Floating
                          Rate II Day Count
                          Fraction and (ii) an amount
                          equal
                          to the amount of any Current Interest in respect of the
                          Class A-1-C Notes
                          remaining unpaid from any prior Note Payment Date, with
                          interest thereon
                          at the Class A-1-C Note Interest Rate, determined without
                          regard to the
                          Class A-1-C Available Funds Rate, paid to Party B pursuant
                          to the
                          Indenture in respect of the Class A-1-C Notes on the Note
                          Payment Date
                          occurring in the calendar month of such Floating Rate II
                          Payer Payment
                          Date (determined for this purpose without regard to any
                          adjustment of the
                          Floating Rate Payer Payment Date or Note Payment Date relating
                          to business
                          days).

                      
	 	 
	
                        Floating
                          Rate II Payer 

                      	 
	
                        Second
                          Payment:

                      	
                        With
                          respect to each Floating Rate II Payer Payment Date, an
                          amount equal to
                          the amount of any Class A-1-C Swap Principal Amount (and
                          interest thereon
                          at a rate equal to Floating Rate II) paid
                          to
                          Party B pursuant to the Indenture in respect of the Class
                          A-1-C Notes on
                          the Note Payment Date occurring in the calendar month of
                          such Floating
                          Rate II Payer Payment Date (determined for this purpose
                          without regard to
                          any adjustment of the Floating Rate Payer Payment Date
                          or Note Payment
                          Date relating to business days). 

                      
	
                        Floating
                          Rate II Payer 

                      	 
	
                        Third
                          Payment:

                      	
                        With
                          respect to each Floating Rate II Payer Payment Date, an
                          amount equal to
                          the amount of any Carryover Shortfall Amount paid
                          to
                          Party B pursuant to the Indenture in respect of the Class
                          A-1-C Notes on
                          the Note Payment Date occurring in the calendar month of
                          such Floating
                          Rate II Payer Payment Date (determined for this purpose
                          without regard to
                          any adjustment of the Floating Rate Payer Payment Date
                          or Note Payment
                          Date relating to business days).

                      
	 	 
	
                        Floating
                          Rate II 

                      	 
	
                        Day
                          Count Fraction:

                      	
                        30/360

                      
	 	 
	
                        Reset
                          Dates:

                      	
                        The
                          first day of each Calculation Period

                      
	 	 
	
                        Compounding:

                      	
                        Inapplicable

                      
	 	 
	
                        Business
                          Days:

                      	
                        New
                          York

                      
	 	 
	
                        Business
                          Day Convention:

                      	
                        For
                          all purposes other than determining Floating Rate II Payer
                          Payment Dates,
                          the Business Day Convention will be Following Business
                          Day
                          Convention.

                      
	 	 
	
                        Netting:

                      	
                        Notwithstanding
                          anything to the contrary in Section 2(c), any amounts payable
                          by the
                          Floating Rate Payer I on a Floating Rate Payer I Payment
                          Date, and by the
                          Floating Rate Payer II on the related Floating Rate Payer
                          II Payment Date,
                          shall be netted, even though such dates may be different,
                          and the party
                          with the larger aggregate amount shall make the net payment
                          on such
                          party’s applicable Floating Rate Payer Payment Date. 

                      
	 	 
	
                        Note
                          Payment Date:

                      	
                        Payment
                          Date (as defined in the Indenture).

                      

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              3. Provisions
                Deemed Incorporated in a Schedule to the ISDA Master Agreement:

              

              
                	
                        Part
                          1.

                      	
                        Termination
                          Provisions.

                      

              

              

              For
                the
                purposes of this Agreement:-

              

              (a)         
                 “Specified
                Entity”
                will not
                apply to Party A or Party B for any purpose. 

              

              
                	
                        (b)

                      	
                        “Specified
                          Transaction”
                          will have the meaning specified in Section
                          14.

                      

              

              

              
                	
                        (c)

                      	
                        Events
                          of Default.

                      

              

              

              The
                statement below that an Event of Default will apply to a specific
                party means
                that upon the occurrence of such an Event of Default with respect
                to such party,
                the other party shall have the rights of a Non-defaulting Party under
                Section 6
                of this Agreement; conversely, the statement below that such event
                will not
                apply to a specific party means that the other party shall not have
                such
                rights.

              

              
                	(i)  	
                        The
                          “Failure to Pay or Deliver” provisions of Section 5(a)(i) will apply to
                          Party
                          A and to Party B; provided, however, that Section 5(a)(i)
                          is hereby
                          amended by replacing the word “third” with the word “first”; provided,
                          further, that notwithstanding anything to the contrary
                          in Section 5(a)(i),
                          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
                          not constitute an Event of Default under Section 5(a)(i)
                          unless (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.

                      

              

              

              
                	(ii)  	
                        The
                          “Breach of Agreement” provisions of Section 5(a)(ii) will apply to Party A
                          and will not apply to Party B.

                      

              

              

              
                	(iii)  	
                        The
                          “Credit Support Default” provisions of Section 5(a)(iii) will apply to
                          Party A and will not apply to Party B except that Section
                          5(a)(iii)(1)
                          will apply to Party B solely in respect of Party B’s obligations under
                          Paragraph 3(b) of the Credit Support Annex; provided, however,
                          that
                          notwithstanding anything to the contrary in Section 5(a)(iii)(1),
                          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 not
                          constitute an Event of Default under Section 5(a)(iii)
                          unless (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.

                      

              

              

              
                	(iv)  	
                        The
                          “Misrepresentation” provisions of Section 5(a)(iv) will apply to Party A
                          and will not apply to Party B. 

                      

              

              

              
                	(v)  	
                        The
                          “Default under Specified Transaction” provisions of Section 5(a)(v) will
                          apply to Party A and will not apply to Party
                          B.

                      

              

              

              
                	(vi)  	
                        The
                          “Cross Default” provisions of Section 5(a)(vi) will apply to Party A and
                          will not apply to Party B; provided, however, that, notwithstanding
                          the
                          foregoing, an Event of Default shall not occur under either
                          Section
                          5(a)(vi)(1) or Section 5(a)(vi)(2) if (A) (I) the default,
                          or other
                          similar event or condition referred to in Section 5(a)(vi)(1)
                          or the
                          failure to pay referred to in Section 5(a)(vi)(2) is a
                          failure to pay or
                          deliver caused by an error or omission of an administrative
                          or operational
                          nature, and (II) funds or the asset to be delivered were
                          available to such
                          party to enable it to make the relevant payment or delivery
                          when due and
                          (III) such payment or delivery is made within three (3)
                          Local Business
                          Days following receipt of written notice from an interested
                          party of such
                          failure to pay, or (B) such party was precluded from paying,
                          or was unable
                          to pay, using reasonable means, through the office of the
                          party through
                          which it was acting for purposes of the relevant Specified
                          Indebtedness,
                          by reason of force majeure, act of State, illegality or
                          impossibility.
                          

                      

              

              

              For
                purposes of Section 5(a)(vi), solely with respect to Party A:

              

              “Specified
                Indebtedness” will have the meaning specified in Section 14 , except that such
                term shall not include obligations in respect of deposits received
                in the
                ordinary course of Party A’s banking business.

              

              “Threshold
                Amount” means with respect to Party A an amount equal to three percent (3%)
                of
                the Shareholders’ Equity of Party A or, if applicable, the Eligible Guarantor.

              

              “Shareholders’
                Equity” means with respect to an entity, at any time, the sum (as shown in
                the
                most recent annual audited financial statements of such entity) of
                (i) its
                capital stock (including preferred stock) outstanding, taken at par
                value, (ii)
                its capital surplus and (iii) its retained earnings, minus (iv) treasury
                stock,
                each to be determined in accordance with generally accepted accounting
                principles.

              

              
                	(vii)  	
                        The
                          “Bankruptcy” provisions of Section 5(a)(vii) will apply to Party A and
                          will apply to Party B except that the provisions of Section
                          5(a)(vii)(2),
                          (6) (to the extent that such provisions refer to any appointment
                          contemplated or effected by the Indenture or any appointment
                          to which
                          Party B has not become subject), (7) and (9) will not apply
                          to Party B;
                          provided that, with respect to Party B only, Section 5(a)(vii)(4)
                          is
                          hereby amended by adding after the words “against it” the words
                          “(excluding any proceeding or petition instituted or presented
                          by Party A
                          or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                          deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                          (4) as amended, (5), (6) as amended, or
                          (7)”.

                      

              

              

              
                	(viii)  	
                        The
                          “Merger Without Assumption” provisions of Section 5(a)(viii) will apply to
                          Party A and will apply to Party B.

                      

              

              

              (d)        
                 Termination
                Events.

              

              The
                statement below that a Termination Event will apply to a specific
                party means
                that upon the occurrence of such a Termination Event, if such specific
                party is
                the Affected Party with respect to a Tax Event, the Burdened Party
                with respect
                to a Tax Event Upon Merger (except as noted below) or the non-Affected
                Party
                with respect to a Credit Event Upon Merger, as the case may be, such
                specific
                party shall have the right to designate an Early Termination Date
                in accordance
                with Section 6 of this Agreement; conversely, the statement below
                that such an
                event will not apply to a specific party means that such party shall
                not have
                such right; provided, however, with respect to “Illegality” the statement that
                such event will apply to a specific party means that upon the occurrence
                of such
                a Termination Event with respect to such party, either party shall
                have the
                right to designate an Early Termination Date in accordance with Section
                6 of
                this Agreement.

              

              (i)          
                 The
                “Illegality” provisions of Section 5(b)(i) will apply to Party A and will apply
                to Party B.

              

              
                	 	
                        (ii)

                      	
                        The
                          “Tax Event” provisions of Section 5(b)(ii) will apply to Party A except
                          that, for purposes of the application of Section 5(b)(ii)
                          to Party A,
                          Section 5(b)(ii) is hereby amended by deleting 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)”, and the “Tax Event” provisions of
                          Section 5(b)(ii) will apply to Party B.

                      

              

              

              
                	 	
                        (iii)

                      	
                        The
                          “Tax Event Upon Merger” provisions of Section 5(b)(iii) will apply to
                          Party A and will apply to Party B, 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.

                      

              

              

              
                	 	
                        (iv)

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

                      

              

              

              
                	
                        (e)

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

                      

              

              

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

              

              
                	(i)  	
                        Market
                          Quotation will apply, provided, however, that, in the event
                          of a
                          Derivative Provider Trigger Event, the following provisions
                          will
                          apply:

                      

              

              

              
                	 	
                        (A)
                          

                      	
                        The
                          definition of Market Quotation in Section 14 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
                Replacement Transaction, and (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.

              

              
                	 	
                        (B)

                      	
                        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) equal to: 

              

              
                	 	
                        (a)

                      	
                        If
                          a Market Quotation for the relevant Terminated Transaction
                          or group of
                          Terminated Transactions is accepted by Party B so as to
                          become legally
                          binding on or before the day falling ten Local Business
                          Days after the day
                          on which the Early Termination Date is designated, or such
                          later day as
                          Party B may specify in writing to Party A, but in either
                          case no later
                          than one Local Business Day prior to the Early Termination
                          Date (such day,
                          the “Latest Settlement Amount Determination Day”), the Termination
                          Currency Equivalent of the amount (whether positive or
                          negative) of such
                          Market Quotation; 

                      

              

              

              
                	 	
                        (b)

                      	
                        If,
                          on the Latest Settlement Amount Determination Day, no Market
                          Quotation for
                          the relevant Terminated Transaction or group of Terminated
                          Transactions
                          has been accepted by Party B so as to become legally binding
                          and one or
                          more Market Quotations from
                          Approved Replacements have
                          been made and remain capable of becoming legally binding
                          upon acceptance,
                          the Settlement Amount shall equal the Termination Currency
                          Equivalent of
                          the amount (whether positive or negative) of the lowest
                          of such Market
                          Quotations (for the avoidance of doubt, the lowest of such
                          Market
                          Quotations shall be the lowest Market Quotation of
                          such Market Quotations
                          expressed as a positive number or, if any of such Market
                          Quotations is
                          expressed as a negative number, the Market Quotation expressed
                          as a
                          negative number with the largest absolute value);
                          or

                      

              

              

              
                	 	
                        (c)

                      	
                        If,
                          on the Latest Settlement Amount Determination Day, 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
                          Quotation from an Approved Replacement remains capable
                          of becoming legally
                          binding upon acceptance, the Settlement Amount shall equal
                          Party B’s Loss
                          (whether positive or negative and without reference to
                          any Unpaid Amounts)
                          for the relevant Terminated Transaction or group of Terminated
                          Transactions.

                      

              

              

              
                	 	
                        (C)

                      	
                        If
                          Party B requests Party A in writing to obtain Market Quotations,
                          Party A
                          shall use its reasonable efforts to do so before the Latest
                          Settlement
                          Amount Determination Day.

                      

              

              

              
                	 	
                        (D)

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

                      

              

              

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

               

              
                	 	
                        (E)

                      	
                        At
                          any time on or before the Latest Settlement Amount Determination
                          Day at
                          which two or more Market Quotations from Approved Replacements
                          remain
                          capable of becoming legally binding upon acceptance, Party
                          B shall be
                          entitled to accept only the lowest of such Market Quotations
                          (for the
                          avoidance of doubt, the lowest of such Market Quotations
                          shall be the
                          lowest Market Quotation of such Market Quotations expressed
                          as a positive
                          number or, if any of such Market Quotations is expressed
                          as a negative
                          number, the Market Quotation expressed as a negative number
                          with the
                          largest absolute value).

                      

              

              

              
                	(ii)  	
                        The
                          Second Method will apply.

                      

              

              

              (g)         
                 “Termination
                Currency”
                means
                USD.

              

              (h)        
                  Additional
                Termination Events.
                Additional Termination Events will apply as provided in Part 5(c).
                

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              Part
                2.  Tax
                Matters.

              

              (a)         
                 Tax
                Representations. 

              

              
                	 	
                        (i)

                      	
                        Payer
                          Representations. For the purpose of Section 3(e) of this
                          Agreement:
                          

                      

              

               

              (A)        
                 Party
                A
                makes the following representation(s):

              

              It
                is not
                required by any applicable law, as modified by the practice of any
                relevant
                governmental 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: the accuracy of any representations made by the other
                party
                pursuant to Section 3(f) of this Agreement; (ii) the satisfaction
                of the
                agreement contained 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 Agreement; 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)         
                 Party
                B
                makes the following representation(s):

              

              None.

              

              (ii)           Payee
                Representations. For the purpose of Section 3(f) of this Agreement:
                

               

              (A)        
                 Party
                A
                makes the following representation(s):

              

              It
                is a
“foreign person” within the meaning of the applicable U.S. Treasury Regulations
                concerning information reporting and backup withholding tax (as in
                effect on
                January 1, 2001), unless Party A provides written notice to Party
                B that it is
                no longer a foreign person. In respect of any Transaction it enters
                into through
                an office or discretionary agent in the United States or which otherwise
                is
                allocated for United States federal income tax purposes to such United
                States
                trade or makes the following representation(s):

              

              (B)         
                 Party
                B
                makes the following representation(s):

              

              None. 

              

              
                	
                        (b)

                      	
                        Tax
                          Provisions.

                      

              

              

              
                	 	
                        (i)

                      	
                        Gross
                          Up. Section 2(d)(i)(4) shall not apply to Party B as X,
                          and Section
                          2(d)(ii) shall not apply to Party B as Y, in each case
                          such that Party B
                          shall not be required to pay any additional amounts referred
                          to
                          therein.

                      

              

              

              
                	 	
                        (ii)

                      	
                        Indemnifiable
                          Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                          entirety and replaced with the
                          following:

                      

              

              

              “Indemnifiable
                Tax” means, in relation to payments by Party A, any Tax and, in relation
                to
                payments by Party B, no Tax. 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              Part
                3.  Agreement
                to Deliver Documents. 

              

              (a) For
                the
                purpose of Section 4(a)(i), tax forms, documents, or certificates
                to be
                delivered are:

              

              
                	
                        Party
                          required to deliver document

                      	
                        Form/Document/

                        Certificate

                      	 	
                        Date
                          by which to

                        be
                          delivered

                      
	
                        Party
                          A

                      	
                        A
                          correct, complete and duly executed U.S. Internal Revenue
                          Service Form
                          W-8ECI or other applicable form (or successor thereto),
                          together with
                          appropriate attachments, that eliminates U.S. federal withholding
                          and
                          backup withholding Tax on payments to Party A under this
                          Agreement.

                      	 	
                        (i)
                          upon execution of this Agreement, (ii) on or before the
                          first payment date
                          under this Agreement, including any Credit Support Document,
                          (iii)
                          promptly upon the reasonable demand by Party B, (iv) prior
                          to the
                          expiration or obsolescence of any previously delivered
                          form, and (v)
                          promptly upon the information on any such previously delivered
                          form
                          becoming inaccurate or incorrect.

                      
	 	 	 	 
	
                        Party
                          B

                      	
                        Party
                          B will deliver a completed and executed United States Internal
                          Revenue
                          Service Form W-9 or other applicable form (or any successor
                          thereto) with
                          respect to any payments received or to be received by Party
                          A, that
                          eliminates U.S. federal withholding and backup withholding
                          Tax on payments
                          to Party A under this Agreement, and may deliver other
                          tax forms relating
                          to the beneficial owner of payments to Party B under this
                          Agreement from
                          time to time.

                      	 	
                        (i)
                          on or before the first payment date under this Agreement,
                          including any
                          Credit Support Document, (ii) promptly upon the reasonable
                          demand by Party
                          B, (iii) prior to the expiration or obsolescence of any
                          previously
                          delivered form, and (iv) promptly upon Party B’s actual knowledge that the
                          information on any such previously delivered form becoming
                          inaccurate or
                          incorrect.

                      

              

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              (b) For
                the
                purpose of Section 4(a)(ii), other documents to be delivered (unless
                otherwise
                publicly available) are:

              

              
                	
                        Party
                          required to deliver document

                      	
                        Form/Document/

                        Certificate

                      	 	
                        Date
                          by which to

                        be
                          delivered

                      	
                        Covered
                          by Section 3(d) Representation

                      
	
                        Party
                          A and

                        Party
                          B

                      	
                        Any
                          documents required by the receiving party to evidence the
                          authority of the
                          delivering party or its Credit Support Provider, if any,
                          for it to execute
                          and deliver the Agreement, this Confirmation, and any Credit
                          Support
                          Documents to which it is a party, and to evidence the authority
                          of the
                          delivering party or its Credit Support Provider to perform
                          its obligations
                          under the Agreement, this Confirmation and any Credit Support
                          Document, as
                          the case may be

                      	 	
                        Upon
                          the execution and delivery of this Agreement

                      	
                        Yes

                      
	 	 	 	 	 
	
                        Party
                          A and

                        Party
                          B

                      	
                        A
                          certificate of an authorized officer of the party, as to
                          the incumbency
                          and authority of the respective officers of the party signing
                          the
                          Agreement, this Confirmation, and any relevant Credit Support
                          Document, as
                          the case may be

                      	 	
                        Upon
                          the execution and delivery of this Agreement

                      	
                        Yes

                      
	 	 	 	 	 
	
                        Party
                          A

                      	
                        Annual
                          Report of Party A containing consolidated financial statements
                          certified
                          by independent certified public accountants and prepared
                          in accordance
                          with generally accepted accounting principles in the country
                          in which
                          Party A is organized

                      	 	
                        Promptly
                          upon becoming publicly available

                      	
                        Yes

                      
	 	 	 	 	 
	
                        Party
                          A

                      	
                        Quarterly
                          Financial Statements of Party A containing unaudited, consolidated
                          financial statements of Party A’s fiscal quarter prepared in accordance
                          with generally accepted accounting principles in the country
                          in which
                          Party A is organized

                      	 	
                        Promptly
                          upon becoming publicly available

                      	
                        Yes

                      
	 	 	 	 	 
	
                        Party
                          A

                      	
                        An
                          opinion of counsel to Party A acceptable in form and substance
                          to Party
                          B

                      	 	
                        Upon
                          the execution and delivery of this Agreement

                      	
                        No

                      

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              Part
                4. Miscellaneous. 

              

              
                	
                        (a)

                      	
                        Address
                          for Notices:
                          For the purposes of Section 12(a) of this
                          Agreement:

                      

              

              

              Address
                for notices or communications to Party A: 

               

              Any
                notice to Party A relating to a particular Transaction shall be delivered
                to the
                address or facsimile number specified in the Confirmation of such
                Transaction.
                Any notice delivered for purposes of Sections 5 and 6 (other than
                notices under
                Section 5(a)(i) with respect to Party A) of this Agreement shall
                be delivered to
                the following address: 

              

              Deutsche
                Bank AG, Head Office

              Taunusanlage
                12 

              60262
                Frankfurt 

              GERMANY
                

              Attention:
                Legal Department 

              Fax
                No:
                0049 69 910 36097

              

              (For
                all
                purposes)

              

              Address
                for notices or communications to Party B: 

              
                	
                        Address:

                      	
                        Wells
                          Fargo Bank, N.A. as Securities Administrator

                      
	
                         

                      	
                        9062
                          Old Annapolis Road 

                      
	 	
                        Columbia,
                          Maryland 21045

                      
	
                        Attention:

                      	
                        Corporate
                          Trust Services - AHMIT 2007-1

                      
	
                        Tel:

                      	
                        (410)
                          884-2000

                      
	
                        Fax:

                      	
                        (418)
                          715-2380

                      
	 	 
	
                        with
                          a copy to: 

                      	 
	 	 
	
                        Address:

                      	
                        Deutsche
                          Bank National Trust Company

                      
	 	
                        1761
                          East St. Andrew Place

                      
	 	
                        Santa
                          Ana, California 92705

                      
	
                        Attention:

                      	
                        Trust
                          Administrator

                      
	
                        Tel:

                      	
                        (714)
                          247-6000

                      
	
                        Fax:

                      	
                        (714)
                          855-1557

                      
	 	 
	
                        (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;
                          neither
                          Party A nor Party B has any Offices other than as set forth
                          in the Notices
                          Section and Party A agrees that, for purposes of Section
                          6(b) of this
                          Agreement, it shall not in the future have any Office other
                          than one in
                          the United States.

                      

              

              

              
                	
                        (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, that
                          if an Event of
                          Default shall have occurred with respect to Party A, Party
                          B shall have
                          the right to appoint as Calculation Agent a third party,
                          reasonably
                          acceptable to Party A, the cost for which shall be borne
                          by Party
                          A.

                      

              

              

              (f) Credit
                Support Document. 

               

              
                	
                        Party
                          A:

                      	
                        The
                          Credit Support Annex, and any guarantee in support of Party
                          A’s
                          obligations under this Agreement.

                      
	 	 
	
                        Party
                          B:

                      	
                        The
                          Credit Support Annex, solely in respect of Party B’s obligations under
                          Paragraph 3(b) of the Credit Support
                          Annex.

                      

              

              

              
                	
                        (g)

                      	
                        Credit
                          Support Provider.

                      

              

              

              
                	
                        Party
                          A:

                      	
                        The
                          guarantor under any guarantee in support of Party A’s obligations under
                          this Agreement.

                      
	 	 
	
                        Party
                          B:

                      	
                        None.

                      

              

              

              
                	
                        (h)

                      	
                        Governing
                          Law.
                          The parties to this Agreement hereby agree that the law
                          of the State of
                          New York shall govern their rights and duties in whole,
                          without regard to
                          the conflict of law provisions thereof other than New York
                          General
                          Obligations Law Sections 5-1401 and 5-1402.

                      

              

              

              
                	
                        (i)

                      	
                        Netting
                          of Payments.
                          The parties agree that subparagraph (ii) of Section 2(c)
                          will apply to
                          each Transaction hereunder. 

                      

              

              

              
                	
                        (j)

                      	
                        Affiliate.“Affiliate”
                          shall have the meaning assigned thereto in Section 14;
                          provided, however,
                          that Party B shall be deemed to have no Affiliates for
                          purposes of this
                          Agreement, including for purposes of Section
                          6(b)(ii).

                      

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              Part
                5.  Others
                Provisions.

              

              
                	
                        (a)

                      	
                        Definitions.
                          Unless otherwise specified in a Confirmation, this Agreement
                          and each
                          Transaction under this Agreement are subject to the 2000
                          ISDA Definitions
                          as published and copyrighted in 2000 by the International
                          Swaps and
                          Derivatives Association, Inc. (the “Definitions”), and will be governed in
                          all relevant respects by the provisions set forth in the
                          Definitions,
                          without regard to any amendment to the Definitions subsequent
                          to the date
                          hereof. The provisions of the Definitions are hereby incorporated
                          by
                          reference in and shall be deemed a part of this Agreement,
                          except that (i)
                          references in the Definitions to a “Swap Transaction” shall be deemed
                          references to a “Transaction” for purposes of this Agreement, and (ii)
                          references to a “Transaction” in this Agreement shall be deemed references
                          to a “Swap Transaction” for purposes of the Definitions. Each term
                          capitalized but not defined in this Agreement shall have
                          the meaning
                          assigned thereto in the Indenture.

                      

              

               

              (b)         
                 Amendments
                to ISDA Master Agreement.

              

              
                	 	
                        (i)

                      	
                        Single
                          Agreement. Section 1(c) is hereby amended by the adding
                          the words
                          “including, for the avoidance of doubt, the Credit Support
                          Annex” after
                          the words “Master Agreement”. 

                      

              

              

              (ii)          
                 Conditions
                Precedent. Section
                2(a)(iii) is hereby amended by adding the following at the end thereof:
                

              

              Notwithstanding
                anything to the contrary in Section 2(a)(iii)(1), if an Event of
                Default with
                respect to Party B or Potential Event of Default with respect to
                Party B has
                occurred and been continuing for more than 30 Local Business Days
                and no Early
                Termination Date in respect of the Affected Transactions has occurred
                or been
                effectively designated by Party A, the obligations of Party A under
                Section
                2(a)(i) shall cease to be subject to the condition precedent set
                forth in
                Section 2(a)(iii)(1) with respect to such specific occurrence of
                such Event of
                Default or such Potential Event of Default (the “Specific Event”); provided,
                however, for the avoidance of doubt, the obligations of Party A under
                Section
                2(a)(i) shall be subject to the condition precedent set forth in
                Section
                2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
                occurrence of the same Event of Default with respect to Party B or
                Potential
                Event of Default with respect to Party B after the Specific Event
                has ceased to
                be continuing and with respect to any occurrence of any other Event
                of Default
                with respect to Party B or Potential Event of Default with respect
                to Party B
                that occurs subsequent to the Specific Event. 

              

              
                	 	
                        (iii)

                      	
                        Change
                          of Account. Section 2(b) is hereby amended by the addition
                          of the
                          following after the word “delivery” in the first line
                          thereof:

                      

              

               

              “to
                another account in the same legal and tax jurisdiction as the original
                account”.

              

              
                	 	
                        (iv)

                      	
                        Representations.
                          Section 3 is hereby amended by adding at the end thereof
                          the following
                          subsection (g): 

                      

              

              

              
                	 	
                        “(g)

                      	
                        Relationship
                          Between Parties. 

                      

              

              

              
                	 	
                        (1)

                      	
                        Nonreliance.
                          (i) It is not relying on any statement or representation
                          of the other
                          party regarding the Transaction (whether written or oral),
                          other than the
                          representations expressly made in this Agreement or the
                          Confirmation in
                          respect of that Transaction and (ii) it has consulted with
                          its own legal,
                          regulatory, tax, business, investment, financial and accounting
                          advisors
                          to the extent it has deemed necessary, and it has made
                          its own investment,
                          hedging and trading decisions based upon its own judgment
                          and upon any
                          advice from such advisors as it has deemed necessary and
                          not upon any view
                          expressed by the other party.

                      

              

               

              
                	 	
                        (2)

                      	
                        Evaluation
                          and Understanding. (i) It has the capacity to evaluate
                          (internally or
                          through independent professional advice) the Transaction
                          and has made its
                          own decision to enter into the Transaction and (ii) It
                          understands the
                          terms, conditions and risks of the Transaction and is willing
                          and able to
                          accept those terms and conditions and to assume those risks,
                          financially
                          and otherwise. 

                      

              

              

              
                	 	
                        (3)

                      	
                        Purpose.
                          It is entering into the Transaction for the purposes of
                          managing its
                          borrowings or investments, hedging its underlying assets
                          or liabilities or
                          in connection with a line of business.

                      

              

              

              
                	 	
                        (4)

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

                      

              

              

              
                	 	
                        (5)

                      	
                        Eligible
                          Contract Participant. It is an “eligible swap participant” as such term is
                          defined in, Section 35.1(b)(2) of the regulations (17 C.F.R.
                          35)
                          promulgated under, and an “eligible contract participant” as defined in
                          Section 1(a)(12) of the Commodity Exchange Act, as
                          amended.”

                      

              

              

              
                	 	
                        (v)

                      	
                        Transfer
                          to Avoid Termination Event. Section 6(b)(ii) is hereby
                          amended by (i)
                          deleting the words “or if a Tax Event Upon Merger occurs and the Burdened
                          Party is the Affected Party,” and (ii) by deleting the words “to transfer”
                          and inserting the words “to effect a Permitted Transfer” in lieu
                          thereof.

                      

              

              

              
                	 	
                        (vi)

                      	
                        Jurisdiction.
                          Section 13(b) is hereby amended by: (i) deleting in the
                          second line of
                          subparagraph (i) thereof the word "non-", (ii) deleting
“; and” from the
                          end of subparagraph (i) and inserting “.” in lieu thereof, and (iii)
                          deleting the final paragraph
                          thereof.

                      

              

              

              
                	 	
                        (vii)

                      	
                        Local
                          Business Day. The definition of Local Business Day in Section
                          14 is hereby
                          amended by the addition of the words “or any Credit Support Document”
                          after “Section 2(a)(i)” and the addition of the words “or Credit Support
                          Document” after “Confirmation”. 

                      

              

              

              
                	
                        (c)

                      	
                        Additional
                          Termination Events. The
                          following Additional Termination Events will
                          apply:

                      

              

              

              
                	(i)         
                          	
                        First
                          Rating Trigger Collateral.
                          If
                          (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                          occurred and been continuing for 30 or more Local Business
                          Days and (B)
                          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, 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. 

                      

              

              

              
                	(ii)           	
                        Second
                          Rating Trigger Replacement.
                          If
                          (A) a Required Ratings Downgrade Event has occurred and
                          been continuing
                          for 30 or more Local Business Days and (B) (i) at least
                          one Eligible
                          Replacement has made a Firm Offer to be the transferee
                          of all of Party A’s
                          rights and obligations under this Agreement (and such Firm
                          Offer remains
                          an offer that will become legally binding upon such Eligible
                          Replacement
                          upon acceptance by the offeree) and/or (ii) an Eligible
                          Guarantor has made
                          a Firm Offer to provide an Eligible Guarantee (and such
                          Firm Offer remains
                          an offer that will become legally binding upon such Eligible
                          Guarantor
                          immediately upon acceptance by the offeree), 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. 

                      

              

              

              
                	 	
                        (iii)

                      	
                        Amendment
                          of Indenture.
                          If, without the prior written consent of Party A where
                          such consent is
                          required under the Indenture (such consent not to be unreasonably
                          withheld), an amendment is made to the Indenture which
                          amendment could
                          reasonably be expected to have a material adverse effect
                          on the interests
                          of Party A (excluding, for the avoidance of doubt, any
                          amendment to the
                          Indenture that is entered into solely for the purpose of
                          appointing a
                          successor servicer, master servicer, securities administrator,
                          trustee or
                          other service provider) under this Agreement, an Additional
                          Termination
                          Event shall have occurred with respect to Party B and Party
                          B shall be the
                          sole Affected Party with respect to such Additional Termination
                          Event.
                          

                      

              

               

              
                	 	
                        (iv)

                      	
                        Compliance
                          with Regulation AB. If,
                          upon the occurrence of a Swap Disclosure Event (as defined
                          in Part 5(e)
                          below) Party
                          A
                          has not, within 15 days after such Swap Disclosure Event
                          complied with any
                          of the provisions set forth in Part 5(e)(ii) 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.

                      

              

               

              
                	
                        (d)

                      	
                        Required
                          Ratings Downgrade Event.
                          In
                          the event that no Relevant Entity has credit ratings at
                          least equal to the
                          Required Ratings Threshold, then Party A shall, as soon
                          as reasonably
                          practicable and so long as a Required Ratings Downgrade
                          Event is in
                          effect, at its own expense, using commercially reasonable
                          efforts, procure
                          either (A) a Permitted Transfer or (B) an Eligible
                          Guarantee.

                      

              

               

              (e)
                 Compliance
                with Regulation AB.
                Party A
                agrees and acknowledges that American Home Mortgage Assets LLC (the
“Depositor”)
                is required under Regulation AB under the Securities Act of 1933,
                as amended,
                and the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
                (“Regulation AB”), to disclose certain financial information regarding Party A
                or its group of affiliated entities, if applicable, depending on
                the aggregate
“significant percentage” of this Agreement and any other derivative contracts
                between Party A or its group of affiliated entities, if applicable,
                and Party B,
                as calculated from time to time in accordance with Item 1115 of Regulation
                AB.

               

              
                	 	
                        (i)

                      	
                        It
                          shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
                          Business Day after the date hereof, the Depositor requests
                          from Party A
                          the applicable financial information described in Item
                          1115 of Regulation
                          AB (such request to be based on a reasonable determination
                          by the
                          Depositor, in good faith, that such information is required
                          under
                          Regulation AB) (the “Swap Financial
                          Disclosure”).

                      

              

               

              
                	 	
                        (ii)
                          

                      	
                        Upon
                          the occurrence of a Swap Disclosure Event, Party A, at
                          its own expense,
                          shall (1)(a) either (i) provide to the Depositor and the
                          Securities
                          Administrator the current Swap Financial Disclosure in
                          an EDGAR-compatible
                          format (for example, such information may be provided in
                          Microsoft Word®
                          or Microsoft Excel® format but not in .pdf format) or (ii) provide written
                          consent to the Depositor and the Securities Administrator
                          to incorporation
                          by reference of such current Swap Financial Disclosure
                          as is filed with
                          the Securities and Exchange Commission in the Exchange
                          Act Reports of the
                          Depositor, (b) if applicable, cause its outside accounting
                          firm to provide
                          its consent to filing or incorporation by reference in
                          the Exchange Act
                          Reports of the Depositor of such accounting firm’s report relating to
                          their audits of such current Swap Financial Disclosure,
                          and (c) provide to
                          the Depositor and the Securities Administrator any updated
                          Swap Financial
                          Disclosure with respect to Party A or any entity that consolidates
                          Party A
                          within five days of the release of any such updated Swap
                          Financial
                          Disclosure; (2) secure by Permitted Transfer another entity
                          to replace
                          Party A as party to this Agreement on terms substantially
                          similar to this
                          Agreement which entity (or a guarantor therefore) meets
                          or exceeds the
                          Approved Rating Thresholds and which satisfies the Rating
                          Agency Condition
                          and which entity is able to comply with the requirements
                          of Item 1115 of
                          Regulation AB or (3) obtain a guaranty of the Party A’s obligations under
                          this Agreement from an affiliate of the Party A, subject
                          to the Rating
                          Agency Condition, that is able to comply with the financial
                          information
                          disclosure requirements of Item 1115 of Regulation AB,
                          such that
                          disclosure provided in respect of the affiliate will satisfy
                          any
                          disclosure requirements applicable to the Swap Provider,
                          and cause such
                          affiliate to provide Swap Financial Disclosure. If permitted
                          by Regulation
                          AB, any required Swap Financial Disclosure may be provided
                          by
                          incorporation by reference from reports filed pursuant
                          to the Exchange
                          Act. 

                      

              

               

              
                	 	
                        (iii)

                      	
                        Party
                          A and the primary obligor under any Credit Support Document
                          agree that, in
                          the event that Party A provides Swap Financial Disclosure
                          to the Depositor
                          and the Securities Administrator in accordance with Part
                          5(ii) or causes
                          its affiliate to provide Swap Financial Disclosure to the
                          Depositor and
                          the Securities Administrator in accordance with Part 5(ii),
                          Party A and
                          such primary obligor will indemnify and hold harmless the
                          Depositor, the
                          Trustee, the Grantor Trust Trustee and the Securities Administrator,
                          their
                          respective directors or officers and any person controlling
                          any such
                          party, 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 such Swap Financial Disclosure
                          or caused by
                          any omission or alleged omission to state in such Swap
                          Financial
                          Disclosure a material fact, when considered in conjunction
                          with any other
                          information regarding Party A or the derivative instrument
                          being written
                          by Party A in the final prospectus for American Home Mortgage
                          Investment
                          Trust 2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                          Series
                          2007-1, required to be stated therein or necessary to make
                          the statements
                          therein, in light of the circumstances under which they
                          were made, not
                          misleading. 

                      

              

               

              
                	 	
                        (iv)

                      	
                        The
                          Depositor shall be an express third party beneficiary of
                          this Agreement as
                          if a party hereto and as if all references to Grantor Trust
                          Trustee’s
                          rights in Part 5(e) (“Compliance with Regulation AB”) directly above were
                          also references to Depositor’s
                          rights.

                      

              

               

              
                	
                        (f)

                      	
                        Transfers. 

                      

              

               

              (i)           
                 Section
                7
                is hereby amended to read in its entirety as follows:

               

              “Except
                with respect to (a) any Permitted Transfer pursuant to Section 6(b)(ii),
                Part
                5(d), and Part 5(e), or the succeeding sentence, or (b) a Permitted
                Security
                Interest, neither Party A nor Party B is permitted to assign, novate
                or transfer
                (whether by way of security or otherwise) as a whole or in part any
                of its
                rights, obligations or interests under the Agreement or any Transaction
                unless
                (a) the prior written consent of the other party is obtained and
                (b) the Rating
                Agency Condition has been satisfied with respect to S&P. At any time at
                which no Relevant Entity has credit ratings at least equal to the
                Approved
                Ratings Threshold, Party A may make a Permitted Transfer.” 

               

              
                	 	
                        (ii)

                      	
                        If
                          an Eligible Replacement has made a Firm Offer (which remains
                          an offer that
                          will become legally binding upon acceptance by Party B)
                          to be the
                          transferee pursuant to a Permitted Transfer, Party B shall,
                          at Party A’s
                          written request and at Party A’s expense, execute such documentation
                          provided to it as reasonably deemed necessary by Party
                          B to
                          effect such transfer. 

                      

              

               

              
                	
                        (g)

                      	
                        Non-Recourse.
                          Party A acknowledges and agrees that, notwithstanding any
                          provision in
                          this Agreement to the contrary, the obligations of Party
                          B hereunder are
                          limited recourse obligations of Party B, payable solely
                          from the Grantor
                          Trust and the proceeds thereof, in accordance with the
                          priority of
                          payments and other terms of the Indenture and that Party
                          A will not have
                          any recourse to any of the directors, officers, agents,
                          employees,
                          shareholders or affiliates of Party B with respect to any
                          claims, losses,
                          damages, liabilities, indemnities or other obligations
                          in connection with
                          any transactions contemplated hereby. In the event that
                          the Grantor Trust
                          and the proceeds thereof, should be insufficient to satisfy
                          all claims
                          outstanding and following the realization of the account
                          held by the
                          Grantor Trust and the proceeds thereof, any claims against
                          or obligations
                          of Party B under the ISDA Master Agreement or any other
                          confirmation
                          thereunder still outstanding shall be extinguished and
                          thereafter not
                          revive. The Grantor Trust Trustee and the Securities Administrator
                          shall
                          not have liability for any failure or delay in making a
                          payment hereunder
                          to Party A due to any failure or delay in receiving amounts
                          in the account
                          held by the Grantor Trust from the Trust created pursuant
                          to the
                          Indenture. This provision will survive the termination
                          of this
                          Agreement.

                      

              

              

              
                	
                        (h)

                      	
                        Timing
                          of Payments by Party B upon Early Termination.
                          Notwithstanding anything to the contrary in Section 6(d)(ii),
                          to the
                          extent that all or a portion (in either case, the “Unfunded Amount”) of
                          any amount that is calculated as being due in respect of
                          any Early
                          Termination Date under Section 6(e) from Party B to Party
                          A will be paid
                          by Party B from amounts other than any upfront payment
                          paid to Party B by
                          an Eligible Replacement that has entered a Replacement
                          Transaction with
                          Party B, then such Unfunded Amount shall be due on the
                          next subsequent
                          Note Payment Date following the date on which the payment
                          would have been
                          payable as determined in accordance with Section 6(d)(ii),
                          and on any
                          subsequent Note Payment Dates until paid in full (or if
                          such Early
                          Termination Date is the final Note Payment Date, on such
                          final Note
                          Payment Date); provided, however, that if the date on which
                          the payment
                          would have been payable as determined in accordance with
                          Section 6(d)(ii)
                          is a Note Payment Date, such payment will be payable on
                          such Note Payment
                          Date.

                      

              

              

              
                	
                        (i)

                      	
                        Rating
                          Agency Notifications.
                          Notwithstanding any other provision of this Agreement,
                          no Early
                          Termination Date shall be effectively designated hereunder
                          by Party B and
                          no transfer of any rights or obligations under this Agreement
                          shall be
                          made by either party unless each Swap Rating Agency has
                          been given prior
                          written notice of such designation or transfer.

                      

              

              

              
                	
                        (j)

                      	
                        No
                          Set-off.
                          Except as expressly provided for in Section 2(c), Section
                          6 or Part
                          1(f)(i)(D) hereof, and notwithstanding any other provision
                          of this
                          Agreement or any other existing or future agreement, each
                          party
                          irrevocably waives any and all rights it may have to set
                          off, net, recoup
                          or otherwise withhold or suspend or condition payment or
                          performance of
                          any obligation between it and the other party hereunder
                          against any
                          obligation between it and the other party under any other
                          agreements.
                          Section 6(e) shall be amended by deleting the following
                          sentence: “The
                          amount, if any, payable in respect of an Early Termination
                          Date and
                          determined pursuant to this Section will be subject to
                          any
                          Set-off.”.

                      

              

               

              
                	
                        (k)

                      	
                        Amendment.
                          Notwithstanding any provision to the contrary in this Agreement,
                          no
                          amendment of either this Agreement or any Transaction under
                          this Agreement
                          shall be permitted by either party unless each of the Swap
                          Rating Agencies
                          has been provided prior written notice of the same and
                          such amendment
                          satisfies the Rating Agency Condition with respect to
                          S&P.

                      

              

              

              
                	
                        (l)

                      	
                        Notice
                          of Certain Events or Circumstances.
                          Each Party agrees, upon learning of the occurrence or existence
                          of any
                          event or condition that constitutes (or that with the giving
                          of notice or
                          passage of time or both would constitute) an Event of Default
                          or
                          Termination Event with respect to such party, promptly
                          to give the other
                          Party and to each Swap Rating Agency notice of such event
                          or condition;
                          provided that failure to provide notice of such event or
                          condition
                          pursuant to this Part 5(l) shall not constitute an Event
                          of Default or a
                          Termination Event.

                      

              

               

              (m)        
                 Proceedings.
                No
                Relevant Entity shall institute against, or cause any other person
                to institute
                against, or join any other person in instituting against Party B,
                the Grantor
                Trust or the trust formed pursuant to the Indenture, in any bankruptcy,
                reorganization, arrangement, insolvency or liquidation proceedings
                or other
                proceedings under any federal or state bankruptcy or similar law
                for a period of
                one year (or, if longer, the applicable preference period) and one
                day following
                payment in full of the Certificates and any Notes. This provision
                will survive
                the termination of this Agreement. 

              

              
                	
                        (n)

                      	
                        Grantor
                          Trust Trustee Liability Limitations.
                          It
                          is expressly understood and agreed by the parties hereto
                          that (a) this
                          Agreement is executed by Deutsche Bank Trust Company Americas
                          (“Deutsche”)
                          not in its individual capacity, but solely as Grantor Trust
                          Trustee under
                          the Indenture in the exercise of the powers and authority
                          conferred and
                          invested in it thereunder; (b) Deutsche has been directed
                          pursuant to the
                          Indenture to enter into this Agreement and to perform its
                          obligations
                          hereunder and nothing herein contained shall be construed
                          as creating any
                          liability for Deutsche, individually or personally, to
                          perform any
                          covenant (either express or implied) contained herein,
                          and all such
                          liability, if any, is hereby expressly waived by the parties
                          hereto, and
                          such waiver shall bind any third party making a claim by
                          or through one of
                          the parties hereto; (c) each of the representations, undertakings
                          and
                          agreements herein made on behalf of Party B is made and
                          intended not as
                          personal representations of the Grantor Trust but is made
                          and intended for
                          the purpose of binding only Party B; and (d) under no circumstances
                          shall
                          Deutsche in its individual capacity be personally liable
                          for any payments
                          hereunder or for the breach or failure of any obligation,
                          representation,
                          warranty or covenant made or undertaken under this
                          Agreement.

                      

              

              

              
                	
                        (o)

                      	
                        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) in any respect,
                          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; provided, however, that this severability provision
                          shall not be
                          applicable if any provision of Section 2, 5, 6, or 13 (or
                          any definition
                          or provision in Section 14 to the extent it relates to,
                          or is used in or
                          in connection with any such Section) shall be so held to
                          be invalid or
                          unenforceable. 

                      

              

              

              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. 

              

              
                	
                        (p)

                      	
                        Agent
                          for Party B.
                          Party A acknowledges that the Issuing
                          Entity has appointed the Grantor Trust Trustee
                          and the Securities Administrator as its agents under the
                          Indenture to
                          carry out certain functions on behalf of Party B, and that
                          the Grantor
                          Trust Trustee and Securities Administrator shall be entitled
                          to give
                          notices and to perform and satisfy the obligations of Party
                          B hereunder on
                          behalf of Party B. 

                      

              

               

              
                	
                        (q)

                      	
                        Escrow
                          Payments.
                          If
                          (whether by reason of the time difference between the cities
                          in which
                          payments are to be made or otherwise) it is not possible
                          for simultaneous
                          payments to be made on any date on which both parties are
                          required to make
                          payments hereunder, either Party may at its option and
                          in its sole
                          discretion notify the other Party that payments on that
                          date are to be
                          made in escrow. In this case deposit of the payment due
                          earlier on that
                          date shall be made by 2:00 pm (local time at the place
                          for the earlier
                          payment) on that date with an escrow agent selected by
                          the notifying
                          party, accompanied by irrevocable payment instructions
                          (i) to release the
                          deposited payment to the intended recipient upon receipt
                          by the escrow
                          agent of the required deposit of any corresponding payment
                          payable by the
                          other party on the same date accompanied by irrevocable
                          payment
                          instructions to the same effect or (ii) if the required
                          deposit of the
                          corresponding payment is not made on that same date, to
                          return the payment
                          deposited to the party that paid it into escrow. The party
                          that elects to
                          have payments made in escrow shall pay all costs of the
                          escrow
                          arrangements.

                      

              

               

              
                	
                        (r)

                      	
                        Consent
                          to Recording.
                          Each party hereto consents to the monitoring or recording,
                          at any time and
                          from time to time, by the other party of any and all communications
                          between trading, marketing, and operations personnel of
                          the parties and
                          their Affiliates, waives any further notice of such monitoring
                          or
                          recording, and agrees to notify such personnel of such
                          monitoring or
                          recording. 

                      

              

              

              
                	
                        (s)

                      	
                        Waiver
                          of Jury Trial.
                          Each party waives any right it may have to a trial by jury
                          in respect of
                          any suit, action or proceeding relating to this Agreement
                          or any Credit
                          Support Document. 

                      

              

              

              
                	
                        (t)

                      	
                        Form
                          of ISDA Master Agreement.
                          Party A and Party B hereby agree that the text of the body
                          of the ISDA
                          Master Agreement is intended to be the printed form of
                          the ISDA Master
                          Agreement (Multicurrency - Crossborder) as published and
                          copyrighted in
                          1992 by the International Swaps and Derivatives Association,
                          Inc.

                      

              

              

              
                	
                        (u)

                      	
                        Payment
                          Instructions.
                          Party A hereby agrees that, unless notified in writing
                          by Party B of other
                          payment instructions, any and all amounts payable by Party
                          A to Party B
                          under this Agreement shall be paid to the account specified
                          in Item 4 of
                          this Confirmation, below. 

                      

              

              

              
                	
                        (v)

                      	
                        Additional
                          representations.

                      

              

              

              
                	 	
                        (i)

                      	
                        Representations
                          of Party A. Party A represents to Party B on the date on
                          which Party A
                          enters into each Transaction
                          that:--

                      

              

               

              Party
                A’s
                obligations under this Agreement rank pari passu with all of Party
                A’s other
                unsecured, unsubordinated obligations except those obligations preferred
                by
                operation of law.

              

              
                	 	
                        (ii)

                      	
                        Capacity.
                          Party A represents to Party B on the date on which Party
                          A enters into
                          this Agreement that it is entering into the Agreement and
                          the Transaction
                          as principal and not as agent of any person. The Grantor
                          Trust Trustee
                          represents to Party A on the date on which the Grantor
                          Trust Trustee
                          executes this Agreement that it is executing the Agreement
                          in its capacity
                          as the Grantor Trust Trustee, pursuant to the
                          Indenture.

                      

              

               

              
                	
                        (w)

                      	
                        Acknowledgements.

                      

              

              

              
                	 	
                        (i)

                      	
                        Substantial
                          financial transactions. Each party hereto is hereby advised
                          and
                          acknowledges as of the date hereof that the other party
                          has engaged in (or
                          refrained from engaging in) substantial financial transactions
                          and has
                          taken (or refrained from taking) other material actions
                          in reliance upon
                          the entry by the parties into the Transaction being entered
                          into on the
                          terms and conditions set forth herein and in the Indenture
                          relating to
                          such Transaction, as applicable. This paragraph shall be
                          deemed repeated
                          on the trade date of each
                          Transaction.

                      

              

               

              
                	 	
                        (ii)

                      	
                        Bankruptcy
                          Code. Subject to Part 5(m), without limiting the applicability
                          if any, of
                          any other provision of the U.S. Bankruptcy Code as amended
                          (the
                          “Bankruptcy Code”) (including without limitation Sections 362, 546, 556,
                          and 560 thereof and the applicable definitions in Section
                          101 thereof),
                          the parties acknowledge and agree that all Transactions
                          entered into
                          hereunder will constitute “forward contracts” or “swap agreements” as
                          defined in Section 101 of the Bankruptcy Code or “commodity contracts” as
                          defined in Section 761 of the Bankruptcy Code, that the
                          rights of the
                          parties under Section 6 of this Agreement will constitute
                          contractual
                          rights to liquidate Transactions, that any margin or collateral
                          provided
                          under any margin, collateral, security, pledge, or similar
                          agreement
                          related hereto will constitute a “margin payment” as defined in Section
                          101 of the Bankruptcy Code, and that the parties are entities
                          entitled to
                          the rights under, and protections afforded by, Sections
                          362, 546, 556, and
                          560 of the Bankruptcy Code.

                      

              

               

              
                	
                        (x)

                      	
                        Permitted
                          Security Interest. 

                      

              

               

              Party
                A
                hereby acknowledges and consents to the Permitted Security Interest.
                

               

              “Permitted
                Security Interest” means the collateral assignment by Party B of the Swap
                Collateral to the Indenture Trustee pursuant to the Indenture and
                any transfer
                of such rights pursuant to an exercise of creditor’s remedies in respect of such
                collateral assignment, and the granting to the Indenture Trustee
                of a first
                priority security interest in the Swap Collateral pursuant to the
                Indenture.

               

              “Swap
                Collateral” means all right, title and interest of Party B in this Agreement,
                each Transaction hereunder, and all present and future amounts payable
                by Party
                A to Party B under or in connection with the Agreement or any Transaction
                governed by the Agreement, including, without limitation, any transfer
                or
                termination of any such Transaction. 

               

              
                	
                        (y)

                      	
                        [Reserved]

                      

              

               

              (z) Additional
                Definitions. 

               

              As
                used
                in this Agreement, the following terms shall have the meanings set
                forth below,
                unless the context clearly requires otherwise: 

               

              “Approved
                Ratings Threshold” means each of the S&P Approved Ratings Threshold and the
                Moody’s First Trigger Ratings Threshold.

              

              “Approved
                Replacement” means, with respect to a Market Quotation, an entity making such
                Market Quotation, which entity would satisfy conditions (a), (b),
                (c), (d) and
                (e) of the definition of Permitted Transfer (as determined by Party
                B in its
                sole discretion, acting in a commercially reasonable manner) if such
                entity were
                a Transferee, as defined in the definition of Permitted Transfer.

              

              “Derivative
                Provider Trigger Event” means (i) an Event of Default with respect to which
                Party A is a Defaulting Party, (ii) a Termination Event with respect
                to which
                Party A is the sole Affected Party or (iii) an Additional Termination
                Event with
                respect to which Party A is the sole Affected Party.

              

              “Eligible
                Guarantee” means an unconditional and irrevocable guarantee of all present and
                future obligations (for the avoidance of doubt, not limited to payment
                obligations) of Party A or an Eligible Replacement to Party B under
                this
                Agreement that is provided by an Eligible Guarantor as principal
                debtor rather
                than surety and that is directly enforceable by Party B, the form
                and substance
                of which guarantee are subject to the Rating Agency Condition with
                respect to
                S&P, and 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 Tax
                collected by withholding or
                (B)
                such guarantee provides that, in the event that any of such guarantor’s payments
                to Party B are subject to Tax collected by withholding, 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 Tax collected
                by
                withholding) will equal the full amount Party B would have received
                had no such
                withholding been required.

              

              “Eligible
                Guarantor” means an entity that (A) has credit ratings from S&P at least
                equal to the S&P Approved Ratings Threshold and (B) has credit ratings from
                Moody’s at least equal to the Moody’s Second Trigger Required Ratings Threshold,
                provided, for the avoidance of doubt, that an Eligible Guarantee
                of an Eligible
                Guarantor with credit ratings below the Moody’s First Trigger Approved Ratings
                Threshold will not cause a Collateral Event (as defined in the Credit
                Support
                Annex) not to occur or continue with respect to Moody’s, in each case certified
                by such entity to Party B. 

              

              “Eligible
                Replacement” means an entity (i) (a) that has credit ratings from S&P at
                least equal to the S&P Approved Ratings Threshold, and (b) has credit
                ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
                Threshold, provided, for the avoidance of doubt, that an Eligible
                Replacement
                with credit ratings below the Moody’s First Trigger Ratings Threshold will not
                cause a Collateral Event (as defined in the Credit Support Annex)
                not to occur
                or continue with respect to Moody’s, or (ii) the present and future obligations
                (for the avoidance of doubt, not limited to payment obligations)
                of which entity
                to Party B under this Agreement are guaranteed pursuant to an Eligible
                Guarantee, in each case certified by such entity to Party B.

              

              “Estimated
                Swap Termination Payment” means, with respect to an Early Termination Date, an
                amount determined by Party A in good faith and in a commercially
                reasonable
                manner as the maximum payment that could be owed by Party B to Party
                A in
                respect of such Early Termination Date pursuant to Section 6(e) of
                the ISDA
                Master Agreement, taking into account then current market
                conditions.

              

              “Firm
                Offer” means (A) with respect to an Eligible Replacement, a quotation from
                such
                Eligible Replacement (i) in an amount equal to the actual amount
                payable by or
                to Party B in consideration of an agreement between Party B and such
                Eligible
                Replacement to replace Party A as the counterparty to this Agreement
                by way of
                novation or, if such novation is not possible, an agreement between
                Party B and
                such Eligible Replacement to enter into a Replacement Transaction
                (assuming that
                all Transactions hereunder become Terminated Transactions), and (ii)
                that
                constitutes an offer by such Eligible Replacement to replace Party
                A as the
                counterparty to this Agreement or enter a Replacement Transaction
                that will
                become legally binding upon such Eligible Replacement upon acceptance
                by Party
                B, and (B) with respect to an Eligible Guarantor, an offer by such
                Eligible
                Guarantor to provide an Eligible Guarantee that will become legally
                binding upon
                such Eligible Guarantor upon acceptance by the offeree.

              

              “Moody’s”
                means Moody’s Investors Service, Inc., or any successor thereto. 

              

              “Moody’s
                First Trigger Ratings Event” means that no Relevant Entity has credit ratings
                from Moody’s at least equal to the Moody’s First Trigger Ratings Threshold.

              

              “Moody’s
                First Trigger Ratings
                Threshold” means, with respect to Party A, the guarantor under an Eligible
                Guarantee or an Eligible Replacement, (i) if such entity has a short-term
                unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
                unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
                short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
                or (ii) if such entity does not have a short-term unsecured and unsubordinated
                debt rating or counterparty rating from Moody’s, a long-term unsecured and
                unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

              

              “Moody’s
                Second Trigger Ratings Event” means that no Relevant Entity has credit ratings
                from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold.

              

              “Moody’s
                Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor
                under an Eligible Guarantee or an Eligible Replacement, (i) if such
                entity has a
                short-term unsecured and unsubordinated debt rating from Moody’s, a long-term
                unsecured and unsubordinated debt rating or counterparty rating from
                Moody’s of
“A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of
“Prime-2”, or (ii) if such entity does not have a short-term unsecured and
                unsubordinated debt rating from Moody’s, a long-term unsecured and
                unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.

              

              “Permitted
                Transfer” means a transfer by novation by Party A pursuant to Section 6(b)(ii),
                Part 5(d), Part 5(e) , or the second sentence of Section 7 (as amended
                herein)
                to a transferee (the “Transferee”) of all, but not less than all, of Party A’s
                rights, liabilities, duties and obligations under this Agreement,
with
                respect to which transfer each of the following conditions is
                satisfied:
                (a) the
                Transferee is an Eligible Replacement (b) Party A and the Transferee
                are both
“dealers in notional principal contracts” within the meaning of Treasury
                regulations section 1.1001-4; (c) as of the date of such transfer
                the Transferee
                would not be required to withhold or deduct on account of Tax from
                any payments
                under this Agreement or would be required to gross up for such Tax
                under Section
                2(d)(i)(4); (d) an Event of Default or Termination Event would not
                occur as a
                result of such transfer; (e) pursuant to a written instrument (the
“Transfer
                Agreement”), the Transferee acquires and assumes all rights and obligations
                of
                Party A under the Agreement and the relevant Transaction; (f) Party
                B shall have
                determined, in its sole discretion, acting in a commercially reasonable
                manner,
                that such Transfer Agreement is effective to transfer to the Transferee
                all, but
                not less than all, of Party A’s rights and obligations under the Agreement and
                all relevant Transactions; (g) Party A will be responsible for any
                costs or
                expenses incurred in connection with such transfer (including any
                replacement
                cost of entering into a replacement transaction); (h) either (A)
                Moody’s has
                been given prior written notice of such transfer and the Rating Agency
                Condition
                is satisfied with respect to S&P or (B) each Swap Rating Agency has been
                given prior written notice of such transfer and such transfer is
                in connection
                with the assignment and assumption of this Agreement without modification
                of its
                terms, other than party names, dates relevant to the effective date
                of such
                transfer, tax representations (provided that the representations
                in Part 2(a)(i)
                are not modified) and any other representations regarding the status
                of the
                substitute counterparty of the type included in Part 5(b)(iv), Part
                5(v)(i)(2)
                or Part 5(v)(ii), notice information and account details; and (i)
                such transfer
                otherwise complies with the terms of the Indenture.

               

              “Rating
                Agency Condition” means, with respect to any particular proposed act or omission
                to act hereunder and each Swap Rating Agency specified in connection
                with such
                proposed act or omission, that the party acting or failing to act
                must consult
                with each of the specified Swap Rating Agencies and receive from
                each such Swap
                Rating Agency a prior written confirmation that the proposed action
                or inaction
                would not cause a downgrade or withdrawal of the then-current rating
                of any
                Certificates or Notes.

              

              “Relevant
                Entity” means Party A and, to the extent applicable, a guarantor under an
                Eligible Guarantee.

              

              “Replacement
                Transaction” means, with respect to any Terminated Transaction or group of
                Terminated Transactions, a transaction or group of transactions that
                (i) would
                have the effect of preserving for Party B 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 Transaction or
                group of
                Terminated Transactions that would, but for the occurrence of the
                relevant Early
                Termination Date, have been required after that Date, and (ii) has
                terms which
                are substantially the same as this Agreement, including, without
                limitation,
                rating triggers, Regulation AB compliance, and credit support documentation,
                save for the exclusion of provisions relating to Transactions that
                are not
                Terminated Transaction, as determined by Party B in its sole discretion,
                acting
                in a commercially reasonable manner.

              

              “Required
                Ratings Downgrade Event” means that no Relevant Entity has credit ratings at
                least equal to the Required Ratings Threshold. 

              

              “Required
                Ratings Threshold” means each of the S&P Required Ratings Threshold and the
                Moody’s Second Trigger Ratings Threshold.

              

              “S&P”
                means Standard & Poor's Rating Services, a division of The McGraw-Hill
                Companies, Inc., or any successor thereto. 

              

              “S&P
                Approved Ratings Threshold” means, with respect to Party A, the guarantor under
                an Eligible Guarantee or an Eligible Replacement, a short-term unsecured
                and
                unsubordinated debt rating from S&P of “A-1+”, or, if such entity does not
                have a short-term unsecured and unsubordinated debt rating from S&P, a
                long-term unsecured and unsubordinated debt rating or counterparty
                rating from
                S&P of “AA-”.

              

              “S&P
                Required Ratings Threshold” means, with respect to Party A, the guarantor under
                an Eligible Guarantee or an Eligible Replacement, a long-term unsecured
                and
                unsubordinated debt rating or counterparty rating from S&P of
“BBB+”.

              

              “Swap
                Rating Agencies” means, with respect to any date of determination, each of
                S&P and Moody’s, to the extent that each such rating agency is then
                providing a rating for any of the American Home Mortgage Investment
                Trust
                2007-1, Mortgage-Backed Notes and Grantor Trust Certificates, Series
                2007-1 (the
“Certificates”) or any notes backed by the Certificates (the
“Notes”).

              [Remainder
                of this page intentionally left blank.]

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              4. Account
                Details and Settlement Information:  

               

              
                
                  	
                          Payments
                            to Party A:

                        	
                          Account
                            with bank:

                        
	 	
                          DB
                            Trust Co Americas

                        
	 	
                          ABA
                            021001033

                        
	 	
                          BKTRUS33

                        
	 	 
	 	
                          Beneficiary:

                        
	 	
                          Deutsche
                            Bank AG New York

                        
	 	
                          a/c:
                            01473969 

                        
	 	
                          Global
                            No. N593884N

                        
	 	 
	
                          Payments
                            to Party B:

                        	 
	 	
                          Wells
                            Fargo Bank, N.A.

                        
	 	
                          ABA
                            #: 121-000-248

                        
	 	
                          Account
                            Name: SAS Clearing

                        
	 	
                          Account
                            #: 3970771416

                        
	 	
                          FFC
                            to: AHMIT 2007-1, Class A-1-C Swap Account #
                            53135404

                        

                

              

               

              This
                Agreement may be executed in several counterparts, each of which
                shall be deemed
                an original but all of which together shall constitute one and the
                same
                instrument.

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              We
                are
                very pleased to have executed this Transaction with you and we look
                forward to
                completing other transactions with you in the near future.

              

              Very
                truly yours,

              

              DEUTCSHE
                BANK AG, NEW YORK BRANCH

              

              

              
                	
                        By:

                      	 	 	
                        By:

                      	 
	
                        Name:

                      	 	 	
                        Name:

                      	 
	
                        Authorized
                          Signatory

                      	 	
                        Authorized
                          Signatory

                      

              

              

              

              Party
                B,
                acting through its duly authorized signatory, hereby agrees to, accepts
                and
                confirms the terms of the foregoing as of the date hereof.

              

              Deutsche
                Bank National Trust Company, not in its individual capacity, but
                solely as
                Grantor Trust Trustee for the Grantor Trust with respect to American
                Home
                Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor
                Trust
                Certificates, Series 2007-1

              

              

              
                	
                        By:

                      	 
	
                        Name:

                      	 
	
                        Title:

                      	 

              

              

              

              

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              Annex
                A

              

              Paragraph
                13 of the Credit Support Annex

              

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

               

               

              
                
                   
ANNEX
                  A

                

                ISDA®

                CREDIT
                  SUPPORT ANNEX

                to
                  the
                  Schedule to the

                ISDA
                  Master Agreement

                dated
                  as
                  of March 30, 2007 between

                Deutsche
                  Bank AG, New York Branch (hereinafter referred to as “Party
                  A”
                  or
“Pledgor”)

                and

                Deutsche
                  Bank National Trust Company, not in its individual capacity, but
                  solely as
                  Grantor Trust Trustee for the Grantor Trust with respect to American
                  Home
                  Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor
                  Trust
                  Certificates, Series 2007-1 (the
“
                  Grantor Trust”, 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 Confirmation dated March 30, 2007,
                  between Party A
                  and Party B, N593884N.

                

                 

                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”
                            shall not apply. For purposes of calculating any Delivery
                            Amount or Return
                            Amount 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, as provided in Paragraphs 13(b)(i)(A)
                            and 13(b)(i)(B),
                            above.

                        

                

                 

                
                  	(ii)  	
                          Eligible
                            Collateral.
                            

                        

                

                 

                On
                  any
                  date, the following items will qualify as “Eligible
                  Collateral”
(for
                  the avoidance of doubt, all Eligible Collateral to be denominated
                  in
                  USD):

                 

                
                  
                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

                

                 

                
                  	
                           

                          Collateral
                            

                        	
                          S&P

                          Valuation
                            

                          Percentage

                        	
                          Moody’s
                            

                          First
                            Trigger Valuation
                            Percentage

                        	
                          Moody’s
                            

                          Second
                            Trigger Valuation
                            Percentage

                        
	
                          (A)  Cash

                        	
                          100%

                        	
                          100%

                        	
                          100%

                        
	
                          (B)  Fixed-rate
                            negotiable debt obligations issued by the U.S. Treasury
                            Department having
                            a remaining maturity on such date of not more than one
                            year

                        	
                          98.5%

                        	
                          100%

                        	
                          100%

                        
	
                          (C)  Fixed-rate
                            negotiable debt obligations issued by the U.S. Treasury
                            Department having
                            a remaining maturity on such date of more than one year
                            but not more than
                            ten years

                        	
                          89.9%

                        	
                          100%

                        	
                          94%

                        
	
                          (D)  Fixed-rate
                            negotiable debt obligations issued by the U.S. Treasury
                            Department having
                            a remaining maturity on such date of more than ten years

                        	
                          83.9%

                        	
                          100%

                        	
                          87%

                        

                

                 

                
                  	(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
                            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 of any
                            Certificates and the
                            aggregate principal balance of any Notes rated by S&P is at the time
                            of any transfer less 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 10,000.

                        

                

                 

                
                  	(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
                            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.

                        

                

                 

                
                  	(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 Support 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 Support; 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, Moody’s First Trigger
                            Value, and 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 Securities
                  Administrator
                  or (B) any entity other than the entity then serving as Securities
                  Administrator
                  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: Securities Administrator. 

                 

                
                  	(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. Posted Collateral
                            in the form of Cash shall be invested in such overnight
                            (or redeemable
                            within two Local Business Days of demand) Permitted Investments
                            rated at
                            least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by
                            Moody’s, as directed by Party A (unless (x) an Event of Default
                            or an
                            Additional Termination Event has occurred with respect
                            to which Party A is
                            the defaulting or sole Affected Party or (y) an Early
                            Termination Date has
                            been designated, in which case such investment shall
                            be held uninvested).
                            Gains and losses incurred in respect of any investment
                            of Posted
                            Collateral in the form of Cash in Permitted Investments
                            as directed by
                            Party A shall be for the account of Party
                            A.

                        

                

                 

                
                  	(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: 

                 

                Wells
                  Fargo Bank, N.A. as Securities Administrator  

                9062
                  Old
                  Annapolis Road 

                Columbia,
                  Maryland 21045  

                Attention: Corporate
                  Trust Services - AHMIT 2007-1

                Tel:  (410)
                  884-2000

                Fax:  (418)
                  715-2380

                

                 

                
                  	(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:             
  The
                  Bank
                  of New York

                aba
                  #
                  021000018

                a/c
                  #
                  8900603658

                for
                  further credit: 

                SAS
                  Clearing     

                Acct
                  #:
                  3970771416

                Re:
                  AHMIT
                  2007-1, Class A-1-C Collateral Account # 53135409

                

                  

                Party
                  B:
 

                Wells
                  Fargo Bank, N.A.    

                ABA
                  #:
                  121-000-248

                Account
                  Name: SAS Clearing

                Account
                  #: 3970771416

                FFC
                  to:
                  AHMIT 2007-1,
                  Class
                  A-1-C Collateral Account
                  #
                  53135409

                

                
                  	(m)  	
                          Other
                            Provisions.

                        

                

                 

                
                  	(i)  	
                          Collateral
                            Account.
                            Party B shall open and maintain a segregated account,
                            which shall be an
                            Eligible Account, 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) Additional
                  Definitions.
                  As used
                  in this Annex::

                 

                “Collateral
                  Event” means
                  that no Relevant Entity has credit ratings at least equal to the
                  Approved
                  Ratings Threshold.

                 

                “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,
                  for purposes of this Annex: 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 Event” means
                  that no Relevant Entity has credit ratings from Moody’s at least equal to the
                  Moody’s First Trigger Ratings Threshold.

                 

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

                 

                
                  	 	
                          (I)

                        	
                          (A)

                        	
                          for
                            any Valuation 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) 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
                            Valuation Date and (ii) the sum, for each Transaction
                            to which this Annex
                            relates, of the product of (i) the applicable Moody’s First Trigger Factor
                            set forth in Table 1 and (ii)
                            the
                            Notional Amount for such Transaction for the Calculation
                            Period for such
                            Transaction (each as defined in the related Confirmation)
                            which includes
                            such Valuation Date; or 

                        

                

                 

                
                  	 	
                          (B)

                        	
                          for
                            any other Valuation Date, zero,
                            over

                        

                

                 

                (II)         
                   the
                  Threshold for Party A such Valuation Date.

                 

                “Moody’s
                  First Trigger Value”
                  means,
                  on any date and with respect to any Eligible Collateral other than
                  Cash, the 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).

                 

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

                 

                
                  	 	
                          (I)

                        	
                          (A)

                        	
                          for
                            any Valuation 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 Payments for all Next Payment
                            Dates, and (c)
                            the sum of (x) the Secured Party’s Exposure for such Valuation 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 product
                  of (i) the
                  applicable Moody’s Second Trigger Factor set forth in Table 2, and (ii) the
                  Notional Amount for such Transaction for the Calculation Period
                  for such
                  Transaction (each as defined in the related Confirmation) which
                  includes such
                  Valuation Date; or

                

                (2)
                  if
                  such Transaction is a Transaction-Specific Hedge, the product of
                  (i) the
                  applicable Moody’s Second Trigger Factor set forth in Table 3 and (ii) the
                  Notional Amount for such Transaction for the Calculation Period
                  which includes
                  such Valuation Date; or 

                

                
                  	 	
                          (B)

                        	
                          for
                            any other Valuation Date, zero,
                            over

                        

                

                 

                (II)         
                   the
                  Threshold for Party A for such Valuation Date.

                 

                “Moody’s
                  Second Trigger Value”
                  means,
                  on any date and 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).

                 

                “Next
                  Payment”
                  means,
                  in respect of each Next Payment Date, the greater of (i) the amount
                  of any
                  payments due to be made by Party A under Section 2(a) on such Next
                  Payment Date
                  less any payments due to be made by Party B under Section 2(a)
                  on such Next
                  Payment Date (in each case, after giving effect to any applicable
                  netting under
                  Section 2(c)) and (ii) zero.

                 

                “Next
                  Payment Date”
                  means
                  each date on which the next scheduled payment under any Transaction
                  is due to be
                  paid.

                 

                “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.

                 

                “Remaining
                  Weighted Average Maturity” means,
                  with respect to a Transaction, the expected weighted average maturity
                  for such
                  Transaction as determined by the Valuation Agent. 

                 

                “S&P
                  Approved Ratings Downgrade Event”
                  means
                  that no Relevant Entity has credit ratings at least equal to the
                  S&P
                  Approved Ratings Threshold.

                 

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

                 

                
                  	 	
                          (I)

                        	
                          (A)
                            

                        	
                          for
                            any Valuation Date on which (i) an S&P Approved Ratings Threshold
                            Event has occurred and been continuing for at least 30
                            days, or (ii) a
                            S&P Required Ratings Downgrade Event has occurred and is
                            continuing,
                            an amount equal to the sum of (a) USD 434,640.85 and
                            (b) if an S&P
                            Interest Rate Collateral Event has occurred and is continuing,
                            an amount
                            equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                            Valuation Date and (2) the sum, for each Transaction
                            to which this Annex
                            relates, of the product of (i) the Volatility Buffer
                            for such Transaction
                            and (ii) the Notional Amount of such Transaction (each
                            as defined in the
                            related Confirmation) for the Calculation Period of such
                            Transaction which
                            includes such Valuation Date, or 

                        

                

                 

                
                  	 	
                          (B)

                        	
                          for
                            any other Valuation Date, zero,
                            over

                        

                

                 

                (II)           the
                  Threshold for Party A for such Valuation Date.

                 

                “S&P
                  Interest Rate Collateral Threshold” means,
                  with respect to Party A, the guarantor under an Eligible Guarantee
                  or an
                  Eligible Replacement, a short-term unsecured and unsubordinated
                  debt rating from
                  S&P of “A-1”, or, if such entity does not have a short-term unsecured and
                  unsubordinated debt rating from S&P, a long-term unsecured and
                  unsubordinated debt rating or counterparty rating from S&P of “A+”.

                 

                “S&P
                  Interest Rate Collateral Event”
                  means no
                  Relevant Entity has credit ratings at least equal to the S&P Interest Rate
                  Collateral Threshold.

                 

                “S&P
                  Required Ratings Downgrade Event”
                  means no
                  Relevant Entity has credit ratings at least equal to the S&P Required
                  Ratings Threshold.

                 

                “S&P
                  Value”
                  means,
                  on any date and 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).

                 

                “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 (i) an interest rate swap in respect of which
                  (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
                  (as defined
                  in the related Confirmation) otherwise is not a specific dollar
                  amount that is
                  fixed at the inception of the Transaction, (ii) an interest rate
                  cap, (iii) an
                  interest rate floor or (iv) an interest rate swaption.

                 

                “Valuation
                  Percentage”
                  shall
                  mean, for purposes of determining the S&P Value, Moody’s First Trigger
                  Value, or 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 of such Transaction 

                          up
                            to 3 years

                        	
                          Remaining
                            Weighted Average Maturity of such Transaction

                          up
                            to 5 years

                        	
                          Remaining
                            Weighted Average Maturity of such Transaction

                          up
                            to 10 years

                        	
                          Remaining
                            Weighted Average Maturity of such Transaction

                          up
                            to 30 years

                        
	
                          “A-2”
                            or higher

                        	
                          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%

                        

                

                

                 

                
                  	
                          (n)
                            

                        	
                          Grantor
                            Trust Trustee Liability Limitations. It
                            is expressly understood and agreed by the parties hereto
                            that (a) this
                            Agreement is executed by Deutsche Bank Trust Company
                            Americas
                            (“Deutsche”)
                            not in its individual capacity, but solely as Grantor
                            Trust Trustee under
                            the Pooling and Servicing Agreement in the exercise of
                            the powers and
                            authority conferred and invested in it thereunder; (b)
                            Deutsche has been
                            directed pursuant to the Pooling and Servicing Agreement
                            to enter into
                            this Agreement and to perform its obligations hereunder
                            and nothing herein
                            contained shall be construed as creating any liability
                            for Deutsche,
                            individually or personally, to perform any covenant (either
                            express or
                            implied) contained herein, and all such liability, if
                            any, is hereby
                            expressly waived by the parties hereto, and such waiver
                            shall bind any
                            third party making a claim by or through one of the parties
                            hereto; (c)
                            each of the representations, undertakings and agreements
                            herein made on
                            behalf of Party B is made and intended not as personal
                            representations of
                            the Grantor Trust but is made and intended for the purpose
                            of binding only
                            Party B; and (d) under no circumstances shall Deutsche
                            in its individual
                            capacity be personally liable for any payments hereunder
                            or for the breach
                            or failure of any obligation, representation, warranty
                            or covenant made or
                            undertaken under this Agreement. 

                        

                

                 

                [Remainder
                  of this page intentionally left blank]

                 

                
                  
                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

                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 for Interest Rate Swaps with Fixed Notional
                  Amounts

                 

                
                  	
                          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

                 

                
                  	
                          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.

                 

                

                 

                
                  	
                          Deutsche
                            Bank AG, New York Branch

                        	 	
                          Deutsche
                            Bank National Trust Company, not
                            in its individual capacity, but solely as Grantor Trust
                            Trustee for the
                            Grantor Trust with respect to American Home Mortgage
                            Investment Trust
                            2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                            Series
                            2007-1

                        
	 	 	 	 	 
	 	 	 	 	 
	
                          By:

                        	 	 	
                          By:

                        	 
	
                          Name:

                        	 	 	
                          Name:

                        	 
	
                          Title:

                        	 	 	
                          Title:

                        	 
	
                          Date:

                        	 	 	
                          Date:

                        	 

                

                

                 

                
                  
                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

                 

                 

                
                  

                  
                    	
                             

                          	
                            

                          

                  

                  
 

                  
                    	
                            DATE:

                          	
                            March
                              30, 2007

                          
	
                            TO:

                          	
                            Deutsche
                              Bank National Trust Company,

                            not
                              in its individual capacity, but solely as Grantor Trust
                              Trustee for the
                              

                            Grantor
                              Trust with respect to American Home Mortgage Investment
                              Trust 2007-1,
                              

                            Mortgage-Backed
                              Notes and Grantor Trust Certificates, Series 2007-1

                          
	 	 
	
                            ATTENTION:

                          	
                            Trust
                              Administration - AH0701

                          
	 	
                            Telephone:

                          	
                            (714)
                              247-6000

                          
	 	
                            Facsimile:

                          	
                            (714)
                              855-1557

                          
	 	 
	
                            FROM:

                          	
                            Deutsche
                              Bank AG, New York Branch 

                          
	 	 
	
                            ATTENTION:

                          	
                            New
                              York Derivatives Documentation 

                          
	
                            TELEPHONE:

                          	
                            1
                              212 250 9425 

                          
	
                            FACSIMILE:

                          	
                            1
                              212 797 0779 

                          
	
                            EMAIL:

                          	
                            NYderivative.documentation@db.com

                          
	 	 
	
                            OUR
                              REFERENCE:

                          	
                            Global
                              No. N593883N 

                          
	 	 
	
                            RE:

                          	
                            Interest
                              Rate Swap Transaction

                          

                  

                  

                  The
                    purpose of this long-form confirmation (“Confirmation”)
                    is to
                    confirm the terms and conditions of the current Transaction entered
                    into on the
                    Trade Date specified below (the “Transaction”) between Deutsche Bank AG, New
                    York Branch (“Party A”) and Deutsche Bank National Trust Company, not in its
                    individual capacity, but solely as grantor trust trustee (“Grantor Trust
                    Trustee”) for the Grantor Trust (“Grantor Trust”) with respect to American Home
                    Mortgage Investment
                    Trust 2007-1,
                    Mortgage-Backed Notes and Grantor Trust Certificates, Series
                    2007-1 (“Party B”)
                    created under Indenture, dated as of March 30, 2007, among American
                    Home
                    Mortgage Investment Trust 2007-1 (the “Issuing Entity” or “Trust”), Wells Fargo
                    Bank, N.A. (the “Securities Administrator”) and Deutsche Bank National Trust
                    Company (the “Trustee”) (the “Indenture”). This Confirmation evidences a
                    complete and binding agreement between you and us to enter into
                    the Transaction
                    on the terms set forth below and replaces any previous agreement
                    between us with
                    respect to the subject matter hereof. This Confirmation constitutes
                    a
“Confirmation” and also constitutes a “Schedule” as referred to in the ISDA
                    Master Agreement, and Paragraph 13 of a Credit Support Annex
                    to the Schedule.

                  

                  
                    	1.  	
                            This
                              Confirmation shall supplement, form a part of, and
                              be subject to an
                              agreement in the form of the ISDA Master Agreement
                              (Multicurrency - Cross
                              Border) as published and copyrighted in 1992 by the
                              International Swaps
                              and Derivatives Association, Inc. (the “ISDA Master Agreement”), as if
                              Party A and Party B had executed an agreement in such
                              form on the date
                              hereof, with a Schedule as set forth in Item 3 of this
                              Confirmation, and
                              an 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.,
                              with Paragraph 13
                              thereof as set forth in Annex A hereto (the “Credit Support Annex”). For
                              the avoidance of doubt, the Transaction described herein
                              shall be the sole
                              Transaction governed by such ISDA Master Agreement.
                              In the event of any
                              inconsistency among any of the following documents,
                              the relevant document
                              first listed shall govern: (i) this Confirmation, exclusive
                              of the
                              provisions set forth in Item 3 hereof and Annex A hereto;
                              (ii) the
                              provisions set forth in Item 3 hereof, which are incorporated
                              by reference
                              into the Schedule; (iii) the Credit Support Annex;
                              (iv) the Definitions;
                              and (v) the ISDA Master Agreement.

                          

                  

                  

                  Each
                    reference herein to a “Section” (unless specifically referencing the Indenture)
                    or to a “Section” “of this Agreement” will be construed as a reference to a
                    Section of the ISDA Master Agreement; each herein reference to
                    a “Part” will be
                    construed as a reference to the provisions herein deemed incorporated
                    in a
                    Schedule to the ISDA Master Agreement; each reference herein
                    to a “Paragraph”
will be construed as a reference to a Paragraph of the Credit
                    Support
                    Annex.

                  

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

                  

                  
                    	
                            Type
                              of Transaction:

                          	
                            Interest
                              Rate Swap

                          
	 	 
	
                            Notional
                              Amount:

                          	
                            With
                              respect to any Calculation Period, an amount equal
                              to the Note Principal
                              Balance of the Class A-2 Notes immediately preceding
                              the Note Payment Date
                              which occurs in the calendar month of the Floating
                              Rate Payer Payment Date
                              for such Calculation Period (determined for this purpose
                              without regard to
                              any adjustment of the Floating Rate Payer Payment Date
                              or Note Payment
                              Date relating to business days). 

                          
	 	 
	 	
                            The
                              CUSIP no. of the Class A-2 Note is: 026932 AD5

                          
	 	 
	
                            Trade
                              Date:

                          	
                            March
                              28, 2007

                          
	 	 
	
                            Effective
                              Date:

                          	
                            March
                              30, 2007

                          
	 	 
	
                            Termination
                              Date:

                          	
                            The
                              earlier to occur of (i) May 25, 2047 and (ii) the date
                              on which the
                              Notional Amount has been reduced to zero, subject to
                              adjustment in
                              accordance with the Following Business Day Convention;
                              provided, however,
                              that for the purpose of determining the final Floating
                              Rate II Payer
                              Period End Date, Termination Date shall be subject
                              to No
                              Adjustment.

                          
	 	 
	
                            Floating
                              Amount I:

                          	 
	 	 
	 	
                            Floating
                              Rate I Payer:

                          	
                            Party
                              A

                          
	 	 	 
	 	
                            Floating
                              Rate I Payer 

                            Period
                              End Dates:

                          	
                            The
                              25th day of each month from and including April 25th,
                              2007, to and
                              including the Termination Date, subject to adjustment
                              in accordance with
                              the Following Business Day Convention.

                          
	 	 	 
	 	
                            Floating
                              Rate I Payer 

                            Payment
                              Dates:

                          	
                             

                            Early
                              Payment shall be applicable. Each Floating Rate I Payer
                              Payment Date shall
                              be one Business Day prior to the related Floating Rate
                              I Payer Period End
                              Date.

                          
	 	 	 
	 	
                            Floating
                              Rate I:

                          	
                            One-Month
                              LIBOR (as defined in the Indenture) plus (i) with respect
                              to any Floating
                              Rate I Payer Payment Date occurring prior to the Step-Up
                              Date, 0.240% per
                              annum or (ii) with respect to any Floating Rate I Payer
                              Payment Date
                              occurring on or after the Step-Up Date, 0.480% per
                              annum.
                              

                          
	 	 	 
	 	
                            Floating
                              Rate I 

                            Day
                              Count Fraction:

                          	
                            Actual/360

                          
	 	 	 
	 	
                            Reset
                              Dates:

                          	
                            The
                              first day of each Calculation Period

                          
	 	 	 
	 	
                            Compounding:

                          	
                            Inapplicable

                          
	 	 	 
	 	
                            Additional
                              Payment:

                          	
                            Party
                              A agrees to pay USD 2,072,661.42 to Party B for value
                              on the Effective
                              Date.

                          
	 	 
	
                            Floating
                              Amount II:

                          	 
	 	 
	 	
                            Floating
                              Rate II Payer:

                          	
                            Party
                              B

                          
	 	 	 
	 	
                            Floating
                              Rate II Payer 

                            Period
                              End Dates:

                          	
                             

                            The
                              1st day of each month from and including April 1st,
                              2007, to and including
                              the 1st calendar day of the month in which the Termination
                              Date occurs,
                              subject to No Adjustment. 

                          
	 	 	 
	 	
                            Floating
                              Rate II Payer 

                            Payment
                              Dates:

                          	
                            Delayed
                              Payment shall be applicable. Each Floating Rate II
                              Payer Payment Date
                              shall be the day that is twenty-four (24) calendar
                              days following the
                              related Floating Rate II Payer Period End Date, subject
                              to adjustment in
                              accordance with the Following Business Day Convention.
                              For the avoidance
                              of doubt, the Floating Rate II Payer Payment Date shall
                              apply to the
                              Floating Rate II Payer First Payment, the Floating
                              Rate II Payer Second
                              Payment, the Floating Rate II Payer Third Payment and
                              the Floating Rate II
                              Payer Fourth Payment. 

                          
	 	 	 
	 	
                            Initial
                              Calculation Period:

                          	
                            Notwithstanding
                              anything to the contrary in Section 4.13 of the Definitions,
                              the initial
                              Calculation Period with respect to Floating Amount
                              II shall commence on
                              March 1, 2007.

                          
	 	 	 
	 	
                            Floating
                              Rate II:

                          	
                            With
                              respect to each Calculation Period, the excess, if
                              any, of (i) the lesser
                              of (1) One-Year MTA (as defined in the Indenture) plus
                              2.9284% per annum
                              and (2) the Available Funds Rate (as defined in the
                              Indenture) with
                              respect to the Class A-2 Notes for the Note Payment
                              Date occurring in the
                              calendar month of the related Floating Rate II Payer
                              Payment Date
                              (determined for this purpose without regard to any
                              adjustment of the
                              Floating Rate Payer Payment Date or Note Payment Date
                              relating to business
                              days over (ii) 2.0784% per annum.

                          
	 	 	 
	 	
                            Floating
                              Rate II Payer 

                            First
                              Payment:

                          	
                             

                            With
                              respect to each Floating Rate II Payer Payment Date,
                              the sum of: (i) the
                              product of Floating Rate II * Notional Amount * Floating
                              Rate II Day Count
                              Fraction and (ii) an amount
                              equal
                              to the amount of any Current Interest in respect of
                              the Class A-2 Notes
                              remaining unpaid from any prior Note Payment Date,
                              with interest thereon
                              at the Class A-2 Note Interest Rate, determined without
                              regard to the
                              Class A-2 Available Funds Rate, paid to Party B pursuant
                              to the Indenture
                              in respect of the Class A-2 Notes on the Note Payment
                              Date occurring in
                              the calendar month of such Floating Rate II Payer Payment
                              Date (determined
                              for this purpose without regard to any adjustment of
                              the Floating Rate
                              Payer Payment Date or Note Payment Date relating to
                              business
                              days).

                          
	 	 	 
	 	
                            Floating
                              Rate II Payer 

                            Second
                              Payment:

                          	
                            With
                              respect to each Floating Rate II Payer Payment Date,
                              an amount equal to
                              the amount of any Class A-2 Swap Principal Amount (and
                              interest thereon at
                              a rate equal to Floating Rate II) paid
                              to
                              Party B pursuant to the Indenture in respect of the
                              Class A-2 Notes on the
                              Note Payment Date occurring in the calendar month of
                              such Floating Rate II
                              Payer Payment Date (determined for this purpose without
                              regard to any
                              adjustment of the Floating Rate Payer Payment Date
                              or Note Payment Date
                              relating to business days). 

                          
	 	 	 
	 	
                            Floating
                              Rate II Payer 

                            Third
                              Payment:

                          	
                            With
                              respect to each Floating Rate II Payer Payment Date,
                              an amount equal to
                              the amount of any Carryover Shortfall Amount paid
                              to
                              Party B pursuant to the Indenture in respect of the
                              Class A-2 Notes on the
                              Note Payment Date occurring in the calendar month of
                              such Floating Rate II
                              Payer Payment Date (determined for this purpose without
                              regard to any
                              adjustment of the Floating Rate Payer Payment Date
                              or Note Payment Date
                              relating to business days).

                          
	 	 	 
	 	
                            Floating
                              Rate II Payer 

                            Fourth
                              Payment:

                          	
                            With
                              respect to each Floating Rate II Payer Payment Date,
an
                              amount equal to the amount of
                              any Unpaid Realized Loss Amount paid to Party B pursuant
                              to the Indenture
                              in respect of the Class A-2 Swap Principal Amount made
                              on the Note
                              Payment
                              Date occurring in the calendar month of such Floating
                              Rate II Payer
                              Payment Date (determined for this purpose without regard
                              to any adjustment
                              of the Floating Rate Payer Payment Date or Note
                              Payment
                              Date relating to business days).

                          
	 	 	 
	 	
                            Floating
                              Rate II 

                            Day
                              Count Fraction:

                          	
                            30/360

                          
	 	 	 
	 	
                            Reset
                              Dates:

                          	
                            The
                              first day of each Calculation Period

                          
	 	 	 
	 	
                            Compounding:

                          	
                            Inapplicable

                          
	 	 
	
                            Business
                              Days:

                          	
                            New
                              York

                          
	 	 
	
                            Business
                              Day Convention:

                          	
                            For
                              all purposes other than determining Floating Rate II
                              Payer Payment Dates,
                              the Business Day Convention will be Following Business
                              Day
                              Convention.

                          
	 	 
	
                            Netting:

                          	
                            Notwithstanding
                              anything to the contrary in Section 2(c), any amounts
                              payable by the
                              Floating Rate Payer I on a Floating Rate Payer I Payment
                              Date, and by the
                              Floating Rate Payer II on the related Floating Rate
                              Payer II Payment Date,
                              shall be netted, even though such dates may be different,
                              and the party
                              with the larger aggregate amount shall make the net
                              payment on such
                              party’s applicable Floating Rate Payer Payment Date. 

                          
	 	 
	
                            Note
                              Payment Date:

                          	
                            Payment
                              Date (as defined in the Indenture).

                          

                  

                  

                  3.          Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master Agreement:

                  

                  
                    	
                            Part
                              1.

                          	
                            Termination
                              Provisions.

                          

                  

                  

                  For
                    the
                    purposes of this Agreement:-

                  

                  (a)          “Specified
                    Entity”
                    will not
                    apply to Party A or Party B for any purpose. 

                  

                  
                    	
                            (b)

                          	
                            “Specified
                              Transaction”
                              will have the meaning specified in Section
                              14.

                          

                  

                  

                  
                    	
                            (c)

                          	
                            Events
                              of Default.

                          

                  

                  

                  The
                    statement below that an Event of Default will apply to a specific
                    party means
                    that upon the occurrence of such an Event of Default with respect
                    to such party,
                    the other party shall have the rights of a Non-defaulting Party
                    under Section 6
                    of this Agreement; conversely, the statement below that such
                    event will not
                    apply to a specific party means that the other party shall not
                    have such
                    rights.

                  

                  
                    	(i)        
                              	
                            The
                              “Failure to Pay or Deliver” provisions of Section 5(a)(i) will apply to
                              Party
                              A and to Party B; provided, however, that Section 5(a)(i)
                              is hereby
                              amended by replacing the word “third” with the word “first”; provided,
                              further, that notwithstanding anything to the contrary
                              in Section 5(a)(i),
                              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
                              not constitute an Event of Default under Section 5(a)(i)
                              unless (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.

                          

                  

                  

                  
                    	(ii)           	
                            The
                              “Breach of Agreement” provisions of Section 5(a)(ii) will apply to Party
                              A
                              and will not apply to Party B.

                          

                  

                  

                  
                    	(iii)           	
                            The
                              “Credit Support Default” provisions of Section 5(a)(iii) will apply to
                              Party A and will not apply to Party B except that Section
                              5(a)(iii)(1)
                              will apply to Party B solely in respect of Party B’s obligations under
                              Paragraph 3(b) of the Credit Support Annex; provided,
                              however, that
                              notwithstanding anything to the contrary in Section
                              5(a)(iii)(1), 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 not
                              constitute an Event of Default under Section 5(a)(iii)
                              unless (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.

                          

                  

                  

                  
                    	(iv)           	
                            The
                              “Misrepresentation” provisions of Section 5(a)(iv) will apply to Party
                              A
                              and will not apply to Party B. 

                          

                  

                  

                  
                    	(v)           	
                            The
                              “Default under Specified Transaction” provisions of Section 5(a)(v) will
                              apply to Party A and will not apply to Party
                              B.

                          

                  

                  

                  
                    	(vi)          	
                            The
                              “Cross Default” provisions of Section 5(a)(vi) will apply to Party
                              A and
                              will not apply to Party B; provided, however, that,
                              notwithstanding the
                              foregoing, an Event of Default shall not occur under
                              either Section
                              5(a)(vi)(1) or Section 5(a)(vi)(2) if (A) (I) the default,
                              or other
                              similar event or condition referred to in Section 5(a)(vi)(1)
                              or the
                              failure to pay referred to in Section 5(a)(vi)(2) is
                              a failure to pay or
                              deliver caused by an error or omission of an administrative
                              or operational
                              nature, and (II) funds or the asset to be delivered
                              were available to such
                              party to enable it to make the relevant payment or
                              delivery when due and
                              (III) such payment or delivery is made within three
                              (3) Local Business
                              Days following receipt of written notice from an interested
                              party of such
                              failure to pay, or (B) such party was precluded from
                              paying, or was unable
                              to pay, using reasonable means, through the office
                              of the party through
                              which it was acting for purposes of the relevant Specified
                              Indebtedness,
                              by reason of force majeure, act of State, illegality
                              or impossibility.
                              

                          

                  

                  

                  For
                    purposes of Section 5(a)(vi), solely with respect to Party A:

                  

                  “Specified
                    Indebtedness” will have the meaning specified in Section 14 , except that such
                    term shall not include obligations in respect of deposits received
                    in the
                    ordinary course of Party A’s banking business.

                  

                  “Threshold
                    Amount” means with respect to Party A an amount equal to three percent
                    (3%) of
                    the Shareholders’ Equity of Party A or, if applicable, the Eligible Guarantor.
                    

                  

                  “Shareholders’
                    Equity” means with respect to an entity, at any time, the sum (as shown
                    in the
                    most recent annual audited financial statements of such entity)
                    of (i) its
                    capital stock (including preferred stock) outstanding, taken
                    at par value, (ii)
                    its capital surplus and (iii) its retained earnings, minus (iv)
                    treasury stock,
                    each to be determined in accordance with generally accepted accounting
                    principles.

                  

                  
                    	(vii)          	
                            The
                              “Bankruptcy” provisions of Section 5(a)(vii) will apply to Party
                              A and
                              will apply to Party B except that the provisions of
                              Section 5(a)(vii)(2),
                              (6) (to the extent that such provisions refer to any
                              appointment
                              contemplated or effected by the Indenture or any appointment
                              to which
                              Party B has not become subject), (7) and (9) will not
                              apply to Party B;
                              provided that, with respect to Party B only, Section
                              5(a)(vii)(4) is
                              hereby amended by adding after the words “against it” the words
                              “(excluding any proceeding or petition instituted or
                              presented by Party A
                              or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                              deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                              (4) as amended, (5), (6) as amended, or
                              (7)”.

                          

                  

                  

                  
                    	(viii)           	
                            The
                              “Merger Without Assumption” provisions of Section 5(a)(viii) will apply to
                              Party A and will apply to Party B.

                          

                  

                  

                  (d)          Termination
                    Events.

                  

                  The
                    statement below that a Termination Event will apply to a specific
                    party means
                    that upon the occurrence of such a Termination Event, if such
                    specific party is
                    the Affected Party with respect to a Tax Event, the Burdened
                    Party with respect
                    to a Tax Event Upon Merger (except as noted below) or the non-Affected
                    Party
                    with respect to a Credit Event Upon Merger, as the case may be,
                    such specific
                    party shall have the right to designate an Early Termination
                    Date in accordance
                    with Section 6 of this Agreement; conversely, the statement below
                    that such an
                    event will not apply to a specific party means that such party
                    shall not have
                    such right; provided, however, with respect to “Illegality” the statement that
                    such event will apply to a specific party means that upon the
                    occurrence of such
                    a Termination Event with respect to such party, either party
                    shall have the
                    right to designate an Early Termination Date in accordance with
                    Section 6 of
                    this Agreement.

                  

                  (i)          The
                    “Illegality” provisions of Section 5(b)(i) will apply to Party A and will
                    apply
                    to Party B.

                  

                  
                    	 	
                            (ii)

                          	
                            The
                              “Tax Event” provisions of Section 5(b)(ii) will apply to Party
                              A except
                              that, for purposes of the application of Section 5(b)(ii)
                              to Party A,
                              Section 5(b)(ii) is hereby amended by deleting 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)”, and the “Tax Event” provisions of
                              Section 5(b)(ii) will apply to Party B.

                          

                  

                  

                  
                    	 	
                            (iii)

                          	
                            The
                              “Tax Event Upon Merger” provisions of Section 5(b)(iii) will apply to
                              Party A and will apply to Party B, 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.

                          

                  

                  

                  
                    	 	
                            (iv)

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

                          

                  

                  

                  
                    	
                            (e)

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

                          

                  

                  

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

                  

                  
                    	(i)           	
                            Market
                              Quotation will apply, provided, however, that, in the
                              event of a
                              Derivative Provider Trigger Event, the following provisions
                              will
                              apply:

                          

                  

                  

                  
                    	 	
                            (A)
                              

                          	
                            The
                              definition of Market Quotation in Section 14 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
                    Replacement Transaction, and (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.

                  

                  
                    	 	
                            (B)

                          	
                            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) equal to: 

                  

                  
                    	 	
                            (a)

                          	
                            If
                              a Market Quotation for the relevant Terminated Transaction
                              or group of
                              Terminated Transactions is accepted by Party B so as
                              to become legally
                              binding on or before the day falling ten Local Business
                              Days after the day
                              on which the Early Termination Date is designated,
                              or such later day as
                              Party B may specify in writing to Party A, but in either
                              case no later
                              than one Local Business Day prior to the Early Termination
                              Date (such day,
                              the “Latest Settlement Amount Determination Day”), the Termination
                              Currency Equivalent of the amount (whether positive
                              or negative) of such
                              Market Quotation; 

                          

                  

                  

                  
                    	 	
                            (b)

                          	
                            If,
                              on the Latest Settlement Amount Determination Day,
                              no Market Quotation for
                              the relevant Terminated Transaction or group of Terminated
                              Transactions
                              has been accepted by Party B so as to become legally
                              binding and one or
                              more Market Quotations from
                              Approved Replacements have
                              been made and remain capable of becoming legally binding
                              upon acceptance,
                              the Settlement Amount shall equal the Termination Currency
                              Equivalent of
                              the amount (whether positive or negative) of the lowest
                              of such Market
                              Quotations (for the avoidance of doubt, the lowest
                              of such Market
                              Quotations shall be the lowest Market Quotation of
                              such Market Quotations
                              expressed as a positive number or, if any of such Market
                              Quotations is
                              expressed as a negative number, the Market Quotation
                              expressed as a
                              negative number with the largest absolute value);
                              or

                          

                  

                  

                  
                    	 	
                            (c)

                          	
                            If,
                              on the Latest Settlement Amount Determination Day,
                              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
                              Quotation from an Approved Replacement remains capable
                              of becoming legally
                              binding upon acceptance, the Settlement Amount shall
                              equal Party B’s Loss
                              (whether positive or negative and without reference
                              to any Unpaid Amounts)
                              for the relevant Terminated Transaction or group of
                              Terminated
                              Transactions.

                          

                  

                  

                  
                    	 	
                            (C)

                          	
                            If
                              Party B requests Party A in writing to obtain Market
                              Quotations, Party A
                              shall use its reasonable efforts to do so before the
                              Latest Settlement
                              Amount Determination Day.

                          

                  

                  

                  
                    	 	
                            (D)

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

                          

                  

                  

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

                  

                  
                    	 	
                            (E)

                          	
                            At
                              any time on or before the Latest Settlement Amount
                              Determination Day at
                              which two or more Market Quotations from Approved Replacements
                              remain
                              capable of becoming legally binding upon acceptance,
                              Party B shall be
                              entitled to accept only the lowest of such Market Quotations
                              (for the
                              avoidance of doubt, the lowest of such Market Quotations
                              shall be the
                              lowest Market Quotation of such Market Quotations expressed
                              as a positive
                              number or, if any of such Market Quotations is expressed
                              as a negative
                              number, the Market Quotation expressed as a negative
                              number with the
                              largest absolute value).

                          

                  

                  

                  
                    	(ii)           	
                            The
                              Second Method will apply.

                          

                  

                  

                  (g)          “Termination
                    Currency”
                    means
                    USD.

                  

                  (h)           Additional
                    Termination Events.
                    Additional Termination Events will apply as provided in Part
                    5(c). 

                  

                  Part
                    2.  Tax
                    Matters.

                  

                  (a)          Tax
                    Representations. 

                  

                  
                    	 	
                            (i)

                          	
                            Payer
                              Representations. For the purpose of Section 3(e) of
                              this Agreement:
                              

                          

                  

                   

                  (A)          Party
                    A
                    makes the following representation(s):

                  

                  It
                    is not
                    required by any applicable law, as modified by the practice of
                    any relevant
                    governmental 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: the accuracy of any representations made by the
                    other party
                    pursuant to Section 3(f) of this Agreement; (ii) the satisfaction
                    of the
                    agreement contained 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 Agreement; 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)          Party
                    B
                    makes the following representation(s):

                  

                  None.

                  

                  (ii)           Payee
                    Representations. For the purpose of Section 3(f) of this Agreement:
                    

                   

                  (A)          Party
                    A
                    makes the following representation(s):

                  

                  It
                    is a
“foreign person” within the meaning of the applicable U.S. Treasury Regulations
                    concerning information reporting and backup withholding tax (as
                    in effect on
                    January 1, 2001), unless Party A provides written notice to Party
                    B that it is
                    no longer a foreign person. In respect of any Transaction it
                    enters into through
                    an office or discretionary agent in the United States or which
                    otherwise is
                    allocated for United States federal income tax purposes to such
                    United States
                    trade or makes the following representation(s):

                  

                  (B)          Party
                    B
                    makes the following representation(s):

                  

                  None. 

                  

                  
                    	
                            (b)

                          	
                            Tax
                              Provisions.

                          

                  

                  

                  
                    	 	
                            (i)

                          	
                            Gross
                              Up. Section 2(d)(i)(4) shall not apply to Party B as
                              X, and Section
                              2(d)(ii) shall not apply to Party B as Y, in each case
                              such that Party B
                              shall not be required to pay any additional amounts
                              referred to
                              therein.

                          

                  

                  

                  
                    	 	
                            (ii)

                          	
                            Indemnifiable
                              Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                              entirety and replaced with the
                              following:

                          

                  

                  

                  “Indemnifiable
                    Tax” means, in relation to payments by Party A, any Tax and, in relation
                    to
                    payments by Party B, no Tax. 

                  

                  Part
                    3.  Agreement
                    to Deliver Documents. 

                  

                  (a)          For
                    the
                    purpose of Section 4(a)(i), tax forms, documents, or certificates
                    to be
                    delivered are:

                  

                  
                    	
                            Party
                              required to 

                            deliver
                              document

                          	 	
                            Form/Document/Certificate

                          	 	
                            Date
                              by which 

                            to
                              be
                              delivered

                          
	
                            Party
                              A

                          	 	
                            A
                              correct, complete and duly executed U.S. Internal Revenue
                              Service Form
                              W-8ECI or other applicable form (or successor thereto),
                              together with
                              appropriate attachments, that eliminates U.S. federal
                              withholding and
                              backup withholding Tax on payments to Party A under
                              this
                              Agreement.

                          	 	
                            (i)
                              upon execution of this Agreement, (ii) on or before
                              the first payment date
                              under this Agreement, including any Credit Support
                              Document, (iii)
                              promptly upon the reasonable demand by Party B, (iv)
                              prior to the
                              expiration or obsolescence of any previously delivered
                              form, and (v)
                              promptly upon the information on any such previously
                              delivered form
                              becoming inaccurate or incorrect.

                          
	
                            Party
                              B

                          	 	
                            Party
                              B will deliver a completed and executed United States
                              Internal Revenue
                              Service Form W-9 or other applicable form (or any successor
                              thereto) with
                              respect to any payments received or to be received
                              by Party A, that
                              eliminates U.S. federal withholding and backup withholding
                              Tax on payments
                              to Party A under this Agreement, and may deliver other
                              tax forms relating
                              to the beneficial owner of payments to Party B under
                              this Agreement from
                              time to time.

                          	 	
                            (i)
                              on or before the first payment date under this Agreement,
                              including any
                              Credit Support Document, (ii) promptly upon the reasonable
                              demand by Party
                              B, (iii) prior to the expiration or obsolescence of
                              any previously
                              delivered form, and (iv) promptly upon Party B’s actual knowledge that the
                              information on any such previously delivered form becoming
                              inaccurate or
                              incorrect.

                          

                  

                   

                  (b)          For
                    the
                    purpose of Section 4(a)(ii), other documents to be delivered
                    (unless otherwise
                    publicly available) are:

                  

                  
                    	
                             

                            Party
                              required 

                            to
                              deliver document

                          	 	
                            Form/Document/
                              Certificate

                          	 	
                             

                            Date
                              by which to be
                              delivered

                          	 	
                             

                            Covered
                              by Section 3(d) Representation

                          
	
                             

                            Party
                              A and

                            Party
                              B

                             

                          	 	
                             

                            Any
                              documents required by the receiving party to evidence
                              the authority of the
                              delivering party or its Credit Support Provider, if
                              any, for it to execute
                              and deliver the Agreement, this Confirmation, and any
                              Credit Support
                              Documents to which it is a party, and to evidence the
                              authority of the
                              delivering party or its Credit Support Provider to
                              perform its obligations
                              under the Agreement, this Confirmation and any Credit
                              Support Document, as
                              the case may be

                             

                          	 	
                             

                            Upon
                              the execution and delivery of this Agreement

                             

                          	 	
                             

                            Yes

                             

                          
	
                             

                            Party
                              A and

                            Party
                              B

                             

                          	 	
                             

                            A
                              certificate of an authorized officer of the party,
                              as to the incumbency
                              and authority of the respective officers of the party
                              signing the
                              Agreement, this Confirmation, and any relevant Credit
                              Support Document, as
                              the case may be

                             

                          	 	
                             

                            Upon
                              the execution and delivery of this Agreement

                             

                          	 	
                             

                            Yes

                             

                          
	
                             

                            Party
                              A

                             

                          	 	
                             

                            Annual
                              Report of Party A containing consolidated financial
                              statements certified
                              by independent certified public accountants and prepared
                              in accordance
                              with generally accepted accounting principles in the
                              country in which
                              Party A is organized

                             

                          	 	
                             

                            Promptly
                              upon becoming publicly available

                             

                          	 	
                             

                            Yes

                             

                          
	
                             

                            Party
                              A

                             

                          	 	
                             

                            Quarterly
                              Financial Statements of Party A containing unaudited,
                              consolidated
                              financial statements of Party A’s fiscal quarter prepared in accordance
                              with generally accepted accounting principles in the
                              country in which
                              Party A is organized

                             

                          	 	
                             

                            Promptly
                              upon becoming publicly available

                             

                          	 	
                             

                            Yes

                             

                          
	
                             

                            Party
                              A

                             

                          	 	
                             

                            An
                              opinion of counsel to Party A acceptable in form and
                              substance to Party
                              B

                             

                          	 	
                             

                            Upon
                              the execution and delivery of this Agreement

                             

                          	 	
                             

                            No

                             

                          

                  

                  

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  Part
                    4. Miscellaneous. 

                  

                  
                    	
                            (a)

                          	
                            Address
                              for Notices:
                              For the purposes of Section 12(a) of this
                              Agreement:

                          

                  

                  

                  Address
                    for notices or communications to Party A: 

                  

                  Any
                    notice to Party A relating to a particular Transaction shall
                    be delivered to the
                    address or facsimile number specified in the Confirmation of
                    such Transaction.
                    Any notice delivered for purposes of Sections 5 and 6 (other
                    than notices under
                    Section 5(a)(i) with respect to Party A) of this Agreement shall
                    be delivered to
                    the following address: 

                  

                  
                    	 	
                            Deutsche
                              Bank AG, Head Office

                          
	 	
                            Taunusanlage
                              12 

                          
	 	
                            60262
                              Frankfurt 

                          
	 	
                            GERMANY
                              

                          
	 	
                            Attention:
                              Legal Department 

                          
	 	
                            Fax
                              No: 0049 69 910 36097

                          

                  

                  

                  (For
                    all
                    purposes)

                  

                  
                    	 	
                            Address
                              for notices or communications to Party B: 

                          
	 	 	
                            Address:

                          	
                            Wells
                              Fargo Bank, N.A. as Securities Administrator

                          
	 	 	 	
                            9062
                              Old Annapolis Road 

                          
	 	 	 	
                            Columbia,
                              Maryland 21045

                          
	 	 	
                            Attention:

                          	
                            Corporate
                              Trust Services - AHMIT 2007-1

                          
	 	 	
                            Tel:

                          	
                            (410)
                              884-2000

                          
	 	 	
                            Fax:

                          	
                            (418)
                              715-2380

                          
	 	 	
                            with
                              a copy to: 

                          	 
	 	 	
                            Address:

                          	
                            Deutsche
                              Bank National Trust Company

                          
	 	 	 	
                            1761
                              East St. Andrew Place

                          
	 	 	 	
                            Santa
                              Ana, California 92705

                          
	 	 	
                            Attention:

                          	
                            Trust
                              Administrator

                          
	 	 	
                            Tel:

                          	
                            (714)
                              247-6000

                          
	 	 	
                            Fax:

                          	
                            (714)
                              855-1557

                          
	 	 	
                            (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; neither
                              Party A nor Party B has any Offices other than as set
                              forth in the Notices
                              Section and Party A agrees that, for purposes of Section
                              6(b) of this
                              Agreement, it shall not in the future have any Office
                              other than one in
                              the United States.

                          

                  

                  

                  
                    	
                            (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,
                              that if an Event of
                              Default shall have occurred with respect to Party A,
                              Party B shall have
                              the right to appoint as Calculation Agent a third party,
                              reasonably
                              acceptable to Party A, the cost for which shall be
                              borne by Party
                              A.

                          

                  

                  

                  (f) Credit
                    Support Document. 

                  

                  
                    	 	
                            Party
                              A:

                          	
                            The
                              Credit Support Annex, and any guarantee in support
                              of Party A’s
                              obligations under this Agreement.

                          
	 	 	 
	 	
                            Party
                              B:

                          	
                            The
                              Credit Support Annex, solely in respect of Party B’s obligations under
                              Paragraph 3(b) of the Credit Support
                              Annex.

                          

                  
                    	
                            (g)

                          	
                            Credit
                              Support Provider.

                          

                  

                  

                  
                    	 	
                            Party
                              A:

                          	
                            The
                              guarantor under any guarantee in support of Party A’s obligations under
                              this Agreement.

                          
	 	 	 
	 	
                            Party
                              B:

                          	
                            None.

                          

                  

                  

                  
                    	
                            (h)

                          	
                            Governing
                              Law.
                              The parties to this Agreement hereby agree that the
                              law of the State of
                              New York shall govern their rights and duties in whole,
                              without regard to
                              the conflict of law provisions thereof other than New
                              York General
                              Obligations Law Sections 5-1401 and 5-1402.

                          

                  

                  

                  
                    	
                            (i)

                          	
                            Netting
                              of Payments.
                              The parties agree that subparagraph (ii) of Section
                              2(c) will apply to
                              each Transaction hereunder. 

                          

                  

                  

                  
                    	
                            (j)

                          	
                            Affiliate.“Affiliate”
                              shall have the meaning assigned thereto in Section
                              14; provided, however,
                              that Party B shall be deemed to have no Affiliates
                              for purposes of this
                              Agreement, including for purposes of Section
                              6(b)(ii).

                          

                  

                  

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  Part
                    5.  Others
                    Provisions.

                  

                  
                    	
                            (a)

                          	
                            Definitions.
                              Unless otherwise specified in a Confirmation, this
                              Agreement and each
                              Transaction under this Agreement are subject to the
                              2000 ISDA Definitions
                              as published and copyrighted in 2000 by the International
                              Swaps and
                              Derivatives Association, Inc. (the “Definitions”), and will be governed in
                              all relevant respects by the provisions set forth in
                              the Definitions,
                              without regard to any amendment to the Definitions
                              subsequent to the date
                              hereof. The provisions of the Definitions are hereby
                              incorporated by
                              reference in and shall be deemed a part of this Agreement,
                              except that (i)
                              references in the Definitions to a “Swap Transaction” shall be deemed
                              references to a “Transaction” for purposes of this Agreement, and (ii)
                              references to a “Transaction” in this Agreement shall be deemed references
                              to a “Swap Transaction” for purposes of the Definitions. Each term
                              capitalized but not defined in this Agreement shall
                              have the meaning
                              assigned thereto in the Indenture.

                          

                  

                   

                  (b)          Amendments
                    to ISDA Master Agreement.

                  

                  
                    	 	
                            (i)

                          	
                            Single
                              Agreement. Section 1(c) is hereby amended by the adding
                              the words
                              “including, for the avoidance of doubt, the Credit Support
                              Annex” after
                              the words “Master Agreement”. 

                          

                  

                  

                  (ii)          Conditions
                    Precedent. Section
                    2(a)(iii) is hereby amended by adding the following at the end
                    thereof:

                  

                  Notwithstanding
                    anything to the contrary in Section 2(a)(iii)(1), if an Event
                    of Default with
                    respect to Party B or Potential Event of Default with respect
                    to Party B has
                    occurred and been continuing for more than 30 Local Business
                    Days and no Early
                    Termination Date in respect of the Affected Transactions has
                    occurred or been
                    effectively designated by Party A, the obligations of Party A
                    under Section
                    2(a)(i) shall cease to be subject to the condition precedent
                    set forth in
                    Section 2(a)(iii)(1) with respect to such specific occurrence
                    of such Event of
                    Default or such Potential Event of Default (the “Specific Event”); provided,
                    however, for the avoidance of doubt, the obligations of Party
                    A under Section
                    2(a)(i) shall be subject to the condition precedent set forth
                    in Section
                    2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
                    occurrence of the same Event of Default with respect to Party
                    B or Potential
                    Event of Default with respect to Party B after the Specific Event
                    has ceased to
                    be continuing and with respect to any occurrence of any other
                    Event of Default
                    with respect to Party B or Potential Event of Default with respect
                    to Party B
                    that occurs subsequent to the Specific Event. 

                  

                  
                    	 	
                            (iii)

                          	
                            Change
                              of Account. Section 2(b) is hereby amended by the addition
                              of the
                              following after the word “delivery” in the first line
                              thereof:

                          

                  

                   

                  “to
                    another account in the same legal and tax jurisdiction as the
                    original
                    account”.

                  

                  
                    	 	
                            (iv)

                          	
                            Representations.
                              Section 3 is hereby amended by adding at the end thereof
                              the following
                              subsection (g): 

                          

                  

                  

                  
                    	 	
                            “(g)

                          	
                            Relationship
                              Between Parties. 

                          

                  

                  

                  
                    	 	
                            (1)

                          	
                            Nonreliance.
                              (i) It is not relying on any statement or representation
                              of the other
                              party regarding the Transaction (whether written or
                              oral), other than the
                              representations expressly made in this Agreement or
                              the Confirmation in
                              respect of that Transaction and (ii) it has consulted
                              with its own legal,
                              regulatory, tax, business, investment, financial and
                              accounting advisors
                              to the extent it has deemed necessary, and it has made
                              its own investment,
                              hedging and trading decisions based upon its own judgment
                              and upon any
                              advice from such advisors as it has deemed necessary
                              and not upon any view
                              expressed by the other party.

                          

                  

                   

                  
                    	 	
                            (2)

                          	
                            Evaluation
                              and Understanding. (i) It has the capacity to evaluate
                              (internally or
                              through independent professional advice) the Transaction
                              and has made its
                              own decision to enter into the Transaction and (ii)
                              It understands the
                              terms, conditions and risks of the Transaction and
                              is willing and able to
                              accept those terms and conditions and to assume those
                              risks, financially
                              and otherwise. 

                          

                  

                  

                  
                    	 	
                            (3)

                          	
                            Purpose.
                              It is entering into the Transaction for the purposes
                              of managing its
                              borrowings or investments, hedging its underlying assets
                              or liabilities or
                              in connection with a line of business.

                          

                  

                  

                  
                    	 	
                            (4)

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

                          

                  

                  

                  
                    	 	
                            (5)

                          	
                            Eligible
                              Contract Participant. It is an “eligible swap participant” as such term is
                              defined in, Section 35.1(b)(2) of the regulations (17
                              C.F.R. 35)
                              promulgated under, and an “eligible contract participant” as defined in
                              Section 1(a)(12) of the Commodity Exchange Act, as
                              amended.”

                          

                  

                  

                  
                    	 	
                            (v)

                          	
                            Transfer
                              to Avoid Termination Event. Section 6(b)(ii) is hereby
                              amended by (i)
                              deleting the words “or if a Tax Event Upon Merger occurs and the Burdened
                              Party is the Affected Party,” and (ii) by deleting the words “to transfer”
                              and inserting the words “to effect a Permitted Transfer” in lieu
                              thereof.

                          

                  

                  

                  
                    	 	
                            (vi)

                          	
                            Jurisdiction.
                              Section 13(b) is hereby amended by: (i) deleting in
                              the second line of
                              subparagraph (i) thereof the word "non-", (ii) deleting
“; and” from the
                              end of subparagraph (i) and inserting “.” in lieu thereof, and (iii)
                              deleting the final paragraph
                              thereof.

                          

                  

                  

                  
                    	 	
                            (vii)

                          	
                            Local
                              Business Day. The definition of Local Business Day
                              in Section 14 is hereby
                              amended by the addition of the words “or any Credit Support Document”
                              after “Section 2(a)(i)” and the addition of the words “or Credit Support
                              Document” after “Confirmation”. 

                          

                  

                  

                  
                    	
                            (c)

                          	
                            Additional
                              Termination Events. The
                              following Additional Termination Events will
                              apply:

                          

                  

                  

                  
                    	(i)           	
                            First
                              Rating Trigger Collateral.
                              If
                              (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                              occurred and been continuing for 30 or more Local Business
                              Days and (B)
                              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, 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. 

                          

                  

                  

                  
                    	(ii)           	
                            Second
                              Rating Trigger Replacement.
                              If
                              (A) a Required Ratings Downgrade Event has occurred
                              and been continuing
                              for 30 or more Local Business Days and (B) (i) at least
                              one Eligible
                              Replacement has made a Firm Offer to be the transferee
                              of all of Party A’s
                              rights and obligations under this Agreement (and such
                              Firm Offer remains
                              an offer that will become legally binding upon such
                              Eligible Replacement
                              upon acceptance by the offeree) and/or (ii) an Eligible
                              Guarantor has made
                              a Firm Offer to provide an Eligible Guarantee (and
                              such Firm Offer remains
                              an offer that will become legally binding upon such
                              Eligible Guarantor
                              immediately upon acceptance by the offeree), 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. 

                          

                  

                  

                  
                    	 	
                            (iii)

                          	
                            Amendment
                              of Indenture.
                              If, without the prior written consent of Party A where
                              such consent is
                              required under the Indenture (such consent not to be
                              unreasonably
                              withheld), an amendment is made to the Indenture which
                              amendment could
                              reasonably be expected to have a material adverse effect
                              on the interests
                              of Party A (excluding, for the avoidance of doubt,
                              any amendment to the
                              Indenture that is entered into solely for the purpose
                              of appointing a
                              successor servicer, master servicer, securities administrator,
                              trustee or
                              other service provider) under this Agreement, an Additional
                              Termination
                              Event shall have occurred with respect to Party B and
                              Party B shall be the
                              sole Affected Party with respect to such Additional
                              Termination Event.
                              

                          

                  

                   

                  
                    	 	
                            (iv)

                          	
                            Compliance
                              with Regulation AB. If,
                              upon the occurrence of a Swap Disclosure Event (as
                              defined in Part 5(e)
                              below) Party
                              A
                              has not, within 15 days after such Swap Disclosure
                              Event complied with any
                              of the provisions set forth in Part 5(e)(ii) 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.

                          

                  

                   

                  
                    	
                            (d)

                          	
                            Required
                              Ratings Downgrade Event.
                              In
                              the event that no Relevant Entity has credit ratings
                              at least equal to the
                              Required Ratings Threshold, then Party A shall, as
                              soon as reasonably
                              practicable and so long as a Required Ratings Downgrade
                              Event is in
                              effect, at its own expense, using commercially reasonable
                              efforts, procure
                              either (A) a Permitted Transfer or (B) an Eligible
                              Guarantee.

                          

                  

                   

                  
                    
                      	
                              (e)

                            	
                              Compliance
                                with Regulation AB.
                                Party A agrees and acknowledges that American Home
                                Mortgage Assets LLC
                                (the “Depositor”) is required under Regulation AB under the Securities
                                Act
                                of 1933, as amended, and the Securities Exchange
                                Act of 1934, as amended
                                (the “Exchange Act”) (“Regulation AB”), to disclose certain financial
                                information regarding Party A or its group of affiliated
                                entities, if
                                applicable, depending on the aggregate “significant percentage” of this
                                Agreement and any other derivative contracts between
                                Party A or its group
                                of affiliated entities, if applicable, and Party
                                B, as calculated from
                                time to time in accordance with Item 1115 of Regulation
                                AB.

                            

                    

                     

                  

                  
                    	 	
                            (i)

                          	
                            It
                              shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
                              Business Day after the date hereof, the Depositor requests
                              from Party A
                              the applicable financial information described in Item
                              1115 of Regulation
                              AB (such request to be based on a reasonable determination
                              by the
                              Depositor, in good faith, that such information is
                              required under
                              Regulation AB) (the “Swap Financial
                              Disclosure”).

                          

                  

                   

                  
                    	 	
                            (ii)
                              

                          	
                            Upon
                              the occurrence of a Swap Disclosure Event, Party A,
                              at its own expense,
                              shall (1)(a) either (i) provide to the Depositor and
                              the Securities
                              Administrator the current Swap Financial Disclosure
                              in an EDGAR-compatible
                              format (for example, such information may be provided
                              in Microsoft Word®
                              or Microsoft Excel® format but not in .pdf format) or (ii) provide written
                              consent to the Depositor and the Securities Administrator
                              to incorporation
                              by reference of such current Swap Financial Disclosure
                              as is filed with
                              the Securities and Exchange Commission in the Exchange
                              Act Reports of the
                              Depositor, (b) if applicable, cause its outside accounting
                              firm to provide
                              its consent to filing or incorporation by reference
                              in the Exchange Act
                              Reports of the Depositor of such accounting firm’s report relating to
                              their audits of such current Swap Financial Disclosure,
                              and (c) provide to
                              the Depositor and the Securities Administrator any
                              updated Swap Financial
                              Disclosure with respect to Party A or any entity that
                              consolidates Party A
                              within five days of the release of any such updated
                              Swap Financial
                              Disclosure; (2) secure by Permitted Transfer another
                              entity to replace
                              Party A as party to this Agreement on terms substantially
                              similar to this
                              Agreement which entity (or a guarantor therefore) meets
                              or exceeds the
                              Approved Rating Thresholds and which satisfies the
                              Rating Agency Condition
                              and which entity is able to comply with the requirements
                              of Item 1115 of
                              Regulation AB or (3) obtain a guaranty of the Party
                              A’s obligations under
                              this Agreement from an affiliate of the Party A, subject
                              to the Rating
                              Agency Condition, that is able to comply with the financial
                              information
                              disclosure requirements of Item 1115 of Regulation
                              AB, such that
                              disclosure provided in respect of the affiliate will
                              satisfy any
                              disclosure requirements applicable to the Swap Provider,
                              and cause such
                              affiliate to provide Swap Financial Disclosure. If
                              permitted by Regulation
                              AB, any required Swap Financial Disclosure may be provided
                              by
                              incorporation by reference from reports filed pursuant
                              to the Exchange
                              Act. 

                          

                  

                   

                  
                    	 	
                            (iii)

                          	
                            Party
                              A and the primary obligor under any Credit Support
                              Document agree that, in
                              the event that Party A provides Swap Financial Disclosure
                              to the Depositor
                              and the Securities Administrator in accordance with
                              Part 5(ii) or causes
                              its affiliate to provide Swap Financial Disclosure
                              to the Depositor and
                              the Securities Administrator in accordance with Part
                              5(ii), Party A and
                              such primary obligor will indemnify and hold harmless
                              the Depositor, the
                              Trustee, the Grantor Trust Trustee and the Securities
                              Administrator, their
                              respective directors or officers and any person controlling
                              any such
                              party, 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 such Swap Financial Disclosure
                              or caused by
                              any omission or alleged omission to state in such Swap
                              Financial
                              Disclosure a material fact, when considered in conjunction
                              with any other
                              information regarding Party A or the derivative instrument
                              being written
                              by Party A in the final prospectus for American Home
                              Mortgage Investment
                              Trust 2007-1, Mortgage-Backed Notes and Grantor Trust
                              Certificates, Series
                              2007-1, required to be stated therein or necessary
                              to make the statements
                              therein, in light of the circumstances under which
                              they were made, not
                              misleading. 

                          

                  

                   

                  
                    	 	
                            (iv)

                          	
                            The
                              Depositor shall be an express third party beneficiary
                              of this Agreement as
                              if a party hereto and as if all references to Grantor
                              Trust Trustee’s
                              rights in Part 5(e) (“Compliance with Regulation AB”) directly above were
                              also references to Depositor’s
                              rights.

                          

                  

                   

                  
                    	
                            (f)

                          	
                            Transfers. 

                          

                  

                   

                  (i)          Section
                    7
                    is hereby amended to read in its entirety as follows:

                   

                  “Except
                    with respect to (a) any Permitted Transfer pursuant to Section
                    6(b)(ii), Part
                    5(d), and Part 5(e), or the succeeding sentence, or (b) a Permitted
                    Security
                    Interest, neither Party A nor Party B is permitted to assign,
                    novate or transfer
                    (whether by way of security or otherwise) as a whole or in part
                    any of its
                    rights, obligations or interests under the Agreement or any Transaction
                    unless
                    (a) the prior written consent of the other party is obtained
                    and (b) the Rating
                    Agency Condition has been satisfied with respect to S&P. At any time at
                    which no Relevant Entity has credit ratings at least equal to
                    the Approved
                    Ratings Threshold, Party A may make a Permitted Transfer.” 

                   

                  
                    	 	
                            (ii)

                          	
                            If
                              an Eligible Replacement has made a Firm Offer (which
                              remains an offer that
                              will become legally binding upon acceptance by Party
                              B) to be the
                              transferee pursuant to a Permitted Transfer, Party
                              B shall, at Party A’s
                              written request and at Party A’s expense, execute such documentation
                              provided to it as reasonably deemed necessary by Party
                              B to
                              effect such transfer. 

                          

                  

                  

                  
                    	
                            (g)

                          	
                            Non-Recourse.
                              Party A acknowledges and agrees that, notwithstanding
                              any provision in
                              this Agreement to the contrary, the obligations of
                              Party B hereunder are
                              limited recourse obligations of Party B, payable solely
                              from the Grantor
                              Trust and the proceeds thereof, in accordance with
                              the priority of
                              payments and other terms of the Indenture and that
                              Party A will not have
                              any recourse to any of the directors, officers, agents,
                              employees,
                              shareholders or affiliates of Party B with respect
                              to any claims, losses,
                              damages, liabilities, indemnities or other obligations
                              in connection with
                              any transactions contemplated hereby. In the event
                              that the Grantor Trust
                              and the proceeds thereof, should be insufficient to
                              satisfy all claims
                              outstanding and following the realization of the account
                              held by the
                              Grantor Trust and the proceeds thereof, any claims
                              against or obligations
                              of Party B under the ISDA Master Agreement or any other
                              confirmation
                              thereunder still outstanding shall be extinguished
                              and thereafter not
                              revive. The Grantor Trust Trustee and the Securities
                              Administrator shall
                              not have liability for any failure or delay in making
                              a payment hereunder
                              to Party A due to any failure or delay in receiving
                              amounts in the account
                              held by the Grantor Trust from the Trust created pursuant
                              to the
                              Indenture. This provision will survive the termination
                              of this
                              Agreement.

                          

                  

                  

                  
                    	
                            (h)

                          	
                            Timing
                              of Payments by Party B upon Early Termination.
                              Notwithstanding anything to the contrary in Section
                              6(d)(ii), to the
                              extent that all or a portion (in either case, the “Unfunded Amount”) of
                              any amount that is calculated as being due in respect
                              of any Early
                              Termination Date under Section 6(e) from Party B to
                              Party A will be paid
                              by Party B from amounts other than any upfront payment
                              paid to Party B by
                              an Eligible Replacement that has entered a Replacement
                              Transaction with
                              Party B, then such Unfunded Amount shall be due on
                              the next subsequent
                              Note Payment Date following the date on which the payment
                              would have been
                              payable as determined in accordance with Section 6(d)(ii),
                              and on any
                              subsequent Note Payment Dates until paid in full (or
                              if such Early
                              Termination Date is the final Note Payment Date, on
                              such final Note
                              Payment Date); provided, however, that if the date
                              on which the payment
                              would have been payable as determined in accordance
                              with Section 6(d)(ii)
                              is a Note Payment Date, such payment will be payable
                              on such Note Payment
                              Date.

                          

                  

                  

                  
                    	
                            (i)

                          	
                            Rating
                              Agency Notifications.
                              Notwithstanding any other provision of this Agreement,
                              no Early
                              Termination Date shall be effectively designated hereunder
                              by Party B and
                              no transfer of any rights or obligations under this
                              Agreement shall be
                              made by either party unless each Swap Rating Agency
                              has been given prior
                              written notice of such designation or transfer.

                          

                  

                  

                  
                    	
                            (j)

                          	
                            No
                              Set-off.
                              Except as expressly provided for in Section 2(c), Section
                              6 or Part
                              1(f)(i)(D) hereof, and notwithstanding any other provision
                              of this
                              Agreement or any other existing or future agreement,
                              each party
                              irrevocably waives any and all rights it may have to
                              set off, net, recoup
                              or otherwise withhold or suspend or condition payment
                              or performance of
                              any obligation between it and the other party hereunder
                              against any
                              obligation between it and the other party under any
                              other agreements.
                              Section 6(e) shall be amended by deleting the following
                              sentence: “The
                              amount, if any, payable in respect of an Early Termination
                              Date and
                              determined pursuant to this Section will be subject
                              to any
                              Set-off.”.

                          

                  

                   

                  
                    	
                            (k)

                          	
                            Amendment.
                              Notwithstanding any provision to the contrary in this
                              Agreement, no
                              amendment of either this Agreement or any Transaction
                              under this Agreement
                              shall be permitted by either party unless each of the
                              Swap Rating Agencies
                              has been provided prior written notice of the same
                              and such amendment
                              satisfies the Rating Agency Condition with respect
                              to
                              S&P.

                          

                  

                  

                  
                    	
                            (l)

                          	
                            Notice
                              of Certain Events or Circumstances.
                              Each Party agrees, upon learning of the occurrence
                              or existence of any
                              event or condition that constitutes (or that with the
                              giving of notice or
                              passage of time or both would constitute) an Event
                              of Default or
                              Termination Event with respect to such party, promptly
                              to give the other
                              Party and to each Swap Rating Agency notice of such
                              event or condition;
                              provided that failure to provide notice of such event
                              or condition
                              pursuant to this Part 5(l) shall not constitute an
                              Event of Default or a
                              Termination Event.

                          

                  

                   

                  
                    
                      	
                              (m)

                            	
                              Proceedings.
                                No
                                Relevant Entity shall institute against, or cause
                                any other person to
                                institute against, or join any other person in instituting
                                against Party
                                B, the Grantor Trust or the trust formed pursuant
                                to the Indenture, in any
                                bankruptcy, reorganization, arrangement, insolvency
                                or liquidation
                                proceedings or other proceedings under any federal
                                or state bankruptcy or
                                similar law for a period of one year (or, if longer,
                                the applicable
                                preference period) and one day following payment
                                in full of the
                                Certificates and any Notes. This provision will survive
                                the termination of
                                this Agreement. 

                            

                    

                     

                  

                  
                    	
                            (n)

                          	
                            Grantor
                              Trust Trustee Liability Limitations.
                              It
                              is expressly understood and agreed by the parties hereto
                              that (a) this
                              Agreement is executed by Deutsche Bank Trust Company
                              Americas (“Deutsche”)
                              not in its individual capacity, but solely as Grantor
                              Trust Trustee under
                              the Indenture in the exercise of the powers and authority
                              conferred and
                              invested in it thereunder; (b) Deutsche has been directed
                              pursuant to the
                              Indenture to enter into this Agreement and to perform
                              its obligations
                              hereunder and nothing herein contained shall be construed
                              as creating any
                              liability for Deutsche, individually or personally,
                              to perform any
                              covenant (either express or implied) contained herein,
                              and all such
                              liability, if any, is hereby expressly waived by the
                              parties hereto, and
                              such waiver shall bind any third party making a claim
                              by or through one of
                              the parties hereto; (c) each of the representations,
                              undertakings and
                              agreements herein made on behalf of Party B is made
                              and intended not as
                              personal representations of the Grantor Trust but is
                              made and intended for
                              the purpose of binding only Party B; and (d) under
                              no circumstances shall
                              Deutsche in its individual capacity be personally liable
                              for any payments
                              hereunder or for the breach or failure of any obligation,
                              representation,
                              warranty or covenant made or undertaken under this
                              Agreement.

                          

                  

                  

                  
                    	
                            (o)

                          	
                            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) in any
                              respect, 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; provided, however, that this severability
                              provision shall not be
                              applicable if any provision of Section 2, 5, 6, or
                              13 (or any definition
                              or provision in Section 14 to the extent it relates
                              to, or is used in or
                              in connection with any such Section) shall be so held
                              to be invalid or
                              unenforceable. 

                          

                  

                  

                  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. 

                  

                  
                    	
                            (p)

                          	
                            Agent
                              for Party B.
                              Party A acknowledges that the Issuing
                              Entity has appointed the Grantor Trust Trustee
                              and the Securities Administrator as its agents under
                              the Indenture to
                              carry out certain functions on behalf of Party B, and
                              that the Grantor
                              Trust Trustee and Securities Administrator shall be
                              entitled to give
                              notices and to perform and satisfy the obligations
                              of Party B hereunder on
                              behalf of Party B. 

                          

                  

                   

                  
                    	
                            (q)

                          	
                            Escrow
                              Payments.
                              If
                              (whether by reason of the time difference between the
                              cities in which
                              payments are to be made or otherwise) it is not possible
                              for simultaneous
                              payments to be made on any date on which both parties
                              are required to make
                              payments hereunder, either Party may at its option
                              and in its sole
                              discretion notify the other Party that payments on
                              that date are to be
                              made in escrow. In this case deposit of the payment
                              due earlier on that
                              date shall be made by 2:00 pm (local time at the place
                              for the earlier
                              payment) on that date with an escrow agent selected
                              by the notifying
                              party, accompanied by irrevocable payment instructions
                              (i) to release the
                              deposited payment to the intended recipient upon receipt
                              by the escrow
                              agent of the required deposit of any corresponding
                              payment payable by the
                              other party on the same date accompanied by irrevocable
                              payment
                              instructions to the same effect or (ii) if the required
                              deposit of the
                              corresponding payment is not made on that same date,
                              to return the payment
                              deposited to the party that paid it into escrow. The
                              party that elects to
                              have payments made in escrow shall pay all costs of
                              the escrow
                              arrangements.

                          

                  

                   

                  
                    	
                            (r)

                          	
                            Consent
                              to Recording.
                              Each party hereto consents to the monitoring or recording,
                              at any time and
                              from time to time, by the other party of any and all
                              communications
                              between trading, marketing, and operations personnel
                              of the parties and
                              their Affiliates, waives any further notice of such
                              monitoring or
                              recording, and agrees to notify such personnel of such
                              monitoring or
                              recording. 

                          

                  

                  

                  
                    	
                            (s)

                          	
                            Waiver
                              of Jury Trial.
                              Each party waives any right it may have to a trial
                              by jury in respect of
                              any suit, action or proceeding relating to this Agreement
                              or any Credit
                              Support Document. 

                          

                  

                  

                  
                    	
                            (t)

                          	
                            Form
                              of ISDA Master Agreement.
                              Party A and Party B hereby agree that the text of the
                              body of the ISDA
                              Master Agreement is intended to be the printed form
                              of the ISDA Master
                              Agreement (Multicurrency - Crossborder) as published
                              and copyrighted in
                              1992 by the International Swaps and Derivatives Association,
                              Inc.

                          

                  

                  

                  
                    	
                            (u)

                          	
                            Payment
                              Instructions.
                              Party A hereby agrees that, unless notified in writing
                              by Party B of other
                              payment instructions, any and all amounts payable by
                              Party A to Party B
                              under this Agreement shall be paid to the account specified
                              in Item 4 of
                              this Confirmation, below. 

                          

                  

                  

                  
                    	
                            (v)

                          	
                            Additional
                              representations.

                          

                  

                  

                  
                    	 	
                            (i)

                          	
                            Representations
                              of Party A. Party A represents to Party B on the date
                              on which Party A
                              enters into each Transaction
                              that:--

                          

                  

                   

                  Party
                    A’s
                    obligations under this Agreement rank pari passu with all of
                    Party A’s other
                    unsecured, unsubordinated obligations except those obligations
                    preferred by
                    operation of law.

                  

                  
                    	 	
                            (ii)

                          	
                            Capacity.
                              Party A represents to Party B on the date on which
                              Party A enters into
                              this Agreement that it is entering into the Agreement
                              and the Transaction
                              as principal and not as agent of any person. The Grantor
                              Trust Trustee
                              represents to Party A on the date on which the Grantor
                              Trust Trustee
                              executes this Agreement that it is executing the Agreement
                              in its capacity
                              as the Grantor Trust Trustee, pursuant to the
                              Indenture.

                          

                  

                   

                  
                    	
                            (w)

                          	
                            Acknowledgements.

                          

                  

                  

                  
                    	 	
                            (i)

                          	
                            Substantial
                              financial transactions. Each party hereto is hereby
                              advised and
                              acknowledges as of the date hereof that the other party
                              has engaged in (or
                              refrained from engaging in) substantial financial transactions
                              and has
                              taken (or refrained from taking) other material actions
                              in reliance upon
                              the entry by the parties into the Transaction being
                              entered into on the
                              terms and conditions set forth herein and in the Indenture
                              relating to
                              such Transaction, as applicable. This paragraph shall
                              be deemed repeated
                              on the trade date of each
                              Transaction.

                          

                  

                   

                  
                    	 	
                            (ii)

                          	
                            Bankruptcy
                              Code. Subject to Part 5(m), without limiting the applicability
                              if any, of
                              any other provision of the U.S. Bankruptcy Code as
                              amended (the
                              “Bankruptcy Code”) (including without limitation Sections 362, 546,
                              556,
                              and 560 thereof and the applicable definitions in Section
                              101 thereof),
                              the parties acknowledge and agree that all Transactions
                              entered into
                              hereunder will constitute “forward contracts” or “swap agreements” as
                              defined in Section 101 of the Bankruptcy Code or “commodity contracts” as
                              defined in Section 761 of the Bankruptcy Code, that
                              the rights of the
                              parties under Section 6 of this Agreement will constitute
                              contractual
                              rights to liquidate Transactions, that any margin or
                              collateral provided
                              under any margin, collateral, security, pledge, or
                              similar agreement
                              related hereto will constitute a “margin payment” as defined in Section
                              101 of the Bankruptcy Code, and that the parties are
                              entities entitled to
                              the rights under, and protections afforded by, Sections
                              362, 546, 556, and
                              560 of the Bankruptcy Code.

                          

                  

                   

                  
                    	
                            (x)

                          	
                            Permitted
                              Security Interest. 

                          

                  

                   

                  Party
                    A
                    hereby acknowledges and consents to the Permitted Security Interest.
                    

                   

                  “Permitted
                    Security Interest” means the collateral assignment by Party B of the Swap
                    Collateral to the Indenture Trustee pursuant to the Indenture
                    and any transfer
                    of such rights pursuant to an exercise of creditor’s remedies in respect of such
                    collateral assignment, and the granting to the Indenture Trustee
                    of a first
                    priority security interest in the Swap Collateral pursuant to
                    the
                    Indenture.

                   

                  “Swap
                    Collateral” means all right, title and interest of Party B in this Agreement,
                    each Transaction hereunder, and all present and future amounts
                    payable by Party
                    A to Party B under or in connection with the Agreement or any
                    Transaction
                    governed by the Agreement, including, without limitation, any
                    transfer or
                    termination of any such Transaction. 

                   

                  
                    	
                            (y)

                          	
                            [Reserved]

                          

                  

                   

                  (z)        
                     Additional
                    Definitions. 

                   

                  As
                    used
                    in this Agreement, the following terms shall have the meanings
                    set forth below,
                    unless the context clearly requires otherwise: 

                   

                  “Approved
                    Ratings Threshold” means each of the S&P Approved Ratings Threshold and the
                    Moody’s First Trigger Ratings Threshold.

                  

                  “Approved
                    Replacement” means, with respect to a Market Quotation, an entity making such
                    Market Quotation, which entity would satisfy conditions (a),
                    (b), (c), (d) and
                    (e) of the definition of Permitted Transfer (as determined by
                    Party B in its
                    sole discretion, acting in a commercially reasonable manner)
                    if such entity were
                    a Transferee, as defined in the definition of Permitted Transfer.

                  

                  “Derivative
                    Provider Trigger Event” means (i) an Event of Default with respect to which
                    Party A is a Defaulting Party, (ii) a Termination Event with
                    respect to which
                    Party A is the sole Affected Party or (iii) an Additional Termination
                    Event with
                    respect to which Party A is the sole Affected Party.

                  

                  “Eligible
                    Guarantee” means an unconditional and irrevocable guarantee of all present
                    and
                    future obligations (for the avoidance of doubt, not limited to
                    payment
                    obligations) of Party A or an Eligible Replacement to Party B
                    under this
                    Agreement that is provided by an Eligible Guarantor as principal
                    debtor rather
                    than surety and that is directly enforceable by Party B, the
                    form and substance
                    of which guarantee are subject to the Rating Agency Condition
                    with respect to
                    S&P, and 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 Tax
                    collected by withholding or
                    (B)
                    such guarantee provides that, in the event that any of such guarantor’s payments
                    to Party B are subject to Tax collected by withholding, 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 Tax
                    collected by
                    withholding) will equal the full amount Party B would have received
                    had no such
                    withholding been required.

                  

                  “Eligible
                    Guarantor” means an entity that (A) has credit ratings from S&P at least
                    equal to the S&P Approved Ratings Threshold and (B) has credit ratings from
                    Moody’s at least equal to the Moody’s Second Trigger Required Ratings Threshold,
                    provided, for the avoidance of doubt, that an Eligible Guarantee
                    of an Eligible
                    Guarantor with credit ratings below the Moody’s First Trigger Approved Ratings
                    Threshold will not cause a Collateral Event (as defined in the
                    Credit Support
                    Annex) not to occur or continue with respect to Moody’s, in each case certified
                    by such entity to Party B. 

                  

                  “Eligible
                    Replacement” means an entity (i) (a) that has credit ratings from S&P at
                    least equal to the S&P Approved Ratings Threshold, and (b) has credit
                    ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
                    Threshold, provided, for the avoidance of doubt, that an Eligible
                    Replacement
                    with credit ratings below the Moody’s First Trigger Ratings Threshold will not
                    cause a Collateral Event (as defined in the Credit Support Annex)
                    not to occur
                    or continue with respect to Moody’s, or (ii) the present and future obligations
                    (for the avoidance of doubt, not limited to payment obligations)
                    of which entity
                    to Party B under this Agreement are guaranteed pursuant to an
                    Eligible
                    Guarantee, in each case certified by such entity to Party B.

                  

                  “Estimated
                    Swap Termination Payment” means, with respect to an Early Termination Date, an
                    amount determined by Party A in good faith and in a commercially
                    reasonable
                    manner as the maximum payment that could be owed by Party B to
                    Party A in
                    respect of such Early Termination Date pursuant to Section 6(e)
                    of the ISDA
                    Master Agreement, taking into account then current market
                    conditions.

                  

                  “Firm
                    Offer” means (A) with respect to an Eligible Replacement, a quotation
                    from such
                    Eligible Replacement (i) in an amount equal to the actual amount
                    payable by or
                    to Party B in consideration of an agreement between Party B and
                    such Eligible
                    Replacement to replace Party A as the counterparty to this Agreement
                    by way of
                    novation or, if such novation is not possible, an agreement between
                    Party B and
                    such Eligible Replacement to enter into a Replacement Transaction
                    (assuming that
                    all Transactions hereunder become Terminated Transactions), and
                    (ii) that
                    constitutes an offer by such Eligible Replacement to replace
                    Party A as the
                    counterparty to this Agreement or enter a Replacement Transaction
                    that will
                    become legally binding upon such Eligible Replacement upon acceptance
                    by Party
                    B, and (B) with respect to an Eligible Guarantor, an offer by
                    such Eligible
                    Guarantor to provide an Eligible Guarantee that will become legally
                    binding upon
                    such Eligible Guarantor upon acceptance by the offeree.

                  

                  “Moody’s”
                    means Moody’s Investors Service, Inc., or any successor thereto. 

                  

                  “Moody’s
                    First Trigger Ratings Event” means that no Relevant Entity has credit ratings
                    from Moody’s at least equal to the Moody’s First Trigger Ratings Threshold.

                  

                  “Moody’s
                    First Trigger Ratings
                    Threshold” means, with respect to Party A, the guarantor under an Eligible
                    Guarantee or an Eligible Replacement, (i) if such entity has
                    a short-term
                    unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
                    unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
                    short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
                    or (ii) if such entity does not have a short-term unsecured and
                    unsubordinated
                    debt rating or counterparty rating from Moody’s, a long-term unsecured and
                    unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

                  

                  “Moody’s
                    Second Trigger Ratings Event” means that no Relevant Entity has credit ratings
                    from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold.

                  

                  “Moody’s
                    Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor
                    under an Eligible Guarantee or an Eligible Replacement, (i) if
                    such entity has a
                    short-term unsecured and unsubordinated debt rating from Moody’s, a long-term
                    unsecured and unsubordinated debt rating or counterparty rating
                    from Moody’s of
“A3” and a short-term unsecured and unsubordinated debt rating from
                    Moody’s of
“Prime-2”, or (ii) if such entity does not have a short-term unsecured
                    and
                    unsubordinated debt rating from Moody’s, a long-term unsecured and
                    unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.

                  

                  “Permitted
                    Transfer” means a transfer by novation by Party A pursuant to Section 6(b)(ii),
                    Part 5(d), Part 5(e) , or the second sentence of Section 7 (as
                    amended herein)
                    to a transferee (the “Transferee”) of all, but not less than all, of Party A’s
                    rights, liabilities, duties and obligations under this Agreement,
with
                    respect to which transfer each of the following conditions is
                    satisfied:
                    (a) the
                    Transferee is an Eligible Replacement (b) Party A and the Transferee
                    are both
“dealers in notional principal contracts” within the meaning of Treasury
                    regulations section 1.1001-4; (c) as of the date of such transfer
                    the Transferee
                    would not be required to withhold or deduct on account of Tax
                    from any payments
                    under this Agreement or would be required to gross up for such
                    Tax under Section
                    2(d)(i)(4); (d) an Event of Default or Termination Event would
                    not occur as a
                    result of such transfer; (e) pursuant to a written instrument
                    (the “Transfer
                    Agreement”), the Transferee acquires and assumes all rights and obligations
                    of
                    Party A under the Agreement and the relevant Transaction; (f)
                    Party B shall have
                    determined, in its sole discretion, acting in a commercially
                    reasonable manner,
                    that such Transfer Agreement is effective to transfer to the
                    Transferee all, but
                    not less than all, of Party A’s rights and obligations under the Agreement and
                    all relevant Transactions; (g) Party A will be responsible for
                    any costs or
                    expenses incurred in connection with such transfer (including
                    any replacement
                    cost of entering into a replacement transaction); (h) either
                    (A) Moody’s has
                    been given prior written notice of such transfer and the Rating
                    Agency Condition
                    is satisfied with respect to S&P or (B) each Swap Rating Agency has been
                    given prior written notice of such transfer and such transfer
                    is in connection
                    with the assignment and assumption of this Agreement without
                    modification of its
                    terms, other than party names, dates relevant to the effective
                    date of such
                    transfer, tax representations (provided that the representations
                    in Part 2(a)(i)
                    are not modified) and any other representations regarding the
                    status of the
                    substitute counterparty of the type included in Part 5(b)(iv),
                    Part 5(v)(i)(2)
                    or Part 5(v)(ii), notice information and account details; and
                    (i) such transfer
                    otherwise complies with the terms of the Indenture.

                   

                  “Rating
                    Agency Condition” means, with respect to any particular proposed act or omission
                    to act hereunder and each Swap Rating Agency specified in connection
                    with such
                    proposed act or omission, that the party acting or failing to
                    act must consult
                    with each of the specified Swap Rating Agencies and receive from
                    each such Swap
                    Rating Agency a prior written confirmation that the proposed
                    action or inaction
                    would not cause a downgrade or withdrawal of the then-current
                    rating of any
                    Certificates or Notes.

                  

                  “Relevant
                    Entity” means Party A and, to the extent applicable, a guarantor under
                    an
                    Eligible Guarantee.

                  

                  “Replacement
                    Transaction” means, with respect to any Terminated Transaction or group of
                    Terminated Transactions, a transaction or group of transactions
                    that (i) would
                    have the effect of preserving for Party B 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 Transaction
                    or group of
                    Terminated Transactions that would, but for the occurrence of
                    the relevant Early
                    Termination Date, have been required after that Date, and (ii)
                    has terms which
                    are substantially the same as this Agreement, including, without
                    limitation,
                    rating triggers, Regulation AB compliance, and credit support
                    documentation,
                    save for the exclusion of provisions relating to Transactions
                    that are not
                    Terminated Transaction, as determined by Party B in its sole
                    discretion, acting
                    in a commercially reasonable manner.

                  

                  “Required
                    Ratings Downgrade Event” means that no Relevant Entity has credit ratings at
                    least equal to the Required Ratings Threshold. 

                  

                  “Required
                    Ratings Threshold” means each of the S&P Required Ratings Threshold and the
                    Moody’s Second Trigger Ratings Threshold.

                  

                  “S&P”
                    means Standard & Poor's Rating Services, a division of The McGraw-Hill
                    Companies, Inc., or any successor thereto. 

                  

                  “S&P
                    Approved Ratings Threshold” means, with respect to Party A, the guarantor under
                    an Eligible Guarantee or an Eligible Replacement, a short-term
                    unsecured and
                    unsubordinated debt rating from S&P of “A-1+”, or, if such entity does not
                    have a short-term unsecured and unsubordinated debt rating from
                    S&P, a
                    long-term unsecured and unsubordinated debt rating or counterparty
                    rating from
                    S&P of “AA-”.

                  

                  “S&P
                    Required Ratings Threshold” means, with respect to Party A, the guarantor under
                    an Eligible Guarantee or an Eligible Replacement, a long-term
                    unsecured and
                    unsubordinated debt rating or counterparty rating from S&P of
“BBB+”.

                  

                  “Swap
                    Rating Agencies” means, with respect to any date of determination, each of
                    S&P and Moody’s, to the extent that each such rating agency is then
                    providing a rating for any of the American Home Mortgage Investment
                    Trust
                    2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                    Series 2007-1 (the
“Certificates”) or any notes backed by the Certificates (the
“Notes”).

                   

                  [Remainder
                    of this page intentionally left blank.]

                   

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  4.        
                     Account
                    Details and Settlement Information:

                   

                  
                    	
                            Payments
                              to Party A:

                          	
                            Account
                              with bank:

                          
	 	
                            DB
                              Trust Co Americas

                          
	 	
                            ABA
                              021001033

                          
	 	
                            BKTRUS33

                          
	 	 
	 	
                            Beneficiary:

                          
	 	
                            Deutsche
                              Bank AG New York

                          
	 	
                            a/c:
                              01473969 

                          
	 	
                            Global
                              No. N593883N

                          
	 	 
	
                            Payments
                              to Party B:

                          	
                            Wells
                              Fargo Bank, N.A.

                          
	 	
                            ABA
                              #: 121-000-248

                          
	 	
                            Account
                              Name: SAS Clearing

                          
	 	
                            Account
                              #: 3970771416

                          
	 	
                            FFC
                              to: AHMIT 2007-1, Class A-2 Swap Account #
                              53135405

                          

                  

                  

                  This
                    Agreement may be executed in several counterparts, each of which
                    shall be deemed
                    an original but all of which together shall constitute one and
                    the same
                    instrument.

                  

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                  We
                    are
                    very pleased to have executed this Transaction with you and we
                    look forward to
                    completing other transactions with you in the near future.

                  

                  Very
                    truly yours,

                  

                  DEUTSCHE
                    BANK AG, NEW YORK BRANCH

                  

                  

                  
                    	
                            By:

                          	 	
                            By:

                          
	 	 	 
	
                            Name:

                            Authorized
                              Signatory:

                          	 	
                            Name:

                            Authorized
                              Signatory:

                          

                  

                  

                  

                  Party
                    B,
                    acting through its duly authorized signatory, hereby agrees to,
                    accepts and
                    confirms the terms of the foregoing as of the date hereof.

                  

                  Deutsche
                    Bank National Trust Company, not in its individual capacity,
                    but solely as
                    Grantor Trust Trustee for the Grantor Trust with respect to American
                    Home
                    Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and Grantor
                    Trust
                    Certificates, Series 2007-1

                  

                  

                  

                  
                    	
                            By:

                          	 
	 	
                            Name:

                          
	 	
                            Title:

                          

                  

                  

                  

                  

                  

                  

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  

                  Annex
                    A

                  

                  Paragraph
                    13 of the Credit Support Annex

                  

                  

                  
                    	 	 

                  

                   

                   

                   

                   

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                   

                   

                  
                    
                       

                       
ANNEX
                      A

                    

                    ISDA®

                    CREDIT
                      SUPPORT ANNEX

                    to
                      the
                      Schedule to the

                    ISDA
                      Master Agreement

                    dated
                      as
                      of March 30, 2007 between

                    Deutsche
                      Bank AG, New York Branch (hereinafter referred to as “Party
                      A”
                      or
“Pledgor”)

                    and

                    Deutsche
                      Bank National Trust Company, not in its individual capacity,
                      but solely as
                      Grantor Trust Trustee for the Grantor Trust with respect to
                      American Home
                      Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and
                      Grantor Trust
                      Certificates, Series 2007-1 (the
“
                      Grantor Trust”, 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 Confirmation dated March 30,
                      2007, between Party A
                      and Party B, N593883N.

                    

                     

                    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”
                                shall not apply. For purposes of calculating any
                                Delivery Amount or Return
                                Amount 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, as provided in Paragraphs 13(b)(i)(A)
                                and 13(b)(i)(B),
                                above.

                            

                    

                     

                    
                      	(ii)  	
                              Eligible
                                Collateral.
                                

                            

                    

                     

                    On
                      any
                      date, the following items will qualify as “Eligible
                      Collateral”
(for
                      the avoidance of doubt, all Eligible Collateral to be denominated
                      in
                      USD):

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                    

                     

                    
                      	
                               

                              Collateral
                                

                            	
                              S&P

                              Valuation
                                

                              Percentage

                            	
                              Moody’s
                                

                              First
                                Trigger Valuation
                                Percentage

                            	
                              Moody’s
                                

                              Second
                                Trigger Valuation
                                Percentage

                            
	
                              (A)  Cash

                            	
                              100%

                            	
                              100%

                            	
                              100%

                            
	
                              (B)  Fixed-rate
                                negotiable debt obligations issued by the U.S. Treasury
                                Department having
                                a remaining maturity on such date of not more than
                                one
                                year

                            	
                              98.5%

                            	
                              100%

                            	
                              100%

                            
	
                              (C)  Fixed-rate
                                negotiable debt obligations issued by the U.S. Treasury
                                Department having
                                a remaining maturity on such date of more than one
                                year but not more than
                                ten years

                            	
                              89.9%

                            	
                              100%

                            	
                              94%

                            
	
                              (D)  Fixed-rate
                                negotiable debt obligations issued by the U.S. Treasury
                                Department having
                                a remaining maturity on such date of more than ten
                                years

                            	
                              83.9%

                            	
                              100%

                            	
                              87%

                            

                    

                    

                     

                    
                      	(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 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 of
                                any Certificates and the
                                aggregate principal balance of any Notes rated by
                                S&P is at the time
                                of any transfer less 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 10,000.

                            

                    

                     

                    
                      	(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
                                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.

                            

                    

                     

                    
                      	(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 Support 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 Support; 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, Moody’s First Trigger
                                Value, and 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 Securities
                      Administrator
                      or (B) any entity other than the entity then serving as Securities
                      Administrator
                      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: Securities Administrator. 

                     

                    
                      	(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. Posted Collateral
                                in the form of Cash shall be invested in such overnight
                                (or redeemable
                                within two Local Business Days of demand) Permitted
                                Investments rated at
                                least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by
                                Moody’s, as directed by Party A (unless (x) an Event of
                                Default or an
                                Additional Termination Event has occurred with respect
                                to which Party A is
                                the defaulting or sole Affected Party or (y) an Early
                                Termination Date has
                                been designated, in which case such investment shall
                                be held uninvested).
                                Gains and losses incurred in respect of any investment
                                of Posted
                                Collateral in the form of Cash in Permitted Investments
                                as directed by
                                Party A shall be for the account of Party
                                A.

                            

                    

                     

                    
                      	(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: 

                     

                    Wells
                      Fargo Bank, N.A. as Securities Administrator  

                    9062
                      Old
                      Annapolis Road 

                    Columbia,
                      Maryland 21045  

                    Attention: Corporate
                      Trust Services - AHMIT 2007-1

                    Tel:  (410)
                      884-2000

                    Fax:  (418)
                      715-2380

                    

                     

                    
                      	(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: 

                            	
                              The
                                Bank of New York

                            
	 	
                              aba
                                # 021000018

                            
	 	
                              a/c
                                # 8900603658

                            
	 	
                              for
                                further credit: 

                            
	 	
                              SAS
                                Clearing

                            
	 	
                              Acct
                                #: 3970771416

                            
	 	
                              Re:
                                AHMIT 2007-1, Class A-2 Collateral Account # 53135410

                            
	 	 
	
                               

                            	 
	
                              Party
                                B: 

                            	 
	 	
                              Wells
                                Fargo Bank, N.A.

                            
	 	
                              ABA
                                #: 121-000-248

                            
	 	
                              Account
                                Name: SAS Clearing

                            
	 	
                              Account
                                #: 3970771416

                            
	 	
                              FFC
                                to: AHMIT 2007-1,
                                Class A-2 Collateral Account
                                # 53135410

                            

                    

                    

                    
                      	(m)  	
                              Other
                                Provisions.

                            

                    

                     

                    
                      	(i)  	
                              Collateral
                                Account.
                                Party B shall open and maintain a segregated account,
                                which shall be an
                                Eligible Account, 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) Additional
                      Definitions.
                      As used
                      in this Annex::

                     

                    “Collateral
                      Event” means
                      that no Relevant Entity has credit ratings at least equal to
                      the Approved
                      Ratings Threshold.

                     

                    “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,
                      for purposes of this Annex: 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 Event” means
                      that no Relevant Entity has credit ratings from Moody’s at least equal to the
                      Moody’s First Trigger Ratings Threshold.

                     

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

                     

                    
                      	 	
                              (I)

                            	
                              (A)

                            	
                              for
                                any Valuation 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) 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
                                Valuation Date and (ii) the sum, for each Transaction
                                to which this Annex
                                relates, of the product of (i) the applicable Moody’s First Trigger Factor
                                set forth in Table 1 and (ii)
                                the
                                Notional Amount for such Transaction for the Calculation
                                Period for such
                                Transaction (each as defined in the related Confirmation)
                                which includes
                                such Valuation Date; or 

                            

                    

                     

                    
                      	 	
                              (B)

                            	
                              for
                                any other Valuation Date, zero,
                                over

                            

                    

                     

                    (II)         
                       the
                      Threshold for Party A such Valuation Date.

                     

                    “Moody’s
                      First Trigger Value”
                      means,
                      on any date and with respect to any Eligible Collateral other
                      than Cash, the 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).

                     

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

                     

                    
                      	 	
                              (I)

                            	
                              (A)

                            	
                              for
                                any Valuation 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 Payments for all Next
                                Payment Dates, and (c)
                                the sum of (x) the Secured Party’s Exposure for such Valuation 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 product
                      of (i) the
                      applicable Moody’s Second Trigger Factor set forth in Table 2, and (ii) the
                      Notional Amount for such Transaction for the Calculation Period
                      for such
                      Transaction (each as defined in the related Confirmation) which
                      includes such
                      Valuation Date; or

                    

                    (2)
                      if
                      such Transaction is a Transaction-Specific Hedge, the product
                      of (i) the
                      applicable Moody’s Second Trigger Factor set forth in Table 3 and (ii) the
                      Notional Amount for such Transaction for the Calculation Period
                      which includes
                      such Valuation Date; or 

                    

                    
                      	 	
                              (B)

                            	
                              for
                                any other Valuation Date, zero,
                                over

                            

                    

                     

                    (II)         
                       the
                      Threshold for Party A for such Valuation Date.

                     

                    “Moody’s
                      Second Trigger Value”
                      means,
                      on any date and 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).

                     

                    “Next
                      Payment”
                      means,
                      in respect of each Next Payment Date, the greater of (i) the
                      amount of any
                      payments due to be made by Party A under Section 2(a) on such
                      Next Payment Date
                      less any payments due to be made by Party B under Section 2(a)
                      on such Next
                      Payment Date (in each case, after giving effect to any applicable
                      netting under
                      Section 2(c)) and (ii) zero.

                     

                    “Next
                      Payment Date”
                      means
                      each date on which the next scheduled payment under any Transaction
                      is due to be
                      paid.

                     

                    “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.

                     

                    “Remaining
                      Weighted Average Maturity” means,
                      with respect to a Transaction, the expected weighted average
                      maturity for such
                      Transaction as determined by the Valuation Agent. 

                     

                    “S&P
                      Approved Ratings Downgrade Event”
                      means
                      that no Relevant Entity has credit ratings at least equal to
                      the S&P
                      Approved Ratings Threshold.

                     

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

                     

                    
                      	 	
                              (I)

                            	
                              (A)
                                

                            	
                              for
                                any Valuation Date on which (i) an S&P Approved Ratings Threshold
                                Event has occurred and been continuing for at least
                                30 days, or (ii) a
                                S&P Required Ratings Downgrade Event has occurred and
                                is continuing,
                                an amount equal to the sum of (a) USD 263,086.49
                                and (b) if an S&P
                                Interest Rate Collateral Event has occurred and is
                                continuing, an amount
                                equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                                Valuation Date and (2) the sum, for each Transaction
                                to which this Annex
                                relates, of the product of (i) the Volatility Buffer
                                for such Transaction
                                and (ii) the Notional Amount of such Transaction
                                (each as defined in the
                                related Confirmation) for the Calculation Period
                                of such Transaction which
                                includes such Valuation Date, or 

                            

                    

                     

                    
                      	 	
                              (B)

                            	
                              for
                                any other Valuation Date, zero,
                                over

                            

                    

                     

                    (II)         
                       the
                      Threshold for Party A for such Valuation Date.

                     

                    “S&P
                      Interest Rate Collateral Threshold” means,
                      with respect to Party A, the guarantor under an Eligible Guarantee
                      or an
                      Eligible Replacement, a short-term unsecured and unsubordinated
                      debt rating from
                      S&P of “A-1”, or, if such entity does not have a short-term unsecured and
                      unsubordinated debt rating from S&P, a long-term unsecured and
                      unsubordinated debt rating or counterparty rating from S&P of “A+”.

                     

                    “S&P
                      Interest Rate Collateral Event”
                      means no
                      Relevant Entity has credit ratings at least equal to the S&P Interest Rate
                      Collateral Threshold.

                     

                    “S&P
                      Required Ratings Downgrade Event”
                      means no
                      Relevant Entity has credit ratings at least equal to the S&P Required
                      Ratings Threshold.

                     

                    “S&P
                      Value”
                      means,
                      on any date and 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).

                     

                    “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 (i) an interest rate swap in respect of
                      which (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 (as defined
                      in the related Confirmation) otherwise is not a specific dollar
                      amount that is
                      fixed at the inception of the Transaction, (ii) an interest
                      rate cap, (iii) an
                      interest rate floor or (iv) an interest rate swaption.

                     

                    “Valuation
                      Percentage”
                      shall
                      mean, for purposes of determining the S&P Value, Moody’s First Trigger
                      Value, or 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 of such Transaction 

                              up
                                to 3 years

                            	
                              Remaining
                                Weighted Average Maturity of such Transaction

                              up
                                to 5 years

                            	
                              Remaining
                                Weighted Average Maturity of such Transaction

                              up
                                to 10 years

                            	
                              Remaining
                                Weighted Average Maturity of such Transaction

                              up
                                to 30 years

                            
	
                              “A-2”
                                or higher

                            	
                              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%

                            

                    

                    

                     

                    
                      	
                              (n)
                                

                            	
                              Grantor
                                Trust Trustee Liability Limitations. It
                                is expressly understood and agreed by the parties
                                hereto that (a) this
                                Agreement is executed by Deutsche Bank Trust Company
                                Americas
                                (“Deutsche”)
                                not in its individual capacity, but solely as Grantor
                                Trust Trustee under
                                the Pooling and Servicing Agreement in the exercise
                                of the powers and
                                authority conferred and invested in it thereunder;
                                (b) Deutsche has been
                                directed pursuant to the Pooling and Servicing Agreement
                                to enter into
                                this Agreement and to perform its obligations hereunder
                                and nothing herein
                                contained shall be construed as creating any liability
                                for Deutsche,
                                individually or personally, to perform any covenant
                                (either express or
                                implied) contained herein, and all such liability,
                                if any, is hereby
                                expressly waived by the parties hereto, and such
                                waiver shall bind any
                                third party making a claim by or through one of the
                                parties hereto; (c)
                                each of the representations, undertakings and agreements
                                herein made on
                                behalf of Party B is made and intended not as personal
                                representations of
                                the Grantor Trust but is made and intended for the
                                purpose of binding only
                                Party B; and (d) under no circumstances shall Deutsche
                                in its individual
                                capacity be personally liable for any payments hereunder
                                or for the breach
                                or failure of any obligation, representation, warranty
                                or covenant made or
                                undertaken under this Agreement. 

                            

                    

                     

                    [Remainder
                      of this page intentionally left blank]

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                    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 for Interest Rate Swaps with Fixed Notional
                      Amounts

                     

                    
                      	
                              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

                     

                    
                      	
                              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.

                     

                    

                     

                    
                      	
                              Deutsche
                                Bank AG, New York Branch

                            	 	
                              Deutsche
                                Bank National Trust Company, not
                                in its individual capacity, but solely as Grantor
                                Trust Trustee for the
                                Grantor Trust with respect to American Home Mortgage
                                Investment Trust
                                2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                                Series
                                2007-1

                            
	 	 	 	 	 
	 	 	 	 	 
	
                              By:

                            	 	 	
                              By:

                            	 
	
                              Name:

                            	 	 	
                              Name:

                            	 
	
                              Title:

                            	 	 	
                              Title:

                            	 
	
                              Date:

                            	 	 	
                              Date:

                            	 

                    

                    

                     

                     

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                     

                     

                    
                      
                         

                      

                      

                      

                      
                        	 	
                                

                              

                      

                      

                      
                        	
                                DATE:

                              	
                                March
                                  30, 2007

                              
	
                                TO:

                              	
                                Deutsche
                                  Bank National Trust Company, not in its individual
                                  capacity, but solely as
                                  Grantor Trust Trustee for the Grantor Trust with
                                  respect to American Home
                                  Mortgage Investment Trust 2007-1, Mortgage-Backed
                                  Notes and Grantor Trust
                                  Certificates, Series 2007-1 

                              
	
                                ATTENTION:

                              	
                                Trust
                                  Administration - AH0701

                              
	
                                TELEPHONE:

                              	
                                (714)
                                  247-6000

                              
	 	
                                Facsimile:
                                  (714) 855-1557

                              
	
                                FROM:

                              	
                                Deutsche
                                  Bank AG, New York Branch 

                              
	 	 
	
                                ATTENTION:

                              	
                                New
                                  York Derivatives Documentation 

                              
	
                                TELEPHONE:

                              	
                                1
                                  212 250 9425 

                              
	
                                FACSIMILE:

                              	
                                1
                                  212 797 0779 

                              
	
                                EMAIL:

                              	
                                NYderivative.documentation@db.com

                              
	 	 
	
                                OUR
                                  REFERENCE:

                              	
                                Global
                                  No. N593885N 

                              
	 	 
	
                                RE:

                              	
                                Interest
                                  Rate Swap Transaction

                              

                      

                      

                      The
                        purpose of this long-form confirmation (“Confirmation”)
                        is to
                        confirm the terms and conditions of the current Transaction
                        entered into on the
                        Trade Date specified below (the “Transaction”) between Deutsche Bank AG, New
                        York Branch (“Party A”) and Deutsche Bank National Trust Company, not in its
                        individual capacity, but solely as grantor trust trustee
                        (“Grantor Trust
                        Trustee”) for the Grantor Trust (“Grantor Trust”) with respect to American Home
                        Mortgage Investment
                        Trust 2007-1,
                        Mortgage-Backed Notes and Grantor Trust Certificates, Series
                        2007-1 (“Party B”)
                        created under Indenture, dated as of March 30, 2007, among
                        American Home
                        Mortgage Investment Trust 2007-1 (the “Issuing Entity” or “Trust”), Wells Fargo
                        Bank, N.A. (the “Securities Administrator”) and Deutsche Bank National Trust
                        Company (the “Trustee”) (the “Indenture”). This Confirmation evidences a
                        complete and binding agreement between you and us to enter
                        into the Transaction
                        on the terms set forth below and replaces any previous agreement
                        between us with
                        respect to the subject matter hereof. This Confirmation constitutes
                        a
“Confirmation” and also constitutes a “Schedule” as referred to in the ISDA
                        Master Agreement, and Paragraph 13 of a Credit Support Annex
                        to the Schedule.

                      

                      
                        	1.         
                                  	
                                This
                                  Confirmation shall supplement, form a part of,
                                  and be subject to an
                                  agreement in the form of the ISDA Master Agreement
                                  (Multicurrency - Cross
                                  Border) as published and copyrighted in 1992 by
                                  the International Swaps
                                  and Derivatives Association, Inc. (the “ISDA Master Agreement”), as if
                                  Party A and Party B had executed an agreement in
                                  such form on the date
                                  hereof, with a Schedule as set forth in Item 3
                                  of this Confirmation, and
                                  an 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., with Paragraph 13
                                  thereof as set forth in Annex A hereto (the “Credit Support Annex”). For
                                  the avoidance of doubt, the Transaction described
                                  herein shall be the sole
                                  Transaction governed by such ISDA Master Agreement.
                                  In the event of any
                                  inconsistency among any of the following documents,
                                  the relevant document
                                  first listed shall govern: (i) this Confirmation,
                                  exclusive of the
                                  provisions set forth in Item 3 hereof and Annex
                                  A hereto; (ii) the
                                  provisions set forth in Item 3 hereof, which are
                                  incorporated by reference
                                  into the Schedule; (iii) the Credit Support Annex;
                                  (iv) the Definitions;
                                  and (v) the ISDA Master Agreement.

                              

                      

                      

                      Each
                        reference herein to a “Section” (unless specifically referencing the Indenture)
                        or to a “Section” “of this Agreement” will be construed as a reference to a
                        Section of the ISDA Master Agreement; each herein reference
                        to a “Part” will be
                        construed as a reference to the provisions herein deemed
                        incorporated in a
                        Schedule to the ISDA Master Agreement; each reference herein
                        to a “Paragraph”
will be construed as a reference to a Paragraph of the Credit
                        Support
                        Annex. 

                      

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

                      

                      
                        	
                                Type
                                  of Transaction:

                              	
                                Interest
                                  Rate Swap

                              
	 	 
	
                                Notional
                                  Amount:

                              	
                                With
                                  respect to any Calculation Period, an amount equal
                                  to the Note Principal
                                  Balance of the Class A-3 Notes immediately preceding
                                  the Note Payment Date
                                  which occurs in the calendar month of the Floating
                                  Rate Payer Payment Date
                                  for such Calculation Period (determined for this
                                  purpose without regard to
                                  any adjustment of the Floating Rate Payer Payment
                                  Date or Note Payment
                                  Date relating to business days). 

                              
	 	 
	 	
                                The
                                  CUSIP no. of the Class A-3 Note is: 026932 AE3

                              
	 	 
	
                                Trade
                                  Date:

                              	
                                March
                                  28, 2007

                              
	 	 
	
                                Effective
                                  Date:

                              	
                                March
                                  30, 2007

                              
	 	 
	
                                Termination
                                  Date:

                              	
                                The
                                  earlier to occur of (i) May 25, 2047 and (ii) the
                                  date on which the
                                  Notional Amount has been reduced to zero, subject
                                  to adjustment in
                                  accordance with the Following Business Day Convention;
                                  provided, however,
                                  that for the purpose of determining the final Floating
                                  Rate II Payer
                                  Period End Date, Termination Date shall be subject
                                  to No
                                  Adjustment.

                              
	 	 
	
                                Floating
                                  Amount I:

                              	 
	 	 
	
                                Floating
                                  Rate I Payer:

                              	
                                Party
                                  A

                              
	 	 
	
                                Floating
                                  Rate I Payer 

                              	 
	
                                Period
                                  End Dates:

                              	
                                The
                                  25th day of each month from and including April
                                  25th, 2007, to and
                                  including the Termination Date, subject to adjustment
                                  in accordance with
                                  the Following Business Day Convention.

                              
	 	 
	
                                Floating
                                  Rate I Payer 

                              	 
	
                                Payment
                                  Dates:

                              	
                                Early
                                  Payment shall be applicable. Each Floating Rate
                                  I Payer Payment Date shall
                                  be one Business Day prior to the related Floating
                                  Rate I Payer Period End
                                  Date.

                              
	 	 
	
                                Floating
                                  Rate I:

                              	
                                One-Month
                                  LIBOR (as defined in the Indenture) plus (i) with
                                  respect to any Floating
                                  Rate I Payer Payment Date occurring prior to the
                                  Step-Up Date, 0.320% per
                                  annum or (ii) with respect to any Floating Rate
                                  I Payer Payment Date
                                  occurring on or after the Step-Up Date, 0.640%
                                  per annum. 

                              
	 	 
	
                                Floating
                                  Rate I 

                              	 
	
                                Day
                                  Count Fraction:

                              	
                                Actual/360

                              
	 	 
	
                                Reset
                                  Dates:

                              	
                                The
                                  first day of each Calculation Period

                              
	 	 
	
                                Compounding:

                              	
                                Inapplicable

                              
	 	 
	
                                Additional
                                  Payment:

                              	
                                Party
                                  A agrees to pay USD 1,262,682.48 to Party B for
                                  value on the Effective
                                  Date.

                              
	 	 
	 	 
	
                                Floating
                                  Amount II:

                              	 
	 	 
	
                                Floating
                                  Rate II Payer:

                              	
                                Party
                                  B

                              
	 	 
	
                                Floating
                                  Rate II Payer 

                              	 
	
                                Period
                                  End Dates:

                              	
                                The
                                  1st day of each month from and including April
                                  1st, 2007, to and including
                                  the 1st calendar day of the month in which the
                                  Termination Date occurs,
                                  subject to No Adjustment. 

                              
	 	 
	
                                Floating
                                  Rate II Payer 

                              	 
	
                                Payment
                                  Dates:

                              	
                                Delayed
                                  Payment shall be applicable. Each Floating Rate
                                  II Payer Payment Date
                                  shall be the day that is twenty-four (24) calendar
                                  days following the
                                  related Floating Rate II Payer Period End Date,
                                  subject to adjustment in
                                  accordance with the Following Business Day Convention.
                                  For the avoidance
                                  of doubt, the Floating Rate II Payer Payment Date
                                  shall apply to the
                                  Floating Rate II Payer First Payment, the Floating
                                  Rate II Payer Second
                                  Payment, the Floating Rate II Payer Third Payment
                                  and the Floating Rate II
                                  Payer Fourth Payment. 

                              
	 	 
	
                                Initial
                                  Calculation Period:

                              	
                                Notwithstanding
                                  anything to the contrary in Section 4.13 of the
                                  Definitions, the initial
                                  Calculation Period with respect to Floating Amount
                                  II shall commence on
                                  March 1, 2007.

                              
	 	 
	
                                Floating
                                  Rate II:

                              	
                                With
                                  respect to each Calculation Period, the excess,
                                  if any, of (i) the lesser
                                  of (1) One-Year MTA (as defined in the Indenture)
                                  plus 3.0184% per annum
                                  and (2) the Available Funds Rate (as defined in
                                  the Indenture) with
                                  respect to the Class A-3 Notes for the Note Payment
                                  Date occurring in the
                                  calendar month of the related Floating Rate II
                                  Payer Payment Date
                                  (determined for this purpose without regard to
                                  any adjustment of the
                                  Floating Rate Payer Payment Date or Note Payment
                                  Date relating to business
                                  days over (ii) 2.0784% per annum.

                              
	 	 
	
                                Floating
                                  Rate II Payer 

                              	 
	
                                First
                                  Payment:

                              	
                                With
                                  respect to each Floating Rate II Payer Payment
                                  Date, the sum of: (i) the
                                  product of Floating Rate II * Notional Amount *
                                  Floating Rate II Day Count
                                  Fraction and (ii) an amount
                                  equal
                                  to the amount of any Current Interest in respect
                                  of the Class A-3 Notes
                                  remaining unpaid from any prior Note Payment Date,
                                  with interest thereon
                                  at the Class A-3 Note Interest Rate, determined
                                  without regard to the
                                  Class A-3 Available Funds Rate, paid to Party B
                                  pursuant to the Indenture
                                  in respect of the Class A-3 Notes on the Note Payment
                                  Date occurring in
                                  the calendar month of such Floating Rate II Payer
                                  Payment Date (determined
                                  for this purpose without regard to any adjustment
                                  of the Floating Rate
                                  Payer Payment Date or Note Payment Date relating
                                  to business
                                  days).

                              
	 	 
	
                                Floating
                                  Rate II Payer 

                              	 
	
                                Second
                                  Payment:

                              	
                                With
                                  respect to each Floating Rate II Payer Payment
                                  Date, an amount equal to
                                  the amount of any Class A-3 Swap Principal Amount
                                  (and interest thereon at
                                  a rate equal to Floating Rate II) paid
                                  to
                                  Party B pursuant to the Indenture in respect of
                                  the Class A-3 Notes on the
                                  Note Payment Date occurring in the calendar month
                                  of such Floating Rate II
                                  Payer Payment Date (determined for this purpose
                                  without regard to any
                                  adjustment of the Floating Rate Payer Payment Date
                                  or Note Payment Date
                                  relating to business days). 

                              
	
                                Floating
                                  Rate II Payer 

                              	 
	
                                Third
                                  Payment:

                              	
                                With
                                  respect to each Floating Rate II Payer Payment
                                  Date, an amount equal to
                                  the amount of any Carryover Shortfall Amount paid
                                  to
                                  Party B pursuant to the Indenture in respect of
                                  the Class A-3 Notes on the
                                  Note Payment Date occurring in the calendar month
                                  of such Floating Rate II
                                  Payer Payment Date (determined for this purpose
                                  without regard to any
                                  adjustment of the Floating Rate Payer Payment Date
                                  or Note Payment Date
                                  relating to business days).

                              
	 	 
	
                                Floating
                                  Rate II Payer 

                              	 
	
                                Fourth
                                  Payment:

                              	
                                With
                                  respect to each Floating Rate II Payer Payment
                                  Date, an
                                  amount equal to the amount of
                                  any Unpaid Realized Loss Amount paid to Party B
                                  pursuant to the Indenture
                                  in respect of the Class A-3 Swap Principal Amount
                                  made on the Note
                                  Payment
                                  Date occurring in the calendar month of such Floating
                                  Rate II Payer
                                  Payment Date (determined for this purpose without
                                  regard to any adjustment
                                  of the Floating Rate Payer Payment Date or Note
                                  Payment
                                  Date relating to business days).

                              
	 	 
	
                                Floating
                                  Rate II 

                              	 
	
                                Day
                                  Count Fraction:

                              	
                                30/360

                              
	 	 
	
                                Reset
                                  Dates:

                              	
                                The
                                  first day of each Calculation Period

                              
	 	 
	
                                Compounding:

                              	
                                Inapplicable

                              
	 	 
	
                                Business
                                  Days:

                              	
                                New
                                  York

                              
	 	 
	
                                Business
                                  Day Convention:

                              	
                                For
                                  all purposes other than determining Floating Rate
                                  II Payer Payment Dates,
                                  the Business Day Convention will be Following Business
                                  Day
                                  Convention.

                              
	 	 
	
                                Netting:

                              	
                                Notwithstanding
                                  anything to the contrary in Section 2(c), any amounts
                                  payable by the
                                  Floating Rate Payer I on a Floating Rate Payer
                                  I Payment Date, and by the
                                  Floating Rate Payer II on the related Floating
                                  Rate Payer II Payment Date,
                                  shall be netted, even though such dates may be
                                  different, and the party
                                  with the larger aggregate amount shall make the
                                  net payment on such
                                  party’s applicable Floating Rate Payer Payment Date.

                              
	 	 
	
                                Note
                                  Payment Date:

                              	
                                Payment
                                  Date (as defined in the Indenture).

                              

                      

                      

                      3. Provisions
                        Deemed Incorporated in a Schedule to the ISDA Master Agreement:

                      

                      
                        	
                                Part
                                  1.

                              	
                                Termination
                                  Provisions.

                              

                      

                      

                      For
                        the
                        purposes of this Agreement:-

                      

                      (a)         
                         “Specified
                        Entity”
                        will not
                        apply to Party A or Party B for any purpose. 

                      

                      
                        	
                                (b)

                              	
                                “Specified
                                  Transaction”
                                  will have the meaning specified in Section
                                  14.

                              

                      

                      

                      
                        	
                                (c)

                              	
                                Events
                                  of Default.

                              

                      

                      

                      The
                        statement below that an Event of Default will apply to a
                        specific party means
                        that upon the occurrence of such an Event of Default with
                        respect to such party,
                        the other party shall have the rights of a Non-defaulting
                        Party under Section 6
                        of this Agreement; conversely, the statement below that such
                        event will not
                        apply to a specific party means that the other party shall
                        not have such
                        rights.

                      

                      
                        	(i)  	
                                The
                                  “Failure to Pay or Deliver” provisions of Section 5(a)(i) will apply to
                                  Party
                                  A and to Party B; provided, however, that Section
                                  5(a)(i) is hereby
                                  amended by replacing the word “third” with the word “first”; provided,
                                  further, that notwithstanding anything to the contrary
                                  in Section 5(a)(i),
                                  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
                                  not constitute an Event of Default under Section
                                  5(a)(i) unless (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.

                              

                      

                      

                      
                        	(ii)  	
                                The
                                  “Breach of Agreement” provisions of Section 5(a)(ii) will apply to Party
                                  A
                                  and will not apply to Party B.

                              

                      

                      

                      
                        	(iii)  	
                                The
                                  “Credit Support Default” provisions of Section 5(a)(iii) will apply to
                                  Party A and will not apply to Party B except that
                                  Section 5(a)(iii)(1)
                                  will apply to Party B solely in respect of Party
                                  B’s obligations under
                                  Paragraph 3(b) of the Credit Support Annex; provided,
                                  however, that
                                  notwithstanding anything to the contrary in Section
                                  5(a)(iii)(1), 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 not
                                  constitute an Event of Default under Section 5(a)(iii)
                                  unless (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.

                              

                      

                      

                      
                        	(iv)  	
                                The
                                  “Misrepresentation” provisions of Section 5(a)(iv) will apply to Party
                                  A
                                  and will not apply to Party B. 

                              

                      

                      

                      
                        	(v)  	
                                The
                                  “Default under Specified Transaction” provisions of Section 5(a)(v) will
                                  apply to Party A and will not apply to Party
                                  B.

                              

                      

                      

                      
                        	(vi)  	
                                The
                                  “Cross Default” provisions of Section 5(a)(vi) will apply to Party
                                  A and
                                  will not apply to Party B; provided, however, that,
                                  notwithstanding the
                                  foregoing, an Event of Default shall not occur
                                  under either Section
                                  5(a)(vi)(1) or Section 5(a)(vi)(2) if (A) (I) the
                                  default, or other
                                  similar event or condition referred to in Section
                                  5(a)(vi)(1) or the
                                  failure to pay referred to in Section 5(a)(vi)(2)
                                  is a failure to pay or
                                  deliver caused by an error or omission of an administrative
                                  or operational
                                  nature, and (II) funds or the asset to be delivered
                                  were available to such
                                  party to enable it to make the relevant payment
                                  or delivery when due and
                                  (III) such payment or delivery is made within three
                                  (3) Local Business
                                  Days following receipt of written notice from an
                                  interested party of such
                                  failure to pay, or (B) such party was precluded
                                  from paying, or was unable
                                  to pay, using reasonable means, through the office
                                  of the party through
                                  which it was acting for purposes of the relevant
                                  Specified Indebtedness,
                                  by reason of force majeure, act of State, illegality
                                  or impossibility.
                                  

                              

                      

                      

                      For
                        purposes of Section 5(a)(vi), solely with respect to Party
                        A:

                      

                      “Specified
                        Indebtedness” will have the meaning specified in Section 14 , except that
                        such
                        term shall not include obligations in respect of deposits
                        received in the
                        ordinary course of Party A’s banking business.

                      

                      “Threshold
                        Amount” means with respect to Party A an amount equal to three percent
                        (3%) of
                        the Shareholders’ Equity of Party A or, if applicable, the Eligible Guarantor.
                        

                      

                      “Shareholders’
                        Equity” means with respect to an entity, at any time, the sum (as
                        shown in the
                        most recent annual audited financial statements of such entity)
                        of (i) its
                        capital stock (including preferred stock) outstanding, taken
                        at par value, (ii)
                        its capital surplus and (iii) its retained earnings, minus
                        (iv) treasury stock,
                        each to be determined in accordance with generally accepted
                        accounting
                        principles.

                      

                      
                        	(vii)  	
                                The
                                  “Bankruptcy” provisions of Section 5(a)(vii) will apply to Party
                                  A and
                                  will apply to Party B except that the provisions
                                  of Section 5(a)(vii)(2),
                                  (6) (to the extent that such provisions refer to
                                  any appointment
                                  contemplated or effected by the Indenture or any
                                  appointment to which
                                  Party B has not become subject), (7) and (9) will
                                  not apply to Party B;
                                  provided that, with respect to Party B only, Section
                                  5(a)(vii)(4) is
                                  hereby amended by adding after the words “against it” the words
                                  “(excluding any proceeding or petition instituted
                                  or presented by Party A
                                  or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                                  deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                                  (4) as amended, (5), (6) as amended, or
                                  (7)”.

                              

                      

                      

                      
                        	(viii)  	
                                The
                                  “Merger Without Assumption” provisions of Section 5(a)(viii) will apply to
                                  Party A and will apply to Party B.

                              

                      

                      

                      (d)         
                         Termination
                        Events.

                      

                      The
                        statement below that a Termination Event will apply to a
                        specific party means
                        that upon the occurrence of such a Termination Event, if
                        such specific party is
                        the Affected Party with respect to a Tax Event, the Burdened
                        Party with respect
                        to a Tax Event Upon Merger (except as noted below) or the
                        non-Affected Party
                        with respect to a Credit Event Upon Merger, as the case may
                        be, such specific
                        party shall have the right to designate an Early Termination
                        Date in accordance
                        with Section 6 of this Agreement; conversely, the statement
                        below that such an
                        event will not apply to a specific party means that such
                        party shall not have
                        such right; provided, however, with respect to “Illegality” the statement that
                        such event will apply to a specific party means that upon
                        the occurrence of such
                        a Termination Event with respect to such party, either party
                        shall have the
                        right to designate an Early Termination Date in accordance
                        with Section 6 of
                        this Agreement.

                      

                      (i)          
                         The
                        “Illegality” provisions of Section 5(b)(i) will apply to Party A and will
                        apply
                        to Party B.

                      

                      
                        	 	
                                (ii)

                              	
                                The
                                  “Tax Event” provisions of Section 5(b)(ii) will apply to Party
                                  A except
                                  that, for purposes of the application of Section
                                  5(b)(ii) to Party A,
                                  Section 5(b)(ii) is hereby amended by deleting
                                  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)”, and the “Tax Event” provisions of
                                  Section 5(b)(ii) will apply to Party B.

                              

                      

                      

                      
                        	 	
                                (iii)

                              	
                                The
                                  “Tax Event Upon Merger” provisions of Section 5(b)(iii) will apply to
                                  Party A and will apply to Party B, 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.

                              

                      

                      

                      
                        	 	
                                (iv)

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

                              

                      

                      

                      
                        	
                                (e)

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

                              

                      

                      

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

                      

                      
                        	(i)  	
                                Market
                                  Quotation will apply, provided, however, that,
                                  in the event of a
                                  Derivative Provider Trigger Event, the following
                                  provisions will
                                  apply:

                              

                      

                      

                      
                        	 	
                                (A)
                                  

                              	
                                The
                                  definition of Market Quotation in Section 14 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
                        Replacement Transaction, and (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.

                      

                      
                        	 	
                                (B)

                              	
                                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) equal to: 

                      

                      
                        	 	
                                (a)

                              	
                                If
                                  a Market Quotation for the relevant Terminated
                                  Transaction or group of
                                  Terminated Transactions is accepted by Party B
                                  so as to become legally
                                  binding on or before the day falling ten Local
                                  Business Days after the day
                                  on which the Early Termination Date is designated,
                                  or such later day as
                                  Party B may specify in writing to Party A, but
                                  in either case no later
                                  than one Local Business Day prior to the Early
                                  Termination Date (such day,
                                  the “Latest Settlement Amount Determination Day”), the Termination
                                  Currency Equivalent of the amount (whether positive
                                  or negative) of such
                                  Market Quotation; 

                              

                      

                      

                      
                        	 	
                                (b)

                              	
                                If,
                                  on the Latest Settlement Amount Determination Day,
                                  no Market Quotation for
                                  the relevant Terminated Transaction or group of
                                  Terminated Transactions
                                  has been accepted by Party B so as to become legally
                                  binding and one or
                                  more Market Quotations from
                                  Approved Replacements have
                                  been made and remain capable of becoming legally
                                  binding upon acceptance,
                                  the Settlement Amount shall equal the Termination
                                  Currency Equivalent of
                                  the amount (whether positive or negative) of the
                                  lowest of such Market
                                  Quotations (for the avoidance of doubt, the lowest
                                  of such Market
                                  Quotations shall be the lowest Market Quotation
of
                                  such Market Quotations
                                  expressed as a positive number or, if any of such
                                  Market Quotations is
                                  expressed as a negative number, the Market Quotation
                                  expressed as a
                                  negative number with the largest absolute value);
                                  or

                              

                      

                      

                      
                        	 	
                                (c)

                              	
                                If,
                                  on the Latest Settlement Amount Determination Day,
                                  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
                                  Quotation from an Approved Replacement remains
                                  capable of becoming legally
                                  binding upon acceptance, the Settlement Amount
                                  shall equal Party B’s Loss
                                  (whether positive or negative and without reference
                                  to any Unpaid Amounts)
                                  for the relevant Terminated Transaction or group
                                  of Terminated
                                  Transactions.

                              

                      

                      

                      
                        	 	
                                (C)

                              	
                                If
                                  Party B requests Party A in writing to obtain Market
                                  Quotations, Party A
                                  shall use its reasonable efforts to do so before
                                  the Latest Settlement
                                  Amount Determination Day.

                              

                      

                      

                      
                        	 	
                                (D)

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

                              

                      

                      

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

                       

                      
                        	 	
                                (E)

                              	
                                At
                                  any time on or before the Latest Settlement Amount
                                  Determination Day at
                                  which two or more Market Quotations from Approved
                                  Replacements remain
                                  capable of becoming legally binding upon acceptance,
                                  Party B shall be
                                  entitled to accept only the lowest of such Market
                                  Quotations (for the
                                  avoidance of doubt, the lowest of such Market Quotations
                                  shall be the
                                  lowest Market Quotation of such Market Quotations
                                  expressed as a positive
                                  number or, if any of such Market Quotations is
                                  expressed as a negative
                                  number, the Market Quotation expressed as a negative
                                  number with the
                                  largest absolute value).

                              

                      

                      

                      
                        	(ii)  	
                                The
                                  Second Method will apply.

                              

                      

                      

                      (g)        
                         “Termination
                        Currency”
                        means
                        USD.

                      

                      (h)        
                          Additional
                        Termination Events.
                        Additional Termination Events will apply as provided in Part
                        5(c).

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      Part
                        2.  Tax
                        Matters.

                      

                      (a)         
                         Tax
                        Representations. 

                      

                      
                        	 	
                                (i)

                              	
                                Payer
                                  Representations. For the purpose of Section 3(e)
                                  of this Agreement:
                                  

                              

                      

                       

                      (A)         
                         Party
                        A
                        makes the following representation(s):

                      

                      It
                        is not
                        required by any applicable law, as modified by the practice
                        of any relevant
                        governmental 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: the accuracy of any representations made by
                        the other party
                        pursuant to Section 3(f) of this Agreement; (ii) the satisfaction
                        of the
                        agreement contained 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 Agreement; 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)         
                         Party
                        B
                        makes the following representation(s):

                      

                      None.

                      

                      (ii)
                         Payee
                        Representations. For the purpose of Section 3(f) of this
                        Agreement:

                       

                      (A)        
                         Party
                        A
                        makes the following representation(s):

                      

                      It
                        is a
“foreign person” within the meaning of the applicable U.S. Treasury Regulations
                        concerning information reporting and backup withholding tax
                        (as in effect on
                        January 1, 2001), unless Party A provides written notice
                        to Party B that it is
                        no longer a foreign person. In respect of any Transaction
                        it enters into through
                        an office or discretionary agent in the United States or
                        which otherwise is
                        allocated for United States federal income tax purposes to
                        such United States
                        trade or makes the following representation(s):

                      

                      (B)         
                         Party
                        B
                        makes the following representation(s):

                      

                      None. 

                      

                      
                        	
                                (b)

                              	
                                Tax
                                  Provisions.

                              

                      

                      

                      
                        	 	
                                (i)

                              	
                                Gross
                                  Up. Section 2(d)(i)(4) shall not apply to Party
                                  B as X, and Section
                                  2(d)(ii) shall not apply to Party B as Y, in each
                                  case such that Party B
                                  shall not be required to pay any additional amounts
                                  referred to
                                  therein.

                              

                      

                      

                      
                        	 	
                                (ii)

                              	
                                Indemnifiable
                                  Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                                  entirety and replaced with the
                                  following:

                              

                      

                      

                      “Indemnifiable
                        Tax” means, in relation to payments by Party A, any Tax and, in
                        relation to
                        payments by Party B, no Tax. 

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      Part
                        3.  Agreement
                        to Deliver Documents. 

                      

                      (a) For
                        the
                        purpose of Section 4(a)(i), tax forms, documents, or certificates
                        to be
                        delivered are:

                      

                      
                        	
                                Party
                                  required to deliver document

                              	
                                Form/Document/

                                Certificate

                              	 	
                                Date
                                  by which to

                                be
                                  delivered

                              
	
                                Party
                                  A

                              	
                                A
                                  correct, complete and duly executed U.S. Internal
                                  Revenue Service Form
                                  W-8ECI or other applicable form (or successor thereto),
                                  together with
                                  appropriate attachments, that eliminates U.S. federal
                                  withholding and
                                  backup withholding Tax on payments to Party A under
                                  this
                                  Agreement.

                              	 	
                                (i)
                                  upon execution of this Agreement, (ii) on or before
                                  the first payment date
                                  under this Agreement, including any Credit Support
                                  Document, (iii)
                                  promptly upon the reasonable demand by Party B,
                                  (iv) prior to the
                                  expiration or obsolescence of any previously delivered
                                  form, and (v)
                                  promptly upon the information on any such previously
                                  delivered form
                                  becoming inaccurate or incorrect.

                              
	 	 	 	 
	
                                Party
                                  B

                              	
                                Party
                                  B will deliver a completed and executed United
                                  States Internal Revenue
                                  Service Form W-9 or other applicable form (or any
                                  successor thereto) with
                                  respect to any payments received or to be received
                                  by Party A, that
                                  eliminates U.S. federal withholding and backup
                                  withholding Tax on payments
                                  to Party A under this Agreement, and may deliver
                                  other tax forms relating
                                  to the beneficial owner of payments to Party B
                                  under this Agreement from
                                  time to time.

                              	 	
                                (i)
                                  on or before the first payment date under this
                                  Agreement, including any
                                  Credit Support Document, (ii) promptly upon the
                                  reasonable demand by Party
                                  B, (iii) prior to the expiration or obsolescence
                                  of any previously
                                  delivered form, and (iv) promptly upon Party B’s actual knowledge that the
                                  information on any such previously delivered form
                                  becoming inaccurate or
                                  incorrect.

                              

                      

                      

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      (b) For
                        the
                        purpose of Section 4(a)(ii), other documents to be delivered
                        (unless otherwise
                        publicly available) are:

                      

                      
                        	
                                Party
                                  required to deliver document

                              	
                                Form/Document/

                                Certificate

                              	 	
                                Date
                                  by which to

                                be
                                  delivered

                              	
                                Covered
                                  by Section 3(d) Representation

                              
	
                                Party
                                  A and

                                Party
                                  B

                              	
                                Any
                                  documents required by the receiving party to evidence
                                  the authority of the
                                  delivering party or its Credit Support Provider,
                                  if any, for it to execute
                                  and deliver the Agreement, this Confirmation, and
                                  any Credit Support
                                  Documents to which it is a party, and to evidence
                                  the authority of the
                                  delivering party or its Credit Support Provider
                                  to perform its obligations
                                  under the Agreement, this Confirmation and any
                                  Credit Support Document, as
                                  the case may be

                              	 	
                                Upon
                                  the execution and delivery of this Agreement

                              	
                                Yes

                              
	 	 	 	 	 
	
                                Party
                                  A and

                                Party
                                  B

                              	
                                A
                                  certificate of an authorized officer of the party,
                                  as to the incumbency
                                  and authority of the respective officers of the
                                  party signing the
                                  Agreement, this Confirmation, and any relevant
                                  Credit Support Document, as
                                  the case may be

                              	 	
                                Upon
                                  the execution and delivery of this Agreement

                              	
                                Yes

                              
	 	 	 	 	 
	
                                Party
                                  A

                              	
                                Annual
                                  Report of Party A containing consolidated financial
                                  statements certified
                                  by independent certified public accountants and
                                  prepared in accordance
                                  with generally accepted accounting principles in
                                  the country in which
                                  Party A is organized

                              	 	
                                Promptly
                                  upon becoming publicly available

                              	
                                Yes

                              
	 	 	 	 	 
	
                                Party
                                  A

                              	
                                Quarterly
                                  Financial Statements of Party A containing unaudited,
                                  consolidated
                                  financial statements of Party A’s fiscal quarter prepared in accordance
                                  with generally accepted accounting principles in
                                  the country in which
                                  Party A is organized

                              	 	
                                Promptly
                                  upon becoming publicly available

                              	
                                Yes

                              
	 	 	 	 	 
	
                                Party
                                  A

                              	
                                An
                                  opinion of counsel to Party A acceptable in form
                                  and substance to Party
                                  B

                              	 	
                                Upon
                                  the execution and delivery of this Agreement

                              	
                                No

                              

                      

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      Part
                        4. Miscellaneous. 

                      

                      
                        	
                                (a)

                              	
                                Address
                                  for Notices:
                                  For the purposes of Section 12(a) of this
                                  Agreement:

                              

                      

                      

                      Address
                        for notices or communications to Party A: 

                       

                      Any
                        notice to Party A relating to a particular Transaction shall
                        be delivered to the
                        address or facsimile number specified in the Confirmation
                        of such Transaction.
                        Any notice delivered for purposes of Sections 5 and 6 (other
                        than notices under
                        Section 5(a)(i) with respect to Party A) of this Agreement
                        shall be delivered to
                        the following address: 

                      

                      Deutsche
                        Bank AG, Head Office

                      Taunusanlage
                        12 

                      60262
                        Frankfurt 

                      GERMANY
                        

                      Attention:
                        Legal Department 

                      Fax
                        No:
                        0049 69 910 36097

                      

                      (For
                        all
                        purposes)

                      

                      Address
                        for notices or communications to Party B: 

                       

                      
                        	
                                Address:

                              	
                                Wells
                                  Fargo Bank, N.A. as Securities Administrator

                              
	
                                 

                              	
                                9062
                                  Old Annapolis Road 

                              
	 	
                                Columbia,
                                  Maryland 21045

                              
	
                                Attention:

                              	
                                Corporate
                                  Trust Services - AHMIT 2007-1

                              
	
                                Tel:

                              	
                                (410)
                                  884-2000

                              
	
                                Fax:

                              	
                                (418)
                                  715-2380

                              
	 	 
	
                                with
                                  a copy to: 

                              	 
	 	 
	
                                Address:

                              	
                                Deutsche
                                  Bank National Trust Company

                              
	 	
                                1761
                                  East St. Andrew Place

                              
	 	
                                Santa
                                  Ana, California 92705

                              
	
                                Attention:

                              	
                                Trust
                                  Administrator

                              
	
                                Tel:

                              	
                                (714)
                                  247-6000

                              
	
                                Fax:

                              	
                                (714)
                                  855-1557

                              
	 	 
	
                                (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; neither
                                  Party A nor Party B has any Offices other than
                                  as set forth in the Notices
                                  Section and Party A agrees that, for purposes of
                                  Section 6(b) of this
                                  Agreement, it shall not in the future have any
                                  Office other than one in
                                  the United States.

                              

                      

                      

                      
                        	
                                (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,
                                  that if an Event of
                                  Default shall have occurred with respect to Party
                                  A, Party B shall have
                                  the right to appoint as Calculation Agent a third
                                  party, reasonably
                                  acceptable to Party A, the cost for which shall
                                  be borne by Party
                                  A.

                              

                      

                      

                      (f)          
                         Credit
                        Support Document. 

                       

                      
                        	
                                Party
                                  A:

                              	
                                The
                                  Credit Support Annex, and any guarantee in support
                                  of Party A’s
                                  obligations under this Agreement.

                              
	 	 
	
                                Party
                                  B:

                              	
                                The
                                  Credit Support Annex, solely in respect of Party
                                  B’s obligations under
                                  Paragraph 3(b) of the Credit Support
                                  Annex.

                              

                      

                      

                      
                        	
                                (g)

                              	
                                Credit
                                  Support Provider.

                              

                      

                      

                      
                        	
                                Party
                                  A:

                              	
                                The
                                  guarantor under any guarantee in support of Party
                                  A’s obligations under
                                  this Agreement.

                              
	 	 
	
                                Party
                                  B:

                              	
                                None.

                              

                      

                      

                      
                        	
                                (h)

                              	
                                Governing
                                  Law.
                                  The parties to this Agreement hereby agree that
                                  the law of the State of
                                  New York shall govern their rights and duties in
                                  whole, without regard to
                                  the conflict of law provisions thereof other than
                                  New York General
                                  Obligations Law Sections 5-1401 and 5-1402.

                              

                      

                      

                      
                        	
                                (i)

                              	
                                Netting
                                  of Payments.
                                  The parties agree that subparagraph (ii) of Section
                                  2(c) will apply to
                                  each Transaction hereunder. 

                              

                      

                      

                      
                        	
                                (j)

                              	
                                Affiliate.“Affiliate”
                                  shall have the meaning assigned thereto in Section
                                  14; provided, however,
                                  that Party B shall be deemed to have no Affiliates
                                  for purposes of this
                                  Agreement, including for purposes of Section
                                  6(b)(ii).

                              

                      

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      Part
                        5.  Others
                        Provisions.

                      

                      
                        	
                                (a)

                              	
                                Definitions.
                                  Unless otherwise specified in a Confirmation, this
                                  Agreement and each
                                  Transaction under this Agreement are subject to
                                  the 2000 ISDA Definitions
                                  as published and copyrighted in 2000 by the International
                                  Swaps and
                                  Derivatives Association, Inc. (the “Definitions”), and will be governed in
                                  all relevant respects by the provisions set forth
                                  in the Definitions,
                                  without regard to any amendment to the Definitions
                                  subsequent to the date
                                  hereof. The provisions of the Definitions are hereby
                                  incorporated by
                                  reference in and shall be deemed a part of this
                                  Agreement, except that (i)
                                  references in the Definitions to a “Swap Transaction” shall be deemed
                                  references to a “Transaction” for purposes of this Agreement, and (ii)
                                  references to a “Transaction” in this Agreement shall be deemed references
                                  to a “Swap Transaction” for purposes of the Definitions. Each term
                                  capitalized but not defined in this Agreement shall
                                  have the meaning
                                  assigned thereto in the Indenture.

                              

                      

                       

                      (b)         
                         Amendments
                        to ISDA Master Agreement.

                      

                      
                        	 	
                                (i)

                              	
                                Single
                                  Agreement. Section 1(c) is hereby amended by the
                                  adding the words
                                  “including, for the avoidance of doubt, the Credit
                                  Support Annex” after
                                  the words “Master Agreement”. 

                              

                      

                      

                      (ii)         
                         Conditions
                        Precedent. Section
                        2(a)(iii) is hereby amended by adding the following at the
                        end thereof:

                      

                      Notwithstanding
                        anything to the contrary in Section 2(a)(iii)(1), if an Event
                        of Default with
                        respect to Party B or Potential Event of Default with respect
                        to Party B has
                        occurred and been continuing for more than 30 Local Business
                        Days and no Early
                        Termination Date in respect of the Affected Transactions
                        has occurred or been
                        effectively designated by Party A, the obligations of Party
                        A under Section
                        2(a)(i) shall cease to be subject to the condition precedent
                        set forth in
                        Section 2(a)(iii)(1) with respect to such specific occurrence
                        of such Event of
                        Default or such Potential Event of Default (the “Specific Event”); provided,
                        however, for the avoidance of doubt, the obligations of Party
                        A under Section
                        2(a)(i) shall be subject to the condition precedent set forth
                        in Section
                        2(a)(iii)(1) (subject to the foregoing) with respect to any
                        subsequent
                        occurrence of the same Event of Default with respect to Party
                        B or Potential
                        Event of Default with respect to Party B after the Specific
                        Event has ceased to
                        be continuing and with respect to any occurrence of any other
                        Event of Default
                        with respect to Party B or Potential Event of Default with
                        respect to Party B
                        that occurs subsequent to the Specific Event. 

                      

                      
                        	 	
                                (iii)

                              	
                                Change
                                  of Account. Section 2(b) is hereby amended by the
                                  addition of the
                                  following after the word “delivery” in the first line
                                  thereof:

                              

                      

                       

                      “to
                        another account in the same legal and tax jurisdiction as
                        the original
                        account”.

                      

                      
                        	 	
                                (iv)

                              	
                                Representations.
                                  Section 3 is hereby amended by adding at the end
                                  thereof the following
                                  subsection (g): 

                              

                      

                      

                      
                        	 	
                                “(g)

                              	
                                Relationship
                                  Between Parties. 

                              

                      

                      

                      
                        	 	
                                (1)

                              	
                                Nonreliance.
                                  (i) It is not relying on any statement or representation
                                  of the other
                                  party regarding the Transaction (whether written
                                  or oral), other than the
                                  representations expressly made in this Agreement
                                  or the Confirmation in
                                  respect of that Transaction and (ii) it has consulted
                                  with its own legal,
                                  regulatory, tax, business, investment, financial
                                  and accounting advisors
                                  to the extent it has deemed necessary, and it has
                                  made its own investment,
                                  hedging and trading decisions based upon its own
                                  judgment and upon any
                                  advice from such advisors as it has deemed necessary
                                  and not upon any view
                                  expressed by the other party.

                              

                      

                       

                      
                        	 	
                                (2)

                              	
                                Evaluation
                                  and Understanding. (i) It has the capacity to evaluate
                                  (internally or
                                  through independent professional advice) the Transaction
                                  and has made its
                                  own decision to enter into the Transaction and
                                  (ii) It understands the
                                  terms, conditions and risks of the Transaction
                                  and is willing and able to
                                  accept those terms and conditions and to assume
                                  those risks, financially
                                  and otherwise. 

                              

                      

                      

                      
                        	 	
                                (3)

                              	
                                Purpose.
                                  It is entering into the Transaction for the purposes
                                  of managing its
                                  borrowings or investments, hedging its underlying
                                  assets or liabilities or
                                  in connection with a line of business.

                              

                      

                      

                      
                        	 	
                                (4)

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

                              

                      

                      

                      
                        	 	
                                (5)

                              	
                                Eligible
                                  Contract Participant. It is an “eligible swap participant” as such term is
                                  defined in, Section 35.1(b)(2) of the regulations
                                  (17 C.F.R. 35)
                                  promulgated under, and an “eligible contract participant” as defined in
                                  Section 1(a)(12) of the Commodity Exchange Act,
                                  as
                                  amended.”

                              

                      

                      

                      
                        	 	
                                (v)

                              	
                                Transfer
                                  to Avoid Termination Event. Section 6(b)(ii) is
                                  hereby amended by (i)
                                  deleting the words “or if a Tax Event Upon Merger occurs and the Burdened
                                  Party is the Affected Party,” and (ii) by deleting the words “to transfer”
                                  and inserting the words “to effect a Permitted Transfer” in lieu
                                  thereof.

                              

                      

                      

                      
                        	 	
                                (vi)

                              	
                                Jurisdiction.
                                  Section 13(b) is hereby amended by: (i) deleting
                                  in the second line of
                                  subparagraph (i) thereof the word "non-", (ii)
                                  deleting “; and” from the
                                  end of subparagraph (i) and inserting “.” in lieu thereof, and (iii)
                                  deleting the final paragraph
                                  thereof.

                              

                      

                      

                      
                        	 	
                                (vii)

                              	
                                Local
                                  Business Day. The definition of Local Business
                                  Day in Section 14 is hereby
                                  amended by the addition of the words “or any Credit Support Document”
                                  after “Section 2(a)(i)” and the addition of the words “or Credit Support
                                  Document” after “Confirmation”. 

                              

                      

                      

                      
                        	
                                (c)

                              	
                                Additional
                                  Termination Events. The
                                  following Additional Termination Events will
                                  apply:

                              

                      

                      

                      
                        	(i)          
                                 	
                                First
                                  Rating Trigger Collateral.
                                  If
                                  (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                                  occurred and been continuing for 30 or more Local
                                  Business Days and (B)
                                  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, 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. 

                              

                      

                      

                      
                        	(ii)         
                                 	
                                Second
                                  Rating Trigger Replacement.
                                  If
                                  (A) a Required Ratings Downgrade Event has occurred
                                  and been continuing
                                  for 30 or more Local Business Days and (B) (i)
                                  at least one Eligible
                                  Replacement has made a Firm Offer to be the transferee
                                  of all of Party A’s
                                  rights and obligations under this Agreement (and
                                  such Firm Offer remains
                                  an offer that will become legally binding upon
                                  such Eligible Replacement
                                  upon acceptance by the offeree) and/or (ii) an
                                  Eligible Guarantor has made
                                  a Firm Offer to provide an Eligible Guarantee (and
                                  such Firm Offer remains
                                  an offer that will become legally binding upon
                                  such Eligible Guarantor
                                  immediately upon acceptance by the offeree), 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. 

                              

                      

                      

                      
                        	 	
                                (iii)

                              	
                                Amendment
                                  of Indenture.
                                  If, without the prior written consent of Party
                                  A where such consent is
                                  required under the Indenture (such consent not
                                  to be unreasonably
                                  withheld), an amendment is made to the Indenture
                                  which amendment could
                                  reasonably be expected to have a material adverse
                                  effect on the interests
                                  of Party A (excluding, for the avoidance of doubt,
                                  any amendment to the
                                  Indenture that is entered into solely for the purpose
                                  of appointing a
                                  successor servicer, master servicer, securities
                                  administrator, trustee or
                                  other service provider) under this Agreement, an
                                  Additional Termination
                                  Event shall have occurred with respect to Party
                                  B and Party B shall be the
                                  sole Affected Party with respect to such Additional
                                  Termination Event.
                                  

                              

                      

                       

                      
                        	 	
                                (iv)

                              	
                                Compliance
                                  with Regulation AB. If,
                                  upon the occurrence of a Swap Disclosure Event
                                  (as defined in Part 5(e)
                                  below) Party
                                  A
                                  has not, within 15 days after such Swap Disclosure
                                  Event complied with any
                                  of the provisions set forth in Part 5(e)(ii) 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.

                              

                      

                       

                      
                        	
                                (d)

                              	
                                Required
                                  Ratings Downgrade Event.
                                  In
                                  the event that no Relevant Entity has credit ratings
                                  at least equal to the
                                  Required Ratings Threshold, then Party A shall,
                                  as soon as reasonably
                                  practicable and so long as a Required Ratings Downgrade
                                  Event is in
                                  effect, at its own expense, using commercially
                                  reasonable efforts, procure
                                  either (A) a Permitted Transfer or (B) an Eligible
                                  Guarantee.

                              

                      

                       

                      (e)
                         Compliance
                        with Regulation AB.
                        Party A
                        agrees and acknowledges that American Home Mortgage Assets
                        LLC (the “Depositor”)
                        is required under Regulation AB under the Securities Act
                        of 1933, as amended,
                        and the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)
                        (“Regulation AB”), to disclose certain financial information regarding Party
                        A
                        or its group of affiliated entities, if applicable, depending
                        on the aggregate
“significant percentage” of this Agreement and any other derivative contracts
                        between Party A or its group of affiliated entities, if applicable,
                        and Party B,
                        as calculated from time to time in accordance with Item 1115
                        of Regulation
                        AB.

                       

                       

                      
                        	 	
                                (i)

                              	
                                It
                                  shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
                                  Business Day after the date hereof, the Depositor
                                  requests from Party A
                                  the applicable financial information described
                                  in Item 1115 of Regulation
                                  AB (such request to be based on a reasonable determination
                                  by the
                                  Depositor, in good faith, that such information
                                  is required under
                                  Regulation AB) (the “Swap Financial
                                  Disclosure”).

                              

                      

                       

                       

                      
                        	 	
                                (ii)
                                  

                              	
                                Upon
                                  the occurrence of a Swap Disclosure Event, Party
                                  A, at its own expense,
                                  shall (1)(a) either (i) provide to the Depositor
                                  and the Securities
                                  Administrator the current Swap Financial Disclosure
                                  in an EDGAR-compatible
                                  format (for example, such information may be provided
                                  in Microsoft Word®
                                  or Microsoft Excel® format but not in .pdf format) or (ii) provide
                                  written
                                  consent to the Depositor and the Securities Administrator
                                  to incorporation
                                  by reference of such current Swap Financial Disclosure
                                  as is filed with
                                  the Securities and Exchange Commission in the Exchange
                                  Act Reports of the
                                  Depositor, (b) if applicable, cause its outside
                                  accounting firm to provide
                                  its consent to filing or incorporation by reference
                                  in the Exchange Act
                                  Reports of the Depositor of such accounting firm’s report relating to
                                  their audits of such current Swap Financial Disclosure,
                                  and (c) provide to
                                  the Depositor and the Securities Administrator
                                  any updated Swap Financial
                                  Disclosure with respect to Party A or any entity
                                  that consolidates Party A
                                  within five days of the release of any such updated
                                  Swap Financial
                                  Disclosure; (2) secure by Permitted Transfer another
                                  entity to replace
                                  Party A as party to this Agreement on terms substantially
                                  similar to this
                                  Agreement which entity (or a guarantor therefore)
                                  meets or exceeds the
                                  Approved Rating Thresholds and which satisfies
                                  the Rating Agency Condition
                                  and which entity is able to comply with the requirements
                                  of Item 1115 of
                                  Regulation AB or (3) obtain a guaranty of the Party
                                  A’s obligations under
                                  this Agreement from an affiliate of the Party A,
                                  subject to the Rating
                                  Agency Condition, that is able to comply with the
                                  financial information
                                  disclosure requirements of Item 1115 of Regulation
                                  AB, such that
                                  disclosure provided in respect of the affiliate
                                  will satisfy any
                                  disclosure requirements applicable to the Swap
                                  Provider, and cause such
                                  affiliate to provide Swap Financial Disclosure.
                                  If permitted by Regulation
                                  AB, any required Swap Financial Disclosure may
                                  be provided by
                                  incorporation by reference from reports filed pursuant
                                  to the Exchange
                                  Act. 

                              

                      

                       

                       

                      
                        	 	
                                (iii)

                              	
                                Party
                                  A and the primary obligor under any Credit Support
                                  Document agree that, in
                                  the event that Party A provides Swap Financial
                                  Disclosure to the Depositor
                                  and the Securities Administrator in accordance
                                  with Part 5(ii) or causes
                                  its affiliate to provide Swap Financial Disclosure
                                  to the Depositor and
                                  the Securities Administrator in accordance with
                                  Part 5(ii), Party A and
                                  such primary obligor will indemnify and hold harmless
                                  the Depositor, the
                                  Trustee, the Grantor Trust Trustee and the Securities
                                  Administrator, their
                                  respective directors or officers and any person
                                  controlling any such
                                  party, 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 such Swap Financial
                                  Disclosure or caused by
                                  any omission or alleged omission to state in such
                                  Swap Financial
                                  Disclosure a material fact, when considered in
                                  conjunction with any other
                                  information regarding Party A or the derivative
                                  instrument being written
                                  by Party A in the final prospectus for American
                                  Home Mortgage Investment
                                  Trust 2007-1, Mortgage-Backed Notes and Grantor
                                  Trust Certificates, Series
                                  2007-1, required to be stated therein or necessary
                                  to make the statements
                                  therein, in light of the circumstances under which
                                  they were made, not
                                  misleading. 

                              

                      

                       

                       

                      
                        	 	
                                (iv)

                              	
                                The
                                  Depositor shall be an express third party beneficiary
                                  of this Agreement as
                                  if a party hereto and as if all references to Grantor
                                  Trust Trustee’s
                                  rights in Part 5(e) (“Compliance with Regulation AB”) directly above were
                                  also references to Depositor’s
                                  rights.

                              

                      

                       

                      
                        	
                                (f)

                              	
                                Transfers. 

                              

                      

                       

                      (i) Section
                        7
                        is hereby amended to read in its entirety as follows:

                       

                      “Except
                        with respect to (a) any Permitted Transfer pursuant to Section
                        6(b)(ii), Part
                        5(d), and Part 5(e), or the succeeding sentence, or (b) a
                        Permitted Security
                        Interest, neither Party A nor Party B is permitted to assign,
                        novate or transfer
                        (whether by way of security or otherwise) as a whole or in
                        part any of its
                        rights, obligations or interests under the Agreement or any
                        Transaction unless
                        (a) the prior written consent of the other party is obtained
                        and (b) the Rating
                        Agency Condition has been satisfied with respect to S&P. At any time at
                        which no Relevant Entity has credit ratings at least equal
                        to the Approved
                        Ratings Threshold, Party A may make a Permitted Transfer.” 

                       

                      
                        	 	
                                (ii)

                              	
                                If
                                  an Eligible Replacement has made a Firm Offer (which
                                  remains an offer that
                                  will become legally binding upon acceptance by
                                  Party B) to be the
                                  transferee pursuant to a Permitted Transfer, Party
                                  B shall, at Party A’s
                                  written request and at Party A’s expense, execute such documentation
                                  provided to it as reasonably deemed necessary by
                                  Party B to
                                  effect such transfer. 

                              

                      

                       

                      
                        	
                                (g)

                              	
                                Non-Recourse.
                                  Party A acknowledges and agrees that, notwithstanding
                                  any provision in
                                  this Agreement to the contrary, the obligations
                                  of Party B hereunder are
                                  limited recourse obligations of Party B, payable
                                  solely from the Grantor
                                  Trust and the proceeds thereof, in accordance with
                                  the priority of
                                  payments and other terms of the Indenture and that
                                  Party A will not have
                                  any recourse to any of the directors, officers,
                                  agents, employees,
                                  shareholders or affiliates of Party B with respect
                                  to any claims, losses,
                                  damages, liabilities, indemnities or other obligations
                                  in connection with
                                  any transactions contemplated hereby. In the event
                                  that the Grantor Trust
                                  and the proceeds thereof, should be insufficient
                                  to satisfy all claims
                                  outstanding and following the realization of the
                                  account held by the
                                  Grantor Trust and the proceeds thereof, any claims
                                  against or obligations
                                  of Party B under the ISDA Master Agreement or any
                                  other confirmation
                                  thereunder still outstanding shall be extinguished
                                  and thereafter not
                                  revive. The
                                  Grantor Trust Trustee and the Securities Administrator
                                  shall not have
                                  liability for any failure or delay in making a
                                  payment hereunder to Party
                                  A due to any failure or delay in receiving amounts
                                  in the account held by
                                  the Grantor Trust from the Trust created pursuant
                                  to the Indenture.
                                  This
                                  provision will survive the termination of this
                                  Agreement.

                              

                      

                      

                      
                        	
                                (h)

                              	
                                Timing
                                  of Payments by Party B upon Early Termination.
                                  Notwithstanding anything to the contrary in Section
                                  6(d)(ii), to the
                                  extent that all or a portion (in either case, the
“Unfunded Amount”) of
                                  any amount that is calculated as being due in respect
                                  of any Early
                                  Termination Date under Section 6(e) from Party
                                  B to Party A will be paid
                                  by Party B from amounts other than any upfront
                                  payment paid to Party B by
                                  an Eligible Replacement that has entered a Replacement
                                  Transaction with
                                  Party B, then such Unfunded Amount shall be due
                                  on the next subsequent
                                  Note Payment Date following the date on which the
                                  payment would have been
                                  payable as determined in accordance with Section
                                  6(d)(ii), and on any
                                  subsequent Note Payment Dates until paid in full
                                  (or if such Early
                                  Termination Date is the final Note Payment Date,
                                  on such final Note
                                  Payment Date); provided, however, that if the date
                                  on which the payment
                                  would have been payable as determined in accordance
                                  with Section 6(d)(ii)
                                  is a Note Payment Date, such payment will be payable
                                  on such Note Payment
                                  Date.

                              

                      

                      

                      
                        	
                                (i)

                              	
                                Rating
                                  Agency Notifications.
                                  Notwithstanding any other provision of this Agreement,
                                  no Early
                                  Termination Date shall be effectively designated
                                  hereunder by Party B and
                                  no transfer of any rights or obligations under
                                  this Agreement shall be
                                  made by either party unless each Swap Rating Agency
                                  has been given prior
                                  written notice of such designation or transfer.
                                  

                              

                      

                      

                      
                        	
                                (j)

                              	
                                No
                                  Set-off.
                                  Except as expressly provided for in Section 2(c),
                                  Section 6 or Part
                                  1(f)(i)(D) hereof, and notwithstanding any other
                                  provision of this
                                  Agreement or any other existing or future agreement,
                                  each party
                                  irrevocably waives any and all rights it may have
                                  to set off, net, recoup
                                  or otherwise withhold or suspend or condition payment
                                  or performance of
                                  any obligation between it and the other party hereunder
                                  against any
                                  obligation between it and the other party under
                                  any other agreements.
                                  Section 6(e) shall be amended by deleting the following
                                  sentence: “The
                                  amount, if any, payable in respect of an Early
                                  Termination Date and
                                  determined pursuant to this Section will be subject
                                  to any
                                  Set-off.”.

                              

                      

                       

                      
                        	
                                (k)

                              	
                                Amendment.
                                  Notwithstanding any provision to the contrary in
                                  this Agreement, no
                                  amendment of either this Agreement or any Transaction
                                  under this Agreement
                                  shall be permitted by either party unless each
                                  of the Swap Rating Agencies
                                  has been provided prior written notice of the same
                                  and such amendment
                                  satisfies the Rating Agency Condition with respect
                                  to
                                  S&P.

                              

                      

                      

                      
                        	
                                (l)

                              	
                                Notice
                                  of Certain Events or Circumstances.
                                  Each Party agrees, upon learning of the occurrence
                                  or existence of any
                                  event or condition that constitutes (or that with
                                  the giving of notice or
                                  passage of time or both would constitute) an Event
                                  of Default or
                                  Termination Event with respect to such party, promptly
                                  to give the other
                                  Party and to each Swap Rating Agency notice of
                                  such event or condition;
                                  provided that failure to provide notice of such
                                  event or condition
                                  pursuant to this Part 5(l) shall not constitute
                                  an Event of Default or a
                                  Termination Event.

                              

                      

                       

                      (m) Proceedings.
                        No
                        Relevant Entity shall institute against, or cause any other
                        person to institute
                        against, or join any other person in instituting against
                        Party B, the Grantor
                        Trust or the trust formed pursuant to the Indenture, in any
                        bankruptcy,
                        reorganization, arrangement, insolvency or liquidation proceedings
                        or other
                        proceedings under any federal or state bankruptcy or similar
                        law for a period of
                        one year (or, if longer, the applicable preference period)
                        and one day following
                        payment in full of the Certificates and any Notes. This provision
                        will survive
                        the termination of this Agreement. 

                      

                      
                        	
                                (n)

                              	
                                Grantor
                                  Trust Trustee Liability Limitations.
                                  It
                                  is expressly understood and agreed by the parties
                                  hereto that (a) this
                                  Agreement is executed by Deutsche Bank Trust Company
                                  Americas (“Deutsche”)
                                  not in its individual capacity, but solely as Grantor
                                  Trust Trustee under
                                  the Indenture in the exercise of the powers and
                                  authority conferred and
                                  invested in it thereunder; (b) Deutsche has been
                                  directed pursuant to the
                                  Indenture to enter into this Agreement and to perform
                                  its obligations
                                  hereunder and nothing herein contained shall be
                                  construed as creating any
                                  liability for Deutsche, individually or personally,
                                  to perform any
                                  covenant (either express or implied) contained
                                  herein, and all such
                                  liability, if any, is hereby expressly waived by
                                  the parties hereto, and
                                  such waiver shall bind any third party making a
                                  claim by or through one of
                                  the parties hereto; (c) each of the representations,
                                  undertakings and
                                  agreements herein made on behalf of Party B is
                                  made and intended not as
                                  personal representations of the Grantor Trust but
                                  is made and intended for
                                  the purpose of binding only Party B; and (d) under
                                  no circumstances shall
                                  Deutsche in its individual capacity be personally
                                  liable for any payments
                                  hereunder or for the breach or failure of any obligation,
                                  representation,
                                  warranty or covenant made or undertaken under this
                                  Agreement.

                              

                      

                      

                      
                        	
                                (o)

                              	
                                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)
                                  in any respect, 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; provided, however, that this severability
                                  provision shall not be
                                  applicable if any provision of Section 2, 5, 6,
                                  or 13 (or any definition
                                  or provision in Section 14 to the extent it relates
                                  to, or is used in or
                                  in connection with any such Section) shall be so
                                  held to be invalid or
                                  unenforceable. 

                              

                      

                      

                      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. 

                      

                      
                        	
                                (p)

                              	
                                Agent
                                  for Party B.
                                  Party A acknowledges that the Issuing
                                  Entity has appointed the Grantor Trust Trustee
                                  and the Securities Administrator as its agents
                                  under the Indenture to
                                  carry out certain functions on behalf of Party
                                  B, and that the Grantor
                                  Trust Trustee and Securities Administrator shall
                                  be entitled to give
                                  notices and to perform and satisfy the obligations
                                  of Party B hereunder on
                                  behalf of Party B. 

                              

                      

                       

                      
                        	
                                (q)

                              	
                                Escrow
                                  Payments.
                                  If
                                  (whether by reason of the time difference between
                                  the cities in which
                                  payments are to be made or otherwise) it is not
                                  possible for simultaneous
                                  payments to be made on any date on which both parties
                                  are required to make
                                  payments hereunder, either Party may at its option
                                  and in its sole
                                  discretion notify the other Party that payments
                                  on that date are to be
                                  made in escrow. In this case deposit of the payment
                                  due earlier on that
                                  date shall be made by 2:00 pm (local time at the
                                  place for the earlier
                                  payment) on that date with an escrow agent selected
                                  by the notifying
                                  party, accompanied by irrevocable payment instructions
                                  (i) to release the
                                  deposited payment to the intended recipient upon
                                  receipt by the escrow
                                  agent of the required deposit of any corresponding
                                  payment payable by the
                                  other party on the same date accompanied by irrevocable
                                  payment
                                  instructions to the same effect or (ii) if the
                                  required deposit of the
                                  corresponding payment is not made on that same
                                  date, to return the payment
                                  deposited to the party that paid it into escrow.
                                  The party that elects to
                                  have payments made in escrow shall pay all costs
                                  of the escrow
                                  arrangements.

                              

                      

                       

                      
                        	
                                (r)

                              	
                                Consent
                                  to Recording.
                                  Each party hereto consents to the monitoring or
                                  recording, at any time and
                                  from time to time, by the other party of any and
                                  all communications
                                  between trading, marketing, and operations personnel
                                  of the parties and
                                  their Affiliates, waives any further notice of
                                  such monitoring or
                                  recording, and agrees to notify such personnel
                                  of such monitoring or
                                  recording. 

                              

                      

                      

                      
                        	
                                (s)

                              	
                                Waiver
                                  of Jury Trial.
                                  Each party waives any right it may have to a trial
                                  by jury in respect of
                                  any suit, action or proceeding relating to this
                                  Agreement or any Credit
                                  Support Document. 

                              

                      

                      

                      
                        	
                                (t)

                              	
                                Form
                                  of ISDA Master Agreement.
                                  Party A and Party B hereby agree that the text
                                  of the body of the ISDA
                                  Master Agreement is intended to be the printed
                                  form of the ISDA Master
                                  Agreement (Multicurrency - Crossborder) as published
                                  and copyrighted in
                                  1992 by the International Swaps and Derivatives
                                  Association,
                                  Inc.

                              

                      

                      

                      
                        	
                                (u)

                              	
                                Payment
                                  Instructions.
                                  Party A hereby agrees that, unless notified in
                                  writing by Party B of other
                                  payment instructions, any and all amounts payable
                                  by Party A to Party B
                                  under this Agreement shall be paid to the account
                                  specified in Item 4 of
                                  this Confirmation, below. 

                              

                      

                      

                      
                        	
                                (v)

                              	
                                Additional
                                  representations.

                              

                      

                      

                      
                        	 	
                                (i)

                              	
                                Representations
                                  of Party A. Party A represents to Party B on the
                                  date on which Party A
                                  enters into each Transaction
                                  that:--

                              

                      

                       

                      Party
                        A’s
                        obligations under this Agreement rank pari passu with all
                        of Party A’s other
                        unsecured, unsubordinated obligations except those obligations
                        preferred by
                        operation of law.

                      

                      
                        	 	
                                (ii)

                              	
                                Capacity.
                                  Party A represents to Party B on the date on which
                                  Party A enters into
                                  this Agreement that it is entering into the Agreement
                                  and the Transaction
                                  as principal and not as agent of any person. The
                                  Grantor Trust Trustee
                                  represents to Party A on the date on which the
                                  Grantor Trust Trustee
                                  executes this Agreement that it is executing the
                                  Agreement in its capacity
                                  as the Grantor Trust Trustee, pursuant to the
                                  Indenture.

                              

                      

                       

                      
                        	
                                (w)

                              	
                                Acknowledgements.

                              

                      

                      

                      
                        	 	
                                (i)

                              	
                                Substantial
                                  financial transactions. Each party hereto is hereby
                                  advised and
                                  acknowledges as of the date hereof that the other
                                  party has engaged in (or
                                  refrained from engaging in) substantial financial
                                  transactions and has
                                  taken (or refrained from taking) other material
                                  actions in reliance upon
                                  the entry by the parties into the Transaction being
                                  entered into on the
                                  terms and conditions set forth herein and in the
                                  Indenture relating to
                                  such Transaction, as applicable. This paragraph
                                  shall be deemed repeated
                                  on the trade date of each
                                  Transaction.

                              

                      

                       

                      
                        	 	
                                (ii)

                              	
                                Bankruptcy
                                  Code. Subject to Part 5(m), without limiting the
                                  applicability if any, of
                                  any other provision of the U.S. Bankruptcy Code
                                  as amended (the
                                  “Bankruptcy Code”) (including without limitation Sections 362, 546,
                                  556,
                                  and 560 thereof and the applicable definitions
                                  in Section 101 thereof),
                                  the parties acknowledge and agree that all Transactions
                                  entered into
                                  hereunder will constitute “forward contracts” or “swap agreements” as
                                  defined in Section 101 of the Bankruptcy Code or
“commodity contracts” as
                                  defined in Section 761 of the Bankruptcy Code,
                                  that the rights of the
                                  parties under Section 6 of this Agreement will
                                  constitute contractual
                                  rights to liquidate Transactions, that any margin
                                  or collateral provided
                                  under any margin, collateral, security, pledge,
                                  or similar agreement
                                  related hereto will constitute a “margin payment” as defined in Section
                                  101 of the Bankruptcy Code, and that the parties
                                  are entities entitled to
                                  the rights under, and protections afforded by,
                                  Sections 362, 546, 556, and
                                  560 of the Bankruptcy Code.

                              

                      

                       

                      
                        	
                                (x)

                              	
                                Permitted
                                  Security Interest. 

                              

                      

                       

                      Party
                        A
                        hereby acknowledges and consents to the Permitted Security
                        Interest.

                       

                      “Permitted
                        Security Interest” means the collateral assignment by Party B of the Swap
                        Collateral to the Indenture Trustee pursuant to the Indenture
                        and any transfer
                        of such rights pursuant to an exercise of creditor’s remedies in respect of such
                        collateral assignment, and the granting to the Indenture
                        Trustee of a first
                        priority security interest in the Swap Collateral pursuant
                        to the
                        Indenture.

                       

                      “Swap
                        Collateral” means all right, title and interest of Party B in this Agreement,
                        each Transaction hereunder, and all present and future amounts
                        payable by Party
                        A to Party B under or in connection with the Agreement or
                        any Transaction
                        governed by the Agreement, including, without limitation,
                        any transfer or
                        termination of any such Transaction. 

                       

                      
                        	
                                (y)

                              	
                                [Reserved]

                              

                      

                       

                      (z) Additional
                        Definitions. 

                       

                      As
                        used
                        in this Agreement, the following terms shall have the meanings
                        set forth below,
                        unless the context clearly requires otherwise: 

                       

                      “Approved
                        Ratings Threshold” means each of the S&P Approved Ratings Threshold and the
                        Moody’s First Trigger Ratings Threshold.

                      

                      “Approved
                        Replacement” means, with respect to a Market Quotation, an entity making
                        such
                        Market Quotation, which entity would satisfy conditions (a),
                        (b), (c), (d) and
                        (e) of the definition of Permitted Transfer (as determined
                        by Party B in its
                        sole discretion, acting in a commercially reasonable manner)
                        if such entity were
                        a Transferee, as defined in the definition of Permitted Transfer.

                      

                      “Derivative
                        Provider Trigger Event” means (i) an Event of Default with respect to which
                        Party A is a Defaulting Party, (ii) a Termination Event with
                        respect to which
                        Party A is the sole Affected Party or (iii) an Additional
                        Termination Event with
                        respect to which Party A is the sole Affected Party.

                      

                      “Eligible
                        Guarantee” means an unconditional and irrevocable guarantee of all present
                        and
                        future obligations (for the avoidance of doubt, not limited
                        to payment
                        obligations) of Party A or an Eligible Replacement to Party
                        B under this
                        Agreement that is provided by an Eligible Guarantor as principal
                        debtor rather
                        than surety and that is directly enforceable by Party B,
                        the form and substance
                        of which guarantee are subject to the Rating Agency Condition
                        with respect to
                        S&P, and 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 Tax
                        collected by withholding or
                        (B)
                        such guarantee provides that, in the event that any of such
                        guarantor’s payments
                        to Party B are subject to Tax collected by withholding, 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
                        Tax collected by
                        withholding) will equal the full amount Party B would have
                        received had no such
                        withholding been required.

                      

                      “Eligible
                        Guarantor” means an entity that (A) has credit ratings from S&P at least
                        equal to the S&P Approved Ratings Threshold and (B) has credit ratings from
                        Moody’s at least equal to the Moody’s Second Trigger Required Ratings Threshold,
                        provided, for the avoidance of doubt, that an Eligible Guarantee
                        of an Eligible
                        Guarantor with credit ratings below the Moody’s First Trigger Approved Ratings
                        Threshold will not cause a Collateral Event (as defined in
                        the Credit Support
                        Annex) not to occur or continue with respect to Moody’s, in each case certified
                        by such entity to Party B. 

                      

                      “Eligible
                        Replacement” means an entity (i) (a) that has credit ratings from S&P at
                        least equal to the S&P Approved Ratings Threshold, and (b) has credit
                        ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
                        Threshold, provided, for the avoidance of doubt, that an
                        Eligible Replacement
                        with credit ratings below the Moody’s First Trigger Ratings Threshold will not
                        cause a Collateral Event (as defined in the Credit Support
                        Annex) not to occur
                        or continue with respect to Moody’s, or (ii) the present and future obligations
                        (for the avoidance of doubt, not limited to payment obligations)
                        of which entity
                        to Party B under this Agreement are guaranteed pursuant to
                        an Eligible
                        Guarantee, in each case certified by such entity to Party
                        B.

                      

                      “Estimated
                        Swap Termination Payment” means, with respect to an Early Termination Date, an
                        amount determined by Party A in good faith and in a commercially
                        reasonable
                        manner as the maximum payment that could be owed by Party
                        B to Party A in
                        respect of such Early Termination Date pursuant to Section
                        6(e) of the ISDA
                        Master Agreement, taking into account then current market
                        conditions.

                      

                      “Firm
                        Offer” means (A) with respect to an Eligible Replacement, a quotation
                        from such
                        Eligible Replacement (i) in an amount equal to the actual
                        amount payable by or
                        to Party B in consideration of an agreement between Party
                        B and such Eligible
                        Replacement to replace Party A as the counterparty to this
                        Agreement by way of
                        novation or, if such novation is not possible, an agreement
                        between Party B and
                        such Eligible Replacement to enter into a Replacement Transaction
                        (assuming that
                        all Transactions hereunder become Terminated Transactions),
                        and (ii) that
                        constitutes an offer by such Eligible Replacement to replace
                        Party A as the
                        counterparty to this Agreement or enter a Replacement Transaction
                        that will
                        become legally binding upon such Eligible Replacement upon
                        acceptance by Party
                        B, and (B) with respect to an Eligible Guarantor, an offer
                        by such Eligible
                        Guarantor to provide an Eligible Guarantee that will become
                        legally binding upon
                        such Eligible Guarantor upon acceptance by the offeree.

                      

                      “Moody’s”
                        means Moody’s Investors Service, Inc., or any successor thereto. 

                      

                      “Moody’s
                        First Trigger Ratings Event” means that no Relevant Entity has credit ratings
                        from Moody’s at least equal to the Moody’s First Trigger Ratings Threshold.

                      

                      “Moody’s
                        First Trigger Ratings
                        Threshold” means, with respect to Party A, the guarantor under an Eligible
                        Guarantee or an Eligible Replacement, (i) if such entity
                        has a short-term
                        unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and
                        unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
                        short-term unsecured and unsubordinated debt rating from
                        Moody’s of “Prime-1”,
                        or (ii) if such entity does not have a short-term unsecured
                        and unsubordinated
                        debt rating or counterparty rating from Moody’s, a long-term unsecured and
                        unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

                      

                      “Moody’s
                        Second Trigger Ratings Event” means that no Relevant Entity has credit ratings
                        from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold.

                      

                      “Moody’s
                        Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor
                        under an Eligible Guarantee or an Eligible Replacement, (i)
                        if such entity has a
                        short-term unsecured and unsubordinated debt rating from
                        Moody’s, a long-term
                        unsecured and unsubordinated debt rating or counterparty
                        rating from Moody’s of
“A3” and a short-term unsecured and unsubordinated debt rating
                        from Moody’s of
“Prime-2”, or (ii) if such entity does not have a short-term unsecured
                        and
                        unsubordinated debt rating from Moody’s, a long-term unsecured and
                        unsubordinated debt rating or counterparty rating from Moody’s of
“A3”.

                      

                      “Permitted
                        Transfer” means a transfer by novation by Party A pursuant to Section
                        6(b)(ii),
                        Part 5(d), Part 5(e) , or the second sentence of Section
                        7 (as amended herein)
                        to a transferee (the “Transferee”) of all, but not less than all, of Party A’s
                        rights, liabilities, duties and obligations under this Agreement,
with
                        respect to which transfer each of the following conditions
                        is
                        satisfied:
                        (a) the
                        Transferee is an Eligible Replacement (b) Party A and the
                        Transferee are both
“dealers in notional principal contracts” within the meaning of Treasury
                        regulations section 1.1001-4; (c) as of the date of such
                        transfer the Transferee
                        would not be required to withhold or deduct on account of
                        Tax from any payments
                        under this Agreement or would be required to gross up for
                        such Tax under Section
                        2(d)(i)(4); (d) an Event of Default or Termination Event
                        would not occur as a
                        result of such transfer; (e) pursuant to a written instrument
                        (the “Transfer
                        Agreement”), the Transferee acquires and assumes all rights and obligations
                        of
                        Party A under the Agreement and the relevant Transaction;
                        (f) Party B shall have
                        determined, in its sole discretion, acting in a commercially
                        reasonable manner,
                        that such Transfer Agreement is effective to transfer to
                        the Transferee all, but
                        not less than all, of Party A’s rights and obligations under the Agreement and
                        all relevant Transactions; (g) Party A will be responsible
                        for any costs or
                        expenses incurred in connection with such transfer (including
                        any replacement
                        cost of entering into a replacement transaction); (h) either
                        (A) Moody’s has
                        been given prior written notice of such transfer and the
                        Rating Agency Condition
                        is satisfied with respect to S&P or (B) each Swap Rating Agency has been
                        given prior written notice of such transfer and such transfer
                        is in connection
                        with the assignment and assumption of this Agreement without
                        modification of its
                        terms, other than party names, dates relevant to the effective
                        date of such
                        transfer, tax representations (provided that the representations
                        in Part 2(a)(i)
                        are not modified) and any other representations regarding
                        the status of the
                        substitute counterparty of the type included in Part 5(b)(iv),
                        Part 5(v)(i)(2)
                        or Part 5(v)(ii), notice information and account details;
                        and (i) such transfer
                        otherwise complies with the terms of the Indenture.

                       

                      “Rating
                        Agency Condition” means, with respect to any particular proposed act or omission
                        to act hereunder and each Swap Rating Agency specified in
                        connection with such
                        proposed act or omission, that the party acting or failing
                        to act must consult
                        with each of the specified Swap Rating Agencies and receive
                        from each such Swap
                        Rating Agency a prior written confirmation that the proposed
                        action or inaction
                        would not cause a downgrade or withdrawal of the then-current
                        rating of any
                        Certificates or Notes.

                      

                      “Relevant
                        Entity” means Party A and, to the extent applicable, a guarantor
                        under an
                        Eligible Guarantee.

                      

                      “Replacement
                        Transaction” means, with respect to any Terminated Transaction or group
                        of
                        Terminated Transactions, a transaction or group of transactions
                        that (i) would
                        have the effect of preserving for Party B 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 Transaction
                        or group of
                        Terminated Transactions that would, but for the occurrence
                        of the relevant Early
                        Termination Date, have been required after that Date, and
                        (ii) has terms which
                        are substantially the same as this Agreement, including,
                        without limitation,
                        rating triggers, Regulation AB compliance, and credit support
                        documentation,
                        save for the exclusion of provisions relating to Transactions
                        that are not
                        Terminated Transaction, as determined by Party B in its sole
                        discretion, acting
                        in a commercially reasonable manner.

                      

                      “Required
                        Ratings Downgrade Event” means that no Relevant Entity has credit ratings at
                        least equal to the Required Ratings Threshold. 

                      

                      “Required
                        Ratings Threshold” means each of the S&P Required Ratings Threshold and the
                        Moody’s Second Trigger Ratings Threshold.

                      

                      “S&P”
                        means Standard & Poor's Rating Services, a division of The McGraw-Hill
                        Companies, Inc., or any successor thereto. 

                      

                      “S&P
                        Approved Ratings Threshold” means, with respect to Party A, the guarantor under
                        an Eligible Guarantee or an Eligible Replacement, a short-term
                        unsecured and
                        unsubordinated debt rating from S&P of “A-1+”, or, if such entity does not
                        have a short-term unsecured and unsubordinated debt rating
                        from S&P, a
                        long-term unsecured and unsubordinated debt rating or counterparty
                        rating from
                        S&P of “AA-”.

                      

                      “S&P
                        Required Ratings Threshold” means, with respect to Party A, the guarantor under
                        an Eligible Guarantee or an Eligible Replacement, a long-term
                        unsecured and
                        unsubordinated debt rating or counterparty rating from S&P of
“BBB+”.

                      

                      “Swap
                        Rating Agencies” means, with respect to any date of determination, each of
                        S&P and Moody’s, to the extent that each such rating agency is then
                        providing a rating for any of the American Home Mortgage
                        Investment Trust
                        2007-1, Mortgage-Backed Notes and Grantor Trust Certificates,
                        Series 2007-1 (the
“Certificates”) or any notes backed by the Certificates (the
“Notes”).

                      [Remainder
                        of this page intentionally left blank.]

                       

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      4. Account
                        Details and Settlement Information:  

                       

                      

                      
                        	
                                Payments
                                  to Party A:

                              	
                                Account
                                  with bank:

                              
	 	
                                DB
                                  Trust Co Americas

                              
	 	
                                ABA
                                  021001033

                              
	 	
                                BKTRUS33

                              
	 	 
	 	
                                Beneficiary:

                              
	 	
                                Deutsche
                                  Bank AG New York

                              
	 	
                                a/c:
                                  01473969 

                              
	 	
                                Global
                                  No. N593885N

                              
	 	 
	
                                Payments
                                  to Party B:

                              	 
	 	
                                Wells
                                  Fargo Bank, N.A.

                              
	 	
                                ABA
                                  #: 121-000-248

                              
	 	
                                Account
                                  Name: SAS Clearing

                              
	 	
                                Account
                                  #: 3970771416

                              
	 	
                                FFC
                                  to: AHMIT 2007-1, Class A-3 Swap Account #
                                  53135406

                              

                      

                      

                      This
                        Agreement may be executed in several counterparts, each of
                        which shall be deemed
                        an original but all of which together shall constitute one
                        and the same
                        instrument.

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      

                      We
                        are
                        very pleased to have executed this Transaction with you and
                        we look forward to
                        completing other transactions with you in the near future.

                      

                      Very
                        truly yours,

                      

                      DEUTCSHE
                        BANK AG, NEW YORK BRANCH

                      

                      

                      
                        	
                                By:

                              	 	 	
                                By:

                              	 
	
                                Name:

                              	 	 	
                                Name:

                              	 
	
                                Authorized
                                  Signatory

                              	 	
                                Authorized
                                  Signatory

                              

                      

                      

                      

                      Party
                        B,
                        acting through its duly authorized signatory, hereby agrees
                        to, accepts and
                        confirms the terms of the foregoing as of the date hereof.

                      

                      Deutsche
                        Bank National Trust Company, not in its individual capacity,
                        but solely as
                        Grantor Trust Trustee for the Grantor Trust with respect
                        to American Home
                        Mortgage Investment Trust 2007-1, Mortgage-Backed Notes and
                        Grantor Trust
                        Certificates, Series 2007-1

                      

                      

                      
                        	
                                By:

                              	 
	
                                Name:

                              	 
	
                                Title:

                              	 

                      

                      

                      

                      

                      

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      

                      Annex
                        A

                      

                      Paragraph
                        13 of the Credit Support Annex

                      

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                       

                      
                         

                        
                          
                             

                             
ANNEX
                            A

                          

                          ISDA®

                          CREDIT
                            SUPPORT ANNEX

                          to
                            the
                            Schedule to the

                          ISDA

                            Master Agreement

                          dated
                            as
                            of March 30, 2007 between

                          Deutsche
                            Bank AG, New York Branch (hereinafter referred to as
“Party
                            A”
                            or
“Pledgor”)

                          and

                          Deutsche
                            Bank National Trust Company, not in its individual capacity,
                            but solely as
                            Grantor Trust Trustee for the Grantor Trust with respect
                            to American Home
                            Mortgage Investment Trust 2007-1, Mortgage-Backed Notes
                            and Grantor Trust
                            Certificates, Series 2007-1 (the
“
                            Grantor Trust”, 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 Confirmation dated March
                            30, 2007, between Party A
                            and Party B, N593885N.

                          

                           

                          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”
                                      shall not apply. For purposes of calculating
                                      any Delivery Amount or Return
                                      Amount 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, as provided in Paragraphs 13(b)(i)(A)
                                      and 13(b)(i)(B),
                                      above.

                                  

                          

                           

                          
                            	
                                  	(ii)	
                                    Eligible
                                      Collateral.
                                      

                                  

                          

                           

                          On
                            any
                            date, the following items will qualify as “Eligible
                            Collateral”
(for
                            the avoidance of doubt, all Eligible Collateral to be
                            denominated in
                            USD):

                           

                          
                            	
                                     

                                     

                                    Collateral
                                      

                                  	 	
                                    S&P

                                    Valuation
                                      

                                    Percentage

                                  	 	
                                    Moody’s
                                      

                                    First
                                      Trigger ValuationPercentage

                                  	 	
                                    Moody’s
                                      

                                    Second
                                      Trigger ValuationPercentage

                                  
	
                                    (A)  Cash

                                  	 	
                                    100%

                                  	 	
                                    100%

                                  	 	
                                    100%

                                  
	
                                    (B)  Fixed-rate
                                      negotiable debt obligations issued by the U.S.
                                      Treasury Department having
                                      a remaining maturity on such date of not more
                                      than one
                                      year

                                  	 	
                                    98.5%

                                  	 	
                                    100%

                                  	 	
                                    100%

                                  
	
                                    (C)  Fixed-rate
                                      negotiable debt obligations issued by the U.S.
                                      Treasury Department having
                                      a remaining maturity on such date of more than
                                      one year but not more than
                                      ten years

                                  	 	
                                    89.9%

                                  	 	
                                    100%

                                  	 	
                                    94%

                                  
	
                                    (D)  Fixed-rate
                                      negotiable debt obligations issued by the U.S.
                                      Treasury Department having
                                      a remaining maturity on such date of more than
                                      ten years

                                  	 	
                                    83.9%

                                  	 	
                                    100%

                                  	 	
                                    87%

                                  

                          

                          

                           

                          
                            	(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 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
                                      of any Certificates and the
                                      aggregate principal balance of any Notes rated
                                      by S&P is at the time
                                      of any transfer less 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 10,000.

                                  

                          

                           

                          
                            	(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
                                      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.

                                  

                          

                           

                          
                            	
                                  	(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 Support 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 Support; 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, Moody’s First Trigger
                                      Value, and 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 Securities Administrator
                            or (B) any entity other than the entity then serving
                            as Securities Administrator
                            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: Securities Administrator. 

                           

                          
                            	
                                  	(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. Posted Collateral
                                      in the form of Cash shall be invested in such
                                      overnight (or redeemable
                                      within two Local Business Days of demand) Permitted
                                      Investments rated at
                                      least (x) AAAm or AAAm-G by S&P and (y) Prime-1 by Moody’s or Aaa by
                                      Moody’s, as directed by Party A (unless (x) an Event
                                      of Default or an
                                      Additional Termination Event has occurred with
                                      respect to which Party A is
                                      the defaulting or sole Affected Party or (y)
                                      an Early Termination Date has
                                      been designated, in which case such investment
                                      shall be held uninvested).
                                      Gains and losses incurred in respect of any
                                      investment of Posted
                                      Collateral in the form of Cash in Permitted
                                      Investments as directed by
                                      Party A shall be for the account of Party
                                      A.

                                  

                          

                           

                          
                            	(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: 

                           

                          Wells
                            Fargo Bank, N.A. as Securities Administrator  

                          9062
                            Old
                            Annapolis Road 

                          Columbia,
                            Maryland 21045  

                          Attention: Corporate
                            Trust Services - AHMIT 2007-1

                          Tel:  (410)
                            884-2000

                          Fax:  (418)
                            715-2380

                          

                           

                          
                            	(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:         The
                            Bank
                            of New York

                          aba
                            #
                            021000018

                          a/c
                            #
                            8900603658

                          for
                            further credit: 

                          SAS
                            Clearing     

                          Acct
                            #:
                            3970771416

                          Re:
                            AHMIT
                            2007-1, Class A-3 Collateral Account # 53135411

                          

                            

                          Party
                            B:
 

                          Wells
                            Fargo Bank, N.A.    

                          ABA
                            #:
                            121-000-248

                          Account
                            Name: SAS Clearing

                          Account
                            #: 3970771416

                          FFC
                            to:
                            AHMIT 2007-1,
                            Class
                            A-3 Collateral Account
                            #
                            53135411

                          

                          
                            	(m)	
                                    Other
                                      Provisions.

                                  

                          

                           

                          
                            	
                                  	(i)	
                                    Collateral
                                      Account.
                                      Party B shall open and maintain a segregated
                                      account, which shall be an
                                      Eligible Account, 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)	
                                    Additional
                                      Definitions.
                                      As used in this Annex::

                                  

                          

                           

                          “Collateral
                            Event” means
                            that no Relevant Entity has credit ratings at least equal
                            to the Approved
                            Ratings Threshold.

                           

                          “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,
                            for purposes of this Annex: 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 Event” means
                            that no Relevant Entity has credit ratings from Moody’s at least equal to the
                            Moody’s First Trigger Ratings Threshold.

                           

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

                           

                          
                            	 	
                                    (I)

                                  	
                                    (A)

                                  	
                                    for
                                      any Valuation 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) 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
                                      Valuation Date and (ii) the sum, for each Transaction
                                      to which this Annex
                                      relates, of the product of (i) the applicable
                                      Moody’s First Trigger Factor
                                      set forth in Table 1 and (ii)
                                      the
                                      Notional Amount for such Transaction for the
                                      Calculation Period for such
                                      Transaction (each as defined in the related
                                      Confirmation) which includes
                                      such Valuation Date; or 

                                  

                          

                           

                          
                            	 	
                                    (B)

                                  	
                                    for
                                      any other Valuation Date, zero,
                                      over

                                  

                          

                           

                          
                            	
                                  	(II)	
                                    the
                                      Threshold for Party A such Valuation
                                      Date.

                                  

                          

                           

                          “Moody’s
                            First Trigger Value”
                            means,
                            on any date and with respect to any Eligible Collateral
                            other than Cash, the 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).

                           

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

                           

                          
                            	 	
                                    (I)

                                  	
                                    (A)

                                  	
                                    for
                                      any Valuation 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 Payments for all
                                      Next Payment Dates, and (c)
                                      the sum of (x) the Secured Party’s Exposure for such Valuation 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 product of (i) the
                            applicable Moody’s Second Trigger Factor set forth in Table 2, and (ii)
                            the
                            Notional Amount for such Transaction for the Calculation
                            Period for such
                            Transaction (each as defined in the related Confirmation)
                            which includes such
                            Valuation Date; or

                          

                          (2)
                            if
                            such Transaction is a Transaction-Specific Hedge, the
                            product of (i) the
                            applicable Moody’s Second Trigger Factor set forth in Table 3 and (ii)
                            the
                            Notional Amount for such Transaction for the Calculation
                            Period which includes
                            such Valuation Date; or 

                          

                          
                            	 	
                                    (B)

                                  	
                                    for
                                      any other Valuation Date, zero,
                                      over

                                  

                          

                           

                          
                            	
                                  	(II)	
                                    the
                                      Threshold for Party A for such Valuation
                                      Date.

                                  

                          

                           

                          “Moody’s
                            Second Trigger Value”
                            means,
                            on any date and 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).

                           

                          “Next
                            Payment”
                            means,
                            in respect of each Next Payment Date, the greater of
                            (i) the amount of any
                            payments due to be made by Party A under Section 2(a)
                            on such Next Payment Date
                            less any payments due to be made by Party B under Section
                            2(a) on such Next
                            Payment Date (in each case, after giving effect to any
                            applicable netting under
                            Section 2(c)) and (ii) zero.

                           

                          “Next
                            Payment Date”
                            means
                            each date on which the next scheduled payment under any
                            Transaction is due to be
                            paid.

                           

                          “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.

                           

                          “Remaining
                            Weighted Average Maturity” means,
                            with respect to a Transaction, the expected weighted
                            average maturity for such
                            Transaction as determined by the Valuation Agent. 

                           

                          “S&P
                            Approved Ratings Downgrade Event”
                            means
                            that no Relevant Entity has credit ratings at least equal
                            to the S&P
                            Approved Ratings Threshold.

                           

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

                           

                          
                            	 	
                                    (I)

                                  	
                                    (A)
                                      

                                  	
                                    for
                                      any Valuation Date on which (i) an S&P Approved Ratings Threshold
                                      Event has occurred and been continuing for
                                      at least 30 days, or (ii) a
                                      S&P Required Ratings Downgrade Event has occurred
                                      and is continuing,
                                      an amount equal to the sum of (a) USD 157,851.76
                                      and (b) if an S&P
                                      Interest Rate Collateral Event has occurred
                                      and is continuing, an amount
                                      equal to the sum of (1) 100.0% of the Secured
                                      Party’s Exposure for such
                                      Valuation Date and (2) the sum, for each Transaction
                                      to which this Annex
                                      relates, of the product of (i) the Volatility
                                      Buffer for such Transaction
                                      and (ii) the Notional Amount of such Transaction
                                      (each as defined in the
                                      related Confirmation) for the Calculation Period
                                      of such Transaction which
                                      includes such Valuation Date, or 

                                  

                          

                           

                          
                            	 	
                                    (B)

                                  	
                                    for
                                      any other Valuation Date, zero,
                                      over

                                  

                          

                           

                          
                            	
                                  	(II)	
                                    the
                                      Threshold for Party A for such Valuation
                                      Date.

                                  

                          

                           

                          “S&P
                            Interest Rate Collateral Threshold” means,
                            with respect to Party A, the guarantor under an Eligible
                            Guarantee or an
                            Eligible Replacement, a short-term unsecured and unsubordinated
                            debt rating from
                            S&P of “A-1”, or, if such entity does not have a short-term unsecured
                            and
                            unsubordinated debt rating from S&P, a long-term unsecured and
                            unsubordinated debt rating or counterparty rating from
                            S&P of “A+”.

                           

                          “S&P
                            Interest Rate Collateral Event”
                            means no
                            Relevant Entity has credit ratings at least equal to
                            the S&P Interest Rate
                            Collateral Threshold.

                           

                          “S&P
                            Required Ratings Downgrade Event”
                            means no
                            Relevant Entity has credit ratings at least equal to
                            the S&P Required
                            Ratings Threshold.

                           

                          “S&P
                            Value”
                            means,
                            on any date and 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).

                           

                          “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 (i) an interest rate swap in respect
                            of which (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 (as defined
                            in the related Confirmation) otherwise is not a specific
                            dollar amount that is
                            fixed at the inception of the Transaction, (ii) an interest
                            rate cap, (iii) an
                            interest rate floor or (iv) an interest rate swaption.

                           

                          “Valuation
                            Percentage”
                            shall
                            mean, for purposes of determining the S&P Value, Moody’s First Trigger
                            Value, or 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 of such Transaction

                                    up
                                      to 3 years

                                     

                                  	
                                     

                                    Remaining
                                      Weighted Average Maturity of such Transaction

                                    up
                                      to 5 years

                                     

                                  	
                                     

                                    Remaining
                                      Weighted Average Maturity of such Transaction

                                    up
                                      to 10 years

                                     

                                  	
                                     

                                    Remaining
                                      Weighted Average Maturity of such Transaction

                                    up
                                      to 30 years

                                     

                                  
	
                                    “A-2”
                                      or higher

                                  	
                                    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%

                                  

                          

                          

                           

                          
                            	
                                    (n)
                                      

                                  	
                                    Grantor
                                      Trust Trustee Liability Limitations. It
                                      is expressly understood and agreed by the parties
                                      hereto that (a) this
                                      Agreement is executed by Deutsche Bank Trust
                                      Company Americas
                                      (“Deutsche”)
                                      not in its individual capacity, but solely
                                      as Grantor Trust Trustee under
                                      the Pooling and Servicing Agreement in the
                                      exercise of the powers and
                                      authority conferred and invested in it thereunder;
                                      (b) Deutsche has been
                                      directed pursuant to the Pooling and Servicing
                                      Agreement to enter into
                                      this Agreement and to perform its obligations
                                      hereunder and nothing herein
                                      contained shall be construed as creating any
                                      liability for Deutsche,
                                      individually or personally, to perform any
                                      covenant (either express or
                                      implied) contained herein, and all such liability,
                                      if any, is hereby
                                      expressly waived by the parties hereto, and
                                      such waiver shall bind any
                                      third party making a claim by or through one
                                      of the parties hereto; (c)
                                      each of the representations, undertakings and
                                      agreements herein made on
                                      behalf of Party B is made and intended not
                                      as personal representations of
                                      the Grantor Trust but is made and intended
                                      for the purpose of binding only
                                      Party B; and (d) under no circumstances shall
                                      Deutsche in its individual
                                      capacity be personally liable for any payments
                                      hereunder or for the breach
                                      or failure of any obligation, representation,
                                      warranty or covenant made or
                                      undertaken under this Agreement. 

                                  

                          

                           

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                            of this page intentionally left blank]

                          
 

                          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 for Interest Rate Swaps with Fixed
                            Notional
                            Amounts

                           

                          
                            	
                                    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

                           

                          
                            
                              	
                                      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.

                           

                          
                            	
                                     

                                    Deutsche
                                      Bank AG, New York
                                      Branch

                                     

                                  	
                                     

                                  	 	
                                    Deutsche
                                      Bank National Trust Company, not
                                      in its individual capacity, but solely as Grantor
                                      Trust Trustee for the
                                      Grantor Trust with respect to American Home
                                      Mortgage Investment Trust
                                      2007-1, Mortgage-Backed Notes and Grantor Trust
                                      Certificates, Series
                                      2007-1

                                     

                                     

                                  
	By: 
                                    _________________________	 	 	 
	
                                    Name

                                  	 	 	
                                    By: 
_________________________

                                  
	
                                    Title:
                                      

                                    Date:
                                      

                                  	 	 	
                                    Name:

                                    Title:
                                      

                                    Date:
                                      

                                  

                          

                          

                           

                           

                          
                            
                              
                              

                            

                            
                              
                              

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                           

                          
                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E

     

    [RESERVED]]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      F

     

    [RESERVED]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    

    EXHIBIT
      G

     

    [RESERVED]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    

    EXHIBIT
      H

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    _____________,
      200_

     

    AMERICAN
      HOME MORTGAGE SECURITIES, LLC

    538
      Broadhollow Road

    Melville,
      New York 11747

     

    AMERICAN
      HOME MORTGAGE SERVICING, INC.

    7142
      Columbia Gateway Drive

    Columbia,
      Maryland 21046

     

    Attention:
      American Home Mortgage Investment Trust 2007-1

     

    Re:          Indenture,
      dated as of March 30, 2007 (the “Indenture”), between American Home Mortgage
      Investment Trust 2007-1, a Delaware business trust, as Issuing Entity (the
      “Issuing Entity”), Deutsche Bank National Trust Company, as Indenture Trustee
      (the “Indenture Trustee”) and Wells Fargo Bank, N.A., as Securities
      Administrator (the “SecuritiesAdministrator”)

                   
      
      
        

      
       

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.03(a) of the Indenture and Section 2.1(b)(i)-(v)
      of
      the Mortgage Loan Purchase Agreement, dated as of March 30, 2007, between
      American Home Mortgage Acceptance, Inc. and American Home Mortgage Securities
      LLC (the “MLPA”, and together with the Indenture, the “Agreements”), the
      undersigned, as Indenture Trustee, hereby certifies that as to each Mortgage
      Loan listed in the related Mortgage Loan Schedule (other than any Mortgage
      Loan
      paid in full or listed on the exception report attached hereto) it has reviewed
      the Mortgage File and the related Mortgage Loan Schedule and has determined
      that: (i) all documents required to be included in the Mortgage File pursuant
      to
      Section 2.1(b)(i)-(v) (except clause (v)(ii)) of the MLPA are in its possession;
      (ii) such documents have been reviewed by it and appear regular on their face
      and relate to such Mortgage Loan; and (iii) based on examination by it, and
      only
      as to such documents, the information set forth in items (iii) and (v) of the
      definition or description of “Mortgage Loan Schedule” is correct.

     

    The
      Indenture Trustee has made no independent examination of any documents contained
      in each Mortgage File beyond the review specifically required in the
      above-referenced Agreements. The Indenture Trustee makes no representation
      that
      any documents specified in clauses (v)(ii) and (vi) of Section 2.1 (b) of the
      MLPA should be included in any Mortgage File. The Indenture Trustee makes no
      representations as to and shall not be responsible to verify: (i) the validity,
      legality, sufficiency, enforceability, due authorization, recordability or
      genuineness of any of the documents contained in each Mortgage File of any
      of
      the Mortgage Loans identified on the related Mortgage Loan Schedule, (ii) the
      collectability, insurability, effectiveness, perfection, priority or suitability
      of any such Mortgage Loan, or (iii) the existence of any hazard insurance policy
      or assumption, modification, written assurance or substitution agreement with
      respect to any Mortgage File if no such documents appear in the Mortgage File
      delivered to the Indenture Trustee.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Indenture.

     

    
      
         

        
          
            
              	 	 	 
	 	
                      
                        DEUTSCHE
                          BANK NATIONAL TRUST COMPANY,

                        As
                          Indenture Trustee

                      

                    
	 
 	 
 	 
 
	 	By:  	
                      
                        
                           

                        

                      

                    
	 	
                      Name:  

                    	 
	 	
                      Title:

                    	 

            

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

      

    

     

    EXHIBIT
      I

     

    FORM
      OF
      FINAL CERTIFICATION

     

    ___________,
      200__

     

    AMERICAN
      HOME MORTGAGE SECURITIES, LLC

    538
      Broadhollow Road

    Melville,
      New York 11747

     

    AMERICAN
      HOME MORTGAGE SERVICING, INC.

    7142
      Columbia Gateway Drive

    Columbia,
      Maryland 21046

     

    Attention:
      American Home Mortgage Investment Trust 2007-1

     

    Re:      
        Indenture,
      dated as of March 30, 2007 (the “Indenture”), between American Home Mortgage
      Investment Trust 2007-1, a Delaware business trust, as Issuing Entity (the
      “Issuing Entity”), Deutsche Bank National Trust Company, as Indenture Trustee
      (the “Indenture Trustee”) and Wells Fargo Bank, N.A., as Securities
      Administrator (the “SecuritiesAdministrator”)        

    
      
        

      

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.03(a) of the Indenture and Section 2.1(b)(i)-(v) of
      the Mortgage Loan Purchase Agreement, dated as of March 30, 2007, between
      American Home Mortgage Acceptance, Inc. and American Home Mortgage Securities
      LLC (the “MLPA”, and together with the Indenture, the “Agreements”), the
      undersigned, as Indenture Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on the exception report attached hereto) it has received the
      documents set forth in Section 2.1(b)(i)-(v) (except clause (v)(ii)) of the
      MLPA.

     

    The
      Indenture Trustee has made no independent examination of any documents contained
      in each Mortgage File beyond the review specifically required in the Agreements.
      The Indenture Trustee makes no representation that any documents specified
      in
      clauses (v)(ii) and (vi) of Section 2.1 (b) should be included in any Mortgage
      File. The Indenture Trustee makes no representations as to and shall not be
      responsible to verify: (i) the validity, legality, sufficiency, enforceability,
      due authorization, recordability or genuineness of any of the documents
      contained in each Mortgage File of any of the Mortgage Loans identified on
      the
      related Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness, perfection, priority or suitability of any such Mortgage Loan,
      or
      (iii) the existence of any hazard insurance policy or assumption, modification,
      written assurance or substitution agreement with respect to any Mortgage File
      if
      no such documents appear in the Mortgage File delivered to the Indenture
      Trustee.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Indenture.

     

    
       

      
        
           

          
            
              
                	 	 	 
	 	
                        
                          DEUTSCHE
                            BANK NATIONAL TRUST COMPANY,

                          As
                            Indenture Trustee

                        

                      
	 
 	 
 	 
 
	 	By:  	
                        
                          
                             

                          

                        

                      
	 	
                        Name:  

                      	 
	 	
                        Title:

                      	 

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

      

    

     

     

    EXHIBIT
      J

     

    FORM
      OF
      REQUEST FOR RELEASE

     

    DATE:

     

    TO:

     

    
      	
              RE:

            	
              REQUEST
                FOR RELEASE OF DOCUMENTS

            

    

     

    In
      connection with your administration of the Mortgage Loans, we request the
      release of the Mortgage File described below.

     

    Servicing
      Agreement Dated:

    Series
      #:

    Account
      #:

    Pool
      #:

    Loan
      #:

    Borrower
      Name(s):

    Reason
      for Document Request: (circle
      one)                       Mortgage
      Loan Prepaid in Full

    Other

    Mortgage
      Loan Repurchased

    

    PLEASE
      DELIVER THE MORTGAGE FILE TO 

     

    “We
      hereby certify that all amounts received or to be received in connection with
      such payments which are required to be deposited have been deposited as provided
      in the Servicing Agreement.”

     

    [Name
      of
      Master Servicer]

    Authorized
      Signature

    *************************************************************************************************************************************************************

    TO
      INDENTURE TRUSTEE: Please acknowledge this request, and check off documents
      being enclosed with a copy of this form. You should retain this form for your
      files in accordance with the terms of the Indenture.

     

            Enclosed
      Documents: [ ] Promissory
      Note

    [
      ]
 Primary
      Insurance Policy

    [
      ] Mortgage
      or Deed of Trust

    [
      ] Assignment(s)
      of Mortgage or Deed of Trust

    [
      ] Title
      Insurance Policy

    _______________________                                                        
       [
      ] Other:

    Name

    _______________________

    Title

    _______________________

    Date

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      K

     

    FORM
      OF
      RULE 144A INVESTMENT REPRESENTATION

     

    Description
      of Rule 144A Securities, including numbers:

     

    
      	 
	 
	 
	 

    

    

    The
      undersigned seller, as registered holder (the “Seller”), intends to transfer the
      Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

     

    1.
      In
      connection with such transfer and in accordance with the agreements pursuant
      to
      which the Rule 144A Securities were issued, the Sponsor hereby certifies the
      following facts: Neither the Sponsor nor anyone acting on its behalf has
      offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
      Securities, any interest in the Rule 144A Securities or any other similar
      security to, or solicited any offer to buy or accept a transfer, pledge or
      other
      disposition of the Rule 144A Securities, any interest in the Rule 144A
      Securities or any other similar security from, or otherwise approached or
      negotiated with respect to the Rule 144A Securities, any interest in the Rule
      144A Securities or any other similar security with, any person in any manner, or
      made any general solicitation by means of general advertising or in any other
      manner, or taken any other action, that would constitute a distribution of
      the
      Rule 144A Securities under the Securities Act of 1933, as amended (the “1933
      Act”), or that would render the disposition of the Rule 144A Securities a
      violation of Section 5 of the 1933 Act or require registration pursuant thereto,
      and that the Sponsor has not offered the Rule 144A Securities to any person
      other than the Buyer or another “qualified institutional buyer” as defined in
      Rule 144A under the 1933 Act.

     

    2.
      The
      Buyer warrants and represents to, and covenants with, the Owner Trustee, the
      Note Registrar and the Depositor (as defined in the Indenture (the “Agreement”),
      dated as of March 30, 2007, among American Home Mortgage Investment Trust
      2007-1, (the “Issuing Entity”), Deutsche Bank National Trust Company, as
      Indenture Trustee (the “Indenture Trustee”), and Wells Fargo Bank, N.A., as
      Securities Administrator (the “Securities Administrator”) pursuant to Section
      4.02 of the Agreement and Deutsche Bank National Trust Company, as indenture
      trustee, as follows:

     

    a.
      The
      Buyer understands that the Rule 144A Securities have not been registered under
      the 1933 Act or the securities laws of any state.

     

    b.
      The
      Buyer considers itself a substantial, sophisticated institutional investor
      having such knowledge and experience in financial and business matters that
      it
      is capable of evaluating the merits and risks of investment in the Rule 144A
      Securities.

     

    c.
      The
      Buyer has been furnished with all information regarding the Rule 144A Securities
      that it has requested from the Sponsor, the Indenture Trustee, the Owner
      Trustee, the Master Servicer or the Servicer.

     

    d.
      Neither the Buyer nor anyone acting on its behalf has offered, transferred,
      pledged, sold or otherwise disposed of the Rule 144A Securities, any interest
      in
      the Rule 144A Securities or any other similar security to, or solicited any
      offer to buy or accept a transfer, pledge or other disposition of the Rule
      144A
      Securities, any interest in the Rule 144A Securities or any other similar
      security from, or otherwise approached or negotiated with respect to the Rule
      144A Securities, any interest in the Rule 144A Securities or any other similar
      security with, any person in any manner, or made any general solicitation by
      means of general advertising or in any other manner, or taken any other action,
      that would constitute a distribution of the Rule 144A Securities under the
      1933
      Act or that would render the disposition of the Rule 144A Securities a violation
      of Section 5 of the 1933 Act or require registration pursuant thereto, nor
      will
      it act, nor has it authorized or will it authorize any person to act, in such
      manner with respect to the Rule 144A Securities.

     

    e.
      The
      Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A
      under the 1933 Act and has completed either of the forms of certification to
      that effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that
      the
      sale to it is being made in reliance on Rule 144A. The Buyer is acquiring the
      Rule 144A Securities for its own account or the accounts of other qualified
      institutional buyers, understands that such Rule 144A Securities may be resold,
      pledged or transferred only (i) to a person reasonably believed to be a
      qualified institutional buyer that purchases for its own account or for the
      account of a qualified institutional buyer to whom notice is given that the
      resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
      pursuant to another exemption from registration under the 1933 Act.

     

    3.
      The
      Buyer warrants and represents to, and covenants with, the Sponsor, the Indenture
      Trustee, the Owner Trustee, the Note Registrar, the Master Servicer, the
      Securities Administrator, the Servicers and the Depositor that either (1) the
      Buyer is (A) not an employee benefit plan (within the meaning of Section 3(3)
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), or a
      plan (within the meaning of Section 4975(e)(1) of the Internal Revenue Code
      of
      1986 (“Code”)), which (in either case) is subject to ERISA or Section 4975 of
      the Code (each, a “Plan”), and (B) is not directly or indirectly purchasing the
      Rule 144A Securities on behalf of, as investment manager of, as named fiduciary
      of, as trustee of, or with “plan assets” of a Plan, or (2) the Buyer understands
      that registration of transfer of any Rule 144A Securities to any Plan, or to
      any
      Person acting on behalf of any Plan, will not be made unless either such Plan
      delivers an opinion of its counsel, addressed to the Owner Trustee, Indenture
      Trustee, Note Registrar and the Depositor, and satisfactory to the Note
      Registrar to the effect (A) that the purchase and holding of the Rule 144A
      Securities by, on behalf of or with “plan assets” of any Plan, (B) operation of
      the Trust and (C) management of Trust assets are permissible under applicable
      law, would not constitute or result in a prohibited transaction under ERISA
      or
      Section 4975 of the Code, and would not subject the Depositor, the Sponsor,
      the
      Owner Trustee, the Indenture Trustee, the Note Registrar, the Securities
      Administrator, the Master Servicer or any Servicer to any obligation or
      liability (including liabilities under ERISA or Section 4975 of the Code) in
      addition to those undertaken in the Agreement, which Opinion of Counsel shall
      not be an expense of the Depositor, the Sponsor, the Owner Trustee, the Note
      Registrar, the Indenture Trustee, the Securities Administrator, the Master
      Servicer or any Servicer or it represents, that the applicable conditions of
      Section 4.15 of the Indenture have been satisfied.

     

    4.
      This
      document may be executed in one or more counterparts and by the different
      parties hereto on separate counterparts, each of which, when so executed, shall
      be deemed to be an original; such counterparts, together, shall constitute
      one
      and the same document.

     

    IN
      WITNESS WHEREOF, each of the parties has executed this document as of the date
      set forth below.

     

    

    
      	 	 	 	 	 
	 	
              Print
                Name of Seller

            	 	 	
              Print
                Name of Buyer

            
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	  	
              Title:

            	 	 	
               Title:

            
	 	 	 	 	 
	 	 	 	 	 
	
              Taxpayer
                Identification:

            	 	
              Taxpayer
                Identification:

            
	No.  	
                   

            	 	No.  	
                   

            
	Date: 	
                    

            	 	Date: 	
                    

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      1 TO EXHIBIT K

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      BUYERS OTHER THAN REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    1.
      As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2.
      In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933
      (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary
      basis $____________________1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer's most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    
      	
              ___

            	
              Corporation,
                etc.
                The Buyer is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or charitable organization described in Section
                501(c)(3) of the Internal Revenue
                Code.

            

    

     

    
      	
              ___

            	
              Bank.
                The Buyer (a) is a national bank or banking institution organized
                under
                the laws of any State, territory or the District of Columbia, the
                business
                of which is substantially confined to banking and is supervised by
                the
                State or territorial banking commission or similar official or is
                a
                foreign bank or equivalent institution, and (b) has an audited net
                worth
                of at least $25,000,000 as demonstrated in its latest annual financial
                statements, a copy of which is attached
                hereto.

            

    

     

    
      	
              ___

            	
              Savings
                and Loan.
                The Buyer (a) is a savings and loan association, building and loan
                association, cooperative bank, homestead association or similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has
                an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements.

            

    

     

    
      	
              ___

            	
              Broker-Dealer.
                The Buyer is a dealer registered pursuant to Section 15 of the Securities
                Exchange Act of 1934.

            

    

     

    
      	
              ___

            	
              Insurance
                Company.
                The Buyer is an insurance company whose primary and predominant business
                activity is the writing of insurance or the reinsuring of risks
                underwritten by insurance companies and which is subject to supervision
                by
                the insurance commissioner or a similar official or agency of a State
                or
                territory or the District of
                Columbia.

            

    

     

    
      	
              ___

            	
              State
                or Local Plan.
                The Buyer is a plan established and maintained by a State, its political
                subdivisions, or any agency or instrumentality of the State or its
                political subdivisions, for the benefit of its
                employees.

            

    

     

    
      	
              ___

            	
              ERISA
                Plan.
                The Buyer is an employee benefit plan within the meaning of Title
                I of the
                Employee Retirement Income Security Act of
                1974.

            

    

     

    
      	
              ___

            	
              Investment
                Adviser.
                The Buyer is an investment adviser registered under the Investment
                Advisers Act of 1940.

            

    

     

    
      	
              ___

            	
              SBIC.
                The Buyer is a Small Business Investment Company licensed by the
                U.S.
                Small Business Administration under Section 301(c) or (d) of the
                Small
                Business Investment Act of 1958.

            

    

     

    
      	
              ___

            	
              Business
                Development Company.
                The Buyer is a business development company as defined in Section
                202(a)(22) of the Investment Advisers Act of
                1940.

            

    

     

    
      	
              ___

            	
              Trust
                Fund.
                The Buyer is a trust fund whose trustee is a bank or trust company
                and
                whose participants are exclusively (a) plans established and maintained
                by
                a State, its political subdivisions, or any agency or instrumentality
                of
                the State or its political subdivisions, for the benefit of its employees,
                or (b) employee benefit plans within the meaning of Title I of the
                Employee Retirement Income Security Act of 1974, but is not a trust
                fund
                that includes as participants individual retirement accounts or H.R.
                10
                plans.

            

    

     

    3.
      The
      term “securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Buyer, (ii) securities that
      are part of an unsold allotment to or subscription by the Buyer, if the Buyer
      is
      a dealer, (iii) bank deposit Notes and certificates of deposit, (iv) loan
      participations, (v) repurchase agreements, (vi) securities owned but subject
      to
      a repurchase agreement and (vii) currency, interest rate and commodity
      swaps.

     

    4.
      For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer's direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934.

     

    5.
      The
      Buyer acknowledges that it is familiar with Rule 144A and understands that
      the
      seller to it and other parties related to the Rule 144A Securities are relying
      and will continue to rely on the statements made herein because one or more
      sales to the Buyer may be in reliance on Rule 144A.

     

    _____________________

    
      1 Buyer
        must own and/or invest on a discretionary basis at least $100,000,000 in
        securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
        invest on a discretionary basis at least $10,000,000 in
        securities.

    

    

    
      	
                                                       
                Will the Buyer be purchasing the Rule 144A

              Yes  
                No  Securities
                only for the Buyer's own account?

            

    

    

    6.
      If the
      answer to the foregoing question is “no”, the Buyer agrees that, in connection
      with any purchase of securities sold to the Buyer for the account of a third
      party (including any separate account) in reliance on Rule 144A, the Buyer
      will
      only purchase for the account of a third party that at the time is a “qualified
      institutional buyer” within the meaning of Rule 144A. In addition, the Buyer
      agrees that the Buyer will not purchase securities for a third party unless
      the
      Buyer has obtained a current representation letter from such third party or
      taken other appropriate steps contemplated by Rule 144A to conclude that such
      third party independently meets the definition of “qualified institutional
      buyer” set forth in Rule 144A.

     

    7.
      The
      Buyer will notify each of the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice is given,
      the Buyer's purchase of Rule 144A Securities will constitute a reaffirmation
      of
      this certification as of the date of such purchase.

     

    ______________________________________

    Print
      Name of Buyer

     

    By:         
      ____________________________________     

    Name:

    Title:

     

    Date:
      ______________________________________      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      2 TO EXHIBIT K

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [FOR
      BUYERS THAT ARE REGISTERED INVESTMENT COMPANIES]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    1.
      As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933 (“Rule 144A”) because Buyer is part of a Family of Investment
      Companies (as defined below), is such an officer of the Adviser.

     

    2.
      In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, and (ii) as marked
      below, the Buyer alone, or the Buyer's Family of Investment Companies, owned
      at
      least $100,000,000 in securities (other than the excluded securities referred
      to
      below) as of the end of the Buyer's most recent fiscal year. For purposes of
      determining the amount of securities owned by the Buyer or the Buyer's Family
      of
      Investment Companies, the cost of such securities was used.

     

    ____  The
      Buyer
      owned $________________in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer's most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    ____  The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate
      $_______________ in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer's most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    3.
      The
      term “Family
      of Investment Companies”
as
      used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or investment advisers that are affiliated
      (by virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the
      other).

     

    4.
      The
      term “securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Buyer or are part of the Buyer's Family of Investment Companies, (ii) bank
      deposit Notes and certificates of deposit, (iii) loan participations, (iv)
      repurchase agreements, (v) securities owned but subject to a repurchase
      agreement and (vi) currency, interest rate and commodity swaps.

     

    5.
      The
      Buyer is familiar with Rule 144A and understands that each of the parties to
      which this certification is made are relying and will continue to rely on the
      statements made herein because one or more sales to the Buyer will be in
      reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer's
      own account.

     

    6.
      The
      undersigned will notify each of the parties to which this certification is
      made
      of any changes in the information and conclusions herein. Until such notice,
      the
      Buyer's purchase of Rule 144A Securities will constitute a reaffirmation of
      this
      certification by the undersigned as of the date of such purchase.

     

    __________________________________

    Print
      Name of Buyer

     

    By:
      ____________________________________      

    Name:

    Title:

     

    IF
      AN
      ADVISER:

     

    __________________________________

    Print
      Name of Buyer

     

    Date:
      ___________________________________      

    

    
       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      L

     

    CERTIFICATE
      OF NON-FOREIGN STATUS

     

    This
      Certificate of Non-Foreign Status (“certificate”) is delivered pursuant to
      Section 4.02 of the Indenture, dated as of March 30, 2007 (the “Indenture”),
      among American Home Mortgage Investment Trust 2007-1, (the “Issuing Entity”),
      Deutsche Bank National Trust Company, as Indenture Trustee (the “Indenture
      Trustee”), and Wells Fargo Bank, N.A., as Securities Administrator (the
“Securities Administrator”), in connection with the acquisition of, transfer to
      or possession by the undersigned, whether as Beneficial Owner for U.S. Federal
      income tax purposes (the “Beneficial Owner”), or nominee on behalf of the
      Beneficial Owner of the Class ____ Notes, Series 2007-1 (the “Note”).
      Capitalized terms used but not defined in this certificate have the respective
      meanings given them in the Indenture.

     

    Each
      Holder must complete Part I, Part II (if the Holder is a nominee), and in all
      cases sign and otherwise complete Part III.

     

    In
      addition, each Holder shall submit with the Certificate an IRS Form W-9 relating
      to such Holder.

     

    To
      confirm to the Trust that the provisions of Sections 871, 881 or 1446 of the
      Internal Revenue Code (relating to withholding tax on foreign partners) do
      not
      apply in respect of the Note held by the undersigned, the undersigned hereby
      certifies:

     

    
      	
              Part
                I -

            	 	
              Complete
                Either A or B

            

    

     

    
      	 	
              A.
                

            	
              Individual
                as Beneficial Owner

            

    

     

    
      	 	
              1.

            	
              I
                am (The Beneficial Owner is) not a non-resident alien for purposes
                of U.S.
                income taxation;

            

    

     

    
      	 	
              2.

            	
              My
                (The Beneficial Owner's) name and home address
                are:

            

    

     

    ;
      and

     

    
      	 	
              3.

            	
              My
                (The Beneficial Owner's) U.S. taxpayer identification number (Social
                Security Number) is

            

    

     

    B.          Corporate,
      Partnership or Other Entity as Beneficial Owner

     

    1.             _____________________  (Name
      of the Beneficial Owner) is not a foreign corporation, foreign partnership,
      foreign trust or foreign estate (as those terms are defined in the Code and
      Treasury Regulations;

     

    
      	 	
              2.

            	
              The
                Beneficial Owner's office address and place of incorporation (if
                applicable) is

            

    

    ;
      and

     

    
      	 	
              3.

            	
              The
                Beneficial Owner's U.S. employer identification number is                         
                .

            

    

     

    Part
      II
      -      Nominees

     

    If
      the
      undersigned is the nominee for the Beneficial Owner, the undersigned certifies
      that this certificate has been made in reliance upon information contained
      in:

     

    an
      IRS
      Form W-9

     

    a
      form
      such as this or substantially similar

     

    provided
      to the undersigned by an appropriate person and (i) the undersigned agrees
      to
      notify the Note Registrar at least thirty (30) days prior to the date that
      the
      form relied upon becomes obsolete, and (ii) in connection with change in
      Beneficial Owners, the undersigned agrees to submit a new Certificate of
      Non-Foreign Status to the Note Registrar promptly after such
      change.

     

    Part
      III
      -     Declaration

     

    The
      undersigned, as the Beneficial Owner or a nominee thereof, agrees to notify
      the
      Note Registrar within sixty (60) days of the date that the Beneficial Owner
      becomes a foreign person. The undersigned understands that this certificate
      may
      be disclosed to the Internal Revenue Service by the Note Registrar and any
      false
      statement contained therein could be punishable by fines, imprisonment or
      both.

     

    Under
      penalties of perjury, I declare that I have examined this certificate and to
      the
      best of my knowledge and belief it is true, correct and complete and will
      further declare that I will inform the Trust of any change in the information
      provided above, and, if applicable, I further declare that I have the authority*
      to sign this document.

     

    ____________________________

    Name

     

    ____________________________

    Title
      (if
      applicable)

     

    _____________________________

    Signature
      and Date

     

    *Note:
      If
      signed pursuant to a power of attorney, the power of attorney must accompany
      this certificate.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      M

     

    FORM
      OF
      INVESTMENT LETTER [NON-RULE 144A]

     

    [DATE]

     

    Wilmington
      Trust Company, as Owner Trustee

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      DE 19890

    

    Wells
      Fargo Bank, N.A.,

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    
      	 	
              Re:

            	
              American
                Home Mortgage Investment Trust 2007-1 Non-Offered Notes,

              Series
                2007-1, Class [___] (the “Non-Offered
                Notes”)

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Non-Offered Notes, we
      certify that (a) we understand that the Non-Offered Notes are not being
      registered under the Securities Act of 1933, as amended (the “Act”), or any
      state securities laws and are being transferred to us in a transaction that
      is
      exempt from the registration requirements of the Act and any such laws, (b)
      we
      are an “accredited investor,” as defined in Regulation D under the Act, and have
      such knowledge and experience in financial and business matters that we are
      capable of evaluating the merits and risks of investments in the Non-Offered
      Notes, (c) we have had the opportunity to ask questions of and receive answers
      from the Depositor concerning the purchase of the Non-Offered Notes and all
      matters relating thereto or any additional information deemed necessary to
      our
      decision to purchase the Non-Offered Notes, (d) we are not an employee benefit
      plan that is subject to the Employee Retirement Income Security Act of 1974,
      as
      amended, or a plan that is subject to Section 4975 of the Internal Revenue
      Code
      of 1986, as amended, nor are we acting on behalf of any such plan, unless,
      in
      the case of a Class A Note, the conditions of Section 4.15 of the Indenture
      have
      been satisfied, (e) we are acquiring the Non-Offered Notes for investment for
      our own account and not with a view to any distribution of such Non-Offered
      Notes (but without prejudice to our right at all times to sell or otherwise
      dispose of the Non-Offered Notes in accordance with clause (g) below), (f)
      we
      have not offered or sold any Non-Offered Notes to, or solicited offers to buy
      any Non-Offered Notes from, any person, or otherwise approached or negotiated
      with any person with respect thereto, or taken any other action which would
      result in a violation of Section 5 of the Act, and (g) we will not sell,
      transfer or otherwise dispose of any Non-Offered Notes unless (1) such sale,
      transfer or other disposition is made pursuant to an effective registration
      statement under the Act or is exempt from such registration requirements, and
      if
      requested, we will at our expense provide an opinion of counsel satisfactory
      to
      the addressees of this certificate that such sale, transfer or other disposition
      may be made pursuant to an exemption from the Act, (2) the purchaser or
      transferee of such Non-Offered Note has executed and delivered to you a
      certificate to substantially the same effect as this certificate, and (3) the
      purchaser or transferee has otherwise complied with any conditions for transfer
      set forth in the Indenture.

     

    Very
      truly yours,

     

    [TRANSFEREE]

     

    By:
      _______________________     

    Authorized
      Officer

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N

     

    TRANSFEROR
      CERTIFICATE

     

    Wilmington
      Trust Company, as Owner Trustee

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      DE 19890

    

    Wells
      Fargo Bank, N.A.,

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    Re:          
      Proposed
      Transfer of Non-Offered Notes, Class [___], American Home Mortgage
      Investment Trust 2007-1         

    
      
        

      

    

     

    Gentlemen:

     

    This
      certification is being made by ____________________ (the “Transferor”) in
      connection with the proposed Transfer to _____________________ (the
“Transferee”) of a non-offered note, Class [___] (the “Non-Offered Note”)
      representing ___% fractional undivided interest in American Home Mortgage
      Investment Trust 2007-1 (the “Trust”), issued pursuant to an Indenture, dated as
      of March 30, 2007 (the “Indenture”), among American Home Mortgage Investment
      Trust 2007-1, (the “Issuing Entity”), Deutsche Bank National Trust Company, as
      Indenture Trustee (the “Indenture Trustee”), and Wells Fargo Bank, N.A., as
      Securities Administrator (the “Securities Administrator”). Initially capitalized
      terms used but not defined herein have the meanings assigned to them in Appendix
      A to the Indenture. The Transferor hereby certifies, represents and warrants
      to,
      and covenants with, the Company, the Owner Trustee and the Note Registrar
      that:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Non-Offered Note, any interest in
      any
      Non-Offered Note or any other similar security to any person in any manner,
      (b)
      has solicited any offer to buy or to accept a pledge, disposition or other
      transfer of any Non-Offered Note, any interest in any Non-Offered Note or any
      other similar security from any person in any manner, (c) has otherwise
      approached or negotiated with respect to any Non-Offered Note, any interest
      in
      any Non-Offered Note or any other similar security with any person in any
      manner, (d) has made any general solicitation by means of general advertising
      or
      in any other manner, or (e) has taken any other action, that (as to any of
      (a)
      through (e) above) would constitute a distribution of the Non-Offered Notes
      under the Securities Act of 1933 (the “Act”), that would render the disposition
      of any Non-Offered Note a violation of Section 5 of the Act or any state
      securities law, or that would require registration or qualification pursuant
      thereto. The Transferor will not act in any manner set forth in the foregoing
      sentence with respect to any Non-Offered Note. The Transferor has not and will
      not sell or otherwise transfer any of the Non-Offered Notes, except in
      compliance with the provisions of the Indenture.

     

    

    
      	 	 
	
              Date:
                _________    

            	
              Name
                of Transferor

            
	 	 
	 	 
	 	
              Signature

            
	 	 
	 	 
	 	
              Name

            
	 	 
	 	 
	 	
              Title

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      O

     

    FORM
      OF
      ERISA LETTER

     

    [DATE]

     

    Wilmington
      Trust Company, as Owner Trustee

    [_______________]

     

    Wells
      Fargo Bank, N.A.,

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    
      	 	
              Re:

            	
              Proposed
                Transfer of Non-Offered Notes, Class [____],

              American
                Home Mortgage Investment Trust 2007-1
                (the “Non-Offered Notes”)

            

    

     

     

    Gentlemen:

     

    This
      certification is being made by___________________ (the
      “Transferee”) in connection with the proposed Transfer
      by_____________(the
      “Transferor”) of non-offered note (the “Non-Offered Note”) representing __%
      fractional undivided interest in American Home Mortgage Investment Trust 2007-1
      (the “Trust”), issued pursuant to an Indenture, dated as of March 30, 2007 (the
“Indenture”), among American Home Mortgage Investment Trust 2007-1 (the “Issuing
      Entity”), Deutsche Bank National Trust Company, as Indenture Trustee (the
“Indenture Trustee”), and Wells Fargo Bank, N.A., as Securities Administrator
      (the “Securities Administrator”). Initially capitalized terms used but not
      defined herein have the meanings assigned to them in Appendix A to the
      Indenture. The Transferor hereby certifies, represents and warrants to, and
      covenants with, the Company, the Owner Trustee and the Note Registrar
      that:

     

    
      	 	
              (i)

            	
              either
                (a) or (b) is satisfied, as marked
                below:

            

    

     

    ___ a. The
      Transferor is not any employee benefit plan or other plan subject to the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      Section 4975 of the Internal Revenue Code of 1986 (the “Code”) (each, a “Plan”),
      a Person acting, directly or indirectly, on behalf of a Plan or any Person
      acquiring such Non-Offered Note with “plan assets” of a Plan within the meaning
      of the Department of Labor regulation promulgated at 29 C.F.R. § 2510.3-101;
      or

     

    ___ b. The
      Transferor is a Plan, a Person acting, directly or indirectly, on behalf of
      a
      Plan or a Person acquiring such Non-Offered Note with “plan assets” of a Plan
      within the meaning of the Department of Labor regulation promulgated at 29
      C.F.R. § 2510.3-101 (the “DOL Regulations”) and either (I) has provided the
      Depositor, the Owner Trustee, the Indenture Trustee, the Note Registrar and
      the
      Master Servicer with an Opinion of Counsel, satisfactory to the Note Registrar
      to the effect (A) that the purchase and holding of a Non-Offered Note by or
      on
      behalf of the Transferor (B) operation of the Trust and (C) management of Trust
      assets are permissible under applicable law, will not constitute or result
      in a
      prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
      (or comparable provisions of any subsequent enactments) and will not subject
      the
      Depositor, the Owner Trustee, the Indenture Trustee, the Note Registrar, the
      Sponsor, the Securities Administrator, the Master Servicer, or the Servicer
      or
      any successor servicer to any obligation or liability (including liabilities
      under ERISA or Section 4975 of the Code) in addition to those undertaken in
      the
      Indenture, which opinion of counsel shall not be an expense of the Depositor,
      the Owner Trustee, the Indenture Trustee, the Note Registrar, the Securities
      Administrator, the Sponsor, the Master Servicer, any Servicer or the Sponsor
      or
      (II) in the case of a transfer of a Class A Note, (A) the acquisition, holding
      and transfer of such Note will not give rise to a non-exempt prohibited
      transaction under Section 406 of ERISA or Section 4975 of the Code and (B)
      if
      the Note is rated, it is rated investment grade or better and we believe that
      such Note is properly treated as indebtedness without substantial equity
      features for purposes of the DOL Regulations and agree to so treat the Note;
      and

     

    (ii)
      the
      Transferor is familiar with the prohibited transaction restrictions and
      fiduciary responsibility requirements of Sections 406 and 407 of ERISA and
      Section 4975 of the Code and understands that each of the parties to which
      this
      certification is made is relying and will continue to rely on the statements
      made in this paragraph.

     

    Very
      truly yours,

     

    
      	 	
              By:

            	
              _____________________________

            

    

    
      	 	
              Name:

            	
              _____________________________

            

    

    
      	 	
              Title:

            	
              _____________________________

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    FORM
      OF
      TRANSFEREE CERTIFICATE

     

    Wilmington
      Trust Company, as Owner Trustee

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      DE 19890

    

    Wells
      Fargo Bank, N.A.,

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    
      	 	
              Re:

            	
              Proposed
                Transfer of Trust Non-Offered Notes, Class [____],

              American
                Home Mortgage Investment Trust 2007-1
                (the “Non-Offered Notes”)

            

    

     

     

    Gentlemen:

     

    This
      certification is being made by ____________________________
      (the
“Transferee”) in connection with the proposed Transfer by _________
      (the
“Transferor”) of a non-offered note (the “Non-Offered Note”) representing __%
      fractional undivided interest in American Home Mortgage Investment Trust 2007-1
      (the “Trust”), issued pursuant to an Indenture, dated as of March 30, 2007 (the
“Indenture”), among American Home Mortgage Investment Trust 2007-1, (the
“Issuing Entity”), Deutsche Bank National Trust Company, as Indenture Trustee
      (the “Indenture Trustee”), and Wells Fargo Bank, N.A., as Securities
      Administrator (the “Securities Administrator”). Initially capitalized terms used
      but not defined herein have the meanings assigned to them in Appendix A to
      the
      Indenture. The Transferor hereby certifies, represents and warrants to, and
      covenants with, the Company, the Owner Trustee and the Note Registrar
      that:

     

    The
      Transferee is a REIT or a Qualified REIT Subsidiary within the meaning of
      Section 856(a) or Section 856(i) of the Code, respectively.

     

    

    
      	 	 
	
              Date:
                   

            	
              Name
                of Transferee

            
	 	 
	 	 
	 	
              Signature

            
	 	 
	 	 
	 	
              Name

            
	 	 
	 	 
	 	
              Title

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      Q

     

    FORM
      OF
      LENDER TRANSFEROR CERTIFICATE

     

    Wilmington
      Trust Company, as Owner Trustee

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      DE 19890

    

    Wells
      Fargo Bank, N.A.,

    as
      Securities Administrator

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    
      	 	
              Re:

            	
              Proposed
                Transfer of Non-Offered Notes, Class [____],

              American
                Home Mortgage Investment Trust 2007-1
                (the “Non-Offered Notes”)

            

    

     

     

    Gentlemen:

     

    This
      certification is being made by ___________ (the “Transferor”) in connection with
      the proposed pledge or transfer to __________ of Class ______ Notes representing
      __% fractional undivided interest in American Home Mortgage Investment Trust
      2007-1, issued pursuant to an Indenture, dated as of March 30, 2007 (the
“Indenture”), among American Home Mortgage Investment Trust 2007-1, (the
“Issuing Entity”), Deutsche Bank National Trust Company, as Indenture Trustee
      (the “Indenture Trustee”), and Wells Fargo Bank, N.A., as Securities
      Administrator (the “Securities Administrator”). Initially capitalized terms used
      but not defined herein have the meanings assigned to them in Appendix A to
      the
      Indenture. The Transferor hereby certifies, represents and warrants to, and
      covenants with, the Owner Trustee, the Indenture Trustee and the Note Registrar
      that:

     

    (a)
      The
      Non-Offered Notes are being pledged by the Transferor to secure indebtedness
      of
      [___________] or is the subject of a loan agreement or repurchase agreement
      treated as secured indebtedness of [___________] for federal income tax purposes
      as permitted under the Indenture; 

     

    (b)
      The
      Non-Offered Notes are being transferred by the related lender under a loan
      agreement or repurchase agreement upon a default under any such indebtedness
      as
      permitted under the Indenture; or

     

    [(c)
      Either:

     

    (i)
      The
      Transfer will not result in a TMP Trigger Event, as evidenced by an opinion
      of
      nationally recognized tax counsel addressed and provided to the Note Registrar,
      the Securities Administrator, the Owner Trustee and the Indenture Trustee (at
      the expense of the proposed transferor or transferee); or 

     

    (ii)
      The
      Transfer will result in a TMP Trigger Event, as evidenced by an opinion of
      nationally recognized tax counsel addressed and provided to the Note Registrar,
      the Securities Administrator, the Owner Trustee and the Indenture Trustee (at
      the expense of the proposed transferor or transferee), and 

     

    
      	 	 	
              (1)
                The Servicer shall have purchased all the REO properties in the Trust
                Estate at their fair market value, 

            

    

     

    
      	 	 	
              (2)
                the party who caused the TMP Trigger Event shall have contributed
                to the
                Trust Estate an amount equal to any allocation of Realized Losses
                on the
                Offered Notes, if any, resulting from the sale of the REO properties
                described in clause (i) above, and

            

    

     

    (3)
      the
      entity that delivered notice causing the REMIC Conversion to be undertaken
      shall
      have made provision for payment satisfactory to the Owner Trustee, the Indenture
      Trustee, the Securities Administrator, the Paying Agent and the Note Registrar
      and others for any initial or ongoing additional administrative expenses
      associated with the REMIC elections.]

     

    
       

      

      
        	 	 
	
                Date:
                     

              	
                
                  Name
                    of Transferor

                

              
	 	 
	 	 
	 	
                Signature

              
	 	 
	 	 
	 	
                Name

              
	 	 
	 	 
	 	
                TitleUnassociated Document

    
       
OPTION
      ONE MORTGAGE LOAN TRUST 2007-FXD1

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-FXD1

    

    AMENDMENT
      NO. 1

    

    Amendment
      No. 1 (the “Amendment”), dated April 20, 2007 and effective as of January 1,
      2007, among Option One Mortgage Acceptance Corporation, as depositor (the
“Depositor”), Option One Mortgage Corporation, as servicer (the “Servicer”) and
      Wells Fargo Bank, N.A., as trustee (the “Trustee”), to the Pooling and Servicing
      Agreement, relating to the above-captioned Asset Backed Certificates (the
“Agreement”), dated as of January 1, 2007, among the Depositor, the Servicer and
      the Trustee. Capitalized terms used herein but not defined herein shall have
      the
      meanings ascribed thereto in the Agreement.

    

    
      	 	
              1.

            	
              Amendment.

            

    

    

    In
      consideration of the mutual agreements herein contained, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree to amend
      the Agreement as follows:

    

    Section
      4.06 of the Agreement is hereby amended with the following bold and double
      underlined language:

    

    SECTION
      4.06.  Distributions
      on the REMIC Regular Interests.

     

    (a)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 1 to
      REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-20-B, pro rata, in an amount equal to (A) the Uncertificated Accrued
      Interest for such REMIC 1 Regular Interests for such Distribution Date, plus
      (B)
      any amounts payable in respect thereof remaining unpaid from previous
      Distribution Dates; 

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, payments of principal shall be allocated to REMIC 1 Regular Interest
      I,
      then to REMIC 1 Regular Interests I-1-A through I-20-B starting with the lowest
      numerical denomination until the Uncertificated Principal Balance of each such
      REMIC 1 Regular Interest is reduced to zero; and

     

    (iii)  to
      the
      Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100%
      of
      the amount paid in respect of Prepayment Charges and (B) on the
      Distribution Date immediately following the expiration of the latest Prepayment
      Charge as identified on the Prepayment Charge Schedule or any Distribution
      Date
      thereafter, at which point such amount shall be distributed to REMIC 1 Regular
      Interest LTP,
      until
      $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts to be distributed by REMIC 2 to REMIC 3 on account of
      the
      REMIC 2 Regular Interests or withdrawn from the Distribution Account and
      distributed to the Holders of the Class R Certificates (in respect of the Class
      R-2 Interest), as the case may be:

     

    (i)  first,
      to
      the Holder of REMIC 2 Regular Interest LT-IO in an amount equal to (A) the
      Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for
      such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates and then to the Holders of REMIC 2 Regular Interest
      LTAA, REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC
      2
      Regular Interest LTIIIA1, REMIC 2 Regular Interest LTIIIA2, REMIC 2 Regular
      Interest LTIIIA3, REMIC 2 Regular Interest LTIIIA4, REMIC 2 Regular Interest
      LTIIIA5, REMIC 2 Regular Interest LTIIIA6 and REMIC 2 Regular Interest LTZZ,
      pro
      rata, in an amount equal to (A) the Uncertificated Accrued Interest for each
      such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts
      in respect thereof remaining unpaid from previous Distribution Dates. Amounts
      payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular
      Interest LTZZ shall be reduced and deferred when the REMIC 2
      Overcollateralization Amount is less than the REMIC 2 Required
      Overcollateralization Amount, by the lesser of (x) the amount of such difference
      and (y) the REMIC 2 Regular Interest LTZZ Maximum Interest Deferral Amount
      and
      such amount will be payable to the Holders of REMIC 2 Regular Interest LTIA1,
      REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2
      Regular Interest LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular
      Interest LTIIIA4, REMIC 2 Regular Interest LTIIIA5 and REMIC 2 Regular Interest
      LTIIIA6, in the same proportion as the Overcollateralization Deficiency is
      allocated to the Corresponding Certificates and the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTZZ shall be increased by such
      amount;

     

    (ii)  second,
      to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
      of the REMIC 2 Marker Allocation Percentage of the Interest Remittance Amount
      and the Principal Payment Amount for such Distribution Date after the
      distributions made pursuant to clause (i) above, allocated as
      follows:

     

    (A)  98.00%
      of
      such remainder (other than amounts payable under clause (C) below) to the
      Holders of REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      until
      the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced
      to zero, provided, however, that the Uncertificated Principal Balance of REMIC
      2
      Regular Interest LT-P shall not be reduced until the
      Distribution Date immediately
      following the expiration of the latest Prepayment Charge as identified on the
      Prepayment Charge Schedule
      or any
      Distribution Date thereafter, at which point such amount shall be distributed
      to
      REMIC 2 Regular Interest LT-P, until $100 has been distributed pursuant to
      this
      clause;

     

    (B)  2.00%
      of
      such remainder, first, to the Holders REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIIA1, REMIC 2 Regular
      Interest LTIIIA2, REMIC 2 Regular Interest LTIIIA3, REMIC 2 Regular Interest
      LTIIIA4, REMIC 2 Regular Interest LTIIIA5 and REMIC 2 Regular Interest LTIIIA6,
      1% in the same proportion as principal payments are allocated to the
      Corresponding Certificates, until the Uncertificated Principal Balances of
      such
      REMIC 2 Regular Interests are reduced to zero and second, to the Holders of
      REMIC 2 Regular Interest LTZZ (other than amounts payable under the proviso
      below), until the Uncertificated Principal Balance of such REMIC 2 Regular
      Interest is reduced to zero; and

     

    (C)  any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-II Interest).

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided
      that REMIC 2 Regular Interest LTP shall not be reduced until the
      Distribution Date immediately
      following the expiration of the latest Prepayment Charge as identified on the
      Prepayment Charge Schedule or any Distribution Date
      thereafter,
      at which
      point such amount shall be distributed to REMIC 2 Regular Interest LTP, until
      $100 has been distributed pursuant to this clause.

     

    (iii)  third,
      to
      the Holders of REMIC 2 Regular Interest LT-SC, REMIC 2 Regular Interest LT-NSC
      and REMIC 2 Regular Interest LT-XX, pro rata, in an amount equal to (A) the
      Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for
      such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates; and

     

    (iv)  fourth,
      to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
      of the REMIC 2 SC Allocation Percentage of the Interest Remittance Amount and
      the Principal Payment Amount for such Distribution Date after the distributions
      made pursuant to clause (iii) above, such that distributions of principal shall
      be deemed to be made to the REMIC 2 Regular Interests first, so as to keep
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LT-SC and REMIC
      2
      Regular Interest LT-NSC equal to 0.01% of the aggregate Certificate Principal
      Balance of the related Corresponding Certificates; second, any remaining
      principal to REMIC 2 Regular Interest LT-XX.

     

    (iv)
           Notwithstanding
      the distributions described in this Section 4.06, distribution of funds shall
      be
      made only in accordance with Section 4.01.

     

    On
      each
      Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest
      LTIO shall be deemed distributed by REMIC 2 to REMIC 3 in respect of the Class
      Swap-IO Interest. Such amounts shall be deemed distributed by REMIC 3 to REMIC
      6
      in respect of REMIC 6 Regular Interest Swap IO. Such amounts shall be deemed
      distributed by REMIC 6 to the Swap Administrator for deposit into the Swap
      Account. 

     

    
      	 	
              2.

            	
              Counterparts.

            

    

    

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

    

    
      	 	
              3.

            	
              Governing
                Law.

            

    

    

    This
      Amendment shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws.

    

    
      	 	
              4.

            	
              Severability
                of Provisions.

            

    

    

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Amendment
      for any reason whatsoever shall be held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Amendment and shall in no
      way
      affect the validity or enforceability of the other provisions of this
      Amendment.

     

    
      	 	
              5.

            	
              Successors
                and Assigns.

            

    

    

    The
      provisions of this Amendment shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto, and all such
      provisions shall inure to the benefit of the Certificateholders.

    

    
      	 	
              6.

            	
              Article
                and Section Headings.

            

    

    

    The
      article and section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    IN
      WITNESS WHEREOF, the Depositor, the Servicer 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.

     

    
      	 	 	 
	 	
              OPTION
                ONE MORTGAGE ACCEPTANCE

              CORPORATION

              as
                Depositor

            
	 
 	 
 	 
 
	 	By:	/s/  Charles
              R. Fulton
	 	
              Name:  

            	 Charles R. Fulton
	 	Title:	
              Assistant
                Secretary

            

    

     

    
      
        	 	 	 
	 	
                OPTION
                  ONE MORTGAGE CORPORATION

                as
                  Servicer

              
	 
 	 
 	 
 
	 	By:	/s/  Charles
                R. Fulton
	 	
                Name:  

              	Charles R. Fulton
	 	Title:	
                Vice
                  President

              

      

      
        	
                 

                 

              	 	 
	 	
                WELLS
                  FARGO BANK, N.A., as Trustee

              
	 
 	 
 	 
 
	 	By:	/s/
                Melissa
                Loiselle
	 	
                Name:  

              	Melissa Loiselle
	 	Title:	
                Vice
                  President

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