Document:

______________________________________

    

    AMENDMENT
      NUMBER ONE

    to
      the

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of June 1, 2007

    among

    ACE
      SECURITIES CORP.

    Depositor

    OCWEN
      LOAN SERVICING, LLC

    Servicer

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION 

    Master
      Servicer and Securities Administrator 

    and

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION 

    Trustee
      

    ______________________________________

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-HE5

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATES

    ______________________________________

    

    THIS
      AMENDMENT NUMBER ONE, dated as of August 20, 2007 (this “Amendment Number One”),
      to the Pooling and Servicing Agreement, dated as of June 1, 2007 (the “Pooling
      and Servicing Agreement”), among ACE SECURITIES CORP., as depositor (the
“Depositor”), OCWEN LOAN SERVICING, LLC, as servicer (the “Servicer”), WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as master servicer (the “Master Servicer”) and
      securities administrator (the “Securities Administrator”) and HSBC BANK USA,
      NATIONAL ASSOCIATION (the “Trustee”).

     

    W
      I T N E
      S S E T H

    

    WHEREAS,
      the Depositor, the Servicer, the Master Servicer, the Securities Administrator
      and the Trustee entered into the Pooling and Servicing Agreement;

     

    WHEREAS,
      the Depositor desires to amend certain provisions of the Pooling and Servicing
      Agreement as set forth in this Amendment Number One; and

     

    WHEREAS,
      Section 12.01 of the Pooling and Servicing Agreement provides that the Pooling
      and Servicing Agreement may be amended from time to time by the Depositor,
      the
      Servicer, the Master Servicer, the Securities Administrator and the Trustee,
      without the consent of any of the Certificateholders, to supplement any
      provision contained therein upon the satisfaction of certain conditions set
      forth therein.

     

    NOW,
      THEREFORE, the parties hereto agree as follows:

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    SECTION
      1. Defined
      Terms.

    

    For
      purposes of this Amendment Number One, unless the context clearly requires
      otherwise, all capitalized terms which are used but not otherwise defined herein
      shall have the respective meanings assigned to such terms in the Pooling and
      Servicing Agreement.

     

    SECTION
      2. The
      Amendments.
      

    

    2.1 Section
      1.01 is hereby amended by adding the following definition:

    

    “Minimum
      Servicing Requirements”:
      With
      respect to a special servicer appointed pursuant to Section 7.11
      hereunder:

     

    (i) the
      proposed special servicer is (1) an affiliate of the Master Servicer that
      services mortgage loans similar to the Mortgage Loans in the jurisdictions
      in
      which the related Mortgaged Properties are located or (2) the proposed special
      servicer has a rating of at least “Above Average” by S&P and either a rating
      of at least “RSS2” by Fitch or a rating of at least “SQ2” by Moody’s;
      and

     

    (ii) the
      proposed special servicer has a net worth of at least $25,000,000.

     

    2.2 Article
      VII is hereby amended by adding the following Section 7.11 directly following
      Section 7.10 thereof:

    

    SECTION
      7.11. Transfer
      of Servicing by Sponsor to a Special Servicer.

    

    With
      respect to any Mortgage Loan serviced by the Servicer which becomes sixty (60)
      or more days delinquent after the Closing Date, the Sponsor may, at its option,
      transfer the servicing responsibilities of the Servicer hereunder with respect
      to such Mortgage Loan. No such servicing transfer shall become effective unless
      and until a successor to the Servicer shall have been appointed to service
      and
      administer the related Mortgage Loans pursuant to a special servicing agreement
      acceptable to the Depositor, the Master Servicer, the NIMS Insurer and the
      Trustee. No appointment shall be effective unless (i) such special servicer
      meets the Minimum Servicing Requirements and (ii) all amounts reimbursable
      to
      the Servicer pursuant to the terms of this Agreement shall have been paid to
      the
      Servicer by the special servicer including without limitation, all unreimbursed
      P&I Advances and Servicing Advances made by the Servicer relating to such
      Mortgage Loan and all out-of-pocket expenses of the Servicer incurred in
      connection with the transfer of servicing to such special servicer, all accrued
      and unpaid Servicing Fees relating to such Mortgage Loan and reimbursement
      of
      the applicable portion of the purchase price paid by the Servicer for the
      servicing rights relating to such Mortgage Loans as set forth in a separate
      letter agreement with the Sponsor or an affiliate. The Sponsor shall provide
      a
      copy of the agreement executed by the special servicer to the Trustee and the
      Master Servicer. If the proposed special servicer does not meet the Minimum
      Servicing Requirements, the Sponsor shall be required to obtain written
      confirmation from the Rating Agencies that such appointment will not result
      in a
      downgrade, qualification or withdrawal of the then current rating of the Offered
      Certificates. The Sponsor shall notify the Credit Risk Manager of any transfer
      of servicing pursuant to this Section 7.11.

    
       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    SECTION
      3. Conditions
      Precedent.
      

    

    The
      following conditions precedent to the effectiveness of this Amendment have
      been
      fulfilled:

     

    3.1 Pursuant
      to Section 12.01 of the Pooling and Servicing Agreement, the Trustee has
      received a letter from each Rating Agency stating that this Amendment Number
      One
      will not result in the downgrading or withdrawal of the respective ratings
      currently assigned to the Certificates

     

    3.2 The
      Trustee has received an Opinion of Counsel as required by Section 12.01 of
      the
      Pooling and Servicing Agreement stating that this Amendment Number One is
      permitted under the Pooling and Servicing Agreement, that all conditions
      precedent to the execution of this Amendment Number One by the Trustee have
      been
      satisfied and that this Amendment Number One will not result in the imposition
      of any tax on any Trust REMIC pursuant to the REMIC Provisions or cause any
      Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
      are
      outstanding and that this Amendment Number One is authorized or permitted by
      the
      Pooling and Servicing Agreement.

     

    SECTION
      4. Effect
      of Amendment.

    

    Upon
      execution of this Amendment Number One, the Pooling and Servicing Agreement
      shall be, and be deemed to be, modified and amended in accordance herewith
      and
      the respective rights, limitations, obligations, duties, liabilities and
      immunities of the Depositor, the Servicer, the Master Servicer, the Securities
      Administrator and the Trustee shall hereafter be determined, exercised and
      enforced subject in all respects to such modifications and amendments, and
      all
      the terms and conditions of this Amendment Number One shall be deemed to be
      part
      of the terms and conditions of the Pooling and Servicing Agreement for any
      and
      all purposes. Except as modified and expressly amended by this Amendment Number
      One, the Pooling and Servicing Agreement is in all respects ratified and
      confirmed, and all the terms, provisions and conditions thereof shall be and
      remain in full force and effect.

     

    SECTION
      5. Binding
      Effect.

    

    The
      provisions of this Amendment Number One 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 Depositor, the Servicer,
      the
      Master Servicer, the Securities Administrator and the Trustee.

    
       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

    

    SECTION
      6. Governing
      Law.

    

    This
      Amendment Number One shall be construed in accordance with the substantive
      laws
      of the State of New York (without regard to conflict of law principles other
      than Section 5-1401 of the New York General Obligations Law which shall govern)
      and the obligations, rights and remedies of the parties hereto shall be
      determined in accordance with such laws.

     

    SECTION
      7. Severability
      of Provisions.

    

    If
      any
      one or more of the provisions or terms of this Amendment Number One shall be
      for
      any reason whatsoever held invalid, then such provisions or terms shall be
      deemed severable from the remaining provisions or terms of this Amendment Number
      One and shall in no way affect the validity or enforceability of the other
      provisions or terms of this Amendment Number One.

     

    SECTION
      8. Section
      Headings.

    

    The
      section headings herein are for convenience of reference only, and shall not
      limit or otherwise affect the meaning hereof.

     

    SECTION
      9. Counterparts.

    

    This
      Amendment Number One may be executed in several counterparts, each of which
      shall be an original and all of which shall constitute but one and the same
      instrument.

     

    

    [signature
      pages follow]

    
       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

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

    

    ACE
      SECURITIES CORP.,

    as
      Depositor

    

    

    By: /s/
      Evelyn
      Echevarria                 

    Name:
      Evelyn Echevarria

    Title:
      Vice President

    

    By:
       /s/
      Doris J.
      Hearn                         

    Name:
      Doris J. Hearn

    Title:
      Vice President

    

    

    OCWEN
      LOAN SERVICING, LLC

    as
      Servicer 

    

    

    By:
       /s/
      Richard
      Delgado                    

    Name:
      Richard Delgado

    Title:
      Authorized Representative

    

    

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

    as
      Master
      Servicer and Securities Administrator

    

    

    By:
       /s/
      Kristen Ann
      Cronin               

    Name:
      Kristen Ann Cronin

    Title:
      Vice President

    

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION,

    as
      Trustee

    

    By:  
      /s/ Susie Moy                             

    Name:
      Susie Moy

    Title:
      Vice PresidentAMENDMENT
      NUMBER ONE

    to
      the

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of June 1, 2007

    among

    ACE
      SECURITIES CORP.

    Depositor

    OCWEN
      LOAN SERVICING, LLC

    Servicer

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION 

    Master
      Servicer and Securities Administrator 

    and

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION 

    Trustee
      

     

    
      

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2007-ASAP2

     

    ASSET
      BACKED PASS-THROUGH CERTIFICATES

     

    
      

    

    

    THIS
      AMENDMENT NUMBER ONE, dated as of August 20, 2007 (this “Amendment Number One”),
      to the Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Pooling
      and Servicing Agreement”), among ACE SECURITIES CORP., as depositor (the
“Depositor”), OCWEN LOAN SERVICING, LLC, as servicer (the “Servicer”), WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as master servicer (the “Master Servicer”) and
      securities administrator (the “Securities Administrator”) and HSBC BANK USA,
      NATIONAL ASSOCIATION (the “Trustee”).

     

    WITNESSETH

    

    WHEREAS,
      the Depositor, the Servicer, the Master Servicer, the Securities Administrator
      and the Trustee entered into the Pooling and Servicing Agreement;

     

    WHEREAS,
      the Depositor desires to amend certain provisions of the Pooling and Servicing
      Agreement as set forth in this Amendment Number One; and

     

    WHEREAS,
      Section 12.01 of the Pooling and Servicing Agreement provides that the Pooling
      and Servicing Agreement may be amended from time to time by the Depositor,
      the
      Servicer, the Master Servicer, the Securities Administrator and the Trustee,
      without the consent of any of the Certificateholders, to supplement any
      provision contained therein upon the satisfaction of certain conditions set
      forth therein.

     

    NOW,
      THEREFORE, the parties hereto agree as follows:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    SECTION
      1. Defined
      Terms.

    

    For
      purposes of this Amendment Number One, unless the context clearly requires
      otherwise, all capitalized terms which are used but not otherwise defined herein
      shall have the respective meanings assigned to such terms in the Pooling and
      Servicing Agreement.

     

    SECTION
      2. The
      Amendments.
      

    

    2.1 Section
      1.01 is hereby amended by adding the following definition:

    

    “Minimum
      Servicing Requirements”:
      With
      respect to a special servicer appointed pursuant to Section 7.11
      hereunder:

     

    (i) the
      proposed special servicer is (1) an affiliate of the Master Servicer that
      services mortgage loans similar to the Mortgage Loans in the jurisdictions
      in
      which the related Mortgaged Properties are located or (2) the proposed special
      servicer has a rating of at least “Above Average” by S&P and either a rating
      of at least “RSS2” by Fitch or a rating of at least “SQ2” by Moody’s;
      and

     

    (ii) the
      proposed special servicer has a net worth of at least $25,000,000.

     

    2.2 Article
      VII is hereby amended by adding the following Section 7.11 directly following
      Section 7.10 thereof:

    

    SECTION
      7.11. Transfer
      of Servicing by Sponsor to a Special Servicer.

    

    With
      respect to any Mortgage Loan serviced by the Servicer which becomes sixty (60)
      or more days delinquent after the Closing Date, the Sponsor may, at its option,
      transfer the servicing responsibilities of the Servicer hereunder with respect
      to such Mortgage Loan. No such servicing transfer shall become effective unless
      and until a successor to the Servicer shall have been appointed to service
      and
      administer the related Mortgage Loans pursuant to a special servicing agreement
      acceptable to the Depositor, the Master Servicer, the NIMS Insurer and the
      Trustee. No appointment shall be effective unless (i) such special servicer
      meets the Minimum Servicing Requirements and (ii) all amounts reimbursable
      to
      the Servicer pursuant to the terms of this Agreement shall have been paid to
      the
      Servicer by the special servicer including without limitation, all unreimbursed
      P&I Advances and Servicing Advances made by the Servicer relating to such
      Mortgage Loan and all out-of-pocket expenses of the Servicer incurred in
      connection with the transfer of servicing to such special servicer, all accrued
      and unpaid Servicing Fees relating to such Mortgage Loan and reimbursement
      of
      the applicable portion of the purchase price paid by the Servicer for the
      servicing rights relating to such Mortgage Loans as set forth in a separate
      letter agreement with the Sponsor or an affiliate. The Sponsor shall provide
      a
      copy of the agreement executed by the special servicer to the Trustee and the
      Master Servicer. If the proposed special servicer does not meet the Minimum
      Servicing Requirements, the Sponsor shall be required to obtain written
      confirmation from the Rating Agencies that such appointment will not result
      in a
      downgrade, qualification or withdrawal of the then current rating of the Offered
      Certificates. The Sponsor shall notify the Credit Risk Manager of any transfer
      of servicing pursuant to this Section 7.11.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    SECTION
      3. Conditions
      Precedent.
      

    

    The
      following conditions precedent to the effectiveness of this Amendment have
      been
      fulfilled:

     

    3.1 Pursuant
      to Section 12.01 of the Pooling and Servicing Agreement, the Trustee has
      received a letter from each Rating Agency stating that this Amendment Number
      One
      will not result in the downgrading or withdrawal of the respective ratings
      currently assigned to the Certificates

     

    3.2 The
      Trustee has received an Opinion of Counsel as required by Section 12.01 of
      the
      Pooling and Servicing Agreement stating that this Amendment Number One is
      permitted under the Pooling and Servicing Agreement, that all conditions
      precedent to the execution of this Amendment Number One by the Trustee have
      been
      satisfied and that this Amendment Number One will not result in the imposition
      of any tax on any Trust REMIC pursuant to the REMIC Provisions or cause any
      Trust REMIC to fail to qualify as a REMIC at any time that any Certificates
      are
      outstanding and that this Amendment Number One is authorized or permitted by
      the
      Pooling and Servicing Agreement.

     

    SECTION
      4. Effect
      of Amendment.

    

    Upon
      execution of this Amendment Number One, the Pooling and Servicing Agreement
      shall be, and be deemed to be, modified and amended in accordance herewith
      and
      the respective rights, limitations, obligations, duties, liabilities and
      immunities of the Depositor, the Servicer, the Master Servicer, the Securities
      Administrator and the Trustee shall hereafter be determined, exercised and
      enforced subject in all respects to such modifications and amendments, and
      all
      the terms and conditions of this Amendment Number One shall be deemed to be
      part
      of the terms and conditions of the Pooling and Servicing Agreement for any
      and
      all purposes. Except as modified and expressly amended by this Amendment Number
      One, the Pooling and Servicing Agreement is in all respects ratified and
      confirmed, and all the terms, provisions and conditions thereof shall be and
      remain in full force and effect.

     

    SECTION
      5. Binding
      Effect.

    

    The
      provisions of this Amendment Number One 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 Depositor, the Servicer,
      the
      Master Servicer, the Securities Administrator and the Trustee.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    SECTION
      6. Governing
      Law.

    

    This
      Amendment Number One shall be construed in accordance with the substantive
      laws
      of the State of New York (without regard to conflict of law principles other
      than Section 5-1401 of the New York General Obligations Law which shall govern)
      and the obligations, rights and remedies of the parties hereto shall be
      determined in accordance with such laws.

     

    SECTION
      7. Severability
      of Provisions.

    

    If
      any
      one or more of the provisions or terms of this Amendment Number One shall be
      for
      any reason whatsoever held invalid, then such provisions or terms shall be
      deemed severable from the remaining provisions or terms of this Amendment Number
      One and shall in no way affect the validity or enforceability of the other
      provisions or terms of this Amendment Number One.

     

    SECTION
      8. Section
      Headings.

    

    The
      section headings herein are for convenience of reference only, and shall not
      limit or otherwise affect the meaning hereof.

     

    SECTION
      9. Counterparts.

    

    This
      Amendment Number One may be executed in several counterparts, each of which
      shall be an original and all of which shall constitute but one and the same
      instrument.

     

    

    [signature
      pages follow]

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

    

    ACE
      SECURITIES CORP.,

    as
      Depositor

    

    

    By: /s/
      Evelyn Echevarria            

    Name:
      Evelyn Echevarria

    Title:
      Vice President

    

    By:
       /s/
      Doris J. Hearn              

    Name:
      Doris J. Hearn

    Title:
      Vice President

    

    

    OCWEN
      LOAN SERVICING, LLC

    as
      Servicer 

    

    

    By: 
      /s/ Richard Delgado            

    Name:
      Richard Delgado

    Title: Authorized
      Representative

    

    

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

    as
      Master
      Servicer and Securities Administrator

    

    

    By:
       /s/
      Kristen Ann Cronin            

    Name:
      Kristen Anne Cronin

    Title:
      Vice President

    

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION,

    as
      Trustee

    

    By: 
      /s/ Susie Moy                

    Name:
      Susie Moy

    Title:
      Vice President

    

    

    
      
        
        

      

      
        5

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