PHH Alternative Mortgage Trust, Series 2007-3 Sample Contracts

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ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement • July 13th, 2007 • PHH Alternative Mortgage Trust, Series 2007-3 • Asset-backed securities • New York

This Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) is made and entered into as of June 1, 2007 (the “Closing Date”), among ACE Securities Corp. (the “Assignor”), having an address at 6525 Morrison Blvd., Suite 318, Charlotte, North Carolina 28211, HSBC Bank USA, National Association, as trustee (the “Trustee” or “Assignee”), having an address at 452 Fifth Avenue, New York, New York 10018, PHH Mortgage Corporation, a seller under the Purchase and Servicing Agreement referenced below (in such capacity, “PHHMC”), and the servicer under the Purchase and Servicing Agreement referenced below (in such capacity, the “Servicer”) and Bishop’s Gate Residential Mortgage Trust, a seller under the Purchase and Servicing Agreement referenced below (the “Company” and together with PHHMC, each a “Seller” and collectively, the “Sellers”) having an address at 3000 Leadenhall Road, Mt. Laurel, NJ 08054, and acknowledged and agreed to by Wells Fargo Bank, N.A., as master servicer

MASTER AGREEMENT
Isda Master Agreement • July 13th, 2007 • PHH Alternative Mortgage Trust, Series 2007-3 • Asset-backed securities • New York

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.

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