0001162318-07-000553 Sample Contracts

MASTER AGREEMENT
Isda Master Agreement • May 11th, 2007 • PHH Alternative Mortgage Trust, Series 2007-2 • 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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SCHEDULE to the Master Agreement
Master Agreement • May 11th, 2007 • PHH Alternative Mortgage Trust, Series 2007-2 • Asset-backed securities • New York

All terms used herein and not otherwise defined are given their meaning in the Pooling and Servicing Agreement for PHH Alternative Mortgage Trust, Series 2007-2 dated as of April 1, 2007 among Deutsche Alt-A Securities, Inc., as depositor, Wells Fargo Bank, N. A., as master servicer and securities administrator, and HSBC Bank USA, National Association, as trustee (the “Pooling and Servicing Agreement”).

ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement • May 11th, 2007 • PHH Alternative Mortgage Trust, Series 2007-2 • Asset-backed securities • New York

This Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) is made and entered into as of April 1, 2007 (the “Closing Date”), among Deutsche Alt-A Securities, Inc. (the “Assignor”), having an address at 60 Wall Street, New York, New York 10005, 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 (the “Maste

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