Novation Confirmation
Novation Confirmation
Date:
6 February 2007
To:
U.S. Bank National Association, not in its individual capacity but solely as Trustee on behalf of the Supplemental Interest Trust created under the Pooling and Servicing Agreement in respect of Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1
To:
Credit Suisse Management LLC
From:
Credit Suisse International (“CSIN”)
Re:
Novation Transaction
External ID: 9357467NOV
______________________________________________________________________________
Dear Sir/Madam:
The purpose of this letter is to confirm the terms and conditions of the Novation Transaction entered into between the parties and effective from the Novation Date specified below. This Novation Confirmation constitutes a "Confirmation" as referred to in the New Agreement specified below.
1.
The definitions and provisions contained in the 2004 ISDA Novation Definitions (the "Definitions") and the terms and provisions of the 2000 ISDA definitions (the "Product Definitions"), each as published by the International Swaps and Derivatives Association, Inc. and amended from time to time, are incorporated in this Novation Confirmation. In the event of any inconsistency between (i) the Definitions, (ii) the Product Definitions and/or (iii) the Novation Agreement and this Novation Confirmation, this Novation Confirmation will govern. In the event of any inconsistency between the Novation Confirmation and the New Confirmation, the New Confirmation will govern for the purpose of the New Transaction.
2.
Any term used herein but not defined herein shall have the meaning specified in the Pooling and Servicing Agreement for Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 20070-HE1 (the "PSA").
3.
The terms of the Novation Transaction to which this Novation Confirmation relates are as follows:
| Novation Date: | 6 February 2007 |
| Novated Amount: | 100% of the Notional Amount of the Old Transaction |
| Transferor: | Credit Suisse Management LLC |
| Transferee: | The Supplemental Interest Trust created under the Pooling and Servicing Agreement for Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1 |
| Remaining Party: | Credit Suisse International |
| New Agreement (between Transferee and Remaining Party): | 1992 ISDA Master Agreement dated as of 6 February 2007 |
4.
The terms of the Old Transaction to which this Novation Confirmation relates, for identification purposes, are as follows:
| Trade Date of Old Transaction: | 20 December 2006 |
| Effective Date of Old Transaction: | 6 February 2007 |
| Termination Date of Old Transaction: | 25 January 2012 |
5.
The terms of the New Transaction to which this Novation Confirmation relates shall be as specified in the New Confirmation attached hereto as Exhibit A.
| Full First Calculation Period: | Applicable |
6.
Miscellaneous Provisions:
| Non-Reliance: | Applicable |
For the purpose of facilitating this Transaction, an Affiliate of CSIN, which is organized in the United States of America (the "Agent"), has acted as agent for CSIN. The Agent is not a principal with respect to this Transaction and shall have no responsibility or liability to the parties as a principal with respect to this Transaction.
Credit Suisse International is authorized and regulated by the Financial Services Authority and has entered into this transaction as principal. The time at which the above transaction was executed will be notified to the parties on request.
The parties confirm their acceptance to be bound by this Novation Confirmation as of the Novation Date by executing a copy of this Novation Confirmation and returning it to us. The Transferor, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to the Old Transaction. The Transferee, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to the New Transaction.
Credit Suisse International
By: /s/ Carole Villoresi
Name: Carole Villoresi
Title: Authorized Signatory
Credit Suisse Management LLC
By: /s/ Yolanda Perez-Wilson
Name: Yolanda Perez-Wilson
Title: Assistant Vice President
Complex Product Support
U.S. Bank National Association, not in its individual or corporate capacity, but solely as Trustee on behalf of the Supplemental Interest Trust created under the Pooling and Servicing Agreement in respect of Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1.
By: /s/ Sheryl Christopherson
Name: S. Christopherson
Title: Vice President
Our Reference No: External ID: 9357467NOV / Risk ID: 563240043
EXHIBIT A
This New Confirmation amends, restates and supersedes in its entirety all Confirmation(s) dated prior to the date hereof in respect of this New Transaction.
