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Exhibit 1.2
EXECUTION
FIRST HORIZON ASSET SECURITIES
INC.
HOME EQUITY LOAN ASSET BACKED
NOTES
SERIES 2007-HE1
TERMS AGREEMENT
(to
Underwriting Agreement,
dated March 27, 2006
among the Company, First Tennessee
Bank National Association and the Underwriter)
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First Horizon Asset Securities Inc.
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Memphis, Tennessee
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4000 Horizon Way
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June 19, 2007
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Irving, Texas 75063
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FTN
Financial Capital Markets (the “Underwriter”) agrees,
subject to the terms and provisions herein and of the captioned
Underwriting Agreement (the “Underwriting Agreement”),
to purchase such Classes of Series 2007-HE1 Notes specified in
Section 2(a) hereof (the “Offered Notes”). This letter
supplements and modifies the Underwriting Agreement solely as it
relates to the purchase and sale of the Offered Notes described
below. The Series 2007-HE1 Notes are registered with the Securities
and Exchange Commission by means of an effective Registration
Statement (No. 333-137018). A Preliminary Prospectus Supplement,
dated June 15, 2007, has been prepared by the Company. Capitalized
terms used and not defined herein have the meanings given them in
the Underwriting Agreement.
Section
1. The Mortgage Loan Pool : The Series 2007-HE1 Notes shall
be secured by a Mortgage Loan pool (the “Mortgage Loan
Pool”) of adjustable-rate home equity line of credit loans
(the “Mortgage Loans”) having the following
characteristics as of June 1, 2007 (the “Cut-off
Date”):
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(a)
Aggregate Principal Amount of the Mortgage Loans Pool :
Approximately $309,616,335 aggregate principal balance as of the
Cut-off Date, subject to an upward or downward variance of up to
5%, the precise aggregate principal balance to be determined by the
Company.
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(b)
Original Terms to Maturity : The original term to maturity
of each Mortgage Loan included in the Mortgage Loan Pool shall be
between 200 and 266 months.
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Section
2. The Notes
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