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Exhibit 1.3
EXECUTION
FIRST HORIZON ASSET SECURITIES
INC.
MORTGAGE PASS-THROUGH
CERTIFICATES
SERIES 2007-FA4
TERMS
AGREEMENT
(to Underwriting Agreement,
dated February 24, 2006
among the Company, First Horizon
Home Loan Corporation
and the Underwriter)
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First Horizon Asset Securities Inc.
4000 Horizon Way
Irving, Texas 75063
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New York, New York
June 27, 2007
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Credit Suisse Securities (USA) LLC (the “
Underwriter ”) agrees, subject to the terms and provisions herein
and of the captioned Underwriting Agreement (the “
Underwriting Agreement ”), to purchase such Classes of First Horizon
Alternative Mortgage Securities Trust 2007-FA4, Mortgage
Pass-Through Certificates, Series 2007-FA4 (the “Series
2007-FA4 Certificates”) specified in Section 2(a) hereof (the
“Offered Certificates”) specified in Section 2(a)
hereof (the “ Offered
Certificates ”). This letter
supplements and modifies the Underwriting Agreement solely as it
relates to the purchase and sale of the Offered Certificates
described below. The Series 2007-FA4 Certificates are registered
with the Securities and Exchange Commission by means of an
effective Registration Statement (No. 333-143015). Capitalized
terms used and not defined herein have the meanings given them in
the Underwriting Agreement.
Section 1. The Mortgage
Pools : The Series 2007-FA4
Certificates shall evidence the entire beneficial ownership
interest in two mortgage pools (“ Pool I ” and
“ Pool II ” and, collectively, the “
Mortgage Pools ”) of conventional, fixed rate, fully amortizing,
one-to-four-family residential mortgage 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 Pools : Approximately
$413,005,657 aggregate principal balance as of the Cut-off Date,
subject to an upward or downward variance of up to 5%, the precise
aggregate principal balance to be determined by the
Company.
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(b) Original Terms to
Maturity : The original term to
maturity of each Mortgage Loan included in Pool I shall be between
240 and 360 months. The original term to maturity of each Mortgage
Loan included in Pool II shall be 180 months. |
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Section
2 . The Certificates
: The Offered Certificates shall be issued as
follows: |
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228045 FHAMS
2007-FA4
Credit Suisse/First Horizon Underwriting Terms Agreement
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(a) Classes : The Offered
Certificates shall be issued with the following Class designations,
interest rates and principal balances, subject in the aggregate to
the variance referred to in Section 1(a) and, as to any particular
Class, to an upward or downward variance of up to 5%: |
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Initial
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Required Ratings |
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Approximate |
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Pass-Through |
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Class Purchase
Price
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| Class |
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Class Principal Balance |
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Rate
(1
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Percentage
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Fitch
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S&P
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Moody’s
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| Class
I-A-1 |
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$ |
67,500,000 |
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5.920%
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100.421875000%
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AAA
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AAA
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Aaa
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| Class
I-A-2 |
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$ |
67,500,000 |
(2) |
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0.330%
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-
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AAA
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AAA
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N/A
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| Class
I-A-3 |
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$ |
50,000,000 |
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6.250%
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100.421875000 %
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AAA
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AAA
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N/A
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| Class
I-A-4 |
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$ |
34,561,000 |
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6.250
%
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100.421875000%
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AAA
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AAA
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Aaa
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| Class
I-A-5 |
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$ |
24,148,000 |
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6.250%
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100.421875000%
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AAA
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AAA
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N/A
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| Class
I-A-6 |
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$ |
60,000,000 |
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8.000
% (3)
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100.421875000%
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AAA
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AAA
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N/A
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| Class
I-A-7 |
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$ |
25,000,000 |
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6.000%
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100.421875000 %
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AAA
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AAA
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Aaa
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| Class
I-A-8 |
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$ |
20,000,000 |
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6.250
%
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100.421875000%
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AAA
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AAA
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Aaa
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| Class |
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