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Exhibit 1.2
EXECUTION
FIRST HORIZON ASSET SECURITIES
INC.
MORTGAGE PASS-THROUGH
CERTIFICATES
SERIES 2007-AA2
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. |
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New York, New York
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| 4000 Horizon Way
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June 27, 2007
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| Irving, Texas 75063
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Bear, Stearns & Co. Inc. (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-AA2,
Mortgage Pass-Through Certificates, Series 2007-AA2 (the
“Series 2007-AA2 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-AA2 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-AA2 Certificates shall evidence the
entire beneficial ownership interest in two mortgage pools
(“Pool I” and “Pool II” and, collectively,
the “Mortgage Pools”) of primarily 30-year adjustable
rate, first lien, 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”):
(a)
Aggregate Principal Amount of the Mortgage
Pools : Approximately $242,004,675
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.
(b)
Original Terms to Maturity
: The original term to maturity of each Mortgage
Loan included in Pool I shall be 360 months. The original term to
maturity of each Mortgage Loan included in Pool II shall be 360
months.
Section 2.
The Certificates : The Offered Certificates shall be issued as
follows:
(a)
Classes : The
Offered Certificates shall be issued with the following Class
designations, initial pass-through rates and class
principal
227942 FHAMS
2007-AA2
Underwriting Terms Agreement
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