Exhibit 4.1
                                 -----------


                                                                EXECUTION COPY
--------------------------------------------------------------------------------
                                 CWABS, INC.,
                                  Depositor

                        COUNTRYWIDE HOME LOANS, INC.,
                                    Seller
                              PARK MONACO INC.,
                                    Seller
                               PARK SIENNA LLC,
                                    Seller
                     COUNTRYWIDE HOME LOANS SERVICING LP,
                               Master Servicer
                            THE BANK OF NEW YORK,
                                   Trustee
                                     and


                  THE BANK OF NEW YORK TRUST COMPANY, N.A.,
                                  Co-Trustee



                          ---------------------------
                       POOLING AND SERVICING AGREEMENT
                         ---------------------------

                         Dated as of November 1, 2005


                  ASSET-BACKED CERTIFICATES, SERIES 2005-AB4


<PAGE>

                               Table of Contents
                               -----------------

                                                                          Page
                                                                          ----


                                  ARTICLE I.
                                 DEFINITIONS

Section 1.01    Defined Terms.................................................10
Section 1.02    Certain Interpretive Provisions...............................51

                                 ARTICLE II.
         CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

Section 2.01    Conveyance of Mortgage Loans..................................51
Section 2.02    Acceptance by Trustee of the Mortgage Loans...................58
Section 2.03    Representations, Warranties and Covenants of the Master
                Servicer and the Sellers......................................64
Section 2.04    Representations and Warranties of the Depositor...............83
Section 2.05    Delivery of Opinion of Counsel in Connection with
                Substitutions and Repurchases.................................84
Section 2.06    Authentication and Delivery of Certificates...................85
Section 2.07    Covenants of the Master Servicer..............................85

                                 ARTICLE III.
                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01    Master Servicer to Service Mortgage Loans.....................85
Section 3.02    Subservicing; Enforcement of the Obligations of
                Master Servicer...............................................87
Section 3.03    Rights of the Depositor, the Sellers, the Certificateholders,
                the NIM Insurer and the Trustee in Respect of
                the Master Servicer...........................................88
Section 3.04    Trustee to Act as Master Servicer.............................89
Section 3.05    Collection of Mortgage Loan Payments; Certificate
                Account; Distribution Account; Pre-Funding Account;
                Seller Shortfall Interest Requirement.........................90
Section 3.06    Collection of Taxes, Assessments and Similar Items;
                Escrow Accounts...............................................93
Section 3.07    Access to Certain Documentation and Information
                Regarding the Mortgage Loans..................................93
Section 3.08    Permitted Withdrawals from the Certificate Account,
                Distribution Account, Carryover Reserve Fund and
                the Principal Reserve Fund....................................94
Section 3.09    [Reserved]....................................................97
Section 3.10    Maintenance of Hazard Insurance...............................97
Section 3.11    Enforcement of Due-On-Sale Clauses; Assumption Agreements.....98
Section 3.12    Realization Upon Defaulted Mortgage Loans; Determination
                of Excess Proceeds and Realized Losses; Repurchase
                of Certain Mortgage Loans.....................................99
Section 3.13    Co-Trustee to Cooperate; Release of Mortgage Files...........102
Section 3.14    Documents, Records and Funds in Possession of Master
                Servicer to be Held for the Trustee..........................104

                                      i

<PAGE>


Section 3.15    Servicing Compensation.......................................104
Section 3.16    Access to Certain Documentation..............................104
Section 3.17    Annual Statement as to Compliance............................105
Section 3.18    Annual Independent Public Accountants' Servicing
                Statement; Financial Statements..............................105
Section 3.19    [Reserved]...................................................106
Section 3.20    Prepayment Charges...........................................106
Section 3.21    Swap Contract................................................107

                                 ARTICLE IV.
              DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

Section 4.01    Advances; Remittance Reports.................................108
Section 4.02    Reduction of Servicing Compensation in Connection
                with Prepayment Interest Shortfalls..........................110
Section 4.03    [Reserved]...................................................110
Section 4.04    Distributions................................................110
Section 4.05    Monthly Statements to Certificateholders.....................117
Section 4.06    [Reserved]...................................................120
Section 4.07    Carryover Reserve Fund.......................................120
Section 4.08    Credit Comeback Excess Account...............................120
Section 4.09    Swap Trust and Swap Account..................................121

                                  ARTICLE V.
                               THE CERTIFICATES

Section 5.01    The Certificates.............................................122
Section 5.02    Certificate Register; Registration of Transfer
                and Exchange of Certificates.................................123
Section 5.03    Mutilated, Destroyed, Lost or Stolen Certificates............127
Section 5.04    Persons Deemed Owners........................................127
Section 5.05    Access to List of Certificateholders' Names and Addresses....127
Section 5.06    Book-Entry Certificates......................................128
Section 5.07    Notices to Depository........................................129
Section 5.08    Definitive Certificates......................................129
Section 5.09    Maintenance of Office or Agency..............................129

                                 ARTICLE VI.
              THE DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

Section 6.01    Respective Liabilities of the Depositor, the Master
                Servicer and the Sellers.....................................130
Section 6.02    Merger or Consolidation of the Depositor, the Master
                Servicer or the Sellers......................................130
Section 6.03    Limitation on Liability of the Depositor, the Sellers,
                the Master Servicer, the NIM Insurer and Others..............130
Section 6.04    Limitation on Resignation of Master Servicer.................131

                                      ii

<PAGE>


Section 6.05    Errors and Omissions Insurance; Fidelity Bonds...............131

                                 ARTICLE VII.
                   DEFAULT; TERMINATION OF MASTER SERVICER

Section 7.01    Events of Default............................................132
Section 7.02    Trustee to Act; Appointment of Successor.....................134
Section 7.03    Notification to Certificateholders...........................135

                                ARTICLE VIII.
                  CONCERNING THE TRUSTEE AND THE CO-TRUSTEE

Section 8.01    Duties of Trustee............................................135
Section 8.02    Certain Matters Affecting the Trustee........................137
Section 8.03    Trustee Not Liable for Mortgage Loans........................138
Section 8.04    Trustee May Own Certificates.................................138
Section 8.05    Master Servicer to Pay Trustee's Fees and Expenses...........138
Section 8.06    Eligibility Requirements for Trustee.........................139
Section 8.07    Resignation and Removal of Trustee...........................139
Section 8.08    Successor Trustee............................................140
Section 8.09    Merger or Consolidation of Trustee...........................141
Section 8.10    Appointment of Co-Trustee or Separate Trustee................141
Section 8.11    Tax Matters..................................................142
Section 8.12    Co-Trustee...................................................145
Section 8.13    Access to Records of the Trustee.............................148
Section 8.14    Suits for Enforcement........................................148

                                 ARTICLE IX.
                                 TERMINATION

Section 9.01    Termination upon Liquidation or Repurchase of all
                Mortgage Loans...............................................148
Section 9.02    Final Distribution on the Certificates.......................149
Section 9.03    Additional Termination Requirements..........................150

                                  ARTICLE X.
                           MISCELLANEOUS PROVISIONS

Section 10.01   Amendment....................................................151
Section 10.02   Recordation of Agreement; Counterparts.......................153
Section 10.03   Governing Law................................................153
Section 10.04   Intention of Parties.........................................154
Section 10.05   Notices......................................................154
Section 10.06   Severability of Provisions...................................156
Section 10.07   Assignment...................................................156
Section 10.08   Limitation on Rights of Certificateholders...................156
Section 10.09   Inspection and Audit Rights..................................157
Section 10.10   Certificates Nonassessable and Fully Paid....................157
Section 10.11   Rights of NIM Insurer........................................157


                                     iii


<PAGE>

Exhibits
--------

EXHIBIT A       Forms of Certificates
EXHIBIT A-1     Form of Class 1-A Certificate
EXHIBIT A-2     Form of Class 2-A-1 Certificate
EXHIBIT A-3     Form of Class 2-A-2 Certificate
EXHIBIT A-4     Form of Class 2-A-3 Certificate
EXHIBIT A-5     Form of Class 2-A-4 Certificate
EXHIBIT A-6     Form of Class M-1 Certificate
EXHIBIT A-7     Form of Class M-2 Certificate
EXHIBIT A-8     Form of Class M-3 Certificate
EXHIBIT A-9     Form of Class M-4 Certificate
EXHIBIT A-10    Form of Class M-5 Certificate
EXHIBIT A-11    Form of Class M-6 Certificate
EXHIBIT A-12    Form of Class M-7 Certificate
EXHIBIT A-13    Form of Class M-8 Certificate
EXHIBIT A-14    Form of Class B Certificate
EXHIBIT B       Form of Class P Certificate
EXHIBIT C       Form of Class C Certificate
EXHIBIT D       Form of Class A-R Certificate
EXHIBIT E       Form of Tax Matters Person Certificate
EXHIBIT F       Mortgage Loan Schedule
EXHIBIT F-1     List of Mortgage Loans
EXHIBIT F-2     Mortgage Loans for which All or a Portion of a Related Mortgage
                       File is not Delivered to the Trustee on or prior to the
                       Closing Date
EXHIBIT G       Forms of Certification of Trustee
EXHIBIT G-1     Form of Initial Certification of Trustee (Initial
                        Mortgage Loans)
EXHIBIT G-2     Form of Interim Certification of Trustee
EXHIBIT G-3     Form of Delay Delivery Certification
EXHIBIT G-4     Form of Initial Certification of Trustee (Subsequent
                        Mortgage Loans)
EXHIBIT H       Form of Final Certification of Trustee
EXHIBIT I       Transfer Affidavit for Class A-R Certificates
EXHIBIT J-1     Form of Transferor Certificate for Class A-R Certificates
EXHIBIT J-2     Form of Transferor Certificate for Private Certificates
EXHIBIT K       Form of Investment Letter (Non-Rule 144A)
EXHIBIT L       Form of Rule 144A Letter
EXHIBIT M       Form of Request for Document Release
EXHIBIT N       Form of Request for File Release
EXHIBIT O       Copy of Depository Agreement
EXHIBIT P       Form of Subsequent Transfer Agreement
EXHIBIT Q       [Reserved]
EXHIBIT R       [Reserved]
EXHIBIT S-1     [Reserved]

                                      iv

<PAGE>


EXHIBIT S-2     [Reserved]
EXHIBIT T       Officer's Certificate with respect to Prepayments
EXHIBIT U       Form of Swap Contract
EXHIBIT V-1     Form of Swap Contract Assignment Agreement
EXHIBIT V-2     Form of Swap Contract Administration Agreement
EXHIBIT V-3     Form of Swap Guarantee
SCHEDULE I      Prepayment Charge Schedule and Prepayment Charge Summary
SCHEDULE II     Collateral Schedule

                                      v

<PAGE>


     POOLING AND SERVICING AGREEMENT, dated as of November 1, 2005, by and
among CWABS, INC., a Delaware corporation, as depositor (the "Depositor"),
COUNTRYWIDE HOME LOANS, INC., a New York corporation, as seller ("CHL" or a
"Seller"), PARK MONACO INC., a Delaware corporation, as a seller ("Park
Monaco" or a "Seller"), PARK SIENNA LLC, a Delaware limited liability company,
as a seller ("Park Sienna" or a "Seller", and together with CHL and Park
Monaco, the "Sellers"), COUNTRYWIDE HOME LOANS SERVICING LP, a Texas limited
partnership, as master servicer (the "Master Servicer"), THE BANK OF NEW YORK,
a New York banking corporation, as trustee (the "Trustee"), and THE BANK OF
NEW YORK TRUST COMPANY, N.A., a national banking association, as co-trustee
(the "Co-Trustee").

                            PRELIMINARY STATEMENT

     The Depositor is the owner of the Trust Fund that is hereby conveyed to
the Trustee in return for the Certificates. The Trust Fund (excluding the
Credit Comeback Excess Account, the Carryover Reserve Fund and the assets held
in the Pre-Funding Account) for federal income tax purposes will consist of
four REMICs ("REMIC 1," "REMIC 2," "REMIC 3" and the "Master REMIC"). Each
Certificate, other than the Class A-R Certificate, will represent ownership of
one or more regular interests in the Master REMIC for purposes of the REMIC
Provisions. The Class A-R Certificate represents ownership of the sole class
of residual interest in REMIC 1, REMIC 2, REMIC 3 and the Master REMIC. The
Master REMIC will hold as assets the several classes of uncertificated REMIC 3
Interests (other than the R-3-R Interest). Each REMIC 3 Interest (other than
the R-3-R Interest) is hereby designated as a regular interest in REMIC 3.
REMIC 3 will hold as assets the several classes of REMIC 2 Interests (other
than the R-2-R Interest). Each REMIC 2 Interest (other than the R-2-R
Interest) is hereby designated as a regular interest in REMIC 2. REMIC 2 will
hold as assets the several classes of REMIC 1 Interests (other than the R-1-R
Interest). Each REMIC 1 Interest (other than the R-1-R Interest) is hereby
designated as a regular interest in REMIC 1. REMIC 1 will hold as assets all
property of the Trust Fund (excluding the Credit Comeback Excess Account, the
Carryover Reserve Fund and the assets held in the Pre-Funding Account). The
latest possible maturity date of all REMIC regular interests created in this
Agreement shall be the Latest Possible Maturity Date.

        REMIC 1:

     The REMIC 1 Interests will have the principal balances, pass-through
rates and Corresponding Loan Groups as set forth below.

<TABLE>

<CAPTION>
                        Initial           Pass-Through            Corresponding
REMIC 1 Interests       Balance               Rate                Loan Group(s)
-----------------    -------------       --------------          ---------------

<S>                       <C>                  <C>                     <C>

R-1-1-I............       (1)                  (5)                     1
R-1-1-S............       (2)                  (6)                     1
R-1-2-I............       (1)                  (5)                     2
R-1-2-S............       (2)                  (6)                     2
R-1-X..............       (3)                  (7)                  1 and 2
R-1-P..............    $100.00                 (8)                    N/A
R-1-R..............       (4)                  (4)                    N/A
---------------
</TABLE>


<PAGE>


(1)  The principal balance of each REMIC 1 Interest having an "I"
     designation is the principal balance of all the Initial Mortgage Loans in
     the Corresponding Loan Group.

(2)  The principal balance of each REMIC 1 Interest having an "S"
     designation is the principal balance of all the Subsequent Mortgage Loans
     in the Corresponding Loan Group.

(3)  This REMIC 1 Interest pays no principal.

(4)  The R-1-R Interest is the sole class of residual interest in REMIC 1.
     It has no principal balance and pays no principal or interest.

(5)  The interest rate for this REMIC 1 Interest with respect to any
     Distribution Date (and the related Accrual Period) through the
     Distribution Date in January 2006 is a per annum rate equal to the
     weighted average of the Adjusted Net Mortgage Rates of the Initial
     Mortgage Loans in the Corresponding Loan Group. For any Distribution Date
     (and the related Accrual Period) following the Distribution Date in
     January 2006, the interest rate for this REMIC 1 Interest is a per annum
     rate equal to the weighted average of the Adjusted Net Mortgage Rates of
     all the Mortgage Loans in the Corresponding Loan Group.

(6)  The interest rate for this REMIC 1 Interest with respect to any
     Distribution Date (and the related Accrual Period) through the
     Distribution Date in January 2006 is a per annum rate equal to 0.00%. For
     any Distribution Date (and the related Accrual Period) following the
     Distribution Date in January 2006, the interest rate for this REMIC 1
     Interest is a per annum rate equal to the weighted average of the
     Adjusted Net Mortgage Rates of all the Mortgage Loans in the
     Corresponding Loan Group.

(7)  For any Distribution Date (and the related Accrual Period) through
     the Distribution Date in January 2006, this REMIC 1 Interest is entitled
     to all the interest payable with respect to the Subsequent Mortgage Loans
     in the Corresponding Loan Group (or Groups). For any Distribution Date
     (and the related Accrual Period) following the Distribution Date in
     January 2006, the interest rate for this REMIC 1 Interest is a per annum
     rate equal to 0.00%.

(8)  The R-1-P Interest is entitled to all Prepayment Charges collected
     with respect to the Mortgage Loans. It pays no interest.

     On each Distribution Date, the Interest Funds and the Principal
Distribution Amount of the Corresponding Loan Groups shall be distributed with
respect to the REMIC 1 Interests in the following manner:

     (1) Interest. Interest is to be distributed with respect to each REMIC 1
Interest at the rate, or according to the formulas, described above.

     (2) Principal. For any Distribution Date (and the related Accrual Period)
through the Distribution Date in January 2006, the Principal Distribution
Amount with respect to the Initial Mortgage Loans in a Loan Group shall be
allocated to its corresponding "I" REMIC 1 Interests, and the Principal
Distribution Amount with respect to the Subsequent Mortgage Loans in a Loan

                                      2

<PAGE>

Group shall be allocated to its corresponding "S" REMIC 1 Interests. For any
Distribution Date (and the related Accrual Period) after the Distribution Date
in January 2006, the Principal Distribution Amount with respect to all
Mortgage Loans in a Loan Group shall be allocated in proportion to its
corresponding REMIC 1 Interests.

      REMIC 2:

     The REMIC 2 Interests will have the principal balances, pass-through
rates and Corresponding Loan Groups as set forth below. For the purpose of the
descriptions that follow, Loan Group 1 and Loan Group 2 and the REMIC 2
Interests corresponding to Loan Group 1 and Loan Group 2 are referred to, from
time to time, as the "Variable Loan Groups" and the "Variable Interests,"
respectively.

<TABLE>

<CAPTION>
                                                Initial           Pass-Through            Corresponding
REMIC 2 Interests                               Balance               Rate                  Loan Group
-----------------                            -------------       --------------          ---------------

<S>                                               <C>                  <C>                     <C>

R-2-A-1 (0.9% of SCB Group 1...............       (1)                  (2)                     1
R-2-B-1 (0.1% of SCB Group 1)..............       (1)                  (2)                     1
R-2-C-1 (0.9% of ASCB Group 1).............       (1)                  (2)                     1
R-2-D-1 (0.1% of ASCB Group 1).............       (1)                  (2)                     1
R-2-E-1 (Excess of Group 1)................       (1)                  (2)                     1
R-2-A-2 (0.9% of SCB Group 2)..............       (1)                  (3)                     2
R-2-B-2 (0.1% of SCB Group 2)..............       (1)                  (3)                     2
R-2-C-2 (0.9% of ASCB Group 2).............       (1)                  (3)                     2
R-2-D-2 (0.1% of ASCB Group 2).............       (1)                  (3)                     2
R-2-E-2 (Excess of Group 2)................       (1)                  (3)                     2
R-2-P......................................      $100                  (4)                    N/A
R-2-R......................................       (5)                  (5)                    N/A
R-2-X......................................       (6)                  (7)                    N/A
---------------
</TABLE>

(1)  Each REMIC 2 Interest having an "R-2-A-" designation (each, an "R-2-A
     Interest") will have a principal balance initially equal to 0.9% of the
     Subordinate Component Balance ("SCB") of its Corresponding Loan Group.
     Each REMIC 2 Interest having an "R-2-B-" designation (each, an "R-2-B
     Interest") will have a principal balance initially equal to 0.1% of the
     SCB of its Corresponding Loan Group. Each REMIC 2 Interest having an
     "R-2-C-" designation (each, an "R-2-C Interest") will have a principal
     balance initially equal to 0.9% of the Adjusted Subordinate Component
     Balance ("ASCB") of its Corresponding Loan Group. Each REMIC 2 Interest
     having an "R-2-D-" designation (each, an "R-2-D Interest") will have a
     principal balance initially equal to 0.1% of the ASCB of its
     Corresponding Loan Group. The initial principal balance of each REMIC 2
     Interest having an "R-2-E-" designation (each, an "R-2-E Interest") will
     equal the excess of its Corresponding Loan Group over the initial
     aggregate principal balances of the R-2-A, R-2-B, R-2-C and R-2-D
     Interests corresponding to such Loan Group.

(2)  A rate equal to the weighted average of the pass-through rates of the
     R-1-1-I and R-1-1-S Interests (the "Loan Group 1 Net Rate Cap").

                                      3

<PAGE>




(3)  A rate equal to the weighted average of the pass-through rates of the
     R-1-2-I and R-1-2-S Interests (the "Loan Group 2 Net Rate Cap").

(4)  The R-2-P Interest is entitled to all amounts payable with respect to
     the R-1-P Interest. It pays no interest.

(5)  The R-2-R Interest is the sole class of residual interest in REMIC 2.
     It has no principal balance and pays no principal or interest.

(6)  This REMIC 2 Interest pays no principal.

(7)  This REMIC 2 Interest is entitled to all amounts payable with respect
     to the R-1-X Interest.

     On each Distribution Date, the Interest Funds and the Principal
Distribution Amounts payable with respect to the REMIC 1 Interests shall be
payable with respect to the REMIC 2 Interests in the following manner:

     (1) Interest. Interest is to be distributed with respect to each REMIC 2
Interest at the rate, or according to the formulas, described above.

     (2) Principal if no Cross-Over Situation Exists. If no Cross-Over
Situation exists with respect to any REMIC 2 Interest, then the Principal
Distribution Amounts payable with respect to each Loan Group will be payable:
first to cause the Loan Group's corresponding R-2-A, R-2-B, R-2-C and R-2-D
Interests to equal, respectively, 0.9% of the SCB, 0.1% of the SCB, 0.9% of
the ASCB and 0.1% of the ASCB, of the Corresponding Loan Group, and then to
the corresponding R-2-E Interest.

     (3) Principal if a Cross-Over Situation Exists. If a Cross-Over Situation
exists with respect to the R-2-A and R-2-B Interests then:

     (a) if the Calculation Rate in respect of the outstanding R-2-A and R-2-B
Interests is less than the Subordinate Net Rate Cap, Principal Relocation
Payments will be made proportionately to the outstanding R-2-A Interests prior
to any other principal distributions from each such Loan Group; and

     (b) if the Calculation Rate in respect of the outstanding R-2-A and R-2-B
Interests is greater than the Subordinate Net Rate Cap, Principal Relocation
Payments will be made proportionately to the outstanding R-2-B Interests prior
to any other principal distributions from each such Loan Group.

     In each case, Principal Relocation Payments will be made so as to cause
the Calculation Rate in respect of the outstanding R-2-A and R-2-B Interests
to equal the Adjustable Rate Subordinate Net Rate Cap. With respect to each
Loan Group, if (and to the extent that) the sum of (a) the principal payments
comprising the Principal Distribution Amount payable for the related
Distribution Date and (b) the Realized Losses, are insufficient to make the
necessary reductions of principal on the R-2-A and R-2-B Interests, then
interest will be added to the Loan Group's R-2-E Interest.

                                      4


<PAGE>



     (c) The outstanding aggregate R-2-A and R-2-B Interests for both Loan
Groups will not be reduced below 1 percent of the excess of (i) the aggregate
outstanding Stated Principal Balances of all Loan Groups as of the end of any
Due Period over (ii) the Senior Certificates related to the Loan Groups as of
the related Distribution Date (after taking into account distributions of
principal on such Distribution Date).

     If (and to the extent that) the limitation in paragraph (c) prevents the
distribution of principal to the R-2-A and R-2-B Interests of a Loan Group,
and if the Loan Group's corresponding R-2-E Interest has already been reduced
to zero, then the excess principal from that Loan Group will be paid to the
R-2-E Interest of the other Loan Group, the aggregate R-2-A and R-2-B
Interests of which are less than one percent of the Subordinate Component
Balance. If the Loan Group of the corresponding R-2-E Interest that receives
such payment has a Group Net Rate Cap below the Group Net Rate Cap of the Loan
Group making the payment, then the payment will be treated by REMIC 2 as a
Realized Loss. Conversely, if the Loan Group of the R-2-E Interest that
receives such payment has a Group Net Rate Cap above the Group Net Rate Cap of
the Loan Group making the payment, then the payment will be treated by REMIC 2
as a reimbursement for prior Realized Losses.

     If a Cross-Over Situation exists with respect to the R-2-C and R-2-D
Interests then:

     (d) if the Calculation Rate in respect of the outstanding R-2-C and R-2-D
Interests is less than the Adjusted Subordinate Net Rate Cap, Principal
Relocation Payments will be made proportionately to the R-2-C Interests prior
to any other principal distributions from each such Loan Group; and

     (e) if the Calculation Rate in respect of the outstanding R-2-C and R-2-D
Interests is greater than the Adjusted Subordinate Net Rate Cap, Principal
Relocation Payments will be made proportionately to the outstanding R-2-D
Interests prior to any other principal distributions from each such Loan
Group.

In each case, Principal Relocation Payments will be made so as to cause the
Calculation Rate in respect of the outstanding R-2-C and R-2-D Interests to
equal the Adjusted Subordinate Net Rate Cap. With respect to each Loan Group,
if (and to the extent that) the sum of (a) the principal payments comprising
the Principal Distribution Amount payable for the related Distribution Date
and (b) the Realized Losses, are insufficient to make the necessary reductions
of principal on the R-2-C and R-2-D Interests, then interest will be added to
the Loan Group's R-2-E Interest.

     (f) The outstanding aggregate R-2-C and R-2-D Interests for all Loan
Groups will not be reduced below 1 percent of the excess of (i) the aggregate
outstanding Stated Principal Balances of all Loan Groups as of the end of any
Due Period over (ii) the Senior Certificates related to the Loan Groups as of
the related Distribution Date (after taking into account distributions of
principal on such Distribution Date).

If (and to the extent that) the limitation in paragraph (f) prevents the
distribution of principal to the R-2-C and R-2-D Interests of a Loan Group,
and if the Loan Group's R-2-E Interest has already been reduced to zero, then
the excess principal from that Loan Group will be paid to the R-2-E Interests
of the other Loan Group, the aggregate R-2-C and R-2-D Interests of which are

                                      5

<PAGE>


less than one percent of the Adjusted Subordinate Component Balance. If the
Loan Group of the R-2-E Interest that receives such payment has a Group Net
Rate Cap below the Group Net Rate Cap of the Loan Group making the payment,
then the payment will be treated by REMIC 2 as a Realized Loss. Conversely, if
the Loan Group of the R-2-E Interest that receives such payment has a Group
Net Rate Cap above the Group Net Rate Cap of the Loan Group making the
payment, then the payment will be treated by REMIC 2 as a reimbursement for
prior Realized Losses.

     REMIC 3:

The REMIC 3 Regular Interests will have the principal balances, pass-through
rates and Corresponding Classes of Certificates as set forth in the following
table:


<TABLE>

<CAPTION>
                                 Initial Principal      Pass-Through         Corresponding Class
REMIC 3 Interests                     Balance               Rate               of Certificates
-----------------                  -------------       --------------        --------------------

<S>                                     <C>                  <C>                     <C>

R-3-1-A.......................          (1)                  (2)                     1-A
R-3-2-A-1.....................          (1)                  (2)                    2-A-1
R-3-2-A-2.....................          (1)                  (2)                    2-A-2
R-3-2-A-3.....................          (1)                  (2)                    2-A-3
R-3-2-A-4.....................          (1)                  (2)                    2-A-4
R-3-M-1.......................          (1)                  (2)                     M-1
R-3-M-2.......................          (1)                  (2)                     M-2
R-3-M-3.......................          (1)                  (2)                     M-3
R-3-M-4.......................          (1)                  (2)                     M-4
R-3-M-5.......................          (1)                  (2)                     M-5
R-3-M-6.......................          (1)                  (2)                     M-6
R-3-M-7.......................          (1)                  (2)                     M-7
R-3-M-8.......................          (1)                  (2)                     M-8
R-3-B.........................          (1)                  (2)                      B
R-3-$100......................         $100                  (3)                     A-R
R-3-Accrual...................          (1)                  (2)                     N/A
R-3-P.........................         $100                  (4)                      P
R-3-R.........................          (5)                  (5)                     N/A
R-3-X.........................          (6)                  (7)                     N/A

</TABLE>

(1) This REMIC 3 Interest has a principal balance that is initially equal to
50% of its Corresponding Certificate Class issued by the Master REMIC.
Principal payments, both scheduled and prepaid, Realized Losses, Subsequent
Recoveries and interest accruing on the R-3-Accrual Interest will be allocated
to this class to maintain its size relative to its Corresponding Certificate
Class (that is, 50%) with any excess payments of principal, Realized Losses
and Subsequent Recoveries being allocated to the R-3-Accrual Interest in such
manner as to cause the principal balance of the R-3-Accrual Interest to have a
principal balance equal to (a) 50% of the Loan Group 1 and Loan Group 2
principal balances plus (b) 50% of the Overcollateralized Amount for such
Distribution Date.

                                      6

<PAGE>



(2) The pass-through rate with respect to any Distribution Date (and the
related Accrual Period) for this REMIC 3 Interest is a per annum rate equal to
the weighted average of the Loan Group 1 Net Rate Cap and the Loan Group 2 Net
Rate Cap (the "Pool Net Rate Cap").

(3) This REMIC 3 Interest pays no interest.

(4) The R-3-P Interest is entitled to all amounts payable with respect to the
R-2-P Interest. It pays no interest.

(5) The R-3-R Interest is the sole class of residual interest in REMIC 3. It
has no principal balance and pays no principal or interest.

(6) This REMIC 3 Interest pays no principal.

(7) This REMIC 3 Interest is entitled to all amounts payable with respect to
the R-2-X Interest.

     On each Distribution Date, the Interest Funds and the Principal
Distribution Amount payable with respect to the REMIC 2 Interests shall be
payable with respect to the REMIC 3 Interests in the following manner:

     (1) Interest. Interest is to be distributed with respect to each REMIC 3
Interest at the rate, or according to the formulas, described above.

     (2) Principal. Principal Distribution Amounts shall be allocated among
the REMIC 3 Interests as described above.


                                      7

<PAGE>


     The following table specifies the class designation, interest rate, and
principal amount for each class of Master REMIC Interest:

<TABLE>

<CAPTION>
                                                       Original
Class                                       Certificate Principal Balance       Pass-Through Rate
-----                                       -----------------------------       -----------------
<S>                                                       <C>                           <C>

Class 1-A...............................             $553,455,000                       (1)
Class 2-A-1.............................             $120,000,000                       (1)
Class 2-A-2.............................             $300,047,000                       (1)
Class 2-A-3.............................             $326,696,000                       (1)
Class 2-A-4.............................             $105,402,000                       (1)
Class M-1...............................              $39,200,000                       (1)
Class M-2...............................              $34,400,000                       (1)
Class M-3...............................              $21,600,000                       (1)
Class M-4...............................              $18,400,000                       (1)
Class M-5...............................              $16,800,000                       (1)
Class M-6...............................              $16,000,000                       (1)
Class M-7...............................              $12,800,000                       (1)
Class M-8...............................              $11,200,000                       (1)
Class B.................................              $16,000,000                       (1)
Class C.................................                      (2)                       (3)
Class P.................................                     $100                       (4)
Class A-R...............................                     $100                       (5)


</TABLE>


(1)  The Certificates will accrue interest at the related Pass-Through
     Rates identified in this Agreement. For federal income tax purposes, the
     pass-through rate in respect of (i) the Class 1-A Certificates will be
     subject to a cap equal to the Loan Group 1 Net Rate Cap, (ii) the Class
     2-A Certificates will be subject to a cap equal to the Loan Group 2 Net
     Rate Cap, and (iii) the Subordinate Certificates will be subject to a cap
     equal to the lesser of the Subordinate Net Rate Cap and the Adjusted
     Subordinate Net Rate Cap.

(2)  For federal income tax purposes, the Class C Certificates will be
     treated as having a Certificate Principal Balance equal to the
     Overcollateralized Amount.

(3)  For each Interest Accrual Period the Class C Certificates are
     entitled to an amount (the "Class C Distributable Amount") equal to the
     sum of (a) the interest payable on the R-3-X Interest and (b) a specified
     portion of the interest on the REMIC 3 Regular Interests (other than the
     R-3-$100, R-3-P and R-3-X Interests) equal to the excess of the Pool Net
     Rate Cap over the product of two and the weighted average interest rate
     of the REMIC 3 Regular Interests (other than the R-3-$100, R-3-P and
     R-3-X Interests) with each such Class other than the R-3-Accrual Interest
     subject to a cap and a floor equal to the Pass-Through Rate of the
     Corresponding Master REMIC Class and the R-3-Accrual Interest subject to
     a cap of 0.00%. The Pass-Through Rate of the Class C Certificates shall
     be a rate sufficient to entitle it to all interest accrued on the REMIC 1
     Group 1 and Group 2 "I" and "S" Interests less the interest accrued on
     the other interests issued by the Master REMIC. The Class C Distributable
     Amount for any Distribution Date is payable from current interest on the
     Mortgage Loans and any related OC Release Amount for that Distribution
     Date.

(4)  For each Distribution Date the Class P Certificates are entitled to
     all Prepayment Charges distributed with respect to the R-3-P Interest.

(5)  The Class A-R Certificates represent the sole class of residual
     interest in each REMIC created hereunder. The Class A-R Certificates are
     not entitled to distributions of interest.

     The foregoing REMIC structure is intended to cause all of the cash from
the Mortgage Loans to flow through to the Master REMIC as cash flow on REMIC
regular interests, without creating any shortfall-actual or potential (other
than for credit losses)- to any REMIC

                                      8

<PAGE>



regular interest. It is not intended that the Class A-R be entitled to any
cash flows pursuant to this Agreement except as provided in Section 3.08(a)
hereunder.

                                      9

<PAGE>


                                  ARTICLE I.
                                 DEFINITIONS

          Section 1.01  Defined Terms.

          Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

          Accrual Period: With respect to any Distribution Date and each Class
of Interest-Bearing Certificates, the period commencing on the immediately
preceding Distribution Date (or, in the case of the first Distribution Date,
the Closing Date) and ending on the day immediately preceding such
Distribution Date. With respect to any Distribution Date and the Class C
Certificates, the calendar month preceding the month in which such
Distribution Date occurs. All calculations of interest on the Interest-Bearing
Certificates will be made on the basis of the actual number of days elapsed in
the related Accrual Period and on a 360-day year. All calculations of interest
on the Class C Certificates will be made on the basis of a 360-day year
consisting of twelve 30-day months.

          Adjustable Rate Mortgage Loans: The Mortgage Loans identified in the
Mortgage Loan Schedule as having a Mortgage Rate which is adjustable in
accordance with the terms of the related Mortgage Note.

          Adjusted Net Mortgage Rate: As to each Mortgage Loan, the Mortgage
Rate less the related Expense Fee Rate.

          Adjusted Subordinate Component Balance: With respect to any
Distribution Date and for each Loan Group, (i) the principal balance of the
Mortgage Loans in such Loan Group as of the first day of the related Due
Period (after giving effect to Principal Prepayments received in the
Prepayment Period ending during such Due Period) less (ii) the product of (a)
the Overcollateralized Amount immediately prior to that Distribution Date and
(b)(I) the principal balance of such Loan Group, divided by (II) the sum of
the principal balance of the Mortgage Loans, in each case as of the first day
of the related Due Period, less (iii) the aggregate Certificate Principal
Balance of the related Classes of Senior Certificates immediately prior to
such Distribution Date.

          Adjusted Subordinate Net Rate Cap: For each Distribution Date, the
weighted average of the Group 1 Net Rate Cap and Group 2 Net Rate Cap weighted
on the basis of the respective Adjusted Subordinate Component Balances of
their corresponding Loan Groups. For federal income tax purposes, the Adjusted
Subordinate Net Rate Cap will be the Calculation Rate in respect of the Class
C and Class D Interests in REMIC 2.

          Adjustment Date: As to each Adjustable Rate Mortgage Loan, each date
on which the related Mortgage Rate is subject to adjustment, as provided in
the related Mortgage Note.

          Advance: The aggregate of the advances required to be made by the
Master Servicer with respect to any Distribution Date pursuant to Section
4.01, the amount of any such advances being equal to the aggregate of payments
of principal of, and interest on the Stated

                                      10

<PAGE>


Principal Balance of, the Mortgage Loans (net of the Servicing Fees)
that were due on the related Due Date and not received by the Master Servicer
as of the close of business on the related Determination Date including an
amount equivalent to interest on the Stated Principal Balance of each Mortgage
Loan as to which the related Mortgaged Property is an REO Property or as to
which the related Mortgaged Property has been liquidated but such Mortgage
Loan has not yet become a Liquidated Mortgage Loan; provided, however, that
the net monthly rental income (if any) from such REO Property deposited in the
Certificate Account for such Distribution Date pursuant to Section 3.12 may be
used to offset such Advance for the related REO Property; provided, further,
that for the avoidance of doubt, no Advances shall be required to be made in
respect of any Liquidated Mortgage Loan.

          Agreement: This Pooling and Servicing Agreement and any and all
amendments or supplements hereto made in accordance with the terms herein.

          Amount Held for Future Distribution: As to any Distribution Date,
the aggregate amount held in the Certificate Account at the close of business
on the immediately preceding Determination Date on account of (i) all
Scheduled Payments or portions thereof received in respect of the Mortgage
Loans due after the related Due Date, (ii) Principal Prepayments received in
respect of such Mortgage Loans after the last day of the related Prepayment
Period and (iii) Liquidation Proceeds and Subsequent Recoveries received in
respect of such Mortgage Loans after the last day of the related Due Period.

          Applied Realized Loss Amount: With respect to any Distribution Date
and any Loan Group or Loan Groups, the amount, if any, by which, the aggregate
Certificate Principal Balance of the Class(es) of Certificates listed opposite
such Loan Group(s) in the following table (after all distributions of
principal on such Distribution Date) exceeds the sum of (x) the Stated
Principal Balance of the Mortgage Loans in such Loan Group(s) for such
Distribution Date and (y) the amount on deposit in the Pre-Funding Account in
respect of such Loan Group(s).

                  Loan Group(s)              Class(es) of Certificates

                    1 and 2                       Interest-Bearing

                      1                                   1-A
                      2                                   2-A

          Appraised Value: The appraised value of the Mortgaged Property based
upon the appraisal made for the originator of the related Mortgage Loan by an
independent fee appraiser at the time of the origination of the related
Mortgage Loan, or the sales price of the Mortgaged Property at the time of
such origination, whichever is less, or with respect to any Mortgage Loan
originated in connection with a refinancing, the appraised value of the
Mortgaged Property based upon the appraisal made at the time of such
refinancing.

          Bankruptcy Code: Title 11 of the United States Code.

          Book-Entry Certificates: Any of the Certificates that shall be
registered in the name of the Depository or its nominee, the ownership of
which is reflected on the books of the Depository or on the books of a person
maintaining an account with the Depository (directly, as


                                      11
<PAGE>


a "Depository Participant", or indirectly, as an indirect participant in
accordance with the rules of the Depository and as described in Section 5.06).
As of the Closing Date, each Class of Interest-Bearing Certificates
constitutes a Class of Book-Entry Certificates.

          Business Day: Any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the State of New York or California or
the city in which the Corporate Trust Office of the Trustee is located are
authorized or obligated by law or executive order to be closed.

          Calculation Rate: For each Distribution Date, in the case of the
R-2-A and R-2-B Interests, the product of (i) 10 and (ii) the weighted average
rate of the outstanding R-2-A and R-2-B Interests, treating each R-2-A
Interest as capped at zero or reduced by a fixed percentage of 100% of the
interest accruing on such Class. For each Distribution Date, in the case of
the R-2-C and R-2-D Interests, the product of (i) 10 and (ii) the weighted
average rate of the outstanding R-2-C and R-2-D Interests, treating each R-2-C
Interest as capped at zero or reduced by a fixed percentage of 100% of the
interest accruing on such Class.

          Carryover Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 4.07 in the name of
the Trustee for the benefit of the Certificateholders and designated "The Bank
of New York in trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2005-AB4". Funds in the Carryover Reserve Fund shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.

          Certificate: Any one of the certificates of any Class executed and
authenticated by the Trustee in substantially the forms attached hereto as
Exhibits A-1 through A-14, Exhibit B, Exhibit C, Exhibit D and Exhibit E.

          Certificate Account: The separate Eligible Account created and
initially maintained by the Master Servicer pursuant to Section 3.05(b) with a
depository institution in the name of the Master Servicer for the benefit of
the Trustee on behalf of the Certificateholders and designated "Countrywide
Home Loans Servicing LP in trust for registered Holders of CWABS, Inc.,
Asset-Backed Certificates, Series 2005-AB4". Funds in the Certificate Account
shall be held in trust for the Certificateholders for the uses and purposes
set forth in this Agreement.

          Certificate Owner: With respect to a Book-Entry Certificate, the
person that is the beneficial owner of such Book-Entry Certificate.

          Certificate Principal Balance: As to any Certificate (other than the
Class C Certificates) and as of any Distribution Date, the Initial Certificate
Principal Balance of such Certificate (A) less the sum of (i) all amounts
distributed with respect to such Certificate in reduction of the Certificate
Principal Balance thereof on previous Distribution Dates pursuant to Section
4.04(b) and (ii) any Applied Realized Loss Amounts allocated to such
Certificate on previous Distribution Dates pursuant to Section 4.04(g), and
(B) increased by any Subsequent Recoveries allocated to such Certificate
pursuant to Section 4.04(h) on such Distribution Date. References herein to
the Certificate Principal Balance of a Class of Certificates shall mean the
Certificate Principal Balances of all Certificates in such Class. The Class C
Certificates do not



                                      12
<PAGE>


have a Certificate Principal Balance. With respect to any Certificate (other
than the Class C Certificates) of a Class and any Distribution Date, the
portion of the Certificate Principal Balance of such Class represented by such
Certificate equal to the product of the Percentage Interest evidenced by such
Certificate and the Certificate Principal Balance of such Class.

          Certificate Register: The register maintained pursuant to Section
5.02 hereof.

          Certificateholder or Holder: The person in whose name a Certificate
is registered in the Certificate Register (initially, Cede & Co., as nominee
for the Depository, in the case of any Class of Book-Entry Certificates),
except that solely for the purpose of giving any consent pursuant to this
Agreement, any Certificate registered in the name of the Depositor or any
affiliate of the Depositor shall be deemed not to be Outstanding and the
Voting Interest evidenced thereby shall not be taken into account in
determining whether the requisite amount of Voting Interests necessary to
effect such consent has been obtained; provided that if any such Person
(including the Depositor) owns 100% of the Voting Interests evidenced by a
Class of Certificates, such Certificates shall be deemed to be Outstanding for
purposes of any provision hereof (other than the second sentence of Section
10.01 hereof) that requires the consent of the Holders of Certificates of a
particular Class as a condition to the taking of any action hereunder. The
Trustee is entitled to rely conclusively on a certification of the Depositor
or any affiliate of the Depositor in determining which Certificates are
registered in the name of an affiliate of the Depositor.

          CHL: Countrywide Home Loans, Inc., a New York corporation, and its
successors and assigns.

          CHL Mortgage Loans: The Mortgage Loans identified as such on the
Mortgage Loan Schedule for which CHL is the applicable Seller.

          Class: All Certificates bearing the same Class designation as set
forth in Section 5.01 hereof.

          Class 1-A Certificate: Any Certificate designated as a "Class 1-A
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to distributions as set forth herein.

          Class 1-A Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 1 as of
the first day of the related Due Period (after giving effect to Principal
Prepayments received during the Prepayment Period that ends during such Due
Period), adjusted to an effective rate reflecting the calculation of interest
on the basis of the actual number of days elapsed during the related Accrual
Period and a 360-day year, minus the Swap Adjustment Rate for such
Distribution Date.

          Class 1-A Principal Distribution Amount: With respect to any
Distribution Date, the product of (x) the Class A Principal Distribution
Target Amount and (y) a fraction, the numerator of which is the Class 1-A
Principal Distribution Target Amount and the denominator of which is the sum
of the Class 1-A Principal Distribution Target Amount and Class 2-A Principal
Distribution Target Amount.


                                      13
<PAGE>


          Class 1-A Principal Distribution Target Amount: With respect to any
Distribution Date, the excess of (1) the Certificate Principal Balance of the
Class 1-A Certificates immediately prior to such Distribution Date, over (2)
the lesser of (x) 75.70% of the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group 1 for such Distribution Date and (y) the
aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1 for
such Distribution Date minus 0.50% of the sum of the aggregate Cut-off Date
Principal Balance of the Initial Mortgage Loans in Loan Group 1 and the
original Group 1 Pre-Funded Amount.

          Class 2-A-1 Certificate: Any Certificate designated as a "Class
2-A-1 Certificate" on the face thereof, in the form of Exhibit A-2 hereto,
representing the right to distributions as set forth herein.

          Class 2-A-2 Certificate: Any Certificate designated as a "Class
2-A-2 Certificate" on the face thereof, in the form of Exhibit A-3 hereto,
representing the right to distributions as set forth herein.

          Class 2-A-3 Certificate: Any Certificate designated as a "Class
2-A-3 Certificate" on the face thereof, in the form of Exhibit A-4 hereto,
representing the right to distributions as set forth herein.

          Class 2-A-4 Certificate: Any Certificate designated as a "Class
2-A-4 Certificate" on the face thereof, in the form of Exhibit A-5 hereto,
representing the right to distributions as set forth herein.

          Class 2-A Certificate: Any Class 2-A-1, Class 2-A-2, Class 2-A-3 or
Class 2-A-4 Certificate.

          Class 2-A Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2 as of
the first day of the related Due Period (after giving effect to Principal
Prepayments received during the Prepayment Period that ends during such Due
Period), adjusted to an effective rate reflecting the calculation of interest
on the basis of the actual number of days elapsed during the related Accrual
Period and a 360-day year, minus the Swap Adjustment Rate for such
Distribution Date.

          Class 2-A Principal Distribution Amount: With respect to any
Distribution Date, the product of (x) the Class A Principal Distribution
Target Amount and (y) a fraction, the numerator of which is the Class 2-A
Principal Distribution Target Amount and the denominator of which is the sum
of the Class 1-A Principal Distribution Target Amount and the Class 2-A
Principal Distribution Target Amount.

          Class 2-A Principal Distribution Target Amount: With respect to any
Distribution Date, the excess of (1) the aggregate Certificate Principal
Balance of the Class 2-A Certificates immediately prior to such Distribution
Date, over (2) the lesser of (x) 75.70% of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 2 for such Distribution Date and
(y) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
2 for such Distribution Date minus 0.50% of the sum of the aggregate Cut-off
Date Principal Balance of the Initial Mortgage Loans in Loan Group 2 and the
original Group 2 Pre-Funded Amount.


                                      14
<PAGE>


          Class A-R Certificate: Any Certificate designated as a "Class A-R
Certificate" on the face thereof, in the form of Exhibit D hereto or, in the
case of the Tax Matters Person Certificate, Exhibit E hereto, in either case
representing the right to distributions as set forth herein.

          Class A Certificate: Any Class 1-A or Class 2-A Certificate.

          Class A Principal Distribution Allocation Amount: With respect to
any Distribution Date, (a) in the case of the Class 1-A Certificates, the
Class 1-A Principal Distribution Amount and (b) in the case of the Class 2-A
Certificates, the Class 2-A Principal Distribution Amount.

          Class A Principal Distribution Target Amount: With respect to any
Distribution Date, the excess of (1) the aggregate Certificate Principal
Balance of the Class A Certificates immediately prior to such Distribution
Date, over (2) the lesser of (x) 75.70% of the aggregate Stated Principal
Balance of the Mortgage Loans for such Distribution Date and (y) the aggregate
Stated Principal Balance of the Mortgage Loans for such Distribution Date
minus the Overcollateralization Target Amount for such Distribution Date.

          Class B Certificate: Any Certificate designated as a "Class B
Certificate" on the face thereof, in the form of Exhibit A-14 hereto,
representing the right to distributions as set forth herein.

          Class C Certificate: Any Certificate designated as a "Class C
Certificate" on the face thereof, in the form of Exhibit C hereto,
representing the right to distributions as set forth herein.

          Class C Distributable Amount: As defined in the Preliminary
Statement.

          Class M-1 Certificate: Any Certificate designated as a "Class M-1
Certificate" on the face thereof, in the form of Exhibit A-6 hereto,
representing the right to distributions as set forth herein.

          Class M-2 Certificate: Any Certificate designated as a "Class M-2
Certificate" on the face thereof, in the form of Exhibit A-7 hereto,
representing the right to distributions as set forth herein.

          Class M-3 Certificate: Any Certificate designated as a "Class M-3
Certificate" on the face thereof, in the form of Exhibit A-8 hereto,
representing the right to distributions as set forth herein.

          Class M-4 Certificate: Any Certificate designated as a "Class M-4
Certificate" on the face thereof, in the form of Exhibit A-9 hereto,
representing the right to distributions as set forth herein.

          Class M-5 Certificate: Any Certificate designated as a "Class M-5
Certificate" on the face thereof, in the form of Exhibit A-10 hereto,
representing the right to distributions as set forth herein.


                                      15
<PAGE>



          Class M-6 Certificate: Any Certificate designated as a "Class M-6
Certificate" on the face thereof, in the form of Exhibit A-11 hereto,
representing the right to distributions as set forth herein.

          Class M-7 Certificate: Any Certificate designated as a "Class M-7
Certificate" on the face thereof, in the form of Exhibit A-12 hereto,
representing the right to distributions as set forth herein.

          Class M-8 Certificate: Any Certificate designated as a "Class M-8
Certificate" on the face thereof, in the form of Exhibit A-13 hereto,
representing the right to distributions as set forth herein.

          Class P Certificate: Any Certificate designated as a "Class P
Certificate" on the face thereof, in the form of Exhibit B hereto,
representing the right to distributions as set forth herein.

          Class P Principal Distribution Date: The first Distribution Date
that occurs after the end of the latest Prepayment Charge Period for all
Mortgage Loans that have a Prepayment Charge Period.

          Closing Date: November 29, 2005.

          Code: The Internal Revenue Code of 1986, including any successor or
amendatory provisions.

          Collateral Schedule: Schedule II hereto.

          Compensating Interest: With respect to the Mortgage Loans in each
Loan Group and any Distribution Date, an amount equal to the lesser of (x)
one-half of the Servicing Fee for such Mortgage Loans for the related Due
Period and (y) the aggregate Prepayment Interest Shortfalls for such Mortgage
Loans for such Distribution Date.

          Confirmation: The confirmation, reference number 2321868, with a
trade date of November 17, 2005 evidencing a transaction between the Swap
Counterparty and CHL relating to the Swap Contract.

          Corporate Trust Office: The designated office of the Trustee in the
State of New York where at any particular time its corporate trust business
with respect to this Agreement shall be administered, which office at the date
of the execution of this Agreement is located at 101 Barclay Street, New York,
New York 10286 (Attention: Corporate Trust MBS Administration), telephone:
(212) 815-3236, facsimile: (212) 815-3986.

          Co-Trustee: The Bank of New York Trust Company, N.A., a national
banking association, not in its individual capacity, but solely in its
capacity as co-trustee for the benefit of the Certificateholders under this
Agreement, and any successor thereto, and any corporation or national banking
association resulting from or surviving any consolidation or merger to which
it or its successors may be a party.


                                      16
<PAGE>


          Covered Mortgage Loan: A Mortgage Loan listed on the Mortgage Loan
Schedule as being covered by the Mortgage Insurance Policy.

          Credit Bureau Risk Score: A statistical credit score obtained by CHL
in connection with the origination of a Mortgage Loan.

          Credit Comeback Excess Account: The separate Eligible Account
created and initially maintained by the Trustee pursuant to Section 4.08 in
the name of the Trustee for the benefit of the Certificateholders and
designated "The Bank of New York in trust for registered Holders of CWABS,
Inc., Asset-Backed Certificates, Series 2005-AB4". Funds in the Credit
Comeback Excess Account shall be held in trust for the Certificateholders for
the uses and purposes set forth in this Agreement.

          Credit Comeback Excess Amount: With respect to the Credit Comeback
Loans in any Loan Group and any Master Servicer Advance Date, the portion of
the sum of the following (without duplication) attributable to the excess, if
any, of the actual mortgage rate on each Credit Comeback Loan in such Loan
Group and the Mortgage Rate on such Credit Comeback Loan: (i) all scheduled
interest collected during the related Due Period with respect to the Credit
Comeback Loans in such Loan Group, (ii) all interest on prepayments received
during the related Prepayment Period with respect to the Credit Comeback Loans
in such Loan Group, other than Prepayment Interest Excess, (iii) all Advances
relating to interest with respect to the Credit Comeback Loans in such Loan
Group, (iv) all Compensating Interest with respect to the Credit Comeback
Loans in such Loan Group and (v) Liquidation Proceeds with respect to the
Credit Comeback Loans in such Loan Group collected during the related Due
Period (to the extent such Liquidation Proceeds relate to interest), less all
Nonrecoverable Advances for such Loan Group relating to interest reimbursed
during the related Due Period.

          Credit Comeback Excess Cashflow: With respect to any Distribution
Date, any amounts in the Credit Comeback Excess Account available for such
Distribution Date.

          Credit Comeback Loan: Any Fixed Rate Mortgage Loan for which the
related Mortgage Rate is subject to reduction (not exceeding 0.375% per annum)
for good payment history of Scheduled Payments by the related Mortgagor.

          Cross-Over Situation: For any Distribution Date and for each Loan
Group (after taking into account principal distributions on such Distribution
Date) with respect to (1) the Class A and Class B REMIC 2 Interests, a
situation in which the Class A and Class B Interests corresponding to any Loan
Group are in the aggregate less than 1% of the Subordinate Component Balance
of the Loan Group to which they correspond and (2) the Class C and Class D
REMIC 2 Interests, a situation in which the Class C and Class D Interests
corresponding to any Loan Group are in the aggregate less than 1% of the
Adjusted Subordinate Component Balance of the Loan Group to which they
correspond.

          Cumulative Loss Trigger Event: With respect to a Distribution Date
on or after the Stepdown Date, a Cumulative Loss Trigger Event will be in
effect if (x) the aggregate amount of Realized Losses on the Mortgage Loans
from the Cut-off Date for each such Mortgage Loan to (and including) the last
day of the related Due Period (reduced by the


                                      17
<PAGE>


aggregate amount of any Subsequent Recoveries received through the last day of
that Due Period) exceeds (y) the applicable percentage, for such Distribution
Date, of the sum of the aggregate Cut-off Date Principal Balance of the
Initial Mortgage Loans and the Pre-Funded Amount, as set forth below:


<TABLE>
<CAPTION>
       Distribution Date                     Percentage
       -----------------                     ----------

<S>                                          <C>
       December 2007 - November 2008.......  0.55% with respect to December 2007,
                                             plus an additional 1/12th of 0.70% for
                                             each month thereafter through November
                                             2008
       December 2008 - November 2009.......  1.25% with respect to December 2008,
                                             plus an additional 1/12th of 0.25% for
                                             each month thereafter through November
                                             2009
       December 2009 - November 2010.......  1.50% with respect to December 2009,
                                             plus an additional 1/12th of 0.50% for
                                             each month thereafter through November
                                             2010
       December 2010 - November 2011.......  2.00% with respect to December 2010,
                                             plus an additional 1/12th of 0.50% for
                                             each month thereafter through November
                                             2011
       December 2011 and thereafter........  2.50%
</TABLE>

          Current Interest: With respect to each Class of Interest-Bearing
Certificates and each Distribution Date, the interest accrued at the
applicable Pass-Through Rate for the applicable Accrual Period on the
Certificate Principal Balance of such Class immediately prior to such
Distribution Date, plus any amount previously distributed with respect to
interest for such Class that is recovered as a voidable preference by a
trustee in bankruptcy.

          Cut-off Date: When used with respect to any Mortgage Loan the
"Cut-off Date" shall mean the Initial Cut-off Date or the related Subsequent
Cut-off Date, as the case may be.

          Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof as of the close of business on the Cut-off Date
after application of all payments of principal due on or prior to the Cut-off
Date, whether or not received, and all Principal Prepayments received on or
prior to the Cut-off Date, but without giving effect to any installments of
principal received in respect of Due Dates after the Cut-off Date.

          Debt Service Reduction: With respect to any Mortgage Loan, a
reduction by a court of competent jurisdiction in a proceeding under the
Bankruptcy Code in the Scheduled Payment for such Mortgage Loan that became
final and non-appealable, except such a reduction resulting from a Deficient
Valuation or any other reduction that results in a permanent forgiveness of
principal.



                                      18
<PAGE>


          Deficient Valuation: With respect to any Mortgage Loan, a valuation
by a court of competent jurisdiction of the Mortgaged Property in an amount
less than the then outstanding indebtedness under such Mortgage Loan, or any
reduction in the amount of principal to be paid in connection with any
Scheduled Payment that results in a permanent forgiveness of principal, which
valuation or reduction results from an order of such court that is final and
non-appealable in a proceeding under the Bankruptcy Code.

          Definitive Certificates: As defined in Section 5.06.

          Delay Delivery Mortgage Loans: (i) The Initial Mortgage Loans
identified on the schedule of Mortgage Loans hereto set forth on Exhibit F-2
hereof for which all or a portion of a related Mortgage File is not delivered
to the Co-Trustee on or prior to the Closing Date, and (ii) the Subsequent
Mortgage Loans identified on the schedule of Subsequent Mortgage Loans set
forth in Annex A to each related Subsequent Transfer Agreement for which all
or a portion of the related Mortgage File is not delivered to the Co-Trustee
on or prior to the related Subsequent Transfer Date. The Depositor shall
deliver (or cause delivery of) the Mortgage Files to the Co-Trustee: (A) with
respect to at least 50% of the Initial Mortgage Loans, not later than the
Closing Date and with respect to at least 10% of the Subsequent Mortgage Loans
conveyed on a Subsequent Transfer Date, not later than such Subsequent
Transfer Date, (B) with respect to at least an additional 40% of the Initial
Mortgage Loans, not later than 20 days after the Closing Date, and not later
than 20 days after the relevant Subsequent Transfer Date with respect to the
remaining Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date,
and (C) with respect to the remaining Initial Mortgage Loans, not later than
thirty days after the Closing Date. To the extent that Countrywide Home Loans,
Inc. shall be in possession of any Mortgage Files with respect to any Delay
Delivery Mortgage Loan, until delivery to of such Mortgage File to the
Co-Trustee as provided in Section 2.01, Countrywide Home Loans, Inc. shall
hold such files as agent and in trust for the Co-Trustee.

          Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by
a Replacement Mortgage Loan.

          Delinquency Trigger Event: With respect to any Distribution Date on
or after the Stepdown Date, a Delinquency Trigger Event will be in effect if
the Rolling Sixty-Day Delinquency Rate for Outstanding Mortgage Loans equals
or exceeds the product of (x) the Senior Enhancement Percentage for such
Distribution Date and (y) the applicable percentage listed below for the most
senior Class of Interest-Bearing Certificates:


                         Class                 Percentage

                   Class A...................    41.70%
                   Class M-1.................    53.09%
                   Class M-2.................    70.41%
                   Class M-3.................    85.23%
                   Class M-4.................    103.36%
                   Class M-5.................    131.30%
                   Class M-6.................    176.66%
                   Class M-7.................    249.13%


                                      19
<PAGE>


                         Class                 Percentage

                   Class M-8.................    404.84%
                   Class B...................    971.61%

          Delinquent: A Mortgage Loan is "delinquent" if any payment due
thereon is not made pursuant to the terms of such Mortgage Loan by the close
of business on the day such payment is scheduled to be due. A Mortgage Loan is
"30 days delinquent" if such payment has not been received by the close of
business on the corresponding day of the month immediately succeeding the
month in which such payment was due, or, if there is no such corresponding day
(e.g., as when a 30-day month follows a 31-day month in which a payment was
due on the 31st day of such month), then on the last day of such immediately
succeeding month. Similarly for "60 days delinquent," "90 days delinquent" and
so on.

          Denomination: With respect to each Certificate, the amount set forth
on the face thereof as the "Initial Certificate Balance of this Certificate"
or, if not the foregoing, the Percentage Interest appearing on the face
thereof, as applicable.

          Depositor: CWABS, Inc., a Delaware corporation, or its successor in
interest.

          Depository: The initial Depository shall be The Depository Trust
Company, the nominee of which is Cede & Co., or any other organization
registered as a "clearing agency" pursuant to Section 17A of the Securities
Exchange Act of 1934, as amended. The Depository shall initially be the
registered Holder of the Book-Entry Certificates. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(a)(5) of the
Uniform Commercial Code of the State of New York.

          Depository Agreement: With respect to the Book-Entry Certificates,
the agreement among the Depositor and the initial Depository, dated as of the
Closing Date, substantially in the form of Exhibit O.

          Depository Participant: A broker, dealer, bank or other financial
institution or other person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

          Determination Date: With respect to any Distribution Date, the 15th
day of the month of such Distribution Date or, if such 15th day is not a
Business Day, the immediately preceding Business Day.

          Distribution Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.05(c) in the name of the
Trustee for the benefit of the Certificateholders and designated "The Bank of
New York, in trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2005-AB4". Funds in the Distribution Account shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.


                                      20
<PAGE>



          Distribution Account Deposit Date: As to any Distribution Date, 1:00
p.m. Pacific time on the Business Day immediately preceding such Distribution
Date.

          Distribution Date: The 25th day of each month, or if such day is not
a Business Day, on the first Business Day thereafter, commencing in December
2005.

          Due Date: With respect to any Mortgage Loan and Due Period, the due
date for Scheduled Payments of interest and/or principal on that Mortgage Loan
occurring in such Due Period as provided in the related Mortgage Note.

          Due Period: With respect to any Distribution Date, the period
beginning on the second day of the calendar month preceding the calendar month
in which such Distribution Date occurs and ending on the first day of the
month in which such Distribution Date occurs.

          Eligible Account: Any of (i) an account or accounts maintained with
a federal or state chartered depository institution or trust company, the
long-term unsecured debt obligations and short-term unsecured debt obligations
of which (or, in the case of a depository institution or trust company that is
the principal subsidiary of a holding company, the debt obligations of such
holding company, if Moody's is not a Rating Agency) are rated by each Rating
Agency in one of its two highest long-term and its highest short-term rating
categories respectively, at the time any amounts are held on deposit therein,
or (ii) an account or accounts in a depository institution or trust company in
which such accounts are insured by the FDIC (to the limits established by the
FDIC) and the uninsured deposits in which accounts are otherwise secured such
that, as evidenced by an Opinion of Counsel delivered to the Trustee and to
each Rating Agency, the Certificateholders have a claim with respect to the
funds in such account or a perfected first priority security interest against
any collateral (which shall be limited to Permitted Investments) securing such
funds that is superior to claims of any other depositors or creditors of the
depository institution or trust company in which such account is maintained,
or (iii) a trust account or accounts maintained with the corporate trust
department of a federal or state chartered depository institution or trust
company having capital and surplus of not less than $50,000,000, acting in its
fiduciary capacity or (iv) any other account acceptable to the Rating Agencies
without reduction or withdrawal of their then-current ratings of the
Certificates as evidenced by a letter from each Rating Agency to the Trustee.
Eligible Accounts may bear interest, and may include, if otherwise qualified
under this definition, accounts maintained with the Trustee.

          Eligible Repurchase Month: As defined in Section 3.12(d) hereof.

          ERISA: The Employee Retirement Income Security Act of 1974, as
amended.

          ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that meets the applicable requirements of
the Underwriter's Exemption.

          ERISA-Restricted Certificates: The Class A-R Certificates, Class P
Certificates, Class C Certificates and Certificates of any Class that ceases
to satisfy the applicable rating requirement under the Underwriter's
Exemption.

          Escrow Account: As defined in Section 3.06 hereof.


                                      21
<PAGE>


          Event of Default: As defined in Section 7.01 hereof.

          Excess Cashflow: With respect to any Distribution Date the sum of
(i) the amount remaining after the distribution of interest to
Certificateholders for such Distribution Date pursuant to Section
4.04(a)(iv)(b), (ii) the amount remaining after the distribution of principal
to Certificateholders for such Distribution Date, pursuant to Section
4.04(b)(1)(B)(ii) or 4.04(b)(2)(C) and (iii) the Overcollateralization
Reduction Amount for such Distribution Date.

          Excess Overcollateralization Amount: With respect to any
Distribution Date, the excess, if any, of the Overcollateralized Amount for
such Distribution Date over the Overcollateralization Target Amount for such
Distribution Date.

          Excess Proceeds: With respect to any Liquidated Mortgage Loan, the
amount, if any, by which the sum of any Liquidation Proceeds and Subsequent
Recoveries are in excess of the sum of (i) the unpaid principal balance of
such Liquidated Mortgage Loan as of the date of liquidation of such Liquidated
Mortgage Loan plus (ii) interest at the Mortgage Rate from the Due Date as to
which interest was last paid or advanced to Certificateholders (and not
reimbursed to the Master Servicer) up to the Due Date in the month in which
Liquidation Proceeds are required to be distributed on the Stated Principal
Balance of such Liquidated Mortgage Loan outstanding during each Due Period as
to which such interest was not paid or advanced.

          Expense Fee Rate: With respect to any Mortgage Loan, the sum of (i)
the Servicing Fee Rate, (ii) the Trustee Fee Rate, (iii) with respect to a
Covered Mortgage Loan, the applicable Mortgage Insurance Premium Rate and (iv)
with respect to any Mortgage Loan covered by a lender paid mortgage insurance
policy (other than the Mortgage Insurance Policy), the related mortgage
insurance premium rate.

          Extra Principal Distribution Amount: With respect to any
Distribution Date and each of Loan Group 1 and Loan Group 2, the lesser of (1)
the Overcollateralization Deficiency Amount and (2) the Excess Cashflow and
Credit Comeback Excess Cashflow available for payment thereof, to be allocated
between Loan Group 1 and Loan Group 2, pro rata, based on the Principal
Remittance Amount for each such Loan Group for such Distribution Date.

          Fannie Mae: The Federal National Mortgage Association, a federally
chartered and privately owned corporation organized and existing under the
Federal National Mortgage Association Charter Act, or any successor thereto.

          FDIC: The Federal Deposit Insurance Corporation, or any successor
thereto.

          Five-Year Hybrid Mortgage Loan: A Mortgage Loan having a Mortgage
Rate that is fixed for 60 months after origination thereof before such
Mortgage Rate becomes subject to adjustment.

          Fixed Rate Mortgage Loans: The Mortgage Loans identified in the
Mortgage Loan Schedule as having a Mortgage Rate which is fixed for the life
of the related Mortgage and any Credit Comeback Loans, including in each case
any Mortgage Loans delivered in replacement thereof.



                                      22
<PAGE>


          Freddie Mac: The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of
the Emergency Home Finance Act of 1970, as amended, or any successor thereto.

          Funding Period: The period from the Closing Date to and including
the earlier to occur of (x) the date the amount in the Pre-Funding Account is
less than $175,000 and (y) December 30, 2005.

          Gross Margin: The percentage set forth in the related Mortgage Note
to be added to the Index for use in determining the Mortgage Rate for each
Adjustable Rate Mortgage Loan on each of its Adjustment Dates.

          Group 1 Mortgage Loans: The group of Mortgage Loans identified in
the related Mortgage Loan Schedule as "Group 1 Mortgage Loans", including in
each case any Mortgage Loans delivered in replacement thereof.

          Group 1 Overcollateralization Reduction Amount: With respect to any
Distribution Date, the Overcollateralization Reduction Amount for such
Distribution Date multiplied by a fraction, the numerator of which is (x) the
Principal Remittance Amount for Loan Group 1 for such Distribution Date, and
the denominator of which is (y) the aggregate Principal Remittance Amount for
Loan Group 1 and Loan Group 2 for such Distribution Date.

          Group 1 Pre-Funded Amount: The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as Group 1 Mortgage Loans
on the Closing Date, which shall equal $2,054.88.

          Group 2 Mortgage Loans: The group of Mortgage Loans identified in
the related Mortgage Loan Schedule as "Group 2 Mortgage Loans", including in
each case any Mortgage Loans delivered in replacement thereof.

          Group 2 Overcollateralization Reduction Amount: With respect to any
Distribution Date, the Overcollateralization Reduction Amount for such
Distribution Date multiplied by a fraction, the numerator of which is the
Principal Remittance Amount for Loan Group 2 for such Distribution Date, and
the denominator of which is the aggregate Principal Remittance Amount for Loan
Group 1 and Loan Group 2 for such Distribution Date.

          Group 2 Pre-Funded Amount: The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as Group 2 Mortgage Loans
on the Closing Date, which shall equal $4,222.33.

          Group Net Rate Cap. With respect to Loan Group 1, the Class 1-A Net
Rate Cap, and with respect to Loan Group 2, the Class 2-A Net Rate Cap.

          Index: As to any Adjustable Rate Mortgage Loan on any Adjustment
Date related thereto, the index for the adjustment of the Mortgage Rate set
forth as such in the related Mortgage Note, such index in general being the
average of the London interbank offered rates for six-month U.S. dollar
deposits in the London market, as set forth in The Wall Street Journal, as
most recently announced as of a date 45 days prior to such Adjustment Date or,
if the Index



                                      23
<PAGE>



ceases to be published in The Wall Street Journal or becomes unavailable for
any reason, then the Index shall be a new index selected by the Master
Servicer, based on comparable information.

          Initial Adjustment Date: As to any Adjustable Rate Mortgage Loan,
the first Adjustment Date following the origination of such Mortgage Loan.

          Initial Certificate Account Deposit: An amount equal to the
aggregate of all amounts in respect of (i) principal of the Initial Mortgage
Loans due after the Initial Cut-off Date and received by the Master Servicer
before the Closing Date and not applied in computing the Cut-off Date
Principal Balance thereof and (ii) interest on the Initial Mortgage Loans due
after the Initial Cut-off Date and received by the Master Servicer before the
Closing Date.

          Initial Certificate Principal Balance: With respect to any
Certificate (other than the Class C Certificates) the Certificate Principal
Balance of such Certificate or any predecessor Certificate on the Closing
Date.

          Initial Cut-off Date: In the case of any Initial Mortgage Loan, the
later of (x) November 1, 2005 and (y) the date of origination of such Mortgage
Loan.

          Initial Mortgage Loan: A Mortgage Loan conveyed to the Trustee on
the Closing Date pursuant to this Agreement as identified on the Mortgage Loan
Schedule delivered to the Trustee on the Closing Date.

          Initial Mortgage Rate: As to each Adjustable Rate Mortgage Loan, the
Mortgage Rate in effect prior to the Initial Adjustment Date.

          Initial Periodic Rate Cap: With respect to each Adjustable Rate
Mortgage Loan, the percentage specified in the related Mortgage Note that
limits the permissible increase or decrease in the Mortgage Rate on its
initial Adjustment Date.

          Insurance Policy: With respect to any Mortgage Loan included in the
Trust Fund, any insurance policy, including the Mortgage Insurance Policy,
including all riders and endorsements thereto in effect with respect to such
Mortgage Loan, including any replacement policy or policies for any Insurance
Policy.

          Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Insurance Policy or any other insurance policy covering a
Mortgage Loan, to the extent such proceeds are payable to the mortgagee under
the Mortgage, the Master Servicer or the trustee under the deed of trust and
are not applied to the restoration of the related Mortgaged Property or
released to the Mortgagor in accordance with the procedures that the Master
Servicer would follow in servicing mortgage loans held for its own account, in
each case other than any amount included in such Insurance Proceeds in respect
of Insured Expenses and received prior to such Mortgage Loan becoming a
Liquidated Mortgage Loan.

          Insured Expenses: Expenses covered by an Insurance Policy or any
other insurance policy with respect to the Mortgage Loans.



                                      24
<PAGE>


          Interest-Bearing Certificates: The Class A Certificates and the
Subordinate Certificates.

          Interest Carry Forward Amount: With respect to each Class of
Interest-Bearing Certificates and each Distribution Date, the excess of (i)
the Current Interest for such Class with respect to prior Distribution Dates
over (ii) the amount actually distributed to such Class with respect to
interest on such prior Distribution Dates.

          Interest Determination Date: With respect to the first Accrual
Period for the Interest-Bearing Certificates, November 25, 2005. With respect
to any Accrual Period for the Interest-Bearing Certificates thereafter, the
second LIBOR Business Day preceding the commencement of such Accrual Period.

          Interest Funds: With respect to any Distribution Date and Loan
Group, the Interest Remittance Amount for such Loan Group and Distribution
Date, less the portion of the Trustee Fee for such Distribution Date allocable
to such Loan Group and the Mortgage Insurance Premium for such Distribution
Date allocable to such Loan Group.

          Interest Remittance Amount: With respect to the Mortgage Loans in
each Loan Group and any Distribution Date, (x) the sum, without duplication,
of (i) all scheduled interest collected during the related Due Period (for the
avoidance of doubt, other than Credit Comeback Excess Amounts) with respect to
the related Mortgage Loans less the related Servicing Fee, (ii) all interest
on prepayments received during the related Prepayment Period with respect to
such Mortgage Loans, other than Prepayment Interest Excess, (iii) all related
Advances relating to interest with respect to such Mortgage Loans, (iv) all
related Compensating Interest with respect to such Mortgage Loans, (v)
Liquidation Proceeds with respect to such Mortgage Loans collected during the
related Due Period (to the extent such Liquidation Proceeds relate to
interest) and (vi) the related Seller Shortfall Interest Requirement, less (y)
all reimbursements to the Master Servicer during the related Due Period for
Advances of interest previously made allocable to such Loan Group.

          Investment Letter: As defined in Section 5.02(b).

          ISDA Credit Support Annex: The International Swaps and Derivatives
Association, Inc. form of Credit Support Annex, dated as of November 29, 2005,
between the Swap Counterparty and the Swap Contract Administrator.

          Latest Possible Maturity Date: The Distribution Date following the
third anniversary of the scheduled maturity date of the Mortgage Loan having
the latest scheduled maturity date as of the Cut-off Date.

          LIBOR Business Day: Any day on which banks in the City of London,
England and New York City, U.S.A. are open and conducting transactions in
foreign currency and exchange.

          Liquidated Mortgage Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan that has been liquidated through deed-in-lieu of
foreclosure, foreclosure sale, trustee's sale or other realization as provided
by applicable law governing the real property



                                      25
<PAGE>


subject to the related Mortgage and any security agreements and as to which
the Master Servicer has certified in the related Prepayment Period that it has
received all amounts it expects to receive in connection with such
liquidation.

          Liquidation Proceeds: Amounts, including Insurance Proceeds,
received in connection with the partial or complete liquidation of Mortgage
Loans, whether through trustee's sale, foreclosure sale or otherwise or
amounts received in connection with any condemnation or partial release of a
Mortgaged Property and any other proceeds received in connection with an REO
Property received in connection with or prior to such Mortgage Loan becoming a
Liquidated Mortgage Loan (other than the amount of such net proceeds
representing any profit realized by the Master Servicer in connection with the
disposition of any such properties), less the sum of related unreimbursed
Advances, Servicing Fees and Servicing Advances.

          Loan Group: Either of Loan Group 1 or Loan Group 2.

          Loan Group 1: The Group 1 Mortgage Loans.

          Loan Group 1 Net Rate Cap: As defined in the Preliminary Statement.

          Loan Group 2: The Group 2 Mortgage Loans.

          Loan Group 2 Net Rate Cap: As defined in the Preliminary Statement.

          Loan Number and Borrower Identification Mortgage Loan Schedule: With
respect to any Subsequent Transfer Date, the Loan Number and Borrower
Identification Mortgage Loan Schedule delivered in connection with such
Subsequent Transfer Date pursuant to Section 2.01(f). Each Loan Number and
Borrower Identification Mortgage Loan Schedule shall contain the information
specified in the definition of "Mortgage Loan Schedule" with respect to the
Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date, and each
Loan Number and Borrower Identification Mortgage Loan Schedule shall be deemed
to be included in the Mortgage Loan Schedule.

          Loan-to-Value Ratio: The fraction, expressed as a percentage, the
numerator of which is the original principal balance of the related Mortgage
Loan and the denominator of which is the Appraised Value of the related
Mortgaged Property.

          Majority Holder: The Holders of Certificates evidencing at least 51%
of the Voting Rights allocated to such Class of Certificates.

          Margin: With respect to any Accrual Period and Class of
Interest-Bearing Certificates, the per annum rate indicated in the following
table:


          ---------------------------------- --------------- -----------------
                          Class                 Margin (1)       Margin (2)
          ---------------------------------- --------------- -----------------
          Class 1-A.....................         0.240%           0.480%
          ---------------------------------- --------------- -----------------
          Class 2-A-1...................         0.270%           0.540%
          ---------------------------------- --------------- -----------------
          Class 2-A-2...................         0.090%           0.180%
          ---------------------------------- --------------- -----------------
          Class 2-A-3...................         0.250%           0.500%
          ---------------------------------- --------------- -----------------


                                      26
<PAGE>


          ---------------------------------- --------------- -----------------
                          Class                 Margin (1)       Margin (2)
          ---------------------------------- --------------- -----------------
          Class 2-A-4...................         0.350%           0.700%
          ---------------------------------- --------------- -----------------
          Class M-1.....................         0.450%           0.675%
          ---------------------------------- --------------- -----------------
          Class M-2.....................         0.470%           0.705%
          ---------------------------------- --------------- -----------------
          Class M-3.....................         0.490%           0.735%
          ---------------------------------- --------------- -----------------
          Class M-4.....................         0.680%           1.020%
          ---------------------------------- --------------- -----------------
          Class M-5.....................         0.750%           1.125%
          ---------------------------------- --------------- -----------------
          Class M-6.....................         0.850%           1.275%
          ---------------------------------- --------------- -----------------
          Class M-7.....................         1.500%           2.250%
          ---------------------------------- --------------- -----------------
          Class M-8.....................         1.500%           2.250%
          ---------------------------------- --------------- -----------------
          Class B.......................         1.500%           2.250%
          ---------------------------------- --------------- -----------------

(1)  For any Accrual Period relating to any Distribution Date occurring on or
     prior to the Optional Termination Date.

(2)  For any Accrual Period relating to any Distribution Date occurring after
     the Optional Termination Date.

          Master Servicer: Countrywide Home Loans Servicing LP, a Texas
limited partnership, and its successors and assigns, in its capacity as master
servicer hereunder.

          Master Servicer Advance Date: As to any Distribution Date, the
Business Day immediately preceding such Distribution Date.

          Master Servicer Prepayment Charge Payment Amount: The amounts (i)
payable by the Master Servicer in respect of any Prepayment Charges waived
other than in accordance with the standard set forth in the first sentence of
Section 3.20(a), or (ii) collected from the Master Servicer in respect of a
remedy for the breach of the representation made by CHL set forth in Section
3.20(c).

          Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, the maximum rate of interest set forth as such in the related Mortgage
Note.

          MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any
successor thereto.

          MERS Mortgage Loan: Any Mortgage Loan registered with MERS on the
MERS(r) System.

          MERS(r) System: The system of recording transfers of mortgages
electronically maintained by MERS.

          MIN: The Mortgage Identification Number for any MERS Mortgage Loan.

          Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage
Loan, the minimum rate of interest set forth as such in the related Mortgage
Note.

          Modified Mortgage Loan: As defined in Section 3.12(a).


                                      27
<PAGE>


          MOM Loan: Any Mortgage Loan, as to which MERS is acting as
mortgagee, solely as nominee for the originator of such Mortgage Loan and its
successors and assigns.

          Monthly Statement: The statement delivered to the Certificateholders
pursuant to Section 4.05.

          Moody's: Moody's Investors Service, Inc. and its successors.

          Mortgage: The mortgage, deed of trust or other instrument creating a
first lien on or first priority ownership interest in an estate in fee simple
in real property securing a Mortgage Note.

          Mortgage File: The mortgage documents listed in Section 2.01 hereof
pertaining to a particular Mortgage Loan and any additional documents
delivered to the Co-Trustee to be added to the Mortgage File pursuant to this
Agreement.

          Mortgage Insurance Policy: The Mortgage Insurance Policy issued by
United Guaranty Mortgage Indemnity Company with respect to certain Mortgage
Loans identified in the Mortgage Loan Schedule.

          Mortgage Insurance Premium: The premium payable on the Mortgage
Insurance Policy on each Distribution Date.

          Mortgage Insurance Premium Rate: With respect to a Covered Mortgage
Loan and any Distribution Date, the per annum rate equal to a fraction
(expressed as a percentage), the numerator of which is equal to the portion of
the Mortgage Insurance Premium payable with respect to such Distribution Date
attributable to such Covered Mortgage Loan multiplied by twelve and the
denominator of which is equal to the Stated Principal Balance of such Covered
Mortgage Loan.

          Mortgage Insurer: United Guaranty Mortgage Indemnity Company or any
replacement Mortgage Insurer, as applicable.

          Mortgage Loan Schedule: The list of Mortgage Loans (as from time to
time amended by the Master Servicer to reflect the deletion of Liquidated
Mortgage Loans and Deleted Mortgage Loans and the addition of (x) Replacement
Mortgage Loans pursuant to the provisions of this Agreement and (y) Subsequent
Mortgage Loans pursuant to the provisions of this Agreement and any Subsequent
Transfer Agreement) transferred to the Trustee as part of the Trust Fund and
from time to time subject to this Agreement, attached hereto as Exhibit F-1,
setting forth in the following information with respect to each Mortgage Loan:

          (i) the loan number;

          (ii) the Loan Group;

          (iii) the Appraised Value;

          (iv) the Initial Mortgage Rate;


                                      28
<PAGE>


          (v) the maturity date;

          (vi) the original principal balance;

          (vii) the Cut-off Date Principal Balance;

          (viii) the first payment date of the Mortgage Loan;

          (ix) the Scheduled Payment in effect as of the Cut-off Date;

          (x) the Loan-to-Value Ratio at origination;

          (xi) a code indicating whether the residential dwelling at the time
     of origination was represented to be owner-occupied;

          (xii) a code indicating whether the residential dwelling is either
     (a) a detached single-family dwelling, (b) a two-family residential
     property, (c) a three-family residential property, (d) a four-family
     residential property, (e) planned unit development, (f) a low-rise
     condominium unit, (g) a high-rise condominium unit or (h) manufactured
     housing;

          (xiii) a code indicating whether such Mortgage Loan is a Credit
     Comeback Loan;

          (xiv) the purpose of the Mortgage Loan;

          (xv) with respect to each Adjustable Rate Mortgage Loan:

               (a) the frequency of each Adjustment Date;

               (b) the next Adjustment Date;

               (c) the Maximum Mortgage Rate;

               (d) the Minimum Mortgage Rate;

               (e) the Mortgage Rate as of the Cut-off Date;

               (f) the related Initial Periodic Rate Cap and Subsequent
          Periodic Rate Cap; and

               (g) the Gross Margin;

          (xvi) a code indicating if such Mortgage Loan is a Covered Mortgage
               Loan and the rate for the Mortgage Insurance Premium, if
               applicable;


                                      29
<PAGE>


          (xvii) a code indicating whether the Mortgage Loan is a CHL Mortgage
               Loan, a Park Monaco Mortgage Loan or a Park Sienna Mortgage
               Loan;

          (xviii) the premium rate for any lender-paid mortgage insurance, if
               applicable; and

          (xix) a code indicating whether the Mortgage Loan is a Fixed Rate
               Mortgage Loan or an Adjustable Rate Mortgage Loan.

Such schedule shall also set forth the total of the amounts described under
(vii) above for all of the Mortgage Loans and for each Loan Group. The
Mortgage Loan Schedule shall be deemed to include each Loan Number and
Borrower Identification Mortgage Loan Schedule delivered pursuant to Section
2.01(f) and all the related Subsequent Mortgage Loans and Subsequent Mortgage
Loan information included therein.

          Mortgage Loans: Such of the mortgage loans transferred and assigned
to the Trustee pursuant to the provisions hereof and any Subsequent Transfer
Agreement as from time to time are held as part of the Trust Fund (including
any REO Property), the mortgage loans so held being identified in the Mortgage
Loan Schedule, notwithstanding foreclosure or other acquisition of title of
the related Mortgaged Property. Any mortgage loan that was intended by the
parties hereto to be transferred to the Trust Fund as indicated by such
Mortgage Loan Schedule which is in fact not so transferred for any reason,
including a breach of the representation contained in Section 2.02 hereof,
shall continue to be a Mortgage Loan hereunder until the Purchase Price with
respect thereto has been paid to the Trust Fund.

          Mortgage Note: The original executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

          Mortgage Pool: The aggregate of the Mortgage Loans identified in the
Mortgage Loan Schedule.

          Mortgage Rate: The annual rate of interest borne by a Mortgage Note
from time to time; provided, however, the Mortgage Rate for each Credit
Comeback Loan shall be treated for all purposes of payments on the
Certificates, including the calculation of the Pass-Through Rates and the
applicable Net Rate Cap, as reduced by 0.375% on the Due Date following the
end of each of the first four annual periods after the origination date,
irrespective of whether the Mortgagor qualifies for the reduction by having a
good payment history.

          Mortgaged Property: The underlying property securing a Mortgage
Loan.

          Mortgagor: The obligors on a Mortgage Note.

          Net Mortgage Rate: As to each Mortgage Loan, and at any time, the
per annum rate equal to the Mortgage Rate less the Servicing Fee Rate.


                                      30
<PAGE>


          Net Rate Cap: With respect to any Distribution Date and (i) the
Class 1-A Certificates, the Class 1-A Net Rate Cap, (ii) each Class of Class
2-A Certificates, the Class 2-A Net Rate Cap and (iii) each Class of
Subordinate Certificates, the Subordinate Net Rate Cap.

          Net Rate Carryover: With respect to any Class of Interest-Bearing
Certificates and any Distribution Date, the sum of (A) the excess of (i) the
amount of interest that such Class would otherwise have accrued for such
Distribution Date had the Pass-Through Rate for such Class and the related
Accrual Period not been determined based on the applicable Net Rate Cap, over
(ii) the amount of interest accrued on such Class at the applicable Net Rate
Cap for such Distribution Date and (B) the Net Rate Carryover for such Class
for all previous Distribution Dates not previously paid pursuant to Section
4.04, together with interest thereon at the then-applicable Pass-Through Rate
for such Class, without giving effect to the applicable Net Rate Cap.

          Net Swap Payment: With respect to any Distribution Date and payment
by the Swap Contract Administrator to the Swap Counterparty, the excess, if
any, of the "Fixed Amount" (as defined in the Swap Contract) with respect to
such Distribution Date over the "Floating Amount" (as defined in the Swap
Contract) with respect to such Distribution Date. With respect to any
Distribution Date and payment by the Swap Counterparty to the Swap Contract
Administrator, the excess, if any, of the "Floating Amount" (as defined in the
Swap Contract) with respect to such Distribution Date over the "Fixed Amount"
(as defined in the Swap Contract) with respect to such Distribution Date

          NIM Insurer: Any insurer guarantying at the request of CHL certain
payments under notes backed or secured by the Class C or Class P Certificates.

          Nonrecoverable Advance: Any portion of an Advance previously made or
proposed to be made by the Master Servicer that, in the good faith judgment of
the Master Servicer, will not or, in the case of a current delinquency, would
not, be ultimately recoverable by the Master Servicer from the related
Mortgagor, related Liquidation Proceeds or otherwise.

          Non-United States Person: A Person that is not a citizen or resident
of the United States, a corporation, partnership, or other entity (treated as
a corporation or a partnership for federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia, an estate whose income from sources without the United
States is includible in gross income for United States federal income tax
purposes regardless of its connection with the conduct of a trade or business
within the United States, or a trust if a court within the United States is
able to exercise primary supervision over the administration of the trust and
one or more United States persons have authority to control all substantial
decisions of the trustor.

          Officer's Certificate: A certificate (i) in the case of the
Depositor, signed by the Chairman of the Board, the Vice Chairman of the
Board, the President, a Managing Director, a Vice President (however
denominated), an Assistant Vice President, the Treasurer, the Secretary, or
one of the Assistant Treasurers or Assistant Secretaries of the Depositor,
(ii) in the case of the Master Servicer, signed by the President, an Executive
Vice President, a Vice President, an Assistant Vice President, the Treasurer,
or one of the Assistant Treasurers or Assistant


                                      31
<PAGE>


Secretaries of Countrywide GP, Inc., its general partner or (iii) if provided
for in this Agreement, signed by a Servicing Officer, as the case may be, and
delivered to the Depositor and the Trustee, as the case may be, as required by
this Agreement.

          One-Month LIBOR: With respect to any Accrual Period for the
Interest-Bearing Certificates, the rate determined by the Trustee on the
related Interest Determination Date on the basis of the rate for U.S. dollar
deposits for one month that appears on Telerate Screen Page 3750 as of 11:00
a.m. (London time) on such Interest Determination Date; provided that the
parties hereto acknowledge that One-Month LIBOR calculated for the first
Accrual Period for the Interest-Bearing Certificates shall equal 4.21% per
annum. If such rate does not appear on such page (or such other page as may
replace that page on that service, or if such service is no longer offered,
such other service for displaying One-Month LIBOR or comparable rates as may
be reasonably selected by the Trustee), One-Month LIBOR for the applicable
Accrual Period for the Interest-Bearing Certificates will be the Reference
Bank Rate. If no such quotations can be obtained by the Trustee and no
Reference Bank Rate is available, One-Month LIBOR will be One-Month LIBOR
applicable to the preceding Accrual Period for the Interest-Bearing
Certificates.

          Opinion of Counsel: A written opinion of counsel, who may be counsel
for the Depositor or the Master Servicer, reasonably acceptable to each
addressee of such opinion; provided that with respect to Section 6.04 or
10.01, or the interpretation or application of the REMIC Provisions, such
counsel must (i) in fact be independent of the Depositor and the Master
Servicer, (ii) not have any direct financial interest in the Depositor or the
Master Servicer or in any affiliate of either and (iii) not be connected with
the Depositor or the Master Servicer as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar
functions.

          Optional Termination: The termination of the Trust Fund provided
hereunder pursuant to the purchase of the Mortgage Loans pursuant to clause
(a) of the first sentence of Section 9.01 hereof.

          Optional Termination Date: The first Distribution Date on which the
aggregate Stated Principal Balance of the Mortgage Loans is less than or equal
to 10% of the sum of the aggregate Cut-off Date Principal Balance of the
Initial Mortgage Loans and the Pre-Funded Amount.

          Original Value: The value of the property underlying a Mortgage Loan
based, in the case of the purchase of the underlying Mortgaged Property, on
the lower of an appraisal satisfactory to the Master Servicer or the sales
price of such property or, in the case of a refinancing, on an appraisal
satisfactory to the Master Servicer.

          OTS: The Office of Thrift Supervision.

          Outstanding: With respect to the Certificates as of any date of
determination, all Certificates theretofore executed and authenticated under
this Agreement except:

               (i) Certificates theretofore canceled by the Trustee or
          delivered to the Trustee for cancellation; and


                                      32
<PAGE>



               (ii) Certificates in exchange for which or in lieu of which
          other Certificates have been executed and delivered by the Trustee
          pursuant to this Agreement.

          Outstanding Mortgage Loan: As of any Distribution Date, a Mortgage
Loan with a Stated Principal Balance greater than zero that was not the
subject of a Principal Prepayment in full, and that did not become a
Liquidated Mortgage Loan, prior to the end of the related Prepayment Period.

          Overcollateralization Deficiency Amount: With respect to any
Distribution Date, the amount, if any, by which the Overcollateralization
Target Amount exceeds the Overcollateralized Amount on such Distribution Date
(after giving effect to distribution of the Principal Distribution Amount
(other than the portion thereof consisting of the Extra Principal Distribution
Amount) on such Distribution Date).

          Overcollateralization Reduction Amount: With respect to any
Distribution Date, an amount equal to the lesser of (i) the Excess
Overcollateralization Amount for such Distribution Date and (ii) the aggregate
Principal Remittance Amount for Loan Group 1 and Loan Group 2 for such
Distribution Date.

          Overcollateralization Target Amount: With respect to any
Distribution Date, an amount equal to 0.50% of the sum of the aggregate
Cut-off Date Principal Balance of the Initial Mortgage Loans and the
Pre-Funded Amount.

          Overcollateralized Amount: With respect to any Distribution Date,
the amount, if any, by which (x) the sum of the aggregate Stated Principal
Balance of the Mortgage Loans for such Distribution Date and any amount on
deposit in the Pre-Funding Account exceeds (y) the aggregate Certificate
Principal Balance of the Interest-Bearing Certificates as of such Distribution
Date (after giving effect to distribution of the Principal Remittance Amounts
to be made on such Distribution Date and, in the case of the Distribution Date
immediately following the end of the Funding Period, any amounts to be
released from the Pre-Funding Account).

          Ownership Interest: As to any Certificate, any ownership interest in
such Certificate including any interest in such Certificate as the Holder
thereof and any other interest therein, whether direct or indirect, legal or
beneficial.

          Park Monaco: Park Monaco Inc., a Delaware corporation, and its
successors and assigns.

          Park Monaco Mortgage Loans: The Mortgage Loans identified as such on
the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

          Park Sienna: Park Sienna LLC, a Delaware limited liability company,
and its successors and assigns.

          Park Sienna Mortgage Loans: The Mortgage Loans identified as such on
the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.


                                      33
<PAGE>


          Pass-Through Rate: With respect to any Accrual Period and each Class
of Interest-Bearing Certificates the lesser of (x) One-Month LIBOR for such
Accrual Period plus the Margin for such Class and Accrual Period and (y) the
applicable Net Rate Cap for such Class and the related Distribution Date.

          Percentage Interest: With respect to any Interest-Bearing
Certificate, a fraction, expressed as a percentage, the numerator of which is
the Certificate Principal Balance represented by such Certificate and the
denominator of which is the aggregate Certificate Principal Balance of the
related Class. With respect to the Class C, Class P and Class A-R
Certificates, the portion of the Class evidenced thereby, expressed as a
percentage, as stated on the face of such Certificate.

          Permitted Investments: At any time, any one or more of the following
obligations and securities:

               (i) obligations of the United States or any agency thereof,
          provided such obligations are backed by the full faith and credit of
          the United States;

               (ii) general obligations of or obligations guaranteed by any
          state of the United States or the District of Columbia receiving the
          highest long-term debt rating of each Rating Agency, or such lower
          rating as each Rating Agency has confirmed in writing is sufficient
          for the ratings originally assigned to the Certificates by such
          Rating Agency;

               (iii) commercial or finance company paper which is then
          receiving the highest commercial or finance company paper rating of
          each Rating Agency, or such lower rating as each Rating Agency has
          confirmed in writing is sufficient for the ratings originally
          assigned to the Certificates by such Rating Agency;

               (iv) certificates of deposit, demand or time deposits, or
          bankers' acceptances issued by any depository institution or trust
          company incorporated under the laws of the United States or of any
          state thereof and subject to supervision and examination by federal
          and/or state banking authorities, provided that the commercial paper
          and/or long term unsecured debt obligations of such depository
          institution or trust company (or in the case of the principal
          depository institution in a holding company system, the commercial
          paper or long-term unsecured debt obligations of such holding
          company, but only if Moody's is not a Rating Agency) are then rated
          one of the two highest long-term and the highest short-term ratings
          of each such Rating Agency for such securities, or such lower
          ratings as each Rating Agency has confirmed in writing is sufficient
          for the ratings originally assigned to the Certificates by such
          Rating Agency;

               (v) repurchase obligations with respect to any security
          described in clauses (i) and (ii) above, in either case entered into
          with a depository institution or trust company (acting as principal)
          described in clause (iv) above;

               (vi) securities (other than stripped bonds, stripped coupons or
          instruments sold at a purchase price in excess of 115% of the face
          amount thereof)



                                      34
<PAGE>


          bearing interest or sold at a discount issued by any corporation
          incorporated under the laws of the United States or any state
          thereof which, at the time of such investment, have one of the two
          highest long term ratings of each Rating Agency (except (x) if the
          Rating Agency is Moody's, such rating shall be the highest
          commercial paper rating of S&P for any such securities) and (y), or
          such lower rating as each Rating Agency has confirmed in writing is
          sufficient for the ratings originally assigned to the Certificates
          by such Rating Agency;

               (vii) interests in any money market fund which at the date of
          acquisition of the interests in such fund and throughout the time
          such interests are held in such fund has the highest applicable long
          term rating by each Rating Agency or such lower rating as each
          Rating Agency has confirmed in writing is sufficient for the ratings
          originally assigned to the Certificates by such Rating Agency;

               (viii) short term investment funds sponsored by any trust
          company or national banking association incorporated under the laws
          of the United States or any state thereof which on the date of
          acquisition has been rated by each Rating Agency in their respective
          highest applicable rating category or such lower rating as each
          Rating Agency has confirmed in writing is sufficient for the ratings
          originally assigned to the Certificates by such Rating Agency; and

               (ix) such other relatively risk free investments having a
          specified stated maturity and bearing interest or sold at a discount
          acceptable to each Rating Agency as will not result in the
          downgrading or withdrawal of the rating then assigned to the
          Certificates by any Rating Agency, as evidenced by a signed writing
          delivered by each Rating Agency, and reasonably acceptable to the
          NIM Insurer, as evidenced by a signed writing delivered by the NIM
          Insurer;

provided, that no such instrument shall be a Permitted Investment if such
instrument (i) evidences the right to receive interest only payments with
respect to the obligations underlying such instrument, (ii) is purchased at a
premium or (iii) is purchased at a deep discount; provided further that no
such instrument shall be a Permitted Investment (A) if such instrument
evidences principal and interest payments derived from obligations underlying
such instrument and the interest payments with respect to such instrument
provide a yield to maturity of greater than 120% of the yield to maturity at
par of such underlying obligations, or (B) if it may be redeemed at a price
below the purchase price (the foregoing clause (B) not to apply to investments
in units of money market funds pursuant to clause (vii) above); provided
further that no amount beneficially owned by any REMIC (including, without
limitation, any amounts collected by the Master Servicer but not yet deposited
in the Certificate Account) may be invested in investments (other than money
market funds) treated as equity interests for Federal income tax purposes,
unless the Master Servicer shall receive an Opinion of Counsel, at the expense
of Master Servicer, to the effect that such investment will not adversely
affect the status of any such REMIC as a REMIC under the Code or result in
imposition of a tax on any such REMIC. Permitted Investments that are subject
to prepayment or call may not be purchased at a price in excess of par.


                                      35
<PAGE>


          Permitted Transferee: Any Person other than (i) the United States,
any State or political subdivision thereof, or any agency or instrumentality
of any of the foregoing, (ii) a foreign government, International Organization
or any agency or instrumentality of either of the foregoing, (iii) an
organization (except certain farmers' cooperatives described in section 521 of
the Code) that is exempt from tax imposed by Chapter 1 of the Code (including
the tax imposed by section 511 of the Code on unrelated business taxable
income) on any excess inclusions (as defined in section 860E(c)(1) of the
Code) with respect to any Class A-R Certificate, (iv) rural electric and
telephone cooperatives described in section 1381(a)(2)(C) of the Code, (v) an
"electing large partnership" as defined in section 775 of the Code, (vi) a
Person that is not a citizen or resident of the United States, a corporation,
partnership, or other entity (treated as a corporation or a partnership for
federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, or an estate
whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States,
or a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
Persons have authority to control all substantial decisions of the trustor
unless such Person has furnished the transferor and the Trustee with a duly
completed Internal Revenue Service Form W-8ECI, and (vii) any other Person so
designated by the Trustee based upon an Opinion of Counsel that the Transfer
of an Ownership Interest in a Class A-R Certificate to such Person may cause
any REMIC formed hereunder to fail to qualify as a REMIC at any time that any
Certificates are Outstanding. The terms "United States," "State" and
"International Organization" shall have the meanings set forth in section 7701
of the Code or successor provisions. A corporation will not be treated as an
instrumentality of the United States or of any State or political subdivision
thereof for these purposes if all of its activities are subject to tax and,
with the exception of the Federal Home Loan Mortgage Corporation, a majority
of its board of directors is not selected by such government unit.

          Person: Any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust,
unincorporated organization or government, or any agency or political
subdivision thereof.

          Plan: An "employee benefit plan" as defined in section 3(3) of ERISA
that is subject to Title I of ERISA, a "plan" as defined in section 4975 of
the Code that is subject to section 4975 of the Code, or any Person investing
on behalf of or with plan assets (as defined in 29 CFR ss. 2510.3-101 or
otherwise under ERISA) of such an employee benefit plan or plan.

          Pool Net Rate Cap: As defined in the Preliminary Statement.

          Pool Stated Principal Balance: The aggregate of the Stated Principal
Balances of the Mortgage Loans which were Outstanding Mortgage Loans.

          Pre-Funded Amount: The amount deposited in the Pre-Funding Account
on the Closing Date, which shall equal $6,277.21.

          Pre-Funding Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 3.05 in the name of the Trustee
for the benefit of the


                                      36
<PAGE>


Certificateholders and designated "The Bank of New York, in trust for
registered holders of CWABS, Inc., Asset-Backed Certificates, Series
2005-AB4." Funds in the Pre-Funding Account shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement and
shall not be a part of any REMIC created hereunder, provided, however that any
investment income earned from Permitted Investments made with funds in the
Pre-Funding Account will be for the account of CHL.

          Prepayment Assumption: The applicable rate of prepayment, as
described in the Prospectus Supplement relating to the Certificates.

          Prepayment Charge: With respect to any Mortgage Loan, the charges or
premiums, if any, due in connection with a full or partial prepayment of such
Mortgage Loan within the related Prepayment Charge Period in accordance with
the terms thereof (other than any Master Servicer Prepayment Charge Payment
Amount).

          Prepayment Charge Period: With respect to any Mortgage Loan, the
period of time during which a Prepayment Charge may be imposed.

          Prepayment Charge Schedule: As of the Initial Cut-off Date with
respect to each Initial Mortgage Loan and as of the Subsequent Cut-off Date
with respect to each Subsequent Mortgage Loan, a list attached hereto as
Schedule I (including the Prepayment Charge Summary attached thereto), setting
forth the following information with respect to each Prepayment Charge:

          (i) the Mortgage Loan identifying number;

          (ii) a code indicating the type of Prepayment Charge;

          (iii) the state of origination of the related Mortgage Loan;

          (iv) the date on which the first monthly payment was due on the
     related Mortgage Loan;

          (v) the term of the related Prepayment Charge; and

          (vi) the principal balance of the related Mortgage Loan as of the
     Cut-off Date.

          As of the Closing Date, the Prepayment Charge Schedule shall contain
the necessary information for each Initial Mortgage Loan. The Prepayment
Charge Schedule shall be amended by the Master Servicer upon the sale of any
Subsequent Mortgage Loans to the Trust Fund. In addition, the Prepayment
Charge Schedule shall be amended from time to time by the Master Servicer in
accordance with the provisions of this Agreement and a copy of each related
amendment shall be furnished by the Master Servicer to the Class P and Class C
Certificateholders and the NIM Insurer.

          Prepayment Interest Excess: With respect to any Distribution Date,
for each Mortgage Loan that was the subject of a Principal Prepayment during
the period from the related


                                      37
<PAGE>


Due Date to the end of the related Prepayment Period, any payment of interest
received in connection therewith (net of any applicable Servicing Fee)
representing interest accrued for any portion of such month of receipt.

          Prepayment Interest Shortfall: With respect to any Distribution
Date, for each Mortgage Loan that was the subject of a partial Principal
Prepayment or a Principal Prepayment in full during the period from the
beginning of the related Prepayment Period to the Due Date in such Prepayment
Period (other than a Principal Prepayment in full resulting from the purchase
of a Mortgage Loan pursuant to Section 2.02, 2.03, 2.04, 3.12 or 9.01 hereof)
and for each Mortgage Loan that became a Liquidated Mortgage Loan during the
related Due Period, the amount, if any, by which (i) one month's interest at
the applicable Net Mortgage Rate on the Stated Principal Balance of such
Mortgage Loan immediately prior to such prepayment (or liquidation) or in the
case of a partial Principal Prepayment on the amount of such prepayment (or
Liquidation Proceeds) exceeds (ii) the amount of interest paid or collected in
connection with such Principal Prepayment or such Liquidation Proceeds.

          Prepayment Period: As to any Distribution Date and related Due Date,
the period beginning with the opening of business on the sixteenth day of the
calendar month preceding the month in which such Distribution Date occurs (or,
with respect to the first Distribution Date, the period beginning with the
opening of business on the day immediately following the Initial Cut-off Date)
and ending on the close of business on the fifteenth day of the month in which
such Distribution Date occurs.

          Prime Rate: The prime commercial lending rate of The Bank of New
York, as publicly announced to be in effect from time to time. The Prime Rate
shall be adjusted automatically, without notice, on the effective date of any
change in such prime commercial lending rate. The Prime Rate is not
necessarily The Bank of New York's lowest rate of interest.

          Principal Distribution Amount: With respect to each Distribution
Date and a Loan Group, the sum of (i) the Principal Remittance Amount for such
Loan Group for such Distribution Date less any portion of such amount used to
cover any payment due to the Swap Counterparty with respect to such
Distribution Date pursuant to Section 4.09, (ii) the Extra Principal
Distribution Amount for such Loan Group for such Distribution Date, and (iii)
with respect to the Distribution Date immediately following the end of the
Funding Period, the amount, if any, remaining in the Pre-Funding Account at
the end of the Funding Period (net of any investment income therefrom)
allocable to such Loan Group, minus (iv) (a) the amount of any Group 1
Overcollateralization Reduction Amount, in the case of Loan Group 1 and (b)
the amount of any Group 2 Overcollateralization Reduction Amount, in the case
of Loan Group 2.

          Principal Prepayment: Any Mortgagor payment or other recovery of (or
proceeds with respect to) principal on a Mortgage Loan (including loans
purchased or repurchased under Sections 2.02, 2.03, 2.04, 3.12 and 9.01
hereof) that is received in advance of its scheduled Due Date to the extent it
is not accompanied by an amount as to interest representing scheduled interest
due on any date or dates in any month or months subsequent to the month of
prepayment. Partial Principal Prepayments shall be applied by the Master
Servicer in accordance with the terms of the related Mortgage Note.


                                      38
<PAGE>



          Principal Relocation Payment: In the case of the Variable Loan
Groups and Variable Interests only, a payment from any Loan Group to a REMIC 2
Interest other than a Regular Interest corresponding to that Loan Group as
provided in the Preliminary Statement. Principal Relocation Payments shall be
made of principal allocations comprising the Principal Remittance Amount from
a Loan Group and shall include a proportionate allocation of Realized Losses
from the Mortgage Loans of such Loan Group.

          Principal Remittance Amount: With respect to the Mortgage Loans in
each Loan Group and any Distribution Date, (a) the sum, without duplication,
of: (i) the scheduled principal collected with respect to the Mortgage Loans
during the related Due Period or advanced with respect to such Distribution
Date, (ii) Principal Prepayments collected in the related Prepayment Period,
with respect to the Mortgage Loans, (iii) the Stated Principal Balance of each
Mortgage Loan that was repurchased by a Seller or purchased by the Master
Servicer with respect to such Distribution Date, (iv) the amount, if any, by
which the aggregate unpaid principal balance of any Replacement Mortgage Loans
delivered by the Sellers in connection with a substitution of a Mortgage Loan
is less than the aggregate unpaid principal balance of any Deleted Mortgage
Loans and (v) all Liquidation Proceeds (to the extent such Liquidation
Proceeds related to principal) and Subsequent Recoveries collected during the
related Due Period; less (b) all Advances relating to principal and certain
expenses reimbursable pursuant to Section 6.03 and reimbursed during the
related Due Period, in each case with respect to such Loan Group.

          Principal Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 3.08 in the name of
the Trustee for the benefit of the Certificateholders and designated "The Bank
of New York in trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2005-AB4". Funds in the Principal Reserve Fund shall be
held in trust for the Certificateholders for the uses and purposes set forth
in this Agreement.

          Private Certificates: The Class C and Class P Certificates.

          Prospectus: The prospectus dated November 16, 2005, relating to
asset-backed securities to be sold by the Depositor.

          Prospectus Supplement: The prospectus supplement dated November 23,
2005, relating to the public offering of the certain Classes of Certificates
offered thereby.

          PTCE 95-60: As defined in Section 5.02(b).

          PUD: A Planned Unit Development.

          Purchase Price: With respect to any Mortgage Loan (x) required to be
(1) repurchased by a Seller or purchased by the Master Servicer, as
applicable, pursuant to Section 2.02, 2.03 or 3.12 hereof or (2) repurchased
by the Depositor pursuant to Section 2.04 hereof, or (y) that the Master
Servicer has a right to purchase pursuant to Section 3.12 hereof, an amount
equal to the sum of (i) 100% of the unpaid principal balance (or, if such
purchase or repurchase, as the case may be, is effected by the Master
Servicer, the Stated Principal Balance) of the Mortgage Loan as of the date of
such purchase, (ii) accrued interest thereon at the applicable Mortgage Rate
(or, if such purchase or repurchase, as the case may be, is effected by the
Master


                                      39
<PAGE>


Servicer, at the Net Mortgage Rate) from (a) the date through which interest
was last paid by the Mortgagor (or, if such purchase or repurchase, as the
case may be, is effected by the Master Servicer, the date through which
interest was last advanced and not reimbursed by the Master Servicer) to (b)
the Due Date in the month in which the Purchase Price is to be distributed to
Certificateholders and (iii) any costs, expenses and damages incurred by the
Trust Fund resulting from any violation of any predatory or abusive lending
law in connection with such Mortgage Loan.

          Rating Agency: Each of Moody's and S&P. If any such organization or
its successor is no longer in existence, "Rating Agency" shall be a nationally
recognized statistical rating organization, or other comparable Person,
designated by the Depositor, notice of which designation shall be given to the
Trustee. References herein to a given rating category of a Rating Agency shall
mean such rating category without giving effect to any modifiers.

          Realized Loss: With respect to each Liquidated Mortgage Loan, an
amount (not less than zero or more than the Stated Principal Balance of the
Mortgage Loan) as of the date of such liquidation, equal to (i) the Stated
Principal Balance of such Liquidated Mortgage Loan as of the date of such
liquidation, minus (ii) the Liquidation Proceeds, if any, received in
connection with such liquidation during the month in which such liquidation
occurs, to the extent applied as recoveries of principal of the Liquidated
Mortgage Loan. With respect to each Mortgage Loan that has become the subject
of a Deficient Valuation, (i) if the value of the related Mortgaged Property
was reduced below the principal balance of the related Mortgage Note, the
amount by which the value of the Mortgaged Property was reduced below the
principal balance of the related Mortgage Note, and (ii) if the principal
amount due under the related Mortgage Note has been reduced, the difference
between the principal balance of the Mortgage Loan outstanding immediately
prior to such Deficient Valuation and the principal balance of the Mortgage
Loan as reduced by the Deficient Valuation. With respect to each Mortgage Loan
that has become the subject of a Debt Service Reduction and any Distribution
Date, the amount, if any, by which the related Scheduled Payment was reduced.

          Record Date: With respect to any Distribution Date and the
Interest-Bearing Certificates, the Business Day immediately preceding such
Distribution Date, or if such Certificates are no longer Book-Entry
Certificates, the last Business Day of the month preceding the month of such
Distribution Date. With respect to the Class A-R, Class C and Class P
Certificates, the last Business Day of the month preceding the month of a
Distribution Date.

          Reference Bank Rate: With respect to any Accrual Period, the
arithmetic mean (rounded upwards, if necessary, to the nearest whole multiple
of 0.03125%) of the offered rates for United States dollar deposits for one
month that are quoted by the Reference Banks as of 11:00 a.m., New York City
time, on the related Interest Determination Date to prime banks in the London
interbank market for a period of one month in amounts approximately equal to
the outstanding aggregate Certificate Principal Balance of the
Interest-Bearing Certificates on such Interest Determination Date, provided
that at least two such Reference Banks provide such rate. If fewer than two
offered rates appear, the Reference Bank Rate will be the arithmetic mean
(rounded upwards, if necessary, to the nearest whole multiple of 0.03125%) of
the rates quoted by one or more major banks in New York City, selected by the
Trustee, as of 11:00 a.m., New York City time, on such date for loans in U.S.
dollars to leading European banks for a period of


                                      40
<PAGE>


one month in amounts approximately equal to the aggregate Certificate
Principal Balance of the Interest-Bearing Certificates on such Interest
Determination Date.

          Reference Banks: Barclays Bank PLC, Deutsche Bank and NatWest, N.A.,
provided that if any of the foregoing banks are not suitable to serve as a
Reference Bank, then any leading banks selected by the Trustee which are
engaged in transactions in Eurodollar deposits in the international
Eurocurrency market (i) with an established place of business in London,
England, (ii) not controlling, under the control of or under common control
with the Depositor, CHL or the Master Servicer and (iii) which have been
designated as such by the Trustee.

          Refinancing Mortgage Loan: Any Mortgage Loan originated in
connection with the refinancing of an existing mortgage loan.

          Regular Certificate: Any Certificate other than the Class A-R
Certificates.

          Relief Act: The Servicemembers Civil Relief Act.

          REMIC Provisions: Provisions of the federal income tax law relating
to real estate mortgage investment conduits which appear at section 860A
through 860G of Subchapter M of Chapter 1 of the Code, and related provisions,
and regulations and rulings promulgated thereunder, as the foregoing may be in
effect from time to time.

          Remittance Report: A report prepared by the Master Servicer and
delivered to the Trustee and the NIM Insurer in accordance with Section 4.04.

          REO Property: A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed-in-lieu of foreclosure in connection with a
defaulted Mortgage Loan.

          Replacement Mortgage Loan: A Mortgage Loan substituted by a Seller
for a Deleted Mortgage Loan which must, on the date of such substitution, as
confirmed in a Request for File Release, (i) have a Stated Principal Balance,
after deduction of the principal portion of the Scheduled Payment due in the
month of substitution, not in excess of, and not less than 90% of the Stated
Principal Balance of the Deleted Mortgage Loan; (ii) with respect to any Fixed
Rate Mortgage Loan, have a Mortgage Rate not less than or no more than 1% per
annum higher than the Mortgage Rate of the Deleted Mortgage Loan and, with
respect to any Adjustable Rate Mortgage Loan: (a) have a Maximum Mortgage Rate
no more than 1% per annum higher or lower than the Maximum Mortgage Rate of
the Deleted Mortgage Loan; (b) have a Minimum Mortgage Rate no more than 1%
per annum higher or lower than the Minimum Mortgage Rate of the Deleted
Mortgage Loan; (c) have the same Index and intervals between Adjustment Dates
as that of the Deleted Mortgage Loan; (d) have a Gross Margin not more than 1%
per annum higher or lower than that of the Deleted Mortgage Loan; and (e) have
an Initial Periodic Rate Cap and a Subsequent Periodic Rate Cap each not more
than 1% lower than that of the Deleted Mortgage Loan; (iii) have the same or
higher credit quality characteristics than that of the Deleted Mortgage Loan;
(iv) be accruing interest at a rate not more than 1% per annum higher or lower
than that of the Deleted Mortgage Loan; (v) have a Loan-to-Value Ratio no
higher than that of the Deleted Mortgage Loan; (vi) have a remaining term to
maturity not greater than (and not more than one year less than) that of the
Deleted Mortgage Loan; (vii) not permit conversion of



                                      41
<PAGE>



the Mortgage Rate from a fixed rate to a variable rate or vice versa; (viii)
provide for a Prepayment Charge on terms substantially similar to those of the
Prepayment Charge, if any, of the Deleted Mortgage Loan; (ix) have the same
occupancy type and lien priority as the Deleted Mortgage Loan; (x) be covered
by the Mortgage Insurance Policy if the Deleted Mortgage Loan was covered by
the Mortgage Insurance Policy; and (xi) comply with each representation and
warranty set forth in Section 2.03 as of the date of substitution; provided,
however, that notwithstanding the foregoing, to the extent that compliance
with clause (xi) of this definition would cause a proposed Replacement
Mortgage Loan to fail to comply with one or more of clauses (i), (ii), (iv),
(viii) and/or (ix) of this definition, then such proposed Replacement Mortgage
Loan must comply with clause (xi) and need not comply with one or more of
clauses (i), (ii), (iv), (viii) and/or (ix), to the extent, and only to the
extent, necessary to assure that the Replacement Mortgage Loan otherwise
complies with clause (xi).

          Representing Party: As defined in Section 2.03(e).

          Request for Document Release: A Request for Document Release
submitted by the Master Servicer to the Co-Trustee, substantially in the form
of Exhibit M.

          Request for File Release: A Request for File Release submitted by
the Master Servicer to the Co-Trustee, substantially in the form of Exhibit N.

          Required Carryover Reserve Fund Deposit: With respect to any
Distribution Date, an amount equal to the excess of (i) $10,000 over (ii) the
amount of funds on deposit in the Carryover Reserve Fund.

          Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy that is required to be maintained from time to time under
this Agreement, including with respect to the Covered Mortgage Loans, the
Mortgage Insurance Policy.

          Responsible Officer: When used with respect to the Trustee, any Vice
President, any Assistant Vice President, the Secretary, any Assistant
Secretary, any Trust Officer or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also to whom, with respect to a particular matter, such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

          Rolling Sixty-Day Delinquency Rate: With respect to any Distribution
Date on or after the Stepdown Date and any Loan Group or Loan Groups, the
average of the Sixty-Day Delinquency Rates for such Loan Group or Loan Groups
and such Distribution Date and the two immediately preceding Distribution
Dates.

          Rule 144A: Rule 144A under the Securities Act.

          Rule 144A Letter: As defined in Section 5.02(b).

          S&P: Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc. and its successors.


                                      42
<PAGE>


          Scheduled Payment: With respect to any Mortgage Loan, the scheduled
monthly payment of principal and/or interest due on any Due Date on such
Mortgage Loan which is payable by the related Mortgagor from time to time
under the related Mortgage Note, determined: (a) after giving effect to (i)
any Deficient Valuation and/or Debt Service Reduction with respect to such
Mortgage Loan and (ii) any reduction in the amount of interest collectible
from the related Mortgagor pursuant to the Relief Act or any similar state or
local law; (b) without giving effect to any extension granted or agreed to by
the Master Servicer pursuant to Section 3.05(a); and (c) on the assumption
that all other amounts, if any, due under such Mortgage Loan are paid when
due.

          Securities Act: The Securities Act of 1933, as amended.

          Sellers: CHL, in its capacity as seller of the CHL Mortgage Loans to
the Depositor, Park Monaco, in its capacity as seller of the Park Monaco
Mortgage Loans to the Depositor and Park Sienna, in its capacity as seller of
the Park Sienna Mortgage Loans to the Depositor.

          Seller Shortfall Interest Requirement: With respect to the
Distribution Date in each of December 2005 and January 2006, is the sum of:

          (a) the product of: (1) the excess of the aggregate Stated Principal
Balances for such Distribution Date of all the Mortgage Loans in the Mortgage
Pool (including the Subsequent Mortgage Loans, if any) owned by the Trust Fund
at the beginning of the related Due Period, over the aggregate Stated
Principal Balance for such Distribution Date of such Mortgage Loans (including
such Subsequent Mortgage Loans, if any) that have a scheduled payment of
interest due in the related Due Period, and (2) a fraction, the numerator of
which is the weighted average Net Mortgage Rate of all the Mortgage Loans in
the Mortgage Pool (including such Subsequent Mortgage Loans, if any) (weighted
on the basis of the Stated Principal Balances thereof for such Distribution
Date) and the denominator of which is 12; and

          (b) the lesser of:

               (i) the product of: (1) the amount on deposit in the
Pre-Funding Account at the beginning of the related Due Period, and (2) a
fraction, the numerator of which is the weighted average Net Mortgage Rate of
the Mortgage Loans (including Subsequent Mortgage Loans, if any) owned by the
Trust Fund at the beginning of the related Due Period (weighted on the basis
of the Stated Principal Balances thereof for such Distribution Date) and the
denominator of which is 12; and

               (ii) the excess of (x) the amount of Current Interest and
Interest Carry Forward Amount due and payable on the Interest-Bearing
Certificates for such Distribution Date, over (y) the sum of (1) Interest
Funds (less any portion of Interest Funds allocated to the Swap Trust to cover
any Net Swap Payment due to the Swap Counterparty with respect to such
Distribution Date) otherwise available to pay Current Interest and the
Interest Carry Forward Amount on the Interest-Bearing Certificates for such
Distribution Date (after giving effect to the addition of any amounts in
clause (a) of this definition of Seller Shortfall Interest Requirement to
Interest Funds for such Distribution Date) and (2) any Net Swap Payment
received by the Swap


                                      43
<PAGE>



Contract Administrator from the Swap Counterparty for such Distribution Date
and allocated to the Swap Trust to pay Current Interest and Interest Carry
Forward Amounts on the Interest-Bearing Certificates for such Distribution
Date.

          Senior Certificates: The Class A and Class A-R Certificates.

          Senior Enhancement Percentage: With respect to a Distribution Date
on or after the Stepdown Date, the fraction (expressed as a percentage) (1)
the numerator of which is the excess of (a) the aggregate Stated Principal
Balance of the Mortgage Loans for the preceding Distribution Date over (b) (i)
before the Certificate Principal Balances of the Senior Certificates have been
reduced to zero, the sum of the Certificate Principal Balances of the Senior
Certificates, or (ii) after the Certificate Principal Balances of the Senior
Certificates have been reduced to zero, the Certificate Principal Balance of
the most senior Class of Subordinate Certificates outstanding, as of the
related Master Servicer Advance Date, and (2) the denominator of which is the
aggregate Stated Principal Balance of the Mortgage Loans for the preceding
Distribution Date.

          Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in the performance by the Master Servicer
of its servicing obligations hereunder, including, but not limited to, the
cost of (i) the preservation, restoration and protection of a Mortgaged
Property, (ii) any enforcement or judicial proceedings, including
foreclosures, (iii) the management and liquidation of any REO Property and
(iv) compliance with the obligations under Section 3.10.

          Servicing Fee: As to each Mortgage Loan and any Distribution Date,
an amount equal to one month's interest at the Servicing Fee Rate on the
Stated Principal Balance of such Mortgage Loan for the preceding Distribution
Date or, in the event of any payment of interest that accompanies a Principal
Prepayment in full made by the Mortgagor, interest at the Servicing Fee Rate
on the Stated Principal Balance of such Mortgage Loan for the period covered
by such payment of interest.

          Servicing Fee Rate: With respect to each Mortgage Loan, 0.50% per
annum.

          Servicing Officer: Any officer of the Master Servicer involved in,
or responsible for, the administration and servicing of the Mortgage Loans
whose name and facsimile signature appear on a list of servicing officers
furnished to the Trustee by the Master Servicer on the Closing Date pursuant
to this Agreement, as such list may from time to time be amended.

          Sixty-Day Delinquency Rate: With respect to any Distribution Date on
or after the related Stepdown Date and any Loan Group or Loan Groups, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Stated Principal Balance for such Distribution Date of all Mortgage Loans in
such Loan Group or Loan Groups 60 or more days delinquent as of the close of
business on the last day of the calendar month preceding such Distribution
Date (including Mortgage Loans in foreclosure, bankruptcy and REO Properties)
and the denominator of which is the aggregate Stated Principal Balance for
such Distribution Date of all Mortgage Loans in such Loan Group or Loan
Groups.


                                      44
<PAGE>


          Stated Principal Balance: With respect to any Mortgage Loan or
related REO Property (i) as of the Cut-off Date, the unpaid principal balance
of the Mortgage Loan as of such date (before any adjustment to the
amortization schedule for any moratorium or similar waiver or grace period),
after giving effect to any partial prepayments or Liquidation Proceeds
received prior to such date and to the payment of principal due on or prior to
such date and irrespective any delinquency in payment by the related
Mortgagor, and (ii) as of any other Distribution Date, the Stated Principal
Balance of the Mortgage Loan as of its Cut-off Date, minus the sum of (a) the
principal portion of the Scheduled Payments (x) due with respect to such
Mortgage Loan during each Due Period ending prior to such Distribution Date
and (y) that were received by the Master Servicer as of the close of business
on the Determination Date related to such Distribution Date or with respect to
which Advances were made as of the Master Servicer Advance Date related to
such Distribution Date, (b) all Principal Prepayments with respect to such
Mortgage Loan received by the Master Servicer during each Prepayment Period
ending prior to such Distribution Date and (c) all Liquidation Proceeds
collected with respect to such Mortgage Loan during each Due Period ending
prior to such Distribution Date, to the extent applied by the Master Servicer
as recoveries of principal in accordance with Section 3.12. The Stated
Principal Balance of any Mortgage Loan that becomes a Liquidated Mortgage Loan
will be zero on each date following the Due Period in which such Mortgage Loan
becomes a Liquidated Mortgage Loan. References herein to the Stated Principal
Balance of the Mortgage Loans at any time shall mean the aggregate Stated
Principal Balance of all Mortgage Loans in the Trust Fund as of such time, and
references herein to the Stated Principal Balance of a Loan Group at any time
shall mean the aggregate Stated Principal Balance of all Mortgage Loans in
such Loan Group at such time.

          Stepdown Date: The earlier to occur of (a) the Distribution Date on
which the aggregate Certificate Principal Balance of the Senior Certificates
is reduced to zero, and (b) the later to occur of (x) the Distribution Date in
December 2008 and (y) the first Distribution Date on which the aggregate
Certificate Principal Balance of the Senior Certificates (after calculating
anticipated distributions on such Distribution Date) is less than or equal to
75.70% of the aggregate Stated Principal Balance of the Mortgage Loans for
such Distribution Date.

          Stepdown Target Subordination Percentage: For each Class of
Subordinate Certificates, the respective percentage indicated in the following
table:

                                       Stepdown Target
                                        Subordination
                                          Percentage
                                     --------------------
          Class M-1.................        19.40%
          Class M-2.................        15.10%
          Class M-3.................        12.40%
          Class M-4.................        10.10%
          Class M-5.................         8.00%
          Class M-6.................         6.00%
          Class M-7.................         4.40%
          Class M-8.................         3.00%
          Class B...................         1.00%



                                      45
<PAGE>


          Subordinate Certificates: The Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class B Certificates.

          Subordinate Class Principal Distribution Amount: With respect to any
Distribution Date and any Class of Subordinate Certificates, the excess of (1)
the sum of (a) the aggregate Certificate Principal Balance of the Class A
Certificates (after taking into account distribution of the Class A Principal
Distribution Target Amount for such Distribution Date), (b) the aggregate
Certificate Principal Balance of any Class(es) of Subordinate Certificates
that are senior to the subject Class (in each case, after taking into account
distribution of the Subordinate Class Principal Distribution Amount(s) for
such senior Class(es) of Certificates for such Distribution Date), and (c) the
Certificate Principal Balance of the subject Class of Subordinate Certificates
immediately prior to such Distribution Date over (2) the lesser of (a) the
product of (x) 100% minus the Stepdown Target Subordination Percentage for the
subject Class of Certificates and (y) the aggregate Stated Principal Balance
of the Mortgage Loans for such Distribution Date and (b) the aggregate Stated
Principal Balance of the Mortgage Loans for such Distribution Date minus the
Overcollateralization Target Amount for such Distribution Date; provided,
however, that if such Class of Subordinate Certificates is the only Class of
Subordinate Certificates outstanding on such Distribution Date, that Class
will be entitled to receive the entire remaining Principal Distribution Amount
for Loan Group 1 and Loan Group 2 until the Certificate Principal Balance
thereof is reduced to zero.

          Subordinate Component Balance: With respect to any Distribution Date
and for each of Loan Group 1 and Loan Group 2, the excess of the principal
balance of the Mortgage Loans in such Loan Group as of the first day of the
related Due Period (after giving effect to Principal Prepayments received in
the Prepayment Period ending during such Due Period) over the Certificate
Principal Balance of the Class 1-A Certificates in the case of Loan Group 1
and the Class 2-A Certificates in the case of Loan Group 2, in each case
immediately prior to that Distribution Date.

          Subordinate Net Rate Cap: With respect to any Distribution Date and
each Class of Subordinate Certificates, the weighted average of (a) the
weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan
Group 1 as of the first day of the related Due Period (after giving effect to
Principal Prepayments received during the Prepayment Period that ends during
such Due Period) (weighted by an amount equal to the positive difference (if
any) of the sum of the aggregate Stated Principal Balance of the Mortgage
Loans in Loan Group 1 and the amount on deposit in the Pre-Funding Account in
respect of Loan Group 1 over the outstanding Certificate Principal Balance of
the Class 1-A Certificates) and (b) the weighted average Adjusted Net Mortgage
Rate of the Mortgage Loans in Loan Group 2 as of the first day of the related
Due Period (after giving effect to Principal Prepayments received during the
Prepayment Period that ends during such Due Period) (weighted by an amount
equal to the positive difference (if any) of the sum of the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Group 2 and the amount on
deposit in the Pre-Funding Account in respect of Loan Group 2 over the
outstanding aggregate Certificate Principal Balance of the Class 2-A
Certificates), adjusted to an effective rate reflecting the calculation of
interest on the basis of the actual number of days elapsed during the related
Accrual Period and a 360-day year, minus the Swap Adjustment Rate for such
Distribution Date.


                                      46
<PAGE>



          Subsequent Certificate Account Deposit: With respect to any
Subsequent Transfer Date, an amount equal to the aggregate of all amounts in
respect of (i) principal of the related Subsequent Mortgage Loans due after
the related Subsequent Cut-off Date and received by the Master Servicer on or
before such Subsequent Transfer Date and not applied in computing the Cut-off
Date Principal Balance thereof and (ii) interest on the such Subsequent
Mortgage Loans due after such Subsequent Cut-off Date and received by the
Master Servicer on or before the Subsequent Transfer Date.

          Subsequent Cut-off Date: In the case of any Subsequent Mortgage
Loan, the later of (x) the first day of the month of the related Subsequent
Transfer Date and (y) the date of origination of such Subsequent Mortgage
Loan.

          Subsequent Mortgage Loan: Any Mortgage Loan conveyed to the Trustee
on a Subsequent Transfer Date, and listed on the related Loan Number and
Borrower Identification Mortgage Loan Schedule delivered pursuant to Section
2.01(f). When used with respect to a single Subsequent Transfer Date,
"Subsequent Mortgage Loan" shall mean a Subsequent Mortgage Loan conveyed to
the Trustee on such Subsequent Transfer Date.

          Subsequent Periodic Rate Cap: With respect to each Adjustable Rate
Mortgage Loan, the percentage specified in the related Mortgage Note that
limits permissible increases and decreases in the Mortgage Rate on any
Adjustment Date (other than the initial Adjustment Date).

          Subsequent Recoveries: As to any Distribution Date, with respect to
a Liquidated Mortgage Loan that resulted in a Realized Loss in a prior
calendar month, unexpected amounts received by the Master Servicer (net of any
related expenses permitted to be reimbursed pursuant to Section 3.08 and 3.12)
specifically related to such Liquidated Mortgage Loan after the classification
of such Mortgage Loan as a Liquidated Mortgage Loan.

          Subsequent Transfer Agreement: A Subsequent Transfer Agreement
substantially in the form of Exhibit P hereto, executed and delivered by the
Sellers, the Depositor and the Trustee as provided in Section 2.01(d).

          Subsequent Transfer Date: For any Subsequent Transfer Agreement, the
"Subsequent Transfer Date" identified in such Subsequent Transfer Agreement;
provided, however, the Subsequent Transfer Date for any Subsequent Transfer
Agreement must be a Business Day and may not be a date earlier than the date
on which the Subsequent Transfer Agreement is executed and delivered by the
parties thereto pursuant to Section 2.01(d).

          Subsequent Transfer Date Purchase Amount: With respect to any
Subsequent Transfer Date, the "Subsequent Transfer Date Purchase Amount"
identified in the related Subsequent Transfer Agreement which shall be an
estimate of the aggregate Stated Principal Balances of the Subsequent Mortgage
Loans identified in such Subsequent Transfer Agreement.

          Subsequent Transfer Date Transfer Amount: With respect to any
Subsequent Transfer Date, an amount equal to the lesser of (i) the aggregate
Stated Principal Balances as of the related Subsequent Cut-off Dates of the
Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date, as listed
on the related Loan Number and Borrower Identification



                                      47
<PAGE>


Mortgage Loan Schedule delivered pursuant to Section 2.01(f) and (ii) the
amount on deposit in the Pre-Funding Account.

          Subservicer: As defined in Section 3.02(a).

          Subservicing Agreement: As defined in Section 3.02(a).

          Substitution Adjustment Amount: The meaning ascribed to such term
pursuant to Section 2.03(e).

          Substitution Amount: With respect to any Mortgage Loan substituted
pursuant to Section 2.03(e), the excess of (x) the principal balance of the
Mortgage Loan that is substituted for, over (y) the principal balance of the
related substitute Mortgage Loan, each balance being determined as of the date
of substitution.

          Swap Account: The separate Eligible Account created and initially
maintained by the Swap Trustee pursuant to Section 4.09.

          Swap Adjustment Rate: For any Distribution Date, a fraction, the
numerator of which is the sum of (a) the Net Swap Payment payable to the Swap
Counterparty with respect to such Distribution Date times a fraction, the
numerator of which is equal to 360 and the denominator of which is equal to
the actual number of days in the related Accrual Period and (b) any Swap
Termination Payment payable to the Swap Counterparty for such Distribution
Date (other than a Swap Termination Payment due to a Swap Counterparty Trigger
Event), and the denominator of which is equal to the sum of (i) the Stated
Principal Balance of the Mortgage Loans and (ii) the amount on deposit in the
Pre-Funding Account as of such Distribution Date.

          Swap Contract: The transaction evidenced by the Confirmation (as
assigned to the Swap Contract Administrator pursuant to the Swap Contract
Assignment Agreement), a form of which is attached hereto as Exhibit U.

          Swap Contract Administration Agreement: The swap contract
administration agreement dated as of the Closing Date among CHL, the Trustee
and the Swap Contract Administrator, a form of which is attached hereto as
Exhibit V-2.

          Swap Contract Administrator: The Bank of New York, in its capacity
as swap contract administrator under the Swap Contract Administration
Agreement.

          Swap Contract Assignment Agreement: The Assignment Agreement dated
as of the Closing Date among CHL, the Swap Contract Administrator and the Swap
Counterparty, a form of which is attached hereto as Exhibit V-1.

          Swap Counterparty: Lehman Brothers Special Financing Inc. and its
successors.

          Swap Guarantee: The guaranty, dated as of November 29, 2005, by the
Swap Guarantor in favor of the Swap Contract Administrator, a form of which is
attached hereto as Exhibit V-3.


                                      48
<PAGE>



          Swap Guarantor: Lehman Brothers Holdings Inc.

          Swap Contract Termination Date: The Distribution Date in March 2010.

          Swap Counterparty Trigger Event: A Swap Termination Payment that is
triggered upon (i) an "Event of Default" under the Swap Contract with respect
to which the Swap Counterparty is the sole "Defaulting Party" (as defined in
the Swap Contract) or (ii) a "Termination Event" or "Additional Termination
Event" under the Swap Contract with respect to which the Swap Counterparty is
the sole "Affected Party" (as defined in the Swap Contract).

          Swap Termination Payment: The payment payable to either party under
the Swap Contract due to an early termination of the Swap Contract.

          Swap Trust: The trust fund established by Section 4.09.

          Swap Trustee: The Bank of New York, a New York banking corporation,
not in its individual capacity, but solely in its capacity as trustee for the
benefit of the Holders of the Interest-Bearing Certificates under this
Agreement, and any successor thereto, and any corporation or national banking
association resulting from or surviving any consolidation or merger to which
it or its successors may be a party and any successor trustee as may from time
to time be serving as successor trustee hereunder.

          Tax Matters Person: The person designated as "tax matters person" in
the manner provided under Treasury regulation ss. 1.860F-4(d) and Treasury
regulation ss. 301.6231(a)(7)-1. Initially, this person shall be the Trustee.

          Tax Matters Person Certificate: With respect to the Master REMIC,
REMIC 1 and REMIC 2, the Class A-R Certificate with a Denomination of $0.05
and in the form of Exhibit E hereto.

          Terminator: As defined in Section 9.01.

          Three-Year Hybrid Mortgage Loan: A Mortgage Loan having a Mortgage
Rate that is fixed for 36 months after origination thereof before such
Mortgage Rate becomes subject to adjustment.

          Transfer: Any direct or indirect transfer or sale of any Ownership
Interest in a Certificate.

          Transfer Affidavit: As defined in Section 5.02(c).

          Transferor Certificate: As defined in Section 5.02(b).

          Trigger Event: With respect to any Distribution Date on or after the
Stepdown Date, either a Delinquency Trigger Event with respect to that
Distribution Date or a Cumulative Loss Trigger Event with respect to that
Distribution Date.


                                      49
<PAGE>


          Trust Fund: The corpus of the trust created hereunder consisting of
(i) the Mortgage Loans and all interest and principal received on or with
respect thereto after the Cut-off Date to the extent not applied in computing
the Cut-off Date Principal Balance thereof, exclusive of interest not required
to be deposited in the Certificate Account pursuant to Section 3.05(b)(2);
(ii) the Certificate Account, the Distribution Account, the Principal Reserve
Fund, the Carryover Reserve Fund, the Credit Comeback Excess Account, the
Pre-Funding Account and all amounts deposited therein pursuant to the
applicable provisions of this Agreement; (iii) property that secured a
Mortgage Loan and has been acquired by foreclosure, deed in lieu of
foreclosure or otherwise; (iv) the mortgagee's rights under the Insurance
Policies with respect to the Mortgage Loan; and (v) all proceeds of the
conversion, voluntary or involuntary, of any of the foregoing into cash or
other liquid property.

          Trustee: The Bank of New York, a New York banking corporation, not
in its individual capacity, but solely in its capacity as trustee for the
benefit of the Certificateholders under this Agreement, and any successor
thereto, and any corporation or national banking association resulting from or
surviving any consolidation or merger to which it or its successors may be a
party and any successor trustee as may from time to time be serving as
successor trustee hereunder.

          Trustee Advance Notice: As defined in Section 4.01(d).

          Trustee Advance Rate: With respect to any Advance made by the
Trustee pursuant to Section 4.01(d), a per annum rate of interest determined
as of the date of such Advance equal to the Prime Rate in effect on such date
plus 5.00%.

          Trustee Fee: As to any Distribution Date, an amount equal to
one-twelfth of the Trustee Fee Rate multiplied by the sum of (i) the Pool
Stated Principal Balance and (ii) any amounts remaining in the Pre-Funding
Account (excluding any investment earnings thereon) with respect to such
Distribution Date.

          Trustee Fee Rate: With respect to each Mortgage Loan, the per annum
rate agreed upon in writing on or prior to the Closing Date by the Trustee and
the Depositor, which is 0.009% per annum.

          Two-Year Hybrid Mortgage Loan: A Mortgage Loan having a Mortgage
Rate that is fixed for 24 months after origination thereof before such
Mortgage Rate becomes subject to adjustment.

          Underwriter's Exemption: Prohibited Transaction Exemption 2002-41,
67 Fed. Reg. 54487 (2002), as amended (or any successor thereto), or any
substantially similar administrative exemption granted by the U.S. Department
of Labor.

          Underwriters: Countrywide Securities Corporation, Deutsche Bank
Securities Inc. and J.P. Morgan Securities Inc.

          Unpaid Realized Loss Amount: For any Class of Certificates and any
Distribution Date, (x) the portion of the aggregate Applied Realized Loss
Amount previously allocated to that Class remaining unpaid from prior
Distribution Dates minus (y) any increase in


                                      50
<PAGE>


the Certificate Principal Balance of that Class due to the allocation of
Subsequent Recoveries to the Certificate Principal Balance of that Class
pursuant to Section 4.04(h).

          Voting Rights: The voting rights of all the Certificates that are
allocated to any Certificates for purposes of the voting provisions hereunder.
Voting Rights allocated to each Class of Certificates shall be allocated 97%
to the Certificates other than the Class A-R, Class C and Class P Certificates
(with the allocation among the Certificates to be in proportion to the
Certificate Principal Balance of each Class relative to the Certificate
Principal Balance of all other such Classes), and 1% to each of the Class A-R,
Class C and Class P Certificates. Voting Rights will be allocated among the
Certificates of each such Class in accordance with their respective Percentage
Interests.

          Section 1.02 Certain Interpretive Provisions.

          All terms defined in this Agreement shall have the defined meanings
when used in any certificate, agreement or other document delivered pursuant
hereto unless otherwise defined therein. For purposes of this Agreement and
all such certificates and other documents, unless the context otherwise
requires: (a) accounting terms not otherwise defined in this Agreement, and
accounting terms partly defined in this Agreement to the extent not defined,
shall have the respective meanings given to them under generally accepted
accounting principles; (b) the words "hereof," "herein" and "hereunder" and
words of similar import refer to this Agreement (or the certificate, agreement
or other document in which they are used) as a whole and not to any particular
provision of this Agreement (or such certificate, agreement or document); (c)
references to any Section, Schedule or Exhibit are references to Sections,
Schedules and Exhibits in or to this Agreement, and references to any
paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (d) the term "including" means "including without
limitation"; (e) references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation; (f) references to any agreement refer to that agreement as amended
from time to time; and (g) references to any Person include that Person's
permitted successors and assigns.

                                 ARTICLE II.
                        CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

          Section 2.01 Conveyance of Mortgage Loans.

          (a) Each Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Depositor, without recourse, all the right, title and
interest of such Seller in and to the applicable Initial Mortgage Loans,
including all interest and principal received and receivable by such Seller on
or with respect to applicable Initial Mortgage Loans after the Initial Cut-off
Date (to the extent not applied in computing the Cut-off Date Principal
Balance thereof) or deposited into the Certificate Account by the Master
Servicer on behalf of such Seller as part of the Initial Certificate Account
Deposit as provided in this Agreement, other than principal due on the
applicable Initial Mortgage Loans on or prior to the Initial Cut-off Date and
interest accruing prior to the Initial Cut-off Date. The Master Servicer
confirms that, on behalf of the Sellers,


                                      51
<PAGE>


concurrently with the transfer and assignment, it has deposited into the
Certificate Account the Initial Certificate Account Deposit.

          Immediately upon the conveyance of the Initial Mortgage Loans
referred to in the preceding paragraph, the Depositor sells, transfers,
assigns, sets over and otherwise conveys to the Trustee for benefit of the
Certificateholders, without recourse, all right title and interest in the
Initial Mortgage Loans.

          CHL further agrees (x) to cause The Bank of New York to enter into
the Swap Contract Administration Agreement as Swap Contract Administrator and
(y) to assign all of its right, title and interest in and to the interest rate
corridor transaction evidenced by the Confirmation, and to cause all of its
obligations in respect of such transaction to be assumed by, the Swap Contract
Administrator, on the terms and conditions set forth in the Swap Contract
Assignment Agreement.

          (b) Subject to the execution and delivery of the related Subsequent
Transfer Agreement as provided by Section 2.01(d) and the terms and conditions
of this Agreement, each Seller sells, transfers, assigns, sets over and
otherwise conveys to the Depositor, without recourse, on each Subsequent
Transfer Date, all the right, title and interest of such Seller in and to the
related Subsequent Mortgage Loans, including all interest and principal
received and receivable by such Seller on or with respect to such Subsequent
Mortgage Loans after the related Subsequent Cut-off Date (to the extent not
applied in computing the Cut-off Date Principal Balance thereof) or deposited
into the Certificate Account by the Master Servicer on behalf of such Seller
as part of any related Subsequent Certificate Account Deposit as provided in
this Agreement, other than principal due on such Subsequent Mortgage Loans on
or prior to the related Subsequent Cut-off Date and interest accruing prior to
the related Subsequent Cut-off Date.

          Immediately upon the conveyance of the Subsequent Mortgage Loans
referred to in the preceding paragraph, the Depositor sells, transfers,
assigns, sets over and otherwise conveys to the Trustee for benefit of the
Certificateholders, without recourse, all right title and interest in the
Subsequent Mortgage Loans.

          (c) Each Seller has entered into this Agreement in consideration for
the purchase of the Mortgage Loans by the Depositor and has agreed to take the
actions specified herein. The Depositor, concurrently with the execution and
delivery of this Agreement, hereby sells, transfers, assigns and otherwise
conveys to the Trustee for the use and benefit of the Certificateholders,
without recourse, all right title and interest in the portion of the Trust
Fund not otherwise conveyed to the Trustee pursuant to Section 2.01(a) or (b).

          (d) On any Business Day during the Funding Period designated by CHL
to the Trustee, the Sellers, the Depositor and the Trustee shall complete,
execute and deliver a Subsequent Transfer Agreement. After the execution and
delivery of such Subsequent Transfer Agreement, on the Subsequent Transfer
Date, the Trustee shall set aside in the Pre-Funding Account an amount equal
to the related Subsequent Transfer Date Purchase Amount.


                                      52
<PAGE>



          (e) The transfer of Subsequent Mortgage Loans on the Subsequent
Transfer Date is subject to the satisfaction of each of the following
conditions:

          (1) the Trustee and the Underwriters will be provided Opinions of
     Counsel addressed to the Rating Agencies as with respect to the sale of
     the Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date
     (such opinions being substantially similar to the opinions delivered on
     the Closing Date to the Rating Agencies with respect to the sale of the
     Initial Mortgage Loans on the Closing Date), to be delivered as provided
     in Section 2.01(f);

          (2) the execution and delivery of such Subsequent Transfer Agreement
     or conveyance of the related Subsequent Mortgage Loans does not result in
     a reduction or withdrawal of any ratings assigned to the Certificates by
     the Rating Agencies;

          (3) the Depositor shall deliver to the Trustee an Officer's
     Certificate confirming the satisfaction of each of the conditions set
     forth in this Section 2.01(e) required to be satisfied by such Subsequent
     Transfer Date;

          (4) each Subsequent Mortgage Loan conveyed on such Subsequent
     Transfer Date satisfies the representations and warranties applicable to
     it under this Agreement, provided, however, that with respect to a breach
     of a representation and warranty with respect to a Subsequent Mortgage
     Loan set forth in this clause (4), the obligation under Section 2.03(e)
     of this Agreement of the applicable Seller, to cure, repurchase or
     replace such Subsequent Mortgage Loan shall constitute the sole remedy
     against such Seller respecting such breach available to
     Certificateholders, the Depositor or the Trustee;

          (5) the Subsequent Mortgage Loans conveyed on such Subsequent
     Transfer Date were selected in a manner reasonably believed not to be
     adverse to the interests of the Certificateholders;

          (6) no Subsequent Mortgage Loan conveyed on such Subsequent Transfer
     Date was 30 or more days delinquent;

          (7) following the conveyance of the Subsequent Mortgage Loans on
     such Subsequent Transfer Date, the characteristics of each Loan Group
     will not vary by more than the amount specified below (other than the
     percentage of Mortgage Loans secured by Mortgaged Properties located in
     the State of California, which will not exceed 50% of the Mortgage Pool
     and the percentage of mortgage loans in the Credit Grade Categories of
     "C" or below, which will not exceed 10% of the Mortgage Loans in each
     Loan Group) from the characteristics listed below; provided that for the
     purpose of making such calculations, the characteristics for any Initial
     Mortgage Loan made will be taken as of the Initial Cut-off Date and the
     characteristics for any Subsequent Mortgage Loans will be taken as of the
     Subsequent Cut-off Date;

Loan Group 1

                                      53
<PAGE>

<TABLE>
<CAPTION>
                                                                      Permitted Variance
Characteristic                                            Value            or Range
--------------------------------                       -----------    ------------------
<S>                                                    <C>                 <C>
Average Stated Principal Balance.....................    $191,803             10%
Weighted Average Mortgage Rate.......................     6.781%             0.10%
Weighted Average Original Loan-to-Value Ratio........     83.34%              3%
Weighted Average Remaining Term to Maturity..........   357 months         3 months
Weighted Average Credit Bureau Risk Score............   678 points         5 points



Loan Group 2

                                                                      Permitted Variance
Characteristic                                            Value            or Range
--------------------------------                       -----------    ------------------
Average Stated Principal Balance.....................    $323,757             10%
Weighted Average Mortgage Rate.......................     6.711%             0.10%
Weighted Average Original Loan-to-Value Ratio........     82.84%              3%
Weighted Average Remaining Term to Maturity..........   358 months         3 months
Weighted Average Credit Bureau Risk Score............   686 points         5 points
</TABLE>

          (8) none of the Sellers or the Depositor is insolvent and neither of
     the Sellers nor the Depositor will be rendered insolvent by the
     conveyance of Subsequent Mortgage Loans on such Subsequent Transfer Date;
     and

          (9) the Trustee and the Underwriters will be provided with an
     Opinion of Counsel, which Opinion of Counsel shall not be at the expense
     of either the Trustee or the Trust Fund, addressed to the Trustee, to the
     effect that such purchase of Subsequent Mortgage Loans will not (i)
     result in the imposition of the tax on "prohibited transactions" on the
     Trust Fund or contributions after the Startup Date, as defined in
     Sections 860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause
     any REMIC formed hereunder to fail to qualify as a REMIC, such opinion to
     be delivered as provided in Section 2.01(f).

          The Trustee shall not be required to investigate or otherwise verify
compliance with these conditions, except for its own receipt of documents
specified above, and shall be entitled to rely on the required Officer's
Certificate.

          (f) Within six Business Days after each Subsequent Transfer Date,
upon (1) delivery to the Trustee by the Depositor of the Opinions of Counsel
referred to in Section 2.01(e)(1) and (e)(9), (2) delivery to the Trustee by
CHL (on behalf of each Seller) of a Loan Number and Borrower Identification
Mortgage Loan Schedule reflecting the Subsequent Mortgage Loans conveyed on
such Subsequent Transfer Date and the Loan Group into which each Subsequent
Mortgage Loan was conveyed, (3) deposit in the Certificate Account by the
Master Servicer on behalf of the Sellers of the applicable Subsequent
Certificate Account Deposit, and (4) delivery to the Trustee by the Depositor
of an Officer's Certificate confirming the satisfaction of each of the
conditions precedent set forth in this Section 2.01(f), the Trustee shall pay
the applicable Seller the Subsequent Transfer Date Transfer Amount from such
funds


                                      54
<PAGE>



that were set aside in the Pre-Funding Account pursuant to Section 2.01(d).
The positive difference, if any, between the Subsequent Transfer Date Transfer
Amount and the Subsequent Transfer Date Purchase Amount shall be re-invested
by the Trustee in the Pre-Funding Account.

          The Trustee shall not be required to investigate or otherwise verify
compliance with the conditions set forth in the preceding paragraph, except
for its own receipt of documents specified above, and shall be entitled to
rely on the required Officer's Certificate.

          Within thirty days after each Subsequent Transfer Date, the
Depositor shall deliver to the Trustee a letter of a nationally recognized
firm of independent public accountants stating whether or not the Subsequent
Mortgage Loans conveyed on such Subsequent Transfer Date conform to the
characteristics described in Section 2.01(e)(6) and (7).

          (g) In connection with the transfer and assignment of each Mortgage
Loan, the Depositor has delivered to, and deposited with, the Co-Trustee (or,
in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit
with, the Co-Trustee within the time periods specified in the definition of
Delay Delivery Mortgage Loans) (except as provided in clause (vi) below) for
the benefit of the Certificateholders, the following documents or instruments
with respect to each such Mortgage Loan so assigned (with respect to each
Mortgage Loan, clause (i) through (vi) below, together, the "Mortgage File"
for each such Mortgage Loan):

               (i) the original Mortgage Note, endorsed by manual or facsimile
          signature in blank in the following form: "Pay to the order of
          ________________ without recourse", with all intervening
          endorsements that show a complete chain of endorsement from the
          originator to the Person endorsing the Mortgage Note (each such
          endorsement being sufficient to transfer all right, title and
          interest of the party so endorsing, as noteholder or assignee
          thereof, in and to that Mortgage Note), or, if the original Mortgage
          Note has been lost or destroyed and not replaced, an original lost
          note affidavit, stating that the original Mortgage Note was lost or
          destroyed, together with a copy of the related Mortgage Note and all
          such intervening endorsements;

               (ii) in the case of each Mortgage Loan that is not a MERS
          Mortgage Loan, the original recorded Mortgage or a copy of such
          Mortgage, with recording information, and in the case of each MERS
          Mortgage Loan, the original Mortgage or a copy of such Mortgage,
          with recording information, noting the presence of the MIN of the
          Mortgage Loan and language indicating that the Mortgage Loan is a
          MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of
          recording indicated thereon, or a copy of the Mortgage certified by
          the public recording office in which such Mortgage has been
          recorded;

               (iii) in the case of each Mortgage Loan that is not a MERS
          Mortgage Loan, a duly executed assignment of the Mortgage to
          "Asset-Backed Certificates, Series 2005-AB4, CWABS, Inc., by The
          Bank of New York, a New York banking corporation, as trustee under
          the Pooling and Servicing Agreement dated as of November 1, 2005,
          without recourse" or a copy of such assignment, with recording
          information, (each such assignment, when duly and validly completed,


                                      55
<PAGE>


          to be in recordable form and sufficient to effect the assignment of
          and transfer to the assignee thereof, under the Mortgage to which
          such assignment relates);

               (iv) the original recorded assignment or assignments of the
          Mortgage or a copy of such assignments, with recording information,
          together with all interim recorded assignments of such Mortgage or a
          copy of such assignments, with recording information (in each case
          noting the presence of a MIN in the case of each MERS Mortgage
          Loan);

               (v) the original or copies of each assumption, modification,
          written assurance or substitution agreement, if any; and

               (vi) the original or duplicate original lender's title policy
          or a copy of lender's title policy or a printout of the electronic
          equivalent and all riders thereto or, in the event such original
          title policy has not been received from the insurer, such original
          or duplicate original lender's title policy and all riders thereto
          shall be delivered within one year of the Closing Date.

          In addition, in connection with the assignment of any MERS Mortgage
Loan, each Seller agrees that it will cause, at such Seller's own expense, the
MERS(r) System to indicate (and provide evidence to the Trustee that it has
done so) that such Mortgage Loans have been assigned by such Seller to the
Trustee in accordance with this Agreement for the benefit of the
Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer
files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY
THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code
"[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which
identifies the series of the Certificates issued in connection with such
Mortgage Loans. The Sellers further agree that they will not, and will not
permit the Master Servicer to, and the Master Servicer agrees that it will
not, alter the codes referenced in this paragraph with respect to any Mortgage
Loan during the term of this Agreement unless and until such Mortgage Loan is
repurchased in accordance with the terms of this Agreement.

          In the event that in connection with any Mortgage Loan that is not a
MERS Mortgage Loan a Seller cannot deliver the original recorded Mortgage or
all interim recorded assignments of the Mortgage satisfying the requirements
of clause (ii), (iii) or (iv) concurrently with the execution and delivery
hereof, such Seller shall deliver or cause to be delivered to the Co-Trustee a
true copy of such Mortgage and of each such undelivered interim assignment of
the Mortgage each certified by such Seller, the applicable title company,
escrow agent or attorney, or the originator of such Mortgage, as the case may
be, to be a true and complete copy of the original Mortgage or assignment of
Mortgage submitted for recording. For any such Mortgage Loan that is not a
MERS Mortgage Loan each Seller shall promptly deliver or cause to be delivered
to the Co-Trustee such original Mortgage and such assignment or assignments
with evidence of recording indicated thereon upon receipt thereof from the
public recording official, or a copy thereof, certified, if appropriate, by
the relevant recording office, but in no event shall any such delivery be made
later than 270 days following the Closing Date; provided that in the event
that by such date such Seller is unable to deliver or cause to be delivered
each such


                                      56
<PAGE>


Mortgage and each interim assignment by reason of the fact that any such
documents have not been returned by the appropriate recording office, or, in
the case of each interim assignment, because the related Mortgage has not been
returned by the appropriate recording office, such Seller shall deliver or
cause to be delivered such documents to the Co-Trustee as promptly as possible
upon receipt thereof. If the public recording office in which a Mortgage or
interim assignment thereof is recorded retains the original of such Mortgage
or assignment, a copy of the original Mortgage or assignment so retained, with
evidence of recording thereon, certified to be true and complete by such
recording office, shall satisfy a Seller's obligations in Section 2.01. If any
document submitted for recording pursuant to this Agreement is (x) lost prior
to recording or rejected by the applicable recording office, the applicable
Seller shall immediately prepare or cause to be prepared a substitute and
submit it for recording, and shall deliver copies and originals thereof in
accordance with the foregoing or (y) lost after recording, the applicable
Seller shall deliver to the Co-Trustee a copy of such document certified by
the applicable public recording office to be a true and complete copy of the
original recorded document. Each Seller shall promptly forward or cause to be
forwarded to the Co-Trustee (x) from time to time additional original
documents evidencing an assumption or modification of a Mortgage Loan and (y)
any other documents required to be delivered by the Depositor or the Master
Servicer to the Co-Trustee within the time periods specified in this Section
2.01.

          With respect to each Mortgage Loan other than a MERS Mortgage Loan
as to which the related Mortgaged Property and Mortgage File are located in
(a) the State of California or (b) any other jurisdiction under the laws of
which the recordation of the assignment specified in clause (iii) above is not
necessary to protect the Trustee's and the Certificateholders' interest in the
related Mortgage Loan, as evidenced by an Opinion of Counsel delivered by CHL
to the Trustee and a copy to the Rating Agencies, in lieu of recording the
assignment specified in clause (iii) above, the applicable Seller may deliver
an unrecorded assignment in blank, in form otherwise suitable for recording to
the Co-Trustee; provided that if the related Mortgage has not been returned
from the applicable public recording office, such assignment, or any copy
thereof, of the Mortgage may exclude the information to be provided by the
recording office. As to any Mortgage Loan other than a MERS Mortgage Loan, the
procedures of the preceding sentence shall be applicable only so long as the
related Mortgage File is maintained in the possession of the Co-Trustee in the
State or jurisdiction described in such sentence. In the event that with
respect to Mortgage Loans other than MERS Mortgage Loans (I) any Seller, the
Depositor, the Master Servicer or the NIM Insurer gives written notice to the
Trustee that recording is required to protect the right, title and interest of
the Trustee on behalf of the Certificateholders in and to any Mortgage Loan,
(II) a court recharacterizes any sale of the Mortgage Loans as a financing, or
(III) as a result of any change in or amendment to the laws of the State or
jurisdiction described in the first sentence of this paragraph or any
applicable political subdivision thereof, or any change in official position
regarding application or interpretation of such laws, including a holding by a
court of competent jurisdiction, such recording is so required, the Co-Trustee
shall complete the assignment in the manner specified in clause (iii) above
and CHL shall submit or cause to be submitted for recording as specified above
or, should CHL fail to perform such obligations, the Trustee shall cause the
Master Servicer, at the Master Servicer's expense, to cause each such
previously unrecorded assignment to be submitted for recording as specified
above. In the event a Mortgage File is released to the Master Servicer as a
result of the Master Servicer's having completed a Request for Document
Release, the Trustee shall complete the assignment of the related Mortgage in
the manner specified in clause (iii) above.


                                      57
<PAGE>


          So long as the Co-Trustee or its agent maintains an office in the
State of California, the Co-Trustee or its agent shall maintain possession of
and not remove or attempt to remove from the State of California any of the
Mortgage Files as to which the related Mortgaged Property is located in such
State. In the event that a Seller fails to record an assignment of a Mortgage
Loan as herein provided within 90 days of notice of an event set forth in
clause (I), (II) or (III) of the preceding paragraph, the Master Servicer
shall prepare and, if required hereunder, file such assignments for
recordation in the appropriate real property or other records office. Each
Seller hereby appoints the Master Servicer (and any successor servicer
hereunder) as its attorney-in-fact with full power and authority acting in its
stead for the purpose of such preparation, execution and filing.

          In the case of Mortgage Loans that become the subject of a Principal
Prepayment between the Closing Date (in the case of Initial Mortgage Loans) or
related Subsequent Transfer Date (in the case of Subsequent Mortgage Loans)
and the Cut-off Date, CHL shall deposit or cause to be deposited in the
Certificate Account the amount required to be deposited therein with respect
to such payment pursuant to Section 3.05 hereof.

          Notwithstanding anything to the contrary in this Agreement, within
thirty days after the Closing Date (in the case of Initial Mortgage Loans) or
within twenty days after the related Subsequent Transfer Date (in the case of
Subsequent Mortgage Loans), CHL (on behalf of each Seller) shall either (i)
deliver to the Co-Trustee the Mortgage File as required pursuant to this
Section 2.01 for each Delay Delivery Mortgage Loan or (ii) (A) repurchase the
Delay Delivery Mortgage Loan or (B) substitute the Delay Delivery Mortgage
Loan for a Replacement Mortgage Loan, which repurchase or substitution shall
be accomplished in the manner and subject to the conditions set forth in
Section 2.03, provided that if CHL fails to deliver a Mortgage File for any
Delay Delivery Mortgage Loan within the period provided in the prior sentence,
the cure period provided for in Section 2.02 or in Section 2.03 shall not
apply to the initial delivery of the Mortgage File for such Delay Delivery
Mortgage Loan, but rather CHL shall have five (5) Business Days to cure such
failure to deliver. CHL shall promptly provide each Rating Agency with written
notice of any cure, repurchase or substitution made pursuant to the proviso of
the preceding sentence. On or before the thirtieth (30th) day (or if such
thirtieth day is not a Business Day, the succeeding Business Day) after the
Closing Date (in the case of Initial Mortgage Loans) or within twenty days
after the related Subsequent Transfer Date (in the case of Subsequent Mortgage
Loans), the Trustee shall, in accordance with the provisions of Section 2.02,
send a Delay Delivery Certification substantially in the form annexed hereto
as Exhibit G-3 (with any applicable exceptions noted thereon) for all Delay
Delivery Mortgage Loans delivered within thirty (30) days after such date. The
Trustee will promptly send a copy of such Delay Delivery Certification to each
Rating Agency.

          Section 2.02 Acceptance by Trustee of the Mortgage Loans.

          (a) The Co-Trustee acknowledges receipt, subject to the limitations
contained in and any exceptions noted in the Initial Certification in the form
annexed hereto as Exhibit G-1 and in the list of exceptions attached thereto,
of the documents referred to in clauses (i) and (iii) of Section 2.01(g) above
with respect to the Initial Mortgage Loans and all other assets included in
the Trust Fund and declares that it holds and will hold such documents and the
other documents delivered to it constituting the Mortgage Files, and that it
holds or will hold such


                                      58
<PAGE>


other assets included in the Trust Fund, in trust for the exclusive use and
benefit of all present and future Certificateholders.

          The Trustee agrees to execute and deliver on the Closing Date to the
Depositor, the Master Servicer and CHL (on behalf of each Seller) an Initial
Certification substantially in the form annexed hereto as Exhibit G-1 to the
effect that, as to each Initial Mortgage Loan listed in the Mortgage Loan
Schedule (other than any Initial Mortgage Loan paid in full or any Initial
Mortgage Loan specifically identified in such certification as not covered by
such certification), the documents described in Section 2.01(g)(i) and, in the
case of each Initial Mortgage Loan that is not a MERS Mortgage Loan, the
documents described in Section 2.01(g)(iii) with respect to such Initial
Mortgage Loans as are in the Co-Trustee's possession and based on its review
and examination and only as to the foregoing documents, such documents appear
regular on their face and relate to such Initial Mortgage Loan. The Trustee
agrees to execute and deliver within 30 days after the Closing Date to the
Depositor, the Master Servicer and CHL (on behalf of each Seller) an Interim
Certification substantially in the form annexed hereto as Exhibit G-2 to the
effect that, as to each Initial Mortgage Loan listed in the Mortgage Loan
Schedule (other than any Initial Mortgage Loan paid in full or any Initial
Mortgage Loan specifically identified in such certification as not covered by
such certification) all documents required to be delivered to the Co-Trustee
pursuant to the Agreement with respect to such Initial Mortgage Loans are in
its possession (except those documents described in Section 2.01(g)(vi)) and
based on its review and examination and only as to the foregoing documents,
(i) such documents appear regular on their face and relate to such Initial
Mortgage Loan, and (ii) the information set forth in items (i), (iv), (v),
(vi), (viii), (ix) and (xv) of the definition of the "Mortgage Loan Schedule"
accurately reflects information set forth in the Mortgage File. On or before
the thirtieth (30th) day after the Closing Date (or if such thirtieth day is
not a Business Day, the succeeding Business Day), the Trustee shall deliver to
the Depositor, the Master Servicer and CHL (on behalf of each Seller) a Delay
Delivery Certification with respect to the Initial Mortgage Loans
substantially in the form annexed hereto as Exhibit G-3, with any applicable
exceptions noted thereon. The Co-Trustee or the Trustee, as applicable, shall
be under no duty or obligation to inspect, review or examine such documents,
instruments, certificates or other papers to determine that the same are
genuine, enforceable or appropriate for the represented purpose or that they
have actually been recorded in the real estate records or that they are other
than what they purport to be on their face.

          Not later than 180 days after the Closing Date, the Trustee shall
deliver to the Depositor, the Master Servicer and CHL (on behalf of each
Seller), and to any Certificateholder that so requests, a Final Certification
with respect to the Initial Mortgage Loans substantially in the form annexed
hereto as Exhibit H, with any applicable exceptions noted thereon.

          In connection with the Trustee's completion and delivery of such
Final Certification, the Co-Trustee, at the Trustee's direction, shall review
each Mortgage File with respect to the Initial Mortgage Loans to determine
that such Mortgage File contains the following documents:

               (i) the original Mortgage Note, endorsed by manual or facsimile
          signature in blank in the following form: "Pay to the order of
          ________________ without recourse", with all intervening
          endorsements that show a complete chain of endorsement from the
          originator to the Person endorsing the Mortgage Note


                                      59
<PAGE>


          (each such endorsement being sufficient to transfer all right, title
          and interest of the party so endorsing, as noteholder or assignee
          thereof, in and to that Mortgage Note), or, if the original Mortgage
          Note has been lost or destroyed and not replaced, an original lost
          note affidavit, stating that the original Mortgage Note was lost or
          destroyed, together with a copy of the related Mortgage Note and all
          such intervening endorsements;

               (ii) in the case of each Initial Mortgage Loan that is not a
          MERS Mortgage Loan, the original recorded Mortgage or a copy of such
          Mortgage, with recording information, and in the case of each
          Initial Mortgage Loan that is a MERS Mortgage Loan, the original
          Mortgage or a copy of such Mortgage, with recording information,
          noting the presence of the MIN of the Initial Mortgage Loan and
          language indicating that the Mortgage Loan is a MOM Loan if the
          Initial Mortgage Loan is a MOM Loan, with evidence of recording
          indicated thereon, or a copy of the Mortgage certified by the public
          recording office in which Mortgage has been recorded;

               (iii) in the case of each Initial Mortgage Loan that is not a
          MERS Mortgage Loan, a duly executed assignment of the Mortgage or a
          copy thereof with recording information, in either case in the form
          permitted by Section 2.01;

               (iv) the original recorded assignment or assignments of the
          Mortgage or a copy of such assignments, with recording information,
          together with all interim recorded assignments of such Mortgage or a
          copy of such assignments, with recording information (in each case
          noting the presence of a MIN in the case of each MERS Mortgage
          Loan);

               (v) the original or copies of each assumption, modification,
          written assurance or substitution agreement, if any; and

               (vi) the original or duplicate original lender's title policy
          or a copy of lender's title policy or a printout of the electronic
          equivalent and all riders thereto.

          If, in the course of such review, the Co-Trustee finds any document
or documents constituting a part of such Mortgage File that do not meet the
requirements of clauses (i)-(iv) and (vi) above, the Trustee shall include
such exceptions in such Final Certification (and the Trustee shall state in
such Final Certification whether any Mortgage File does not then include the
original or duplicate original lender's title policy or a printout of the
electronic equivalent and all riders thereto). If the public recording office
in which a Mortgage or assignment thereof is recorded retains the original of
such Mortgage or assignment, a copy of the original Mortgage or assignment so
retained, with evidence of recording thereon, certified to be true and
complete by such recording office, shall be deemed to satisfy the requirements
of clause (ii), (iii) or (iv) above, as applicable. CHL shall promptly correct
or cure such defect referred to above within 90 days from the date it was so
notified of such defect and, if CHL does not correct or cure such defect
within such period, CHL shall either (A) if the time to cure such defect
expires prior to the end of the second anniversary of the Closing Date,
substitute for the related Initial Mortgage Loan a Replacement Mortgage Loan,
which substitution shall be accomplished in the manner


                                      60
<PAGE>


and subject to the conditions set forth in Section 2.03, or (B) purchase such
Initial Mortgage Loan from the Trust Fund within 90 days from the date CHL was
notified of such defect in writing at the Purchase Price of such Initial
Mortgage Loan; provided that any such substitution pursuant to (A) above or
repurchase pursuant to (B) above shall not be effected prior to the delivery
to the Trustee of the Opinion of Counsel required by Section 2.05 hereof and
any substitution pursuant to (A) above shall not be effected prior to the
additional delivery to the Co-Trustee of a Request for File Release. No
substitution will be made in any calendar month after the Determination Date
for such month. The Purchase Price for any such Initial Mortgage Loan shall be
deposited by CHL in the Certificate Account and, upon receipt of such deposit
and Request for File Release with respect thereto, the Co-Trustee shall
release the related Mortgage File to CHL and shall execute and deliver at
CHL's request such instruments of transfer or assignment as CHL has prepared,
in each case without recourse, as shall be necessary to vest in CHL, or a
designee, the Trustee's interest in any Initial Mortgage Loan released
pursuant hereto. If pursuant to the foregoing provisions CHL repurchases an
Initial Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer shall
cause MERS to execute and deliver an assignment of the Mortgage in recordable
form to transfer the Mortgage from MERS to CHL and shall cause such Mortgage
to be removed from registration on the MERS(r) System in accordance with MERS'
rules and regulations.

          The Co-Trustee shall retain possession and custody of each Mortgage
File in accordance with and subject to the terms and conditions set forth
herein. Each Seller shall promptly deliver to the Co-Trustee, upon the
execution or receipt thereof, the originals of such other documents or
instruments constituting the Mortgage File that come into the possession of
such Seller from time to time.

          It is understood and agreed that the obligation of CHL to substitute
for or to purchase any Mortgage Loan that does not meet the requirements of
Section 2.02(a) above shall constitute the sole remedy respecting such defect
available to the Trustee, the Co-Trustee, the Depositor and any
Certificateholder against any Seller.

          It is understood and agreed that the obligation of CHL to substitute
for or to purchase, pursuant to Section 2.02(a), any Initial Mortgage Loan
whose Mortgage File contains any document or documents that does not meet the
requirements of clauses (i)-(iv) and (vi) above and which defect is not
corrected or cured by CHL within 90 days from the date it was notified of such
defect, shall constitute the sole remedy respecting such defect available to
the Trustee, the Co-Trustee, the Depositor and any Certificateholder against
any Seller.

          (b) The Trustee agrees to execute and deliver on the Subsequent
Transfer Date to the Depositor, the Master Servicer and CHL (on behalf of each
Seller) an Initial Certification substantially in the form annexed hereto as
Exhibit G-4 to the effect that, as to each Subsequent Mortgage Loan listed in
the Mortgage Loan Schedule (other than any Subsequent Mortgage Loan paid in
full or any Subsequent Mortgage Loan specifically identified in such
certification as not covered by such certification), the documents described
in Section 2.01(g)(i) and, in the case of each Subsequent Mortgage Loan that
is not a MERS Mortgage Loan, the documents described in Section 2.01(g)(iii),
with respect to such Subsequent Mortgage Loan are in its possession, and based
on its review and examination and only as to the foregoing


                                      61
<PAGE>


documents, such documents appear regular on their face and relate to such
Subsequent Mortgage Loan.

          The Trustee agrees to execute and deliver within 30 days after the
Subsequent Transfer Date to the Depositor, the Master Servicer and CHL (on
behalf of each Seller) an Interim Certification substantially in the form
annexed hereto as Exhibit G-2 to the effect that, as to each Subsequent
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Subsequent
Mortgage Loan paid in full or any Subsequent Mortgage Loan specifically
identified in such certification as not covered by such certification), all
documents required to be delivered to it pursuant to this Agreement with
respect to such Subsequent Mortgage Loan are in its possession (except those
described in Section 2.01(g)(vi)) and based on its review and examination and
only as to the foregoing documents, (i) such documents appear regular on their
face and relate to such Subsequent Mortgage Loan, and (ii) the information set
forth in items (i), (iv), (v), (vi), (viii), (ix) and (xv) of the definition
of the "Mortgage Loan Schedule" accurately reflects information set forth in
the Mortgage File. On or before the thirtieth (30th) day after the Subsequent
Transfer Date (or if such thirtieth day is not a Business Day, the succeeding
Business Day), the Trustee shall deliver to the Depositor, the Master Servicer
and CHL (on behalf of each Seller) a Delay Delivery Certification with respect
to the Subsequent Mortgage Loans substantially in the form annexed hereto as
Exhibit G-3, with any applicable exceptions noted thereon, together with a
Subsequent Certification substantially in the form annexed hereto as Exhibit
G-4. The Trustee shall be under no duty or obligation to inspect, review or
examine such documents, instruments, certificates or other papers to determine
that the same are genuine, enforceable or appropriate for the represented
purpose or that they have actually been recorded in the real estate records or
that they are other than what they purport to be on their face.

          Not later than 180 days after the Subsequent Transfer Date, the
Trustee shall deliver to the Depositor, the Master Servicer, CHL (on behalf of
each Seller) and to any Certificateholder that so requests a Final
Certification with respect to the Subsequent Mortgage Loans substantially in
the form annexed hereto as Exhibit H, with any applicable exceptions noted
thereon.

          In connection with the Trustee's completion and delivery of such
Final Certification, the Co-Trustee shall review each Mortgage File with
respect to the Subsequent Mortgage Loans to determine that such Mortgage File
contains the following documents:

               (i) the original Mortgage Note, endorsed by manual or facsimile
     signature in blank in the following form: "Pay to the order of
     ________________ without recourse", with all intervening endorsements
     that show a complete chain of endorsement from the originator to the
     Person endorsing the Mortgage Note (each such endorsement being
     sufficient to transfer all right, title and interest of the party so
     endorsing, as noteholder or assignee thereof, in and to that Mortgage
     Note), or, if the original Mortgage Note has been lost or destroyed and
     not replaced, an original lost note affidavit, stating that the original
     Mortgage Note was lost or destroyed, together with a copy of the related
     Mortgage Note and all such intervening endorsements;

               (ii) in the case of each Subsequent Mortgage Loan that is not a
     MERS Mortgage Loan, the original recorded Mortgage or a copy of such
     Mortgage, with


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<PAGE>


     recording information, and in the case of each Subsequent Mortgage Loan
     that is a MERS Mortgage Loan, the original Mortgage or a copy of such
     Mortgage, with recording information, noting the presence of the MIN of
     the Subsequent Mortgage Loan and language indicating that the Subsequent
     Mortgage Loan is a MOM Loan if the Subsequent Mortgage Loan is a MOM
     Loan, with evidence of recording indicated thereon, or a copy of the
     Mortgage certified by the public recording office in which Mortgage has
     been recorded;

               (iii) in the case of each Subsequent Mortgage Loan that is not
     a MERS Mortgage Loan, a duly executed assignment of the Mortgage or a
     copy thereof with recording information, in either case in the form
     permitted by Section 2.01;

               (iv) the original recorded assignment or assignments of the
     Mortgage or a copy of such assignments, with recording information,
     together with all interim recorded assignments of such Mortgage or a copy
     of such assignments, with recording information (in each case noting the
     presence of a MIN in the case of each MERS Mortgage Loan);

               (v) the original or copies of each assumption, modification,
     written assurance or substitution agreement, if any; and

               (vi) the original or duplicate original lender's title policy
     or a copy of lender's title policy or a printout of the electronic
     equivalent and all riders thereto.

          If, in the course of such review, the Co-Trustee finds any document
or documents constituting a part of such Mortgage File that do not meet the
requirements of clauses (i)-(iv) and (vi) above, the Trustee shall include
such exceptions in such Final Certification (and the Trustee shall state in
such Final Certification whether any Mortgage File does not then include the
original or duplicate original lender's title policy or a printout of the
electronic equivalent and all riders thereto). If the public recording office
in which a Mortgage or assignment thereof is recorded retains the original of
such Mortgage or assignment, a copy of the original Mortgage or assignment so
retained, with evidence of recording thereon, certified to be true and
complete by such recording office, shall be deemed to satisfy the requirements
of clause (ii), (iii) or (iv) above, as applicable. CHL shall promptly correct
or cure such defect referred to above within 90 days from the date it was so
notified of such defect and, if CHL does not correct or cure such defect
within such period, CHL shall either (A) if the time to cure such defect
expires prior to the end of the second anniversary of the Closing Date,
substitute for the related Subsequent Mortgage Loan a Replacement Mortgage
Loan, which substitution shall be accomplished in the manner and subject to
the conditions set forth in Section 2.03, or (B) purchase such Subsequent
Mortgage Loan from the Trust Fund within 90 days from the date CHL was
notified of such defect in writing at the Purchase Price of such Subsequent
Mortgage Loan; provided that any such substitution pursuant to (A) above or
repurchase pursuant to (B) above shall not be effected prior to the delivery
to the Trustee of the Opinion of Counsel required by Section 2.05 hereof and
any substitution pursuant to (A) above shall not be effected prior to the
additional delivery to the Trustee of a Request for File Release. No
substitution will be made in any calendar month after the Determination Date
for such month. The Purchase Price for any such Subsequent Mortgage Loan shall
be deposited by CHL in the Certificate Account and, upon receipt of such
deposit and


                                      63
<PAGE>


Request for File Release with respect thereto, the Trustee shall release the
related Mortgage File to CHL and shall execute and deliver at CHL's request
such instruments of transfer or assignment as CHL has prepared, in each case
without recourse, as shall be necessary to vest in CHL, or a designee, the
Trustee's interest in any Subsequent Mortgage Loan released pursuant hereto.
If pursuant to the foregoing provisions CHL repurchases a Subsequent Mortgage
Loan that is a MERS Mortgage Loan, the Master Servicer shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to
transfer the Mortgage from MERS to CHL and shall cause such Mortgage to be
removed from registration on the MERS(r) System in accordance with MERS' rules
and regulations.

          The Co-Trustee shall retain possession and custody of each Mortgage
File in accordance with and subject to the terms and conditions set forth
herein. Each Seller shall promptly deliver to the Co-Trustee, upon the
execution or receipt thereof, the originals of such other documents or
instruments constituting the Mortgage File that come into the possession of
such Seller from time to time.

          It is understood and agreed that the obligation of the Sellers to
substitute for or to purchase, pursuant to Section 2.02(b), any Subsequent
Mortgage Loan whose Mortgage File contains any document or documents that does
not meet the requirements of clauses (i)-(iv) and (vi) above and which defect
is not corrected or cured by such Seller within 90 days from the date it was
notified of such defect, shall constitute the sole remedy respecting such
defect available to the Trustee, the Co-Trustee, the Depositor and any
Certificateholder against the Sellers.

          Section 2.03 Representations, Warranties and Covenants of the Master
                       Servicer and the Sellers.

          (a) The Master Servicer hereby represents and warrants to the
Depositor and the Trustee as follows, as of the date hereof with respect to
the Initial Mortgage Loans, and the related Subsequent Transfer Date with
respect to the Subsequent Mortgage Loans:

               (1) The Master Servicer is duly organized as a Texas limited
     partnership and is validly existing and in good standing under the laws
     of the State of Texas and is duly authorized and qualified to transact
     any and all business contemplated by this Agreement to be conducted by
     the Master Servicer in any state in which a Mortgaged Property is located
     or is otherwise not required under applicable law to effect such
     qualification and, in any event, is in compliance with the doing business
     laws of any such state, to the extent necessary to ensure its ability to
     enforce each Mortgage Loan, to service the Mortgage Loans in accordance
     with the terms of this Agreement and to perform any of its other
     obligations under this Agreement in accordance with the terms hereof.

               (2) The Master Servicer has the full partnership power and
     authority to sell and service each Mortgage Loan, and to execute, deliver
     and perform, and to enter into and consummate the transactions
     contemplated by this Agreement and has duly authorized by all necessary
     partnership action on the part of the Master Servicer the execution,
     delivery and performance of this Agreement; and this Agreement, assuming
     the due authorization, execution and delivery hereof by the other parties
     hereto,


                                      64
<PAGE>


     constitutes a legal, valid and binding obligation of the Master Servicer,
     enforceable against the Master Servicer in accordance with its terms,
     except that (a) the enforceability hereof may be limited by bankruptcy,
     insolvency, moratorium, receivership and other similar laws relating to
     creditors' rights generally and (b) the remedy of specific performance
     and injunctive and other forms of equitable relief may be subject to
     equitable defenses and to the discretion of the court before which any
     proceeding therefor may be brought.

               (3) The execution and delivery of this Agreement by the Master
     Servicer, the servicing of the Mortgage Loans by the Master Servicer
     under this Agreement, the consummation of any other of the transactions
     contemplated by this Agreement, and the fulfillment of or compliance with
     the terms hereof are in the ordinary course of business of the Master
     Servicer and will not (A) result in a material breach of any term or
     provision of the certificate of limited partnership, partnership
     agreement or other organizational document of the Master Servicer or (B)
     materially conflict with, result in a material breach, violation or
     acceleration of, or result in a material default under, the terms of any
     other material agreement or instrument to which the Master Servicer is a
     party or by which it may be bound, or (C) constitute a material violation
     of any statute, order or regulation applicable to the Master Servicer of
     any court, regulatory body, administrative agency or governmental body
     having jurisdiction over the Master Servicer; and the Master Servicer is
     not in breach or violation of any material indenture or other material
     agreement or instrument, or in violation of any statute, order or
     regulation of any court, regulatory body, administrative agency or
     governmental body having jurisdiction over it which breach or violation
     may materially impair the Master Servicer's ability to perform or meet
     any of its obligations under this Agreement.

               (4) The Master Servicer is an approved servicer of conventional
     mortgage loans for Fannie Mae and Freddie Mac and is a mortgagee approved
     by the Secretary of Housing and Urban Development pursuant to sections
     203 and 211 of the National Housing Act.

               (5) No litigation is pending or, to the best of the Master
     Servicer's knowledge, threatened, against the Master Servicer that would
     materially and adversely affect the execution, delivery or enforceability
     of this Agreement or the ability of the Master Servicer to service the
     Mortgage Loans or to perform any of its other obligations under this
     Agreement or any Subsequent Transfer Agreement in accordance with the
     terms hereof or thereof.

               (6) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery
     and performance by the Master Servicer of, or compliance by the Master
     Servicer with, this Agreement or the consummation of the transactions
     contemplated hereby, or if any such consent, approval, authorization or
     order is required, the Master Servicer has obtained the same.

               (7) The Master Servicer is a member of MERS in good standing,
     and will comply in all material respects with the rules and procedures of
     MERS in connection


                                      65
<PAGE>


     with the servicing of the Mortgage Loans for as long as such Mortgage
     Loans are registered with MERS.

               (8) The Master Servicer has fully furnished and will fully
     furnish, in accordance with the Fair Credit Reporting Act and its
     implementing regulations, accurate and complete information (i.e.,
     favorable and unfavorable) on its borrower credit files to Equifax,
     Experian, and Trans Union Credit Information Company (three of the credit
     repositories), on a monthly basis for the Mortgage Loans in Loan Group 1.

          (b) CHL hereby represents and warrants to the Depositor and the
Trustee as follows, as of the Initial Cut-off Date in the case of the Initial
Mortgage Loans and as of the related Subsequent Cut-off Date in the case of
the Subsequent Mortgage Loans (unless otherwise indicated or the context
otherwise requires, percentages with respect to the Initial Mortgage Loans in
the Trust Fund or in a Loan Group or Loan Groups are measured by the Cut-off
Date Principal Balance of the Initial Mortgage Loans in the Trust Fund or of
the Initial Mortgage Loans in the related Loan Group or Loan Groups, as
applicable):

               (1) CHL is duly organized as a New York corporation and is
     validly existing and in good standing under the laws of the State of New
     York and is duly authorized and qualified to transact any and all
     business contemplated by this Agreement and each Subsequent Transfer
     Agreement to be conducted by CHL in any state in which a Mortgaged
     Property is located or is otherwise not required under applicable law to
     effect such qualification and, in any event, is in compliance with the
     doing business laws of any such state, to the extent necessary to ensure
     its ability to enforce each Mortgage Loan, to sell the CHL Mortgage Loans
     in accordance with the terms of this Agreement and each Subsequent
     Transfer Agreement and to perform any of its other obligations under this
     Agreement and each Subsequent Transfer Agreement in accordance with the
     terms hereof and thereof.

               (2) CHL has the full corporate power and authority to sell each
     CHL Mortgage Loan, and to execute, deliver and perform, and to enter into
     and consummate the transactions contemplated by this Agreement and each
     Subsequent Transfer Agreement and has duly authorized by all necessary
     corporate action on the part of CHL the execution, delivery and
     performance of this Agreement and each Subsequent Transfer Agreement; and
     this Agreement and each Subsequent Transfer Agreement, assuming the due
     authorization, execution and delivery hereof by the other parties hereto,
     constitutes a legal, valid and binding obligation of CHL, enforceable
     against CHL in accordance with its terms, except that (a) the
     enforceability hereof may be limited by bankruptcy, insolvency,
     moratorium, receivership and other similar laws relating to creditors'
     rights generally and (b) the remedy of specific performance and
     injunctive and other forms of equitable relief may be subject to
     equitable defenses and to the discretion of the court before which any
     proceeding therefor may be brought.

               (3) The execution and delivery of this Agreement and each
     Subsequent Transfer Agreement by CHL, the sale of the CHL Mortgage Loans
     by CHL under this Agreement and each Subsequent Transfer Agreement, the
     consummation of any other of the transactions contemplated by this
     Agreement and each Subsequent


                                      66
<PAGE>


     Transfer Agreement, and the fulfillment of or compliance with the terms
     hereof and thereof are in the ordinary course of business of CHL and will
     not (A) result in a material breach of any term or provision of the
     charter or by-laws of CHL or (B) materially conflict with, result in a
     material breach, violation or acceleration of, or result in a material
     default under, the terms of any other material agreement or instrument to
     which CHL is a party or by which it may be bound, or (C) constitute a
     material violation of any statute, order or regulation applicable to CHL
     of any court, regulatory body, administrative agency or governmental body
     having jurisdiction over CHL; and CHL is not in breach or violation of
     any material indenture or other material agreement or instrument, or in
     violation of any statute, order or regulation of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     it which breach or violation may materially impair CHL's ability to
     perform or meet any of its obligations under this Agreement and each
     Subsequent Transfer Agreement.

               (4) CHL is an approved seller of conventional mortgage loans
     for Fannie Mae and Freddie Mac and is a mortgagee approved by the
     Secretary of Housing and Urban Development pursuant to sections 203 and
     211 of the National Housing Act.

               (5) No litigation is pending or, to the best of CHL's
     knowledge, threatened, against CHL that would materially and adversely
     affect the execution, delivery or enforceability of this Agreement or any
     Subsequent Transfer Agreement or the ability of CHL to sell the CHL
     Mortgage Loans or to perform any of its other obligations under this
     Agreement or any Subsequent Transfer Agreement in accordance with the
     terms hereof or thereof.

               (6) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery
     and performance by CHL of, or compliance by CHL with, this Agreement or
     any Subsequent Transfer Agreement or the consummation of the transactions
     contemplated hereby, or if any such consent, approval, authorization or
     order is required, CHL has obtained the same.

               (7) The information set forth on Exhibit F-1 hereto with
     respect to each Initial Mortgage Loan is true and correct in all material
     respects as of the Closing Date.

               (8) CHL will treat the transfer of the CHL Mortgage Loans to
     the Depositor as a sale of the CHL Mortgage Loans for all tax, accounting
     and regulatory purposes.

               (9) None of the Mortgage Loans is delinquent in payment of
     principal and interest.

               (10) No Mortgage Loan had a Loan-to-Value Ratio at origination
     in excess of 100.00%.

               (11) Each Mortgage Loan is secured by a valid and enforceable
     first lien on the related Mortgaged Property subject only to (1) the lien
     of non-delinquent current real property taxes and assessments, (2)
     covenants, conditions and restrictions,


                                      67
<PAGE>


     rights of way, easements and other matters of public record as of the
     date of recording of such Mortgage, such exceptions appearing of record
     being acceptable to mortgage lending institutions generally or
     specifically reflected in the appraisal made in connection with the
     origination of the related Mortgage Loan and (3) other matters to which
     like properties are commonly subject that do not materially interfere
     with the benefits of the security intended to be provided by such
     Mortgage.

               (12) Immediately prior to the assignment of each CHL Mortgage
     Loan to the Depositor, CHL had good title to, and was the sole owner of,
     such CHL Mortgage Loan free and clear of any pledge, lien, encumbrance or
     security interest and had full right and authority, subject to no
     interest or participation of, or agreement with, any other party, to sell
     and assign the same pursuant to this Agreement.

               (13) There is no delinquent tax or assessment lien against any
     Mortgaged Property.

               (14) There is no valid offset, claim, defense or counterclaim
     to any Mortgage Note or Mortgage, including the obligation of the
     Mortgagor to pay the unpaid principal of or interest on such Mortgage
     Note.

               (15) There are no mechanics' liens or claims for work, labor or
     material affecting any Mortgaged Property that are or may be a lien prior
     to, or equal with, the lien of such Mortgage, except those that are
     insured against by the title insurance policy referred to in item (18)
     below.

               (16) As of the Closing Date in the case of the Initial Mortgage
     Loans and as of the related Subsequent Transfer Date in the case of the
     Subsequent Mortgage Loans, to the best of CHL's knowledge, each Mortgaged
     Property is free of material damage and is in good repair.

               (17) As of the Closing Date in the case of the Initial Mortgage
     Loans and as of the related Subsequent Transfer Date in the case of the
     Subsequent Mortgage Loans, neither CHL nor any prior holder of any
     Mortgage has modified the Mortgage in any material respect (except that a
     Mortgage Loan may have been modified by a written instrument that has
     been recorded or submitted for recordation, if necessary, to protect the
     interests of the Certificateholders and the original or a copy of which
     has been delivered to the Trustee); satisfied, cancelled or subordinated
     such Mortgage in whole or in part; released the related Mortgaged
     Property in whole or in part from the lien of such Mortgage; or executed
     any instrument of release, cancellation, modification (except as
     expressly permitted above) or satisfaction with respect thereto.

               (18) A lender's policy of title insurance together with a
     condominium endorsement and extended coverage endorsement, if applicable,
     in an amount at least equal to the Cut-off Date Principal Balance of each
     such Mortgage Loan or a commitment (binder) to issue the same was
     effective on the date of the origination of each Mortgage Loan, each such
     policy is valid and remains in full force and effect, and each such
     policy was issued by a title insurer qualified to do business in the
     jurisdiction


                                      68
<PAGE>


     where the Mortgaged Property is located and acceptable to Fannie Mae and
     Freddie Mac and is in a form acceptable to Fannie Mae and Freddie Mac,
     which policy insures the Sellers and successor owners of indebtedness
     secured by the insured Mortgage, as to the first priority lien, of the
     Mortgage subject to the exceptions set forth in paragraph (11) above; to
     the best of CHL's knowledge, no claims have been made under such mortgage
     title insurance policy and no prior holder of the related Mortgage,
     including any Seller, has done, by act or omission, anything that would
     impair the coverage of such mortgage title insurance policy.

               (19) No Initial Mortgage Loan was the subject of a Principal
     Prepayment in full between the Initial Cut-off Date and the Closing Date.
     No Subsequent Mortgage Loan was the subject of a Principal Prepayment in
     full between the Subsequent Cut-off Date and the Subsequent Transfer
     Date.

               (20) To the best of CHL's knowledge, all of the improvements
     that were included for the purpose of determining the Appraised Value of
     the Mortgaged Property lie wholly within the boundaries and building
     restriction lines of such property, and no improvements on adjoining
     properties encroach upon the Mortgaged Property.

               (21) To the best of CHL's knowledge, no improvement located on
     or being part of the Mortgaged Property is in violation of any applicable
     zoning law or regulation. To the best of CHL's knowledge, all
     inspections, licenses and certificates required to be made or issued with
     respect to all occupied portions of the Mortgaged Property and, with
     respect to the use and occupancy of the same, including but not limited
     to certificates of occupancy and fire underwriting certificates, have
     been made or obtained from the appropriate authorities, unless the lack
     thereof would not have a material adverse effect on the value of such
     Mortgaged Property, and the Mortgaged Property is lawfully occupied under
     applicable law.

               (22) The Mortgage Note and the related Mortgage are genuine,
     and each is the legal, valid and binding obligation of the maker thereof,
     enforceable in accordance with its terms and under applicable law, except
     that (a) the enforceability thereof may be limited by bankruptcy,
     insolvency, moratorium, receivership and other similar laws relating to
     creditors' rights generally and (b) the remedy of specific performance
     and injunctive and other forms of equitable relief may be subject to
     equitable defenses and to the discretion of the court before which any
     proceeding therefor may be brought. To the best of CHL's knowledge, all
     parties to the Mortgage Note and the Mortgage had legal capacity to
     execute the Mortgage Note and the Mortgage and each Mortgage Note and
     Mortgage have been duly and properly executed by such parties.

               (23) The proceeds of the Mortgage Loan have been fully
     disbursed, there is no requirement for future advances thereunder, and
     any and all requirements as to completion of any on-site or off-site
     improvements and as to disbursements of any escrow funds therefor have
     been complied with. All costs, fees and expenses incurred in making, or
     closing or recording the Mortgage Loan were paid.


                                      69
<PAGE>


               (24) The related Mortgage contains customary and enforceable
     provisions that render the rights and remedies of the holder thereof
     adequate for the realization against the Mortgaged Property of the
     benefits of the security, including, (i) in the case of a Mortgage
     designated as a deed of trust, by trustee's sale, and (ii) otherwise by
     judicial foreclosure.

               (25) With respect to each Mortgage constituting a deed of
     trust, a trustee, duly qualified under applicable law to serve as such,
     has been properly designated and currently so serves and is named in such
     Mortgage, and no fees or expenses are or will become payable by the
     Certificateholders to the trustee under the deed of trust, except in
     connection with a trustee's sale after default by the Mortgagor.

               (26) Each Mortgage Note and each Mortgage is acceptable in form
     to Fannie Mae and Freddie Mac.

               (27) There exist no deficiencies with respect to escrow
     deposits and payments, if such are required, for which customary
     arrangements for repayment thereof have not been made, and no escrow
     deposits or payments of other charges or payments due the Sellers have
     been capitalized under the Mortgage or the related Mortgage Note.

               (28) The origination, underwriting, servicing and collection
     practices with respect to each Mortgage Loan have been in all respects
     legal, proper, prudent and customary in the mortgage lending and
     servicing business, as conducted by prudent lending institutions which
     service mortgage loans of the same type in the jurisdiction in which the
     Mortgaged Property is located.

               (29) There is no pledged account or other security other than
     real estate securing the Mortgagor's obligations.

               (30) No Mortgage Loan has a shared appreciation feature, or
     other contingent interest feature.

               (31) Each Mortgage Loan contains a customary "due on sale"
     clause.

               (32) No less than approximately the percentage specified in the
     Collateral Schedule of the Initial Mortgage Loans in Loan Group 1 and
     Loan Group 2 are secured by single family detached dwellings. No more
     than approximately the percentage specified in the Collateral Schedule of
     the Initial Mortgage Loans in Loan Group 1 and Loan Group 2 are secured
     by two- to four-family dwellings. No more than approximately the
     percentage specified in the Collateral Schedule of the Initial Mortgage
     Loans in Loan Group 1 and Loan Group 2 are secured by low-rise
     condominium units. No more than approximately the percentage specified in
     the Collateral Schedule of the Initial Mortgage Loans in Loan Group 1 and
     Loan Group 2 are secured by high-rise condominium units. No more than
     approximately the percentage specified in the Collateral Schedule of the
     Initial Mortgage Loans in Loan Group 1 and Loan Group 2 are secured by
     manufactured housing. No more than approximately the percentage specified
     in the Collateral Schedule of the Initial Mortgage Loans in Loan Group 1
     and Loan Group 2 are secured by PUDs.


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<PAGE>


               (33) Each Initial Mortgage Loan in Loan Group 1 and Loan Group
     2 was originated on or after the date specified in the Collateral
     Schedule.

               (34) Each Initial Mortgage Loan that is an Adjustable Rate
     Mortgage Loan, other than a Two-Year Hybrid Mortgage Loan, a Three-Year
     Hybrid Mortgage Loan or a Five-Year Hybrid Mortgage Loan, had an initial
     Adjustment Date no later than the applicable date specified on the
     Collateral Schedule; each Initial Mortgage Loan that is a Two-Year Hybrid
     Mortgage Loan had an initial Adjustment Date no later than the applicable
     date specified on the Collateral Schedule; each Initial Mortgage Loan
     that is a Three-Year Hybrid Mortgage Loan had an initial Adjustment Date
     no later than the applicable date specified on the Collateral Schedule;
     and each Initial Mortgage Loan that is a Five-Year Hybrid Mortgage Loan
     had an initial Adjustment Date no later than the applicable date
     specified on the Collateral Schedule.

               (35) Approximately the percentage specified in the Collateral
     Schedule of the Initial Mortgage Loans in Loan Group 1 and Loan Group 2
     provide for a Prepayment Charge.

               (36) On the basis of representations made by the Mortgagors in
     their loan applications, no more than approximately the percentage
     specified in the Collateral Schedule of the Initial Mortgage Loans in
     Loan Group 1 and Loan Group 2, respectively, are secured by investor
     properties, and no less than approximately the percentage specified in
     the Collateral Schedule of the Initial Mortgage Loans in Loan Group 1 and
     Loan Group 2 respectively, are secured by owner-occupied Mortgaged
     Properties that are primary residences.

               (37) At the Cut-off Date, the improvements upon each Mortgaged
     Property are covered by a valid and existing hazard insurance policy with
     a generally acceptable carrier that provides for fire and extended
     coverage and coverage for such other hazards as are customary in the area
     where the Mortgaged Property is located in an amount that is at least
     equal to the lesser of (i) the maximum insurable value of the
     improvements securing such Mortgage Loan or (ii) the greater of (a) the
     outstanding principal balance of the Mortgage Loan and (b) an amount such
     that the proceeds of such policy shall be sufficient to prevent the
     Mortgagor and/or the mortgagee from becoming a co-insurer. If the
     Mortgaged Property is a condominium unit, it is included under the
     coverage afforded by a blanket policy for the condominium unit. All such
     individual insurance policies and all flood policies referred to in item
     (38) below contain a standard mortgagee clause naming the applicable
     Seller or the original mortgagee, and its successors in interest, as
     mortgagee, and the applicable Seller has received no notice that any
     premiums due and payable thereon have not been paid; the Mortgage
     obligates the Mortgagor thereunder to maintain all such insurance,
     including flood insurance, at the Mortgagor's cost and expense, and upon
     the Mortgagor's failure to do so, authorizes the holder of the Mortgage
     to obtain and maintain such insurance at the Mortgagor's cost and expense
     and to seek reimbursement therefor from the Mortgagor.

               (38) If the Mortgaged Property is in an area identified in the
     Federal Register by the Federal Emergency Management Agency as having
     special flood hazards,


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<PAGE>


     a flood insurance policy in a form meeting the requirements of the
     current guidelines of the Flood Insurance Administration is in effect
     with respect to such Mortgaged Property with a generally acceptable
     carrier in an amount representing coverage not less than the least of (A)
     the original outstanding principal balance of the Mortgage Loan, (B) the
     minimum amount required to compensate for damage or loss on a replacement
     cost basis, or (C) the maximum amount of insurance that is available
     under the Flood Disaster Protection Act of 1973, as amended.

               (39) To the best of CHL's knowledge, there is no proceeding
     occurring, pending or threatened for the total or partial condemnation of
     the Mortgaged Property.

               (40) There is no material monetary default existing under any
     Mortgage or the related Mortgage Note and, to the best of CHL's
     knowledge, there is no material event that, with the passage of time or
     with notice and the expiration of any grace or cure period, would
     constitute a default, breach, violation or event of acceleration under
     the Mortgage or the related Mortgage Note; and no Seller has waived any
     default, breach, violation or event of acceleration.

               (41) Each Mortgaged Property is improved by a one- to
     four-family residential dwelling, including condominium units and
     dwelling units in PUDs. To the best of CHL's knowledge, no improvement to
     a Mortgaged Property includes a cooperative or a mobile home or
     constitutes other than real property under state law.

               (42) Each Mortgage Loan is being serviced by the Master
     Servicer.

               (43) Any future advances made prior to the Cut-off Date have
     been consolidated with the outstanding principal amount secured by the
     Mortgage, and the secured principal amount, as consolidated, bears a
     single interest rate and single repayment term reflected on the Mortgage
     Loan Schedule. The consolidated principal amount does not exceed the
     original principal amount of the Mortgage Loan. The Mortgage Note does
     not permit or obligate the Master Servicer to make future advances to the
     Mortgagor at the option of the Mortgagor.

               (44) All taxes, governmental assessments, insurance premiums,
     water, sewer and municipal charges, leasehold payments or ground rents
     that previously became due and owing have been paid, or an escrow of
     funds has been established in an amount sufficient to pay for every such
     item that remains unpaid and that has been assessed, but is not yet due
     and payable. Except for (A) payments in the nature of escrow payments,
     and (B) interest accruing from the date of the Mortgage Note or date of
     disbursement of the Mortgage proceeds, whichever is later, to the day
     that precedes by one month the Due Date of the first installment of
     principal and interest, including without limitation, taxes and insurance
     payments, the Master Servicer has not advanced funds, or induced,
     solicited or knowingly received any advance of funds by a party other
     than the Mortgagor, directly or indirectly, for the payment of any amount
     required by the Mortgage.


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<PAGE>


               (45) The Mortgage Loans originated by CHL were underwritten in
     all material respects in accordance with CHL's underwriting guidelines
     for credit blemished quality mortgage loans or, with respect to Mortgage
     Loans purchased by CHL were underwritten in all material respects in
     accordance with customary and prudent underwriting guidelines generally
     used by originators of credit blemished quality mortgage loans.

               (46) Prior to the approval of the Mortgage Loan application, an
     appraisal of the related Mortgaged Property was obtained from a qualified
     appraiser, duly appointed by the originator, who had no interest, direct
     or indirect, in the Mortgaged Property or in any loan made on the
     security thereof, and whose compensation is not affected by the approval
     or disapproval of the Mortgage Loan; such appraisal is in a form
     acceptable to Fannie Mae and Freddie Mac.

               (47) None of the Mortgage Loans is a graduated payment mortgage
     loan or a growing equity mortgage loan, and no Mortgage Loan is subject
     to a buydown or similar arrangement.

               (48) The Mortgage Rates borne by the Initial Mortgage Loans in
     Loan Group 1 and Loan Group 2 as of the Cut-off Date ranged between the
     approximate per annum percentages specified on the Collateral Schedule
     and the weighted average Mortgage Rate as of the Cut-off Date was
     approximately the per annum rate specified on the Collateral Schedule.

               (49) The Mortgage Loans were selected from among the
     outstanding one- to four-family mortgage loans in the applicable Seller's
     portfolio at the Closing Date as to which the representations and
     warranties made as to the Mortgage Loans set forth in this Section
     2.03(b) and Sections 2.03(c) and 2.03(d) can be made. No selection was
     made in a manner that would adversely affect the interests of
     Certificateholders.

               (50) The Gross Margins on the Initial Mortgage Loans in Loan
     Group 1 and Loan Group 2 range between the approximate percentages
     specified on the Collateral Schedule, and the weighted average Gross
     Margin was approximately the percentage specified in the Collateral
     Schedule.

               (51) Each of the Initial Mortgage Loans in the Mortgage Pool
     has a Due Date on or before the date specified in the Collateral
     Schedule.

               (52) The Mortgage Loans, individually and in the aggregate,
     conform in all material respects to the descriptions thereof in the
     Prospectus Supplement.

               (53) There is no obligation on the part of any Seller under the
     terms of the Mortgage or related Mortgage Note to make payments in
     addition to those made by the Mortgagor.

               (54) Any leasehold estate securing a Mortgage Loan has a term
     of not less than five years in excess of the term of the related Mortgage
     Loan.


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<PAGE>



               (55) Each Mortgage Loan represents a "qualified mortgage"
     within the meaning of Section 860(a)(3) of the Code (but without regard
     to the rule in Treasury Regulation ss. 1.860G-2(f)(2) that treats a
     defective obligation as a qualified mortgage, or any substantially
     similar successor provision) and applicable Treasury regulations
     promulgated thereunder.

               (56) No Mortgage Loan was either a "consumer credit contract"
     or a "purchase money loan" as such terms are defined in 16 C.F.R. ss. 433
     nor is any Mortgage Loan a "mortgage" as defined in 15 U.S.C. ss.
     1602(aa).

               (57) To the extent required under applicable law, each
     originator and subsequent mortgagee or servicer of the Mortgage Loan
     complied with all licensing requirements and was authorized to transact
     and do business in the jurisdiction in which the related Mortgaged
     Property is located at all times when it held or serviced the Mortgage
     Loan. Any and all requirements of any federal, state or local laws or
     regulations, including, without limitation, usury, truth-in-lending, real
     estate settlement procedures, consumer credit protection, anti-predatory
     lending, fair credit reporting, unfair collection practice, equal credit
     opportunity, fair housing and disclosure laws and regulations, applicable
     to the solicitation, origination, collection and servicing of such
     Mortgage Loan have been complied with in all material respects; and any
     obligations of the holder of the Mortgage Note, Mortgage and other loan
     documents have been complied with in all material respects; servicing of
     each Mortgage Loan has been in accordance with prudent mortgage servicing
     standards, any applicable laws, rules and regulations and in accordance
     with the terms of the Mortgage Notes, Mortgage and other loan documents,
     whether such origination and servicing was done by the applicable Seller,
     its affiliates, or any third party which originated the Mortgage Loan on
     behalf of, or sold the Mortgage Loan to, any of them, or any servicing
     agent of any of the foregoing.

               (58) The methodology used in underwriting the extension of
     credit for the Mortgage Loan employs objective mathematical principles
     which relate the borrower's income, assets and liabilities to the
     proposed payment and such underwriting methodology does not rely on the
     extent of the borrower's equity in the collateral as the principal
     determining factor in approving such credit extension. Such underwriting
     methodology confirmed that at the time of origination
     (application/approval) the borrower had a reasonable ability to make
     timely payments on the Mortgage Loan.

               (59) No borrower was required to purchase any credit life,
     disability, accident or health insurance product as a condition of
     obtaining the extension of credit. No borrower obtained a prepaid
     single-premium credit life, disability, accident or health insurance
     policy in connection with the origination of the Mortgage Loan.

               (60) If the Mortgage Loan provides that the interest rate on
     the principal balance of the related Mortgage Loan may be adjusted, all
     of the terms of the related Mortgage pertaining to interest rate
     adjustments, payment adjustments and adjustments of the outstanding
     principal balance have been made in accordance with the terms of the


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<PAGE>


     related Mortgage Note and applicable law and are enforceable and such
     adjustments will not affect the priority of the Mortgage lien.

               (61) The Mortgaged Property complies with all applicable laws,
     rules and regulations relating to environmental matters, including but
     not limited to those relating to radon, asbestos and lead paint and no
     Seller nor, to the best of CHL's knowledge, the Mortgagor, has received
     any notice of any violation or potential violation of such law.

               (62) There is no action, suit or proceeding pending, or to the
     best of CHL's knowledge, threatened or likely to be asserted with respect
     to the Mortgage Loan against or affecting any Seller before or by any
     court, administrative agency, arbitrator or governmental body.

               (63) No action, inaction, or event has occurred and no state of
     fact exists or has existed that has resulted or will result in the
     exclusion from, denial of, or defense to coverage under any applicable
     hazard insurance policy, irrespective of the cause of such failure of
     coverage. In connection with the placement of any such insurance, no
     commission, fee, or other compensation has been or will be received by
     CHL or any designee of CHL or any corporation in which CHL or any
     officer, director, or employee had a financial interest at the time of
     placement of such insurance.

               (64) Each Mortgage Loan has a fully assignable life of loan tax
     service contract which may be assigned without the payment of any fee.

               (65) No Mortgagor has notified CHL or the Master Servicer on
     CHL's behalf, and CHL has no knowledge, of any relief requested or
     allowed to a Mortgagor under the Relief Act or any similar state or local
     law.

               (66) Each Mortgage Loan was originated by a savings and loan
     association, savings bank, commercial bank, credit union, insurance
     company, or mortgage banking company which is supervised and examined by
     a federal or state authority, or by a mortgagee approved by the Secretary
     of Housing and Urban Development pursuant to Sections 2.03 and 2.11 of
     the National Housing Act.

               (67) Each Mortgage Loan was (A) originated no earlier than six
     months prior to the time the applicable Seller purchased such Mortgage
     Loan pursuant to a mortgage loan purchase agreement or other similar
     agreement and (B) underwritten or reunderwritten by the applicable Seller
     in accordance with the applicable Seller's underwriting guidelines in
     effect at the time the loan was underwritten or reunderwritten, as
     applicable.

               (68) Each Mortgage Loan, at the time it was originated and as
     of the Closing Date or the related Subsequent Transfer Date, as
     applicable, complied in all material respects with applicable local,
     state and federal laws, including, but not limited to, all predatory and
     abusive lending laws.


                                      75
<PAGE>


               (69) None of the Mortgage Loans is a "high cost" mortgage loan
     as defined by applicable federal, state and local predatory and abusive
     lending laws.

               (70) Each Prepayment Charge is enforceable and was originated
     in compliance with all applicable federal, state and local laws.

               (71) None of the Mortgage Loans that are secured by property
     located in the State of Illinois are in violation of the provisions of
     the Illinois Interest Act; 815 Ill. Comp. Stat. 205/0.01 (2004).

               (72) There is no Mortgage Loan in the Trust Fund that was
     originated on or after March 7, 2003, which is a "high cost home loan" as
     defined under the Georgia Fair Lending Act.

               (73) No Mortgage Loan in the Trust Fund is a High Cost Loan or
     Covered Loan, as applicable (as such terms are defined in the
     then-current Standard & Poor's LEVELS(r) Glossary which is now Version
     5.6 Revised, Appendix E) and no Mortgage Loan originated on or after
     October 1, 2002 through March 6, 2003 is governed by the Georgia Fair
     Lending Act.

               (74) Each Mortgage Loan is secured by a "single family
     residence" within the meaning of Section 25(e)(10) of the Internal
     Revenue Code of 1986 (as amended) (the "Code"). The fair market value of
     the manufactured home securing each Mortgage Loan was at least equal to
     80% of the adjusted issue price of the contract at either (i) the time
     the contract was originated (determined pursuant to the REMIC Provisions)
     or (ii) the time the contract is transferred to the purchaser. Each
     Mortgage Loan is a "qualified mortgage" under Section 860G(a)(3) of the
     Code.

               (75) No Mortgage Loan in the Trust Fund is a "high cost home,"
     "covered" (excluding home loans defined as "covered home loans" in the
     New Jersey Home Ownership Security Act of 2002 that were originated
     between November 26, 2003 and July 7, 2004), "high risk home" or
     "predatory" loan under any applicable state, federal or local law (or a
     similarly classified loan using different terminology under a law
     imposing heightened regulatory scrutiny or additional legal liability for
     residential mortgage loans having high interest rates, points and/or
     fees).

               (76) There is no Mortgage Loan in the Trust Fund that was
     originated on or after October 1, 2002 and before March 7, 2003, which is
     secured by property located in the State of Georgia.

               (77) Representations and Warranties relating to the Mortgage
     Loans in Loan Group 1:

               (i) No Mortgage Loan in Loan Group 1 is covered by the Home
          Ownership and Equity Protection Act of 1994 ("HOEPA");

               (ii) No borrower was required to purchase any single premium
          credit insurance policy (e.g., life, disability, accident,
          unemployment, or health


                                      76
<PAGE>


          insurance product) or debt cancellation agreement as a condition of
          obtaining the extension of credit. No borrower obtained a prepaid
          single-premium credit insurance policy (e.g., life, disability,
          accident, unemployment, mortgage, or health insurance) in connection
          with the origination of the Mortgage Loan; No proceeds from any
          Mortgage Loan in Loan Group 1 were used to purchase single premium
          credit insurance policies or debt cancellation agreements as part of
          the origination of, or as a condition to closing, such Mortgage
          Loan;

               (iii) No Mortgage Loan in Loan Group 1 originated on or after
          October 1, 2002 will impose a prepayment premium for a term in
          excess of three years. Any Mortgage Loan in Loan Group 1 originated
          prior to such date will not impose prepayment penalties in excess of
          five years;

               (iv) With respect to (a) any Mortgage Loan in Loan Group 1
          originated by CHL from August 1, 2004 through April 30, 2005 and (b)
          any Mortgage Loan in Loan Group 1 originated by any other entity
          through April 30, 2005, if the related Mortgage or the related
          Mortgage Note, or any document relating to the loan transaction,
          contains a mandatory arbitration clause (that is, a clause that
          requires the borrower to submit to arbitration to resolve any
          dispute arising out of or relating in any way to the mortgage loan
          transaction), CHL will (i) notify the related borrower in writing
          within 60 days after the issuance of the Certificates that none of
          the related seller, the related servicer or any subsequent party
          that acquires an interest in the loan or services such Mortgage Loan
          will enforce such arbitration clause against the borrower, but that
          the borrower will continue to have the right to submit a dispute to
          arbitration and (ii) place a copy of such notice in the Mortgage
          File; and with respect to any Mortgage Loan in Loan Group 1 and
          originated on or after May 1, 2005, neither the related mortgage nor
          the related mortgage note requires the borrower to submit to
          arbitration to resolve any dispute arising out of or relating in any
          way to the mortgage loan transaction; and

               (v) Each Mortgage Loan in Loan Group 1 had an original
          principal balance that conforms to Freddie Mac guidelines concerning
          original principal balance limits at the time of the origination of
          such mortgage loan.

               (78) The representations in Section 2.03(c)(1)-(6) and
     2.03(d)(1)-(6) are true and correct.

          (c) Park Monaco hereby represents and warrants to the Depositor and
the Trustee as follows, as of the Cut-off Date:

               (1) Park Monaco is duly organized as a Delaware corporation and
     is validly existing and in good standing under the laws of the State of
     Delaware and is duly authorized and qualified to transact any and all
     business contemplated by this Agreement and each Subsequent Transfer
     Agreement to be conducted by Park Monaco in any state in which a
     Mortgaged Property securing a Park Monaco Mortgage Loan is located or is
     otherwise not required under applicable law to effect such qualification
     and, in any event, is in compliance with the doing business laws of any
     such state, to the extent necessary to


                                      77
<PAGE>


     ensure its ability to enforce each Park Monaco Mortgage Loan, to sell the
     Park Monaco Mortgage Loans in accordance with the terms of this Agreement
     and each Subsequent Transfer Agreement and to perform any of its other
     obligations under this Agreement in accordance with the terms hereof.

               (2) Park Monaco has the full company power and authority to
     sell each Park Monaco Mortgage Loan, and to execute, deliver and perform,
     and to enter into and consummate the transactions contemplated by this
     Agreement and each Subsequent Transfer Agreement and has duly authorized
     by all necessary corporate action on the part of Park Monaco the
     execution, delivery and performance of this Agreement and each Subsequent
     Transfer Agreement; and this Agreement and each Subsequent Transfer
     Agreement, assuming the due authorization, execution and delivery hereof
     by the other parties hereto, constitutes a legal, valid and binding
     obligation of Park Monaco, enforceable against Park Monaco in accordance
     with its terms, except that (a) the enforceability hereof may be limited
     by bankruptcy, insolvency, moratorium, receivership and other similar
     laws relating to creditors' rights generally and (b) the remedy of
     specific performance and injunctive and other forms of equitable relief
     may be subject to equitable defenses and to the discretion of the court
     before which any proceeding therefor may be brought.

               (3) The execution and delivery of this Agreement and each
     Subsequent Transfer Agreement by Park Monaco, the sale of the Park Monaco
     Mortgage Loans by Park Monaco under this Agreement and each Subsequent
     Transfer Agreement, the consummation of any other of the transactions
     contemplated by this Agreement and each Subsequent Transfer Agreement,
     and the fulfillment of or compliance with the terms hereof are in the
     ordinary course of business of Park Monaco and will not (A) result in a
     material breach of any term or provision of the certificate of
     incorporation or by-laws of Park Monaco or (B) materially conflict with,
     result in a material breach, violation or acceleration of, or result in a
     material default under, the terms of any other material agreement or
     instrument to which Park Monaco is a party or by which it may be bound,
     or (C) constitute a material violation of any statute, order or
     regulation applicable to Park Monaco of any court, regulatory body,
     administrative agency or governmental body having jurisdiction over Park
     Monaco; and Park Monaco is not in breach or violation of any material
     indenture or other material agreement or instrument, or in violation of
     any statute, order or regulation of any court, regulatory body,
     administrative agency or governmental body having jurisdiction over it
     which breach or violation may materially impair Park Monaco's ability to
     perform or meet any of its obligations under this Agreement.

               (4) No litigation is pending or, to the best of Park Monaco's
     knowledge, threatened, against Park Monaco that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement or any Subsequent Transfer Agreement or the ability of Park
     Monaco to sell the Park Monaco Mortgage Loans or to perform any of its
     other obligations under this Agreement or any Subsequent Transfer
     Agreement in accordance with the terms hereof or thereof.


                                      78
<PAGE>


               (5) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery
     and performance by Park Monaco of, or compliance by Park Monaco with,
     this Agreement or any Subsequent Transfer Agreement or the consummation
     of the transactions contemplated hereby, or if any such consent,
     approval, authorization or order is required, Park Monaco has obtained
     the same.

               (6) Park Monaco will treat the transfer of the Park Monaco
     Mortgage Loans to the Depositor as a sale of the Park Monaco Mortgage
     Loans for all tax, accounting and regulatory purposes.

               (7) Immediately prior to the assignment of each Park Monaco
     Mortgage Loan to the Depositor, Park Monaco had good title to, and was
     the sole owner of, such Park Monaco Mortgage Loan free and clear of any
     pledge, lien, encumbrance or security interest and had full right and
     authority, subject to no interest or participation of, or agreement with,
     any other party, to sell and assign the same pursuant to this Agreement.

          (d) Park Sienna hereby represents and warrants to the Depositor and
the Trustee as follows, as of the Cut-off Date:

               (1) Park Sienna is duly organized as a Delaware limited
     liability company and is validly existing and in good standing under the
     laws of the State of Delaware and is duly authorized and qualified to
     transact any and all business contemplated by this Agreement and each
     Subsequent Transfer Agreement to be conducted by Park Sienna in any state
     in which a Mortgaged Property securing a Park Sienna Mortgage Loan is
     located or is otherwise not required under applicable law to effect such
     qualification and, in any event, is in compliance with the doing business
     laws of any such state, to the extent necessary to ensure its ability to
     enforce each Park Sienna Mortgage Loan, to sell the Park Sienna Mortgage
     Loans in accordance with the terms of this Agreement and each Subsequent
     Transfer Agreement and to perform any of its other obligations under this
     Agreement in accordance with the terms hereof.

               (2) Park Sienna has the full company power and authority to
     sell each Park Sienna Mortgage Loan, and to execute, deliver and perform,
     and to enter into and consummate the transactions contemplated by this
     Agreement and each Subsequent Transfer Agreement and has duly authorized
     by all necessary company action on the part of Park Sienna the execution,
     delivery and performance of this Agreement and each Subsequent Transfer
     Agreement; and this Agreement and each Subsequent Transfer Agreement,
     assuming the due authorization, execution and delivery hereof by the
     other parties hereto, constitutes a legal, valid and binding obligation
     of Park Sienna, enforceable against Park Sienna in accordance with its
     terms, except that (a) the enforceability hereof may be limited by
     bankruptcy, insolvency, moratorium, receivership and other similar laws
     relating to creditors' rights generally and (b) the remedy of specific
     performance and injunctive and other forms of equitable relief may be
     subject to equitable defenses and to the discretion of the court before
     which any proceeding therefor may be brought.


                                      79
<PAGE>


               (3) The execution and delivery of this Agreement and each
     Subsequent Transfer Agreement by Park Sienna, the sale of the Park Sienna
     Mortgage Loans by Park Sienna under this Agreement and each Subsequent
     Transfer Agreement, the consummation of any other of the transactions
     contemplated by this Agreement and each Subsequent Transfer Agreement and
     the fulfillment of or compliance with the terms hereof are in the
     ordinary course of business of Park Sienna and will not (A) result in a
     material breach of any term or provision of the certificate of formation
     or limited liability company agreement of Park Sienna or (B) materially
     conflict with, result in a material breach, violation or acceleration of,
     or result in a material default under, the terms of any other material
     agreement or instrument to which Park Sienna is a party or by which it
     may be bound, or (C) constitute a material violation of any statute,
     order or regulation applicable to Park Sienna of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     Park Sienna; and Park Sienna is not in breach or violation of any
     material indenture or other material agreement or instrument, or in
     violation of any statute, order or regulation of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     it which breach or violation may materially impair Park Sienna's ability
     to perform or meet any of its obligations under this Agreement.

               (4) No litigation is pending or, to the best of Park Sienna's
     knowledge, threatened, against Park Sienna that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement or any Subsequent Transfer Agreement or the ability of Park
     Sienna to sell the Park Sienna Mortgage Loans or to perform any of its
     other obligations under this Agreement or any Subsequent Transfer
     Agreement in accordance with the terms hereof or thereof.

               (5) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery
     and performance by Park Sienna of, or compliance by Park Sienna with,
     this Agreement or any Subsequent Transfer Agreement or the consummation
     of the transactions contemplated hereby, or if any such consent,
     approval, authorization or order is required, Park Sienna has obtained
     the same.

               (6) Park Sienna will treat the transfer of the Park Sienna
     Mortgage Loans to the Depositor as a sale of the Park Sienna Mortgage
     Loans for all tax, accounting and regulatory purposes.

               (7) Immediately prior to the assignment of each Park Sienna
     Mortgage Loan to the Depositor, Park Sienna had good title to, and was
     the sole owner of, such the Park Sienna Mortgage Loan free and clear of
     any pledge, lien, encumbrance or security interest and had full right and
     authority, subject to no interest or participation of, or agreement with,
     any other party, to sell and assign the same pursuant to this Agreement.

          (e) Upon discovery by any of the parties hereto of a breach of a
representation or warranty set forth in Section 2.03(a) through (d) that
materially and adversely affects the interests of the Certificateholders in
any Mortgage Loan, the party discovering such breach shall give prompt notice
thereof to the other parties, the NIM Insurer and the Swap Counterparty. Each
of the Master Servicer and the Sellers (each, a "Representing Party") hereby
covenants with respect to the representations and warranties set forth in
Sections 2.03(a) through (d) that


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<PAGE>


within 90 days of the earlier of the discovery by such Representing Party or
receipt of written notice by such Representing Party from any party of a
breach of any representation or warranty set forth herein made that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, it shall cure such breach in all material respects and, if such breach
is not so cured, shall, (i) if such 90-day period expires prior to the second
anniversary of the Closing Date, remove such Mortgage Loan (a "Deleted
Mortgage Loan") from the Trust Fund and substitute in its place a Replacement
Mortgage Loan, in the manner and subject to the conditions set forth in this
Section; or (ii) repurchase the affected Mortgage Loan or Mortgage Loans from
the Trustee at the Purchase Price in the manner set forth below; provided that
(a) any such substitution pursuant to (i) above or repurchase pursuant to (ii)
above shall not be effected prior to the delivery to the Trustee of the
Opinion of Counsel required by Section 2.05 hereof, (b) any such substitution
pursuant to (i) above shall not be effected prior to the additional delivery
to the Trustee of a Request for File Release and (c) any such substitution
pursuant to (i) above shall include a payment by the applicable Representing
Party of any amount as calculated under item (iii) of the definition of
"Purchase Price". Any Representing Party liable for a breach under this
Section 2.03 shall promptly reimburse the Master Servicer or the Trustee for
any expenses reasonably incurred by the Master Servicer or the Trustee in
respect of enforcing the remedies for such breach. To enable the Master
Servicer to amend the Mortgage Loan Schedule, any Representing Party liable
for a breach under this Section 2.03 shall, unless it cures such breach in a
timely fashion pursuant to this Section 2.03, promptly notify the Master
Servicer whether such Representing Party intends either to repurchase, or to
substitute for, the Mortgage Loan affected by such breach. With respect to the
representations and warranties described in this Section that are made to the
best of the Representing Party's knowledge, if it is discovered by any of the
Depositor, the Master Servicer, the Sellers or the Trustee that the substance
of such representation and warranty is inaccurate and such inaccuracy
materially and adversely affects the value of the related Mortgage Loan,
notwithstanding the Representing Party's lack of knowledge with respect to the
substance of such representation or warranty, such inaccuracy shall be deemed
a breach of the applicable representation or warranty. Any breach of a
representation set forth in Section 2.03(a)(8), (b)(72), (b)(75), (b)(76) or
(b)(77) shall be deemed to materially and adversely affect the
Certificateholders.

          With respect to any Replacement Mortgage Loan or Loans, the
applicable Seller delivering such Replacement Mortgage Loan shall deliver to
the Trustee for the benefit of the Certificateholders the related Mortgage
Note, Mortgage and assignment of the Mortgage, and such other documents and
agreements as are required by Section 2.01, with the Mortgage Note endorsed
and the Mortgage assigned as required by Section 2.01. No substitution will be
made in any calendar month after the Determination Date for such month.
Scheduled Payments due with respect to Replacement Mortgage Loans in the Due
Period related to the Distribution Date on which such proceeds are to be
distributed shall not be part of the Trust Fund and will be retained by the
applicable Seller delivering such Replacement Mortgage Loan on such
Distribution Date. For the month of substitution, distributions to
Certificateholders will include the Scheduled Payment due on any Deleted
Mortgage Loan for the related Due Period and thereafter the applicable Seller
shall be entitled to retain all amounts received in respect of such Deleted
Mortgage Loan. The Master Servicer shall amend the Mortgage Loan Schedule for
the benefit of the Certificateholders to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Replacement Mortgage Loan or Loans
and the Master Servicer shall deliver the amended Mortgage Loan Schedule to
the Trustee. Upon such substitution, the Replacement


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Mortgage Loan or Loans shall be subject to the terms of this Agreement in all
respects, and the applicable Seller delivering such Replacement Mortgage Loan
shall be deemed to have made with respect to such Replacement Mortgage Loan or
Loans, as of the date of substitution, the representations and warranties set
forth in Section 2.03(b), (c) or (d) with respect to such Mortgage Loan. Upon
any such substitution and the deposit to the Certificate Account of the amount
required to be deposited therein in connection with such substitution as
described in the following paragraph, the Co-Trustee shall release to the
Representing Party the Mortgage File relating to such Deleted Mortgage Loan
and held for the benefit of the Certificateholders and shall execute and
deliver at the Master Servicer's direction such instruments of transfer or
assignment as have been prepared by the Master Servicer, in each case without
recourse, as shall be necessary to vest in the applicable Seller, or its
respective designee, title to the Trustee's interest in any Deleted Mortgage
Loan substituted for pursuant to this Section 2.03.

          For any month in which any Seller substitutes one or more
Replacement Mortgage Loans for one or more Deleted Mortgage Loans, the Master
Servicer will determine the amount (if any) by which the aggregate principal
balance of all such Replacement Mortgage Loans as of the date of substitution
is less than the Stated Principal Balance (after application of the principal
portion of the Scheduled Payment due in the month of substitution) of all such
Deleted Mortgage Loans. An amount equal to the aggregate of the deficiencies
described in the preceding sentence (such amount, the "Substitution Adjustment
Amount") shall be forwarded by the applicable Seller to the Master Servicer
and deposited by the Master Servicer into the Certificate Account not later
than the Determination Date for the Distribution Date relating to the
Prepayment Period during which the related Mortgage Loan became required to be
purchased or replaced hereunder.

          In the event that a Seller shall have repurchased a Mortgage Loan,
the Purchase Price therefor shall be deposited in the Certificate Account
pursuant to Section 3.05 on the Determination Date for the Distribution Date
in the month following the month during which such Seller became obligated to
repurchase or replace such Mortgage Loan and upon such deposit of the Purchase
Price, the delivery of the Opinion of Counsel required by Section 2.05, if
any, and the receipt of a Request for File Release, the Co-Trustee shall
release the related Mortgage File held for the benefit of the
Certificateholders to such Seller, and the Trustee shall execute and deliver
at such Person's direction the related instruments of transfer or assignment
prepared by such Seller, in each case without recourse, as shall be necessary
to transfer title from the Trustee for the benefit of the Certificateholders
and transfer the Trustee's interest to such Seller to any Mortgage Loan
purchased pursuant to this Section 2.03. It is understood and agreed that the
obligation under this Agreement of the Sellers to cure, repurchase or replace
any Mortgage Loan as to which a breach has occurred and is continuing shall
constitute the sole remedy against the Sellers respecting such breach
available to Certificateholders, the Depositor or the Trustee.

          (f) The representations and warranties set forth in this Section
2.03 shall survive delivery of the respective Mortgage Files to the Co-Trustee
for the benefit of the Certificateholders with respect to each Mortgage Loan.


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          Section 2.04 Representations and Warranties of the Depositor.

          The Depositor hereby represents and warrants to the Master Servicer
and the Trustee as follows, as of the date hereof and as of each Subsequent
Transfer Date:

               (1) The Depositor is duly organized and is validly existing as
     a corporation in good standing under the laws of the State of Delaware
     and has full power and authority (corporate and other) necessary to own
     or hold its properties and to conduct its business as now conducted by it
     and to enter into and perform its obligations under this Agreement and
     each Subsequent Transfer Agreement.

               (2) The Depositor has the full corporate power and authority to
     execute, deliver and perform, and to enter into and consummate the
     transactions contemplated by, this Agreement and each Subsequent Transfer
     Agreement and has duly authorized, by all necessary corporate action on
     its part, the execution, delivery and performance of this Agreement and
     each Subsequent Transfer Agreement; and this Agreement and each
     Subsequent Transfer Agreement, assuming the due authorization, execution
     and delivery hereof by the other parties hereto, constitutes a legal,
     valid and binding obligation of the Depositor, enforceable against the
     Depositor in accordance with its terms, subject, as to enforceability, to
     (i) bankruptcy, insolvency, reorganization, moratorium and other similar
     laws affecting creditors' rights generally and (ii) general principles of
     equity, regardless of whether enforcement is sought in a proceeding in
     equity or at law.

               (3) The execution and delivery of this Agreement and each
     Subsequent Transfer Agreement by the Depositor, the consummation of the
     transactions contemplated by this Agreement, and the fulfillment of or
     compliance with the terms hereof are in the ordinary course of business
     of the Depositor and will not (A) result in a material breach of any term
     or provision of the charter or by-laws of the Depositor or (B) materially
     conflict with, result in a material breach, violation or acceleration of,
     or result in a material default under, the terms of any other material
     agreement or instrument to which the Depositor is a party or by which it
     may be bound or (C) constitute a material violation of any statute, order
     or regulation applicable to the Depositor of any court, regulatory body,
     administrative agency or governmental body having jurisdiction over the
     Depositor; and the Depositor is not in breach or violation of any
     material indenture or other material agreement or instrument, or in
     violation of any statute, order or regulation of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     it which breach or violation may materially impair the Depositor's
     ability to perform or meet any of its obligations under this Agreement.

               (4) No litigation is pending, or, to the best of the
     Depositor's knowledge, threatened, against the Depositor that would
     materially and adversely affect the execution, delivery or enforceability
     of this Agreement or any Subsequent Transfer Agreement or the ability of
     the Depositor to perform its obligations under this Agreement or any
     Subsequent Transfer Agreement in accordance with the terms hereof or
     thereof.


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               (5) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery
     and performance by the Depositor of, or compliance by the Depositor with,
     this Agreement or any Subsequent Transfer Agreement or the consummation
     of the transactions contemplated hereby, or if any such consent,
     approval, authorization or order is required, the Depositor has obtained
     the same.

          The Depositor hereby represents and warrants to the Trustee with
respect to each Mortgage Loan, as of the Closing Date or the related
Subsequent Transfer Date, as applicable, following the transfer of such
Mortgage Loan to it by the Sellers, the Depositor had good title to the
Initial Mortgage Loans or related Subsequent Mortgage Loans, as applicable,
and the related Mortgage Notes were subject to no offsets, claims, defenses or
counterclaims.

          It is understood and agreed that the representations and warranties
set forth in the two immediately preceding paragraphs shall survive delivery
of the Mortgage Files to the Co-Trustee. Upon discovery by the Depositor or
the Trustee, of a breach of any of the foregoing representations and
warranties set forth in the immediately preceding paragraph (referred to
herein as a "breach"), which breach materially and adversely affects the
interest of the Certificateholders, the party discovering such breach shall
give prompt written notice to the others and to each Rating Agency, the NIM
Insurer and the Swap Counterparty. The Depositor hereby covenants with respect
to the representations and warranties made by it in this Section 2.04 that
within 90 days of the earlier of the discovery by it or receipt of written
notice by it from any party of a breach of any representation or warranty set
forth herein made that materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan, it shall cure such breach in all
material respects and, if such breach is not so cured, shall repurchase or
replace the affected Mortgage Loan or Loans in accordance with the procedure
set forth in Section 2.03(e).

          Section 2.05 Delivery of Opinion of Counsel in Connection with
                       Substitutions and Repurchases.

          (a) Notwithstanding any contrary provision of this Agreement, with
respect to any Mortgage Loan that is not in default or as to which default is
not imminent, no repurchase or substitution pursuant to Sections 2.02, 2.03 or
2.04 shall be made unless the Representing Party making such repurchase or
substitution delivers to the Trustee an Opinion of Counsel (which such
Representing Party shall use reasonable efforts to obtain), addressed to the
Trustee to the effect that such repurchase or substitution would not (i)
result in the imposition of the tax on "prohibited transactions" of the Trust
Fund or contributions after the Closing Date, as defined in sections
860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause the any REMIC
formed hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding. Any Mortgage Loan as to which repurchase or
substitution was delayed pursuant to this paragraph shall be repurchased or
the substitution therefor shall occur (subject to compliance with Sections
2.02, 2.03 or 2.04) upon the earlier of (a) the occurrence of a default or
imminent default with respect to such loan and (b) receipt by the Trustee of
an Opinion of Counsel to the effect that such repurchase or substitution, as
applicable, will not result in the events described in clause (i) or clause
(ii) of the preceding sentence.


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<PAGE>


          (b) Upon discovery by the Depositor, any Seller, the Master Servicer
or the Trustee that any Mortgage Loan does not constitute a "qualified
mortgage" within the meaning of section 860G(a)(3) of the Code, the party
discovering such fact shall promptly (and in any event within five Business
Days of discovery) give written notice thereof to the other parties and the
NIM Insurer. In connection therewith, the Trustee shall require CHL, at CHL's
option, to either (i) substitute, if the conditions in Section 2.03(e) with
respect to substitutions are satisfied, a Replacement Mortgage Loan for the
affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
90 days of such discovery in the same manner as it would a Mortgage Loan for a
breach of representation or warranty contained in Section 2.03. The Trustee
shall reconvey to CHL the Mortgage Loan to be released pursuant hereto in the
same manner, and on the same terms and conditions, as it would a Mortgage Loan
repurchased for breach of a representation or warranty contained in Section
2.03.

          Section 2.06 Authentication and Delivery of Certificates.

          The Trustee acknowledges the transfer and assignment to it of the
Trust Fund and, concurrently with such transfer and assignment, has executed,
authenticated and delivered, to or upon the order of the Depositor, the
Certificates in authorized denominations evidencing the entire ownership of
the Trust Fund. The Trustee agrees to hold the Trust Fund and exercise the
rights referred to above for the benefit of all present and future Holders of
the Certificates and to perform the duties set forth in this Agreement.

          Section 2.07 Covenants of the Master Servicer.

          The Master Servicer hereby covenants to the Depositor and the
Trustee as follows:

          (a) the Master Servicer shall comply in the performance of its
obligations under this Agreement with all reasonable rules and requirements of
the insurer under each Required Insurance Policy; and

          (b) no written information, certificate of an officer, statement
furnished in writing or written report delivered to the Depositor, any
affiliate of the Depositor or the Trustee and prepared by the Master Servicer
pursuant to this Agreement will contain any untrue statement of a material
fact or omit to state a material fact necessary to make the information,
certificate, statement or report not misleading.

                                 ARTICLE III.
                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

          Section 3.01 Master Servicer to Service Mortgage Loans.

          For and on behalf of the Certificateholders, the Master Servicer
shall service and administer the Mortgage Loans in accordance with customary
and usual standards of practice of prudent mortgage loan lenders in the
respective states in which the Mortgaged Properties are located, including
taking all required and appropriate actions under each Required Insurance
Policy and taking all required and appropriate actions under the Mortgage
Insurance Policy on behalf of the Co-Trustee, other than the payment of the
Mortgage Insurance Premium and


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<PAGE>


obtaining the approval of the Mortgage Insurer with respect to the appointment
of a successor servicer. In connection with such servicing and administration,
the Master Servicer shall have full power and authority, acting alone and/or
through subservicers as provided in Section 3.02 hereof, subject to the terms
hereof (i) to execute and deliver, on behalf of the Certificateholders and the
Trustee, customary consents or waivers and other instruments and documents,
(ii) to consent to transfers of any Mortgaged Property and assumptions of the
Mortgage Notes and related Mortgages (but only in the manner provided in this
Agreement), (iii) to collect any Insurance Proceeds, other Liquidation
Proceeds and Subsequent Recoveries, and (iv) subject to Section 3.12(b), to
effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property securing any Mortgage Loan; provided that the Master Servicer shall
take no action that is inconsistent with or prejudices the interests of the
Trustee or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor and the Trustee under this Agreement. The Master
Servicer shall represent and protect the interest of the Trustee in the same
manner as it currently protects its own interest in mortgage loans in its own
portfolio in any claim, proceeding or litigation regarding a Mortgage Loan and
shall not make or permit any modification, waiver or amendment of any term of
any Mortgage Loan which would (i) cause any REMIC formed hereunder to fail to
qualify as a REMIC, (ii) result in the imposition of any tax under section
860(a) or 860(d) of the Code or (iii) cause any Covered Mortgage Loan to not
be covered by the Mortgage Insurance Policy, but in any case the Master
Servicer shall not act in any manner that is a lesser standard than that
provided in the first sentence of this Section 3.01. Without limiting the
generality of the foregoing, the Master Servicer, in its own name or in the
name of the Depositor and the Trustee, is hereby authorized and empowered by
the Depositor and the Trustee, when the Master Servicer believes it
appropriate in its reasonable judgment, to execute and deliver, on behalf of
the Trustee, the Depositor, the Certificateholders or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge and all other comparable instruments, with respect to the Mortgage
Loans, and with respect to the Mortgaged Properties held for the benefit of
the Certificateholders. The Master Servicer shall prepare and deliver to the
Depositor and/or the Trustee such documents requiring execution and delivery
by any or all of them as are necessary or appropriate to enable the Master
Servicer to service and administer the Mortgage Loans. Upon receipt of such
documents, the Depositor and/or the Trustee shall execute such documents and
deliver them to the Master Servicer. The Master Servicer further is authorized
and empowered by the Trustee, on behalf of the Certificateholders and the
Trustee, in its own name or in the name of the Subservicer, when the Master
Servicer or the Subservicer, as the case may be, believes it appropriate in
its best judgment to register any Mortgage Loan on the MERS(r) System, or
cause the removal from the registration of any Mortgage Loan on the MERS(r)
System, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording
of a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns.

          In accordance with the standards of the preceding paragraph, the
Master Servicer shall advance or cause to be advanced funds as necessary for
the purpose of effecting the payment of taxes and assessments on the Mortgaged
Properties, which advances shall be reimbursable in the first instance from
related collections from the Mortgagors pursuant to Section 3.06, and further
as provided in Section 3.08. All costs incurred by the Master Servicer, if
any, in effecting the timely payments of taxes and assessments on the
Mortgaged Properties and related insurance premiums shall not, for the purpose
of calculating monthly distributions to


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<PAGE>


the Certificateholders, be added to the Stated Principal Balance under the
related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans
so permit.

          The Master Servicer shall deliver a list of Servicing Officers to
the Trustee by the Closing Date.

          In addition, the Master Servicer shall administer the Mortgage
Insurance Policy on behalf of itself, the Sellers, the Depositor, and the
Trustee for the benefit of the Certificateholders, when it is necessary to
make claims and receive payments under the Mortgage Insurance Policy. In
connection with its activities as Master Servicer of the Mortgage Loans, the
Master Servicer agrees to present, on behalf of itself, the Trustee and the
Certificateholders, claims to the insurer under any primary insurance policies
and, in this regard, to take any reasonable action necessary to permit
recovery under any primary insurance policies respecting defaulted Mortgage
Loans. Any amounts collected by the Master Servicer under any primary
insurance policies shall be deposited in the Certificate Account.

          The Master Servicer shall take whatever action is appropriate to
maximize the amounts payable under the Mortgage Insurance Policy and to
service the Covered Mortgage Loans in the manner required by the Mortgage
Insurance Policy. The Master Servicer shall prepare and submit all claims
eligible for submission under the Mortgage Insurance Policy and shall perform
all of the obligations of the insured under the Mortgage Insurance Policy. If
the Mortgage Insurance Policy is terminated for any reason other than the
exhaustion of its coverage, or if the financial strength rating of the
Mortgage Insurer is reduced to below investment grade, the Master Servicer
will use its best efforts to obtain a comparable policy from an insurer that
is acceptable to the Rating Agencies. The replacement policy shall provide
coverage equal to the then remaining coverage of the applicable Mortgage
Insurance Policy, if available. However, if the premium cost of a replacement
policy exceeds the premium cost of the Mortgage Insurance Policy, the coverage
amount of the replacement policy will be reduced so that its premium cost will
not exceed the premium cost of the Mortgage Insurance Policy.

          In the event that a shortfall in any collection on or liability with
respect to any Mortgage Loan results from or is attributable to adjustments to
Mortgage Rates, Scheduled Payments or Stated Principal Balances that were made
by the Master Servicer in a manner not consistent with the terms of the
related Mortgage Note and this Agreement, the Master Servicer, upon discovery
or receipt of notice thereof, immediately shall deliver to the Trustee for
deposit in the Distribution Account from its own funds the amount of any such
shortfall and shall indemnify and hold harmless the Trust Fund, the Trustee,
the Depositor and any successor master servicer in respect of any such
liability. Such indemnities shall survive the termination or discharge of this
Agreement. Notwithstanding the foregoing, this Section 3.01 shall not limit
the ability of the Master Servicer to seek recovery of any such amounts from
the related Mortgagor under the terms of the related Mortgage Note, as
permitted by law and shall not be an expense of the Trust.

          Section 3.02 Subservicing; Enforcement of the Obligations of Master
                       Servicer.

          (a) The Master Servicer may arrange for the subservicing of any
Mortgage Loan by a subservicer (each, a "Subservicer") pursuant to a
subservicing agreement (each, a


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<PAGE>


"Subservicing Agreement"); provided that (i) such subservicing arrangement and
the terms of the related subservicing agreement must provide for the servicing
of such Mortgage Loans in a manner consistent with the servicing arrangements
contemplated hereunder, (ii) that such subservicing agreements would not
result in a withdrawal or a downgrading by any Rating Agency of the ratings on
any Class of Certificates, as evidenced by a letter to that effect delivered
by each Rating Agency to the Depositor and the NIM Insurer and (iii) the NIM
Insurer shall have consented to such subservicing agreements (which consent
shall not be unreasonably withheld) with Subservicers, for the servicing and
administration of the Mortgage Loans. The Master Servicer shall deliver to the
Trustee copies of all Sub-Servicing Agreements, and any amendments or
modifications thereof, promptly upon the Master Servicer's execution and
delivery of such instruments. The Master Servicer, with the written consent of
the NIM Insurer (which consent shall not be unreasonably withheld), shall be
entitled to terminate any Subservicing Agreement and the rights and
obligations of any Subservicer pursuant to any Subservicing Agreement in
accordance with the terms and conditions of such Subservicing Agreement.
Notwithstanding the provisions of any subservicing agreement, any of the
provisions of this Agreement relating to agreements or arrangements between
the Master Servicer or a subservicer or reference to actions taken through a
Master Servicer or otherwise, the Master Servicer shall remain obligated and
liable to the Depositor, the Trustee and the Certificateholders for the
servicing and administration of the Mortgage Loans in accordance with the
provisions of this Agreement without diminution of such obligation or
liability by virtue of such subservicing agreements or arrangements or by
virtue of indemnification from the subservicer and to the same extent and
under the same terms and conditions as if the Master Servicer alone were
servicing and administering the Mortgage Loans. Every subservicing agreement
entered into by the Master Servicer shall contain a provision giving the
successor Master Servicer the option to terminate such agreement without cost
in the event a successor Master Servicer is appointed. All actions of each
subservicer performed pursuant to the related subservicing agreement shall be
performed as an agent of the Master Servicer with the same force and effect as
if performed directly by the Master Servicer.

          (b) For purposes of this Agreement, the Master Servicer shall be
deemed to have received any collections, recoveries or payments with respect
to the Mortgage Loans that are received by a subservicer regardless of whether
such payments are remitted by the subservicer to the Master Servicer.

          Section 3.03 Rights of the Depositor, the Sellers, the
Certificateholders, the NIM Insurer and the Trustee in Respect of the Master
Servicer.

          None of the Trustee, the Sellers, the Certificateholders, the NIM
Insurer or the Depositor shall have any responsibility or liability for any
action or failure to act by the Master Servicer, and none of them is obligated
to supervise the performance of the Master Servicer hereunder or otherwise.
The Master Servicer shall afford (and any Subservicing Agreement shall provide
that each Subservicer shall afford) the Depositor, the NIM Insurer and the
Trustee, upon reasonable notice, during normal business hours, access to all
records maintained by the Master Servicer (and any such Subservicer) in
respect of the Master Servicer's rights and obligations hereunder and access
to officers of the Master Servicer (and those of any such Subservicer)
responsible for such obligations. Upon request, the Master Servicer shall
furnish to the Depositor, the NIM Insurer and the Trustee its (and any such
Subservicer's) most recent


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<PAGE>


financial statements and such other information relating to the Master
Servicer's capacity to perform its obligations under this Agreement that it
possesses. To the extent such information is not otherwise available to the
public, the Depositor, the NIM Insurer and the Trustee shall not disseminate
any information obtained pursuant to the preceding two sentences without the
Masters Servicer's (or any such Subservicer's) written consent, except as
required pursuant to this Agreement or to the extent that it is necessary to
do so (i) in working with legal counsel, auditors, taxing authorities or other
governmental agencies, rating agencies or reinsurers or (ii) pursuant to any
law, rule, regulation, order, judgment, writ, injunction or decree of any
court or governmental authority having jurisdiction over the Depositor, the
Trustee, the NIM Insurer or the Trust Fund, and in either case, the Depositor,
the NIM Insurer or the Trustee, as the case may be, shall use its reasonable
best efforts to assure the confidentiality of any such disseminated non-public
information. The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicer under this Agreement and may, but is not
obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Master Servicer under this Agreement or exercise the rights
of the Master Servicer under this Agreement; provided by virtue of such
performance by the Depositor of its designee. The Depositor shall not have any
responsibility or liability for any action or failure to act by the Master
Servicer and is not obligated to supervise the performance of the Master
Servicer under this Agreement or otherwise.

          Section 3.04 Trustee to Act as Master Servicer.

          In the event that the Master Servicer shall for any reason no longer
be the Master Servicer hereunder (including by reason of an Event of Default),
the Trustee or its designee shall thereupon assume all of the rights and
obligations of the Master Servicer hereunder arising thereafter (except that
the Trustee shall not be (i) liable for losses of the Master Servicer pursuant
to Section 3.10 hereof or any acts or omissions of the predecessor Master
Servicer hereunder, (ii) obligated to make Advances if it is prohibited from
doing so by applicable law, (iii) obligated to effectuate repurchases or
substitutions of Mortgage Loans hereunder, including pursuant to Section 2.02
or 2.03 hereof, (iv) responsible for expenses of the Master Servicer pursuant
to Section 2.03 or (v) deemed to have made any representations and warranties
hereunder, including pursuant to Section 2.03 or the first paragraph of
Section 6.02 hereof). If the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default), the Trustee
(or any other successor servicer) may, at its option, succeed to any rights
and obligations of the Master Servicer under any subservicing agreement in
accordance with the terms thereof; provided that the Trustee (or any other
successor servicer) shall not incur any liability or have any obligations in
its capacity as servicer under a subservicing agreement arising prior to the
date of such succession unless it expressly elects to succeed to the rights
and obligations of the Master Servicer thereunder; and the Master Servicer
shall not thereby be relieved of any liability or obligations under the
subservicing agreement arising prior to the date of such succession.

          The Master Servicer shall, upon request of the Trustee, but at the
expense of the Master Servicer, deliver to the assuming party all documents
and records relating to each subservicing agreement and the Mortgage Loans
then being serviced thereunder and an accounting of amounts collected held by
it and otherwise use its best efforts to effect the orderly and efficient
transfer of the subservicing agreement to the assuming party.


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          Section 3.05 Collection of Mortgage Loan Payments; Certificate
                       Account; Distribution Account; Pre-Funding Account;
                       Seller Shortfall Interest Requirement.

          (a) The Master Servicer shall make reasonable efforts in accordance
with customary and usual standards of practice of prudent mortgage lenders in
the respective states in which the Mortgaged Properties are located to collect
all payments called for under the terms and provisions of the Mortgage Loans
to the extent such procedures shall be consistent with this Agreement and the
terms and provisions of any related Required Insurance Policy. Consistent with
the foregoing, the Master Servicer may in its discretion (i) waive any late
payment charge or, subject to Section 3.20, any Prepayment Charge or penalty
interest in connection with the prepayment of a Mortgage Loan and (ii) extend
the due dates for payments due on a Mortgage Note for a period not greater
than 270 days. In the event of any such arrangement, the Master Servicer shall
make Advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements. In addition, the NIM
Insurer's prior written consent shall be required for any waiver of Prepayment
Charges or for the extension of the due dates for payments due on a Mortgage
Note, if the aggregate number of outstanding Mortgage Loans that have been
granted such waivers or extensions exceeds 5% of the aggregate number of
Initial Mortgage Loans and Subsequent Mortgage Loans. The Master Servicer
shall not be required to institute or join in litigation with respect to
collection of any payment (whether under a Mortgage, Mortgage Note or
otherwise or against any public or governmental authority with respect to a
taking or condemnation) if it reasonably believes that enforcing the provision
of the Mortgage or other instrument pursuant to which such payment is required
is prohibited by applicable law.

          (b) The Master Servicer shall establish and maintain a Certificate
Account into which the Master Servicer shall deposit or cause to be deposited
on a daily basis within two Business Days of receipt, except as otherwise
specifically provided herein, the following payments and collections remitted
by Subservicers or received by it in respect of Mortgage Loans subsequent to
the Cut-off Date (other than in respect of principal and interest due on the
Mortgage Loans on or before the Cut-off Date) and the following amounts
required to be deposited hereunder:

               (1) all payments on account of principal, including Principal
     Prepayments, on the Mortgage Loans;

               (2) all payments on account of interest on the Mortgage Loans
     (net of the related Servicing Fee and Prepayment Interest Excess
     permitted under Section 3.15 hereof to the extent not previously paid to
     or withheld by the Master Servicer);

               (3) all Insurance Proceeds;

               (4) all Liquidation Proceeds and Subsequent Recoveries, other
     than proceeds to be applied to the restoration or repair of the Mortgaged
     Property or released to the Mortgagor in accordance with the Master
     Servicer's normal servicing procedures;


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               (5) all Compensating Interest;

               (6) any amount required to be deposited by the Master Servicer
     pursuant to Section 3.05(e) in connection with any losses on Permitted
     Investments;

               (7) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.10 hereof;

               (8) the Purchase Price and any Substitution Adjustment Amount;

               (9) all Advances made by the Master Servicer or the Trustee
     pursuant to Section 4.01 hereof;

               (10) all Prepayment Charges and Master Servicer Prepayment
     Charge Payment Amounts; and

               (11) any other amounts required to be deposited hereunder.

          The foregoing requirements for remittance by the Master Servicer
into the Certificate Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the
nature of late payment charges or assumption fees, if collected, need not be
remitted by the Master Servicer. In the event that the Master Servicer shall
remit any amount not required to be remitted and not otherwise subject to
withdrawal pursuant to Section 3.08 hereof, it may at any time withdraw or
direct the institution maintaining the Certificate Account, to withdraw such
amount from the Certificate Account, any provision herein to the contrary
notwithstanding. Such withdrawal or direction may be accomplished by
delivering written notice thereof to the institution maintaining the
Certificate Account, that describes the amounts deposited in error in the
Certificate Account. The Master Servicer shall maintain adequate records with
respect to all withdrawals made pursuant to this Section. All funds deposited
in the Certificate Account shall be held in trust for the Certificateholders
until withdrawn in accordance with Section 3.08.

          No later than 1:00 p.m. Pacific time on the Business Day prior to
the Master Servicer Advance Date in each of December 2005 and January 2006,
CHL shall remit to the Master Servicer, and the Master Servicer shall deposit
in the Certificate Account, the Seller Shortfall Interest Requirement (if any)
for such Master Servicer Advance Date.

          (c) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Distribution Account. The Trustee shall, promptly upon
receipt, deposit in the Distribution Account and retain therein the following:

               (1) the aggregate amount remitted by the Master Servicer
     pursuant to the second paragraph of Section 3.08(a); and

               (2) any amount required to be deposited by the Master Servicer
     pursuant to Section 3.05(e) in connection with any losses on Permitted
     Investments.


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          The foregoing requirements for remittance by the Master Servicer and
deposit by the Trustee into the Distribution Account shall be exclusive. In
the event that the Master Servicer shall remit any amount not required to be
remitted and not otherwise subject to withdrawal pursuant to Section 3.08
hereof, it may at any time direct the Trustee to withdraw such amount from the
Distribution Account, any provision herein to the contrary notwithstanding.
Such direction may be accomplished by delivering a written notice to the
Trustee that describes the amounts deposited in error in the Distribution
Account. All funds deposited in the Distribution Account shall be held by the
Trustee in trust for the Certificateholders until disbursed in accordance with
this Agreement or withdrawn in accordance with Section 3.08. In no event shall
the Trustee incur liability for withdrawals from the Distribution Account at
the direction of the Master Servicer.

          (d) If the Pre-Funded Amount is greater than zero, the Trustee shall
establish and maintain, on behalf of the Certificateholders, the Pre-Funding
Account, and on the Closing Date, CHL shall remit the Pre-Funded Amount to the
Trustee for deposit in the Pre-Funding Account.

          On the Business Day before the Distribution Date following the end
of the Funding Period, the Trustee shall (i) withdraw the amount on deposit in
the Pre-Funding Account (net of investment income), (ii) promptly deposit such
amount in the Distribution Account, and (iii) distribute each amount to the
Certificates on the Distribution Date pursuant to Section 4.04.

          (e) Each institution that maintains the Certificate Account, the
Distribution Account or the Pre-Funding Account shall invest the funds in each
such account, as directed by the Master Servicer, in Permitted Investments,
which shall mature not later than (x) in the case of the Certificate Account,
the second Business Day next preceding the related Distribution Account
Deposit Date (except that if such Permitted Investment is an obligation of the
institution that maintains such Certificate Account, then such Permitted
Investment shall mature not later than the Business Day next preceding such
Distribution Account Deposit Date) and (y) in the case of the Distribution
Account and the Pre-Funding Account, the Business Day immediately preceding
the first Distribution Date that follows the date of such investment (except
that if such Permitted Investment is an obligation of the institution that
maintains such Distribution Account or Pre-Funding Account, then such
Permitted Investment shall mature not later than such Distribution Date), in
each case, shall not be sold or disposed of prior to its maturity. All such
Permitted Investments shall be made in the name of the Trustee, for the
benefit of the Certificateholders. In the case of (i) the Certificate Account
and the Distribution Account, all income and gain net of any losses realized
from any such investment shall be for the benefit of the Master Servicer as
servicing compensation and shall be remitted to it monthly as provided herein
and (ii) the Pre-Funding Account, all income and gain net of any losses
realized from any such investment shall be for the benefit of the Depositor
and shall be remitted to the Depositor as provided herein. The amount of any
losses incurred in the Certificate Account or the Distribution Account in
respect of any such investments shall be deposited by the Master Servicer in
the Certificate Account or paid to the Trustee for deposit into the
Distribution Account out of the Master


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Servicer's own funds immediately as realized. The amount of any losses
incurred in the Pre-Funding Account in respect of any such investments shall
be paid by the Master Servicer to the Trustee for deposit into the Pre-Funding
Account out of the Master Servicer's own funds immediately as realized. The
Trustee shall not be liable for the amount of any loss incurred in respect of
any investment or lack of investment of funds held in the Certificate Account,
the Distribution Account or the Pre-Funding Account and made in accordance
with this Section 3.05.

          (f) The Master Servicer shall give at least 30 days advance notice
to the Trustee, each Seller, each Rating Agency and the Depositor of any
proposed change of location of the Certificate Account prior to any change
thereof. The Trustee shall give at least 30 days advance notice to the Master
Servicer, each Seller, each Rating Agency and the Depositor of any proposed
change of the location of the Distribution Account, the Pre-Funding Account or
the Carryover Reserve Fund prior to any change thereof.

          (g) Except as otherwise expressly provided in this Agreement, if any
default occurs under any Permitted Investment, the Trustee may and, subject to
Sections 8.01 and 8.02(a)(4), at the request of the Holders of Certificates
representing more than 50% of the Voting Rights or the NIM Insurer, shall take
any action appropriate to enforce payment or performance, including the
institution and prosecution of appropriate proceedings.

          Section 3.06 Collection of Taxes, Assessments and Similar Items;
                       Escrow Accounts.

          To the extent required by the related Mortgage Note, the Master
Servicer shall establish and maintain one or more accounts (each, an "Escrow
Account") and deposit and retain therein all collections from the Mortgagors
(or advances by the Master Servicer) for the payment of taxes, assessments,
hazard insurance premiums or comparable items for the account of the
Mortgagors. Nothing herein shall require the Master Servicer to compel a
Mortgagor to establish an Escrow Account in violation of applicable law.

          Withdrawals of amounts so collected from the Escrow Accounts may be
made only to effect timely payment of taxes, assessments, hazard insurance
premiums, condominium or PUD association dues, or comparable items, to
reimburse the Master Servicer out of related collections for any payments made
pursuant to Sections 3.01 hereof (with respect to taxes and assessments and
insurance premiums) and 3.10 hereof (with respect to hazard insurance), to
refund to any Mortgagors any sums as may be determined to be overages, to pay
interest, if required by law or the terms of the related Mortgage or Mortgage
Note, to Mortgagors on balances in the Escrow Account or to clear and
terminate the Escrow Account at the termination of this Agreement in
accordance with Section 9.01 hereof. The Escrow Accounts shall not be a part
of the Trust Fund.

          Section 3.07 Access to Certain Documentation and Information
                       Regarding the Mortgage Loans.

          The Master Servicer shall afford the Depositor, the NIM Insurer and
the Trustee reasonable access to all records and documentation regarding the
Mortgage Loans and all accounts, insurance policies and other matters relating
to this Agreement, such access being afforded without charge, but only upon
reasonable request and during normal business hours at the offices of the
Master Servicer designated by it. Upon request, the Master Servicer shall


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furnish to the Trustee and the NIM Insurer its most recent publicly available
financial statements and any other information relating to its capacity to
perform its obligations under this Agreement reasonably requested by the NIM
Insurer.

          Upon reasonable advance notice in writing if required by federal
regulation, the Master Servicer will provide to each Certificateholder or
Certificate Owner that is a savings and loan association, bank or insurance
company certain reports and reasonable access to information and documentation
regarding the Mortgage Loans sufficient to permit such Certificateholder or
Certificate Owner to comply with applicable regulations of the OTS or other
regulatory authorities with respect to investment in the Certificates;
provided that the Master Servicer shall be entitled to be reimbursed by each
such Certificateholder or Certificate Owner for actual expenses incurred by
the Master Servicer in providing such reports and access.

          Section 3.08 Permitted Withdrawals from the Certificate Account,
                       Distribution Account, Carryover Reserve Fund and the
                       Principal Reserve Fund.

          (a) The Master Servicer may from time to time make withdrawals from
the Certificate Account for the following purposes:

               (i) to pay to the Master Servicer (to the extent not previously
          paid to or withheld by the Master Servicer), as servicing
          compensation in accordance with Section 3.15, that portion of any
          payment of interest that equals the Servicing Fee for the period
          with respect to which such interest payment was made, and, as
          additional servicing compensation to the Master Servicer, those
          other amounts set forth in Section 3.15;

               (ii) to reimburse each of the Master Servicer and the Trustee
          for Advances made by it with respect to the Mortgage Loans, such
          right of reimbursement pursuant to this subclause (ii) being limited
          to amounts received on particular Mortgage Loan(s) (including, for
          this purpose, Liquidation Proceeds, Insurance Proceeds and
          Subsequent Recoveries) that represent late recoveries of payments of
          principal and/or interest on such particular Mortgage Loan(s) in
          respect of which any such Advance was made;

               (iii) [Reserved];

               (iv) to reimburse each of the Master Servicer and the Trustee
          for any Nonrecoverable Advance previously made;

               (v) to reimburse the Master Servicer from Insurance Proceeds
          for Insured Expenses covered by the related Insurance Policy;

               (vi) to pay the Master Servicer any unpaid Servicing Fees and
          to reimburse it for any unreimbursed Servicing Advances, the Master
          Servicer's right to reimbursement of Servicing Advances pursuant to
          this subclause (vi) with respect to any Mortgage Loan being limited
          to amounts received on particular Mortgage Loan(s) (including, for
          this purpose, Liquidation Proceeds, Insurance Proceeds and
          Subsequent Recoveries and purchase and repurchase proceeds) that


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<PAGE>


          represent late recoveries of the payments for which such advances
          were made pursuant to Section 3.01 or Section 3.06;

               (vii) to pay to the applicable Seller, the Depositor or the
          Master Servicer, as applicable, with respect to each Mortgage Loan
          or property acquired in respect thereof that has been purchased
          pursuant to Section 2.02, 2.03, 2.04 or 3.12, all amounts received
          thereon and not taken into account in determining the related
          Purchase Price of such repurchased Mortgage Loan;

               (viii) to reimburse the applicable Seller, the Master Servicer,
          the NIM Insurer or the Depositor for expenses incurred by any of
          them in connection with the Mortgage Loans or Certificates and
          reimbursable pursuant to Section 6.03 hereof; provided that such
          amount shall only be withdrawn following the withdrawal from the
          Certificate Account for deposit into the Distribution Account
          pursuant to the following paragraph;

               (ix) to pay any lender-paid primary mortgage insurance
          premiums;

               (x) to withdraw any amount deposited in the Certificate Account
          and not required to be deposited therein; and

               (xi) to clear and terminate the Certificate Account upon
          termination of this Agreement pursuant to Section 9.01 hereof.

          In addition, no later than 1:00 p.m. Pacific time on the
Distribution Account Deposit Date, the Master Servicer shall withdraw from the
Certificate Account and remit to the Trustee the Interest Remittance Amount
and Principal Remittance Amount for each Loan Group, and the Trustee shall
deposit such amount in the Distribution Account.

          The Trustee shall establish and maintain, on behalf of the
Certificateholders, a Principal Reserve Fund in the name of the Trustee. On
the Closing Date, CHL shall deposit into the Principal Reserve Fund $200.00.
Funds on deposit in the Principal Reserve Fund shall not be invested. The
Principal Reserve Fund shall be treated as an "outside reserve fund" under
applicable Treasury regulations and shall not be part of any REMIC created
under this Agreement.

          On the Business Day before the first Distribution Date, the Trustee
shall transfer $100.00 from the Principal Reserve Fund to the Distribution
Account, and on the first Distribution Date, the Trustee shall withdraw $100
and distribute such amount to the Class A-R Certificates in reduction of the
Certificate Principal Balance thereof.

          On the Business Day before the Class P Principal Distribution Date,
the Trustee shall transfer from the Principal Reserve Fund to the Distribution
Account $100.00 and shall distribute such amount to the Class P Certificates
on the Class P Principal Distribution Date. Following the distributions to be
made in accordance with the preceding sentence, the Trustee shall then
terminate the Principal Reserve Fund.


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<PAGE>


          The Master Servicer shall keep and maintain separate accounting, on
a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Certificate Account pursuant to subclauses (i), (ii),
(iv), (v), (vi), (vii), (viii) and (ix) above. Prior to making any withdrawal
from the Certificate Account pursuant to subclause (iv), the Master Servicer
shall deliver to the Trustee an Officer's Certificate of a Servicing Officer
indicating the amount of any previous Advance determined by the Master
Servicer to be a Nonrecoverable Advance and identifying the related Mortgage
Loan(s), and their respective portions of such Nonrecoverable Advance.

          (b) The Trustee shall withdraw funds from the Distribution Account
for distribution to the Certificateholders and remittance to the Swap Account
in the manner specified in this Agreement (and to withhold from the amounts so
withdrawn, the amount of any taxes that it is authorized to retain pursuant to
the penultimate paragraph of Section 8.11). In addition, the Trustee may from
time to time make withdrawals from the Distribution Account for the following
purposes:

               (i) to pay the Trustee the Trustee Fee on each Distribution
          Date;

               (ii) to pay to the Master Servicer, as additional servicing
          compensation, earnings on or investment income with respect to funds
          in or credited to the Distribution Account;

               (iii) to withdraw pursuant to Section 3.05 any amount deposited
          in the Distribution Account and not required to be deposited
          therein;

               (iv) to reimburse the Trustee for any unreimbursed Advances
          made by it pursuant to Section 4.01(d) hereof, such right of
          reimbursement pursuant to this subclause (iv) being limited to (x)
          amounts received on the related Mortgage Loan(s) in respect of which
          any such Advance was made and (y) amounts not otherwise reimbursed
          to the Trustee pursuant to Section 3.08(a)(ii) hereof;

               (v) to reimburse the Trustee for any Nonrecoverable Advance
          previously made by the Trustee pursuant to Section 4.01(d) hereof,
          such right of reimbursement pursuant to this subclause (v) being
          limited to amounts not otherwise reimbursed to the Trustee pursuant
          to Section 3.08(a)(iv) hereof;

               (vi) to pay to the Co-Trustee, for payment to the Mortgage
          Insurer as provided below, the Mortgage Insurance Premium; and

               (vii) to clear and terminate the Distribution Account upon
          termination of the Agreement pursuant to Section 9.01 hereof.

          The Co-Trustee shall pay the applicable Mortgage Insurance Premium
to the Mortgage Insurer in accordance with the following wiring instructions:

          United Guaranty Mortgage Indemnity Company, Account
#20-720-86-30-274-5, Wachovia Bank, 330 North Greene Street, Greensboro, North
Carolina 27401, ABA #053000219, Txt: Attention: Lynn Ellis, CWABS 2005-AB4
Pool.


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<PAGE>

          (c) The Trustee shall withdraw funds from the Carryover Reserve Fund
for distribution to the Certificateholders in the manner specified in this
Agreement (and to withhold from the amounts so withdrawn, the amount of any
taxes that it is authorized to retain pursuant to the penultimate paragraph of
Section 8.11). In addition, the Trustee may from time to time make withdrawals
from the Carryover Reserve Fund for the following purposes:

               (1) to withdraw any amount deposited in the Carryover Reserve
     Fund and not required to be deposited therein; and

               (2) to clear and terminate the Carryover Reserve Fund upon
     termination of the Agreement pursuant to Section 9.01 hereof.

          Section 3.09 [Reserved].

          Section 3.10 Maintenance of Hazard Insurance.

          The Master Servicer shall cause to be maintained, for each Mortgage
Loan, hazard insurance with extended coverage in an amount that is at least
equal to the lesser of (i) the maximum insurable value of the improvements
securing such Mortgage Loan and (ii) the greater of (a) the outstanding
principal balance of the Mortgage Loan and (b) an amount such that the
proceeds of such policy shall be sufficient to prevent the related Mortgagor
and/or mortgagee from becoming a co-insurer. Each such policy of standard
hazard insurance shall contain, or have an accompanying endorsement that
contains, a standard mortgagee clause. The Master Servicer shall also cause
flood insurance to be maintained on property acquired upon foreclosure or deed
in lieu of foreclosure of any Mortgage Loan, to the extent described below.
Pursuant to Section 3.05 hereof, any amounts collected by the Master Servicer
under any such policies (other than the amounts to be applied to the
restoration or repair of the related Mortgaged Property or property thus
acquired or amounts released to the Mortgagor in accordance with the Master
Servicer's normal servicing procedures) shall be deposited in the Certificate
Account. Any cost incurred by the Master Servicer in maintaining any such
insurance shall not, for the purpose of calculating monthly distributions to
the Certificateholders or remittances to the Trustee for their benefit, be
added to the principal balance of the Mortgage Loan, notwithstanding that the
terms of the Mortgage Loan so permit. Such costs shall be recoverable by the
Master Servicer out of late payments by the related Mortgagor or out of
Liquidation Proceeds or Subsequent Recoveries to the extent permitted by
Section 3.08 hereof. It is understood and agreed that no earthquake or other
additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. If the Mortgaged Property is located at the
time of origination of the Mortgage Loan in a federally designated special
flood hazard area and such area is participating in the national flood
insurance program, the Master Servicer shall cause flood insurance to be
maintained with respect to such Mortgage Loan. Such flood insurance shall be
in an amount equal to the lesser of (i) the original principal balance of the
related Mortgage Loan, (ii) the replacement value of the improvements that are
part of such Mortgaged Property, or (iii) the maximum amount of such insurance
available for the related Mortgaged Property under the Flood Disaster
Protection Act of 1973, as amended. If the hazard policy contains a deductible
clause, the Master Servicer will be required to deposit from its own


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funds into the Certificate Account the amounts that would have been deposited
therein but for the deductible clause.

          Section 3.11 Enforcement of Due-On-Sale Clauses; Assumption
                       Agreements.

          (a) Except as otherwise provided in this Section 3.11(a), when any
property subject to a Mortgage has been or is about to be conveyed by the
Mortgagor, the Master Servicer shall to the extent that it has knowledge of
such conveyance, enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage, to the extent permitted under applicable law and governmental
regulations, but only to the extent that such enforcement will not adversely
affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing, the Master Servicer is not required to exercise
such rights with respect to a Mortgage Loan if the Person to whom the related
Mortgaged Property has been conveyed or is proposed to be conveyed satisfies
the terms and conditions contained in the Mortgage Note and Mortgage related
thereto and the consent of the mortgagee under such Mortgage Note or Mortgage
is not otherwise so required under such Mortgage Note or Mortgage as a
condition to such transfer. In the event that the Master Servicer is
prohibited by law from enforcing any such due-on-sale clause, or if coverage
under any Required Insurance Policy would be adversely affected, or if
nonenforcement is otherwise permitted hereunder, the Master Servicer is
authorized, subject to Section 3.11(b), to take or enter into an assumption
and modification agreement from or with the person to whom such property has
been or is about to be conveyed, pursuant to which such person becomes liable
under the Mortgage Note and, unless prohibited by applicable state law, the
Mortgagor remains liable thereon, provided that the Mortgage Loan shall
continue to be covered (if so covered before the Master Servicer enters such
agreement) by the applicable Required Insurance Policies. The Master Servicer,
subject to Section 3.11(b), is also authorized with the prior approval of the
insurers under any Required Insurance Policies to enter into a substitution of
liability agreement with such Person, pursuant to which the original Mortgagor
is released from liability and such Person is substituted as Mortgagor and
becomes liable under the Mortgage Note. The Master Servicer shall notify the
Trustee that any such substitution, modification or assumption agreement has
been completed by forwarding to the Co-Trustee the executed original of such
substitution or assumption agreement, which document shall be added to the
related Mortgage File and shall, for all purposes, be considered a part of
such Mortgage File to the same extent as all other documents and instruments
constituting a part thereof.

          (b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.11(a) hereof, in any case in which
a Mortgaged Property has been conveyed to a Person by a Mortgagor, and such
Person is to enter into an assumption agreement or modification agreement or
supplement to the Mortgage Note or Mortgage that requires the signature of the
Trustee, or if an instrument of release signed by the Trustee is required
releasing the Mortgagor from liability on the Mortgage Loan, the Master
Servicer shall prepare and deliver or cause to be prepared and delivered to
the Trustee for signature and shall direct, in writing, the Trustee to execute
the assumption agreement with the Person to whom the Mortgaged Property is to
be conveyed and such modification agreement or supplement to the Mortgage Note
or Mortgage or other instruments as are reasonable or necessary to carry out
the terms of the Mortgage Note or Mortgage or otherwise to comply with any
applicable laws regarding assumptions or the transfer of the Mortgaged
Property to such Person. In connection with any such assumption, no material
term of the Mortgage Note (including, but not limited to,


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the Mortgage Rate, the amount of the Scheduled Payment, the Maximum Mortgage
Rate, the Minimum Mortgage Rate, the Gross Margin, the Initial Periodic Rate
Cap, the Subsequent Periodic Rate Cap, the Adjustment Date and any other term
affecting the amount or timing of payment on the Mortgage Loan) may be
changed. In addition, the substitute Mortgagor and the Mortgaged Property must
be acceptable to the Master Servicer in accordance with its underwriting
standards as then in effect. The Master Servicer shall notify the Trustee that
any such substitution or assumption agreement has been completed by forwarding
to the Trustee the original of such substitution or assumption agreement,
which in the case of the original shall be added to the related Mortgage File
and shall, for all purposes, be considered a part of such Mortgage File to the
same extent as all other documents and instruments constituting a part
thereof. Any fee collected by the Master Servicer for entering into an
assumption or substitution of liability agreement will be retained by the
Master Servicer as additional servicing compensation.

          Section 3.12 Realization Upon Defaulted Mortgage Loans;
                       Determination of Excess Proceeds and Realized Losses;
                       Repurchase of Certain Mortgage Loans.

          (a) The Master Servicer may agree to a modification of any Mortgage
Loan (the "Modified Mortgage Loan") if (i) CHL purchases the Modified Mortgage
Loan from the Trust Fund immediately following the modification as described
below and (ii) the Stated Principal Balance of such Mortgage Loan, when taken
together with the aggregate of the Stated Principal Balances of all other
Mortgage Loans in the same Loan Group that have been so modified since the
Closing Date at the time of those modifications, does not exceed an amount
equal to 5% of the aggregate Certificate Principal Balance of the related
Certificates. Effective immediately after the modification, and, in any event,
on the same Business Day on which the modification occurs, all interest of the
Trustee in the Modified Mortgage Loan shall automatically be deemed
transferred and assigned to CHL and all benefits and burdens of ownership
thereof, including the right to accrued interest thereon from the date of
modification and the risk of default thereon, shall pass to CHL. The Master
Servicer shall promptly deliver to the Trustee a certification of a Servicing
Officer to the effect that all requirements of this paragraph have been
satisfied with respect to the Modified Mortgage Loan. For federal income tax
purposes, the Trustee shall account for such purchase as a prepayment in full
of the Modified Mortgage Loan. CHL shall remit the Purchase Price to the
Master Servicer for deposit into the Certificate Account pursuant to Section
3.05 within one Business Day after the purchase of the Modified Mortgage Loan.
Upon receipt by the Trustee of written notification of any such deposit signed
by a Servicing Officer, the Trustee shall release to CHL or its designee the
related Mortgage File and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be necessary
to vest in CHL any Modified Mortgage Loan previously transferred and assigned
pursuant hereto. CHL covenants and agrees to indemnify the Trust Fund against
any liability for any "prohibited transaction" taxes and any related interest,
additions, and penalties imposed on the Trust Fund established hereunder as a
result of any modification of a Mortgage Loan effected pursuant to this
subsection (a), any holding of a Modified Mortgage Loan by the Trust Fund or
any purchase of a Modified Mortgage Loan by CHL (but such obligation shall not
prevent CHL or any other appropriate Person from in good faith contesting any
such tax in appropriate proceedings and shall not prevent the CHL from
withholding payment of such tax, if permitted by law, pending the outcome of
such


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proceedings). CHL shall have no right of reimbursement for any amount paid
pursuant to the foregoing indemnification, except to the extent that the
amount of any tax, interest, and penalties, together with interest thereon, is
refunded to the Trust Fund or the CHL. If the Master Servicer agrees to a
modification of any Mortgage Loan pursuant to this Section 3.12(a), and if
such Mortgage Loan carries a Prepayment Charge provision, CHL shall deliver to
the Trustee the amount of the Prepayment Charge, if any, that would have been
due had such Mortgage Loan been prepaid at the time of such modification, for
deposit into the Certificate Account (not later than 1:00 p.m. Pacific time on
the Master Servicer Advance Date immediately succeeding the date of such
modification) for distribution in accordance with the terms of this Agreement.

          (b) The Master Servicer shall use reasonable efforts to foreclose
upon or otherwise comparably convert the ownership of properties securing such
of the Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments.
In connection with such foreclosure or other conversion, the Master Servicer
shall follow such practices and procedures as it shall deem necessary or
advisable and as shall be normal and usual in its general mortgage servicing
activities and the requirements of the insurer under any Required Insurance
Policy; provided that the Master Servicer shall not be required to expend its
own funds in connection with any foreclosure or towards the restoration of any
property unless it shall determine (i) that such restoration and/or
foreclosure will increase the proceeds of liquidation of the Mortgage Loan
after reimbursement to itself of such expenses and (ii) that such expenses
will be recoverable to it through Liquidation Proceeds (respecting which it
shall have priority for purposes of withdrawals from the Certificate Account
pursuant to Section 3.08 hereof). The Master Servicer shall be responsible for
all other costs and expenses incurred by it in any such proceedings; provided
that it shall be entitled to reimbursement thereof from the proceeds of
liquidation of the related Mortgaged Property and any related Subsequent
Recoveries, as contemplated in Section 3.08 hereof. If the Master Servicer has
knowledge that a Mortgaged Property that the Master Servicer is contemplating
acquiring in foreclosure or by deed-in-lieu of foreclosure is located within a
one-mile radius of any site with environmental or hazardous waste risks known
to the Master Servicer, the Master Servicer will, prior to acquiring the
Mortgaged Property, consider such risks and only take action in accordance
with its established environmental review procedures.

          With respect to any REO Property, the deed or certificate of sale
shall be taken in the name of the Trustee for the benefit of the
Certificateholders (or the Trustee's nominee on behalf of the
Certificateholders). The Trustee's name shall be placed on the title to such
REO Property solely as the Trustee hereunder and not in its individual
capacity. The Master Servicer shall ensure that the title to such REO Property
references this Agreement and the Trustee's capacity thereunder. Pursuant to
its efforts to sell such REO Property, the Master Servicer shall either itself
or through an agent selected by the Master Servicer protect and conserve such
REO Property in the same manner and to such extent as is customary in the
locality where such REO Property is located and may, incident to its
conservation and protection of the interests of the Certificateholders, rent
the same, or any part thereof, as the Master Servicer deems to be in the best
interest of the Master Servicer and the Certificateholders for the period
prior to the sale of such REO Property. The Master Servicer shall prepare for
and deliver to the Trustee a statement with respect to each REO Property that
has been rented showing the aggregate rental income received and all expenses
incurred in connection with the management and maintenance of such REO
Property at such times as is necessary to enable the Trustee to comply with
the reporting


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requirements of the REMIC Provisions. The net monthly rental income, if any,
from such REO Property shall be deposited in the Certificate Account no later
than the close of business on each Determination Date. The Master Servicer
shall perform the tax reporting and withholding related to foreclosures,
abandonments and cancellation of indebtedness income as specified by Sections
1445, 6050J and 6050P of the Code by preparing and filing such tax and
information returns, as may be required.

          In the event that the Trust Fund acquires any Mortgaged Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Master Servicer shall dispose of such Mortgaged Property as
soon as practicable in a manner that maximizes the Liquidation Proceeds, but
in no event later than three years after its acquisition by the Trust Fund or,
at the expense of the Trust Fund, the Master Servicer shall request, more than
60 days prior to the day on which such three-year period would otherwise
expire, an extension of the three-year grace period. In the event the Trustee
shall have been supplied with an Opinion of Counsel (such opinion not to be an
expense of the Trustee) to the effect that the holding by the Trust Fund of
such Mortgaged Property subsequent to such three-year period will not result
in the imposition of taxes on "prohibited transactions" of the Trust Fund as
defined in section 860F of the Code or cause any REMIC formed hereunder to
fail to qualify as a REMIC at any time that any Certificates are outstanding,
and the Trust Fund may continue to hold such Mortgaged Property (subject to
any conditions contained in such Opinion of Counsel) after the expiration of
such three-year period. Notwithstanding any other provision of this Agreement,
no Mortgaged Property acquired by the Trust Fund shall be rented (or allowed
to continue to be rented) or otherwise used for the production of income by or
on behalf of the Trust Fund in such a manner or pursuant to any terms that
would (i) cause such Mortgaged Property to fail to qualify as "foreclosure
property" within the meaning of section 860G(a)(8) of the Code or (ii) subject
the Trust Fund to the imposition of any federal, state or local income taxes
on the income earned from such Mortgaged Property under section 860G(c) of the
Code or otherwise, unless the Master Servicer has agreed to indemnify and hold
harmless the Trust Fund with respect to the imposition of any such taxes.

          The decision of the Master Servicer to foreclose on a defaulted
Mortgage Loan shall be subject to a determination by the Master Servicer that
the proceeds of such foreclosure would exceed the costs and expenses of
bringing such a proceeding. The income earned from the management of any
Mortgaged Properties acquired through foreclosure or other judicial
proceeding, net of reimbursement to the Master Servicer for expenses incurred
(including any property or other taxes) in connection with such management and
net of unreimbursed Servicing Fees, Advances, Servicing Advances and any
management fee paid or to be paid with respect to the management of such
Mortgaged Property, shall be applied to the payment of principal of, and
interest on, the related defaulted Mortgage Loans (with interest accruing as
though such Mortgage Loans were still current) and all such income shall be
deemed, for all purposes in this Agreement, to be payments on account of
principal and interest on the related Mortgage Notes and shall be deposited
into the Certificate Account. To the extent the income received during a
Prepayment Period is in excess of the amount attributable to amortizing
principal and accrued interest at the related Mortgage Rate on the related
Mortgage Loan, such excess shall be considered to be a partial Principal
Prepayment for all purposes hereof.


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          The Liquidation Proceeds from any liquidation of a Mortgage Loan and
any Subsequent Recoveries, net of any payment to the Master Servicer as
provided above, shall be deposited in the Certificate Account as provided in
Section 3.05 for distribution on the related Distribution Date, except that
any Excess Proceeds shall be retained by the Master Servicer as additional
servicing compensation.

          The proceeds of any Liquidated Mortgage Loan, as well as any
recovery resulting from a partial collection of Liquidation Proceeds or any
income from an REO Property, will be applied in the following order of
priority: first, to reimburse the Master Servicer for any related unreimbursed
Servicing Advances and Servicing Fees, pursuant to Section 3.08(a)(vi) or this
Section 3.12; second, to reimburse the Master Servicer for any unreimbursed
Advances, pursuant to Section 3.08(a)(ii) or this Section 3.12; third, to
accrued and unpaid interest (to the extent no Advance has been made for such
amount) on the Mortgage Loan or related REO Property, at the Net Mortgage Rate
to the Due Date occurring in the month in which such amounts are required to
be distributed; and fourth, as a recovery of principal of the Mortgage Loan.

          (c) [Reserved].

          (d) The Master Servicer, in its sole discretion, shall have the
right to elect (by written notice sent to the Trustee) to purchase for its own
account from the Trust Fund any Mortgage Loan that is 150 days or more
delinquent at a price equal to the Purchase Price; provided, however, that the
Master Servicer may only exercise this right on or before the last day of the
calendar month in which such Mortgage Loan became 150 days delinquent (such
month, the "Eligible Repurchase Month"); provided further, that any such
Mortgage Loan which becomes current but thereafter becomes delinquent may be
purchased by the Master Servicer pursuant to this Section in any ensuing
Eligible Repurchase Month. The Purchase Price for any Mortgage Loan purchased
hereunder shall be deposited in the Certificate Account. Any purchase of a
Mortgage Loan pursuant to this Section 3.12(d) shall be accomplished by
remittance to the Master Servicer for deposit in the Certificate Account of
the Purchase Price. The Trustee, upon receipt of certification from the Master
Servicer of such deposit and a Request for File Release from the Master
Servicer, shall release or cause to be released to the purchaser of such
Mortgage Loan the related Mortgage File and shall execute and deliver such
instruments of transfer or assignment prepared by the purchaser of such
Mortgage Loan, in each case without recourse, as shall be necessary to vest in
the purchaser of such Mortgage Loan any Mortgage Loan released pursuant hereto
and the purchaser of such Mortgage Loan shall succeed to all the Trustee's
right, title and interest in and to such Mortgage Loan and all security and
documents related thereto. Such assignment shall be an assignment outright and
not for security. The purchaser of such Mortgage Loan shall thereupon own such
Mortgage Loan, and all security and documents, free of any further obligation
to the Trustee or the Certificateholders with respect thereto.

          Section 3.13 Co-Trustee to Cooperate; Release of Mortgage Files.

          Upon the payment in full of any Mortgage Loan, or the receipt by the
Master Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, the Master Servicer will promptly notify
the Co-Trustee by delivering a Request for File Release. Upon receipt of such
request, the Co-Trustee shall promptly release the related


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Mortgage File to the Master Servicer, and the Co-Trustee shall at the Master
Servicer's direction execute and deliver to the Master Servicer the request
for reconveyance, deed of reconveyance or release or satisfaction of mortgage
or such instrument releasing the lien of the Mortgage in each case provided by
the Master Servicer, together with the Mortgage Note with written evidence of
cancellation thereon. The Master Servicer is authorized to cause the removal
from the registration on the MERS(r) System of such Mortgage and to execute
and deliver, on behalf of the Trust Fund and the Certificateholders or any of
them, any and all instruments of satisfaction or cancellation or of partial or
full release. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Certificate
Account, the Distribution Account, the Carryover Reserve Fund or the related
subservicing account. From time to time and as shall be appropriate for the
servicing or foreclosure of any Mortgage Loan, including for such purpose,
collection under any policy of flood insurance any fidelity bond or errors or
omissions policy, or for the purposes of effecting a partial release of any
Mortgaged Property from the lien of the Mortgage or the making of any
corrections to the Mortgage Note or the Mortgage or any of the other documents
included in the Mortgage File, the Co-Trustee shall, upon delivery to the
Co-Trustee of a Request for Document Release or a Request for File Release, as
applicable, release the documents specified in such request or the Mortgage
File, as the case may be, to the Master Servicer. Subject to the further
limitations set forth below, the Master Servicer shall cause the Mortgage File
or documents so released to be returned to the Co-Trustee when the need
therefor by the Master Servicer no longer exists, unless the Mortgage Loan is
liquidated and the proceeds thereof are deposited in the Certificate Account,
in which case the Master Servicer shall deliver to the Co-Trustee a Request
for File Release for any remaining documents in the Mortgage File not in the
possession of the Master Servicer.

          If the Master Servicer at any time seeks to initiate a foreclosure
proceeding in respect of any Mortgaged Property as authorized by this
Agreement, the Master Servicer shall deliver or cause to be delivered to the
Trustee, for signature, as appropriate, any court pleadings, requests for
trustee's sale or other documents necessary to effectuate such foreclosure or
any legal action brought to obtain judgment against the Mortgagor on the
Mortgage Note or the Mortgage or to obtain a deficiency judgment or to enforce
any other remedies or rights provided by the Mortgage Note or the Mortgage or
otherwise available at law or in equity. Notwithstanding the foregoing, the
Master Servicer shall cause possession of any Mortgage File or of the
documents therein that shall have been released by the Co-Trustee to be
returned to the Co-Trustee within 21 calendar days after possession thereof
shall have been released by the Co-Trustee unless (i) the Mortgage Loan has
been liquidated and the Liquidation Proceeds relating to the Mortgage Loan
have been deposited in the Certificate Account, and the Master Servicer shall
have delivered to the Co-Trustee a Request for File Release or (ii) the
Mortgage File or document shall have been delivered to an attorney or to a
public trustee or other public official as required by law for purposes of
initiating or pursuing legal action or other proceedings for the foreclosure
of the Mortgaged Property and the Master Servicer shall have delivered to the
Trustee an Officer's Certificate of a Servicing Officer certifying as to the
name and address of the Person to which the Mortgage File or the documents
therein were delivered and the purpose or purposes of such delivery.


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          Section 3.14 Documents, Records and Funds in Possession of Master
                       Servicer to be Held for the Trustee.

          Notwithstanding any other provisions of this Agreement, the Master
Servicer shall transmit to the Co-Trustee as required by this Agreement all
documents and instruments in respect of a Mortgage Loan coming into the
possession of the Master Servicer from time to time and shall account fully to
the Trustee for any funds received by the Master Servicer or that otherwise
are collected by the Master Servicer as Liquidation Proceeds, Insurance
Proceeds or Subsequent Recoveries in respect of any Mortgage Loan. All
Mortgage Files and funds collected or held by, or under the control of, the
Master Servicer in respect of any Mortgage Loans, whether from the collection
of principal and interest payments or from Liquidation Proceeds or Subsequent
Recoveries including but not limited to, any funds on deposit in the
Certificate Account, shall be held by the Master Servicer for and on behalf of
the Trust Fund and shall be and remain the sole and exclusive property of the
Trust Fund, subject to the applicable provisions of this Agreement. The Master
Servicer also agrees that it shall not create, incur or subject any Mortgage
File or any funds that are deposited in the Certificate Account, the
Distribution Account, the Carryover Reserve Fund or in any Escrow Account (as
defined in Section 3.06), or any funds that otherwise are or may become due or
payable to the Trustee for the benefit of the Certificateholders, to any
claim, lien, security interest, judgment, levy, writ of attachment or other
encumbrance, or assert by legal action or otherwise any claim or right of set
off against any Mortgage File or any funds collected on, or in connection
with, a Mortgage Loan, except, however, that the Master Servicer shall be
entitled to set off against and deduct from any such funds any amounts that
are properly due and payable to the Master Servicer under this Agreement.

          Section 3.15 Servicing Compensation.

          As compensation for its activities hereunder, the Master Servicer
shall be entitled to retain or withdraw from the Certificate Account out of
each payment of interest on a Mortgage Loan included in the Trust Fund an
amount equal to interest at the applicable Servicing Fee Rate on the Stated
Principal Balance of the related Mortgage Loan for the period covered by such
interest payment.

          Additional servicing compensation in the form of any Excess
Proceeds, assumption fees, late payment charges, Prepayment Interest Excess,
and all income and gain net of any losses realized from Permitted Investments
shall be retained by the Master Servicer to the extent not required to be
deposited in the Certificate Account pursuant to Section 3.05 or 3.12(b)
hereof. The Master Servicer shall be required to pay all expenses incurred by
it in connection with its servicing activities hereunder (including payment of
any premiums for hazard insurance, as required by Section 3.10 hereof and
maintenance of the other forms of insurance coverage required by Section 3.10
hereof) and shall not be entitled to reimbursement therefor except as
specifically provided in Sections 3.08 and 3.12 hereof.

          Section 3.16 Access to Certain Documentation.

          The Master Servicer shall provide to the OTS and the FDIC and to
comparable regulatory authorities supervising Holders of the Certificates and
Certificate Owners and the


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examiners and supervisory agents of the OTS, the FDIC and such other
authorities, access to the documentation regarding the Mortgage Loans required
by applicable regulations of the OTS and the FDIC. Such access shall be
afforded without charge, but only upon reasonable and prior written request
and during normal business hours at the offices of the Master Servicer
designated by it. Nothing in this Section shall limit the obligation of the
Master Servicer to observe any applicable law prohibiting disclosure of
information regarding the Mortgagors and the failure of the Master Servicer to
provide access as provided in this Section as a result of such obligation
shall not constitute a breach of this Section.

          Section 3.17 Annual Statement as to Compliance.

          The Master Servicer shall deliver to the Depositor and the Trustee
on or before the 80th day after the end of the Master Servicer's fiscal year,
commencing with its 2005 fiscal year, an Officer's Certificate stating, as to
the signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year and of the performance of the Master
Servicer under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and
the nature and status thereof and (iii) to the best of such officer's
knowledge, each Subservicer has fulfilled all its obligations under its
Subservicing Agreement throughout such year, or, if there has been a default
in the fulfillment of any such obligation specifying each such default known
to such officer and the nature and status thereof. The Trustee shall forward a
copy of each such statement to each Rating Agency. Copies of such statement
shall be provided by the Trustee to any Certificateholder or Certificate Owner
upon request at the Master Servicer's expense, provided such statement is
delivered by the Master Servicer to the Trustee.

          Section 3.18 Annual Independent Public Accountants' Servicing
                       Statement; Financial Statements.

          On or before the later of (i) the 80th day after the end of the
Master Servicer's fiscal year, commencing with its 2005 fiscal year or (ii)
within 30 days of the issuance of the annual audited financial statements
beginning with the audit for the period ending in 2005, the Master Servicer at
its expense shall cause a nationally recognized firm of independent public
accountants (who may also render other services to the Master Servicer, CHL or
any affiliate thereof) that is a member of the American Institute of Certified
Public Accountants to furnish a report to the Trustee, the Depositor and CHL
in compliance with the Uniform Single Attestation Program for Mortgage
Bankers. Copies of such report shall be provided by the Trustee to any
Certificateholder or Certificate Owner upon request at the Master Servicer's
expense, provided such report is delivered by the Master Servicer to the
Trustee. Upon written request, the Master Servicer shall provide to the
Certificateholders or Certificate Owners its publicly available annual
financial statements (or the Master Servicer's parent company's publicly
available annual financial statements, as applicable), if any, promptly after
they become available.


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          Section 3.19 [Reserved].

          Section 3.20 Prepayment Charges.

          (a) Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment in full or in part of a Mortgage Loan, the
Master Servicer may not waive any Prepayment Charge or portion thereof
required by the terms of the related Mortgage Note unless (i) such Mortgage
Loan is in default or the Master Servicer believes that such a default is
imminent, and the Master Servicer determines that such waiver would maximize
recovery of Liquidation Proceeds for such Mortgage Loan, taking into account
the value of such Prepayment Charge, or (ii) (A) the enforceability thereof is
limited (1) by bankruptcy, insolvency, moratorium, receivership, or other
similar law relating to creditors' rights generally or (2) due to acceleration
in connection with a foreclosure or other involuntary payment, or (B) the
enforceability is otherwise limited or prohibited by applicable law. In the
event of a Principal Prepayment in full or in part with respect to any
Mortgage Loan, the Master Servicer shall deliver to the Trustee an Officer's
Certificate substantially in the form of Exhibit T no later than the third
Business Day following the immediately succeeding Determination Date with a
copy to the Class P Certificateholders. If the Master Servicer has waived or
does not collect all or a portion of a Prepayment Charge relating to a
Principal Prepayment in full or in part due to any action or omission of the
Master Servicer, other than as provided above, the Master Servicer shall
deliver to the Trustee, together with the Principal Prepayment in full or in
part, the amount of such Prepayment Charge (or such portion thereof as had
been waived) for deposit into the Certificate Account (not later than 1:00
p.m. Pacific time on the immediately succeeding Master Servicer Advance Date,
in the case of such Prepayment Charge) for distribution in accordance with the
terms of this Agreement.

          (b) Upon discovery by the Master Servicer or a Responsible Officer
of the Trustee of a breach of the foregoing subsection (a), the party
discovering the breach shall give prompt written notice to the other parties.

          (c) CHL represents and warrants to the Depositor and the Trustee, as
of the Closing Date and each Subsequent Transfer Date, that the information in
the Prepayment Charge Schedule (including the attached prepayment charge
summary) is complete and accurate in all material respects at the dates as of
which the information is furnished and each Prepayment Charge is permissible
and enforceable in accordance with its terms under applicable state law,
except as the enforceability thereof is limited due to acceleration in
connection with a foreclosure or other involuntary payment.

          (d) Upon discovery by the Master Servicer or a Responsible Officer
of the Trustee of a breach of the foregoing clause (c) that materially and
adversely affects right of the Holders of the Class P Certificates to any
Prepayment Charge, the party discovering the breach shall give prompt written
notice to the other parties. Within 60 days of the earlier of discovery by the
Master Servicer or receipt of notice by the Master Servicer of breach, the
Master Servicer shall cure the breach in all material respects or shall pay
into the Certificate Account the amount of the Prepayment Charge that would
otherwise be due from the Mortgagor, less any amount representing such
Prepayment Charge previously collected and paid by the Master Servicer into
the Certificate Account.


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          Section 3.21 Swap Contract.

          CHL shall cause The Bank of New York to enter into the Swap Contract
Administration Agreement and shall assign all of its right, title and interest
in and to the interest rate swap transaction evidenced by the Swap Contract
to, and shall cause all of its obligations in respect of such transaction to
be assumed by, the Swap Contract Administrator, on the terms and conditions
set forth in the Swap Contract Assignment Agreement. The Trustee's rights to
receive certain proceeds of the Swap Contract as provided in the Swap Contract
Administration Agreement shall be rights of the Trustee as Swap Trustee
hereunder, shall be an asset of the Swap Trust and shall not be an asset of
the Trust Fund nor of any REMIC. The Swap Trustee shall deposit any amounts
received from time to time from the Swap Contract Administrator with respect
to the Swap Contract into the Swap Account. The Master Servicer shall deposit
any amounts received on behalf of the Swap Trustee from time to time with
respect to the Swap Contract into the Swap Account.

          On the Business Day preceding each Distribution Date, the Swap
Trustee shall notify the Swap Contract Administrator of any amounts
distributable to the Interest-Bearing Certificates pursuant to Section
4.04(d)(3) through (8) that will remain unpaid following all distributions to
be made on such Distribution Date pursuant to Section 4.04(a) through (c).

          No later than two Business Days following each Distribution Date,
the Trustee shall provide the Swap Contract Administrator with information
regarding the aggregate Certificate Principal Balance of the Interest-Bearing
Certificates after all distributions on such Distribution Date.

          Upon the Swap Contract Administrator obtaining actual knowledge of
the rating of the Swap Counterparty falling below the Approved Rating
Thresholds (as defined in the Swap Contract), the Swap Trustee shall direct
the Swap Contract Administrator to demand payment of the Delivery Amount (as
defined in the ISDA Credit Support Annex). If a Delivery Amount is demanded,
the Swap Trustee shall set up an account in accordance with Section 4.09 to
hold cash or other eligible investments pledged under the ISDA Credit Support
Annex. Any cash or other eligible investments pledged under the ISDA Credit
Support Annex shall not be part of the Distribution Account or the Swap
Account unless they are applied in accordance with the ISDA Credit Support
Annex to make a payment due to the Swap Contract Administrator pursuant to the
Swap Contract.

          Upon the Swap Trustee obtaining actual knowledge of a Failure to Pay
or Deliver (as defined in the Swap Contract), the Swap Trustee shall direct
the Swap Contract Administrator to demand payment under the Swap Guarantee.

          Upon the Swap Trustee obtaining actual knowledge of an Event of
Default (as defined in the Swap Contract) or Termination Event (as defined in
the Swap Contract) for which the Swap Contract Administrator has the right to
designate an Early Termination Date (as defined in the Swap Contract), the
Swap Trustee shall act at the written direction of the Depositor as to whether
to direct the Swap Contract Administrator to designate an Early Termination
Date; provided, however, that the Swap Trustee shall provide written notice to
each Rating Agency following the Event of Default or Termination Event. Upon
the termination of


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the Swap Contract under the circumstances contemplated by this Section 3.21,
the Swap Trustee shall use its reasonable best efforts to enforce the rights
of the Swap Contract Administrator as may be permitted by the terms of the
Swap Contract and consistent with the terms hereof, and CHL shall assist the
Swap Contract Administrator in procuring a replacement swap contract with
terms approximating those of the original Swap Contract.

          In the event that the swap counterparty in respect of a replacement
swap contract pays any upfront amount to the Swap Contract Administrator in
connection with entering into the replacement swap contract, the Swap Trustee
shall notify the Swap Contract Administrator of the amount of Interest Funds
for Loan Group 1 and Loan Group 2 and the Principal Distribution Amounts for
Loan Group 1 and Loan Group 2 that were used on prior Distribution Dates to
cover any Swap Termination Payment due to the Swap Counterparty under the
original Swap Contract, and any portion of such upfront amount paid by a swap
counterparty in respect of a replacement swap contract that is remitted by the
Swap Contract Administrator to the Swap Trustee shall be included in Interest
Funds for Loan Group 1 and Loan Group 2 and the Principal Distribution Amounts
for Loan Group 1 and Loan Group 2 on the next Distribution Date to the extent,
and in the respective amounts, that such Interest Funds for Loan Group 1 and
Loan Group 2 and Principal Distribution Amounts for Loan Group 1 and Loan
Group 2 were used on prior Distribution Dates to cover any Swap Termination
Payment due to the Swap Counterparty under the original Swap Contract.

          Any portion of any Net Swap Payment or Swap Termination Payment
payable by the Swap Counterparty and not remitted by the Swap Contract
Administrator to the Swap Trustee with respect to any Distribution Date will
be remitted to CHL and will not be available to make distributions in respect
of any Class of Certificates.

          The Swap Counterparty shall be an express third party beneficiary of
this Agreement for the purpose of enforcing the provisions hereof to the
extent of the Swap Counterparty's rights explicitly specified herein as if a
party hereto.

                                 ARTICLE IV.
              DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

          Section 4.01 Advances; Remittance Reports.

          (a) Within two Business Days after each Determination Date, the
Master Servicer shall deliver to the Trustee by facsimile or electronic mail
(or by such other means as the Master Servicer and the Trustee, as the case
may be, may agree from time to time) a Remittance Report with respect to the
related Distribution Date. The Trustee shall not be responsible to recompute,
recalculate or verify any information provided to it by the Master Servicer.

          (b) Subject to the conditions of this Article IV, the Master
Servicer, as required below, shall make an Advance and deposit such Advance in
the Certificate Account. Each such Advance shall be remitted to the
Certificate Account no later than 1:00 p.m. Pacific time on the Master
Servicer Advance Date in immediately available funds. The Trustee will provide
notice to the Master Servicer by facsimile by the close of business on any
Master


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Servicer Advance Date in the event that the amount remitted by the Master
Servicer to the Trustee on the Distribution Account Deposit Date is less than
the Advances required to be made by the Master Servicer for such Distribution
Date. The Master Servicer shall be obligated to make any such Advance only to
the extent that such advance would not be a Nonrecoverable Advance. If the
Master Servicer shall have determined that it has made a Nonrecoverable
Advance or that a proposed Advance or a lesser portion of such Advance would
constitute a Nonrecoverable Advance, the Master Servicer shall deliver (i) to
the Trustee for the benefit of the Certificateholders funds constituting the
remaining portion of such Advance, if applicable, and (ii) to the Depositor,
each Rating Agency and the Trustee an Officer's Certificate setting forth the
basis for such determination.

          (c) In lieu of making all or a portion of such Advance from its own
funds, the Master Servicer may (i) cause to be made an appropriate entry in
its records relating to the Certificate Account that any Amount Held for
Future Distributions has been used by the Master Servicer in discharge of its
obligation to make any such Advance and (ii) transfer such funds from the
Certificate Account to the Distribution Account. Any funds so applied and
transferred shall be replaced by the Master Servicer by deposit in the
Certificate Account no later than the close of business on the Business Day
immediately preceding the Distribution Date on which such funds are required
to be distributed pursuant to this Agreement. The Master Servicer shall be
entitled to be reimbursed from the Certificate Account for all Advances of its
own funds made pursuant to this Section as provided in Section 3.08. The
obligation to make Advances with respect to any Mortgage Loan shall continue
until such Mortgage Loan is paid in full or becomes a Liquidated Mortgage Loan
or until the purchase or repurchase thereof (or substitution therefor) from
the Trustee pursuant to any applicable provision of this Agreement, except as
otherwise provided in this Section 4.01.

          (d) If the Master Servicer determines that it will be unable to
comply with its obligation to make the Advances as and when described in
paragraphs (b) and (c) immediately above, it shall use its best efforts to
give written notice thereof to the Trustee (each such notice a "Trustee
Advance Notice"; and such notice may be given by facsimile), not later than
3:00 p.m., New York time, on the Business Day immediately preceding the
related Master Servicer Advance Date, specifying the amount that it will be
unable to deposit (each such amount an "Advance Deficiency") and certifying
that such Advance Deficiency constitutes an Advance hereunder and is not a
Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or
before 3:30 p.m., (New York time) on a Master Servicer Advance Date, the
Trustee shall, not later than 3:00 p.m., (New York time), on the related
Distribution Date, deposit in the Distribution Account an amount equal to the
Advance Deficiency identified in such Trustee Advance Notice unless it is
prohibited from so doing by applicable law. Notwithstanding the foregoing, the
Trustee shall not be required to make such deposit if the Trustee shall have
received written notification from the Master Servicer that the Master
Servicer has deposited or caused to be deposited in the Certificate Account an
amount equal to such Advance Deficiency. All Advances made by the Trustee
pursuant to this Section 4.01(d) shall accrue interest on behalf of the
Trustee at the Trustee Advance Rate from and including the date such Advances
are made to but excluding the date of repayment, with such interest being an
obligation of the Master Servicer and not the Trust Fund. The Master Servicer
shall reimburse the Trustee for the amount of any Advance made by the Trustee
pursuant to this Section 4.01(d) together with accrued interest, not later
than 6:00 p.m. (New York time) on the Business Day following the related


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Distribution Date. In the event that the Master Servicer does not reimburse
the Trustee in accordance with the requirements of the preceding sentence, the
Trustee shall immediately (i) terminate all of the rights and obligations of
the Master Servicer under this Agreement in accordance with Section 7.01 and
(ii) subject to the limitations set forth in Section 3.04, assume all of the
rights and obligations of the Master Servicer hereunder.

          (e) The Master Servicer shall, not later than the close of business
on the second Business Day immediately preceding each Distribution Date,
deliver to the Trustee a report (in form and substance reasonably satisfactory
to the Trustee) that indicates (i) the Mortgage Loans with respect to which
the Master Servicer has determined that the related Scheduled Payments should
be advanced and (ii) the amount of the related Scheduled Payments. The Master
Servicer shall deliver to the Trustee on the related Master Servicer Advance
Date an Officer's Certificate of a Servicing Officer indicating the amount of
any proposed Advance determined by the Master Servicer to be a Nonrecoverable
Advance.

          Section 4.02 Reduction of Servicing Compensation in Connection with
                       Prepayment Interest Shortfalls.

          In the event that any Mortgage Loan is the subject of a Prepayment
Interest Shortfall, the Master Servicer shall remit any related Compensating
Interest as part of the related Interest Remittance Amount as provided in this
Agreement. The Master Servicer shall not be entitled to any recovery or
reimbursement for Compensating Interest from the Depositor, the Trustee, any
Seller, the Trust Fund or the Certificateholders.

          Section 4.03 [Reserved].

          Section 4.04 Distributions.

          (a) On each Distribution Date, the Interest Funds for such
Distribution Date shall be distributed by the Trustee from the Distribution
Account in the following order of priority:

               (i) from the Interest Funds for Loan Group 1 and Loan Group 2,
          pro rata based on the Interest Funds for each such Loan Group, to
          the Swap Account, the amount of any Net Swap Payment and any Swap
          Termination Payment (other than a Swap Termination Payment due to a
          Swap Counterparty Trigger Event) payable to the Swap Counterparty
          with respect to such Distribution Date;

               (ii) concurrently:

                    (a) from Interest Funds for Loan Group 1, to the Class 1-A
               Certificates, the Current Interest and Interest Carry Forward
               Amount for such Class and such Distribution Date,

                    (b) from Interest Funds for Loan Group 2, concurrently to
               each Class of Class 2-A Certificates, the Current Interest and
               Interest Carry Forward Amount for each such Class and such
               Distribution Date, pro rata, based on their respective
               entitlements,


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          (iii) from the remaining Interest Funds for Loan Group 1 and Loan
     Group 2, concurrently to each Class of Class A Certificates, any
     remaining Current Interest and Interest Carry Forward Amount not paid
     pursuant to Section 4.04(a)(ii), pro rata, based on the Certificate
     Principal Balances thereof, to the extent needed to pay any Current
     Interest and Interest Carry Forward Amount for each such Class; provided
     that Interest Funds remaining after such allocation to pay any Current
     Interest and Interest Carry Forward Amount based on the Certificate
     Principal Balances of the Certificates will be distributed to each Class
     of Class A Certificates with respect to which there remains any unpaid
     Current Interest and Interest Carry Forward Amount (after the
     distribution based on Certificate Principal Balances), pro rata, based on
     the amount of such remaining unpaid Current Interest and Interest Carry
     Forward Amount,

          (iv) from the remaining Interest Funds for Loan Group 1 and Loan
     Group 2, sequentially:

               (a) sequentially, to the Class M-1, Class M-2, Class M-3, Class
          M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class B
          Certificates, in that order, the Current Interest for each such
          Class, and

               (b) any remainder as part of the Excess Cashflow.

          (b) On each Distribution Date, the Principal Distribution Amount for
such Distribution Date with respect to Loan Group 1 and Loan Group 2 shall be
distributed by the Trustee from the Distribution Account in the following
order of priority:

          (1) with respect to any Distribution Date prior to the Stepdown Date
     or on which a Trigger Event is in effect, sequentially:

          (A) concurrently:

          (i) from the Principal Distribution Amount for Loan Group 1,
     sequentially:

               (a) to the Class 1-A Certificates, until the Certificate
          Principal Balance thereof is reduced to zero; and

               (b) to the Classes of Class 2-A Certificates (after the
          distribution of the Principal Distribution Amount from Loan Group 2
          as provided in Section 4.04(b)(1)(A)(ii)(a) below), in the order and
          priorities set forth in Section 4.04(b)(3) below, until the
          Certificate Principal Balances thereof are reduced to zero;


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          (ii) from the Principal Distribution Amount for Loan Group 2,
     sequentially:

               (a) to the Classes of Class 2-A Certificates, in the order and
          priorities set forth in Section 4.04(b)(3) below, until the
          Certificate Principal Balances thereof are reduced to zero; and

               (b) to the Class 1-A Certificates (after the distribution of
          the Principal Distribution Amount from Loan Group 1 as provided in
          Section 4.04(b)(1)(A)(i)(a) above), until the Certificate Principal
          Balance thereof is reduced to zero;

          (B) from the remaining Principal Distribution Amounts for Loan Group
     1 and Loan Group 2, sequentially:

          (i) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4,
     Class M-5, Class M-6, Class M-7, Class M-8 and Class B Certificates, in
     that order, in each case until the Certificate Principal Balance thereof
     is reduced to zero,

          (ii) any remainder as part of the Excess Cashflow.

          (2) with respect to any Distribution Date on or after the Stepdown
     Date and so long as a Trigger Event is not in effect, from the Principal
     Distribution Amounts for Loan Group 1 and Loan Group 2, sequentially:

               (A) in an amount up to the Class A Principal Distribution
          Target Amount, pro rata based on the related Class A Principal
          Distribution Allocation Amount for the Class 1-A Certificates and
          the Class 2-A Certificates, respectively, concurrently, to (I) the
          Class 1-A Certificates, in an amount up to the Class 1-A Principal
          Distribution Amount, until the Certificate Principal Balance thereof
          is reduced to zero and (II) the Classes of Class 2-A Certificates,
          in an amount up to the Class 2-A Principal Distribution Amount in
          the order and priorities set forth in clause (3) below, until the
          Certificate Principal Balances thereof are reduced to zero;
          provided, however, that if the Certificate Principal Balance of the
          Class 1-A Certificates is reduced to zero then any remaining unpaid
          Class A Principal Distribution Target Amount will be distributed to
          the Class 2-A Certificates in the order and priorities set forth in
          clause (3) below; provided further, however, that if the aggregate
          Certificate Principal Balance of the Class 2-A Certificates is
          reduced to zero then any remaining unpaid Class A Principal
          Distribution Target Amount will be distributed to the Class 1-A
          Certificates,

               (B) sequentially, to the Class M-1, Class M-2, Class M-3, Class
          M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class B
          Certificates, in that order, the Subordinate Class Principal
          Distribution Amount for each such Class, in each case until the
          Certificate Principal Balance thereof is reduced to zero, and


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               (C) any remainder as part of the Excess Cashflow.

          (3) On each Distribution Date on which any principal amounts are to
     be distributed to the Class 2-A Certificates, such amounts will be
     distributed concurrently (i) to the Class 2-A-1 Certificates and (ii) to
     the Class 2-A-2, Class 2-A-3 and Class 2-A-4 Certificates as a group, pro
     rata on the basis of their respective aggregate Certificate Principal
     Balance(s):

               (A) to the Class 2-A-1 Certificates, until the Certificate
          Principal Balance thereof is reduced to zero; and

               (B) sequentially, to the Class 2-A-2, Class 2-A-3 and Class
          2-A-4 Certificates, in that order, in each case until the
          Certificate Principal Balance thereof is reduced to zero.

Notwithstanding the foregoing order of priority, on any Distribution Date on
which (x) the aggregate Certificate Principal Balance of the Class A
Certificates is greater than the sum of the aggregate Stated Principal Balance
of the Mortgage Loans and any remaining portion of the Pre-Funded Amount and
(y) the aggregate Certificate Principal Balance of the Class 2-A Certificates
is greater than the sum of the aggregate Stated Principal Balance of the Group
2 Mortgage Loans and any remaining portion of the Group 2 Pre-Funded Amount,
any principal amounts to be distributed to the Class 2-A Certificates will be
distributed pro rata, based on the Certificate Principal Balances thereof, in
each case until the Certificate Principal Balance thereof is reduced to zero.

          (c) With respect to any Distribution Date, any Excess Cashflow and,
in the case of clauses (1) and (2) below and in the case of the payment of
Unpaid Realized Loss Amounts pursuant to clause (3) below, any Credit Comeback
Excess Cashflow, shall be distributed to the Classes of Certificates in the
following order of priority, in each case first to the extent of the remaining
Credit Comeback Excess Cashflow, if applicable, and second to the extent of
the remaining Excess Cashflow:

               (1) to the Holders of the Class or Classes of Class A
     Certificates and Subordinate Certificates then entitled to receive
     distributions in respect of principal, in an aggregate amount equal to
     the Extra Principal Distribution Amount for each Loan Group, payable to
     such Holders of each such Class as part of the Principal Distribution
     Amount for Loan Group 1 and Loan Group 2 pursuant to Section 4.04(b)
     above;

               (2) concurrently, to the Holders of the Class A Certificates,
     pro rata based on the Unpaid Realized Loss Amounts for such Classes, in
     each case in an amount equal to the Unpaid Realized Loss Amount for such
     Class;

               (3) sequentially, to the Holders of the Class M-1, Class M-2,
     Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and
     Class B Certificates, in that order, in each case first in an amount
     equal to any Interest Carry Forward Amount for such Class and then in an
     amount equal to the Unpaid Realized Loss Amount for such Class;


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               (4) to the Carryover Reserve Fund and from the Carryover
     Reserve Fund to the Holders of each Class of Interest-Bearing
     Certificates, pro rata based on the Certificate Principal Balances
     thereof, to the extent needed to pay any Net Rate Carryover for each such
     Class; provided that any Excess Cashflow remaining after such allocation
     to pay Net Rate Carryover based on the Certificate Principal Balances of
     the Certificates shall be distributed to each Class of Interest-Bearing
     Certificates with respect to which there remains any unpaid Net Rate
     Carryover (after the distribution based on Certificate Principal
     Balances), pro rata, based on the amount of such unpaid Net Rate
     Carryover;

               (5) to the Carryover Reserve Fund, in an amount equal to the
     Required Carryover Reserve Fund Deposit (after giving effect to other
     deposits and withdrawals therefrom on such Distribution Date);

               (6) to the Swap Account, in an amount equal to any Swap
     Termination Payment due to the Swap Counterparty as a result of a Swap
     Counterparty Trigger Event;

               (7) to the Class C Certificateholders, the Class C
     Distributable Amount for such Distribution Date; and

               (8) to the Class A-R Certificates, any remaining amount.

          (d) On each Distribution Date on or prior to the Swap Contract
Termination Date, following the deposits to the Swap Account pursuant to
4.04(a)(i) and Section 4.09 and the distributions described under Sections
4.04(c)(1) through (4), the Swap Trustee shall distribute amounts on deposit
in the Swap Account in the following amounts and order of priority:

               (1) to the Swap Contract Administrator for payment to the Swap
     Counterparty, any Net Swap Payment payable to the Swap Counterparty with
     respect to such Distribution Date;

               (2) to the Swap Contract Administrator for payment to the Swap
     Counterparty, any Swap Termination Payment (other than a Swap Termination
     Payment due to a Swap Counterparty Trigger Event) payable to the Swap
     Counterparty with respect to such Distribution Date;

               (3) concurrently to the Holders of each Class of Class A
     Certificates, any remaining Current Interest and Interest Carry Forward
     Amount, pro rata based on their respective entitlements;

               (4) sequentially, to the Holders of the Class M-1, Class M-2,
     Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and
     Class B Certificates, in that order, in each case in an amount equal to
     any remaining Current Interest and Interest Carry Forward Amount for such
     Class;

               (5) to the Holders of the Class or Classes of Class A
     Certificates and Subordinate Certificates then entitled to receive
     distributions in respect of principal, in an aggregate amount equal to
     the Overcollateralization Deficiency Amount remaining


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     unpaid following the distributions described under Section 4.04(c),
     payable to such Holders of each such Class in the same manner in which
     the Extra Principal Distribution Amount in respect of Loan Group 1 and
     Loan Group 2 would be distributed to such Classes as described under
     Section 4.04(c);

               (6) to the Holders of each Class of Class A Certificates and
     Subordinate Certificates, to the extent needed to pay any remaining Net
     Rate Carryover for each such Class, pro rata, based on the amount of such
     remaining Net Rate Carryover;

               (7) concurrently, to the Holders of each Class of Class A
     Certificates, pro rata, based on the remaining Unpaid Realized Loss
     Amounts for such Classes, in each case in an amount equal to the
     remaining Unpaid Realized Loss Amount for each such Class; and

               (8) sequentially, to the Holders of the Class M-1, Class M-2,
     Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and
     Class B Certificates, in that order, in each case in an amount equal to
     the remaining Unpaid Realized Loss Amount for each such Class.

          On each Distribution Date on or prior to the Swap Contract
Termination Date, following the distributions described under Section
4.04(c)(5) and following the deposit to the Swap Account pursuant to Section
4.04(c)(6), the Swap Trustee shall distribute amounts on deposit in the Swap
Account to the Swap Contract Administrator for payment to the Swap
Counterparty, any Swap Termination Payment due to a Swap Counterparty Trigger
Event payable to the Swap Counterparty with respect to such Distribution Date.

          (e) To the extent that a Class of Interest-Bearing Certificates
receives interest in excess of the applicable Net Rate Cap, if such interest
is paid pursuant to Section 4.04(c), then it shall be deemed to have been paid
to the Carryover Reserve Fund and then paid by the Carryover Reserve Fund to
those Certificateholders, and if such interest is paid pursuant to Section
4.04(d), then such interest shall be deemed to have been paid to the Swap
Account and then paid by the Swap Account to those Certificateholders. For
purposes of the Code, amounts deemed deposited in the Carryover Reserve Fund
shall be deemed to have first been distributed to the Class C Certificates.

          (f) On each Distribution Date, all Prepayment Charges (including
amounts deposited in connection with the full or partial waiver of such
Prepayment Charges pursuant to Section 3.20) shall be allocated to the Class P
Certificates. On the Class P Principal Distribution Date, the Trustee shall
make the $100.00 distribution to the Class P Certificates as specified in
Section 3.08.

          (g) On each Distribution Date, the Trustee shall allocate any
Applied Realized Loss Amount to reduce the Certificate Principal Balances of
the Class B, Class M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3,
Class M-2 and Class M-1 Certificates, sequentially, in that order, in each
case until the Certificate Principal Balance thereof is reduced to zero. After
the Certificate Principal Balances of the Subordinate Certificates have been
reduced to zero, (i) the Trustee shall allocate any Applied Realized Loss
Amount with respect to


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Loan Group 1 to reduce the Certificate Principal Balance of the Class 1-A
Certificates, until the Certificate Principal Balance of the Class 1-A
Certificates has been reduced to zero, and (ii) the Trustee shall allocate any
Applied Realized Loss Amount with respect to Loan Group 2 to reduce the
Certificate Principal Balances of each Class of Class 2-A Certificates, on a
pro rata basis according to their respective Certificate Principal Balances,
until the Certificate Principal Balances of such Classes have been reduced to
zero.

          (h) On each Distribution Date, the Trustee shall allocate the amount
of the Subsequent Recoveries with respect to either Loan Group, if any, first
to increase the Certificate Principal Balances of the Class 1-A Certificates
(in the case of any Subsequent Recoveries with respect to Loan Group 1) or the
Classes of Class 2-A Certificates (in the case of any Subsequent Recoveries
with respect to Loan Group 2) to which Applied Realized Loss Amounts have been
previously allocated (such increases, in the case of Subsequent Recoveries
with respect to Loan Group 2, to be made among the Classes of Class 2-A
Certificates on a pro rata basis according to their respective Certificate
Principal Balances), in each case by not more than the amount of the Unpaid
Realized Loss Amount of such Class, and then to increase the Certificate
Principal Balance of the Subordinate Certificates to which Applied Realized
Loss Amounts have been previously allocated, sequentially, to the Class M-1,
Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8
and Class B Certificates, in that order, in each case by not more than the
amount of the Unpaid Realized Loss Amount of such Class.

          Holders of Certificates to which any Subsequent Recoveries have been
allocated shall not be entitled to any payment in respect of Current Interest
on the amount of such increases for any Accrual Period preceding the
Distribution Date on which such increase occurs.

          Subject to Section 9.02 hereof respecting the final distribution, on
each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire
transfer in immediately available funds to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if (i) such
Holder has so notified the Trustee at least five Business Days prior to the
related Record Date and (ii) such Holder shall hold Regular Certificates with
an aggregate initial Certificate Principal Balance of not less than $1,000,000
or evidencing a Percentage Interest aggregating 10% or more with respect to
such Class or, if not, by check mailed by first class mail to such
Certificateholder at the address of such Holder appearing in the Certificate
Register. Notwithstanding the foregoing, but subject to Section 9.02 hereof
respecting the final distribution, distributions with respect to Certificates
registered in the name of a Depository shall be made to such Depository in
immediately available funds.

          On or before 5:00 p.m. Pacific time on the fifth Business Day
following each Determination Date (but in no event later than 5:00 p.m.
Pacific time on the third Business Day before the related Distribution Date),
the Master Servicer shall deliver a report to the Trustee (in the form of a
computer readable magnetic tape or by such other means as the Master Servicer
and the Trustee may agree from time to time) containing such data and
information as agreed to by the Master Servicer and the Trustee (including,
without limitation, the actual mortgage rate for each Credit Comeback Loan)
such as to permit the Trustee to prepare the Monthly Statement to
Certificateholders and make the required distributions for the related
Distribution Date (the "Remittance Report"). The Trustee shall not be
responsible to recompute, recalculate or verify


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information provided to it by the Master Servicer and shall be permitted to
conclusively rely on any information provided to it by the Master Servicer.

          Section 4.05 Monthly Statements to Certificateholders.

          (a) Not later than each Distribution Date, the Trustee shall prepare
and cause to be forwarded by first class mail to each Holder of a Class of
Certificates of the Trust Fund, the Master Servicer, each Seller and the
Depositor a statement setting forth for the Certificates:

               (1) the amount of the related distribution to Holders of each
     Class allocable to principal, separately identifying (A) the aggregate
     amount of any Principal Prepayments included therein and (B) the
     aggregate of all scheduled payments of principal included therein;

               (2) the amount of such distribution to Holders of each Class
     allocable to interest;

               (3) any Interest Carry Forward Amount for each Class;

               (4) the Certificate Principal Balance of each Class after
     giving effect (i) to all distributions allocable to principal on such
     Distribution Date, (ii) the allocation of any Applied Realized Loss
     Amounts for such Distribution Date and (iii) the allocation of any
     Subsequent Recoveries for such Distribution Date;

               (5) the aggregate Stated Principal Balance of the Mortgage
     Loans for the Mortgage Pool and each Loan Group;

               (6) the related amount of the Servicing Fees paid to or
     retained by the Master Servicer for the related Due Period;

               (7) the Pass-Through Rate for each Class of Certificates with
     respect to the current Accrual Period;

               (8) the Net Rate Carryover paid on any Class of Certificates on
     such Distribution Date and any Net Rate Carryover remaining on any Class
     of Certificates on such Distribution Date;

               (9) the amount of Advances for each Loan Group included in the
     distribution on such Distribution Date;

               (10) the number and aggregate principal amounts of Mortgage
     Loans in each Loan Group: (A) Delinquent (exclusive of Mortgage Loans in
     foreclosure) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more
     days, and (B) in foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to
     89 days and (3) 90 or more days, in each case as of the close of business
     on the last day of the calendar month preceding such Distribution Date;


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               (11) with respect to any Mortgage Loan that became an REO
     Property during the preceding calendar month in each Loan Group, the loan
     number and Stated Principal Balance of such Mortgage Loan and the date of
     acquisition thereof;

               (12) the total number and Stated Principal Balance of any
     Mortgage Loans converted to REO Properties in each Loan Group as of the
     close of business on the Determination Date preceding such Distribution
     Date;

               (13) the aggregate Stated Principal Balance of all Liquidated
     Mortgage Loans;

               (14) with respect to any Liquidated Mortgage Loan in each Loan
     Group, the loan number and Stated Principal Balance relating thereto;

               (15) whether a Trigger Event is in effect;

               (16) the amount of the distribution made to the Holders of the
     Class P Certificates;

               (17) prior to the end of the Funding Period, (A) the amount on
     deposit in the Pre-Funding Account (if any) on the related Determination
     Date (net of investment income) and (B) the aggregate Stated Principal
     Balances of the Subsequent Mortgage Loans for Subsequent Transfer Dates
     occurring during the related Due Period; and on the Distribution Date
     immediately following the end of the Funding Period, any unused
     Pre-Funded Amount (if any) included in the Principal Distribution Amount
     for such Distribution Date;

               (18) the amount of Applied Realized Loss Amounts and Subsequent
     Recoveries, if any, applied to each Class of Certificates for such
     Distribution Date;

               (19) the amount of any Net Swap Payment and any Swap
     Termination Payment (a) payable to the Swap Counterparty with respect to
     such Distribution Date or (b) payable to the Swap Contract Administrator
     for such Distribution Date and allocated to the Swap Trust;

               (20) all payments made by the Master Servicer in respect of
     Compensating Interest for such Distribution Date;

               (21) the information set forth in the Prepayment Charge
     Schedule;

               (22) with respect to any Mortgage Loan repurchased by a Seller
     or purchased by the Depositor or the Master Servicer, the loan number and
     Stated Principal Balance relating thereto; and

               (23) the amount of any claims made, and any claims rejected,
     under the Mortgage Insurance Policy during the related Due Period.


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          (b) The Trustee's responsibility for disbursing the above
information to the Certificateholders is limited to the availability,
timeliness and accuracy of the information derived from the Master Servicer.
The Trustee shall send a copy of each statement provided pursuant to this
Section 4.05 to each Rating Agency and the NIM Insurer. The Trustee may make
the above information available to Certificateholders via the Trustee's
website at http://www.bnyinvestorreporting.com.

          (c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at
any time during the calendar year was a Certificateholder, a statement
containing the information set forth in clauses (a)(1), (a)(2) and (a)(6) of
this Section 4.05 aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of
the Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Trustee pursuant
to any requirements of the Code as from time to time in effect.

          (d) Upon filing with the Internal Revenue Service, the Trustee shall
furnish to the Holders of the Class A-R Certificates the Form 1066 and each
Form 1066Q and shall respond promptly to written requests made not more
frequently than quarterly by any Holder of Class A-R Certificates with respect
to the following matters:

               (1) The original projected principal and interest cash flows on
     the Closing Date on each related Class of regular and residual interests
     created hereunder and on the Mortgage Loans, based on the Prepayment
     Assumption;

               (2) The projected remaining principal and interest cash flows
     as of the end of any calendar quarter with respect to each related Class
     of regular and residual interests created hereunder and the Mortgage
     Loans, based on the Prepayment Assumption;

               (3) The applicable Prepayment Assumption and any interest rate
     assumptions used in determining the projected principal and interest cash
     flows described above;

               (4) The original issue discount (or, in the case of the
     Mortgage Loans, market discount) or premium accrued or amortized through
     the end of such calendar quarter with respect to each related Class of
     regular or residual interests created hereunder and to the Mortgage
     Loans, together with each constant yield to maturity used in computing
     the same;

               (5) The treatment of losses realized with respect to the
     Mortgage Loans or the regular interests created hereunder, including the
     timing and amount of any cancellation of indebtedness income of the
     related REMIC with respect to such regular interests or bad debt
     deductions claimed with respect to the Mortgage Loans;

               (6) The amount and timing of any non-interest expenses of the
     related REMIC; and


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               (7) Any taxes (including penalties and interest) imposed on the
     related REMIC, including, without limitation, taxes on "prohibited
     transactions," "contributions" or "net income from foreclosure property"
     or state or local income or franchise taxes.

          The information pursuant to clauses (1), (2), (3) and (4) above
shall be provided by the Depositor pursuant to Section 8.11.

          Section 4.06 [Reserved].

          Section 4.07 Carryover Reserve Fund.

          (a) On the Closing Date, the Trustee shall establish and maintain in
its name, in trust for the benefit of the Holders of the Certificates, the
Carryover Reserve Fund and shall deposit $10,000 therein. The Carryover
Reserve Fund shall be an Eligible Account, and funds on deposit therein shall
be held separate and apart from, and shall not be commingled with, any other
moneys, including without limitation, other moneys held by the Trustee
pursuant to this Agreement.

          (b) The Trustee shall make withdrawals from the Carryover Reserve
Fund to make distributions in respect of Net Rate Carryover as to the extent
required by Section 4.04.

          (c) The Carryover Reserve Fund shall not constitute an asset of any
REMIC created hereunder. The Class C Certificates shall evidence ownership of
the Carryover Reserve Fund for federal tax purposes.

          Section 4.08 Credit Comeback Excess Account.

          On the Closing Date, the Trustee shall establish and maintain in its
name, in trust for the benefit of the Certificateholders, the Credit Comeback
Excess Account. The Credit Comeback Excess Account shall be an Eligible
Account, and funds on deposit therein shall be held separate and apart from,
and shall not be commingled with, any other moneys, including without
limitation, other moneys held by the Trustee pursuant to this Agreement.

          On each Distribution Date, the Trustee shall deposit all Credit
Comeback Excess Amounts in the Credit Comeback Excess Account. The Trustee
shall make withdrawals from the Credit Comeback Excess Account to make
distributions as and to the extent required by Section 4.04.

          Funds in the Credit Comeback Excess Account with respect to Loan
Group 1 and Loan Group 2 may be invested in Permitted Investments at the
written direction of the Majority Holder of the Class C Certificates, which
Permitted Investments shall mature not later than the Business Day immediately
preceding the first Distribution Date that follows the date of such investment
(except that if such Permitted Investment is an obligation of the institution
that maintains the Credit Comeback Excess Account, then such Permitted
Investment shall mature not later than such Distribution Date) and shall not
be sold or disposed of prior to maturity. All such Permitted Investments shall
be made in the name of the Trustee, for the benefit of the Certificateholders.
In the absence of such written direction, all funds in the Credit Comeback
Excess Account shall be invested by the Trustee in The Bank of New York cash
reserves. Any


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net investment earnings on amounts in the Credit Comeback Excess Account with
respect to Loan Group 1 and Loan Group 2 shall be payable pro rata to the
Holders of the Class C Certificates in accordance with their Percentage
Interests. Any losses incurred in the Credit Comeback Excess Account in
respect of any such investments shall be charged against amounts on deposit in
the Credit Comeback Excess Account (or such investments) immediately as
realized.

          The Trustee shall not be liable for the amount of any loss incurred
in respect of any investment or lack of investment of funds held in the Credit
Comeback Excess Account and made in accordance with this Section 4.08. The
Credit Comeback Excess Account shall not constitute an asset of any REMIC
created hereunder. The Class C Certificates shall evidence ownership of the
Credit Comeback Excess Account for federal tax purposes.

          Section 4.09 Swap Trust and Swap Account.

          On the Closing Date, there is hereby established a separate trust
(the "Swap Trust"), the assets of which shall consist of the Trustee's rights
and obligations under the Swap Contract Administration Agreement. The Swap
Trust shall be maintained by the Swap Trustee, who initially, shall be the
Trustee. The Swap Trustee shall hold the assets of the Swap Trust in trust for
the benefit of the Holders of the Interest-Bearing Certificates and the Swap
Counterparty. No later than the Closing Date, the Swap Trustee shall establish
and maintain a separate, segregated trust account to be held in the Swap
Trust, titled, "Swap Account, The Bank of New York, as Swap Trustee, in trust
for the Swap Counterparty and the registered holders of CWABS, Inc.,
Asset-Backed Certificates, Series 2005-AB4." Such account shall be an Eligible
Account and funds on deposit therein shall be held separate and apart from,
and shall not be commingled with, any other moneys, including, without
limitation, other moneys of the Trustee held pursuant to this Agreement.
Amounts therein shall be held uninvested. Funds on deposit in the Swap Account
shall be distributed in the amounts and in the order of priority described
under Section 4.04(d). For federal income tax purposes, the Swap Trust,
including the Swap Account, shall be owned by the Class C Certificates.

          On each Distribution Date, the Trustee shall make a deposit to the
Swap Account pursuant to Section 4.04(a)(i), and to the extent that the amount
of such deposit is insufficient to pay any Net Swap Payment and/or Swap
Termination Payment (other than a Swap Termination Payment due to a Swap
Counterparty Trigger Event) due to the Swap Counterparty with respect to such
Distribution Date, the Trustee shall withdraw, out of amounts on deposit in
the Distribution Account in respect of the Principal Remittance Amount for
Loan Group 1 and Loan Group 2, pro rata on the basis of those respective
Principal Remittance Amounts, such additional amount as is necessary to cover
the remaining portion of any such Net Swap Payment and/or Swap Termination
Payment (other than a Swap Termination Payment due to a Swap Counterparty
Trigger Event) due to the Swap Counterparty with respect to such Distribution
Date.


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<PAGE>


                                  ARTICLE V.
                               THE CERTIFICATES

          Section 5.01 The Certificates.

          The Certificates shall be substantially in the forms attached hereto
as Exhibits A-1 through A-14, Exhibit B, Exhibit C, Exhibit D and Exhibit E.
The Certificates shall be issuable in registered form, in the minimum dollar
denominations, integral dollar multiples in excess thereof and aggregate
dollar denominations as set forth in the following table:

<TABLE>
<CAPTION>
                                                               Integral Multiples in        Original Certificate
            Class                  Minimum Denomination           Excess of Minimum            Principal Balance
------------------------------- ---------------------------- ---------------------------- ----------------------------
<S>                                      <C>                           <C>                          <C>
             1-A                          $20,000                      $1,000                       $553,455,000
            2-A-1                         $20,000                      $1,000                       $120,000,000
            2-A-2                         $20,000                      $1,000                       $300,047,000
            2-A-3                         $20,000                      $1,000                       $326,696,000
            2-A-4                         $20,000                      $1,000                       $105,402,000
             M-1                          $20,000                      $1,000                        $39,200,000
             M-2                          $20,000                      $1,000                        $34,400,000
             M-3                          $20,000                      $1,000                        $21,600,000
             M-4                          $20,000                      $1,000                        $18,400,000
             M-5                          $20,000                      $1,000                        $16,800,000
             M-6                          $20,000                      $1,000                        $16,000,000
             M-7                          $20,000                      $1,000                        $12,800,000
             M-8                          $20,000                      $1,000                        $11,200,000
              B                           $20,000                      $1,000                        $16,000,000
             A-R                         $99.95(1)                       N/A                                $100
              C                             N/A                          N/A                           N/A
              P                             N/A                          N/A                                $100
</TABLE>
(1) The Tax Matters Person Certificate may be issued in a denomination of $0.05.

          The Certificates shall be executed by manual or facsimile signature
on behalf of the Trustee by an authorized officer. Certificates bearing the
manual or facsimile signatures of individuals who were, at the time when such
signatures were affixed, authorized to sign on behalf of the Trustee shall
bind the Trustee, notwithstanding that such individuals or any of them have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such authentication
and delivery. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form set
forth as attached hereto executed by the Trustee by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the
date of their authentication. On the Closing Date, the Trustee shall
authenticate the Certificates to be issued at the written direction of the
Depositor, or any affiliate thereof.

          The Depositor shall provide, or cause to be provided, to the Trustee
on a continuous basis, an adequate inventory of Certificates to facilitate
transfers.


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<PAGE>


          Section 5.02 Certificate Register; Registration of Transfer and
                       Exchange of Certificates.

          (a) The Trustee shall maintain a Certificate Register for the Trust
Fund in which, subject to the provisions of subsections (b) and (c) below and
to such reasonable regulations as it may prescribe, the Trustee shall provide
for the registration of Certificates and of Transfers and exchanges of
Certificates as herein provided. Upon surrender for registration of Transfer
of any Certificate, the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates of the
same Class and of like aggregate Percentage Interest.

          At the option of a Certificateholder, Certificates may be exchanged
for other Certificates of the same Class in authorized denominations and
evidencing the same aggregate Percentage Interest upon surrender of the
Certificates to be exchanged at the office or agency of the Trustee. Whenever
any Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate, and deliver the Certificates that the Certificateholder making
the exchange is entitled to receive. Every Certificate presented or
surrendered for registration of Transfer or exchange shall be accompanied by a
written instrument of Transfer in form satisfactory to the Trustee duly
executed by the Holder thereof or his attorney duly authorized in writing.

          No service charge to the Certificateholders shall be made for any
registration of Transfer or exchange of Certificates, but payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any Transfer or exchange of Certificates may be required.

          All Certificates surrendered for registration of Transfer or
exchange shall be canceled and subsequently destroyed by the Trustee in
accordance with the Trustee's customary procedures.

          (b) No Transfer of a Private Certificate shall be made unless such
Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a transfer is to be made in reliance upon an exemption
from the Securities Act and such state securities laws, in order to assure
compliance with the Securities Act and such state securities laws, the
Certificateholder desiring to effect such Transfer and such
Certificateholder's prospective transferee shall (except in connection with
any transfer of a Private Certificate to an affiliate of the Depositor (either
directly or through a nominee) in connection with the initial issuance of the
Certificates) each certify to the Trustee in writing the facts surrounding the
Transfer in substantially the forms set forth in Exhibit J-2 and, in the case
of a Class A-R Certificate, Exhibit J-1 (the "Transferor Certificate") and (i)
deliver a letter in substantially the form of either Exhibit K (in the case of
the Class P and Class C Certificates only) (the "Investment Letter") or
Exhibit L (in the case of any Private Certificate) (the "Rule 144A Letter") or
(ii) there shall be delivered to the Trustee at the expense of the
Certificateholder desiring to effect such transfer an Opinion of Counsel that
such Transfer may be made pursuant to an exemption from the Securities Act;
provided, however, that in the case of the delivery of an Investment Letter in
connection with the transfer of any Class C or Class P Certificate to a
transferee that is formed with the purpose of issuing notes backed by such
Class


                                     123
<PAGE>


C or Class P Certificate, as the case may be, clause (b) and (c) of the form
of Investment Letter shall not be applicable and shall be deleted by such
transferee. The Depositor shall provide to any Holder of a Private Certificate
and any prospective transferee designated by any such Holder, information
regarding the related Certificates and the Mortgage Loans and such other
information as shall be necessary to satisfy the condition to eligibility set
forth in Rule 144A(d)(4) for transfer of any such Certificate without
registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. The Trustee, the Co-Trustee and the Master
Servicer shall cooperate with the Depositor in providing the Rule 144A
information referenced in the preceding sentence, including providing to the
Depositor such information regarding the Certificates, the Mortgage Loans and
other matters regarding the Trust Fund as the Depositor shall reasonably
request to meet its obligation under the preceding sentence. Each Holder of a
Private Certificate desiring to effect such Transfer shall, and does hereby
agree to, indemnify the Trustee, the Co-Trustee, the Depositor, the Trust
Fund, each Seller, the Master Servicer and the NIM Insurer against any
liability that may result if the Transfer is not so exempt or is not made in
accordance with such federal and state laws.

          No Transfer of an ERISA-Restricted Certificate (other than a
transfer of an ERISA-Restricted Certificate to an affiliate of the Depositor
(either directly or through a nominee) in connection with the initial issuance
of the Certificates) shall be made unless the Trustee shall have received
either (i) a representation from the transferee of such Certificate acceptable
to and in form and substance satisfactory to the Trustee (in the event such
Certificate is a Private Certificate, such requirement is satisfied only by
the Trustee's receipt of a representation letter from the transferee
substantially in the form of Exhibit K or Exhibit L, or in the event such
Certificate is a Residual Certificate, such requirement is satisfied only by
the Trustee's receipt of a representation letter from the transferee
substantially in the form of Exhibit I), to the effect that (x) such
transferee is not a Plan, or (y) in the case of an ERISA-Restricted
Certificate that has been the subject of an ERISA-Qualifying Underwriting, a
representation that the transferee is an insurance company which is purchasing
such Certificate with funds contained in an "insurance company general
account" (as such term is defined in section V(e) of Prohibited Transaction
Class Exemption 95-60 ("PTCE 95-60")) and that the purchase and holding of
such Certificate satisfy the requirements for exemptive relief under Sections
I and III of PTCE 95-60 or (ii) in the case of any ERISA-Restricted
Certificate presented for registration in the name of an employee benefit plan
or arrangement subject to ERISA, or a plan or arrangement subject to Section
4975 of the Code (or comparable provisions of any subsequent enactments), or a
trustee of any such plan or arrangement or any other person acting on behalf
of any such plan or arrangement, an Opinion of Counsel satisfactory to the
Trustee, addressed to the Trustee and the Master Servicer, to the effect that
the purchase or holding of such ERISA-Restricted Certificate will not result
in a non-exempt prohibited transaction under ERISA or the Code and will not
subject the Trustee or the Master Servicer to any obligation in addition to
those expressly undertaken in this Agreement, which Opinion of Counsel shall
not be an expense of the Trustee, the Master Servicer, or the Trust Fund. For
purposes of the preceding sentence, one of such representations, as
appropriate, shall be deemed to have been made to the Trustee by the
transferee's acceptance of an ERISA-Restricted Certificate (or the acceptance
by a Certificate Owner of the beneficial interest in any such Class of
ERISA-Restricted Certificates) unless the Trustee shall have received from the
transferee an Opinion of Counsel as described in clause (ii) or a
representation letter acceptable in form and substance to the Trustee.
Notwithstanding anything else to the contrary herein, any purported transfer
of an ERISA-Restricted Certificate to


                                     124
<PAGE>


or on behalf of an employee benefit plan subject to Section 406 of ERISA or a
plan subject to Section 4975 of the Code without the delivery to the Trustee
of an Opinion of Counsel satisfactory to the Trustee meeting the requirements
of clause (i) of the first sentence of this paragraph as described above shall
be void and of no effect. The Trustee shall be under no liability to any
Person for any registration of transfer of any ERISA-Restricted Certificate
that is in fact not permitted by this Section 5.02(b) or for making any
payments due on such Certificate to the Holder thereof or taking any other
action with respect to such Holder under the provisions of this Agreement so
long as the Trustee, with respect to the transfer of such Classes of
Certificates, required delivery of such certificates and other documentation
or evidence as are expressly required by the terms of this Agreement and
examined such certificates and other documentation or evidence to determine
compliance as to form with the express requirements hereof. The Trustee shall
be entitled, but not obligated, to recover from any Holder of any
ERISA-Restricted Certificate that was in fact an employee benefit plan or
arrangement subject to Section 406 of ERISA or a plan or arrangement subject
to Section 4975 of the Code or a Person acting on behalf of any such plan or
arrangement at the time it became a Holder or, at such subsequent time as it
became such a plan or arrangement or Person acting on behalf of such a plan or
arrangement, all payments made on such ERISA-Restricted Certificate at and
after either such time. Any such payments so recovered by the Trustee shall be
paid and delivered by the Trustee to the last preceding Holder of such
Certificate that is not such a plan or arrangement or Person acting on behalf
of a plan or arrangement.

          No transfer of an Interest-Bearing Certificate (other than a
transfer of an Interest-Bearing Certificate to an affiliate of the Depositor
(either directly or through a nominee) in connection with the initial issuance
of the Certificates) shall be made unless the Trustee shall have received
either (i) a representation from the transferee of such Interest-Bearing
Certificate acceptable to and in form and substance satisfactory to the
Trustee to the effect that such transferee is not a Plan, or (ii) a
representation that the purchase and holding of the Interest-Bearing
Certificate satisfy the requirements for exemptive relief under PTCE 84-14,
PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar exemption. In the
event that such a representation letter is not delivered, one of the foregoing
representations, as appropriate, shall be deemed to have been made by the
transferee's (including an initial acquiror's) acceptance of the
Interest-Bearing Certificate. In the event that such representation is
violated, such transfer or acquisition shall be void and of no effect.

          (c) Each Person who has or who acquires any Ownership Interest in a
Class A-R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions, and
the rights of each Person acquiring any Ownership Interest in a Class A-R
Certificate are expressly subject to the following provisions:

               (1) Each Person holding or acquiring any Ownership Interest in
     a Class A-R Certificate shall be a Permitted Transferee and shall
     promptly notify the Trustee of any change or impending change in its
     status as a Permitted Transferee.

               (2) Except in connection with (i) the registration of the Tax
     Matters Person Certificate in the name of the Trustee or (ii) any
     registration in the name of, or transfer of a Class A-R Certificate to,
     an affiliate of the Depositor (either directly or through a nominee) in
     connection with the initial issuance of the Certificates, no


                                     125
<PAGE>


     Ownership Interest in a Class A-R Certificate may be registered or
     transferred, and the Trustee shall not register the Transfer of any Class
     A-R Certificate, unless the Trustee shall have been furnished with an
     affidavit (a "Transfer Affidavit") of the initial owner or the proposed
     transferee in the form attached hereto as Exhibit I.

               (3) Each Person holding or acquiring any Ownership Interest in
     a Class A-R Certificate shall agree (A) to obtain a Transfer Affidavit
     from any other Person to whom such Person attempts to Transfer its
     Ownership Interest in a Class A-R Certificate, (B) to obtain a Transfer
     Affidavit from any Person for whom such Person is acting as nominee,
     trustee or agent in connection with any Transfer of a Class A-R
     Certificate and (C) not to Transfer its Ownership Interest in a Class A-R
     Certificate, or to cause the Transfer of an Ownership Interest in a Class
     A-R Certificate to any other Person, if it has actual knowledge that such
     Person is not a Permitted Transferee or that such Transfer Affidavit is
     false.

               (4) Any attempted or purported Transfer of any Ownership
     Interest in a Class A-R Certificate in violation of the provisions of
     this Section 5.02(c) shall be absolutely null and void and shall vest no
     rights in the purported Transferee. If any purported transferee shall
     become a Holder of a Class A-R Certificate in violation of the provisions
     of this Section 5.02(c), then the last preceding Permitted Transferee
     shall be restored to all rights as Holder thereof retroactive to the date
     of registration of Transfer of such Class A-R Certificate. The Trustee
     shall be under no liability to any Person for any registration of
     Transfer of a Class A-R Certificate that is in fact not permitted by
     Section 5.02(b) and this Section 5.02(c) or for making any payments due
     on such Certificate to the Holder thereof or taking any other action with
     respect to such Holder under the provisions of this Agreement so long as
     the Transfer was registered after receipt of the related Transfer
     Affidavit and Transferor Certificate. The Trustee shall be entitled but
     not obligated to recover from any Holder of a Class A-R Certificate that
     was in fact not a Permitted Transferee at the time it became a Holder or,
     at such subsequent time as it became other than a Permitted Transferee,
     all payments made on such Class A-R Certificate at and after either such
     time. Any such payments so recovered by the Trustee shall be paid and
     delivered by the Trustee to the last preceding Permitted Transferee of
     such Certificate.

               (5) The Master Servicer shall use its best efforts to make
     available, upon receipt of written request from the Trustee, all
     information necessary to compute any tax imposed under section 860E(e) of
     the Code as a result of a Transfer of an Ownership Interest in a Class
     A-R Certificate to any Holder who is not a Permitted Transferee.

          The restrictions on Transfers of a Class A-R Certificate set forth
in this Section 5.02(c) shall cease to apply (and the applicable portions of
the legend on a Class A-R Certificate may be deleted) with respect to
Transfers occurring after delivery to the Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trustee, any Seller or
the Master Servicer, to the effect that the elimination of such restrictions
will not cause any REMIC formed hereunder to fail to qualify as a REMIC at any
time that the Certificates are outstanding or result in the imposition of any
tax on the Trust Fund, a Certificateholder or another Person.


                                     126
<PAGE>


Each Person holding or acquiring any Ownership Interest in a Class A-R
Certificate, by acceptance of its Ownership Interest, shall be deemed to
consent to any amendment of this Agreement that, based on an Opinion of
Counsel furnished to the Trustee, is reasonably necessary (a) to ensure that
the record ownership of, or any beneficial interest in, a Class A-R
Certificate is not transferred, directly or indirectly, to a Person that is
not a Permitted Transferee and (b) to provide for a means to compel the
Transfer of a Class A-R Certificate that is held by a Person that is not a
Permitted Transferee to a Holder that is a Permitted Transferee.

          (d) The preparation and delivery of all affidavits, certifications
and opinions referred to above in this Section 5.02 shall not be an expense of
the Trust Fund, the Trustee, the Depositor, any Seller or the Master Servicer.

          Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.

          If (a) any mutilated Certificate is surrendered to the Trustee, or
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Certificate and of the ownership thereof and (b) there is
delivered to the Master Servicer and the Trustee such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of
notice to the Trustee that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute, authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like Class, tenor and Percentage Interest. In connection
with the issuance of any new Certificate under this Section 5.03, the Trustee
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.
Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership in the Trust Fund,
as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time. All Certificates surrendered to the
Trustee under the terms of this Section 5.03 shall be canceled and destroyed
by the Trustee in accordance with its standard procedures without liability on
its part.

          Section 5.04 Persons Deemed Owners.

          The Master Servicer, the Trustee, the NIM Insurer and any agent of
the Master Servicer, the Trustee or the NIM Insurer may treat the person in
whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions as provided in this Agreement and for
all other purposes whatsoever, and none of the Master Servicer, the Trustee,
the NIM Insurer or any agent of the Master Servicer, the Trustee or the NIM
Insurer shall be affected by any notice to the contrary.

          Section 5.05 Access to List of Certificateholders' Names and
                       Addresses.

          If three or more Certificateholders or Certificate Owners (a)
request such information in writing from the Trustee, (b) state that such
Certificateholders or Certificate Owners desire to communicate with other
Certificateholders or Certificate Owners with respect to their rights under
this Agreement or under the Certificates and (c) provide a copy of the
communication that such Certificateholders or Certificate Owners propose to
transmit or if the


                                     127
<PAGE>


Depositor or Master Servicer shall request such information in writing from
the Trustee, then the Trustee shall, within ten Business Days after the
receipt of such request, provide the Depositor, the Master Servicer or such
Certificateholders or Certificate Owners at such recipients' expense the most
recent list of the Certificateholders of the Trust Fund held by the Trustee,
if any. The Depositor and every Certificateholder or Certificate Owner, by
receiving and holding a Certificate, agree that the Trustee shall not be held
accountable by reason of the disclosure of any such information as to the list
of the Certificateholders hereunder, regardless of the source from which such
information was derived.

          Section 5.06 Book-Entry Certificates.

          The Book-Entry Certificates, upon original issuance, shall be issued
in the form of one typewritten Certificate (or more than one, if required by
the Depository) for each Class of such Certificates, to be delivered to the
Depository by or on behalf of the Depositor. Such Certificates shall initially
be registered on the Certificate Register in the name of the Depository or its
nominee, and no Certificate Owner of such Certificates will receive a
definitive certificate representing such Certificate Owner's interest in such
Certificates, except as provided in Section 5.08. Unless and until definitive,
fully registered Certificates ("Definitive Certificates") have been issued to
the Certificate Owners of such Certificates pursuant to Section 5.08:

          (a) the provisions of this Section shall be in full force and
effect;

          (b) the Depositor, the Sellers, the Master Servicer and the Trustee
may deal with the Depository and the Depository Participants for all purposes
(including the making of distributions) as the authorized representative of
the respective Certificate Owners of such Certificates;

          (c) registration of the Book-Entry Certificates may not be
transferred by the Trustee except to another Depository;

          (d) the rights of the respective Certificate Owners of such
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of such Certificates and the Depository and/or the
Depository Participants. Pursuant to the Depository Agreement, unless and
until Definitive Certificates are issued pursuant to Section 5.08, the
Depository will make book-entry transfers among the Depository Participants
and receive and transmit distributions of principal and interest on the
related Certificates to such Depository Participants;

          (e) the Depository may collect its usual and customary fees, charges
and expenses from its Depository Participants;

          (f) the Trustee may rely and shall be fully protected in relying
upon information furnished by the Depository with respect to its Depository
Participants; and

          (g) to the extent the provisions of this Section conflict with any
other provisions of this Agreement, the provisions of this Section shall
control.


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<PAGE>


          For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of,
Certificateholders evidencing a specified percentage of the aggregate unpaid
principal amount of any Class of Certificates, such direction or consent may
be given by Certificate Owners (acting through the Depository and the
Depository Participants) owning Book-Entry Certificates evidencing the
requisite percentage of principal amount of such Class of Certificates.

          Section 5.07 Notices to Depository.

          Whenever any notice or other communication is required to be given
to Certificateholders of the Class with respect to which Book-Entry
Certificates have been issued, unless and until Definitive Certificates shall
have been issued to the related Certificate Owners, the Trustee shall give all
such notices and communications to the Depository.

          Section 5.08 Definitive Certificates.

          If, after Book-Entry Certificates have been issued with respect to
any Certificates, (a) the Depositor advises the Trustee that the Depository is
no longer willing or able to discharge properly its responsibilities under the
Depository Agreement with respect to such Certificates and the Trustee or the
Depositor is unable to locate a qualified successor or (b) after the
occurrence and continuation of an Event of Default, Certificate Owners of such
Book-Entry Certificates having not less than 51% of the Voting Rights
evidenced by any Class of Book-Entry Certificates advise the Trustee and the
Depository in writing through the Depository Participants that the
continuation of a book-entry system with respect to Certificates of such Class
through the Depository (or its successor) is no longer in the best interests
of the Certificate Owners of such Class, then the Trustee shall notify all
Certificate Owners of such Certificates, through the Depository, of the
occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners of such Class requesting the same. The
Depositor shall provide the Trustee with an adequate inventory of Certificates
to facilitate the issuance and transfer of Definitive Certificates. Upon
surrender to the Trustee of any such Certificates by the Depository,
accompanied by registration instructions from the Depository for registration,
the Trustee shall authenticate and deliver such Definitive Certificates.
Neither the Depositor nor the Trustee shall be liable for any delay in
delivery of such instructions and each may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of such
Definitive Certificates, all references herein to obligations imposed upon or
to be performed by the Depository shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates and the Trustee shall recognize the Holders of such
Definitive Certificates as Certificateholders hereunder.

          Section 5.09 Maintenance of Office or Agency.

          The Trustee will maintain or cause to be maintained at its expense
an office or offices or agency or agencies in New York City where Certificates
may be surrendered for registration of transfer or exchange. The Trustee
initially designates its offices at 101 Barclay Street, New York, New York
10286, Attention: Corporate Trust MBS Administration, as offices for such
purposes. The Trustee will give prompt written notice to the
Certificateholders of any change in such location of any such office or
agency.


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<PAGE>


                                 ARTICLE VI.
              THE DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

          Section 6.01 Respective Liabilities of the Depositor, the Master
                       Servicer and the Sellers.

          The Depositor, the Master Servicer and each Seller shall each be
liable in accordance herewith only to the extent of the obligations
specifically and respectively imposed upon and undertaken by them herein.

          Section 6.02 Merger or Consolidation of the Depositor, the Master
                       Servicer or the Sellers.

          The Depositor will keep in full effect its existence, rights and
franchises as a corporation under the laws of the United States or under the
laws of one of the states thereof and will each obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, or any of the Mortgage Loans and to perform
its duties under this Agreement. The Master Servicer will keep in effect its
existence, rights and franchises as a limited partnership under the laws of
the United States or under the laws of one of the states thereof and will
obtain and preserve its qualification or registration to do business as a
foreign partnership in each jurisdiction in which such qualification or
registration is or shall be necessary to protect the validity and
enforceability of this Agreement or any of the Mortgage Loans and to perform
its duties under this Agreement.

          Any Person into which the Depositor, the Master Servicer or any
Seller may be merged or consolidated, or any Person resulting from any merger
or consolidation to which the Depositor, the Master Servicer or any Seller
shall be a party, or any person succeeding to the business of the Depositor,
the Master Servicer or any Seller, shall be the successor of the Depositor,
the Master Servicer or such Seller, as the case may be, hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided that
the successor or surviving Person to the Master Servicer shall be qualified to
service mortgage loans on behalf of Fannie Mae and Freddie Mac.

          Section 6.03 Limitation on Liability of the Depositor, the Sellers,
                       the Master Servicer, the NIM Insurer and Others.

          None of the Depositor, the Sellers, the NIM Insurer or the Master
Servicer or any of the directors, officers, employees or agents of the
Depositor, the Sellers, the NIM Insurer or the Master Servicer shall be under
any liability to the Trustee (except as provided in Section 8.05), the Trust
Fund or the Certificateholders for any action taken or for refraining from the
taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided that this provision shall not protect the Depositor, the
Sellers, the Master Servicer or any such Person against any breach of
representations or warranties made by it herein or protect the Depositor, the
Sellers, the Master Servicer or any such Person from any liability that would
otherwise be imposed by reasons of willful misfeasance, bad faith or gross
negligence in the


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performance of duties or by reason of reckless disregard of obligations and
duties hereunder. The Depositor, the Sellers, the NIM Insurer, the Master
Servicer and any director, officer, employee or agent of the Depositor, the
Sellers, the NIM Insurer or the Master Servicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor, the Sellers, the NIM
Insurer, the Master Servicer and any director, officer, employee or agent of
the Depositor, the Sellers, the NIM Insurer or the Master Servicer shall be
indemnified by the Trust Fund and held harmless against any loss, liability or
expense incurred in connection with any audit, controversy or judicial
proceeding relating to a governmental taxing authority or any legal action
relating to this Agreement or the Certificates, other than any loss, liability
or expense related to any specific Mortgage Loan or Mortgage Loans (except as
any such loss, liability or expense shall be otherwise reimbursable pursuant
to this Agreement) and any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or gross negligence in the performance of
duties hereunder or by reason of reckless disregard of obligations and duties
hereunder. None of the Depositor, the Sellers, the NIM Insurer or the Master
Servicer shall be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to its respective duties hereunder and
that in its opinion may involve it in any expense or liability; provided that
any of the Depositor, the Sellers, the NIM Insurer or the Master Servicer may,
in its discretion undertake any such action that it may deem necessary or
desirable in respect of this Agreement and the rights and duties of the
parties hereto and interests of the Trustee and the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be, expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Sellers, the NIM Insurer and the Master
Servicer shall be entitled to be reimbursed therefor out of the Certificate
Account as provided by Section 3.08 hereof.

          Section 6.04 Limitation on Resignation of Master Servicer.

          The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except (i) upon determination that its duties hereunder
are no longer permissible under applicable law or (ii) upon appointment of a
successor servicer that is reasonably acceptable to the Trustee and the NIM
Insurer and the written confirmation from each Rating Agency (which
confirmation shall be furnished to the Depositor, the Trustee and the NIM
Insurer) that such resignation will not cause such Rating Agency to reduce the
then-current rating of the Certificates. Any such determination pursuant to
clause (i) of the preceding sentence permitting the resignation of the Master
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered
to the Trustee. No resignation of the Master Servicer shall become effective
until the Trustee shall have assumed the Master Servicer's responsibilities,
duties, liabilities (other than those liabilities arising prior to the
appointment of such successor) and obligations under this Agreement.

          Section 6.05 Errors and Omissions Insurance; Fidelity Bonds.

          The Master Servicer shall, for so long as it acts as servicer under
this Agreement, obtain and maintain in force (a) a policy or policies of
insurance covering errors and omissions in the performance of its obligations
as servicer hereunder, and (b) a fidelity bond in respect of its officers,
employees and agents. Each such policy or policies and bond shall, together,
comply with the requirements from time to time of Fannie Mae and Freddie Mac
for persons performing


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servicing for mortgage loans purchased by Fannie Mae and Freddie Mac. In the
event that any such policy or bond ceases to be in effect, the Master Servicer
shall use its reasonable best efforts to obtain a comparable replacement
policy or bond from an insurer or issuer, meeting the requirements set forth
above as of the date of such replacement.

          The Master Servicer shall provide the Trustee and the NIM Insurer
(upon such party's reasonable request) with copies of any such insurance
policies and fidelity bond. The Master Servicer shall be deemed to have
complied with this provision if an Affiliate of the Master Servicer has such
errors and omissions and fidelity bond coverage and, by the terms of such
insurance policy or fidelity bond, the coverage afforded thereunder extends to
the Master Servicer.

                                 ARTICLE VII.
                   DEFAULT; TERMINATION OF MASTER SERVICER

          Section 7.01 Events of Default.

          "Event of Default," wherever used herein, means any one of the
following events:

               (1) any failure by the Master Servicer to deposit in the
     Certificate Account or the Distribution Account or remit to the Trustee
     any payment (excluding a payment required to be made under Section 4.01
     hereof) required to be made under the terms of this Agreement, which
     failure shall continue unremedied for five calendar days and, with
     respect to a payment required to be made under Section 4.01(b) or (c)
     hereof, for one Business Day, after the date on which written notice of
     such failure shall have been given to the Master Servicer by the Trustee,
     the NIM Insurer or the Depositor, or to the Trustee, the NIM Insurer and
     the Master Servicer by the Holders of Certificates evidencing not less
     than 25% of the Voting Rights; or

               (2) any failure by the Master Servicer to observe or perform in
     any material respect any other of the covenants or agreements on the part
     of the Master Servicer contained in this Agreement or any representation
     or warranty shall prove to be untrue, which failure or breach shall
     continue unremedied for a period of 60 days after the date on which
     written notice of such failure shall have been given to the Master
     Servicer by the Trustee, the NIM Insurer or the Depositor, or to the
     Trustee by the Holders of Certificates evidencing not less than 25% of
     the Voting Rights; provided that the sixty-day cure period shall not
     apply to the initial delivery of the Mortgage File for Delay Delivery
     Mortgage Loans nor the failure to repurchase or substitute in lieu
     thereof; or

               (3) a decree or order of a court or agency or supervisory
     authority having jurisdiction in the premises for the appointment of a
     receiver or liquidator in any insolvency, readjustment of debt,
     marshalling of assets and liabilities or similar proceedings, or for the
     winding-up or liquidation of its affairs, shall have been entered against
     the Master Servicer and such decree or order shall have remained in force
     undischarged or unstayed for a period of 60 consecutive days; or


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               (4) the Master Servicer shall consent to the appointment of a
     receiver or liquidator in any insolvency, readjustment of debt,
     marshalling of assets and liabilities or similar proceedings of or
     relating to the Master Servicer or all or substantially all of the
     property of the Master Servicer; or

               (5) the Master Servicer shall admit in writing its inability to
     pay its debts generally as they become due, file a petition to take
     advantage of, or commence a voluntary case under, any applicable
     insolvency or reorganization statute, make an assignment for the benefit
     of its creditors, or voluntarily suspend payment of its obligations; or

               (6) the Master Servicer shall fail to reimburse in full the
     Trustee not later than 6:00 p.m. (New York time) on the Business Day
     following the related Distribution Date for any Advance made by the
     Trustee pursuant to Section 4.01(d) together with accrued and unpaid
     interest.

          If an Event of Default shall occur, then, and in each and every such
case, so long as such Event of Default shall not have been remedied, the
Trustee shall, but only at the direction of either the NIM Insurer or the
Holders of Certificates evidencing not less than 25% of the Voting Rights, by
notice in writing to the Master Servicer (with a copy to each Rating Agency),
terminate all of the rights and obligations of the Master Servicer under this
Agreement and in and to the Mortgage Loans and the proceeds thereof, other
than its rights as a Certificateholder hereunder. On or after the receipt by
the Master Servicer of such written notice, all authority and power of the
Master Servicer hereunder, whether with respect to the Mortgage Loans or
otherwise, shall pass to and be vested in the Trustee. The Trustee shall
thereupon make any Advance described in Section 4.01 hereof subject to Section
3.04 hereof. The Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice
of termination, whether to complete the transfer and endorsement or assignment
of the Mortgage Loans and related documents, or otherwise. Unless expressly
provided in such written notice, no such termination shall affect any
obligation of the Master Servicer to pay amounts owed pursuant to Article
VIII. The Master Servicer agrees to cooperate with the Trustee in effecting
the termination of the Master Servicer's responsibilities and rights
hereunder, including, without limitation, the transfer to the Trustee of all
cash amounts which shall at the time be credited to the Certificate Account,
or thereafter be received with respect to the Mortgage Loans. The Trustee
shall promptly notify the Rating Agencies of the occurrence of an Event of
Default.

          Notwithstanding any termination of the activities of a Master
Servicer hereunder, such Master Servicer shall be entitled to receive, out of
any late collection of a Scheduled Payment on a Mortgage Loan that was due
prior to the notice terminating such Master Servicer's rights and obligations
as Master Servicer hereunder and received after such notice, that portion
thereof to which such Master Servicer would have been entitled pursuant to
Sections 3.08(a)(i) through (viii), and any other amounts payable to such
Master Servicer hereunder the entitlement to which arose prior to the
termination of its activities hereunder.


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          Section 7.02 Trustee to Act; Appointment of Successor.

          On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01 hereof, the Trustee shall, to the extent
provided in Section 3.04, be the successor to the Master Servicer in its
capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Master Servicer by the terms
and provisions hereof and applicable law including the obligation to make
advances pursuant to Section 4.01. As compensation therefor, the Trustee shall
be entitled to all fees, costs and expenses relating to the Mortgage Loans
that the Master Servicer would have been entitled to if the Master Servicer
had continued to act hereunder. Notwithstanding the foregoing, if the Trustee
has become the successor to the Master Servicer in accordance with Section
7.01 hereof, the Trustee may, if it shall be unwilling to so act, or shall, if
it is prohibited by applicable law from making Advances pursuant to Section
4.01 hereof or if it is otherwise unable to so act, (i) appoint any
established mortgage loan servicing institution reasonably acceptable to the
NIM Insurer (as evidenced by the prior written consent of the NIM Insurer), or
(ii) if it is unable for 60 days to appoint a successor servicer reasonably
acceptable to the NIM Insurer, petition a court of competent jurisdiction to
appoint any established mortgage loan servicing institution, the appointment
of which does not adversely affect the then-current rating of the Certificates
and the NIM Insurer guaranteed notes (without giving any effect to any policy
or guaranty provided by the NIM Insurer) by each Rating Agency as the
successor to the Master Servicer hereunder in the assumption of all or any
part of the responsibilities, duties or liabilities of the Master Servicer
hereunder. Any successor Master Servicer shall be an institution that is a
Fannie Mae and Freddie Mac approved seller/servicer in good standing, that has
been approved by the Mortgage Insurer if required, that has a net worth of at
least $15,000,000 and that is willing to service the Mortgage Loans and
executes and delivers to the Depositor and the Trustee an agreement accepting
such delegation and assignment, that contains an assumption by such Person of
the rights, powers, duties, responsibilities, obligations and liabilities of
the Master Servicer (other than liabilities and indemnities of the Master
Servicer under Section 6.03 hereof incurred prior to termination of the Master
Servicer under Section 7.01), with like effect as if originally named as a
party to this Agreement; and provided further that each Rating Agency
acknowledges that its rating of the Certificates in effect immediately prior
to such assignment and delegation will not be qualified or reduced as a result
of such assignment and delegation. No appointment of a successor to the Master
Servicer hereunder shall be effective until the Trustee shall have consented
thereto, and written notice of such proposed appointment shall have been
provided by the Trustee to each Certificateholder. The Trustee shall not
resign as servicer until a successor servicer has been appointed and has
accepted such appointment. Pending appointment of a successor to the Master
Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from
so acting, shall, subject to Section 3.04 hereof, act in such capacity as
herein above provided. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out
of payments on Mortgage Loans as it and such successor shall agree; provided
that no such compensation shall be in excess of that permitted the Master
Servicer hereunder. The Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. Neither the Trustee nor any other successor servicer shall be
deemed to be in default hereunder by reason of any failure to make, or any
delay in making, any distribution hereunder or any portion thereof or any
failure to perform, or any delay in performing, any duties or responsibilities
hereunder, in


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either case caused by the failure of the Master Servicer to deliver or
provide, or any delay in delivering or providing, any cash, information,
documents or records to it.

          Any successor to the Master Servicer as servicer shall give notice
to the NIM Insurer and the Mortgagors of such change of servicer and shall,
during the term of its service as servicer maintain in force the policy or
policies that the Master Servicer is required to maintain pursuant to Section
6.05.

          In connection with the termination or resignation of the Master
Servicer hereunder, either (i) the successor Master Servicer, including the
Trustee if the Trustee is acting as successor Master Servicer, shall represent
and warrant that it is a member of MERS in good standing and shall agree to
comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered with
MERS, or (ii) the predecessor Master Servicer shall cooperate with the
successor Master Servicer in causing MERS to execute and deliver an assignment
of Mortgage in recordable form to transfer the Mortgage from MERS to the
Trustee and to execute and deliver such other notices, documents and other
instruments as may be necessary or desirable to effect a transfer of such
Mortgage Loan or servicing of such Mortgage Loan on the MERS(r) System to the
successor Master Servicer. The predecessor Master Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
successor Master Servicer shall cause such assignment to be delivered to the
Co-Trustee promptly upon receipt of the original with evidence of recording
thereon or a copy certified by the public recording office in which such
assignment was recorded.

          Section 7.03 Notification to Certificateholders.

          (a) Upon any termination of or appointment of a successor to the
Master Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders and to each Rating Agency.

          (b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Certificateholders notice of each such
Event of Default hereunder known to the Trustee, unless such Event of Default
shall have been cured or waived.

                                ARTICLE VIII.
                  CONCERNING THE TRUSTEE AND THE CO-TRUSTEE

          Section 8.01 Duties of Trustee.

          The Trustee, prior to the occurrence of an Event of Default and
after the curing of all Events of Default that may have occurred, shall
undertake to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred and remains
uncured, the Trustee shall exercise such of the rights and powers vested in it
by this Agreement, and use the same degree of care and skill in their exercise
as a prudent person would exercise or use under the circumstances in the
conduct of such person's own affairs.


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          The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments
furnished to the Trustee (or the Co-Trustee, to the extent provided in this
Agreement) that are specifically required to be furnished pursuant to any
provision of this Agreement shall examine them to determine whether they
conform to the requirements of this Agreement, to the extent provided in this
Agreement. If any such instrument is found not to conform to the requirements
of this Agreement in a material manner, the Trustee shall take action as it
deems appropriate to have the instrument corrected.

          No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own grossly negligent action, its own gross
negligent failure to act or its own misconduct, its grossly negligent failure
to perform its obligations in compliance with this Agreement, or any liability
that would be imposed by reason of its willful misfeasance or bad faith;
provided that:

               (1) prior to the occurrence of an Event of Default, and after
     the curing of all such Events of Default that may have occurred, the
     duties and obligations of the Trustee shall be determined solely by the
     express provisions of this Agreement, the Trustee shall not be liable,
     individually or as Trustee, except for the performance of such duties and
     obligations as are specifically set forth in this Agreement, no implied
     covenants or obligations shall be read into this Agreement against the
     Trustee and the Trustee may conclusively rely, as to the truth of the
     statements and the correctness of the opinions expressed therein, upon
     any certificates or opinions furnished to the Trustee and conforming to
     the requirements of this Agreement that it reasonably believed in good
     faith to be genuine and to have been duly executed by the proper
     authorities respecting any matters arising hereunder;

               (2) the Trustee shall not be liable, individually or as
     Trustee, for an error of judgment made in good faith by a Responsible
     Officer or Responsible Officers of the Trustee, unless the Trustee was
     grossly negligent or acted in bad faith or with willful misfeasance;

               (3) the Trustee shall not be liable, individually or as
     Trustee, with respect to any action taken, suffered or omitted to be
     taken by it in good faith in accordance with the direction of the Holders
     of each Class of Certificates evidencing not less than 25% of the Voting
     Rights of such Class relating to the time, method and place of conducting
     any proceeding for any remedy available to the Trustee, or exercising any
     trust or power conferred upon the Trustee under this Agreement; and

               (4) without in any way limiting the provisions of this Section
     8.01 or Section 8.02 hereof, the Trustee shall be entitled to rely
     conclusively on the information delivered to it by the Master Servicer in
     a Trustee Advance Notice in determining whether or not it is required to
     make an Advance under Section 4.01(d), shall have no responsibility to
     ascertain or confirm any information contained in any Trustee Advance
     Notice, and shall have no obligation to make any Advance under Section
     4.01(d) in the absence of a Trustee Advance Notice or actual knowledge by
     a Responsible Officer that (A) a required Advance was not made and (B)
     such required Advance was not a Nonrecoverable Advance.


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          Section 8.02 Certain Matters Affecting the Trustee.

          (a) Except as otherwise provided in Section 8.01:

               (1) the Trustee may request and rely upon and shall be
     protected in acting or refraining from acting upon any resolution,
     Officer's Certificate, certificate of auditors or any other certificate,
     statement, instrument, opinion, report, notice, request, consent, order,
     appraisal, bond or other paper or document believed by it to be genuine
     and to have been signed or presented by the proper party or parties;

               (2) the Trustee may consult with counsel and any Opinion of
     Counsel shall be full and complete authorization and protection in
     respect of any action taken or suffered or omitted by it hereunder in
     good faith and in accordance with such Opinion of Counsel;

               (3) the Trustee shall not be liable, individually or as
     Trustee, for any action taken, suffered or omitted by it in good faith
     and believed by it to be authorized or within the discretion or rights or
     powers conferred upon it by this Agreement;

               (4) prior to the occurrence of an Event of Default hereunder
     and after the curing of all Events of Default that may have occurred, the
     Trustee shall not be bound to make any investigation into the facts or
     matters stated in any resolution, certificate, statement, instrument,
     opinion, report, notice, request, consent, order, approval, bond or other
     paper or document, unless requested in writing so to do by the NIM
     Insurer or the Holders of each Class of Certificates evidencing not less
     than 25% of the Voting Rights of such Class; provided, however, that if
     the payment within a reasonable time to the Trustee of the costs,
     expenses or liabilities likely to be incurred by it in the making of such
     investigation is, in the opinion of the Trustee not reasonably assured to
     the Trustee by the NIM Insurer or such Certificateholders, the Trustee
     may require reasonable indemnity against such expense, or liability from
     the NIM Insurer or such Certificateholders as a condition to taking any
     such action;

               (5) the Trustee may execute any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or
     through agents, accountants or attorneys;

               (6) the Trustee shall not be required to expend its own funds
     or otherwise incur any financial liability in the performance of any of
     its duties hereunder if it shall have reasonable grounds for believing
     that repayment of such funds or adequate indemnity against such liability
     is not assured to it;

               (7) the Trustee shall not be liable, individually or as
     Trustee, for any loss on any investment of funds pursuant to this
     Agreement (other than as issuer of the investment security);

               (8) the Trustee shall not be deemed to have knowledge of an
     Event of Default until a Responsible Officer of the Trustee shall have
     received written notice thereof; and


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               (9) the Trustee shall be under no obligation to exercise any of
     the trusts or powers vested in it by this Agreement or to make any
     investigation of matters arising hereunder or to institute, conduct or
     defend any litigation hereunder or in relation hereto at the request,
     order or direction of the NIM Insurer or any of the Certificateholders,
     pursuant to the provisions of this Agreement, unless the NIM Insurer or
     such Certificateholders, as applicable, shall have offered to the Trustee
     reasonable security or indemnity against the costs, expenses and
     liabilities that may be incurred therein or thereby.

          (b) All rights of action under this Agreement or under any of the
Certificates, enforceable by the Trustee, may be enforced by the Trustee
without the possession of any of the Certificates, or the production thereof
at the trial or other proceeding relating thereto, and any such suit, action
or proceeding instituted by the Trustee shall be brought in its name for the
benefit of all the Holders of the Certificates, subject to the provisions of
this Agreement.

          The Depositor hereby directs the Trustee to execute, deliver and
perform its obligations under the Swap Contract Administration Agreement (in
its capacity as Swap Trustee). The Sellers, the Depositor, the Master Servicer
and the Holders of the Interest-Bearing Certificates by their acceptance of
such Certificates acknowledge and agree that the Trustee shall execute,
deliver and perform its obligations under the Swap Contract Administration
Agreement and shall do so solely in its capacity as Swap Trustee, as the case
may be, and not in its individual capacity. Every provision of this Agreement
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall apply to the Trustee's execution of the Swap Contract
Administration Agreement in its capacity as Swap Trustee, and the performance
of its duties and satisfaction of its obligations thereunder.

          Section 8.03 Trustee Not Liable for Mortgage Loans.

          The recitals contained herein shall be taken as the statements of
the Depositor or the Master Servicer, as the case may be, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Agreement or of any
Mortgage Loan or related document or of MERS or the MERS(r) System other than
with respect to the Trustee's execution and authentication of the
Certificates. The Trustee shall not be accountable for the use or application
by the Depositor or the Master Servicer of any funds paid to the Depositor or
the Master Servicer in respect of the Mortgage Loans or deposited in or
withdrawn from the Certificate Account by the Depositor or the Master
Servicer.

          Section 8.04 Trustee May Own Certificates.

          The Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates with the same rights as it would have if it
were not the Trustee.

          Section 8.05 Master Servicer to Pay Trustee's Fees and Expenses.

          The Master Servicer covenants and agrees to pay or reimburse the
Trustee, upon its request, for all reasonable expenses, disbursements and
advances incurred or made by the Trustee on behalf of the Trust Fund in
accordance with any of the provisions of this Agreement


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(including, without limitation: (A) the reasonable compensation and the
expenses and disbursements of its counsel, but only for representation of the
Trustee acting in its capacity as Trustee hereunder and (B) to the extent that
the Trustee must engage persons not regularly in its employ to perform acts or
services on behalf of the Trust Fund, which acts or services are not in the
ordinary course of the duties of a trustee, paying agent or certificate
registrar, in the absence of a breach or default by any party hereto, the
reasonable compensation, expenses and disbursements of such persons, except
any such expense, disbursement or advance as may arise from its negligence,
bad faith or willful misconduct). The Trustee and any director, officer,
employee or agent of the Trustee shall be indemnified by the Master Servicer
and held harmless against any loss, liability or expense (i) incurred in
connection with any legal action relating to this Agreement or the
Certificates, or in connection with the performance of any of the Trustee's
duties hereunder, other than any loss, liability or expense incurred by reason
of willful misfeasance, bad faith or negligence in the performance of any of
the Trustee's duties hereunder or by reason of reckless disregard of the
Trustee's obligations and duties hereunder or (ii) resulting from any error in
any tax or information return prepared by the Master Servicer. Such indemnity
shall survive the termination of this Agreement or the resignation or removal
of the Trustee hereunder.

          Section 8.06 Eligibility Requirements for Trustee.

          The Trustee hereunder shall, at all times, be a corporation or
association organized and doing business under the laws of a state or the
United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority and with a
credit rating that would not cause any of the Rating Agencies to reduce their
respective ratings of any Class of Certificates below the ratings issued on
the Closing Date (or having provided such security from time to time as is
sufficient to avoid such reduction). If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.06 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.07 hereof. The corporation
or national banking association serving as Trustee may have normal banking and
trust relationships with the Depositor, the Sellers and the Master Servicer
and their respective affiliates; provided that such corporation cannot be an
affiliate of the Master Servicer other than the Trustee in its role as
successor to the Master Servicer.

          Section 8.07 Resignation and Removal of Trustee.

          The Trustee may at any time resign and be discharged from the trusts
hereby created by (1) giving written notice of resignation to the Depositor
and the Master Servicer and by mailing notice of resignation by first class
mail, postage prepaid, to the Certificateholders at their addresses appearing
on the Certificate Register and each Rating Agency, not less than 60 days
before the date specified in such notice when, subject to Section 8.08, such
resignation is to take effect, and (2) acceptance of appointment by a
successor trustee in accordance with Section


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8.08 and meeting the qualifications set forth in Section 8.06. If no successor
trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice or resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a
successor trustee.

          If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 hereof and shall fail to resign
after written request thereto by the NIM Insurer or the Depositor, (ii) the
Trustee shall become incapable of acting, or shall be adjudged as bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by
any state in which the Trustee or the Trust Fund is located, (B) the
imposition of such tax would be avoided by the appointment of a different
trustee and (C) the Trustee fails to indemnify the Trust Fund against such
tax, then the Depositor, the NIM Insurer or the Master Servicer may remove the
Trustee and appoint a successor trustee, reasonably acceptable to the NIM
Insurer, by written instrument, in triplicate, one copy of which instrument
shall be delivered to the Trustee, one copy of which shall be delivered to the
Master Servicer and one copy of which shall be delivered to the successor
trustee.

          The Holders evidencing at least 51% of the Voting Rights of each
Class of Certificates may at any time remove the Trustee and appoint a
successor trustee by written instrument or instruments, in triplicate, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set
of which instruments shall be delivered by the successor Trustee to the Master
Servicer one complete set to the Trustee so removed and one complete set to
the successor so appointed. Notice of any removal of the Trustee shall be
given to each Rating Agency by the successor Trustee.

          Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.08 hereof.

          Section 8.08 Successor Trustee.

          Any successor trustee appointed as provided in Section 8.07 hereof
shall execute, acknowledge and deliver to the Depositor, its predecessor
trustee and the Master Servicer an instrument accepting such appointment
hereunder and thereupon the resignation or removal of the predecessor trustee
shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as
if originally named as trustee herein. In addition, if the Swap Contract is
still outstanding, the Person appointed as successor trustee shall execute,
acknowledge and deliver to the predecessor trustee, CHL and the Master
Servicer an instrument accepting the appointment as successor Swap Contract
Administrator under the Swap Contract Administration Agreement.

          No successor trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions


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of Section 8.06 hereof, is reasonably acceptable to the NIM Insurer and its
appointment shall not adversely affect the then-current ratings of the
Certificates.

          Upon acceptance of appointment by a successor trustee as provided in
this Section 8.08, the Depositor shall mail notice of the succession of such
trustee hereunder to the NIM Insurer and all Holders of Certificates. If the
Depositor fails to mail such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such
notice to be mailed at the expense of the Depositor.

          Section 8.09 Merger or Consolidation of Trustee.

          Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such corporation shall be eligible under the provisions of
Section 8.06 hereof without the execution or filing of any paper or further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

          Section 8.10 Appointment of Co-Trustee or Separate Trustee.

          Notwithstanding any other provisions of this Agreement, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Fund or property securing any Mortgage Note may at the
time be located, the Master Servicer and the Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee and reasonably acceptable to the NIM Insurer
to act as co-trustee or co-trustees jointly with the Trustee, or separate
trustee or separate trustees, of all or any part of the Trust Fund, and to
vest in such Person or Persons, in such capacity and for the benefit of the
Certificateholders, such title to the Trust Fund or any part thereof,
whichever is applicable, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master
Servicer and the Trustee may consider necessary or desirable. If the Master
Servicer shall not have joined in such appointment, or the NIM Insurer shall
not have approved such appointment, within 15 days after receipt by it of a
request to do so, or in the case an Event of Default shall have occurred and
be continuing, the Trustee shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms
of eligibility as a successor trustee under Section 8.06 and no notice to
Certificateholders of the appointment of any co-trustee or separate trustee
shall be required under Section 8.08.

          Every separate trustee and co-trustee shall, to the extent permitted
by law, be appointed and act subject to the following provisions and
conditions:

               (1) All rights, powers, duties and obligations conferred or
     imposed upon the Trustee, except for the obligation of the Trustee under
     this Agreement to advance funds on behalf of the Master Servicer, shall
     be conferred or imposed upon and exercised or performed by the Trustee
     and such separate trustee or co-trustee jointly (it being understood that
     such separate trustee or co-trustee is not authorized to act


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     separately without the Trustee joining in such act), except to the extent
     that under any law of any jurisdiction in which any particular act or
     acts are to be performed (whether as Trustee hereunder or as successor to
     the Master Servicer hereunder), the Trustee shall be incompetent or
     unqualified to perform such act or acts, in which event such rights,
     powers, duties and obligations (including the holding of title to the
     Trust Fund or any portion thereof in any such jurisdiction) shall be
     exercised and performed singly by such separate trustee or co-trustee,
     but solely at the direction of the Trustee;

               (2) No trustee hereunder shall be held personally liable by
     reason of any act or omission of any other trustee hereunder; and

               (3) The Trustee may at any time accept the resignation of or
     remove any separate trustee or co-trustee.

          Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article VIII. Each separate trustee and co-trustee
upon its acceptance of the trusts conferred, shall be vested with the estates
or property specified in its instrument of appointment, either jointly with
the Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee. Every such instrument shall be filed with the
Trustee and a copy thereof given to the Master Servicer and the Depositor.

          Any separate trustee or co-trustee may, at any time, constitute the
Trustee its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

          Section 8.11 Tax Matters.

          It is intended that the Trust Fund shall constitute, and that the
affairs of the Trust Fund shall be conducted so that each REMIC created
pursuant to the Preliminary Statement qualifies as, a "real estate mortgage
investment conduit" as defined in and in accordance with the REMIC Provisions.
In furtherance of such intention, the Trustee covenants and agrees that it
shall act as agent (and the Trustee is hereby appointed to act as agent) on
behalf of the Trust Fund and that in such capacity it shall: (a) prepare and
file, or cause to be prepared and filed, in a timely manner, a U.S. Real
Estate Mortgage Investment Conduit Income Tax Returns (Form 1066 or any
successor form adopted by the Internal Revenue Service) and prepare and file
or cause to be prepared and filed with the Internal Revenue Service and
applicable state or local tax authorities income tax or information returns
for each taxable year with respect to each REMIC created hereunder containing
such information and at the times and in the manner as may be required by the
Code or state or local tax laws, regulations, or rules, and furnish or cause
to be furnished to Certificateholders the schedules, statements or information
at such times and in such


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manner as may be required thereby; (b) within thirty days of the Closing Date,
furnish or cause to be furnished to the Internal Revenue Service, on Forms
8811 or as otherwise may be required by the Code, the name, title, address,
and telephone number of the person that the Holders of the Certificates may
contact for tax information relating thereto, together with such additional
information as may be required by such Form, and update such information at
the time or times in the manner required by the Code for the Trust Fund; (c)
make or cause to be made elections, on behalf of each REMIC created hereunder
to be treated as a REMIC on the federal tax return of each such REMIC for its
first taxable year (and, if necessary, under applicable state law); (d)
prepare and forward, or cause to be prepared and forwarded, to the
Certificateholders and to the Internal Revenue Service and, if necessary,
state tax authorities, all information returns and reports as and when
required to be provided to them in accordance with the REMIC Provisions,
including without limitation, the calculation of any original issue discount
using the Prepayment Assumption; (e) provide information necessary for the
computation of tax imposed on the transfer of a Class A-R Certificate to a
Person that is not a Permitted Transferee, or an agent (including a broker,
nominee or other middleman) of a Non-Permitted Transferee, or a pass-through
entity in which a Non-Permitted Transferee is the record holder of an interest
(the reasonable cost of computing and furnishing such information may be
charged to the Person liable for such tax); (f) to the extent that they are
under its control conduct the affairs of the Trust Fund at all times that any
Certificates are outstanding so as to maintain the status of each REMIC
created hereunder as a REMIC under the REMIC Provisions; (g) not knowingly or
intentionally take any action or omit to take any action that would cause the
termination of the REMIC status of any REMIC created hereunder; (h) pay, from
the sources specified in the penultimate paragraph of this Section 8.11, the
amount of any federal, state and local taxes, including prohibited transaction
taxes as described below, imposed on any REMIC created hereunder prior to the
termination of the Trust Fund when and as the same shall be due and payable
(but such obligation shall not prevent the Trustee or any other appropriate
Person from contesting any such tax in appropriate proceedings and shall not
prevent the Trustee from withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings); (i) sign or cause to be signed
federal, state or local income tax or information returns; (j) maintain
records relating to each REMIC created hereunder, including but not limited to
the income, expenses, assets and liabilities of each such REMIC, and the fair
market value and adjusted basis of the Trust Fund property determined at such
intervals as may be required by the Code, as may be necessary to prepare the
foregoing returns, schedules, statements or information; and (k) as and when
necessary and appropriate, represent the Trust Fund in any administrative or
judicial proceedings relating to an examination or audit by any governmental
taxing authority, request an administrative adjustment as to any taxable year
of any REMIC created hereunder, enter into settlement agreements with any
governmental taxing agency, extend any statute of limitations relating to any
tax item of the Trust Fund, and otherwise act on behalf of any REMIC created
hereunder in relation to any tax matter involving any such REMIC.

          In order to enable the Trustee to perform its duties as set forth
herein, the Depositor shall provide, or cause to be provided, to the Trustee
within ten days after the Closing Date all information or data that the
Trustee requests in writing and determines to be relevant for tax purposes to
the valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows
of the Certificates and the Mortgage Loans (and, to the extent not part of the
aforementioned, the information referred to in paragraphs (1), (2), (3) and
(4) of Section 4.05(d)). Thereafter, the Depositor shall


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provide to the Trustee promptly upon written request therefor, any such
additional information or data that the Trustee may, from time to time,
request in order to enable the Trustee to perform its duties as set forth
herein. The Depositor hereby indemnifies the Trustee for any losses,
liabilities, damages, claims or expenses of the Trustee arising from any
errors or miscalculations of the Trustee that result from any failure of the
Depositor to provide, or to cause to be provided, accurate information or data
to the Trustee on a timely basis.

          In the event that any tax is imposed on "prohibited transactions" of
the Trust Fund as defined in section 860F(a)(2) of the Code, on the "net
income from foreclosure property" of the Trust Fund as defined in section
860G(c) of the Code, on any contribution to the Trust Fund after the startup
day pursuant to section 860G(d) of the Code, or any other tax is imposed,
including, without limitation, any federal, state or local tax or minimum tax
imposed upon the Trust Fund pursuant to sections 23153 and 24872 of the
California Revenue and Taxation Code if not paid as otherwise provided for
herein, such tax shall be paid by (i) the Trustee, if any such other tax
arises out of or results from a breach by the Trustee of any of its
obligations under this Agreement, (ii) (x) the Master Servicer, in the case of
any such minimum tax, and (y) any party hereto (other than the Trustee) to the
extent any such other tax arises out of or results from a breach by such other
party of any of its obligations under this Agreement or (iii) in all other
cases, or in the event that any liable party here fails to honor its
obligations under the preceding clauses (i) or (ii), any such tax will be paid
first with amounts otherwise to be distributed to the Class A-R
Certificateholders, and second with amounts otherwise to be distributed to all
other Certificateholders in the same manner as if such tax were a Realized
Loss that occurred ratably within each Loan Group. Notwithstanding anything to
the contrary contained herein, to the extent that such tax is payable by the
Class A-R Certificates, the Trustee is hereby authorized to retain on any
Distribution Date, from the Holders of the Class A-R Certificates (and, if
necessary, second, from the Holders of the all other Certificates in the
priority specified in the preceding sentence), funds otherwise distributable
to such Holders in an amount sufficient to pay such tax. The Trustee agrees to
promptly notify in writing the party liable for any such tax of the amount
thereof and the due date for the payment thereof.

          The Trustee shall treat the Carryover Reserve Fund and the Swap
Trust, including the Swap Account, as outside reserve funds within the meaning
of Treasury Regulation 1.860G-2(h), neither of which is an asset of any REMIC
created hereunder. The Carryover Reserve Fund shall be treated as owned by the
Class C Certificateholders and the Swap Trust, including the Swap Account
shall be treated as owned by the Class C Certificateholders. The rights of the
Holders of each Class of Certificates (other than the Class P and Class A-R
Certificates) to receive payments from, and the deemed obligations of such
Holders to make payments to, the Carryover Reserve Fund or the Swap Trust,
including the Swap Account, shall be treated as rights and obligations with
respect to notional principal contracts written by the Holders of the Class C
Certificates in respect of any Net Rate Carryover distributed pursuant to
Sections 4.04(c)(4), and (ii) the Swap Counterparty in respect of any Net Rate
Carryover funded by the Swap Contract and in respect of any residual payments
from such Swap Contract received by the Class C Certificates. Thus, the
Certificates (other than the Class P and Class A-R Certificates), shall be
treated as representing ownership of Master REMIC regular interests coupled
with contractual rights and obligations within the meaning of Treasury
Regulation 1.860G-2(i). For purposes of determining the issue price of the
various Master REMIC regular interests, the Trustee shall assume that the Swap
Contract has a value of $786,000.


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          The Trustee shall treat the entitlement to Credit Comeback Excess
Amounts as owned by the Holders of the Class C Certificates and not as an
asset of, or interest in, any REMIC created hereunder. Further, the Trustee
shall treat any payments of Credit Comeback Excess Amounts to Persons other
than the Holders of the Class C Certificates as payments made by the Holders
of the Class C Certificates pursuant to a credit enhancement contract under
Treasury Regulation 1.860G-2(c). The Trustee shall also treat any amount
payable to a Class C Certificate with respect to the R-3-X Interest as
deposited into the Carryover Reserve Fund. In addition, to the extent the
interest otherwise payable to a Certificateholder is reduced for amounts
payable with respect to the Swap Contract, the Trustee, for federal income tax
purposes, shall treat the amount of such reduction as first payable to the
Certificateholder as interest and as then payable by the Certificateholder
with respect to a notional principal contract. To the extent the amount
payable with respect to the Swap Contract exceeds the aggregate of the
reductions described in the immediate sentence, the Trustee, for federal
income tax purposes, shall treat such excess as Realized Losses from Mortgage
Loans and to the extent such Realized Losses (if they had occurred) would be
allocated to a Certificateholder, the Trustee shall treat such amount as first
payable to the Certificateholder as principal and as then payable by the
Certificateholder with respect to a notional principal contract.

          Section 8.12 Co-Trustee.

          (a) The Co-Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments
furnished to the Co-Trustee that are specifically required to be furnished
pursuant to any provision of this Agreement shall examine them to determine
whether they conform to the requirements of this Agreement, to the extent
required by this Agreement. If any such instrument is found not to conform to
the requirements of this Agreement in a material manner, the Co-Trustee shall
take action as it deems appropriate to have the instrument corrected. In
addition, the Co-Trustee shall act as the insured under the Mortgage Insurance
Policy and hereby directs the Master Servicer, on behalf of the Co-Trustee, to
take all actions appropriate or required of the Co-Trustee under the Mortgage
Insurance Policy, other than the payment of the Mortgage Insurance Premium and
obtaining the approval of the Mortgage Insurer with respect to the appointment
of a successor servicer.

          (b) No provision of this Agreement shall be construed to relieve the
Co-Trustee from liability for its own grossly negligent action, its own gross
negligent failure to act or its own misconduct, its grossly negligent failure
to perform its obligations in compliance with this Agreement, or any liability
that would be imposed by reason of its willful misfeasance or bad faith;
provided that:

               (1) the duties and obligations of the Co-Trustee shall be
     determined solely by the express provisions of this Agreement with the
     exception of Section 8.10, the Co-Trustee shall not be liable,
     individually or as Co-Trustee, except for the performance of such duties
     and obligations as are specifically set forth in this Agreement, no
     implied covenants or obligations shall be read into this Agreement
     against the Co-Trustee and the Co-Trustee may conclusively rely, as to
     the truth of the statements and the correctness of the opinions expressed
     therein, upon any certificates or opinions furnished to the Co-Trustee
     and conforming to the requirements of this Agreement that it reasonably
     believed in good faith to be genuine and to have been duly executed by
     the proper authorities respecting any matters arising hereunder; and

               (2) the Co-Trustee shall not be liable, individually or as
     Co-Trustee, for an error of judgment made in good faith by a Responsible
     Officer or Responsible Officers of the Trustee, unless the Co-Trustee was
     grossly negligent or acted in bad faith or with willful misfeasance.


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          (c) Except as otherwise provided in paragraph (b) above:

               (1) the Co-Trustee may request and rely upon and shall be
     protected in acting or refraining from acting upon any resolution,
     Officer's Certificate, certificate of auditors or any other certificate,
     statement, instrument, opinion, report, notice, request, consent, order,
     appraisal, bond or other paper or document believed by it to be genuine
     and to have been signed or presented by the proper party or parties;

               (2) the Co-Trustee may consult with counsel and any Opinion of
     Counsel shall be full and complete authorization and protection in
     respect of any action taken or suffered or omitted by it hereunder in
     good faith and in accordance with such Opinion of Counsel;

               (3) the Co-Trustee shall not be liable, individually or as
     Co-Trustee, for any action taken, suffered or omitted by it in good faith
     and believed by it to be authorized or within the discretion or rights or
     powers conferred upon it by this Agreement;

               (4) the Co-Trustee shall not be bound to make any investigation
     into the facts or matters stated in any resolution, certificate,
     statement, instrument, opinion, report, notice, request, consent, order,
     approval, bond or other paper or document;

               (5) the Co-Trustee may execute any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or
     through agents, accountants or attorneys; and

               (6) the Co-Trustee shall not be required to expend its own
     funds or otherwise incur any financial liability in the performance of
     any of its duties hereunder if it shall have reasonable grounds for
     believing that repayment of such funds or adequate indemnity against such
     liability is not assured to it.

          (d) The recitals contained herein shall be taken as the statements
of the Depositor or the Master Servicer, as the case may be, and the
Co-Trustee assumes no responsibility for their correctness. The Co-Trustee
makes no representations as to the validity or sufficiency of this Agreement
or of any Mortgage Loan or related document or of MERS or the MERS(r) System.
The Co-Trustee shall not be accountable for the use or application by the
Depositor or the Master Servicer of any funds paid to the Depositor or the
Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn
from the Certificate Account by the Depositor or the Master Servicer.

          (e) The Co-Trustee in its individual or any other capacity may
become the owner or pledgee of Certificates with the same rights as it would
have if it were not the Co-Trustee.

          (f) The Master Servicer covenants and agrees (i) to pay to the
Co-Trustee from time to time, and the Co-Trustee shall be entitled to, such
compensation as shall be agreed in writing by the Master Servicer and the
Co-Trustee (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust) for all services


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rendered by it in the execution of the trusts hereby created and in the
exercise and performance of any of the powers and duties hereunder of the
Co-Trustee and (ii) to pay or reimburse the Co-Trustee, upon its request, for
all reasonable expenses, disbursements and advances incurred or made by the
Co-Trustee on behalf of the Trust Fund in accordance with any of the
provisions of this Agreement (including, without limitation: (A) the
reasonable compensation and the expenses and disbursements of its counsel, but
only for representation of the Co-Trustee acting in its capacity as Co-Trustee
hereunder and (B) to the extent that the Co-Trustee must engage persons not
regularly in its employ to perform acts or services on behalf of the Trust
Fund, which acts or services are not in the ordinary course of the duties of a
trustee, paying agent or certificate registrar, in the absence of a breach or
default by any party hereto, the reasonable compensation, expenses and
disbursements of such persons, except any such expense, disbursement or
advance as may arise from its negligence, bad faith or willful misconduct).
The Co-Trustee and any director, officer, employee or agent of the Co-Trustee
shall be indemnified by the Master Servicer and held harmless against any
loss, liability or expense (i) incurred in connection with any legal action
relating to this Agreement or the Certificates, or in connection with the
performance of any of the Co-Trustee's duties hereunder, other than any loss,
liability or expense incurred by reason of willful misfeasance, bad faith or
negligence in the performance of any of the Co-Trustee's duties hereunder or
by reason of reckless disregard of the Co-Trustee's obligations and duties
hereunder and (ii) resulting from any error in any tax or information return
prepared by the Master Servicer. Such indemnity shall survive the termination
of this Agreement or the resignation or removal of the Co-Trustee hereunder.

          (g) The Co-Trustee hereunder shall, at all times, be a corporation
or association organized and doing business under the laws of a state or the
United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority and with a
credit rating that would not cause any of the Rating Agencies to reduce their
respective ratings of any Class of Certificates below the ratings issued on
the Closing Date (or having provided such security from time to time as is
sufficient to avoid such reduction). If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.12 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Co-Trustee shall cease to be eligible in accordance with
the provisions of this Section 8.12, the Co-Trustee shall resign immediately
in the manner and with the effect specified in paragraph (h) below. The
corporation or national banking association serving as Co-Trustee may have
normal banking and trust relationships with the Depositor, the Sellers and the
Master Servicer and their respective affiliates; provided that such
corporation cannot be an affiliate of the Master Servicer other than the
Trustee in its role as successor to the Master Servicer.

          (h) The Co-Trustee may at any time resign and be discharged from the
trusts hereby created by giving 30 days prior written notice of resignation to
the Trustee, the Depositor and the Master Servicer. Upon such resignation the
Trustee (x) may appoint a successor Co-Trustee meeting the requirements in
paragraph (g) above and acceptable to the Master Servicer and the NIM Insurer
(in their sole discretion), so long as such Co-Trustee executes and delivers
to the other parties hereto an instrument agreeing to be bound by the
provisions of this


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Agreement or (y) may if permitted by the Master Servicer (in its sole
discretion) assume the rights and duties of the resigning Co-Trustee so long
as the Trustee executes and delivers an instrument to that effect.

          Section 8.13 Access to Records of the Trustee.

          The Trustee and the Co-Trustee shall afford the Sellers, the
Depositor, the Master Servicer, the NIM Insurer and each Certificate Owner
upon reasonable notice during normal business hours access to all records
maintained by the Trustee or Co-Trustee in respect of its duties under this
Agreement and access to officers of the Trustee responsible for performing its
duties. Upon request, the Trustee or Co-Trustee shall furnish the Depositor,
the Master Servicer, the NIM Insurer and any requesting Certificate Owner with
its most recent financial statements. The Trustee shall cooperate fully with
the Sellers, the Master Servicer, the Depositor, the NIM Insurer and the
Certificate Owner for review and copying any books, documents, or records
requested with respect to the Trustee's and Co-Trustee's respective duties
under this Agreement. The Sellers, the Depositor, the Master Servicer and the
Certificate Owner shall not have any responsibility or liability for any
action for failure to act by the Trustee or Co-Trustee and are not obligated
to supervise the performance of the Trustee under this Agreement or otherwise.

          Section 8.14 Suits for Enforcement.

          If an Event of Default or other material default by the Master
Servicer or the Depositor under this Agreement occurs and is continuing, at
the direction of the Certificateholders holding not less than 51% of the
Voting Rights or the NIM Insurer, the Trustee shall proceed to protect and
enforce its rights and the rights of the Certificateholders or the NIM Insurer
under this Agreement by a suit, action, or proceeding in equity or at law or
otherwise, whether for the specific performance of any covenant or agreement
contained in this Agreement or in aid of the execution of any power granted in
this Agreement or for the enforcement of any other legal, equitable, or other
remedy, as the Trustee, being advised by counsel, and subject to the
foregoing, shall deem most effectual to protect and enforce any of the rights
of the Trustee, the NIM Insurer and the Certificateholders.

                                 ARTICLE IX.
                                 TERMINATION

          Section 9.01 Termination upon Liquidation or Repurchase of all
                       Mortgage Loans.

          Subject to Section 9.03, the Trust Fund shall terminate and the
obligations and responsibilities of the Depositor, the Master Servicer, the
Sellers, the Trustee and the Co-Trustee created hereby shall terminate upon
the earlier of (a) the purchase by the Master Servicer or NIM Insurer (the
party exercising such purchase option, the "Terminator") of all of the
Mortgage Loans (and REO Properties) remaining in the Trust Fund at the price
equal to the sum of (i) 100% of the Stated Principal Balance of each Mortgage
Loan in the Trust Fund (other than in respect of an REO Property), (ii)
accrued interest thereon at the applicable Mortgage Rate (or, if such
repurchase is effected by the Master Servicer, at the applicable Net Mortgage
Rate), (iii) the appraised value of any REO Property in the Trust Fund (up to
the Stated Principal Balance of the


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related Mortgage Loan), such appraisal to be conducted by an appraiser
mutually agreed upon by the Terminator and the Trustee, (iv) any remaining
unpaid costs and damages incurred by the Trust Fund that arises out of an
actual violation of any predatory or abusive lending law or regulation and (v)
if the Terminator is the NIM Insurer, any unreimbursed Servicing Advances, and
the principal portion of any unreimbursed Advances, made on the Mortgage Loans
prior to the exercise of such repurchase and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the distribution to related Certificateholders of all
amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United
States to the Court of St. James's, living on the date hereof and (ii) the
Latest Possible Maturity Date.

          The right to purchase all Mortgage Loans and REO Properties by the
Terminator pursuant to clause (a) of the immediately preceding paragraph shall
be conditioned upon (1) the Stated Principal Balance of the Mortgage Loans, at
the time of any such repurchase, aggregating ten percent (10%) or less of the
sum of the aggregate Cut-off Date Principal Balance of the Initial Mortgage
Loans and the Pre-Funded Amount and (2) unless the NIM Insurer otherwise
consents, the purchase price for such Mortgage Loans and REO Properties shall
result in a final distribution on any NIM Insurer guaranteed notes that is
sufficient (x) to pay such notes in full and (y) to pay any amounts due and
payable to the NIM Insurer pursuant to the indenture related to such notes.

          The NIM Insurer's right to purchase all Mortgage Loans and REO
Properties shall be further conditioned upon the written consent of the Master
Servicer.

          The Swap Trust shall terminate on the earlier of (i) the Swap
Contract Termination Date, (ii) the reduction of the aggregate Certificate
Principal Balance of the Interest-Bearing Certificates to zero and (iii) the
termination of this Agreement.

          Section 9.02 Final Distribution on the Certificates.

          If on any Determination Date, (i) the Master Servicer determines
that there are no Outstanding Mortgage Loans and no other funds or assets in
the Trust Fund other than the funds in the Certificate Account, the Master
Servicer shall direct the Trustee to send a final distribution notice promptly
to each related Certificateholder or (ii) the Trustee determines that a Class
of Certificates shall be retired after a final distribution on such Class, the
Trustee shall notify the related Certificateholders within five (5) Business
Days after such Determination Date that the final distribution in retirement
of such Class of Certificates is scheduled to be made on the immediately
following Distribution Date. Any final distribution made pursuant to the
immediately preceding sentence will be made only upon presentation and
surrender of the related Certificates at the Corporate Trust Office of the
Trustee. If the Terminator elects to terminate pursuant to clause (a) of
Section 9.01, at least 20 days prior to the date notice is to be mailed to the
affected Certificateholders, such electing party shall notify the Depositor
and the Trustee of the date such electing party intends to terminate and of
the applicable repurchase price of the related Mortgage Loans and REO
Properties.


                                     149
<PAGE>


          Notice of any termination, specifying the Distribution Date on which
related Certificateholders may surrender their Certificates for payment of the
final distribution and cancellation, shall be given promptly by the Trustee by
letter to related Certificateholders mailed not earlier than the 10th day and
no later than the 15th day of the month immediately preceding the month of
such final distribution. Any such notice shall specify (a) the Distribution
Date upon which final distribution on related Certificates will be made upon
presentation and surrender of such Certificates at the office therein
designated, (b) the amount of such final distribution, (c) the location of the
office or agency at which such presentation and surrender must be made, and
(d) that the Record Date otherwise applicable to such Distribution Date is not
applicable, distributions being made only upon presentation and surrender of
such Certificates at the office therein specified. The Terminator will give
such notice to each Rating Agency at the time such notice is given to the
affected Certificateholders.

          In the event such notice is given, the Master Servicer shall cause
all funds in the Certificate Account to be remitted to the Trustee for deposit
in the Distribution Account on the Business Day prior to the applicable
Distribution Date in an amount equal to the final distribution in respect of
the Certificates. Upon such final deposit and the receipt by the Trustee of a
Request for File Release therefor, the Co-Trustee shall promptly release to
the Master Servicer the Mortgage Files for the Mortgage Loans.

          Upon presentation and surrender of the Certificates, the Trustee
shall cause to be distributed to Certificateholders of each affected Class the
amounts allocable to such Certificates held in the Distribution Account (and,
if applicable, the Carryover Reserve Fund) in the order and priority set forth
in Section 4.04 hereof on the final Distribution Date and in proportion to
their respective Percentage Interests. Notwithstanding the reduction of the
Certificate Principal Balance of any Class of Certificates to zero, such Class
will be outstanding hereunder (solely for the purpose of receiving
distributions (if any) to which it may be entitled pursuant to the terms of
this Agreement and not for any other purpose) until the termination of the
respective obligations and responsibilities of the Depositor, each Seller, the
Master Servicer and the Trustee hereunder in accordance with Article IX.

          In the event that any affected Certificateholders shall not
surrender related Certificates for cancellation within six months after the
date specified in the above mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
related Certificates for cancellation and receive the final distribution with
respect thereto. If within six months after the second notice all the
applicable Certificates shall not have been surrendered for cancellation, the
Trustee may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the
funds and other assets that remain a part of the Trust Fund. If within one
year after the second notice all related Certificates shall not have been
surrendered for cancellation, the Class A-R Certificates shall be entitled to
all unclaimed funds and other assets that remain subject hereto.

          Section 9.03 Additional Termination Requirements.

          (a) In the event the Terminator exercises its purchase option, the
Trust Fund shall be terminated in accordance with the following additional
requirements, unless the Trustee


                                     150
<PAGE>


has been supplied with an Opinion of Counsel, at the expense of the
Terminator, to the effect that the failure of the Trust Fund to comply with
the requirements of this Section 9.03 will not (i) result in the imposition of
taxes on "prohibited transactions" of a REMIC, or (ii) cause any REMIC created
hereunder to fail to qualify as a REMIC at any time that any Certificates are
outstanding:

               (1) The Master Servicer shall establish a 90-day liquidation
period and notify the Trustee thereof, which shall in turn specify the first
day of such period in a statement attached to the Trust Fund's final Tax
Return pursuant to Treasury Regulation Section 1.860F-1. The Master Servicer
shall prepare a plan of complete liquidation and shall otherwise satisfy all
the requirements of a qualified liquidation under Section 860F of the Code and
any regulations thereunder, as evidenced by an Opinion of Counsel delivered to
the Trustee and the Depositor obtained at the expense of the Terminator;

               (2) During such 90-day liquidation period, and at or prior to
the time of making the final payment on the Certificates, the Master Servicer
as agent of the Trustee shall sell all of the assets of the Trust Fund to the
Terminator for cash; and

               (3) At the time of the making of the final payment on the
Certificates, the Trustee shall distribute or credit, or cause to be
distributed or credited, to the Class A-R Certificateholders all cash on hand
(other than cash retained to meet claims) related to such Class of
Certificates, and the Trust Fund shall terminate at that time.

          (b) By their acceptance of the Certificates, the Holders thereof
hereby authorize the Master Servicer to specify the 90-day liquidation period
for the Trust Fund, which authorization shall be binding upon all successor
Certificateholders. The Trustee shall attach a statement to the final federal
income tax return for each of any REMIC created hereunder stating that
pursuant to Treasury Regulation Section 1.860F-1, the first day of the 90-day
liquidation period for each the REMIC was the date on which the Trustee sold
the assets of the Trust Fund to the Terminator.

          (c) The Trustee as agent for each REMIC created hereunder hereby
agrees to adopt and sign such a plan of complete liquidation upon the written
request of the Master Servicer, and the receipt of the Opinion of Counsel
referred to in Section 9.03(a)(1), and together with the Holders of the Class
A-R Certificates agree to take such other action in connection therewith as
may be reasonably requested by the Terminator.

                                  ARTICLE X.

                           MISCELLANEOUS PROVISIONS

          Section 10.01 Amendment.

          This Agreement may be amended from time to time by the Depositor,
the Master Servicer, the Sellers, the Co-Trustee and the Trustee with the
consent of the NIM Insurer, without the consent of any of the
Certificateholders (i) to cure any ambiguity, (ii) to correct or supplement
any provisions herein, (iii) to conform this Agreement to the Prospectus
Supplement or the Prospectus, (iv) to modify, alter, amend, add to or rescind
any of the terms or provisions


                                     151
<PAGE>


contained in this Agreement to comply with any rules or regulations
promulgated by the Securities and Exchange Commission from time to time, or
(v) to make such other provisions with respect to matters or questions arising
under this Agreement, as shall not be inconsistent with any other provisions
herein if such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any
Certificateholder; provided that any such amendment shall be deemed not to
adversely affect in any material respect the interests of the
Certificateholders and no such Opinion of Counsel shall be required if the
Person requesting such amendment obtains a letter from each Rating Agency
stating that such amendment would not result in the downgrading or withdrawal
of the respective ratings then assigned to the Certificates, it being
understood and agreed that any such letter in and of itself will not represent
a determination as to the materiality of any such amendment and will represent
a determination only as to the credit issues affecting any such rating. Any
amendment described above made solely to conform this Agreement to the
Prospectus or the Prospectus Supplement shall be deemed not to adversely
affect in any material respect the interests of the Certificateholders.
Notwithstanding the foregoing, no amendment that significantly changes the
permitted activities of the trust created by this Agreement may be made
without the consent of Certificateholders representing not less than 51% of
the Voting Rights of each Class of Certificates affected by such amendment.
Each party to this Agreement hereby agrees that it will cooperate with each
other party in amending this Agreement pursuant to clause (iv) above.

          The Trustee, the Co-Trustee, the Depositor, the Master Servicer and
the Sellers with the consent of the NIM Insurer may also at any time and from
time to time amend this Agreement, without the consent of the
Certificateholders, to modify, eliminate or add to any of its provisions to
such extent as shall be necessary or appropriate to maintain the qualification
of the Trust Fund as a REMIC under the Code or to avoid or minimize the risk
of the imposition of any tax on the Trust Fund pursuant to the Code that would
be a claim against the Trust Fund at any time prior to the final redemption of
the Certificates, provided that the Trustee has been provided an Opinion of
Counsel, which opinion shall be an expense of the party requesting such
opinion but in any case shall not be an expense of the Trustee, to the effect
that such action is necessary or appropriate to maintain such qualification or
to avoid or minimize the risk of the imposition of such a tax.

          This Agreement may also be amended from time to time by the
Depositor, the Master Servicer, the Sellers, the Co-Trustee and the Trustee
with the consent of the NIM Insurer and the Holders of each Class of
Certificates affected thereby evidencing not less than 51% of the Voting
Rights of such Class for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Holders of Certificates; provided
that no such amendment shall (i) reduce in any manner the amount of, or delay
the timing of, payments required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of any Class of Certificates in
a manner other than as described in (i), without the consent of the Holders of
Certificates of such Class evidencing 66% or more of the Voting Rights of such
Class, or (iii) reduce the aforesaid percentages of Certificates the Holders
of which are required to consent to any such amendment without the consent of
the Holders of all such Certificates then outstanding.


                                     152
<PAGE>


          Notwithstanding any contrary provision of this Agreement, no
amendment shall adversely affect in any material respect the Swap Counterparty
without at least ten Business Days' prior notice to the Swap Counterparty and
without the prior written consent of the Swap Counterparty, which consent
shall not be unreasonably withheld. CHL shall provide the Swap Counterparty
with prior written notice of any proposed material amendment of this
Agreement.

          Notwithstanding any contrary provision of this Agreement, the
Trustee and the NIM Insurer shall not consent to any amendment to this
Agreement unless each shall have first received an Opinion of Counsel
satisfactory to the Trustee and the NIM Insurer, which opinion shall be an
expense of the party requesting such amendment but in any case shall not be an
expense of the Trustee or the NIM Insurer, to the effect that such amendment
will not cause the imposition of any tax on the Trust Fund or the
Certificateholders or cause any REMIC formed hereunder to fail to qualify as a
REMIC at any time that any Certificates are outstanding.

          Promptly after the execution of any amendment to this Agreement, the
Trustee shall furnish written notification of the substance of such amendment
to each Certificateholder (if the consent of Certificateholders is required)
and each Rating Agency.

          It shall not be necessary for the consent of Certificateholders
under this Section to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject
to such reasonable regulations as the Trustee may prescribe.

          Nothing in this Agreement shall require the Trustee to enter into an
amendment without receiving an Opinion of Counsel, reasonably satisfactory to
the Trustee and the NIM Insurer that (i) such amendment is permitted and is
not prohibited by this Agreement and that all requirements for amending this
Agreement have been complied with; and (ii) either (A) the amendment does not
adversely affect in any material respect the interests of any
Certificateholder or (B) the conclusion set forth in the immediately preceding
clause (A) is not required to be reached pursuant to this Section 10.01.

          Section 10.02 Recordation of Agreement; Counterparts.

          This Agreement is subject to recordation in all appropriate public
offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages
are situated, and in any other appropriate public recording office or
elsewhere, such recordation to be effected by the Master Servicer at its
expense.

          For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one
and the same instrument.

          Section 10.03 Governing Law.

          THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK


                                     153
<PAGE>


APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE
CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          Section 10.04 Intention of Parties.

          It is the express intent of the parties hereto that the conveyance
of the Mortgage Notes, Mortgages, assignments of Mortgages, title insurance
policies and any modifications, extensions and/or assumption agreements and
private mortgage insurance policies relating to the Mortgage Loans by the
Depositor to the Trustee be, and be construed as, an absolute sale thereof to
the Trustee. It is, further, not the intention of the parties that such
conveyance be deemed a pledge thereof by the Depositor to the Trustee.
However, in the event that, notwithstanding the intent of the parties, such
assets are held to be the property of the Depositor, or if for any other
reason this Agreement or any Subsequent Transfer Agreement is held or deemed
to create a security interest in such assets, then (i) this Agreement shall be
deemed to be a security agreement (within the meaning of the Uniform
Commercial Code of the State of New York) with respect to all such assets and
security interests and (ii) the conveyance provided for in this Agreement and
any Subsequent Transfer Agreement shall be deemed to be an assignment and a
grant pursuant to the terms of this Agreement by the Depositor to the Trustee,
for the benefit of the Certificateholders and the Swap Counterparty, of a
security interest in all of the assets that constitute the Trust Fund, whether
now owned or hereafter acquired.

          The Depositor for the benefit of the Certificateholders, the NIM
Insurer and the Swap Counterparty shall, to the extent consistent with this
Agreement, take such actions as may be necessary to ensure that, if this
Agreement were deemed to create a security interest in the assets of the Trust
Fund, such security interest would be deemed to be a perfected security
interest of first priority under applicable law and will be maintained as such
throughout the term of the Agreement. The Depositor shall arrange for filing
any Uniform Commercial Code continuation statements in connection with any
security interest granted or assigned to the Trustee for the benefit of the
Certificateholders and the Swap Counterparty.

          Section 10.05 Notices.

          (a) The Trustee shall use its best efforts to promptly provide
notice to each Rating Agency and the Swap Counterparty with respect to each of
the following of which it has actual knowledge:

               (1) Any material change or amendment to this Agreement;

               (2) The occurrence of any Event of Default that has not been
     cured;

               (3) The resignation or termination of the Master Servicer or
     the Trustee and the appointment of any successor;

               (4) The repurchase or substitution of Mortgage Loans pursuant
     to Sections 2.02, 2.03, 2.04 and 3.12; and


                                     154
<PAGE>


               (5) The final payment to Certificateholders.

          (b) In addition, the Trustee shall promptly furnish to each Rating
Agency copies of the following:

               (1) Each report to Certificateholders described in Section
     4.05;

               (2) Each annual statement as to compliance described in Section
     3.17; and

               (3) Each annual independent public accountants' servicing
     report described in Section 3.18.

          (c) All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when sent by facsimile
transmission, first class mail or delivered to (i) in the case of the
Depositor, CWABS, Inc., 4500 Park Granada, Calabasas, California 91302,
facsimile number: (818) 225-4053, Attention: David A. Spector, or such other
address as may be hereafter furnished to the Sellers, the Master Servicer and
the Trustee by the Depositor in writing; (ii) in the case of CHL, Countrywide
Home Loans, Inc., 4500 Park Granada, Calabasas, California 91302, facsimile
number (818) 225-4053, Attention: David A. Spector, or such other address as
may be hereafter furnished to the Depositor, the Master Servicer and the
Trustee by the Sellers in writing; (iii) in the case of Park Monaco, Park
Monaco Inc., 4500 Park Granada, Calabasas, California 91302, facsimile number
(818) 225-4028, Attention: Paul Liu, or such other address as may be hereafter
furnished to the Depositor, the Master Servicer and the Trustee by the Sellers
in writing; (iv) in the case of Park Sienna, Park Sienna LLC, 4500 Park
Granada, Calabasas, California 91302, facsimile number (818) 225-4028,
Attention: Paul Liu, or such other address as may be hereafter furnished to
the Depositor, the Master Servicer and the Trustee by the Sellers in writing;
(v) in the case of the Master Servicer, Countrywide Home Loans Servicing LP,
7105 Corporate Drive, Plano, Texas 75024, facsimile number (805) 520-5623,
Attention: Mark Wong or such other address as may be hereafter furnished to
the Depositor, the Sellers and the Trustee by the Master Servicer in writing;
(vi) in the case of the Trustee, The Bank of New York, 101 Barclay Street, New
York, New York 10286, Attention: Corporate Trust MBS Administration, CWABS,
Series 2005-AB4, or such other address as the Trustee may hereafter furnish to
the parties hereto; (vii) in the case of the Co-Trustee, The Bank of New York
Trust Company, N.A., 5730 Katella Avenue, Cypress, California 90630,
Attention: MBS Support Services, or such other address as the Co-Trustee may
be hereafter furnished to the Depositor, the Master Servicer and the Trustee;
and (viii) in the case of the Rating Agencies, (x) Moody's Investors Service,
Inc., Attention: ABS Monitoring Department, 99 Church Street, Sixth Floor, New
York, New York 10007, and (y) Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, Attention: Mortgage Surveillance Group, 55 Water
Street, 41st Floor, New York, New York 10041; and (ix) in the case of the Swap
Counterparty, Lehman Brothers Special Financing Inc., c/o Lehman Brothers
Inc., Transaction Management Group, Corporate Advisory Division, 745 Seventh
Avenue, New York, NY 10019, Attention: Documentation Manager, facsimile number
(212) 526-7672, or such other address as may be hereafter furnished by the
Swap Counterparty. Notices to Certificateholders shall be deemed given when
mailed, first postage prepaid, to their respective addresses appearing in the
Certificate Register.


                                     155
<PAGE>


          Section 10.06 Severability of Provisions.

          If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions
of this Agreement or of the Certificates or the rights of the Holders thereof.

          Section 10.07 Assignment.

          Notwithstanding anything to the contrary contained herein, except as
provided pursuant to Section 6.02, this Agreement may not be assigned by the
Master Servicer without the prior written consent of the Trustee and the
Depositor.

          Section 10.08 Limitation on Rights of Certificateholders.

          The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representative or heirs to claim an accounting or to
take any action or commence any proceeding in any court for a petition or
winding up of the Trust Fund, or otherwise affect the rights, obligations and
liabilities of the parties hereto or any of them.

          No Certificateholder shall have any right to vote (except as
provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth or contained in the terms of the Certificates
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be
under any liability to any third party by reason of any action taken by the
parties to this Agreement pursuant to any provision hereof.

          No Certificateholder shall have any right by virtue or by availing
itself of any provisions of this Agreement to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this
Agreement, unless such Holder previously shall have given to the Trustee a
written notice of an Event of Default and of the continuance thereof, as
hereinbefore provided, the Holders of Certificates evidencing not less than
25% of the Voting Rights shall also have made written request to the Trustee
to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable indemnity as
it may require against the costs, expenses, and liabilities to be incurred
therein or thereby, and the Trustee, for 60 days after its receipt of such
notice, request and offer of indemnity shall have neglected or refused to
institute any such action, suit or proceeding; it being understood and
intended, and being expressly covenanted by each Certificateholder with every
other Certificateholder and the Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatever by virtue or by
availing itself or themselves of any provisions of this Agreement to affect,
disturb or prejudice the rights of the Holders of any other of the
Certificates, or to obtain or seek to obtain priority over or preference to
any other such Holder or to enforce any right under this Agreement, except in
the manner herein provided and for the common benefit of all
Certificateholders. For the protection and enforcement of the provisions


                                     156
<PAGE>


of this Section 10.08, each and every Certificateholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity.

          Section 10.09 Inspection and Audit Rights.

          The Master Servicer agrees that, on reasonable prior notice, it will
permit any representative of the Depositor, any Seller, the NIM Insurer or the
Trustee during the Master Servicer's normal business hours, to examine all the
books of account, records, reports and other papers of the Master Servicer
relating to the Mortgage Loans, to make copies and extracts therefrom, to
cause such books to be audited by independent certified public accountants
selected by the Depositor, a Seller, the NIM Insurer or the Trustee and to
discuss its affairs, finances and accounts relating to the Mortgage Loans with
its officers, employees and independent public accountants (and by this
provision the Master Servicer hereby authorizes such accountants to discuss
with such representative such affairs, finances and accounts), all at such
reasonable times and as often as may be reasonably requested. Any
out-of-pocket expense incident to the exercise by the Depositor, any Seller,
the NIM Insurer or the Trustee of any right under this Section 10.09 shall be
borne by the party requesting such inspection; all other such expenses shall
be borne by the Master Servicer.

          Section 10.10 Certificates Nonassessable and Fully Paid.

          It is the intention of the Depositor that Certificateholders shall
not be personally liable for obligations of the Trust Fund, that the interests
in the Trust Fund represented by the Certificates shall be nonassessable for
any reason whatsoever, and that the Certificates, upon due authentication
thereof by the Trustee pursuant to this Agreement, are and shall be deemed
fully paid.

          Section 10.11 Rights of NIM Insurer.

          (a) The rights of the NIM Insurer under this Agreement shall exist
only so long as either:

               (1) the notes certain payments on which are guaranteed by the
     NIM Insurer remain outstanding or

               (2) the NIM Insurer is owed amounts paid by it with respect to
     that guaranty.

          (b) The rights of the NIM Insurer under this Agreement are
exercisable by the NIM Insurer only so long as no default by the NIM Insurer
under its guaranty of certain payments under notes backed or secured by the
Class C or Class P Certificates has occurred and is continuing. If the NIM
Insurer is the subject of any insolvency proceeding, the rights of the NIM
Insurer under this Agreement will be exercisable by the NIM Insurer only so
long as:

               (1) the obligations of the NIM Insurer under its guaranty of
     notes backed or secured by the Class C or Class P Certificates have not
     been disavowed and


                                     157
<PAGE>


               (2) CHL and the Trustee have received reasonable assurances
     that the NIM Insurer will be able to satisfy its obligations under its
     guaranty of notes backed or secured by the Class C or Class P
     Certificates.

          (c) The NIM Insurer is a third party beneficiary of this Agreement
to the same extent as if it were a party to this Agreement and may enforce any
of those rights under this Agreement.

          (d) A copy of any documents of any nature required by this Agreement
to be delivered by the Trustee, or to the Trustee or the Rating Agencies,
shall in each case at the same time also be delivered to the NIM Insurer. Any
notices required to be given by the Trustee, or to the Trustee or the Rating
Agencies, shall in each case at the same time also be given to the NIM
Insurer. If the Trustee receives a notice or document that is required
hereunder to be delivered to the NIM Insurer, and if such notice or document
does not indicate that a copy thereof has been previously sent to the NIM
Insurer, the Trustee shall send the NIM Insurer a copy of such notice or
document. If such document is an Opinion of Counsel, the NIM Insurer shall be
an addressee thereof or such Opinion of Counsel shall contain language
permitting the NIM Insurer to rely thereon as if the NIM Insurer were an
addressee thereof.

          (e) Anything in this Agreement that is conditioned on not resulting
in the downgrading or withdrawal of the ratings then assigned to the
Certificates by the Rating Agencies shall also be conditioned on not resulting
in the downgrading or withdrawal of the ratings then assigned by the Rating
Agencies to the notes backed or secured by the Class C or Class P Certificates
(without giving effect to any policy or guaranty provided by the NIM Insurer).

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused their names to be
signed hereto by their respective officers thereunto duly authorized as of the
day and year first above written.

                                 CWABS, INC.,
                                    as Depositor


                                 By:___________________________________
                                    Name:    Leon Daniels, Jr.
                                    Title:   Vice President


                                 COUNTRYWIDE HOME LOANS, INC.,
                                    as a Seller


                                 By:___________________________________
                                    Name:    Leon Daniels, Jr.
                                    Title:   Senior Vice President


                                 PARK MONACO INC.,
                                    as a Seller

                                 By:___________________________________
                                    Name:    Leon Daniels, Jr.
                                    Title:   Vice President

                                 PARK SIENNA LLC,
                                    as a Seller

                                 By:___________________________________
                                    Name:    Leon Daniels, Jr.
                                    Title:   Vice President




<PAGE>

                                 COUNTRYWIDE HOME LOANS SERVICING
                                 LP,
                                    as Master Servicer

                                 By:  COUNTRYWIDE GP, INC.


                                 By:___________________________________
                                    Name:    Leon Daniels, Jr.
                                    Title:   Vice President


                                 THE BANK OF NEW YORK,
                                 as Trustee

                                 By:___________________________________
                                    Name:
                                    Title:


                                 THE BANK OF NEW YORK TRUST
                                 COMPANY, N.A.,
                                 as Co-Trustee

                                 By:___________________________________
                                    Name:
                                    Title:


                                 THE BANK OF NEW YORK
                                 (solely with respect to its obligations
                                  under Section 4.01(d))

                                 By:___________________________________
                                    Name:
                                    Title:



<PAGE>

STATE OF CALIFORNIA      )
                         )  ss.:
COUNTY OF LOS ANGELES    )

                  On this ____ day of November, 2005, before me, a notary
public in and for said State, appeared Leon Daniels, Jr., personally known to
me on the basis of satisfactory evidence to be a Senior Vice President of
Countrywide Home Loans, Inc., one of the corporations that executed the within
instrument, and also known to me to be the person who executed it on behalf of
such corporation and acknowledged to me that such corporation executed the
within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                                __________________________________________
                                            Notary Public


[Notarial Seal]







<PAGE>

STATE OF CALIFORNIA     )
                        )  ss.:
COUNTY OF LOS ANGELES   )

                  On this ____ day of November, 2005, before me, a notary
public in and for said State, appeared Leon Daniels, Jr., personally known to
me on the basis of satisfactory evidence to be a Vice President of Countrywide
GP, Inc., the parent company of Countrywide Home Loans Servicing LP, one of
the organizations that executed the within instrument, and also known to me to
be the person who executed it on behalf of such limited partnership and
acknowledged to me that such limited partnership executed the within
instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                         ______________________________________________
                                             Notary Public


[Notarial Seal]







<PAGE>


STATE OF CALIFORNIA    )
                       )    ss.:
COUNTY OF LOS ANGELES  )

                  On this ____ day of November, 2005, before me, a notary
public in and for said State, appeared Leon Daniels, Jr., personally known to
me on the basis of satisfactory evidence to be a Vice President of CWABS,
Inc., one of the corporations that executed the within instrument, and also
known to me to be the person who executed it on behalf of such corporation and
acknowledged to me that such corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                      ________________________________________________
                                            Notary Public


[Notarial Seal]







<PAGE>



STATE OF CALIFORNIA       )
                          )    ss.:
COUNTY OF LOS ANGELES     )

                  On this ____ day of November, 2005, before me, a notary
public in and for said State, appeared Leon Daniels, Jr., personally known to
me on the basis of satisfactory evidence to be a Vice President of Park Monaco
Inc., one of the corporations that executed the within instrument, and also
known to me to be the person who executed it on behalf of such corporation and
acknowledged to me that such corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                      _____________________________________________
                                       Notary Public


[Notarial Seal]





<PAGE>


STATE OF CALIFORNIA        )
                           )  ss.:
COUNTY OF LOS ANGELES      )

                  On this ____ day of November, 2005, before me, a notary
public in and for said State, appeared Leon Daniels, Jr., personally known to
me on the basis of satisfactory evidence to be a Vice President of Park Sienna
LLC, one of the entities that executed the within instrument, and also known
to me to be the person who executed it on behalf of such entity and
acknowledged to me that such entity executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                        ____________________________________________
                                             Notary Public


[Notarial Seal]





<PAGE>


STATE OF NEW YORK        )
                         )  ss.:
COUNTY OF NEW YORK       )

                  On this ____ day of November, 2005 before me, a notary
public in and for said State, appeared _________________, personally known to
me on the basis of satisfactory evidence to be a ____________ of The Bank of
New York, a New York banking corporation that executed the within instrument,
and also known to me to be the person who executed it on behalf of such
corporation, and acknowledged to me that such corporation executed the within
instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                               _________________________________________
                                                  Notary Public


[Notarial Seal]





<PAGE>



STATE OF CALIFORNIA      )
                         )  ss.:
COUNTY OF LOS ANGELES    )

                  On this ____ day of November, 2005 before me, a notary
public in and for said State, appeared __________________, personally known to
me on the basis of satisfactory evidence to be a ____________ of The Bank of
New York Trust Company, N.A., one of the corporations that executed the within
instrument, and also known to me to be the person who executed it on behalf of
such corporation and acknowledged to me that such corporation executed the
within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                           ________________________________________
                                        Notary Public


[Notarial Seal]





<PAGE>



STATE OF NEW YORK     )
                      )  ss.:
COUNTY OF NEW YORK    )

                  On this ____ day of November, 2005 before me, a notary
public in and for said State, appeared ______________, personally known to me
on the basis of satisfactory evidence to be a _____________ of The Bank of New
York, a New York banking corporation that executed the within instrument, and
also known to me to be the person who executed it on behalf of such
corporation, and acknowledged to me that such corporation executed the within
instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my official seal the day and year in this certificate first above written.

                           _________________________________________
                                            Notary Public


[Notarial Seal]






<PAGE>


                                                                 Exhibits A-1
                                                                through A-14

                        [Exhibits A-1 through A-14 are
                photocopies of such Certificates as delivered.]

               [See appropriate documents delivered at closing.]




                                     A-1
<PAGE>


                                                                  Exhibit B

                           Exhibit B is a photocopy
                          of the Class P Certificates
                                 as delivered.

               [See appropriate document delivered at closing.]



                                     B-1
<PAGE>

                                                                 Exhibit C

                           Exhibit C is a photocopy
                          of the Class C Certificates
                                 as delivered.


               [See appropriate document delivered at closing.]



                                     C-1
<PAGE>

                                                                 Exhibit D

                           Exhibit D is a photocopy
                         of the Class A-R Certificate
                                 as delivered.


               [See appropriate documents delivered at closing.]




                                     D-1
<PAGE>

                                                                    Exhibit E

                           Exhibit E is a photocopy
                     of the Tax Matters Person Certificate
                                 as delivered.

               [See appropriate documents delivered at closing.]




                                     E-1
<PAGE>

                                                          Exhibit F-1 and F-2

            [Exhibits F-1 and F-2 are schedules of Mortgage Loans]

        [Delivered to Trustee at closing and on file with the Trustee.]




                                     F-1
<PAGE>


                                  EXHIBIT G-1

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE


                                    [Date]


[Depositor]

[Sellers]

[Master Servicer]




             Re:  CWABS Asset-Backed Certificates, Series 2005-AB4
                  ------------------------------------------------

Gentlemen:

                  In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of November 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, the undersigned, as Trustee, and The
Bank of New York Trust Company, N.A., as Co-Trustee, the undersigned, as
Trustee, hereby certifies that, as to each Mortgage Loan listed in the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed in
the attached list of exceptions) the Co-Trustee has received:

                  (i) the original Mortgage Note, endorsed by manual or
facsimile signature in blank in the following form: "Pay to the order of
______________, without recourse", or, if the original Mortgage Note has been
lost or destroyed and not replaced, an original lost note affidavit, stating
that the original Mortgage Note was lost or destroyed, together with a copy of
the related Mortgage Note; and

                  (ii) a duly executed assignment of the Mortgage or a copy of
such assignment, in either case in the form permitted by Section 2.01 of the
Pooling and Servicing Agreement.

                  Based on its review and examination and only as to the
foregoing documents, such documents appear regular on their face and related
to such Mortgage Loan.

                  The Trustee has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
required in the Pooling and Servicing Agreement. The Trustee makes no
representations as to: (i) the validity, legality, sufficiency, enforceability
or genuineness of any of the documents contained in each Mortgage File of any
of the Mortgage Loans identified on the Mortgage Loan Schedule or (ii) the
collectibility, insurability, effectiveness or suitability of any such
Mortgage Loan.


                                    G-1-1
<PAGE>


                  Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the Pooling and Servicing Agreement.

                                 The Bank of New York,
                                      as Trustee



                                 By:
                                     -------------------------------------
                                     Name:
                                     Title:



                                    G-1-2
<PAGE>



                                  EXHIBIT G-2

                   FORM OF INTERIM CERTIFICATION OF TRUSTEE

                                    [Date]


[Depositor]

[Sellers]

[Master Servicer]



                  Re:  CWABS Asset-Backed Certificates, Series 2005-AB4
                       ------------------------------------------------

Gentlemen:

                  In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of November 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, the undersigned, as Trustee, and The
Bank of New York Trust Company, N.A., as Co-Trustee, the undersigned, as
Trustee, hereby certifies that[, with respect to the Subsequent Mortgage Loans
delivered in connection with the Subsequent Transfer Agreement, dated as of
__________, 2005 (the "Subsequent Transfer Agreement") among CWABS, Inc., as
Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a
Seller, Park Sienna LLC, as a Seller and The Bank of New York, as Trustee],
except as listed in the following paragraph, as to each [Initial Mortgage
Loan][Subsequent Mortgage Loan] listed in the [Mortgage Loan Schedule][Loan
Number and Borrower Identification Mortgage Loan Schedule] (other than any
[Mortgage Loan][Loan Number and Borrower Identification Mortgage Loan
Schedule] paid in full or listed on the attached list of exceptions) the
Co-Trustee has received:

                  (i) the original Mortgage Note, endorsed by manual or
facsimile signature in blank in the following form: "Pay to the order of
_______________ without recourse", with all intervening endorsements that show
a complete chain of endorsement from the originator to the Person endorsing
the Mortgage Note (each such endorsement being sufficient to transfer all
right, title and interest of the party so endorsing, as noteholder or assignee
thereof, in and to that Mortgage Note), or, if the original Mortgage Note has
been lost or destroyed and not replaced, an original lost note affidavit,
stating that the original Mortgage Note was lost or destroyed, together with a
copy of the related Mortgage Note and all such intervening endorsements;

                  (ii) the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, the original recorded
Mortgage or a copy of such Mortgage, with recording information, and in the
case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is a MERS
Mortgage Loan, the original Mortgage or a copy of such Mortgage, with
recording information, noting thereon the presence of the MIN of the [Initial
Mortgage


                                    G-2-1
<PAGE>

Loan][Subsequent Mortgage Loan] and language indicating that the
[Initial Mortgage Loan][Subsequent Mortgage Loan] is a MOM Loan if the
[Initial Mortgage Loan][Subsequent Mortgage Loan] is a MOM Loan, with evidence
of recording indicated thereon, or a copy of the Mortgage certified by the
public recording office in which such Mortgage has been recorded;

                  (iii) the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, a duly executed assignment of
the Mortgage to "Asset-Backed Certificates, Series 2005-AB4, CWABS, Inc., by
The Bank of New York, a New York banking corporation, as trustee under the
Pooling and Servicing Agreement dated as of November 1, 2005, without
recourse" or a copy of such assignment, with recording information, or, in the
case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] with respect to
property located in the State of California that is not a MERS Mortgage Loan,
a duly executed assignment of the Mortgage in blank (each such assignment,
when duly and validly completed, to be in recordable form and sufficient to
effect the assignment of and transfer to the assignee thereof, under the
Mortgage to which such assignment relates);

                  (iv) the original recorded assignment or assignments of the
Mortgage or a copy of such assignments, with recording information, together
with all interim recorded assignments of such Mortgage or a copy of such
assignments, with recording information (in each case noting the presence of a
MIN in the case of each MERS Mortgage Loan);

                  (v)  the original or copies of each assumption,
modification, written assurance or substitution agreement, if any; and

                  (vi) the original or duplicate original lender's title
policy or a copy of lender's title policy or a printout of the electronic
equivalent and all riders thereto or, in the event such original title policy
has not been received from the insurer, any one of an original title binder,
an original preliminary title report or an original title commitment, or a
copy thereof certified by the title company, with the original policy of title
insurance to be delivered within one year of the Closing Date.

                  In the event that in connection with any [Initial Mortgage
Loan][Subsequent Mortgage Loan] that is not a MERS Mortgage Loan the
applicable Seller cannot deliver the original recorded Mortgage or all interim
recorded assignments of the Mortgage satisfying the requirements of clause
(ii), (iii) or (iv), as applicable, the Co-Trustee has received, in lieu
thereof, a true and complete copy of such Mortgage and/or such assignment or
assignments of the Mortgage, as applicable, each certified by the applicable
Seller, the applicable title company, escrow agent or attorney, or the
originator of such [Initial Mortgage Loan][Subsequent Mortgage Loan], as the
case may be, to be a true and complete copy of the original Mortgage or
assignment of Mortgage submitted for recording.

                  Based on its review and examination and only as to the
foregoing documents, (i) such documents appear regular on their face and
related to such [Initial Mortgage Loan][Subsequent Mortgage Loan], and (ii)
the information set forth in items (i), (iv), (v), (vi), (viii), (ix) and (xv)
of the definition of the "Mortgage Loan Schedule" in Section 1.01 of the
Pooling and Servicing Agreement accurately reflects information set forth in
the Mortgage File.

                                    G-2-2
<PAGE>

                  The Trustee has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
required in the Pooling and Servicing Agreement. The Trustee makes no
representations as to: (i) the validity, legality, sufficiency, enforceability
or genuineness of any of the documents contained in each Mortgage File of any
of the [Initial Mortgage Loans][Subsequent Mortgage Loans] identified on the
[Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
Schedule] or (ii) the collectibility, insurability, effectiveness or
suitability of any such Mortgage Loan.




                                    G-2-3
<PAGE>


                  Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the Pooling and Servicing Agreement.

                                The Bank of New York,
                                   as Trustee



                                By:
                                   --------------------------------------
                                   Name:
                                   Title:



                                    G-2-4
<PAGE>


                                  EXHIBIT G-3

                     FORM OF DELAY DELIVERY CERTIFICATION

                                    [Date]


[Depositor]

[Sellers]

[Master Servicer]


                  Re:   CWABS Asset-Backed Certificates, Series 2005-AB4
                        ------------------------------------------------

Gentlemen:

                  [Reference is made to the Initial Certification of Trustee
relating to the above-referenced series, with the schedule of exceptions
attached thereto, delivered by the undersigned, as Trustee, on the Closing
Date in accordance with Section 2.02 of the Pooling and Servicing Agreement
dated as of November 1, 2005 (the "Pooling and Servicing Agreement") among
CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller, Park
Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, the undersigned, as Trustee, and The Bank of
New York Trust Company, N.A., as Co-Trustee.] The undersigned hereby certifies
that [, with respect to the Subsequent Mortgage Loans delivered in connection
with the Subsequent Transfer Agreement, dated as of __________, 2005 (the
"Subsequent Transfer Agreement") among CWABS, Inc., as Depositor, Countrywide
Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC,
as a Seller and The Bank of New York, as Trustee,] as to each Delay Delivery
Mortgage Loan listed on the Schedule A attached hereto (other than any
[Initial Mortgage Loan][Subsequent Mortgage Loan] paid in full or listed on
Schedule B attached hereto) it has received:

                  (1) the original Mortgage Note, endorsed by manual or
facsimile signature in blank in the following form: "Pay to the order of
_______________ without recourse", with all intervening endorsements that show
a complete chain of endorsement from the originator to the Person endorsing
the Mortgage Note (each such endorsement being sufficient to transfer all
right, title and interest of the party so endorsing, as noteholder or assignee
thereof, in and to that Mortgage Note), or, if the original Mortgage Note has
been lost or destroyed and not replaced, an original lost note affidavit,
stating that the original Mortgage Note was lost or destroyed, together with a
copy of the related Mortgage Note and all such intervening endorsements;

                  (2) in the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, a duly executed assignment of
the Mortgage to "Asset-Backed Certificates, Series 2005-AB4, CWABS, Inc., by
The Bank of New York, a New York banking corporation, as trustee under the
Pooling and Servicing Agreement dated as of November 1, 2005, without
recourse" or a copy of such assignment, with recording information,


                                    G-3-1
<PAGE>

or, in the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan]
with respect to property located in the State of California that is not a MERS
Mortgage Loan, a duly executed assignment of the Mortgage in blank (each such
assignment, when duly and validly completed, to be in recordable form and
sufficient to effect the assignment of and transfer to the assignee thereof,
under the Mortgage to which such assignment relates).

                  Based on its review and examination and only as to the
foregoing documents, such documents appear regular on their face and related
to such Mortgage Loan.

                  The Trustee has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
required in the Pooling and Servicing Agreement. The Trustee makes no
representations as to: (i) the validity, legality, sufficiency, enforceability
or genuineness of any of the documents contained in each Mortgage File of any
of the [Initial Mortgage Loans][Subsequent Mortgage Loans] identified on the
[Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
Schedule] or (ii) the collectibility, insurability, effectiveness or
suitability of any such [Initial Mortgage Loan][Subsequent Mortgage Loan].

                  Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the Pooling and Servicing Agreement.

                                 The Bank of New York,
                                     as Trustee



                                 By:
                                    -----------------------------------------
                                    Name:
                                    Title:





                                    G-3-2
<PAGE>

                                  EXHIBIT G-4

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE
                          (SUBSEQUENT MORTGAGE LOANS)

                                    [Date]


[Depositor]

[Sellers]

[Master Servicer]


              Re:   CWABS Asset-Backed Certificates, Series 2005-AB4
                    ------------------------------------------------

Gentlemen:

                  In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of November 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, the undersigned, as Trustee, and The
Bank of New York Trust Company, N.A., as Co-Trustee, the undersigned hereby
certifies that, as to each Subsequent Mortgage Loan listed in the Loan Number
and Borrower Identification Mortgage Loan Schedule (other than any Subsequent
Mortgage Loan paid in full or listed in the attached list of exceptions) the
Co-Trustee has received:

                  (1) the original Mortgage Note, endorsed by manual or
facsimile signature in blank in the following form: "Pay to the order of
_______________ without recourse", with all intervening endorsements that show
a complete chain of endorsement from the originator to the Person endorsing
the Mortgage Note (each such endorsement being sufficient to transfer all
right, title and interest of the party so endorsing, as noteholder or assignee
thereof, in and to that Mortgage Note), or, if the original Mortgage Note has
been lost or destroyed and not replaced, an original lost note affidavit,
stating that the original Mortgage Note was lost or destroyed, together with a
copy of the related Mortgage Note and all such intervening endorsements; and

                  (2) a duly executed assignment of the Mortgage or a copy of
such assignment with recording information, in either case in the form
permitted by Section 2.01 of the Pooling and Servicing Agreement.

                  Based on its review and examination and only as to the
foregoing documents, such documents appear regular on their face and related
to such Mortgage Loan.

                  The Trustee has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
required in the Pooling and Servicing Agreement. The Trustee makes no
representations as to: (i) the validity, legality, sufficiency,


                                    G-4-1
<PAGE>

enforceability or genuineness of any of the documents contained in each
Mortgage File of any of the Subsequent Mortgage Loans identified on the Loan
Number and Borrower Identification Mortgage Loan Schedule or (ii) the
collectibility, insurability, effectiveness or suitability of any such
Subsequent Mortgage Loan.

                  Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the Pooling and Servicing Agreement.

                               The Bank of New York,
                                    as Trustee



                               By:
                                   --------------------------------------
                                   Name:
                                   Title:



                                    G-4-2
<PAGE>


                                   EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF TRUSTEE

                                    [Date]


[Depositor]

[Master Servicer]

[Sellers]


                Re:   CWABS Asset-Backed Certificates, Series 2005-AB4
                      ------------------------------------------------

Gentlemen:

                  In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of November 1, 2005 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home
Loans Servicing LP, as Master Servicer, the undersigned, as Trustee, and The
Bank of New York Trust Company, N.A., as Co-Trustee, the undersigned, as
Trustee, hereby certifies that[, with respect to the Subsequent Mortgage Loans
delivered in connection with the Subsequent Transfer Agreement, dated as of
__________, 2005 (the "Subsequent Transfer Agreement") among CWABS, Inc., as
Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a
Seller, Park Sienna LLC, as a Seller and The Bank of New York, as Trustee,] as
to each [Initial Mortgage Loan][Subsequent Mortgage Loan] listed in the
[Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
Schedule] (other than any [Initial Mortgage Loan][Subsequent Mortgage Loan]
paid in full or listed on the attached Document Exception Report) it has
received:

                  (i) the original Mortgage Note, endorsed by manual or
facsimile signature in blank in the following form: "Pay to the order of
_________________ without recourse", with all intervening endorsements that
show a complete chain of endorsement from the originator to the Person
endorsing the Mortgage Note (each such endorsement being sufficient to
transfer all right, title and interest of the party so endorsing, as
noteholder or assignee thereof, in and to that Mortgage Note), or, if the
original Mortgage Note has been lost or destroyed and not replaced, an
original lost note affidavit, stating that the original Mortgage Note was lost
or destroyed, together with a copy of the related Mortgage Note and all such
intervening endorsements;

                  (ii) in the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, the original recorded
Mortgage or a copy of such Mortgage, with recording information, and in the
case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is a MERS
Mortgage Loan, the original Mortgage or a copy of such Mortgage, with
recording information, noting the presence of the MIN of the [Initial Mortgage
Loan][Subsequent Mortgage Loan] and language indicating that the [Initial
Mortgage Loan][Subsequent Mortgage Loan] is a MOM Loan if the [Initial
Mortgage Loan][Subsequent


                                     H-1
<PAGE>

Mortgage Loan] is a MOM Loan, with evidence of recording indicated
thereon, or a copy of the Mortgage certified by the public recording office in
which such Mortgage has been recorded];

                  (iii) in the case of each [Initial Mortgage Loan][Subsequent
Mortgage Loan] that is not a MERS Mortgage Loan, a duly executed assignment of
the Mortgage to "Asset-Backed Certificates, Series 2005-AB4, CWABS, Inc., by
The Bank of New York, a New York banking corporation, as trustee under the
Pooling and Servicing Agreement dated as of November 1, 2005, without
recourse" or a copy of such assignment, with recording information, or, in the
case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] with respect to
property located in the State of California that is not a MERS Mortgage Loan,
a duly executed assignment of the Mortgage in blank (each such assignment,
when duly and validly completed, to be in recordable form and sufficient to
effect the assignment of and transfer to the assignee thereof, under the
Mortgage to which such assignment relates);

                  (iv) the original recorded assignment or assignments of the
Mortgage together with all interim recorded assignments of such Mortgage
(noting the presence of a MIN in the case of each MERS Mortgage Loan);

                  (v)  the original or copies of each assumption, modification,
written assurance or substitution agreement, if any; and

                  (vi) the original or duplicate original lender's title
policy or a printout of the electronic equivalent and all riders thereto or
any one of an original title binder, an original preliminary title report or
an original title commitment, or a copy thereof certified by the title
company.

                  If the public recording office in which a Mortgage or
assignment thereof is recorded has retained the original of such Mortgage or
assignment, the Trustee has received, in lieu thereof, a copy of the original
Mortgage or assignment so retained, with evidence of recording thereon,
certified to be true and complete by such recording office.

                  Based on its review and examination and only as to the
foregoing documents, (i) such documents appear regular on their face and
related to such Mortgage Loan, and (ii) the information set forth in items
(i), (iv), (v), (vi), (viii), (ix) and (xv) of the definition of the "Mortgage
Loan Schedule" in Section 1.01 of the Pooling and Servicing Agreement
accurately reflects information set forth in the Mortgage File.

                  The Trustee has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
required in the Pooling and Servicing Agreement. The Trustee makes no
representations as to: (i) the validity, legality, sufficiency, enforceability
or genuineness of any of the documents contained in each Mortgage File of any
of the [Initial Mortgage Loans][Subsequent Mortgage Loans] identified on the
[Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
Schedule] or (ii) the collectibility, insurability, effectiveness or
suitability of any such [Initial Mortgage Loan][Subsequent Mortgage Loan].


                                     H-2
<PAGE>


                  Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the Pooling and Servicing Agreement.

                                       The Bank of New York,
                                        as Trustee



                                       By:
                                          ---------------------------------
                                          Name:
                                          Title:



                                     H-3
<PAGE>


                                   EXHIBIT I

               TRANSFER AFFIDAVIT FOR THE CLASS A-R CERTIFICATES

STATE OF             )
                     )    ss.:
COUNTY OF            )

                  The undersigned, being first duly sworn, deposes and says as
follows:

                  1. The undersigned is an officer of _______________, the
proposed Transferee of an Ownership Interest in a Class A-R Certificate (the
"Certificate") issued pursuant to the Pooling and Servicing Agreement, dated
as of November 1, 2005 (the "Agreement"), by and among CWABS, Inc., as
depositor (the "Depositor"), Countrywide Home Loans, Inc., as a Seller, Park
Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, The Bank of New York Trust Company, N.A., as
Co-Trustee and The Bank of New York, as Trustee. Capitalized terms used, but
not defined herein or in Exhibit 1 hereto, shall have the meanings ascribed to
such terms in the Agreement. The Transferee has authorized the undersigned to
make this affidavit on behalf of the Transferee.

                  2. The Transferee is not an employee benefit plan that is
subject to Title I of ERISA or to section 4975 of the Internal Revenue Code of
1986, nor is it acting on behalf of or with plan assets of any such plan. The
Transferee is, as of the date hereof, and will be, as of the date of the
Transfer, a Permitted Transferee. The Transferee will endeavor to remain a
Permitted Transferee for so long as it retains its Ownership Interest in the
Certificate. The Transferee is acquiring its Ownership Interest in the
Certificate for its own account.

                  3. The Transferee has been advised of, and understands that
(i) a tax will be imposed on Transfers of the Certificate to Persons that are
not Permitted Transferees; (ii) such tax will be imposed on the transferor,
or, if such Transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is not a Permitted Transferee, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability
for the tax if the subsequent Transferee furnished to such Person an affidavit
that such subsequent Transferee is a Permitted Transferee and, at the time of
Transfer, such Person does not have actual knowledge that the affidavit is
false.

                  4. The Transferee has been advised of, and understands that
a tax will be imposed on a "pass-through entity" holding the Certificate if at
any time during the taxable year of the pass-through entity a Person that is
not a Permitted Transferee is the record holder of an interest in such entity.
The Transferee understands that such tax will not be imposed for any period
with respect to which the record holder furnishes to the pass-through entity
an affidavit that such record holder is a Permitted Transferee and the
pass-through entity does not have actual knowledge that such affidavit is
false. (For this purpose, a "pass-through entity" includes a regulated
investment company, a real estate investment trust or common trust fund, a
partnership, trust or estate, and certain cooperatives and, except as may be
provided in Treasury Regulations, persons holding interests in pass-through
entities as a nominee for another Person.)


                                    I-1-1
<PAGE>

                  5. The Transferee has reviewed the provisions of Section
5.02(c) of the Agreement (attached hereto as Exhibit 2 and incorporated herein
by reference) and understands the legal consequences of the acquisition of an
Ownership Interest in the Certificate including, without limitation, the
restrictions on subsequent Transfers and the provisions regarding voiding the
Transfer and mandatory sales. The Transferee expressly agrees to be bound by
and to abide by the provisions of Section 5.02(c) of the Agreement and the
restrictions noted on the face of the Certificate. The Transferee understands
and agrees that any breach of any of the representations included herein shall
render the Transfer to the Transferee contemplated hereby null and void.

                  6. The Transferee agrees to require a Transfer Affidavit
from any Person to whom the Transferee attempts to Transfer its Ownership
Interest in the Certificate, and in connection with any Transfer by a Person
for whom the Transferee is acting as nominee, trustee or agent, and the
Transferee will not Transfer its Ownership Interest or cause any Ownership
Interest to be Transferred to any Person that the Transferee knows is not a
Permitted Transferee. In connection with any such Transfer by the Transferee,
the Transferee agrees to deliver to the Trustee a certificate substantially in
the form set forth as Exhibit J-1 to the Agreement (a "Transferor
Certificate") to the effect that such Transferee has no actual knowledge that
the Person to which the Transfer is to be made is not a Permitted Transferee.

                  7. The Transferee does not have the intention to impede the
assessment or collection of any tax legally required to be paid with respect
to the Class A-R Certificates.

                  8. The Transferee's taxpayer identification number is _____.

                  9. The Transferee is a U.S. Person as defined in Code
section 7701(a)(30).

                  10. The Transferee is aware that the Class A-R Certificates
may be "noneconomic residual interests" within the meaning of proposed
Treasury regulations promulgated pursuant to the Code and that the transferor
of a noneconomic residual interest will remain liable for any taxes due with
respect to the income on such residual interest, unless no significant purpose
of the transfer was to impede the assessment or collection of tax. In
addition, as the holder of a noneconomic residual interest, the Transferee may
incur tax liabilities in excess of any cash flows generated by the interest
and the Transferee hereby represents that it intends to pay taxes associated
with holding the residual interest as they become due.

                  11. The Transferee has provided financial statements or
other financial information requested by the Transferor in connection with the
transfer of the Class A-R Certificates to permit the Transferor to assess the
financial capability of the Transferee to pay such taxes.

                                     * * *


                                    I-1-2
<PAGE>



                  IN WITNESS WHEREOF, the Transferee has caused this instrument
to be executed on its behalf,  pursuant to authority of its Board of Directors,
by its duly authorized officer and its corporate seal to be hereunto affixed,
duly attested, this ____ day of _____________, 20__.

                                      [NAME OF TRANSFEREE]


                                      By:
                                         --------------------------------
                                         Name:
                                         Title:


[Corporate Seal]

ATTEST:

-------------------------
[Assistant] Secretary

                  Personally appeared before me the above-named _____________,
known or proved to me to be the same person who executed the foregoing
instrument and to be the ____________ of the Transferee, and acknowledged that
he executed the same as his free act and deed and the free act and deed of the
Transferee.

                  Subscribed and sworn before me this ____ day of _______, 20__.



                                      -------------------------------------
                                                  NOTARY PUBLIC
                                      My Commission expires the ___ day of
                                                 , 20__.



                                    I-1-3
<PAGE>

                              Certain Definitions

                  "Ownership Interest": As to any Certificate, any ownership
interest in such Certificate, including any interest in such Certificate as
the Holder thereof and any other interest therein, whether direct or indirect,
legal or beneficial.

                  "Permitted Transferee": Any person other than (i) the United
States, any State or political subdivision thereof, or any agency or
instrumentality of any of the foregoing, (ii) a foreign government,
International Organization or any agency or instrumentality of either of the
foregoing, (iii) an organization (except certain farmers' cooperatives
described in section 521 of the Code) that is exempt from tax imposed by
Chapter 1 of the Code (including the tax imposed by section 511 of the Code on
unrelated business taxable income) on any excess inclusions (as defined in
section 860E(c)(1) of the Code) with respect to any Class A-R Certificate,
(iv) rural electric and telephone cooperatives described in section
1381(a)(2)(C) of the Code, (v) an "electing large partnership" as defined in
section 775 of the Code, (vi) a Person that is not a citizen or resident of
the United States, a corporation, partnership, or other entity (treated as a
corporation or a partnership for federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia, or an estate whose income from sources without the
United States is includible in gross income for United States federal income
tax purposes regardless of its connection with the conduct of a trade or
business within the United States, or a trust if a court within the United
States is able to exercise primary supervision over the administration of the
trust and one or more United States persons have authority to control all
substantial decisions of the trustor unless such Person has furnished the
transferor and the Trustee with a duly completed Internal Revenue Service Form
W-8ECI, and (vii) any other Person so designated by the Trustee based upon an
Opinion of Counsel that the Transfer of an Ownership Interest in a Class A-R
Certificate to such Person may cause any REMIC formed hereunder to fail to
qualify as a REMIC at any time that any Certificates are Outstanding. The
terms "United States," "State" and "International Organization" shall have the
meanings set forth in section 7701 of the Code or successor provisions. A
corporation will not be treated as an instrumentality of the United States or
of any State or political subdivision thereof for these purposes if all of its
activities are subject to tax and, with the exception of the Federal Home Loan
Mortgage Corporation, a majority of its board of directors is not selected by
such government unit.

                  "Person": Any individual, corporation, limited liability
company, partnership, joint venture, bank, joint stock company, trust
(including any beneficiary thereof), unincorporated organization or government
or any agency or political subdivision thereof.

                  "Transfer": Any direct or indirect transfer or sale of any
Ownership Interest in a Certificate, including the acquisition of a
Certificate by the Depositor.

                  "Transferee":  Any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.


                                    I-1-4
<PAGE>


                       Section 5.02(c) of the Agreement

                  (c) Each Person who has or who acquires any Ownership
Interest in a Class A-R Certificate shall be deemed by the acceptance
or acquisition of such Ownership Interest to have agreed to be bound
by the following provisions, and the rights of each Person acquiring
any Ownership Interest in a Class A-R Certificate are expressly
subject to the following provisions:

                  (1) Each Person holding or acquiring any Ownership Interest
         in a Class A-R Certificate shall be a Permitted Transferee and shall
         promptly notify the Trustee of any change or impending change in its
         status as a Permitted Transferee.

                  (2) Except in connection with (i) the registration of the
         Tax Matters Person Certificate in the name of the Trustee or (ii) any
         registration in the name of, or transfer of a Class A-R Certificate
         to, an affiliate of the Depositor (either directly or through a
         nominee) in connection with the initial issuance of the Certificates,
         no Ownership Interest in a Class A-R Certificate may be registered on
         the Closing Date or thereafter transferred, and the Trustee shall not
         register the Transfer of any Class A-R Certificate unless, the
         Trustee shall have been furnished with an affidavit (a "Transfer
         Affidavit") of the initial owner or the proposed transferee in the
         form attached hereto as Exhibit I.

                  (3) Each Person holding or acquiring any Ownership Interest
         in a Class A-R Certificate shall agree (A) to obtain a Transfer
         Affidavit from any other Person to whom such Person attempts to
         Transfer its Ownership Interest in a Class A-R Certificate, (B) to
         obtain a Transfer Affidavit from any Person for whom such Person is
         acting as nominee, trustee or agent in connection with any Transfer
         of a Class A-R Certificate and (C) not to Transfer its Ownership
         Interest in a Class A-R Certificate, or to cause the Transfer of an
         Ownership Interest in a Class A-R Certificate to any other Person, if
         it has actual knowledge that such Person is not a Permitted
         Transferee.

                  (4) Any attempted or purported Transfer of any Ownership
         Interest in a Class A-R Certificate in violation of the provisions of
         this Section 5.02(c) shall be absolutely null and void and shall vest
         no rights in the purported Transferee. If any purported transferee
         shall become a Holder of a Class A-R Certificate in violation of the
         provisions of this Section 5.02(c), then the last preceding Permitted
         Transferee shall be restored to all rights as Holder thereof
         retroactive to the date of registration of Transfer of such Class A-R
         Certificate. The Trustee shall be under no liability to any Person
         for any registration of Transfer of a Class A-R Certificate that is
         in fact not permitted by Section 5.02(b) and this Section 5.02(c) or
         for making any payments due on such Certificate to the Holder thereof
         or taking any other action with respect to such Holder under the
         provisions of this Agreement so long as the Transfer was registered
         after receipt of the related Transfer Affidavit and Transferor
         Certificate. The Trustee shall be entitled but not obligated to
         recover from any Holder of a Class A-R Certificate that was in fact
         not a Permitted Transferee at the time it became a Holder or, at such
         subsequent time as it became other than a Permitted Transferee, all
         payments made on such Class A-R Certificate at and after either such
         time. Any such payments so recovered by the Trustee shall be paid and
         delivered by the Trustee to the last preceding Permitted Transferee
         of such Certificate.

                                    I-1-5
<PAGE>

                  (5) The Master Servicer shall use its best efforts to make
         available, upon receipt of written request from the Trustee, all
         information necessary to compute any tax imposed under section
         860E(e) of the Code as a result of a Transfer of an Ownership
         Interest in a Class A-R Certificate to any Holder who is not a
         Permitted Transferee.

                  The restrictions on Transfers of a Class A-R Certificate set
forth in this section 5.02(c) shall cease to apply (and the applicable
portions of the legend on a Class A-R Certificate may be deleted) with respect
to Transfers occurring after delivery to the Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trustee, the Sellers
or the Master Servicer to the effect that the elimination of such restrictions
will not cause any constituent REMIC of any REMIC formed hereunder to fail to
qualify as a REMIC at any time that the Certificates are outstanding or result
in the imposition of any tax on the Trust Fund, a Certificateholder or another
Person. Each Person holding or acquiring any ownership Interest in a Class A-R
Certificate hereby consents to any amendment of this Agreement that, based on
an Opinion of Counsel furnished to the Trustee, is reasonably necessary (a) to
ensure that the record ownership of, or any beneficial interest in, a Class
A-R Certificate is not transferred, directly or indirectly, to a Person that
is not a Permitted Transferee and (b) to provide for a means to compel the
Transfer of a Class A-R Certificate that is held by a Person that is not a
Permitted Transferee to a Holder that is a Permitted Transferee.


                                    I-1-6
<PAGE>

                                  EXHIBIT J-1

           FORM OF TRANSFEROR CERTIFICATE FOR CLASS A-R CERTIFICATES

                                     Date:


CWABS, Inc.
as Depositor
4500 Park Granada
Calabasas, California  91302

The Bank of New York
as Trustee
101 Barclay Street
New York, New York  10286


              Re:   CWABS, Inc. Asset Backed
                    Certificates, Series 2005-AB4
                    -----------------------------

Ladies and Gentlemen:

                  In connection with our disposition of the Class A-R
Certificates, we certify that we have no knowledge that the Transferee is not
a Permitted Transferee. All capitalized terms used herein but not defined
herein shall have the meanings assigned to them in the Pooling and Servicing
Agreement dated as of November 1, 2005, among CWABS, Inc., as Depositor,
Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park
Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
Servicer, The Bank of New York Trust Company, N.A., as Co-Trustee, and The
Bank of New York, as Trustee.

                                           Very truly yours,



                                           -------------------------------
                                           Name of Transferor


                                           By: _______________________________
                                           Name:
                                           Title:



                                    J-1-1
<PAGE>


                                  EXHIBIT J-2

                      FORM OF TRANSFEROR CERTIFICATE FOR
                             PRIVATE CERTIFICATES

                                     Date:


CWABS, Inc.,
    as Depositor
4500 Park Granada
Calabasas, California 91302

The Bank of New York,
    as Trustee
101 Barclay Street
New York, New York  10286


                  Re:   CWABS, Inc. Asset-Backed Certificates,
                        Series 2005-AB4, Class [   ]


Ladies and Gentlemen:

                  In connection with our disposition of the above-captioned
Certificates we certify that (a) we understand that the Certificates have not
been registered under the Securities Act of 1933, as amended (the "Act"), and
are being disposed by us in a transaction that is exempt from the registration
requirements of the Act, (b) we have not offered or sold any Certificates to,
or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner
that would be deemed, or taken any other action which would result in, a
violation of Section 5 of the Act. All capitalized terms used herein but not
defined herein shall have the meanings assigned to them in the Pooling and
Servicing Agreement dated as of November 1, 2005, among CWABS, Inc., as
Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a
Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as
Master Servicer, The Bank of New York Trust Company, N.A., as Co-Trustee and
The Bank of New York, as Trustee.

                                         Very truly yours,



                                         ----------------------------------
                                         Name of Transferor


                                         By: _______________________________
                                         Name:
                                         Title:



                                    J-2-1
<PAGE>

                                   EXHIBIT K

                   FORM OF INVESTMENT LETTER (NON-RULE 144A)

                                     Date:


CWABS, Inc.,
    as Depositor
4500 Park Granada
Calabasas, California 91302

The Bank of New York,
    as Trustee
101 Barclay St., 8W
New York, New York  10286


                  Re:    CWABS, Inc. Asset-Backed Certificates,
                         Series 2005-AB4, Class [   ]


Ladies and Gentlemen:

                  In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, (b) we are an "accredited investor," as defined in Regulation D under
the Act, and have such knowledge and experience in financial and business
matters that we are capable of evaluating the merits and risks of investments
in the Certificates, (c) we have had the opportunity to ask questions of and
receive answers from the Depositor concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Certificates, (d) either (i) we are
not an employee benefit plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended, or a plan or arrangement that is subject to
Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
acting on behalf of any such plan or arrangement, or using the assets of any
such plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting, we are
an insurance company which is purchasing such Certificates with funds
contained in an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and the purchase and holding of such Certificates are covered under
Sections I and III of PTCE 95-60, (e) we are acquiring the Certificates for
investment for our own account and not with a view to any distribution of such
Certificates (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificates in accordance with clause (g) below),
(f) we have not offered or sold any Certificates to, or solicited offers to
buy any Certificates from, any person, or otherwise approached or negotiated
with any person with respect thereto, or taken any other action which would
result in a violation of Section 5 of the Act, and (g) we will not sell,
transfer or otherwise dispose of any


                                     K-1
<PAGE>

Certificates unless (1) such sale, transfer or other disposition is made
pursuant to an effective registration statement under the Act or is exempt
from such registration requirements, and if requested, we will at our expense
provide an opinion of counsel satisfactory to the addressees of this
Certificate that such sale, transfer or other disposition may be made pursuant
to an exemption from the Act, (2) the purchaser or transferee of such
Certificate has executed and delivered to you a certificate to substantially
the same effect as this certificate, and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Pooling
and Servicing Agreement.

                  All capitalized terms used herein but not defined herein
shall have the meanings assigned to them in the Pooling and Servicing
Agreement dated as of November 1, 2005, among CWABS, Inc., as Depositor,
Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park
Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
Servicer, The Bank of New York Trust Company, N.A., as Co-Trustee, and The
Bank of New York, as Trustee.

                                         Very truly yours,


                                         ----------------------------------
                                         Name of Transferee

                                         By: _______________________________
                                              Authorized Officer



                                     K-2
<PAGE>

                                   EXHIBIT L

                           FORM OF RULE 144A LETTER

                                     Date:


CWABS, Inc.,
    as Depositor
4500 Park Granada
Calabasas, California 91302

The Bank of New York,
    as Trustee
101 Barclay Street
New York, New York  10286


                  Re:   CWABS, Inc. Asset-Backed Certificates,
                        Series 2005-AB4, Class [   ]

Ladies and Gentlemen:

                  In connection with our acquisition of the above-captioned
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Act and any such
laws, (b) we have such knowledge and experience in financial and business
matters that we are capable of evaluating the merits and risks of investments
in the Certificates, (c) we have had the opportunity to ask questions of and
receive answers from the Depositor concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed
necessary to our decision to purchase the Certificates, (d) either (i) we are
not an employee benefit plan that is subject to the Employee Retirement Income
Security Act of 1974, as amended, or a plan or arrangement that is subject to
Section 4975 of the Internal Revenue Code of 1986, as amended, nor are we
acting on behalf of any such plan or arrangement, or using the assets of any
such plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting, we are
an insurance company which is purchasing such Certificates with funds
contained in an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and the purchase and holding of such Certificates are covered under
Sections I and III of PTCE 95-60, (e) we have not, nor has anyone acting on
our behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificates, any interest in the Certificates or any other similar security
to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Certificates, any interest in the Certificates or any other
similar security from, or otherwise approached or negotiated with respect to
the Certificates, any interest in the Certificates or any other similar
security with, any person in any manner, or made any general solicitation by
means of general advertising or in any other manner, or taken any other
action, that would constitute a distribution of the


                                     L-1
<PAGE>

Certificates under the Securities Act or that would render the disposition
of the Certificates a violation of Section 5 of the Securities Act or
require registration pursuant thereto, nor will act, nor has authorized or
will authorize any person to act, in such manner with respect to the
Certificates, (f) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act and have completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex 2.
We are aware that the sale to us is being made in reliance on Rule 144A. We
are acquiring the Certificates for our own account or for resale pursuant to
Rule 144A and further, understand that such Certificates may be resold,
pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the Securities Act.

                  All capitalized terms used herein but not defined herein
shall have the meanings assigned to them in the Pooling and Servicing
Agreement dated as of November 1, 2005, among CWABS, Inc., as Depositor,
Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park
Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
Servicer, The Bank of New York Trust Company, N.A., as Co-Trustee, and The
Bank of New York, as Trustee.

                                          Very truly yours,


                                          ----------------------------------
                                          Name of Transferee

                                          By: _______________________________
                                              Authorized Officer



                                     L-2
<PAGE>


                             ANNEX 1 TO EXHIBIT L

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

         [For Transferees Other Than Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

         As indicated below, the undersigned is the President, Chief
              Financial Officer, Senior Vice President or other executive
              officer of the Buyer.

         In connection with purchases by the Buyer, the Buyer is a
              "qualified institutional buyer" as that term is defined in Rule
              144A under the Securities Act of 1933, as amended ("Rule 144A")
              because (i) the Buyer owned and/or invested on a discretionary
              basis either at least $100,000,000 in securities or, if Buyer is
              a dealer, Buyer must own and/or invest on a discretionary basis
              at least $10,000,000 in securities (except for the excluded
              securities referred to below) as of the end of the Buyer's most
              recent fiscal year (such amount being calculated in accordance
              with Rule 144A and (ii) the Buyer satisfies the criteria in the
              category marked below.

              ___   Corporation, etc. The Buyer is a corporation (other than a
                    bank, savings and loan association or similar
                    institution), Massachusetts or similar business trust,
                    partnership, or charitable organization described in
                    Section 501(c)(3) of the Internal Revenue Code of 1986, as
                    amended.

              ___   Bank. The Buyer (a) is a national bank or banking
                    institution organized under the laws of any State,
                    territory or the District of Columbia, the business of
                    which is substantially confined to banking and is
                    supervised by the State or territorial banking commission
                    or similar official or is a foreign bank or equivalent
                    institution, and (b) has an audited net worth of at least
                    $25,000,000 as demonstrated in its latest annual financial
                    statements, a copy of which is attached hereto.

              ___   Savings and Loan. The Buyer (a) is a savings and loan
                    association, building and loan association, cooperative
                    bank, homestead association or similar institution, which
                    is supervised and examined by a State or Federal authority
                    having supervision over any such institutions or is a
                    foreign savings and loan association or equivalent
                    institution and (b) has an audited net worth of at least
                    $25,000,000 as demonstrated in its latest annual financial
                    statements, a copy of which is attached hereto.

              ___   Broker-dealer.  The Buyer is a dealer registered pursuant
                    to Section 15 of the Securities Exchange Act of 1934.

              ___   Insurance Company. The Buyer is an insurance company whose
                    primary and predominant business activity is the writing
                    of insurance or the reinsuring of


                                     L-3
<PAGE>

                    risks underwritten by insurance companies and which is
                    subject to supervision by the insurance commissioner or a
                    similar official or agency of a State, territory or the
                    District of Columbia.

              ___   State or Local Plan. The Buyer is a plan established and
                    maintained by a State, its political subdivisions, or any
                    agency or instrumentality of the State or its political
                    subdivisions, for the benefit of its employees.

              ___   ERISA Plan. The Buyer is an employee benefit plan within
                    the meaning of Title I of the Employee Retirement Income
                    Security Act of 1974.

              ___   Investment Advisor.  The Buyer is an investment advisor
                    registered under the Investment Advisors Act of 1940.

              ___   Small Business Investment Company. Buyer is a small
                    business investment company licensed by the U.S. Small
                    Business Administration under Section 301(c) or (d) of the
                    Small Business Investment Act of 1958.

              ___   Business Development Company.  Buyer is a business
                    development company as defined in Section  202(a)(22) of the
                    Investment Advisors Act of 1940.

         The  term "securities" as used herein does not include (i) securities
              of issuers that are affiliated with the Buyer, (ii) securities
              that are part of an unsold allotment to or subscription by the
              Buyer, if the Buyer is a dealer, (iii) securities issued or
              guaranteed by the U.S. or any instrumentality thereof, (iv) bank
              deposit notes and certificates of deposit, (v) loan
              participations, (vi) repurchase agreements, (vii) securities
              owned but subject to a repurchase agreement and (viii) currency,
              interest rate and commodity swaps.

         For  purposes of determining the aggregate amount of securities owned
              and/or invested on a discretionary basis by the Buyer, the Buyer
              used the cost of such securities to the Buyer and did not
              include any of the securities referred to in the preceding
              paragraph, except (i) where the Buyer reports its securities
              holdings in its financial statements on the basis of their
              market value, and (ii) no current information with respect to
              the cost of those securities has been published. If clause (ii)
              in the preceding sentence applies, the securities may be valued
              at market. Further, in determining such aggregate amount, the
              Buyer may have included securities owned by subsidiaries of the
              Buyer, but only if such subsidiaries are consolidated with the
              Buyer in its financial statements prepared in accordance with
              generally accepted accounting principles and if the investments
              of such subsidiaries are managed under the Buyer's direction.
              However, such securities were not included if the Buyer is a
              majority-owned, consolidated subsidiary of another enterprise
              and the Buyer is not itself a reporting company under the
              Securities Exchange Act of 1934, as amended.

         The  Buyer acknowledges that it is familiar with Rule 144A and
              understands that the seller to it and other parties related to
              the Certificates are relying and will continue to rely on the
              statements made herein because one or more sales to the Buyer
              may be in reliance on Rule 144A.

                                     L-4
<PAGE>

         Until the date of purchase of the Rule 144A Securities, the Buyer
              will notify each of the parties to which this certification is
              made of any changes in the information and conclusions herein.
              Until such notice is given, the Buyer's purchase of the
              Certificates will constitute a reaffirmation of this
              certification as of the date of such purchase. In addition, if
              the Buyer is a bank or savings and loan is provided above, the
              Buyer agrees that it will furnish to such parties updated annual
              financial statements promptly after they become available.

                                     ------------------------------------
                                                Print Name of Buyer


                                     By:
                                          --------------------------------
                                          Name:
                                          Title:


                                     Date:
                                           -------------------------------



                                     l-5
<PAGE>

                                                         ANNEX 2 TO EXHIBIT L
                                                         --------------------

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           --------------------------------------------------------

          [For Transferees That are Registered Investment Companies]

The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

                  1. As indicated below, the undersigned is the President,
Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer
is a "qualified institutional buyer" as that term is defined in Rule 144A
under the Securities Act of 1933, as amended ("Rule 144A") because Buyer is
part of a Family of Investment Companies (as defined below), is such an
officer of the Adviser.

           In connection with purchases by Buyer, the Buyer is a "qualified
              institutional buyer" as defined in SEC Rule 144A because (i) the
              Buyer is an investment company registered under the Investment
              Company Act of 1940, as amended and (ii) as marked below, the
              Buyer alone, or the Buyer's Family of Investment Companies,
              owned at least $100,000,000 in securities (other than the
              excluded securities referred to below) as of the end of the
              Buyer's most recent fiscal year. For purposes of determining the
              amount of securities owned by the Buyer or the Buyer's Family of
              Investment Companies, the cost of such securities was used,
              except (i) where the Buyer or the Buyer's Family of Investment
              Companies reports its securities holdings in its financial
              statements on the basis of their market value, and (ii) no
              current information with respect to the cost of those securities
              has been published. If clause (ii) in the preceding sentence
              applies, the securities may be valued at market.

         ___    The Buyer owned $      in securities (other than the excluded
                securities referred to below) as of the end of the Buyer's
                most recent fiscal year (such amount being calculated in
                accordance with Rule 144A).

         ___    The Buyer is part of a Family of Investment Companies which
                owned in the aggregate $     in securities (other than the
                excluded securities referred to below) as of the end of the
                Buyer's most recent fiscal year (such amount being calculated
                in accordance with Rule 144A).

     The term "Family of Investment Companies" as used herein means two or
         more registered investment companies (or series thereof) that have
         the same investment adviser or investment advisers that are
         affiliated (by virtue of being majority owned subsidiaries of the
         same parent or because one investment adviser is a majority owned
         subsidiary of the other).

     The term "securities" as used herein does not include (i) securities of
         issuers that are affiliated with the Buyer or are part of the Buyer's
         Family of Investment Companies, (ii) securities issued or guaranteed
         by the U.S. or any instrumentality thereof, (iii) bank deposit notes
         and certificates of deposit, (iv) loan participations, (v) repurchase


                                     L-6
<PAGE>

         agreements, (vi) securities owned but subject to a repurchase
         agreement and (vii) currency, interest rate and commodity swaps.

     The Buyer is familiar with Rule 144A and under-stands that the parties
         listed in the Rule 144A Transferee Certificate to which this
         certification relates are relying and will continue to rely on the
         statements made herein because one or more sales to the Buyer will be
         in reliance on Rule 144A. In addition, the Buyer will only purchase
         for the Buyer's own account.

     Until the date of purchase of the Certificates, the undersigned will
         notify the parties listed in the Rule 144A Transferee Certificate to
         which this certification relates of any changes in the information
         and conclusions herein. Until such notice is given, the Buyer's
         purchase of the Certificates will constitute a reaffirmation of this
         certification by the undersigned as of the date of such purchase.

                                            ___________________________________
                                              Print Name of Buyer or Adviser


                                           By: _______________________________
                                           Name:
                                           Title:


                                           IF AN ADVISER:



                                           ___________________________________
                                                  Print Name of Buyer


                                           Date:
                                                -----------------------------

                                     L-7
<PAGE>


                                   EXHIBIT M

                     FORM OF REQUEST FOR DOCUMENT RELEASE

Loan Information

         Name of Mortgagor:
                                       ---------------------------------------

         Master Servicer
         Loan No.:
                                       ---------------------------------------

Co-Trustee

         Name:
                                       ---------------------------------------

         Address:
                                       ---------------------------------------


         Co-Trustee
         Mortgage File No.:            ---------------------------------------

                  The undersigned Master Servicer hereby acknowledges that it
has received from _______________________________________, as Co-Trustee for
the Holders of Asset-Backed Certificates, Series 2005-AB4, the documents
referred to below (the "Documents"). All capitalized terms not otherwise
defined in this Request for Document Release shall have the meanings given
them in the Pooling and Servicing Agreement dated as of November 1, 2005 (the
"Pooling and Servicing Agreement") among CWABS, Inc., as Depositor,
Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park
Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
Servicer, The Bank of New York, as Trustee, and The Bank of New York Trust
Company, N.A., as Co-Trustee.

(  )     Mortgage Note dated ___________, ____, in the original principal sum
         of $________, made by __________________, payable to, or endorsed to
         the order of, the Trustee.

(  )     Mortgage recorded on _________________ as instrument no. _____________
         in the County Recorder's Office of the County of______________, State
         of _______________ in book/reel/docket _______________ of official
         records at page/image ___________.

(  )     Deed of Trust recorded on _________________ as instrument no. ________
         in the County Recorder's Office of the County of ________________,
         State of _______________ in book/reel/docket _______________ of
         official records at page/image____________.

(  )     Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
         _________________ as instrument no. __________ in the County
         Recorder's Office of

                                     M-1
<PAGE>

         the County of __________, State of _____________in book/reel/docket
         _______________ of official records at page/image _____________.

(  )     Other documents, including any amendments, assignments or other
         assumptions of the Mortgage Note or Mortgage.

(  )     ----------------------------------------------

(  )     ----------------------------------------------

(  )     ----------------------------------------------

(  )     ----------------------------------------------

         The undersigned Master Servicer hereby acknowledges and agrees as
follows:

                  (1) The Master Servicer shall hold and retain possession of
         the Documents in trust for the benefit of the Trust Fund, solely for
         the purposes provided in the Pooling and Servicing Agreement.

                  (2) The Master Servicer shall not cause or knowingly permit
         the Documents to become subject to, or encumbered by, any claim,
         liens, security interest, charges, writs of attachment or other
         impositions nor shall the Master Servicer assert or seek to assert
         any claims or rights of setoff to or against the Documents or any
         proceeds thereof.

                  (3) The Master Servicer shall return each and every Document
         previously requested from the Mortgage File to the Co-Trustee when
         the need therefor no longer exists, unless the Mortgage Loan relating
         to the Documents has been liquidated and the proceeds thereof have
         been remitted to the Certificate Account and except as expressly
         provided in the Pooling and Servicing Agreement.

                  (4) The Documents and any proceeds thereof, including any
         proceeds of proceeds, coming into the possession or control of the
         Master Servicer shall at all times be earmarked for the account of
         the Trust Fund, and the Master Servicer shall keep the Documents and
         any proceeds separate and distinct from all other property in the
         Master Servicer's possession, custody or control.

                                         [Master Servicer]


                                         By
                                               -------------------------------


                                         Its
                                               -------------------------------


                                         Date: _________________, ____



                                     M-2
<PAGE>



                                   EXHIBIT N

                       FORM OF REQUEST FOR FILE RELEASE

                    OFFICER'S CERTIFICATE AND TRUST RECEIPT
                          ASSET-BACKED CERTIFICATES,
                                Series 2005-AB4

__________________________________________ HEREBY CERTIFIES THAT HE/SHE IS AN
OFFICER OF THE MASTER SERVICER, HOLDING THE OFFICE SET FORTH BENEATH HIS/HER
SIGNATURE, AND HEREBY FURTHER CERTIFIES AS FOLLOWS:

WITH RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

[ALL PAYMENTS OF PRINCIPAL AND INTEREST HAVE BEEN MADE.] [THE PURCHASE PRICE
FOR SUCH MORTGAGE LOANS HAS BEEN PAID.] [THE MORTGAGE LOANS HAVE BEEN
LIQUIDATED AND THE RELATED [INSURANCE PROCEEDS] [LIQUIDATION PROCEEDS] HAVE
BEEN DEPOSITED PURSUANT TO SECTION 3.13 OF THE POOLING AND SERVICING
AGREEMENT.] [A REPLACEMENT MORTGAGE LOAN HAS BEEN DELIVERED TO THE TRUSTEE IN
THE MANNER AND OTHERWISE IN ACCORDANCE WITH THE CONDITIONS SET FORTH IN
SECTIONS 2.02 AND 2.03 OF THE POOLING AND SERVICING AGREEMENT.]

LOAN NUMBER:_______________                 BORROWER'S NAME:_____________

COUNTY:____________________

[For Substitution or Repurchase Only: The Master Servicer certifies that [an]
[no] opinion is required by Section 2.05 [and is attached hereto].]

I HEREBY CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS,
THAT ARE REQUIRED TO BE DEPOSITED IN THE CERTIFICATE ACCOUNT PURSUANT TO
SECTION 3.05 OF THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE
CREDITED.

____________                                _____________________
                                            DATED:____________

/ /                                         VICE PRESIDENT
/ /                                         ASSISTANT VICE PRESIDENT


                                     N-1
<PAGE>

                                                                    Exhibit O

                           Exhibit O is a photocopy
                          of the Depository Agreement
                                 as delivered.

               [See appropriate documents delivered at closing.]



                                     O-1
<PAGE>


                                   EXHIBIT P

                     FORM OF SUBSEQUENT TRANSFER AGREEMENT

                  SUBSEQUENT TRANSFER AGREEMENT, dated as of ____________,
200[_] (this "Subsequent Transfer Agreement"), among CWABS, INC., a Delaware
corporation, as depositor (the "Depositor"), COUNTRYWIDE HOME LOANS, INC., a
New York corporation, in its capacity as a seller under the Pooling and
Servicing Agreement referred to below ("CHL"), PARK MONACO INC., a Delaware
corporation, in its capacity as a seller under the Pooling and Servicing
Agreement ("Park Monaco"), PARK SIENNA LLC, a Delaware limited liability
company, in its capacity as a seller under the Pooling and Servicing Agreement
("Park Sienna" and, together with CHL and Park Monaco, the "Sellers") and The
Bank of New York, a New York banking corporation, as trustee (the "Trustee");

                  WHEREAS, the Depositor, CHL, Park Monaco, Park Sienna, the
Trustee, Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank
of New York Trust Company N.A., as Co-Trustee, have entered in the Pooling and
Servicing Agreement, dated as of November 1, 2005 (the "Pooling and Servicing
Agreement"), relating to the CWABS, Inc. Asset-Backed Certificates, Series
2005-AB4 (capitalized terms not otherwise defined herein are used as defined
in the Pooling and Servicing Agreement);

                  WHEREAS, Section 2.01(b) of the Pooling and Servicing
Agreement provides for the parties hereto to enter into this Subsequent
Transfer Agreement in accordance with the terms and conditions of the Pooling
and Servicing Agreement;

                  NOW, THEREFORE, in consideration of the premises and for
other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged the parties hereto agree as follows:

                  (a) The "Subsequent Transfer Date" with respect to this
Subsequent Transfer  Agreement shall be ________ __, 200[_].

                  (b) The "Subsequent Transfer Date Purchase Amount" with
respect to this Subsequent Transfer Agreement shall be$___________.

                  (c) The Subsequent Mortgage Loans conveyed on the Subsequent
Transfer Date shall be subject to the terms and conditions of the Pooling and
Servicing Agreement.

                  (d) Annex I hereto sets forth a list of the Mortgage Loans
which are Delay Delivery Mortgage Loans.

                  (e) In case any provision of this Subsequent Transfer
Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions or obligations shall not in any
way be affected or impaired thereby.

                  (f) In the event of any conflict between the provisions of
this Subsequent Transfer Agreement and the Pooling and Servicing Agreement,
the provisions of the Pooling and Servicing Agreement shall prevail.

                                     P-1
<PAGE>

                  (g) This Subsequent Transfer Agreement shall be governed by,
and shall be construed and enforced in accordance with the laws of the State
of New York.

                  (h) The Subsequent Transfer Agreement may be executed in one
or more counterparts, each of which so executed and delivered shall be deemed
an original, but all such counterparts together shall constitute but one and
the same instrument.



                                     P-2
<PAGE>

                  IN WITNESS WHEREOF, the parties to this Subsequent Transfer
Agreement have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the day and year first above written.



                                            CWABS, INC.,
                                              as Depositor



                                            By: ______________________________
                                                Name:
                                                Title:



                                           COUNTRYWIDE HOME LOANS, INC.,
                                              as a Seller



                                           By: _______________________________
                                               Name:
                                               Title:



                                           PARK MONACO INC.,
                                              as a Seller



                                           By: ______________________________
                                               Name:
                                               Title:



                                           PARK SIENNA LLC,
                                             as a Seller



                                           By: ______________________________
                                               Name:
                                               Title:




                                     P-3
<PAGE>





                                            THE BANK OF NEW YORK,
                                              not in its individual capacity,
                                              but solely as Trustee



                                            By:_______________________________
                                               Name:
                                               Title:




                                     P-4
<PAGE>

                                                                       Annex I

  Mortgage Loans for which All or a Portion of a Related Mortgage File is not
     Delivered to the Trustee on or prior to the Subsequent Transfer Date






                                     P-5
<PAGE>


                                   EXHIBIT Q

                                  [RESERVED]




                                     Q-1
<PAGE>


                                   EXHIBIT R

                                  [RESERVED]




                                     R-1
<PAGE>



                                  EXHIBIT S-1

                                  [RESERVED]





                                    S-1-1
<PAGE>


                                  EXHIBIT S-2

                                  [RESERVED]





                                    S-2-1
<PAGE>


                                   EXHIBIT T


               OFFICER'S CERTIFICATE WITH RESPECT TO PREPAYMENTS


                          ASSET-BACKED CERTIFICATES,
                                Series 2005-AB4

                                    [Date]

Via Facsimile

The Bank of New York,
     as Trustee
101 Barclay Street
New York, New York  10286


Dear Sir or Madam:

                  Reference is made to the Pooling and Servicing Agreement,
dated as of November 1, 2005, (the "Pooling and Servicing Agreement") among
CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller, Park
Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, The Bank of New York Trust Company, N.A., as
Co-Trustee and The Bank of New York, as Trustee. Capitalized terms used herein
shall have the meanings ascribed to such terms in the Pooling and Servicing
Agreement.

                  __________________ hereby certifies that he/she is a
Servicing Officer, holding the office set forth beneath his/her name and
hereby further certifies as follows:

                  With respect to the Distribution Date in _________ 20[ ] and
each Mortgage Loan set forth in the attached schedule:

                  1. A Principal Prepayment in full or in part was received
during the related Prepayment Period;

                  2. Any Prepayment Charge due under the terms of the Mortgage
Note with respect to such Principal Prepayment was or was not, as indicated on
the attached schedule using "Yes" or "No", received from the Mortgagor and
deposited in the Certificate Account;

                  3. As to each Mortgage Loan set forth on the attached
schedule for which all or part of the Prepayment Charge required in connection
with the Principal Prepayment was waived by the Master Servicer, such waiver
was, as indicated on the attached schedule, based upon:

                           (i) the Master Servicer's determination that such
         waiver would maximize recovery of Liquidation Proceeds for such
         Mortgage Loan, taking into account the value of such Prepayment
         Charge, or


                                     T-1
<PAGE>

                           (ii)(A) the enforceability thereof is limited (1)
         by bankruptcy, insolvency, moratorium, receivership, or other similar
         law relating to creditors' rights generally or (2) due to
         acceleration in connection with a foreclosure or other involuntary
         payment, or (B) the enforceability is otherwise limited or prohibited
         by applicable law; and

                  4. We certify that all amounts due in connection with the
waiver of a Prepayment Charge inconsistent with clause 3 above which are
required to be deposited by the Master Servicer pursuant to Section 3.20 of
the Pooling and Servicing Agreement, have been or will be so deposited.

                                     COUNTRYWIDE HOME LOANS, INC.,
                                      as Master Servicer



                                     T-2
<PAGE>

<TABLE>
<CAPTION>

        SCHEDULE OF MORTGAGE LOANS FOR WHICH A PREPAYMENT WAS RECEIVED
                     DURING THE RELATED PREPAYMENT PERIOD


---------------------------------------- -------------------------------------- --------------------------------------
Loan Number                              Clause 2:  Yes/No                      Clause 3:  (i) or (ii)
---------------------------------------- -------------------------------------- --------------------------------------
<S>                                      <C>                                    <C>
---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------

---------------------------------------- -------------------------------------- --------------------------------------


</TABLE>


                                     T-3
<PAGE>

                                   EXHIBIT U

                             FORM OF SWAP CONTRACT

                     [See document delivered at closing.]



                                     U-1
<PAGE>


                                  EXHIBIT V-1

                  FORM OF SWAP CONTRACT ASSIGNMENT AGREEMENT

                     [See document delivered at closing.]



                                    V-1-1
<PAGE>


                                  EXHIBIT V-2

                FORM OF SWAP CONTRACT ADMINISTRATION AGREEMENT

                     [See document delivered at closing.]



                                    V-2-1
<PAGE>


                                  EXHIBIT V-3

                            FORM OF SWAP GUARANTEE

                     [See document delivered at closing.]



                                    V-3-1
<PAGE>


                                  SCHEDULE I

           PREPAYMENT CHARGE SCHEDULE AND PREPAYMENT CHARGE SUMMARY


        [Delivered to Trustee at closing and on file with the Trustee.]



                                    S-I-1
<PAGE>

<TABLE>
<CAPTION>

                                  SCHEDULE II

                              COLLATERAL SCHEDULE

----------------------------------------------------------------------------------------------------------------------
                                                                     Applicable
Characteristic                                                       Section         Loan Group 1      Loan Group 2
----------------------------------------------------------------- ----------------- ---------------- -----------------
<S>                                                                <C>                <C>               <C>
Single-Family Detached Dwellings                                    2.03(b)(32)         68.24%            70.22%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Two- to Four-Family Dwellings                                       2.03(b)(32)          3.95%            2.85%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Low-Rise Condominium Units                                          2.03(b)(32)         10.25%            8.25%
----------------------------------------------------------------- ----------------- ---------------- -----------------
High-Rise Condominium Units                                         2.03(b)(32)          0.83%            0.55%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Manufactured Housing                                                2.03(b)(32)          0.00%            0.10%
----------------------------------------------------------------- ----------------- ---------------- -----------------
PUDs                                                                2.03(b)(32)         16.73%            18.04%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Earliest Origination Date                                           2.03(b)(33)       10/20/2000        11/23/2004
----------------------------------------------------------------- ----------------- ---------------- -----------------
Prepayment Penalty                                                  2.03(b)(35)         77.35%            83.95%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Investor Properties                                                 2.03(b)(36)          5.77%            1.31%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Primary Residences                                                  2.03(b)(36)         93.23%            98.31%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Lowest Current Mortgage Rate                                        2.03(b)(48)         4.250%            4.700%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Highest Current Mortgage Rate                                       2.03(b)(48)         11.950%          11.625%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Weighted Average Current Mortgage Rate                              2.03(b)(48)         6.819%            6.683%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Lowest Gross Margin                                                 2.03(b)(51)         2.490%            3.330%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Highest Gross Margin                                                2.03(b)(51)         10.850%           9.850%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Weighted Average Gross Margin                                       2.03(b)(51)         6.556%            6.551%
----------------------------------------------------------------- ----------------- ---------------- -----------------
Date on or before which each Initial Mortgage Loan has a
Due Date                                                            2.03(b)(52)        1/1/2006          1/1/2006
----------------------------------------------------------------- ----------------- ---------------- -----------------

</TABLE>

<TABLE>
<CAPTION>


---------------------------------------------------------------------------------------------------------------------
                                       Adjustable Rate Mortgage
                                           Loans (other than
                                       Two-Year, Three-Year and       Two-Year         Three-Year        Five-Year
  Adjustment          Applicable       Five-Year Hybrid Mortgage       Hybrid       Hybrid Mortgage       Hybrid
    Date                Section                 Loans)             Mortgage Loans        Loans        Mortgage Loans
---------------------------------------------------------------------------------------------------------------------
<S>                   <C>                      <C>                    <C>               <C>              <C>
 Latest Next
 Adjustment Date      2.03(b)(34)              6/1/2006               1/1/2008          1/1/2009         10/1/2010
---------------------------------------------------------------------------------------------------------------------


</TABLE>


                                    S-II-1