Document:

exv4w1

 

EXHIBIT 4.1

CHASE MORTGAGE FINANCE CORPORATION,

DEPOSITOR,

JPMORGAN CHASE BANK, N.A.,

SERVICER,

JPMORGAN CHASE BANK, N.A.,

CUSTODIAN

AND

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

TRUSTEE AND PAYING AGENT

POOLING AND SERVICING AGREEMENT

Dated as of April 1, 2007

$595,210,100

Multi-Class Mortgage Pass-Through Certificates

ChaseFlex Trust Series 2007-2

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II CONVEYANCE OF MORTGAGE LOANS; TRUST FUND
	 	 	27	 
	Section 2.01 Conveyance of Mortgage Loans
	 	 	27	 
	Section 2.02 Acceptance by Trustee
	 	 	31	 
	Section 2.03 Trust Fund; Authentication of Certificates
	 	 	33	 
	Section 2.04 REMIC Elections
	 	 	33	 
	Section 2.05 Permitted Activities of Trust
	 	 	47	 
	Section 2.06 Qualifying Special Purpose Entity
	 	 	47	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR AND THE SERVICER, REPURCHASE OF MORTGAGE LOANS
	 	 	47	 
	Section 3.01 Representations and Warranties of the Depositor with respect to the Mortgage Loans
	 	 	47	 
	Section 3.02 Representations and Warranties of the Servicer
	 	 	55	 
	Section 3.03 Option to Substitute
	 	 	55	 
	 
	 	 	 	 
	ARTICLE IV THE CERTIFICATES
	 	 	56	 
	Section 4.01 The Certificates
	 	 	56	 
	Section 4.02 Registration of Transfer and Exchange of Certificates
	 	 	58	 
	Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	62	 
	Section 4.04 Persons Deemed Owners
	 	 	62	 
	Section 4.05 Appointment of Paying Agent and Certificate Registrar; Certificate Account
	 	 	62	 
	Section 4.06 Authenticating Agents
	 	 	63	 
	 
	 	 	 	 
	ARTICLE V ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
	 	 	64	 
	Section 5.01 Servicer to Service Mortgage Loans
	 	 	64	 
	Section 5.02 Sub-Servicing Agreements Between Servicer and Sub-Servicers; Enforcement of Sub-Servicer’s Obligations
	 	 	65	 
	Section 5.03 Successor Sub-Servicers
	 	 	65	 
	Section 5.04 Liability of the Servicer
	 	 	65	 
	Section 5.05 No Contractual Relationship Between Sub-Servicer and Trustee or Certificateholders
	 	 	66	 
	Section 5.06 Termination of Sub-Servicing Agreement
	 	 	66	 
	Section 5.07 Collection of Mortgage Loan Payments
	 	 	66	 
	Section 5.08 Establishment of Collection Account; Deposit in Collection Account
	 	 	66	 
	Section 5.09 Permitted Withdrawals from the Collection Account
	 	 	67	 
	Section 5.10 Establishment of Escrow Account; Deposits in Escrow Account
	 	 	68	 

 

 

	 	 	 	 	 
	Section 5.11 Permitted Withdrawals from Escrow Account
	 	 	69	 
	Section 5.12 Payment of Taxes, Insurance and Other Charges
	 	 	69	 
	Section 5.13 Transfer of Accounts
	 	 	69	 
	Section 5.14 [Reserved]
	 	 	69	 
	Section 5.15 Maintenance of the Primary Insurance Policies
	 	 	69	 
	Section 5.16 Maintenance of Standard Hazard Policies
	 	 	69	 
	Section 5.17 [Reserved]
	 	 	70	 
	Section 5.18 [Reserved]
	 	 	70	 
	Section 5.19 Fidelity Bond and Errors and Omissions Insurance
	 	 	70	 
	Section 5.20 Collections under Insurance Policies; Enforcement of Due-On-Sale Clauses; Assumption Agreements
	 	 	71	 
	Section 5.21 Income and Realization from Defaulted Mortgage Loans
	 	 	71	 
	Section 5.22 Trustee to Cooperate; Release of Mortgage Files
	 	 	73	 
	Section 5.23 Servicing and Other Compensation
	 	 	74	 
	Section 5.24 1934 Act Reports
	 	 	74	 
	Section 5.25 Annual Statement as to Compliance
	 	 	76	 
	Section 5.26 Assessment of Compliance and Independent Public Accountants’ Attestation; Financial Statements
	 	 	77	 
	Section 5.27 Access to Certain Documentation; Rights of the Depositor in Respect of the Servicer
	 	 	79	 
	Section 5.28 REMIC-Related Covenants
	 	 	79	 
	Section 5.29 Yield Maintenance Agreement
	 	 	80	 
	Section 5.30 The Swap Agreement; Supplemental Interest Trust
	 	 	81	 
	 
	 	 	 	 
	ARTICLE VI PAYMENTS TO THE CERTIFICATEHOLDERS
	 	 	85	 
	Section 6.01 Distributions
	 	 	85	 
	Section 6.02 Statements to the Certificateholders
	 	 	90	 
	Section 6.03 Advances by the Servicer
	 	 	93	 
	Section 6.04 Allocation of Realized Losses
	 	 	93	 
	Section 6.05 Compensating Interest; Allocation of Certain Interest Shortfalls
	 	 	94	 
	Section 6.06 Subordination
	 	 	95	 
	Section 6.07 Determination of LIBOR
	 	 	95	 
	 
	 	 	 	 
	ARTICLE VII REPORTS TO BE PREPARED BY THE SERVICER
	 	 	96	 
	Section 7.01 Servicer Shall Provide Information as Reasonably Required
	 	 	96	 
	Section 7.02 Federal Information Returns and Reports to Certificateholders
	 	 	96	 
	 
	 	 	 	 
	ARTICLE VIII THE DEPOSITOR AND THE SERVICER
	 	 	97	 

ii

 

	 	 	 	 	 
	Section 8.01 Indemnification; Third Party Claims
	 	 	97	 
	Section 8.02 Merger or Consolidation of the Depositor or the Servicer
	 	 	97	 
	Section 8.03 Limitation on Liability of the Depositor, the Servicer, the Trustee and Others
	 	 	98	 
	Section 8.04 Depositor and Servicer Not to Resign
	 	 	99	 
	Section 8.05 Successor to the Servicer
	 	 	99	 
	Section 8.06 Maintenance of Ratings
	 	 	100	 
	 
	 	 	 	 
	ARTICLE IX DEFAULT
	 	 	100	 
	Section 9.01 Events of Default
	 	 	100	 
	Section 9.02 Waiver of Defaults
	 	 	101	 
	Section 9.03 Trustee to Act; Appointment of Successor
	 	 	102	 
	Section 9.04 Notification to Certificateholders and the Rating Agencies
	 	 	102	 
	 
	 	 	 	 
	ARTICLE X CONCERNING THE TRUSTEE
	 	 	102	 
	Section 10.01 Duties of Trustee
	 	 	102	 
	Section 10.02 Certain Matters Affecting the Trustee
	 	 	103	 
	Section 10.03 Trustee Not Liable for Certificates or Mortgage Loans
	 	 	104	 
	Section 10.04 Trustee May Own Certificates
	 	 	104	 
	Section 10.05 Fees and Expenses
	 	 	104	 
	Section 10.06 Eligibility Requirements for Trustee
	 	 	104	 
	Section 10.07 Resignation and Removal of the Trustee
	 	 	105	 
	Section 10.08 Successor Trustee
	 	 	105	 
	Section 10.09 Merger or Consolidation of Trustee
	 	 	106	 
	Section 10.10 Appointment of Co-Trustee or Separate Trustee
	 	 	106	 
	Section 10.11 Appointment of Office or Agency
	 	 	107	 
	Section 10.12 Indemnification
	 	 	107	 
	 
	 	 	 	 
	ARTICLE XI TERMINATION
	 	 	107	 
	Section 11.01 Termination
	 	 	107	 
	 
	 	 	 	 
	ARTICLE XII MISCELLANEOUS PROVISIONS
	 	 	109	 
	Section 12.01 Severability of Provisions
	 	 	109	 
	Section 12.02 Limitation on Rights of Certificateholders
	 	 	109	 
	Section 12.03 Amendment
	 	 	110	 
	Section 12.04 Counterparts
	 	 	111	 
	Section 12.05 Duration of Agreement
	 	 	111	 
	Section 12.06 Governing Law
	 	 	111	 
	Section 12.07 Notices
	 	 	111	 
	Section 12.08 Further Assurances
	 	 	111	 

iii

 

	 	 	 
	EXHIBIT A

	 	MORTGAGE LOAN SCHEDULE
	EXHIBIT B

	 	CONTENTS OF MORTGAGE FILE
	EXHIBIT C

	 	FORM OF CLASS A CERTIFICATE
	EXHIBIT D

	 	FORM OF CLASS M CERTIFICATE
	EXHIBIT E

	 	FORM OF CLASS B CERTIFICATE
	EXHIBIT E-1

	 	FORM OF CLASS CE CERTIFICATE
	EXHIBIT F

	 	FORM OF CLASS A-R CERTIFICATE
	EXHIBIT G

	 	FORM OF TRUSTEE CERTIFICATION
	EXHIBIT H

	 	FORM OF INVESTMENT LETTER
	EXHIBIT I

	 	FORM OF RULE 144A INVESTMENT LETTER
	EXHIBIT J

	 	FORM OF SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT
	EXHIBIT K

	 	FORM OF CLASS A-R TRANSFEREE LETTER
	EXHIBIT K-1

	 	FORM OF CLASS A-R TRANSFEROR LETTER
	EXHIBIT L

	 	REQUEST FOR RELEASE OF DOCUMENTS
	EXHIBIT M

	 	FORM OF TRANSFEREE ERISA REPRESENTATION LETTER
	EXHIBIT N

	 	[RESERVED]
	EXHIBIT O

	 	FORM OF OFFICER’S CERTIFICATE (PAYING AGENT)
	EXHIBIT P

	 	LETTER OF REPRESENTATIONS
	EXHIBIT Q

	 	[RESERVED]
	EXHIBIT R

	 	SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
	EXHIBIT S

	 	FORM OF SARBANES-OXLEY CERTIFICATION
	EXHIBIT T

	 	FORM OF ITEM 1123 CERTIFICATION OF SERVICER
	EXHIBIT U

	 	FORM OF YIELD MAINTENANCE AGREEMENT
	EXHIBIT V

	 	SCHEDULE I TO YIELD MAINTENANCE AGREEMENT
	EXHIBIT W

	 	FORM OF SWAP SCHEDULE TO MASTER AGREEMENT
	EXHIBIT W-1

	 	FORM OF SWAP CONFIRMATION
	EXHIBIT W-2

	 	FORM OF SWAP CREDIT SUPPORT ANNEX
	SCHEDULE X

	 	1934 ACT FORM 8-K REPORTING OBLIGATIONS
	SCHEDULE Y

	 	1934 ACT FORM 10-D REPORTING OBLIGATIONS
	SCHEDULE Z

	 	1934 ACT FORM 10-K REPORTING OBLIGATIONS

iv

 

     This Pooling and Servicing Agreement, dated as of April 1, 2007, is executed among Chase
Mortgage Finance Corporation, as depositor (together with its permitted successors and assigns, the
“Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer (in such capacity, together with its
permitted successors and assigns, the “Servicer”), JPMorgan Chase Bank, N.A., as custodian (in such
capacity, together with its permitted successors and assigns, the “Custodian”), The Bank of New
York Trust Company, N.A., as paying agent (in such capacity, together with its permitted successors
and assigns, the “Paying Agent”) and The Bank of New York Trust Company, N.A., as trustee (in such
capacity, together with its permitted successors and assigns, the “Trustee”).

     In consideration of the premises and the mutual agreements hereinafter set forth, the
Depositor, the Servicer and the Trustee agree as follows:

ARTICLE I

DEFINITIONS

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

     ACCEPTED SERVICING PRACTICES: With respect to any Mortgage Loan, those mortgage
servicing practices (including collection procedures) of prudent mortgage banking institutions
which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the
related Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan) is
located, and which are in accordance with FNMA servicing practices and procedures for MBS pool
mortgages (as defined in the FNMA Guides including future updates).

     ACCRUAL PERIOD: With respect to any Distribution Date and the Lower-Tier REMIC
Interests and any Class of Certificates and their Corresponding REMIC Regular Interests, the period
from and including the 25th day of the month immediately preceding the related Distribution Date
(or in the case of the first Distribution Date, April 30, 2007) to and including the 24th day of
the month of such Distribution Date; and with respect to the SWAP REMIC Regular Interests and any
Distribution Date, the calendar month immediately preceding the month in which such Distribution
Date occurs. Interest shall accrue on all Classes of Certificates, their Corresponding REMIC
Regular Interests and on all Lower-Tier REMIC Interests on the basis of a 360-day year and the
actual number of days in each Accrual Period, and all calculations of interest on the SWAP REMIC
Regular Interests will be made on the basis of a 360-day year consisting of twelve 30-day months.

     ACCOUNTANT’S ATTESTATION: As defined in Section 5.26(b).

     ADDITIONAL FORM 10-D DISCLOSURE: As defined in Section 5.24(b).

     ADDITIONAL FORM 10-K DISCLOSURE: As defined in Section 5.24(d).

     ADVANCE: The aggregate of the advances made by the Servicer with respect to a
particular Distribution Date pursuant to Section 6.03.

     AFFILIATE: With respect to any specified Person, any other Person controlling,
controlled by or under common control with such Person. For the purposes of this definition,
“control” means the power to direct the management and policies of a Person, directly or
indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

 

 

     AGENCY & TRUST OFFICE: With respect to the Trustee, the office of the Trustee at
which at any particular time its corporate trust business shall be administered, which office at
the date of execution of this instrument is located at 601 Travis, 16th Floor, Houston,
Texas 77002; and, with respect to the Paying Agent, the office of the Paying Agent at which at any
particular time its corporate trust business shall be administered, which office at the date of
execution of this instrument is located at 601 Travis, 16th Floor, Houston, Texas 77002.

     AGREEMENT: This Pooling and Servicing Agreement and all amendments hereof and
supplements hereto.

     ALLOCATED REALIZED LOSS AMOUNT: With respect to any Class of Class A, Class M, Class
B or Class CE Certificates and any Distribution Date, an amount equal to any Realized Loss
allocated to that Class of Certificates on that Distribution Date.

     APPRAISED VALUE: The value set forth in an appraisal or recertification document made
in connection with the origination of the related Mortgage Loan as the value of the Mortgaged
Property (or the related residential dwelling unit in the Underlying Mortgaged Property, in the
case of a Co-op Loan).

     ASSESSMENT OF COMPLIANCE: As defined in Section 5.26(a).

     ASSIGNMENT OF MORTGAGE: An assignment of the Mortgage, notice of transfer (or UCC-3
assignment (or equivalent instrument) with respect to each Co-op Loan) or equivalent instrument, in
recordable form (except in the case of a Co-op Loan), sufficient under the laws of the jurisdiction
where the related Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op
Loan) is located to reflect of record the sale and assignment of the Mortgage Loan to the Trustee,
which assignment, notice of transfer or equivalent instrument may, if permitted by law, be in the
form of one or more blanket assignments covering Mortgages secured by Mortgaged Properties located
in the same county.

     AUTHENTICATING AGENT: The meaning specified in Section 4.06(a).

     AVAILABLE DISTRIBUTION AMOUNT: With respect to any Distribution Date, the total
amount of all cash received by the Paying Agent on the Mortgage Loans or otherwise for deposit into
the Certificate Account in respect of such Distribution Date, including (1) all scheduled
installments of interest (net of the related Servicing Fees) and principal collected on the
Mortgage Loans and due during the Due Period related to such Distribution Date, together with any
Advances in respect thereof, (2) all Insurance Proceeds, Liquidation Proceeds and Subsequent
Recoveries from the Mortgage Loans, in each case for such Distribution Date, (3) all partial or
full Principal Prepayments, together with any accrued interest thereon, identified as having been
received from the related Mortgage Loans during the related Prepayment Period, (4) any amounts
received from the Servicers in respect of Interest Shortfalls with respect to the Mortgage Loans,
(5) the aggregate Purchase Price of all Defective Mortgage Loans in such Mortgage Pool purchased
from the Trust Fund during the related Prepayment Period and (6) on the Distribution Date on which
the Mortgage Pool is to be terminated pursuant to Article XI hereof, any amounts deposited in the
Collection Account pursuant to Article XI hereof, minus:

     (A) all related charges and other amounts payable or reimbursable to the Servicer, the Paying
Agent or the Trustee under this Agreement;

     (B) in the case of (2), (3), (4) and (5) above, any related unreimbursed expenses incurred by
the Servicer in connection with a liquidation or foreclosure and any unreimbursed Advances or
Servicing Advances due to the Servicer;

2

 

     (C) any related unreimbursed Nonrecoverable Advances due to the Servicer; and

     (D) in the case of (1) through (4) above, any related amounts collected which are determined
to be attributable to a subsequent Due Period or Principal Prepayment Period.

     BANKRUPTCY CODE: Title 11 of the United States Code, as the same may be amended from
time to time.

     BASIC PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the excess
of (i) the Principal Remittance Amount for such Distribution Date over (ii) the
Overcollateralization Release Amount, if any, for such Distribution Date.

     BASIS RISK SHORTFALL CARRYOVER AMOUNTS: For any Distribution Date and any Class of
LIBOR Certificates, an amount equal to the sum of (i) the excess, if any, of (x) the amount of
interest such Class of Certificates would have accrued on such Distribution Date had its
Certificate Rate for such Distribution Date been equal to the lesser of (a) LIBOR plus the related
Certificate Margin and (b) 11.50% per annum, over (y) the amount of interest such Class of
Certificates accrued for such Distribution Date at the Net WAC (adjusted to an actual/360 basis)
and (ii) the unpaid portion of any Basis Risk Shortfall Carryover Amount for such Class of
Certificates from prior Distribution Dates together with interest accrued on such unpaid portion
for the most recently ended Accrual Period at the lesser of (a) LIBOR plus the Certificate Margin
for such Class of Certificates for the related Accrual Period and (b) 11.50% per annum.

     BENEFICIAL HOLDER: A Person holding a beneficial interest in any Book-Entry
Certificate through a Participant or an Indirect Participant or a Person holding a beneficial
interest in any Definitive Certificate.

     BOOK-ENTRY CERTIFICATES: The Class A Certificates, Class M Certificates and Class B
Certificates, referred to collectively.

     BUSINESS DAY: Any day other than (a) a Saturday or Sunday, (b) a legal holiday in the
States of New York , Louisiana or (c) a day on which banking institutions in the State of New York
are authorized or obligated by law or executive order to be closed.

     CAP STRIKE RATE: With respect to the Yield Maintenance Agreement and the applicable
Distribution Date, the rate specified in Exhibit V under the heading “Cap Strike Rate” for that
Distribution Date.

     CASH LIQUIDATION: Recovery of all cash proceeds by the Servicer with respect to the
liquidation of any Mortgage Loan, including Insurance Proceeds and other payments or recoveries
(whether made at one time or over a period of time) which the Servicer deems to be finally
recoverable, in connection with the sale, assignment or satisfaction of such Mortgage Loan,
trustee’s sale, foreclosure sale or otherwise, but only if title to the related Mortgaged Property
(or stock allocated to a dwelling unit, in the case of a Co-op Loan) was not acquired by
foreclosure or deed in lieu of foreclosure by the Servicer pursuant to Section 5.21.

     CERTIFICATE: Any Class A, Class M, Class B, Class A-R or Class CE Certificate.

     CERTIFICATE ACCOUNT: The account created and maintained pursuant to Section 4.05.

     CERTIFICATEHOLDER or HOLDER: The Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purposes of giving any consent,
waiver, request or

3

 

demand pursuant to this Agreement, any Certificate registered in the name of the Depositor,
the Servicer, any Sub-Servicer, or any of their respective Affiliates shall be disregarded and the
undivided Percentage Interest evidenced thereby shall not be taken into account in determining
whether the requisite amount of Percentage Interests necessary to effect any such consent, waiver,
request or demand has been obtained. The Trustee and the Paying Agent shall be entitled to
conclusively rely upon the certificate of the Depositor or the Servicer as to the determination of
which Certificates are registered in the name of such Affiliates.

     CERTIFICATE MARGIN: With respect to any Class of LIBOR Certificates and any
Distribution Date:

	 	 	 	 	 	 	 	 	 
	 	 	Margin On or Before Optional Clean-	 	Margin After Optional Clean-Up
	Class	 	Up Call Date	 	Call Date
	A-1
	 	 	0.280	%	 	 	0.560	%
	A-2
	 	 	0.340	%	 	 	0.680	%
	M-1
	 	 	0.400	%	 	 	0.600	%
	M-2
	 	 	0.440	%	 	 	0.660	%
	M-3
	 	 	0.570	%	 	 	0.855	%
	M-4
	 	 	0.850	%	 	 	1.275	%
	M-5
	 	 	1.100	%	 	 	1.650	%
	M-6
	 	 	1.250	%	 	 	1.875	%
	B-1
	 	 	1.250	%	 	 	1.875	%
	B-2
	 	 	1.250	%	 	 	1.875	%
	B-3
	 	 	1.250	%	 	 	1.875	%

     CERTIFICATE OWNER: Any Person who is the beneficial owner of a Book-Entry Certificate
registered in the name of the Depository or its nominee.

     CERTIFICATE RATE: With respect to each Class of LIBOR Certificates and any
Distribution Date, the least of (a) One-Month LIBOR plus the related Certificate Margin, (b) the
related Net WAC, and (c) 11.50%.

     CERTIFICATE REGISTER: The register maintained pursuant to Section 4.02.

     CERTIFICATE REGISTRAR: The Person appointed by the Trustee as Certificate Registrar
pursuant to Section 4.05.

     CHASE: JPMorgan Chase Bank, N.A., a national banking association, or its successor in
interest.

     CHF: Chase Home Finance LLC, a Delaware limited liability company, or its successor in
interest.

     CLASS: Pertaining to the Class A-1, Class A-2, Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5, Class M-6, Class A-R, Class B-1, Class B-2, Class B-3, Class CE Certificates and
any SWAP REMIC Interest, Lower-Tier REMIC Interest or REMIC Regular Interest, as the case may be.

4

 

     CLASS A, CLASS M OR CLASS B: Pertaining to Class A Certificates, Class M Certificates
or Class B Certificates, as the case may be.

     CLASS A CERTIFICATES: The Class A-1 and Class A-2 Certificates, referred to
collectively.

     CLASS A PERCENTAGE: With respect to any Distribution Date, the percentage of
principal and interest payments that are allocable to the Class A Certificates pursuant to Section
6.01.

     CLASS A-1 CERTIFICATE: Any one of the Class A-1 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-2 CERTIFICATE: Any one of the Class A-2 Certificates, executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), senior in right of payment to the Class M and
Class B Certificates, substantially in the form of the Class A Certificate set forth in Exhibit C
hereto.

     CLASS A-R CERTIFICATE: The Class A-R Certificate executed by the Depositor and
authenticated by the Trustee (or, if an Authenticating Agent has been appointed pursuant to Section
4.06, the Authenticating Agent), substantially in the form of the Class A-R Certificate set forth
in Exhibit F hereto.

     CLASS
A-R RESERVE FUND: The Eligible Account established pursuant to
Section 6.01(e).

     CLASS B CERTIFICATES: The Class B-1, Class B-2 and Class B-3 Certificates, referred
to collectively.

     CLASS B PERCENTAGE: With respect to any Distribution Date, the percentage of
principal and interest payments that are allocable to the Class B Certificates pursuant to Section
6.01.

     CLASS B-1 CERTIFICATE: Any one of the Class B-1 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A and Class M Certificates, substantially in the form of the Class B Certificate set forth in
Exhibit E hereto.

     CLASS B-1 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution Date), (3) the Outstanding Certificate Principal Balance of the Class M-2
Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount
on such Distribution Date), (4) the Outstanding Certificate Principal Balance of the Class M-3
Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount
on such Distribution Date), (5) the Outstanding Certificate Principal Balance of the Class M-4
Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount
on such Distribution Date), (6) the Outstanding Certificate Principal Balance of the Class M-5
Certificates (after taking into account the payment of the Class M-5 Principal Distribution Amount
on such Distribution Date), (7) the Outstanding Certificate Principal Balance of the Class M-6
Certificates (after taking into account the payment of the Class M-6 Principal

5

 

Distribution Amount on such Distribution Date) and (8) the Outstanding Certificate Principal
Balance of the Class B-1 Certificates immediately prior to such Distribution Date over (y) the
lesser of (A) the product of (1) 96.70% and (2) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Due Period and (B) the aggregate Stated Principal
Balance of the Mortgage Loans as of the last day of the related Due Period minus the
Overcollateralization Floor.

     CLASS B-2 CERTIFICATE: Any one of the Class B-2 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A, Class M and Class B-1 Certificates, substantially in the form of the Class B Certificate set
forth in Exhibit E hereto.

     CLASS B-2 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution Date), (3) the Outstanding Certificate Principal Balance of the Class M-2
Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount
on such Distribution Date), (4) the Outstanding Certificate Principal Balance of the Class M-3
Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount
on such Distribution Date), (5) the Outstanding Certificate Principal Balance of the Class M-4
Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount
on such Distribution Date), (6) the Outstanding Certificate Principal Balance of the Class M-5
Certificates (after taking into account the payment of the Class M-5 Principal Distribution Amount
on such Distribution Date), (7) the Outstanding Certificate Principal Balance of the Class M-6
Certificates (after taking into account the payment of the Class M-6 Principal Distribution Amount
on such Distribution Date), (8) the Outstanding Certificate Principal Balance of the Class B-1
Certificates (after taking into account the payment of the Class B-1 Principal Distribution Amount
on such Distribution Date) and (9) the Outstanding Certificate Principal Balance of the Class B-2
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(1) 97.40% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period minus the Overcollateralization Floor.

     CLASS B-3 CERTIFICATE: Any one of the Class B-3 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A, Class M, Class B-1 and Class B-2 Certificates, substantially in the form of the Class B
Certificate set forth in Exhibit E hereto.

     CLASS B-3 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution Date), (3) the Outstanding Certificate Principal Balance of the Class M-2
Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount
on such Distribution Date), (4) the Outstanding Certificate Principal Balance of the Class M-3
Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount
on such Distribution Date), (5) the Outstanding Certificate Principal Balance of the Class M-4
Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount
on such Distribution Date), (6) the Outstanding Certificate Principal Balance of the Class M-5
Certificates (after taking into account the payment of the Class M-5 Principal Distribution Amount
on such Distribution Date), (7) the Outstanding Certificate Principal

6

 

Balance of the Class M-6 Certificates (after taking into account the payment of the Class M-6
Principal Distribution Amount on such Distribution Date), (8) the Outstanding Certificate Principal
Balance of the Class B-1 Certificates (after taking into account the payment of the Class B-1
Principal Distribution Amount on such Distribution Date), (9) the Outstanding Certificate Principal
Balance of the Class B-2 Certificates (after taking into account the payment of the Class B-2
Principal Distribution Amount on such Distribution Date) and (10) the Outstanding Certificate
Principal Balance of the Class B-3 Certificates immediately prior to such Distribution Date over
(y) the lesser of (A) the product of (1) 98.40% and (2) the aggregate Stated Principal Balance of
the Mortgage Loans as of the last day of the related Due Period and (B) the aggregate Stated
Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus the
Overcollateralization Floor.

     CLASS CE CERTIFICATE: Any one of the Class CE Certificates executed by the Depositor
and authenticated by the Trustee (or, if an Authenticating Agent has been appointed pursuant to
Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class A, Class M
and Class B Certificates, substantially in the form of the Class CE Certificate set forth in
Exhibit E-1 hereto.

     CLASS CE DISTRIBUTABLE INTEREST RATE: The excess, if any, of (a) the weighted average
of the interest rates on the Lower-Tier REMIC Regular Interests (other than the Class LT-IO
Interest) over (b) two times the weighted average of the interest rates on the Lower-Tier REMIC
Regular Interests (other than the Class LT-IO Interest) (treating for purposes of this clause (b)
the interest rate of each of the Lower-Tier REMIC Marker Classes as being capped at the interest
rate of the Corresponding REMIC Regular Interest of the Corresponding Certificates (as adjusted, if
necessary, to reflect the length of the Accrual Period for the LIBOR Certificates) and treating the
Class LTX Interest as being capped at zero). The averages described in the preceding sentence
shall be weighted on the basis of the respective principal balances of the Lower-Tier REMIC Regular
Interests immediately before any date of determination.

     CLASS CE INTEREST DISTRIBUTION AMOUNT: With respect to any Distribution Date
one-twelfth of the product of (x) a notional amount, equal to the aggregate Stated Principal
Balance of the Mortgage Loans as of the first day of the month immediately preceding the month of
such Distribution Date (after giving effect to Monthly Payments of principal due on such date), and
(y) the Class CE Distributable Interest Rate for such Distribution Date.

     CLASS CE INTEREST SHORTFALL: As to any Distribution Date, the amount by which (i) the
Class CE Interest Distribution Amount on all prior Distribution Dates exceeds (ii) amounts
distributed in respect thereof to the Class CE Certificates on prior Distribution Dates or added to
the aggregate Outstanding Certificate Principal Balance of the Class CE Certificates in respect of
any Overcollateralization Increase Amount (other than amounts so added attributable to Subsequent
Recoveries or proceeds of the Swap Agreement or Yield Maintenance Agreement).

     CLASS CE PERCENTAGE: With respect to any Distribution Date, the percentage of
principal and interest payments that are allocable to the Class CE Certificates pursuant to Section
6.01.

     CLASS LT-R INTEREST: The sole residual interest in the Lower-Tier REMIC.

     CLASS LTX INTEREST: The Lower-Tier REMIC Regular Interest designated as the Class LTX
Interest as described in Section 2.04.

     CLASS M CERTIFICATES: The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and
Class M-6 Certificates, referred to collectively.

7

 

     CLASS M PERCENTAGE: With respect to any Distribution Date, the percentage of
principal and interest payments that are allocable to the Class M Certificates pursuant to Section
6.01.

     CLASS M-1 CERTIFICATE: Any one of the Class M-1 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates, substantially in the form of the Class M Certificate set forth in Exhibit D hereto.

     CLASS M-1 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date) and (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(1) 92.10% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period minus the Overcollateralization Floor.

     CLASS M-2 CERTIFICATE: Any one of the Class M-2 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates, substantially in the form of the Class M Certificate set forth in Exhibit D hereto.

     CLASS M-2 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution Date) and (3) the Outstanding Certificate Principal Balance of the Class M-2
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(1) 93.20% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period minus the Overcollateralization Floor.

     CLASS M-3 CERTIFICATE: Any one of the Class M-3 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates, substantially in the form of the Class M Certificate set forth in Exhibit D hereto.

     CLASS M-3 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution Date), (3) the Outstanding Certificate Principal Balance of the Class M-2
Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount
on such Distribution Date) and (4) the Outstanding Certificate Principal Balance of the Class M-3
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(1) 93.90% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period minus the Overcollateralization Floor.

8

 

     CLASS M-4 CERTIFICATE: Any one of the Class M-4 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates, substantially in the form of the Class M Certificate set forth in Exhibit D hereto.

     CLASS M-4 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution Date), (3) the Outstanding Certificate Principal Balance of the Class M-2
Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount
on such Distribution Date), (4) the Outstanding Certificate Principal Balance of the Class M-3
Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount
on such Distribution Date) and (5) the Outstanding Certificate Principal Balance of the Class M-4
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(1) 94.60% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period minus the Overcollateralization Floor.

     CLASS M-5 CERTIFICATE: Any one of the Class M-5 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates, substantially in the form of the Class M Certificate set forth in Exhibit D hereto.

     CLASS M-5 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution Date), (3) the Outstanding Certificate Principal Balance of the Class M-2
Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount
on such Distribution Date), (4) the Outstanding Certificate Principal Balance of the Class M-3
Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount
on such Distribution Date), (5) the Outstanding Certificate Principal Balance of the Class M-4
Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount
on such Distribution Date) and (6) the Outstanding Certificate Principal Balance of the Class M-5
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(1) 95.30% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period minus the Overcollateralization Floor.

     CLASS M-6 CERTIFICATE: Any one of the Class M-6 Certificates executed by the
Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been appointed
pursuant to Section 4.06, the Authenticating Agent), subordinated in right of payment to the Class
A Certificates, substantially in the form of the Class M Certificate set forth in Exhibit D hereto.

     CLASS M-6 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
excess of (x) the sum of (1) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates (after taking into account the payment of the Senior Principal Distribution Amount on
such Distribution Date), (2) the Outstanding Certificate Principal Balance of the Class M-1
Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount
on such Distribution

9

 

Date), (3) the Outstanding Certificate Principal Balance of the Class M-2 Certificates (after
taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution
Date), (4) the Outstanding Certificate Principal Balance of the Class M-3 Certificates (after
taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution
Date), (5) the Outstanding Certificate Principal Balance of the Class M-4 Certificates (after
taking into account the payment of the Class M-4 Principal Distribution Amount on such Distribution
Date), (6) the Outstanding Certificate Principal Balance of the Class M-5 Certificates (after
taking into account the payment of the Class M-5 Principal Distribution Amount on such Distribution
Date) and (7) the Outstanding Certificate Principal Balance of the Class M-6 Certificates
immediately prior to such Distribution Date over (y) the lesser of (A) the product of (1) 96.00%
and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the
related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as of the
last day of the related Due Period minus the Overcollateralization Floor.

     CLASS PAYMENT SHORTFALL: As defined in Section 2.04(b)(ii) herein.

     CLASS SW-R INTEREST: The sole residual interest in the SWAP REMIC.

     CLOSING DATE: April 26, 2007.

     CODE: The Internal Revenue Code of 1986, as amended from time to time, and any
successor statutes thereto, and applicable U.S. Department of Treasury temporary or final
regulations promulgated thereunder.

     COLLECTION ACCOUNT: The account created and maintained pursuant to Section 5.08.

     COMMISSION: The United States Securities and Exchange Commission.

     COMPENSATING INTEREST: The meaning specified in Section 6.05(a).

     COMPENSATING INTEREST SHORTFALL: The meaning specified in Section 6.05(b).

     CO-OP LEASE: With respect to a Co-op Loan, the lease with respect to a dwelling unit
occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

     CO-OP LOAN: A Mortgage Loan secured by the pledge of stock allocated to a dwelling
unit in a residential cooperative housing corporation and a collateral assignment of the related
Co-op Lease.

     CORRESPONDING CERTIFICATES: With respect to the Class LTA-1 Interest, the Class A-1
Certificates. With respect to the Class LTA-2 Interest, the Class A-2 Certificates. With respect
to the Class LTM-1 Interest, the Class M-1 Certificates. With respect to the Class LTM-2 Interest,
the Class M-2 Certificates. With respect to the Class LTM-3 Interest, the Class M-3 Certificates.
With respect to the Class LTM-4 Interest, the Class M-4 Certificates. With respect to the Class
LTM-5 Interest, the Class M-5 Certificates. With respect to the Class LTM-6 Interest, the Class
M-6 Certificates. With respect to the Class LTB-1 Interest, the Class B-1 Certificates. With
respect to the Class LTB-2 Interest, the Class B-2 Certificates. With respect to the Class LTB-3
Interest, the Class B-3 Certificates.

     CORRESPONDING REMIC REGULAR INTEREST: For each Class of Certificates, the interest in
the Upper-Tier REMIC listed on the same row in the table entitled “Upper-Tier REMIC” in Section
2.04 hereof.

     CUSTODIAN: JPMorgan Chase Bank, N.A., and its permitted successors in interest.

     CUT-OFF DATE: April 1, 2007.

10

 

     DEBT SERVICE REDUCTION: With respect to any Mortgage Loan, a reduction in the
scheduled Monthly Payment for such Mortgage Loan by a court of competent jurisdiction in a
proceeding under the Bankruptcy Code, other than such a reduction resulting from a Deficient
Valuation.

     DEFAULTED SWAP TERMINATION PAYMENT: Any payment required to be made by the
Supplemental Interest Trust to the Swap Counterparty pursuant to the Swap Agreement as a result of
an event of default under the Swap Agreement with respect to which the Swap Counterparty is the
defaulting party or a termination event under that agreement (other than illegality or a tax event)
with respect to which the Swap Counterparty is the sole Affected Party (as defined in the Swap
Agreement).

     DEFICIENT VALUATION: With respect to any Mortgage Loan, a valuation of the related
Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) by a court
of competent jurisdiction in an amount less than the then outstanding Principal Balance of the
Mortgage Loan, which valuation results from a proceeding initiated under the Bankruptcy Code.

     DEFINITIVE CERTIFICATES: The Certificates referred to in Section 4.01(c).

     DEPOSITOR: Chase Mortgage Finance Corporation, a Delaware corporation, or its
successor in interest or any successor under this Agreement appointed as herein provided.

     DEPOSITORY: The Depository Trust Company, the nominee of which is Cede & Co.

     DEPOSITORY AGREEMENT: The agreement referred to in Section 4.01(b).

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

     DETERMINATION DATE: The sixteenth day of the month in which the related Distribution
Date occurs (or, if such sixteenth day is not a Business Day, the preceding Business Day).

     DISQUALIFIED ORGANIZATION: An organization referred to in Section 860E(e)(5) of the
Code.

     DISTRIBUTION DATE: The 25th day of any month, or if such 25th day is not a Business
Day, the first Business Day immediately following, beginning with May 25, 2007.

     DUE DATE: The first day of each month, being the day of the month on which each
Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.

     DUE PERIOD: With respect to any Distribution Date, the period from the second day of
the month preceding the month in which such Distribution Date occurs through the first day of the
month in which such Distribution Date occurs.

     ELIGIBLE ACCOUNT: An account that is (i) maintained with a depository institution the
long-term unsecured debt obligations of which are rated by each Rating Agency in one of its two
highest rating categories, or (ii) maintained with the corporate trust department of a national
bank or banking corporation which (a) has a rating of at least Baa3 or P-3 by Moody’s and (b) is
either Chase or is the corporate trust department of a national bank or banking corporation which
has a rating of at least A-1 by S&P and F1 by Fitch Ratings, or (iii) an account or accounts the
deposits in which are fully insured by the FDIC, or (iv) an account or accounts in a depository
institution in which such accounts are insured by the FDIC (to the limit established by the FDIC),
the uninsured deposits in which accounts are otherwise

11

 

secured such that, as evidenced by an Opinion of Counsel delivered to and acceptable to the
Trustee and each Rating Agency, the Certificateholders have a claim with respect to the funds in
such account and a perfected first security interest against any collateral (which shall be limited
to Eligible Investments) securing such funds that is superior to claims of any other depositors or
creditors of the depository institution with which such account is maintained, provided, however,
that such uninsured deposits do not result in the reduction of the ratings assigned to the
Certificates by the Rating Agencies as evidenced by a letter from each Rating Agency or (v)
otherwise acceptable to each Rating Agency without reduction or withdrawal of the rating of any
Class of Certificates, as evidenced by a letter from each Rating Agency.

     ELIGIBLE INVESTMENTS: One or more of the following:

     (i) obligations of, or guaranteed as to principal and interest by, the United States or
obligations of any agency or instrumentality thereof when such obligations are backed by the full
faith and credit of the United States; provided that any such obligation held as a “cash flow
investment” within the meaning of section 860G(a)(6) of the Code shall mature before the next
Distribution Date;

     (ii) repurchase agreements on obligations specified in clause (i) maturing not more than two
months from the date of acquisition thereof, provided that the long-term unsecured obligations of
the party agreeing to repurchase such obligations are at the time rated by each Rating Agency with
its highest rating and the short-term debt obligations of the party agreeing to repurchase are
rated with one of the two highest ratings by Moody’s and A-1+ by S&P;

     (iii) federal funds, certificates of deposit, time deposits and bankers’ acceptances (other
than bankers’ acceptances issued by Chase or any of its Affiliates) (which shall each have an
original maturity of not more than 60 days and, in the case of bankers’ acceptances, shall in no
event have an original maturity of more than 365 days) of any United States depository institution
or trust company incorporated under the laws of the United States or any state, provided that the
long-term unsecured debt obligations of such depository institution or trust company at the date of
acquisition thereof have been rated by each Rating Agency with its highest rating and the
short-term obligations of such depository institution or trust company are rated A-1+ by S&P and
P-1 by Moody’s;

     (iv) commercial paper (other than commercial paper issued by Chase or any of its Affiliates)
(having original maturities of not more than 365 days) of any corporation 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 its highest short-term unsecured commercial paper rating category; provided
that such commercial paper shall have a remaining maturity of not more than 45 days;

     (v) units of taxable money market funds (including those for which the Trustee or the Servicer
or any Affiliate thereof acts as sponsor, administrator or the like and receives compensation with
respect to such investment) which may be 12b-1 funds, as contemplated under the rules promulgated
by the Commission under the Investment Company Act of 1940, as amended, and which funds have been
rated by each Rating Agency in its highest rating category or which have been designated in writing
by each Rating Agency as Eligible Investments with respect to this definition; or

     (vi) other obligations or securities (other than investments or obligations of Chase or any of
its Affiliates) acceptable to each Rating Agency rating the Certificates as an Eligible Investment
hereunder and will not result in a reduction or withdrawal in the then current rating of any Class
of Certificates, as evidenced by a letter to such effect from each Rating Agency;

     provided that no such instrument shall be an Eligible Investment if such instrument evidences
either (a) a right to receive only interest payments with respect to the obligations underlying
such instrument, or (b) both principal and interest payments derived from obligations underlying
such

12

 

instrument where the interest and principal 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; and provided further that no such instrument shall be purchased above par; and
provided further that each Eligible Investment must be a “permitted investment” within the meaning
of Section 860G(a)(5) of the Code.

     ERISA: The Employee Retirement Income Security Act of 1974, as amended from time to
time, and any successor statutes thereto, and applicable U.S. Department of Labor temporary or
final regulations promulgated thereunder.

     ERISA QUALIFYING UNDERWRITING: A best efforts or firm commitment underwriting or
private placement that would satisfy the requirements of Prohibited Transaction Exemption 2002-19,
67 Fed. Reg. 14797 (March 28, 2002), as amended, or any substantially similar administrative
exemption granted by the U.S. Department of Labor to Chase, except, in relevant part, for the
requirement that the certificates have received a rating at the time of acquisition that is in one
of the three (or four, in the case of a “designated transaction”) highest generic rating categories
by at least one of the Rating Agencies.

     ERISA RESTRICTED CERTIFICATE: Any Class CE Certificate and any other Certificate, as
long as the acquisition and holding of such Certificate is not covered by and exempt under
Prohibited Transaction Exemption 2002-19, 67 Fed. Reg. 14797 (March 28, 2002), as amended, or any
substantially similar administrative exemption granted by the U.S. Department of Labor to Chase.

     ESCROW ACCOUNT: The account or accounts created and maintained pursuant to Section
5.10.

     ESCROW PAYMENTS: The amounts constituting applicable ground rents, taxes,
assessments, water rates, Standard Hazard Policy premiums and other payments required to be
escrowed by the Mortgagor with the mortgagee pursuant to a Mortgage Loan.

     EVENT OF DEFAULT: Any of the events specified in Section 9.01.

     EXCEPTION REPORT: The report of the Custodian or Trustee, as applicable, referred to
in Section 2.02.

     EXCESS INTEREST: On any Distribution Date, for each Class of the Class A, Class M and
Class B Certificates, the excess, if any, of (1) the amount of interest such Class of Certificates
is entitled to receive on such Distribution Date over (2) the amount of interest such Class of
Certificates would have been entitled to receive on such Distribution Date at an interest rate
equal to the REMIC Pass-Through Rate.

     EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

     FDIC: The Federal Deposit Insurance Corporation or any successor organization.

     FHLMC: The Federal Home Loan Mortgage Corporation or any successor organization.

     FIDELITY BOND: The fidelity bond and errors and omissions insurance to be maintained
by the Servicer pursuant to Section 5.19.

     FINAL SCHEDULED DISTRIBUTION DATE: The Distribution Date in May 2037.

     FITCH RATINGS: Fitch, Inc. or its successor in interest.

13

 

     FNMA: The Federal National Mortgage Association, or any successor organization.

     FNMA GUIDES: The FNMA Sellers’ Guide and the FNMA Servicers’ Guide, and all
amendments or additions thereto.

     INDIRECT PARTICIPANT: A broker, dealer, bank or other financial institution or other
Person that clears through or maintains a custodial relationship with a Depository Participant,
either directly or indirectly.

     INSURANCE PROCEEDS: Proceeds paid by any insurer pursuant to any insurance policy
covering a Mortgage Loan, net of costs of collecting such proceeds and net of amounts released to
the Mortgagor or applied to the restoration of the Mortgaged Property (or in the underlying
Mortgaged Property, in the case of a Co-op Loan).

     INSURED EXPENSES: Expenses covered by any insurance policy.

     INTEREST DISTRIBUTION AMOUNT: With respect to each Distribution Date and each Class
of Certificates entitled to distributions of interest, an amount equal to the amount of interest
accrued during the related Accrual Period at the related Certificate Rate on the Outstanding
Certificate Principal Balance of such Class of Certificates for such Distribution Date, in each
case, reduced by any Net Interest Shortfalls allocated to such Class of Certificates as such
shortfalls are allocated.

     INTEREST REMITTANCE AMOUNT: The portion of the Available Distribution Amount not
consisting of the Principal Remittance Amount.

     INTEREST SHORTFALL: As to any Class of Certificates and any Distribution Date, (i)
the amount by which the Interest Distribution Amount for such Class on all prior Distribution Dates
exceeds (ii) amounts distributed in respect thereof to such Class on prior Distribution Dates.

     LATE COLLECTIONS: With respect to any Mortgage Loan, all amounts received during any
Due Period, whether as late payments of Monthly Payments or as Liquidation Proceeds, condemnation
proceeds, Insurance Proceeds, Subsequent Recoveries or with respect to a disposition of a Mortgaged
Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) which has been
acquired by foreclosure or deed in lieu of foreclosure or otherwise, which represent late payments
or collections of Monthly Payments due but delinquent for a previous Due Period and not previously
recovered.

     LIBOR: With respect to any Distribution Date and the Certificate Rates on the LIBOR
Certificates, LIBOR as determined in accordance with Section 6.07.

     LIBOR BUSINESS DAY: Any day other than (i) a Saturday or a Sunday or (ii) a day on
which banking institutions in the city of London, England are required or authorized by law to be
closed.

     LIBOR CERTIFICATES: The Class A, Class M and Class B Certificates.

     LIQUIDATED MORTGAGE LOAN: Any Mortgage Loan (a) as to which the Servicer has
determined that all amounts which it expects to recover from or on account of such Mortgage Loan or
property acquired in respect thereof have been recovered, (b) as to which a Cash Liquidation has
taken place or (c) with respect to which the Mortgaged Property (or stock allocated to a dwelling
unit, in the case of a Co-op Loan) has been acquired by foreclosure or deed in lieu of foreclosure
and a disposition (the term disposition shall include, for purposes of a repurchase pursuant to
Section 11.01, any repurchase of a Mortgaged Property (or stock allocated to a dwelling unit, in
the case of a Co-op Loan) pursuant to

14

 

such Section) of such Mortgaged Property (or stock allocated to a dwelling unit, in the case
of a Co-op Loan) has occurred.

     LIQUIDATION EXPENSES: Expenses which are incurred by the Servicer or any Sub-Servicer
in connection with the liquidation of any defaulted Mortgage Loan or property acquired in respect
thereof including, without limitation, legal fees and expenses, any unreimbursed amount expended by
the Servicer pursuant to Sections 5.16 and 5.21 respecting the related Mortgage Loan and any
related and unreimbursed expenditures for real estate property taxes or for property restoration or
preservation.

     LIQUIDATION PROCEEDS: Cash (including Insurance Proceeds) received by the Servicer in
connection with the liquidation of any Mortgage Loan or Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) acquired in respect thereof, whether through the sale
or assignment of such Mortgage Loan (other than pursuant to Section 5.21), trustee’s sale,
foreclosure sale or otherwise, or the sale of the Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) if the Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) is acquired in satisfaction of the Mortgage Loan other
than amounts required to be paid to the Mortgagor pursuant to law or the terms of the applicable
Mortgage Note.

     LOAN-TO-VALUE RATIO: The fraction, expressed as a percentage, the numerator of which
is the principal amount of the related Mortgage Loan at the time of origination (or, (i) for
purposes of Section 5.15, at the time of determination and (ii) for purposes of a Mortgage Loan
with respect to which a conversion from adjustable rate to fixed rate has occurred, at the time of
initial origination) and the denominator of which is the Appraised Value of the related Mortgaged
Property (or applicable dwelling unit, in the case of a Co-op Loan) at the time of origination or,
in the case of a Mortgage Loan financing the acquisition of the Mortgaged Property (or applicable
dwelling unit, in the case of a Co-op Loan), the sales price of the Mortgaged Property (or
applicable dwelling unit, in the case of a Co-op Loan), if such sales price is less than such
appraised value; provided however, certain Mortgage Loans financing the acquisition of a Mortgaged
Property in New York will be based solely on the appraised value.

     LOWER-TIER REMIC: The Lower-Tier REMIC as described in Section 2.04.

     LOWER-TIER REMIC INTEREST: Any one of the Classes of Lower-Tier REMIC Interests
described in Section 2.04.

     LOWER-TIER REMIC MARKER CLASS: Any one of the Classes of Lower-Tier REMIC Regular
Interests other than the Class LTX Interest and other than the Class LT-IO Interest.

     LOWER-TIER REMIC REGULAR INTEREST: Any one of the Lower-Tier REMIC Interests other
than the Class LT-R Interest.

     MERS: Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or any
successor in interest thereto.

     MERS MORTGAGE LOAN: Any Mortgage Loan as to which the related Mortgage, or an
Assignment of Mortgage, has been or will be recorded in the name of MERS or otherwise assigned to
MERS, as agent for the holder from time to time of the Mortgage Note.

     MODIFIED MORTGAGE LOAN: Any Mortgage Loan which the Servicer has modified pursuant to
Section 5.01.

     MONTHLY PAYMENT: The minimum required monthly payment of principal and interest due
on a Mortgage Loan as specified in the Mortgage Note for any Due Date (before any adjustment to
such

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scheduled amount by reason of any bankruptcy or similar proceeding or any moratorium or
similar waiver or grace period). Monthly Payments shall be deemed due on an Outstanding Mortgage
Loan until such time as it becomes a Liquidated Mortgage Loan.

     MOODY’S: Moody’s Investors Service, Inc. or its successor in interest.

     MORTGAGE: With respect to a Mortgage Loan that is not a Co-op Loan, the mortgage,
deed of trust or other instrument creating a first lien or a first priority ownership interest in
an estate in fee simple in real property securing a Mortgage Note. With respect to a Co-op Loan,
the security agreement creating a security interest in the stock allocated to a dwelling unit in a
residential cooperative housing corporation and pledged to secure such Co-op Loan and the related
Co-op Lease.

     MORTGAGE FILE: As to each Mortgage Loan, the items referred to in Exhibit B annexed
hereto.

     MORTGAGE LOAN: An individual mortgage loan and all rights with respect thereto,
evidenced by a Mortgage and a Mortgage Note, sold and assigned by the Depositor to the Trustee and
which is subject to this Agreement and included in the Trust Fund. The Mortgage Loans originally
sold and subject to this Agreement are identified on the Mortgage Loan Schedule.

     MORTGAGE LOAN SCHEDULE: The schedule of Mortgage Loans attached hereto as Exhibit A
as it may be amended in accordance with Section 3.03, setting forth the following information as to
each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) the city, state and zip code of
the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan); (iii) an
indication of whether the Mortgaged Property (or the related residential dwelling unit in the
Underlying Mortgaged Property, in the case of a Co-op Loan) is owner-occupied; (iv) the property
type of the Mortgaged Property (or the related residential dwelling unit in the Underlying
Mortgaged Property, in the case of a Co-op Loan); (v) the original number of months to stated
maturity; (vi) the number of months remaining to stated maturity from the Cut-off Date; (vii) the
original Loan-to-Value Ratio; (viii) the original principal balance of the Mortgage Loan; (ix) the
unpaid principal balance of the Mortgage Loan as of the close of business on the Cut-off Date; (x)
the Mortgage Rate; and (xi) the amount of the current Monthly Payment.

     MORTGAGE NOTE: The note or other evidence of the indebtedness of a Mortgagor secured
by a Mortgage.

     MORTGAGE POOL: The pool of Mortgage Loans held in the Trust Fund.

     MORTGAGE POOL PRINCIPAL BALANCE: As of any date of determination, the aggregate of
the Principal Balances of each Outstanding Mortgage Loan on such date of determination less the
principal portion of any Monthly Payment due but not paid with respect to which an Advance has not
been made, initially $600,011,458.17.

     MORTGAGED PROPERTY: The property securing a Mortgage Note.

     MORTGAGE RATE: With respect to each Mortgage Loan, the per annum rate of interest
borne by the Mortgage Loan, as specified in the Mortgage Note. The Mortgage Rate for any Mortgage
Loan shall be zero with respect to the period prior to the period during which interest accrues
with respect to such Mortgage Loan’s first Monthly Payment.

     MORTGAGOR: The obligor on a Mortgage Note.

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     NET INTEREST SHORTFALL: With respect to any Distribution Date, an amount equal to the
sum of: (i) any Compensating Interest Shortfalls for that Distribution Date, and (ii) Relief Act
Reductions for such Distribution Date.

     NET LIQUIDATION PROCEEDS: As to any Liquidated Mortgage Loan, Liquidation Proceeds
net of Liquidation Expenses.

     NET MONTHLY EXCESS CASHFLOW: With respect to any Distribution Date, the sum of (a)
any Overcollateralization Release Amount and (b) the excess of (x) the Available Distribution
Amount for such Distribution Date over (y) the sum for such Distribution Date of (A) the aggregate
of the Interest Distribution Amounts for the Class A, Class M and Class B Certificates, (B) the
Interest Shortfall for the Class A Certificates, (C) Net Swap Payments made by the Supplemental
Interest Trust and any Swap Termination Payments (unless the Swap Counterparty is the defaulting
party) and (D) the Principal Remittance Amount.

     NET MORTGAGE RATE: With respect to each Mortgage Loan, a per annum rate of interest
for the applicable period equal to the Mortgage Rate less (i) the Servicing Fee Rate and (ii) in
the case of a substitute Mortgage Loan, any excess of the Mortgage Rate on the substitute Mortgage
Loan over the Mortgage Rate on the removed Mortgage Loan.

     NET RATE: The per annum rate set forth in footnote 3 to the description of the
Lower-Tier REMIC in Section 2.04 herein (such rate being based on the weighted average of the
interest rates on the SWAP REMIC Regular Interests as adjusted and as set forth in such footnote).

     NET SWAP PAYMENT: With respect to any Distribution Date, any net payment (other than
a Swap Termination Payment or Defaulted Swap Termination Payment) made by the Supplemental Interest
Trust to the Swap Counterparty on the related Fixed Rate Payer Payment Date (as defined in the Swap
Agreement) or made by the Swap Counterparty to the Supplemental Interest Trust on the related
Floating Rate Payer Payment Date (as defined in the Swap Agreement), each determined in accordance
with the Swap Agreement. In each case, the Net Swap Payment shall not be less than zero.

     NET WAC: As of any Distribution Date, the weighted average of the Mortgage Rates of
the Mortgage Loans as of the first day of the calendar month immediately preceding the calendar
month of such Distribution Date, net of the sum of (i) the Servicing Fee Rate and (ii) any Net Swap
Payment or Swap Termination Payment (unless the Swap Counterparty is the defaulting party or the
sole affected party under the Swap Agreement) made to the Swap Counterparty for such Distribution
Date divided by the aggregate of the Stated Principal Balances of the Mortgage Loans as of the
beginning of the related Due Period, weighted on the basis of their Stated Principal Balances as of
that date, multiplied by a fraction, the numerator of which is 30 and the denominator of which is
the actual number of days in the related Accrual Period.

     NON-MERS MORTGAGE LOAN: Any Mortgage Loan other than a MERS Mortgage Loan.

     NONRECOVERABLE ADVANCE: Any Advance previously made or proposed to be made in respect
of a Mortgage Loan by the Servicer pursuant to Section 6.03 which, in the good faith judgment of
the Servicer, will not or, in the case of a proposed Advance, would not, ultimately be recoverable
by the Servicer from Late Collections or otherwise. The determination by the Servicer that it has
made, or would be making, a Nonrecoverable Advance shall be evidenced by a certificate of a
Servicing Officer of the Servicer delivered to the Trustee, any co-trustee and the Depositor and
detailing the reasons for such determination.

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     OFFICERS’ CERTIFICATE: A certificate signed by two of the Chairman of the Board, the
Vice Chairman of the Board, the President or a Vice President, the Treasurer or the Secretary or
one of the Assistant Treasurers or Assistant Secretaries or any other duly authorized officer of
the Depositor or the Servicer, and delivered to the Trustee.

     OPINION OF COUNSEL: A written opinion of counsel, who may be counsel for the
Depositor or the Servicer and who is reasonably acceptable to the Trustee.

     OPTIONAL CLEAN-UP CALL DATE: The first Distribution Date following a Due Date on
which the aggregate unpaid Principal Balance of all Outstanding Mortgage Loans is less than 10% of
the aggregate unpaid Principal Balance of the Mortgage Loans on the Cut-off Date.

     ORIGINAL CERTIFICATE PRINCIPAL BALANCE: With respect to any Class of Certificates,
the amount specified for such Class in Section 4.01(d).

     OUTSTANDING CERTIFICATE PRINCIPAL BALANCE: With respect to any Class of Certificates
and any Distribution Date, the Original Certificate Principal Balance of such Class minus
the sum of (i) any distributions of principal made on such Class prior to such Distribution Date
and (ii) any Realized Losses allocated to such Class prior to such Distribution Date; provided,
however, that on each Distribution Date, after all distributions of principal on such Distribution
Date, an amount equal to the Overcollateralization Increase Amount for such Distribution Date will
be added to the aggregate Outstanding Certificate Principal Balance of the Class CE Certificates
(on a pro rata basis); provided, further, however that on any Distribution Date on which a
Subsequent Recovery is distributed, the Outstanding Certificate Principal Balance of any Class of
Certificates then outstanding for which any Realized Loss has been applied will be increased, in
order of seniority (with the Class A-2 Certificates being deemed to be more junior than the other
Class A Certificates), by an amount equal to the lesser of (i) the amount the Class of Certificates
has been reduced by any Realized Losses which have not been previously offset by any Subsequent
Recovery pursuant to this proviso and (ii) the total amount of any Subsequent Recovery distributed
on such date to Certificateholders (as reduced (x) by increases in the Outstanding Certificate
Principal Balance of more senior Classes of Certificates on such Distribution Date and (y) to
reflect a proportionate amount of what would (but for this clause (y)) have been the increases in
the Outstanding Certificate Principal Balance of Classes of Certificates of equal seniority on such
Distribution Date). The initial Outstanding Certificate Principal
Balance of the Class CE Certificates will be equal to the initial
Overcollateralized Amount.

     OUTSTANDING MORTGAGE LOAN: As to any Distribution Date, a Mortgage Loan which was not
paid in full during the related or any previous Principal Prepayment Period, which did not become a
Liquidated Mortgage Loan during the related or any previous Principal Prepayment Period and which
was not repurchased under Section 2.02, 3.01, 5.01, 5.21 or 11.01 during the related or any
previous Principal 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 distributions in respect of the Principal
Remittance Amount on such Distribution Date).

     OVERCOLLATERALIZATION FLOOR: With respect to any Distribution Date, an amount equal
to the product of (i) 0.50% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
as of the Cut-off Date.

     OVERCOLLATERALIZATION INCREASE AMOUNT: With respect to any Distribution Date, the
lesser of (x) the Net Monthly Excess Cashflow for such Distribution Date and (y) the
Overcollateralization Deficiency Amount for such Distribution Date.

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     OVERCOLLATERALIZATION RELEASE AMOUNT: With respect to any Distribution Date, the
lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the excess, if
any, of (1) the Overcollateralized Amount for such Distribution Date over (2) the
Overcollateralization Target Amount for such Distribution Date.

     OVERCOLLATERALIZATION TARGET AMOUNT: With respect to any Distribution Date, (1) prior
to the Step-Down Date, 0.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of
the Cut-off Date, (2) on or after the Step-Down Date, provided a Trigger Event is not in effect,
the greater of (x) 1.60% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
last day of the related Due Period and (y) the Overcollateralization Floor, and (3) on or after the
Step-Down Date, if a Trigger Event is in effect, the Overcollateralization Target Amount for the
immediately preceding Distribution Date.

     OVERCOLLATERALIZED
AMOUNT: With respect to any Distribution Date, the difference
between (x) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the
related Due Period and (y) the sum of the aggregate Outstanding Certificate Principal Balance
of the Certificates (excluding the Class CE Certificates) as of such Distribution Date (assuming
that 100% of the Principal Remittance Amount is applied as a principal payment on such Distribution
Date).

     PASS-THRU ENTITY: A “Pass-Thru Entity” as defined in Section 860E(e)(6) of the Code.

     PAYING AGENT: The Person appointed by the Trustee as Paying Agent pursuant to Section
4.05.

     PERCENTAGE INTEREST: As to any Certificate, the percentage interest evidenced thereby
in distributions required to be made hereunder, such percentage interest being equal, with respect
to any Class, to the percentage obtained by dividing the Outstanding Certificate Principal Balance
of such Certificate by the aggregate of the Outstanding Certificate Principal Balances of all the
Certificates of such Class and with respect to all Certificates, the percentage obtained by
dividing the Outstanding Certificate Principal Balance of such Certificate by the aggregate of the
Outstanding Certificate Principal Balances of all the Certificates.

     PERMITTED ACTIVITIES: The primary activities of the Trust created pursuant to this
Agreement which shall be: (i) holding Mortgage Loans transferred from the Depositor and other
assets of the Trust Fund, including any credit enhancement and passive derivative financial
instruments that pertain to beneficial interests issued or sold to parties other than the
Depositor, its Affiliates, or its agents; (ii) issuing certificates and other interests in the
assets of the Trust Fund; (iii) receiving collections on the Mortgage Loans and making payments on
such certificates and interests in accordance with the terms of this Agreement; and (iv) engaging
in other activities that are necessary or incidental to accomplish these limited purposes, which
activities cannot be contrary to the status of the Trust Fund as a qualified special purpose entity
under existing accounting literature.

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

     PLAN: As defined in Section 4.02(d)(i).

     PRIMARY INSURANCE POLICY: Each primary policy of mortgage guaranty insurance or any
replacement policy therefor referred to in Section 5.15 hereof.

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     PRINCIPAL BALANCE: At the time of any determination, the principal balance of a
Mortgage Loan remaining to be paid at the close of business on the Cut-off Date (after deduction of
all principal payments due on or before the Cut-off Date whether or not paid) (or, in the case of a
substitute Mortgage Loan included in the Trust Fund pursuant to Section 3.03, the close of business
as of the date of substitution) reduced by all amounts previously distributed to Certificateholders
that are allocable to payments of principal on such Mortgage Loan (including the principal portion
of Advances of the Servicer made pursuant to Section 6.03).

     PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution Date, the
sum of (i) the Basic Principal Distribution Amount for such Distribution Date and (ii) the
Overcollateralization Increase Amount for such Distribution Date.

     PRINCIPAL PREPAYMENT: Any payment or other recovery of principal on a Mortgage Loan
(other than Late Collections) which is received other than as part of a monthly payment; provided,
however, that the term Principal Prepayment does not include Insurance Proceeds, Liquidation
Proceeds, Subsequent Recoveries, condemnation awards or other cash proceeds from a source other
than the applicable Mortgagor.

     PRINCIPAL PREPAYMENT PERIOD: With respect to any Distribution Date, the period
beginning on the first day of the month preceding the month in which such Distribution Date occurs
and ending on the last day of such month.

     PRINCIPAL REMITTANCE AMOUNT: With respect to any Distribution Date, the portion of
the Available Distribution Amount equal to the sum of (i) all scheduled payments of principal
collected or advanced on the Mortgage Loans by the Servicer that were due during the related Due
Period, (ii) the principal portion of each full and partial principal prepayment made by a borrower
on a Mortgage Loan during the related Principal Prepayment Period, (iii) each other unscheduled
collection, including insurance proceeds and net liquidation proceeds representing or allocable to
recoveries of principal of the Mortgage Loans received during the related Prepayment Period,
including any Subsequent Recoveries on the Mortgage Loans, (iv) the principal portion of the
purchase price of each Mortgage Loan repurchased by the Seller due to a defect in documentation or
a material breach of a representation and warranty with respect to such Mortgage Loan or, in the
case of a permitted substitution of a defective Mortgage Loan, the amount representing any
principal adjustment in connection with any such replaced Mortgage Loan with respect to the related
Principal Prepayment Period and (v) in connection with any optional purchase of the Mortgage Loans,
the principal portion of the Purchase Price, up to the principal portion of such Purchase Price.

     PTCE: As defined in Section 4.02(d)(i).

     PURCHASE PRICE: With respect to any Mortgage Loan required to be purchased on any
date pursuant to Section 2.02, 3.01, 5.01, 5.21 or 11.01, an amount equal to the sum of (a) 100% of
the Principal Balance thereof, (b) unpaid accrued interest at the Mortgage Rate thereon from the
Due Date on which interest was last paid by the Mortgagor or Advanced by the Servicer to the Due
Date next following the date of repurchase, (c) the aggregate of any unreimbursed Advances and any
unreimbursed Servicing Advances and (d) any unreimbursed costs, penalties and/or damages incurred
by the Trust Fund and/or the Trustee in connection with any violation relating to such Mortgage
Loan of any predatory or abusive lending law.

     QUALIFIED INSURER: An insurance company duly qualified as such under the laws of the
states in which the Mortgaged Properties are located, duly authorized and licensed in such states
to transact the applicable insurance business and to write the insurance provided, approved as an
insurer by FNMA and FHLMC and whose claims-paying ability is rated in the two highest rating
categories by S&P

20

 

and Moody’s with respect to primary mortgage insurance and in the two highest rating
categories for general policyholder rating and financial performance index rating by A.M. Best
Company or its successor in interest with respect to hazard and flood insurance.

     RATE ADJUSTMENT DATE: The second LIBOR Business Day prior to the first day of each
Accrual Period after the initial Accrual Period.

     RATE CAP CEILING: With respect to the Yield Maintenance Agreement and the applicable
Distribution Date, the rate specified in Exhibit V under the heading “Rate Cap Ceiling” for that
Distribution Date.

     RATING AGENCY: Any nationally recognized statistical rating organization, or its
successor, that rated one or more Classes of Certificates at the request of the Depositor at the
time of the initial issuance of the Certificates. If such organization or a successor is no longer
in existence, “Rating Agency” shall be such nationally recognized statistical rating organization,
or other comparable Person, designated by the Depositor, notice of which designation shall be given
to the Trustee and the Servicer. References herein to the two highest long-term debt rating
categories of a Rating Agency shall mean AA or better in the case of S&P and Fitch Ratings and Aa
or better in the case of Moody’s.

     REALIZED LOSS: With respect to (i) a Liquidated Mortgage Loan, the amount, if any, by
which the unpaid Principal Balance and accrued interest thereon at a rate equal to the Net Mortgage
Rate exceeds the amount actually recovered by the Servicer with respect thereto (net of
reimbursement of Advances and Servicing Advances) at the time such Mortgage Loan became a
Liquidated Mortgage Loan or (ii) with respect to a Mortgage Loan which is not a Liquidated Mortgage
Loan, any amount of principal that the Mortgagor is no longer legally required to pay (except for
the extinguishment of debt that results from the exercise of remedies due to default by the
Mortgagor).

     REALIZED LOSS INTEREST SHORTFALL: The meaning specified in Section 6.05(c).

     RECORD DATE: With respect to the Class A, Class M and Class B Certificates, the close
of business on the Business Day immediately preceding the Distribution Date. With respect to the
Class A-R and Class CE Certificates, the close of business on the last Business Day of the calendar
month preceding the month of the related Distribution Date.

     REFERENCE BANK RATE: The rate determined on the basis of the rates at which deposits
in U.S. dollars are offered by the reference banks (which shall be three major banks that are
engaged in transactions in the London interbank market, selected by the Servicer or its designee)
as of 11:00 A.M., London time, on the day that is two LIBOR Business Days prior to the first date
of the related Accrual Period to prime banks in the London interbank market for a period of one
month in amounts approximately equal to the aggregate of the outstanding principal balance of the
Certificates (other than the Class A-R and Class CE Certificates). The Servicer or its designee
will request the principal London office of each of the reference banks to provide a quotation of
its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the
quotations. If on such date fewer than two quotations are provided as requested, the rate will be
the arithmetic mean of the rates quoted by one or more major banks in New York City, selected by
the Servicer or its designee, 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 one month in amounts approximately equal to the
aggregate of the outstanding principal balance of the Certificates (other than the Class A-R and
Class CE Certificates). If no such quotations can be obtained, the rate will be LIBOR for the prior
Distribution Date, or in the case of the first Rate Adjustment Date, 5.320%.

     REGULATION AB: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification
and

21

 

interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the
staff of the Commission, or as may be provided by the Commission or its staff from time to time.

     RELEVANT MORTGAGE LOAN: The meaning specified in Section 5.01.

     RELATED CERTIFICATES: With respect to each Class of REMIC Regular Interests, the
related Certificates set forth in the table under “Upper-Tier REMIC” in Section 2.04(a).

     RELIEF ACT: The Servicemembers Civil Relief Act or the California Military and
Veterans Code, as amended, or any other similar state or local law.

     RELIEF ACT REDUCTIONS: With respect to any Distribution Date and any Mortgage Loan as
to which there has been a reduction in the amount of interest collectible thereon for the most
recently ended calendar month as a result of the application of the Relief Act, the amount, if any,
by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month
is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.

     REMIC: A “real estate mortgage investment conduit,” as such term is defined in
Section 860D of the Code. References herein to “a REMIC” or “the REMICs” shall mean one or all, as
the context requires, of the REMICs created hereunder.

     REMIC NET WAC: As of any Distribution Date, the weighted average of the Net Mortgage
Rates of the Mortgage Loans as of the first day of the calendar month immediately preceding the
calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances
as of that date.

     REMIC PASS-THROUGH RATE: In the case of a Class of the Class A, Class M and Class B
Certificates, the Upper-Tier REMIC Net WAC Cap for the Corresponding REMIC Regular Interest.

     REMIC POOL: Each of the SWAP REMIC, the Lower-Tier REMIC and the Upper-Tier REMIC.

     REMIC PROVISIONS: Provisions of the federal income tax law relating to REMICs which
appear at Sections 860A through 860G of Part IV of Subchapter M of Chapter 1 of Subtitle A of the
Code, and related provisions, and U.S. Department of the Treasury temporary, proposed or final
regulations and rulings promulgated thereunder, as the foregoing are in effect (or with respect to
proposed regulations, are proposed to be in effect) from time to time.

     REMIC REGULAR INTEREST: Each of the interests in the Upper-Tier REMIC as set forth in
Section 2.04 other than the Residual Interest.

     REMIC SWAP RATE: For each Distribution Date (and the related Accrual Period), a per
annum rate equal to the Fixed Rate under the Swap Agreement for such Distribution Date, as set
forth in the Swap Agreement.

     REMIC REPORTING AGENT: As defined in Section 7.02(b).

     REPURCHASE PROCEEDS: All proceeds of any Mortgage Loan or property acquired in
respect thereof repurchased pursuant to Section 2.02, 3.01, 5.01, 5.21 or 11.01.

     RESIDUAL INTEREST: The interest represented by (i) amounts, if any, remaining in the
Collection Account following termination of the Trust Fund after payments to the Class A

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Certificateholders (other than the Class A-R Certificateholders), the Class M
Certificateholders, the Class B Certificateholders and the Class CE Certificateholders and (ii)
amounts, if any, paid in respect of principal and accrued interest on the Class A-R Certificates
from collections or advances with respect to the Mortgage Loans, other than, in the case of both
(i) and (ii), amounts attributable to the Class SW-R Interest or Class LT-R Interest.

     RESPONSIBLE OFFICER: When used with respect to the Trustee, any senior vice
president, any vice president, any assistant vice president, any senior trust officer, any trust
officer or any other officer of the Trustee in its Agency & Trust Office customarily performing
functions similar to those performed by any of the above designated officers.

     REUTERS PAGE LIBOR01: The display currently so designated on the Reuters Xtra 3000
Service (or such other page as may replace that page on that service or any successor service for
displaying comparable rates or prices).

     S&P: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. or its
successor in interest.

     SALE AGREEMENT: The Mortgage Loan Sale Agreement dated as of April 1, 2007 between
the Depositor and CHF.

     SARBANES-OXLEY CERTIFICATION: The meaning specified in Section 5.24(f).

     SECTION 302 REQUIREMENTS: Any rules or regulations promulgated pursuant to the
Sarbanes-Oxley Act of 2002 (as such may be amended from time to time).

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

     SELLER: CHF.

     SENIOR ENHANCEMENT PERCENTAGE: For any Distribution Date, the percentage obtained by
dividing (x) the sum of (i) the aggregate Outstanding Certificate Principal Balance of the Class M
and Class B Certificates (after giving effect to the distribution of the Principal Distribution
Amount on such Distribution Date) and (ii) the Overcollateralized Amount (after giving effect to
the distribution of the Principal Distribution Amount on such Distribution Date) by (y) the
aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due
Period.

     SENIOR PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an amount equal to
the excess of (x) the aggregate Outstanding Certificate Principal Balance of the Class A
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(1) 89.20% and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day
of the related Due Period and (B) the aggregate Stated Principal Balance of the Mortgage Loans as
of the last day of the related Due Period minus the Overcollateralization Floor.

     SERVICER: Chase or any successor under this Agreement as herein provided.

     SERVICING ADVANCES: All customary, reasonable and necessary “out of pocket” costs and
expenses incurred in the performance by the Servicer of its servicing obligations and which are
“unanticipated expenses” (within the meaning of Treasury regulations section 1.860G-1(b)(3)(ii))
including, but not limited to, the cost of (i) the preservation, restoration and protection of the
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation
of the Mortgaged

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Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) if the Mortgaged
Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) is acquired in
satisfaction of the Mortgage, (iv) taxes and assessments on the Mortgaged Properties subject to the
Mortgage Loans and (v) compliance with the obligations under Section 5.21.

     SERVICING CRITERIA: The “servicing criteria” set forth in Item 1122(d) of Regulation
AB, as such may be amended from time to time.

     SERVICING FEE: The amount of the monthly fee paid for the servicing of the Mortgage
Loans, equal to, as of any Distribution Date, with respect to each Mortgage Loan, one-twelfth of
the Servicing Fee Rate of the Principal Balance thereof as of the Determination Date in the
preceding month, subject to adjustment as provided in Section 6.05. The Servicing Fee shall be
payable only at the time of and with respect to those Mortgage Loans for which payment is in fact
made of the entire amount of the Monthly Payments that shall have come due and only at the time
such Monthly Payment shall be made. The right to receive the Servicing Fee is limited to, and the
Servicing Fee is payable solely from, the interest portion of such Monthly Payments (or the
interest portion of any Principal Prepayment in full) collected by the Servicer, or as otherwise
provided under Section 5.09 or 5.23.

     SERVICING FEE RATE: 0.2560% per annum.

     SERVICING OFFICER: Any officer of the Servicer or any Sub-Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose name appears on a
written certificate listing servicing officers furnished to the Trustee by the Servicer on or prior
to the Closing Date, and signed on behalf of the Servicer or any Sub-Servicer by its President, any
Vice President or its Treasurer, as such certificate may from time to time be amended.

     SFAS 140: Statement of Financial Accounting Standard No. 140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishment of Liabilities dated September 2000,
published by the Financial Accounting Standards Board of the Financial Accounting Foundation.

     SIMILAR LAW: The meaning specified in Section 4.02(d).

     SINGLE CERTIFICATE: A Certificate of any Class that evidences the smallest
permissible original denomination for such Class of Certificates as specified in Section 4.01(d).

     STANDARD HAZARD POLICY: Each standard hazard insurance policy or replacement therefor
referred to in Section 5.16.

     STARTUP DAY: The meaning specified in Section 2.04(a).

     STATED PRINCIPAL BALANCE: For any Mortgage Loan at any Due Date, the unpaid principal
balance of such Mortgage Loan as of such Due Date as specified in the amortization schedule at the
time relating thereto (before any adjustment to such amortization schedule by reason of any
moratorium or similar waiver or grace period) after giving effect to any previous principal
prepayments and liquidation proceeds allocable to principal and to the payment of principal due on
such Due Date and irrespective of any delinquency in payment by the related mortgagor.

     STEP-DOWN DATE: The earlier to occur of (1) the Distribution Date on which the
aggregate Outstanding Certificate Principal Balance of the Class A Certificates has been reduced to
zero and (2) the later to occur of (x) the Distribution Date occurring in May 2010 and (y) the
first Distribution Date on which the Senior Enhancement Percentage is greater than or equal to
10.80% (for the purpose of this

24

 

definition only, the Senior Enhancement Percentage shall be calculated prior to the
distribution of the Principal Distribution Amount to the Class M and Class B Certificates).

     SUBCONTRACTOR: Any vendor, subcontractor or other Person that is not responsible for
the overall servicing (as “servicing” is commonly understood by participants in the mortgage-backed
securities market) of Mortgage Loans but performs one or more discrete functions identified in Item
1122(d) of Regulation AB with respect to Mortgage Loans as determined by and under the direction or
authority of the Servicer or a Sub-Servicer.

     SUB-SERVICER: Any Person that services Mortgage Loans on behalf of the Servicer or
any Sub-Servicer and is responsible for the performance (whether directly or through Subservicers
or Subcontractors) of a substantial portion of the material servicing functions required to be
performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation
AB. Any Sub-Servicer shall meet the qualifications set forth in Section 5.02.

     SUB-SERVICING AGREEMENT: Any agreement between the Servicer and any Sub-Servicer,
relating to servicing or administration of certain Mortgage Loans as provided in Section 5.02, in
such form as has been approved by the Servicer and the Depositor.

     SUBSEQUENT RECOVERY: The amount, if any, recovered by the Servicer with respect to a
Liquidated Mortgage Loan with respect to which a Realized Loss has been incurred after liquidation
and disposition of such Mortgage Loan.

     SUBSTITUTE EXCESS INTEREST: As defined in Section 3.03.

     SUPPLEMENTAL INTEREST TRUST: The separate trust, established pursuant to Section 5.30
of this Agreement.

     SUPPLEMENTAL INTEREST TRUST ACCOUNT: The separate Eligible Account created and
maintained by the Supplemental Interest Trust Trustee pursuant to Section 5.30 in the name of the
Supplemental Interest Trust Trustee for the benefit of the Supplemental Interest Trust and
designated “The Bank of New York Trust Company, N.A., as supplemental interest trust trustee, in
trust for registered holders of ChaseFlex Trust, Multi-Class Mortgage Pass-Through Certificates,
Series 2007-2.” Funds in the Supplemental Interest Trust Account shall be held in trust for the
Supplemental Interest Trust for the uses and purposes set forth in this Agreement.

     SUPPLEMENTAL INTEREST TRUST 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 trustee
of the Supplemental Interest Trust 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 supplemental interest trust trustee as may from time to time be serving as successor
supplemental interest trustee hereunder.

     SWAP AGREEMENT: The schedule to the master agreement (attached as Exhibit W hereto),
including the confirmation thereto (attached as Exhibit W-1 hereto) and the related credit support
annex (attached as Exhibit W-2 hereto), between the Swap Counterparty and the Supplemental Interest
Trust Trustee for the benefit of the Certificateholders or any other swap agreement (including any
related schedules) held by the Supplemental Interest Trust pursuant to Section 5.30 hereof.

     SWAP COUNTERPARTY: JPMorgan Chase Bank N.A., or any successor counterparty who meets
the requirements set forth in the Swap Agreement.

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     SWAP LIBOR: With respect to any Distribution Date (and the related Accrual Period)
the product of (i) the Floating Rate Option (as defined in the Swap Agreement for the related Swap
Payment Date), (ii) two and (iii) the quotient of (a) the actual number of days in the Accrual
Period for the Lower-Tier REMIC Interests divided by (b) 30.

     SWAP PAYMENT DATE: For so long as the Swap Agreement is in effect or amounts remain
unpaid thereunder, the 2nd Business Day (as defined in the Swap Agreement) immediately
preceding each Distribution Date.

     SWAP POSTED COLLATERAL ACCOUNT: The segregated Eligible Account created and
maintained by the Supplemental Interest Trust Trustee pursuant to Section 5.30 in the name of the
Supplemental Interest Trust Trustee for the benefit of the Supplemental Interest Trust and
designated “The Bank of New York Trust Company, N.A., as supplemental interest trust trustee, in
trust for registered holders of ChaseFlex Trust, Multi-Class Mortgage Pass-Through Certificates,
Series 2007-2.” Funds in the Swap Posted Collateral Account shall be held in trust for the
Supplemental Interest Trust for the uses and purposes set forth in the Swap Agreement

     SWAP REMIC: The SWAP REMIC as described in Section 2.04.

     SWAP REMIC INTERESTS: Each of the interests in the SWAP REMIC as set forth in Section
2.04.

     SWAP REMIC REGULAR INTEREST: Each of the SWAP REMIC Interests other than the Class
SW-R Interest.

     SWAP TERMINATION PAYMENT: Any payment payable by the Supplemental Interest Trust or
the Swap Counterparty upon termination of the Swap Agreement pursuant to the Swap Agreement.

     TRIGGER EVENT: A Trigger Event is in effect with respect to any
Distribution Date on or after the Step-Down Date if either (i) the percentage obtained by dividing
(x) the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more
delinquent (including, for this purpose, Mortgage Loans in REO, foreclosure or bankruptcy status)
as of the last day of the prior calendar month by (y) the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the prior calendar month exceeds 50.00% of the Senior
Enhancement Percentage for such Distribution Date or (ii) the cumulative Realized Losses on the
Mortgage Loans (after reduction for all Subsequent Recoveries received from the Cut-off Date
through the last day of the related Due Period) as a percentage of the original aggregate Stated
Principal Balance of the Mortgage Loans as of the Cut-off Date is greater than the percentage set
forth in the following table:

	 	 	 	 	 
	Range of Distribution Dates	 	Percentage
	May 2009 – April 2010
	 	 	0.20	%*
	May 2010 – April 2011
	 	 	0.45	%*
	May 2011 – April 2012
	 	 	0.75	%*
	May 2012 – April 2013
	 	 	1.10	%*
	May 2013 and thereafter
	 	 	1.25	%

 

			
	*	 	The percentages indicated are the percentages applicable for the first Distribution Date
in the corresponding range of Distribution Dates. The percentage for each succeeding
Distribution Date in the range shall increase incrementally by 1/12th of the positive
difference between the percentage applicable to the first Distribution Date in that range and
the percentage applicable to the first Distribution Date in the succeeding range.

     TRUST: The Trust created pursuant to this Agreement.

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     TRUST FUND: The corpus of the Trust consisting of (i) the Mortgage Loans, (ii) such
assets as shall from time to time be identified as deposited in the Collection Account, the
Certificate Account and the Reserve Fund, (iii) the Trust’s rights under the Yield Maintenance
Agreement, (iv) property which secured a Mortgage Loan and which has been acquired by foreclosure
or deed in lieu of foreclosure, (v) Standard Hazard Policies and any other insurance policies, and
the proceeds thereof and (vi) any proceeds of any of the foregoing.

     TRUSTEE: The Bank of New York Trust Company, N.A., a national banking association and
its successors and any corporation resulting from or surviving any consolidation or merger to which
it or its successors may be a party, and any successor trustee at the time serving as successor
trustee hereunder, appointed as herein provided.

     UNCERTIFICATED CLASS CE INTEREST: An uncertificated REMIC Regular Interest having the
characteristics described in Section 2.04.

     UNPAID REALIZED LOSS AMOUNT: For any Class of Class A, Class M, Class B or Class CE
Certificates and any Distribution Date, the unpaid portion of the aggregate Allocated Realized Loss
Amount allocated to that Class, as reduced by an amount equal to any increase in the related
Outstanding Certificate Principal Balance due to (i) the receipt of Subsequent Recoveries or (ii)
distributions of proceeds of the Swap Agreement or Yield Maintenance Agreement.

     UPPER-TIER REMIC: The Upper-Tier REMIC as described in Section 2.04.

     UPPER-TIER REMIC NET WAC CAP: For any Distribution Date, the Net Rate.

     U.S. PERSON: A “United States Person” as defined in Section 7701(a)(30) of the Code.

     YIELD MAINTENANCE AGREEMENT: The yield maintenance agreement described in Section
5.29 and set forth in Exhibit U.

     YIELD MAINTENANCE AGREEMENT AMOUNT: The amount described in Section 5.29(e).

     YIELD MAINTENANCE AGREEMENT COUNTERPARTY: JPMorgan Chase Bank, N.A., in its capacity
as cap counterparty under the Yield Maintenance Agreement, and its successors in interest.

[END OF ARTICLE I]

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS; TRUST FUND

     Section 2.01 Conveyance of Mortgage Loans. The Depositor, concurrently with the
execution and delivery hereof, does hereby sell, transfer, assign, set over and convey to the
Trustee without recourse all the right, title and interest of the Depositor in and to the Mortgage
Loans, including all interest and principal received on or with
respect to the Mortgage Loans on or after the Cut-off Date (other than Monthly Payments due on
the Mortgage Loans on or before the Cut-off Date).

27

 

     In connection with such assignment, the Depositor does hereby deliver to, and deposit with,
the Custodian on behalf of the Trustee the following documents or instruments with respect to each
Mortgage Loan so assigned:

	(i)	 	With respect to each Mortgage Loan which is not a Co-op Loan:

     (A) Original Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of
___, without recourse” and signed in the name of the last endorsee by an authorized officer.

     (B) The original Mortgage (including all riders thereto) with evidence of recording thereon,
or a copy thereof certified by the public recording office in which such Mortgage has been
recorded or, if the original Mortgage has not been returned from the applicable public recording
office, a true certified copy of the original that was sent for recording, certified by the Seller.

     (C) The original policy of title insurance, or in the event such original title policy is
unavailable a copy of the related policy (provided that use of a copy is acceptable to the related
title insurance or escrow company), including riders and endorsements thereto, or if the policy has
not yet been issued, a written commitment or interim binder or preliminary report of title issued
by the title insurance or escrow company.

     (D) Certified true copy of power of attorney sent for recording.

	(ii)	 	With respect to each Non-MERS Mortgage Loan which is not a Co-op Loan:

     (A) The original Assignment of Mortgage to “The Bank of New York Trust Company, N.A., as
trustee (Chase Mortgage Finance Corporation),” which assignment shall be in form and substance
acceptable for recording, or a copy certified by the Seller as a true and correct copy of the
original Assignment of Mortgage which has been sent for recordation. Subject to the foregoing,
such assignments may, if permitted by law, be by blanket assignments for Mortgage Loans covering
Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket
form, a copy of the Assignment of Mortgage shall be included in the related individual Mortgage
File.

     (B) The original policy of title insurance, or in the event such original title policy is
unavailable a copy of the related policy (provided that use of a copy is acceptable to the related
title insurance or escrow company), including riders and endorsements thereto, or if the policy has
not yet been issued, a written commitment or interim binder or preliminary report of title issued
by the title insurance or escrow company.

     (C) Originals of all recorded intervening Assignments of Mortgage, or copies thereof,
certified by the public recording office in which such Assignments or Mortgage have been recorded
showing a complete chain of title from the originator to the Depositor, with evidence of recording,
thereon, or a copy thereof certified by the public recording office in which such Assignment of
Mortgage has been recorded or, if the original Assignment of Mortgage has not been returned from
the applicable public recording office, a true certified copy, certified by the Seller of the
original Assignment of Mortgage together with a certificate of the Seller certifying that the
original Assignment of Mortgage has been delivered for recording in the appropriate public
recording office of the jurisdiction in which the Mortgaged Property is located.

     (D) Originals, or copies thereof certified by the public recording office in which such
documents have been recorded, of each assumption, extension, modification, written assurance or
substitution agreements, if applicable, or if the original of such document has not been returned
from the applicable public recording office, a true certified copy, certified by the Seller, of
such original document

28

 

together with certificate of Seller certifying the original of such document
has been delivered for recording in the appropriate recording office of the jurisdiction in which
the Mortgaged Property is located.

     (E) If the Mortgage Note or Mortgage or any other material document or instrument relating to
the Mortgage Loan has been signed by a Person on behalf of the Mortgagor, the original power of
attorney or other instrument that authorized and empowered such Person to sign bearing evidence
that such instrument has been recorded, if so required in the appropriate jurisdiction where the
Mortgaged Property is located (or, in lieu thereof, a duplicate or conformed copy of such
instrument, together with a certificate of receipt from the recording office, certifying that such
copy represents a true and complete copy of the original and that such original has been or is
currently submitted to be recorded in the appropriate governmental recording office of the
jurisdiction where the Mortgaged Property is located), or if the original power of attorney or
other such instrument has been delivered for recording in the appropriate public recording office
of the jurisdiction in which the Mortgaged Property is located, a copy of any applicable power of
attorney.

	(iii)	 	With respect to each Co-op Loan:

	 	(A)	 	(I) The original Mortgage Note bearing all intervening endorsements,
endorsed “Pay to the order of ___, without recourse” and signed in the name
of the last endorsee by an authorized officer.
	 
	 	(B)	 	The original loan security agreement entered into by the Mortgagor with
respect to such Co-Op Loan.
	 
	 	(C)	 	Original Form UCC-1 and any continuation statements with evidence of
filing thereon entered into by the Mortgagor with respect to such Co-Op Loan or
if the original of such document has not been returned from the applicable
public recording office, a true certified copy of the document sent for
recording.
	 
	 	(D)	 	Form UCC-3 (or copy thereof) by the applicable Mortgage Loan Seller or
its agent assigning the security interest covered by such Form UCC-1 to “The
Bank of New York Trust Company, N.A. as trustee” or to blank, together with all
Forms UCC-3 (or copies thereof) showing a complete chain of assignment from the
originator of the related Co-op Loan to the Seller, with evidence of recording
thereon.
	 
	 	(E)	 	Stock certificate representing the stock allocated to the related
dwelling unit in the related residential cooperative housing corporation and
pledged by the related Mortgagor to the originator of such Co-op Loan with a
stock power in blank attached.
	 
	 	(F)	 	Original proprietary lease.
	 
	 	(G)	 	Original assignment of proprietary lease, to the Trustee or to blank,
and all intervening assignments thereof.
	 
	 	(H)	 	Original recognition agreement of the interests of the mortgagee with
respect to the Co-op Loan by the residential cooperative housing corporation,
the stock of which was pledged by the related Mortgagor to the originator of
such Co-op Loan.
	 
	 	(I)	 	Originals of any assumption, consolidation or modification agreements
relating to any of the items specified in (A) through (D) above with respect to
such Co-op Loan.

29

 

	 	(J)	 	Certified true copy of power of attorney sent for recording.

     If in connection with any Mortgage Loan which is not a Co-op Loan the Depositor cannot deliver
the Mortgage, Assignments of Mortgage, or assumption, consolidation or modification agreement, as
the case may be, with evidence of recording thereon concurrently with the execution and delivery of
this Agreement solely because of a delay caused by the public recording office where such Mortgage,
Assignments of Mortgage, or assumption, consolidation or modification agreement, as the case may
be, has been delivered for recordation, the Depositor shall deliver or cause to be delivered to the
Trustee written notice stating that such Mortgage, Assignments of Mortgage, or assumption,
consolidation or modification agreement, as the case may be, has been delivered to the appropriate
public recording office for recordation. Thereafter, the Depositor shall deliver or cause to be
delivered to the Trustee such Mortgage, Assignments of Mortgage, or assumption, consolidation or
modification agreement, as the case may be, with evidence of recording indicated thereon upon
receipt thereof from the public recording office.

     With respect to any Non-MERS Mortgage Loans which are not Co-op Loans, and as to which the
related Mortgaged Property is located in Florida, the Servicer shall cause to be recorded in the
appropriate public recording office for real property records each Assignment of Mortgage referred
to in this Section 2.01 as soon as practicable. With respect to any Non-MERS Mortgage Loans which
are not Co-op Loans as to which the related Mortgaged Property is located outside of Florida, the
Servicer shall not be obligated to cause to be recorded the Assignment of Mortgage referred to in
this Section 2.01. With respect to Co-op Loans as to which the related dwelling unit is located in
Florida, the Servicer shall cause to be filed in the appropriate filing office the Form UCC-3
referred to in this Section 2.01 as soon as practicable. With respect to any Co-op Loans as to
which the related dwelling unit is located outside Florida, the Servicer shall not be obligated to
cause to be filed the Form UCC-3 referred to in this Section 2.01. While each such Assignment of
Mortgage or Form UCC-3 is being recorded or filed, as applicable, the Servicer shall deliver to the
Trustee a photocopy of such document. If any such Assignment of Mortgage or Form UCC-3 is returned
unrecorded or unfiled to the Servicer because of any defect therein, the Servicer shall cause such
defect to be cured and such document to be recorded or filed in accordance with this paragraph.
The Depositor shall deliver or cause to be delivered each such original recorded or filed
Assignment of Mortgage and intermediate assignment or Form UCC-3 to the Trustee within 270 days of
the Closing Date or shall deliver to the Trustee on or before such date an Officer’s Certificate
stating that such document has been delivered to the appropriate public recording or filing office
for recording or filing, but has not been returned solely because of a delay caused by such
recording or filing office. In any event, the Depositor shall use all reasonable efforts to cause
each such document with evidence of recording or filing thereon to be delivered to the Trustee
within 300 days of the Closing Date.

     With respect to each MERS Mortgage Loan, the Trustee, at the expense of the Depositor and at
the direction and with the cooperation of the Servicer, shall cause to be taken such actions as are
necessary to cause the Trustee to be clearly identified as the trustee of each such Mortgage Loan
on the records of MERS for purposes of the system of recording transfers of beneficial ownership of
mortgages maintained by MERS.

     The ownership of each Mortgage Note, the Mortgage and the contents of the related Mortgage
File is vested in the Trustee. Neither the Depositor nor the Servicer shall take any action
inconsistent with such ownership and shall not claim any ownership interest therein. The Depositor
and the Servicer shall respond to any third party inquiries with respect to ownership of the
Mortgage Loans by stating that such ownership is held by the Trustee on behalf of the
Certificateholders. Mortgage documents relating
to the Mortgage Loans not delivered to the Trustee are and shall be held in trust by the
Servicer or any Sub-Servicer, for the benefit of the Trustee as the owner thereof, and the
Servicer’s or such Sub-Servicer’s possession of the contents of each Mortgage File so retained is
for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by
the Servicer or such Sub-Servicer is in a

30

 

custodial capacity only. The Depositor agrees to take no
action inconsistent with the Trustee’s ownership of the Mortgage Loans, to promptly indicate to all
inquiring parties that the Mortgage Loans have been sold and to claim no ownership interest in the
Mortgage Loans. Each Mortgage File and the mortgage documents relating to the Mortgage Loans
contain proprietary business information of the Servicer and its customers. The Trustee and the
Depositor agree that they will not use such information for business purposes without the express
written consent of the Servicer and that all such information shall be kept strictly confidential.

     It is the intention of this Agreement that the conveyance of the Depositor’s right, title and
interest in and to the Trust Fund pursuant to this Agreement shall constitute a purchase and sale
and not a loan. If a conveyance of Mortgage Loans from the Seller to the Depositor is
characterized as a pledge and not a sale, then the Depositor shall be deemed to have transferred to
the Trustee all of the Depositor’s right, title and interest in, to and under the obligations of
the Seller deemed to be secured by said pledge; and it is the intention of this Agreement that the
Depositor shall also be deemed to have granted to the Trustee a first priority security interest in
all of the Depositor’s right, title, and interest in, to and under the obligations of the Seller to
the Depositor deemed to be secured by said pledge and that the Trustee shall be deemed to be an
independent custodian for purposes of perfection of the security interest granted to the Depositor.
If the conveyance of the Mortgage Loans from the Depositor to the Trustee is characterized as a
pledge, it is the intention of this Agreement that this Agreement shall constitute a security
agreement under applicable law, and that the Depositor shall be deemed to have granted to the
Trustee a first priority security interest in all of the Depositor’s right, title and interest in,
to and under the Mortgage Loans, all payments of principal of or interest on such Mortgage Loans,
all other rights relating to and payments made in respect of the Trust Fund, and all proceeds of
any thereof. If the trust created by this Agreement terminates prior to the satisfaction of the
claims of any Person in any Certificates, the security interest created hereby shall continue in
full force and effect and the Trustee shall be deemed to be the collateral agent for the benefit of
such Person.

     In addition to the conveyance made in the first paragraph of this Section 2.01, the Depositor
does hereby convey, assign and set over to the Trustee all of its right, title and interest in that
portion of the Trust Fund described in items (ii), (iii), (iv) and (v) of the definition thereof
and further assigns to the Trustee for the benefit of the Certificateholders those representations
and warranties of the Seller contained in the Sale Agreement and described in Section 3.01 hereof
and the benefit of the repurchase obligations of the Seller described in Sections 2.02 and 3.01
hereof and the obligations of the Seller contained in the Sale Agreement to take, at the request of
the Depositor or the Trustee, all action on its part which is reasonably necessary to ensure the
enforceability of a Mortgage Loan.

     The parties hereto agree and understand that it is not intended that any mortgage loan be
included in the Trust that is any of (i) a “High-Cost Home Loan” as defined in the New Jersey Home
Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New
Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home Mortgage Loan”
as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or
(iv) a “High-Cost Home Loan” as defined by the Indiana High Cost Home Loan Law effective January 1,
2005.

     Section 2.02 Acceptance by Trustee. Except as set forth in the Exception Report
delivered contemporaneously herewith (the “Exception Report”), the Trustee acknowledges receipt by
the Custodian on the Trustee’s behalf of the Mortgage
Note for each Mortgage Loan and delivery of a Mortgage File (but does not acknowledge receipt
of all documents required to be included in such Mortgage File) with respect to each Mortgage Loan
and declares that the Custodian holds and will hold on the Trustee’s behalf such documents and any
other documents constituting a part of the Mortgage Files delivered to it in trust for the use and
benefit of all present and future Certificateholders. The Depositor

31

 

will cause the Seller to
repurchase any Mortgage Loans to which an exception was taken in the Exception Report unless such
exception is cured to the satisfaction of the Trustee within 45 Business Days of the Closing Date.
The Trustee may accept delivery of such Mortgage Files by the Custodian on its behalf. The
Custodian will deliver a copy of the Exception Report to the Depositor and the Trustee.

     The Custodian, on the Trustee’s behalf, agrees, for the benefit of Certificateholders, to
review each Mortgage File delivered to it within 270 days after the Closing Date to ascertain that
all documents required by Section 2.01 have been executed and received, and that such documents
relate to the Mortgage Loans identified in Exhibit A that have been conveyed to it. If the
Custodian on the Trustee’s behalf finds any document or documents constituting a part of a Mortgage
File to be missing or defective (that is, mutilated, damaged, defaced or unexecuted) in any
material respect, the Custodian on the Trustee’s behalf shall promptly (and in any event within no
more than five Business Days) after such finding so notify the Servicer, the Seller, the Trustee
and the Depositor. In addition, the Custodian on the Trustee’s behalf shall also notify the
Servicer, the Seller, the Trustee and the Depositor, if (a) in examining the Mortgage Files, the
documentation shows on its face (i) any adverse claim, lien or encumbrance, (ii) that any Mortgage
Note was overdue or had been dishonored, (iii) any evidence on the face of any Mortgage Note or
Mortgage of any security interest or other right or interest therein, or (iv) any defense against
or claim to the Mortgage Note by any party or (b) the original Mortgage with evidence of recording
thereon with respect to a Mortgage Loan is not received within 270 days of the Closing Date;
provided, however, that if the Depositor cannot deliver the original Mortgage with evidence of
recording thereon because of a delay caused by the public recording office where such Mortgage has
been delivered for recordation, the Depositor shall deliver or cause to be delivered to the
Custodian and the Trustee written notice stating that such Mortgage has been delivered to the
appropriate public recording officer for recordation and thereafter the Depositor shall deliver or
cause to be delivered such Mortgage with evidence of recording thereon upon receipt thereof from
the public recording office. The Depositor shall request that the Seller correct or cure such
omission, defect or other irregularity, or substitute a Mortgage Loan pursuant to the provisions of
Section 3.03, within 60 days from the date the Seller was notified of such omission or defect and,
if the Seller does not correct or cure such omission or defect within such period, that the Seller
purchase such Mortgage Loan from the Trustee within 90 days from the date the Depositor notified
the Seller and the Trustee of such omission, defect or other irregularity at the Purchase Price of
such Mortgage Loan. The Purchase Price for any Mortgage Loan purchased pursuant to this Section
2.02 shall be paid to the Servicer and deposited by the Servicer in the Collection Account promptly
upon receipt, and, upon receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee shall promptly release to the Seller the related Mortgage File and
the Trustee shall execute and deliver such instruments of transfer or assignment, without recourse,
as shall be necessary to vest in the Seller or its designee, as the case may be, any Mortgage Loan
released pursuant hereto, and the Trustee shall have no further responsibility with regard to such
Mortgage Loan. It is understood and agreed that the obligation of the Seller to purchase, cure or
substitute any Mortgage Loan as to which a material defect in or omission of a constituent document
exists shall constitute the sole remedy respecting such defect or omission available to the Trustee
on behalf of Certificateholders. The Trustee shall be under no duty or obligation to inspect,
review and examine such documents, instruments, certificates or other papers to determine that they
are genuine, enforceable or appropriate to the represented purpose, or that they have actually been
recorded, or that they are other than what they purport to be on their face. The Trustee shall
keep confidential the name of each Mortgagor and shall not solicit any such Mortgagor for the
purpose of refinancing the related Mortgage Loan.

     Within 280 days of the Closing Date, the Trustee based solely on information provided to it
by the Custodian shall deliver to the Depositor and the Servicer the Trustee’s Certification,
substantially in the form of Exhibit G attached hereto, setting forth the status of the Mortgage
Files as of such date.

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     Section 2.03 Trust Fund; Authentication of Certificates. The Trustee acknowledges and
accepts the assignment to it of the Trust Fund created pursuant to this Agreement in trust for the
use and benefit of all present and future Certificateholders. The Trustee acknowledges the
assignment to it for the benefit of the Trust Fund of the Mortgage Loans and has caused to be
authenticated and delivered to or upon the order of the Depositor, in exchange for the Mortgage
Loans, Certificates duly authenticated by the Trustee or, if an Authenticating Agent has been
appointed pursuant to Section 4.06, the Authenticating Agent in authorized denominations evidencing
ownership of the entire Trust Fund.

     Section 2.04 REMIC Elections.

     (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate
elections to treat the Trust Fund as including three REMICs (the SWAP REMIC, the Lower-Tier REMIC
and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of
the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date
on which the Trust Fund is terminated. The Closing Date is hereby designated as the “startup day”
of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Trust
Fund, for federal income tax purposes will consist of (i) the REMIC Pools, (ii) the grantor trust
described in Section 2.04(c), (iii) the Supplemental Interest Trust, the Swap Agreement and the
Yield Maintenance Agreement and (iv) the Class A-R Reserve Fund. The SWAP REMIC shall hold as
assets all property of the Trust Fund, other than the SWAP REMIC Interests, the Lower-Tier REMIC
Interests and the assets described in clauses (ii), (iii) and (iv) above. Each of the SWAP REMIC
Regular Interests is hereby designated a “regular interest” (within the meaning of Section
860G(a)(1) of the Code) in the SWAP REMIC. The Lower-Tier REMIC shall hold as assets the several
classes of uncertificated SWAP REMIC Regular Interests. Each of the Lower-Tier REMIC Regular
Interests is hereby designated a “regular interest” (within the meaning of Section 860G(a)(1) of
the Code) in the Lower-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes
of uncertificated Lower-Tier REMIC Regular Interests. Each of the REMIC Regular Interests is
hereby designated as a “regular interest” (within the meaning of Section 860G(a)(1) of the Code) in
the Upper-Tier REMIC. The Class SW-R Interest is hereby designated as the sole residual interest
(within the meaning of Section 860G(a)(2) of the Code) in the SWAP REMIC. The Class LT-R Interest
is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the
Code) in the Lower-Tier REMIC. The Residual Interest is hereby designated as the sole residual
interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class
A-R Certificate evidences ownership of the Class SW-R Interest, the Class LT-R Interest, the
Residual Interest and the right to receive payments from the Class A-R Reserve Fund. All interests
described in this Section 2.04(a) shall be designated as such on the Startup Day.

33

 

The SWAP REMIC

     The following table sets forth the designations, initial principal balances and interest rates for
each interest in the SWAP REMIC:

	 	 	 	 	 	 	 	 	 
	Class Initial	 	Principal Balance	 	Interest Rate
	SW-Z
	 	$	302,406,458.170	 	 	 	(1	)
	SW-1A
	 	$	1,385,698.520	 	 	 	(2	)
	SW-1B
	 	$	1,385,698.520	 	 	 	(3	)
	SW-2A
	 	$	1,522,643.480	 	 	 	(2	)
	SW-2B
	 	$	1,522,643.480	 	 	 	(3	)
	SW-3A
	 	$	1,656,603.830	 	 	 	(2	)
	SW-3B
	 	$	1,656,603.830	 	 	 	(3	)
	SW-4A
	 	$	1,787,436.605	 	 	 	(2	)
	SW-4B
	 	$	1,787,436.605	 	 	 	(3	)
	SW-5A
	 	$	1,914,686.720	 	 	 	(2	)
	SW-5B
	 	$	1,914,686.720	 	 	 	(3	)
	SW-6A
	 	$	2,037,776.010	 	 	 	(2	)
	SW-6B
	 	$	2,037,776.010	 	 	 	(3	)
	SW-7A
	 	$	2,155,700.130	 	 	 	(2	)
	SW-7B
	 	$	2,155,700.130	 	 	 	(3	)
	SW-8A
	 	$	2,267,001.645	 	 	 	(2	)
	SW-8B
	 	$	2,267,001.645	 	 	 	(3	)
	SW-9A
	 	$	2,366,675.615	 	 	 	(2	)
	SW-9B
	 	$	2,366,675.615	 	 	 	(3	)
	SW-10A
	 	$	2,425,777.350	 	 	 	(2	)
	SW-10B
	 	$	2,425,777.350	 	 	 	(3	)
	SW-11A
	 	$	2,434,717.015	 	 	 	(2	)
	SW-11B
	 	$	2,434,717.015	 	 	 	(3	)
	SW-12A
	 	$	2,404,979.275	 	 	 	(2	)
	SW-12B
	 	$	2,404,979.275	 	 	 	(3	)
	SW-13A
	 	$	2,360,080.680	 	 	 	(2	)
	SW-13B
	 	$	2,360,080.680	 	 	 	(3	)
	SW-14A
	 	$	2,316,016.875	 	 	 	(2	)
	SW-14B
	 	$	2,316,016.875	 	 	 	(3	)
	SW-15A
	 	$	2,272,772.385	 	 	 	(2	)
	SW-15B
	 	$	2,272,772.385	 	 	 	(3	)
	SW-16A
	 	$	2,230,332.015	 	 	 	(2	)
	SW-16B
	 	$	2,230,332.015	 	 	 	(3	)
	SW-17A
	 	$	2,188,680.865	 	 	 	(2	)
	SW-17B
	 	$	2,188,680.865	 	 	 	(3	)
	SW-18A
	 	$	2,147,804.290	 	 	 	(2	)
	SW-18B
	 	$	2,147,804.290	 	 	 	(3	)
	SW-19A
	 	$	2,107,687.925	 	 	 	(2	)
	SW-19B
	 	$	2,107,687.925	 	 	 	(3	)
	SW-20A
	 	$	2,068,317.680	 	 	 	(2	)
	SW-20B
	 	$	2,068,317.680	 	 	 	(3	)
	SW-21A
	 	$	2,029,679.715	 	 	 	(2	)
	SW-21B
	 	$	2,029,679.715	 	 	 	(3	)

34

 

	 	 	 	 	 	 	 	 	 
	Class Initial	 	Principal Balance	 	Interest Rate
	SW-22A
	 	$	1,991,760.455	 	 	 	(2	)
	SW-22B
	 	$	1,991,760.455	 	 	 	(3	)
	SW-23A
	 	$	1,954,546.560	 	 	 	(2	)
	SW-23B
	 	$	1,954,546.560	 	 	 	(3	)
	SW-24A
	 	$	1,918,024.950	 	 	 	(2	)
	SW-24B
	 	$	1,918,024.950	 	 	 	(3	)
	SW-25A
	 	$	1,882,182.800	 	 	 	(2	)
	SW-25B
	 	$	1,882,182.800	 	 	 	(3	)
	SW-26A
	 	$	1,847,007.480	 	 	 	(2	)
	SW-26B
	 	$	1,847,007.480	 	 	 	(3	)
	SW-27A
	 	$	1,812,486.645	 	 	 	(2	)
	SW-27B
	 	$	1,812,486.645	 	 	 	(3	)
	SW-28A
	 	$	1,778,608.145	 	 	 	(2	)
	SW-28B
	 	$	1,778,608.145	 	 	 	(3	)
	SW-29A
	 	$	1,745,360.060	 	 	 	(2	)
	SW-29B
	 	$	1,745,360.060	 	 	 	(3	)
	SW-30A
	 	$	1,712,730.700	 	 	 	(2	)
	SW-30B
	 	$	1,712,730.700	 	 	 	(3	)
	SW-31A
	 	$	1,680,708.585	 	 	 	(2	)
	SW-31B
	 	$	1,680,708.585	 	 	 	(3	)
	SW-32A
	 	$	1,649,282.450	 	 	 	(2	)
	SW-32B
	 	$	1,649,282.450	 	 	 	(3	)
	SW-33A
	 	$	1,618,441.240	 	 	 	(2	)
	SW-33B
	 	$	1,618,441.240	 	 	 	(3	)
	SW-34A
	 	$	1,588,174.095	 	 	 	(2	)
	SW-34B
	 	$	1,588,174.095	 	 	 	(3	)
	SW-35A
	 	$	1,558,470.370	 	 	 	(2	)
	SW-35B
	 	$	1,558,470.370	 	 	 	(3	)
	SW-36A
	 	$	1,529,319.600	 	 	 	(2	)
	SW-36B
	 	$	1,529,319.600	 	 	 	(3	)
	SW-37A
	 	$	1,500,711.545	 	 	 	(2	)
	SW-37B
	 	$	1,500,711.545	 	 	 	(3	)
	SW-38A
	 	$	1,472,636.105	 	 	 	(2	)
	SW-38B
	 	$	1,472,636.105	 	 	 	(3	)
	SW-39A
	 	$	1,445,083.420	 	 	 	(2	)
	SW-39B
	 	$	1,445,083.420	 	 	 	(3	)
	SW-40A
	 	$	1,399,106.860	 	 	 	(2	)
	SW-40B
	 	$	1,399,106.860	 	 	 	(3	)
	SW-41A
	 	$	1,369,243.530	 	 	 	(2	)
	SW-41B
	 	$	1,369,243.530	 	 	 	(3	)
	SW-42A
	 	$	1,343,618.255	 	 	 	(2	)
	SW-42B
	 	$	1,343,618.255	 	 	 	(3	)
	SW-43A
	 	$	1,318,470.220	 	 	 	(2	)
	SW-43B
	 	$	1,318,470.220	 	 	 	(3	)
	SW-44A
	 	$	1,293,790.575	 	 	 	(2	)
	SW-44B
	 	$	1,293,790.575	 	 	 	(3	)
	SW-45A
	 	$	1,269,570.615	 	 	 	(2	)
	SW-45B
	 	$	1,269,570.615	 	 	 	(3	)
	SW-46A
	 	$	1,245,801.820	 	 	 	(2	)

35

 

	 	 	 	 	 	 	 	 	 
	Class Initial	 	Principal Balance	 	Interest Rate
	SW-46B
	 	$	1,245,801.820	 	 	 	(3	)
	SW-47A
	 	$	1,222,475.800	 	 	 	(2	)
	SW-47B
	 	$	1,222,475.800	 	 	 	(3	)
	SW-48A
	 	$	1,199,584.340	 	 	 	(2	)
	SW-48B
	 	$	1,199,584.340	 	 	 	(3	)
	SW-49A
	 	$	1,177,119.375	 	 	 	(2	)
	SW-49B
	 	$	1,177,119.375	 	 	 	(3	)
	SW-50A
	 	$	1,155,072.980	 	 	 	(2	)
	SW-50B
	 	$	1,155,072.980	 	 	 	(3	)
	SW-51A
	 	$	1,133,437.395	 	 	 	(2	)
	SW-51B
	 	$	1,133,437.395	 	 	 	(3	)
	SW-52A
	 	$	1,112,204.980	 	 	 	(2	)
	SW-52B
	 	$	1,112,204.980	 	 	 	(3	)
	SW-53A
	 	$	1,091,368.250	 	 	 	(2	)
	SW-53B
	 	$	1,091,368.250	 	 	 	(3	)
	SW-54A
	 	$	1,070,919.860	 	 	 	(2	)
	SW-54B
	 	$	1,070,919.860	 	 	 	(3	)
	SW-55A
	 	$	1,050,852.595	 	 	 	(2	)
	SW-55B
	 	$	1,050,852.595	 	 	 	(3	)
	SW-56A
	 	$	1,031,159.385	 	 	 	(2	)
	SW-56B
	 	$	1,031,159.385	 	 	 	(3	)
	SW-57A
	 	$	1,011,833.275	 	 	 	(2	)
	SW-57B
	 	$	1,011,833.275	 	 	 	(3	)
	SW-58A
	 	$	992,867.440	 	 	 	(2	)
	SW-58B
	 	$	992,867.440	 	 	 	(3	)
	SW-59A
	 	$	974,255.210	 	 	 	(2	)
	SW-59B
	 	$	974,255.210	 	 	 	(3	)
	SW-60A
	 	$	955,989.990	 	 	 	(2	)
	SW-60B
	 	$	955,989.990	 	 	 	(3	)
	SW-61A
	 	$	938,065.355	 	 	 	(2	)
	SW-61B
	 	$	938,065.355	 	 	 	(3	)
	SW-62A
	 	$	920,474.965	 	 	 	(2	)
	SW-62B
	 	$	920,474.965	 	 	 	(3	)
	SW-63A
	 	$	903,212.615	 	 	 	(2	)
	SW-63B
	 	$	903,212.615	 	 	 	(3	)
	SW-64A
	 	$	888,821.035	 	 	 	(2	)
	SW-64B
	 	$	888,821.035	 	 	 	(3	)
	SW-65A
	 	$	883,788.385	 	 	 	(2	)
	SW-65B
	 	$	883,788.385	 	 	 	(3	)
	SW-66A
	 	$	867,208.760	 	 	 	(2	)
	SW-66B
	 	$	867,208.760	 	 	 	(3	)
	SW-67A
	 	$	850,938.420	 	 	 	(2	)
	SW-67B
	 	$	850,938.420	 	 	 	(3	)
	SW-68A
	 	$	834,971.610	 	 	 	(2	)
	SW-68B
	 	$	834,971.610	 	 	 	(3	)
	SW-69A
	 	$	819,302.690	 	 	 	(2	)
	SW-69B
	 	$	819,302.690	 	 	 	(3	)
	SW-70A
	 	$	803,926.120	 	 	 	(2	)
	SW-70B
	 	$	803,926.120	 	 	 	(3	)

36

 

	 	 	 	 	 	 	 	 	 
	Class Initial	 	Principal Balance	 	Interest Rate
	SW-71A
	 	$	788,836.475	 	 	 	(2	)
	SW-71B
	 	$	788,836.475	 	 	 	(3	)
	SW-72A
	 	$	774,028.420	 	 	 	(2	)
	SW-72B
	 	$	774,028.420	 	 	 	(3	)
	SW-73A
	 	$	759,496.715	 	 	 	(2	)
	SW-73B
	 	$	759,496.715	 	 	 	(3	)
	SW-74A
	 	$	745,236.235	 	 	 	(2	)
	SW-74B
	 	$	745,236.235	 	 	 	(3	)
	SW-75A
	 	$	731,241.920	 	 	 	(2	)
	SW-75B
	 	$	731,241.920	 	 	 	(3	)
	SW-76A
	 	$	717,508.840	 	 	 	(2	)
	SW-76B
	 	$	717,508.840	 	 	 	(3	)
	SW-77A
	 	$	704,032.125	 	 	 	(2	)
	SW-77B
	 	$	704,032.125	 	 	 	(3	)
	SW-78A
	 	$	690,807.020	 	 	 	(2	)
	SW-78B
	 	$	690,807.020	 	 	 	(3	)
	SW-79A
	 	$	677,828.835	 	 	 	(2	)
	SW-79B
	 	$	677,828.835	 	 	 	(3	)
	SW-80A
	 	$	665,092.995	 	 	 	(2	)
	SW-80B
	 	$	665,092.995	 	 	 	(3	)
	SW-81A
	 	$	652,594.970	 	 	 	(2	)
	SW-81B
	 	$	652,594.970	 	 	 	(3	)
	SW-82A
	 	$	640,330.360	 	 	 	(2	)
	SW-82B
	 	$	640,330.360	 	 	 	(3	)
	SW-83A
	 	$	628,294.810	 	 	 	(2	)
	SW-83B
	 	$	628,294.810	 	 	 	(3	)
	SW-84A
	 	$	616,484.070	 	 	 	(2	)
	SW-84B
	 	$	616,484.070	 	 	 	(3	)
	SW-85A
	 	$	604,893.950	 	 	 	(2	)
	SW-85B
	 	$	604,893.950	 	 	 	(3	)
	SW-86A
	 	$	593,520.350	 	 	 	(2	)
	SW-86B
	 	$	593,520.350	 	 	 	(3	)
	SW-87A
	 	$	582,359.240	 	 	 	(2	)
	SW-87B
	 	$	582,359.240	 	 	 	(3	)
	SW-88A
	 	$	571,406.675	 	 	 	(2	)
	SW-88B
	 	$	571,406.675	 	 	 	(3	)
	SW-89A
	 	$	560,658.770	 	 	 	(2	)
	SW-89B
	 	$	560,658.770	 	 	 	(3	)
	SW-90A
	 	$	550,111.715	 	 	 	(2	)
	SW-90B
	 	$	550,111.715	 	 	 	(3	)
	SW-91A
	 	$	539,761.770	 	 	 	(2	)
	SW-91B
	 	$	539,761.770	 	 	 	(3	)
	SW-92A
	 	$	529,605.285	 	 	 	(2	)
	SW-92B
	 	$	529,605.285	 	 	 	(3	)
	SW-93A
	 	$	519,638.640	 	 	 	(2	)
	SW-93B
	 	$	519,638.640	 	 	 	(3	)
	SW-94A
	 	$	509,858.310	 	 	 	(2	)
	SW-94B
	 	$	509,858.310	 	 	 	(3	)
	SW-95A
	 	$	500,260.835	 	 	 	(2	)

37

 

	 	 	 	 	 	 	 	 	 
	Class Initial	 	Principal Balance	 	Interest Rate
	SW-95B
	 	$	500,260.835	 	 	 	(3	)
	SW-96A
	 	$	490,842.795	 	 	 	(2	)
	SW-96B
	 	$	490,842.795	 	 	 	(3	)
	SW-97A
	 	$	481,600.870	 	 	 	(2	)
	SW-97B
	 	$	481,600.870	 	 	 	(3	)
	SW-98A
	 	$	472,531.770	 	 	 	(2	)
	SW-98B
	 	$	472,531.770	 	 	 	(3	)
	SW-99A
	 	$	463,632.275	 	 	 	(2	)
	SW-99B
	 	$	463,632.275	 	 	 	(3	)
	SW-100A
	 	$	454,899.240	 	 	 	(2	)
	SW-100B
	 	$	454,899.240	 	 	 	(3	)
	SW-101A
	 	$	446,329.555	 	 	 	(2	)
	SW-101B
	 	$	446,329.555	 	 	 	(3	)
	SW-102A
	 	$	437,920.185	 	 	 	(2	)
	SW-102B
	 	$	437,920.185	 	 	 	(3	)
	SW-103A
	 	$	429,668.145	 	 	 	(2	)
	SW-103B
	 	$	429,668.145	 	 	 	(3	)
	SW-104A
	 	$	421,570.500	 	 	 	(2	)
	SW-104B
	 	$	421,570.500	 	 	 	(3	)
	SW-105A
	 	$	413,624.385	 	 	 	(2	)
	SW-105B
	 	$	413,624.385	 	 	 	(3	)
	SW-106A
	 	$	405,826.965	 	 	 	(2	)
	SW-106B
	 	$	405,826.965	 	 	 	(3	)
	SW-107A
	 	$	398,175.485	 	 	 	(2	)
	SW-107B
	 	$	398,175.485	 	 	 	(3	)
	SW-108A
	 	$	390,667.215	 	 	 	(2	)
	SW-108B
	 	$	390,667.215	 	 	 	(3	)
	SW-109A
	 	$	383,319.335	 	 	 	(2	)
	SW-109B
	 	$	383,319.335	 	 	 	(3	)
	SW-110A
	 	$	376,088.905	 	 	 	(2	)
	SW-110B
	 	$	376,088.905	 	 	 	(3	)
	SW-111A
	 	$	368,993.850	 	 	 	(2	)
	SW-111B
	 	$	368,993.850	 	 	 	(3	)
	SW-112A
	 	$	362,031.650	 	 	 	(2	)
	SW-112B
	 	$	362,031.650	 	 	 	(3	)
	SW-113A
	 	$	355,199.830	 	 	 	(2	)
	SW-113B
	 	$	355,199.830	 	 	 	(3	)
	SW-114A
	 	$	348,516.955	 	 	 	(2	)
	SW-114B
	 	$	348,516.955	 	 	 	(3	)
	SW-115A
	 	$	341,984.475	 	 	 	(2	)
	SW-115B
	 	$	341,984.475	 	 	 	(3	)
	SW-116A
	 	$	335,817.445	 	 	 	(2	)
	SW-116B
	 	$	335,817.445	 	 	 	(3	)
	SW-117A
	 	$	330,044.690	 	 	 	(2	)
	SW-117B
	 	$	330,044.690	 	 	 	(3	)
	SW-118A
	 	$	327,938.815	 	 	 	(2	)
	SW-118B
	 	$	327,938.815	 	 	 	(3	)
	SW-119A
	 	$	328,140.235	 	 	 	(2	)
	SW-119B
	 	$	328,140.235	 	 	 	(3	)

38

 

	 	 	 	 	 	 	 	 	 
	Class Initial	 	Principal Balance	 	Interest Rate
	SW-120A
	 	$	327,936.675	 	 	 	(2	)
	SW-120B
	 	$	327,936.675	 	 	 	(3	)
	SW-121A
	 	$	324,171.705	 	 	 	(2	)
	SW-121B
	 	$	324,171.705	 	 	 	(3	)
	SW-122A
	 	$	317,800.280	 	 	 	(2	)
	SW-122B
	 	$	317,800.280	 	 	 	(3	)
	SW-123A
	 	$	14,517,279.905	 	 	 	(2	)
	SW-123B
	 	$	14,517,279.905	 	 	 	(3	)
	SW-R
	 	 	(4	)	 	 	(4	)

 

			
	(1)	 	The interest rate on the Class SW-Z Interest shall be a per annum rate equal to the REMIC Net WAC.
	 
	(2)	 	For any Distribution Date, the interest rate on each SWAP REMIC Regular Interest ending with
the designation “A” shall be a per annum rate equal to 2 times the REMIC Net WAC, subject to a
maximum rate of 2 times the REMIC Swap Rate for such Distribution Date.
	 
	(3)	 	For any Distribution Date, the interest rate on each SWAP REMIC Regular Interest ending with
the designation “B” shall be a per annum rate equal to the greater of (x) the excess, if any, of
(i) 2 times the REMIC Net WAC over (ii) 2 times the REMIC Swap Rate for such Distribution Date and
(y) 0.00%.
	 
	(4)	 	The Class SW-R Interest shall have no principal amount and shall bear no interest. The Class
SW-R Interest is the sole class of residual interest of the SWAP REMIC and is represented by the
Class A-R Certificate.

All payments of principal and interest at the Net Mortgage Rate on each of the Mortgage Loans
received by the SWAP REMIC with respect to the Mortgage Loans shall be paid to the SWAP REMIC
Regular Interests until the principal balance of all such interests have been reduced to zero and
any losses allocated to such interests have been reimbursed. Any available funds remaining in the
SWAP REMIC on a Distribution Date after distributions to the SWAP REMIC Regular Interests shall be
distributed to the Class A-R Certificates on account of the Class SW-R Interest. On each
Distribution Date, the aggregate Interest Remittance Amount (net of expenses (other than any Net
Swap Payment or Swap Termination Payment paid to the Swap Counterparty)) shall be distributed with
respect to each of the SWAP REMIC Regular Interests based on the interest rates for each such SWAP
REMIC Regular Interest. On each Distribution Date, the aggregate Principal Remittance Amount shall
be distributed first to the Class SW-Z Interest until its principal balance is reduced to zero and
then sequentially to each of the other SWAP REMIC Regular Interests in ascending order of their
numerical class designation, in equal amounts to each such class in such numerical designation,
until the principal balance of each such class is reduced to zero. All losses shall be allocated
among the SWAP REMIC Regular Interests in the same manner that principal distributions are
allocated. Subsequent Recoveries and loss reimbursements shall be allocated among the SWAP REMIC
Regular Interests in the reverse fashion from the manner in which losses are allocated.

Lower-Tier REMIC

     The Lower-Tier REMIC shall issue the Lower-Tier REMIC Interests as designated below. The
following table specifies the class designation, pass-through rate, initial principal amount and
Corresponding Certificates (as applicable) for each class of Lower-Tier REMIC Interest.

39

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lower-Tier REMIC	 	 	 	 	 	 	 	 	 	Corresponding
	Interest	 	Initial Principal Amount	 	Pass-Through Rate	 	Certificates
	LTA-1
	 	 	(1	)	 	 	(3	)	 	 	A-1	 
	LTA-2
	 	 	(1	)	 	 	(3	)	 	 	A-2	 
	LTM-1
	 	 	(1	)	 	 	(3	)	 	 	M-1	 
	LTM-2
	 	 	(1	)	 	 	(3	)	 	 	M-2	 
	LTM-3
	 	 	(1	)	 	 	(3	)	 	 	M-3	 
	LTM-4
	 	 	(1	)	 	 	(3	)	 	 	M-4	 
	LTM-5
	 	 	(1	)	 	 	(3	)	 	 	M-5	 
	LTM-6
	 	 	(1	)	 	 	(3	)	 	 	M-6	 
	LTB-1
	 	 	(1	)	 	 	(3	)	 	 	B-1	 
	LTB-2
	 	 	(1	)	 	 	(3	)	 	 	B-2	 
	LTB-3
	 	 	(1	)	 	 	(3	)	 	 	B-3	 
	LTX
	 	 	(2	)	 	 	(3	)	 	 	N/A	 
	LT-IO
	 	 	(4	)	 	 	(4	)	 	 	N/A	 
	LT-R
	 	 	(5	)	 	 	(5	)	 	 	N/A	 

 

			
	(1)	 	The initial principal amount of each of these Lower-Tier REMIC Interests is equal to 50%
of the initial principal amount of the Corresponding Certificates.
	 
	(2)	 	The initial principal amount of the Class LTX Interest is equal to the excess of the (i) the
aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date over (ii) the aggregate
initial principal balance of the Lower-Tier REMIC Marker Classes.
	 
	(3)	 	For each Distribution Date, the interest rate for each of the Lower-Tier REMIC Regular
Interests (other than the Class LT-IO Interest) shall be a per annum rate (but not less than zero)
equal to the product of (i) the weighted average of the interest rates on the SWAP REMIC Regular
Interests for such Distribution Date and (ii) a fraction the numerator of which is 30 and the
denominator of which is the actual number of days in the Accrual Period for the LIBOR Certificates,
provided however, that for any Distribution Date on which the Class LT-IO Interest is entitled to a
portion of interest accruals on a SWAP REMIC Regular Interest ending with a designation “A” as
described in footnote 4 below, such weighted average shall be computed by first subjecting the rate
on such SWAP REMIC Regular Interest to a cap equal to Swap LIBOR for such Distribution Date.
	 
	(4)	 	The Class LT-IO Interest is an interest-only class that does not have a principal balance. For
only those Distribution Dates listed in the first column of the table below, the Class LT-IO
Interest shall be entitled to interest accrued on the SWAP REMIC Regular Interest listed in the
second column below at a per annum rate equal to the excess, if any, of (i) the interest rate for
such SWAP REMIC Regular Interest for such Distribution Date over (ii) Swap LIBOR for such
Distribution Date.

	 	 	 
	Distribution Date	 	SWAP REMIC Regular Interest
	1
	 	Class SW-1A
	1-2
	 	Class SW-2A
	1-3
	 	Class SW-3A
	1-4
	 	Class SW-4A
	1-5
	 	Class SW-5A
	1-6
	 	Class SW-6A
	1-7
	 	Class SW-7A
	1-8
	 	Class SW-8A
	1-9
	 	Class SW-9A
	1-10
	 	Class SW-10A

40

 

	 	 	 
	Distribution Date	 	SWAP REMIC Regular Interest
	1-11
	 	Class SW-11A
	1-12
	 	Class SW-12A
	1-13
	 	Class SW-13A
	1-14
	 	Class SW-14A
	1-15
	 	Class SW-15A
	1-16
	 	Class SW-16A
	1-17
	 	Class SW-17A
	1-18
	 	Class SW-18A
	1-19
	 	Class SW-19A
	1-20
	 	Class SW-20A
	1-21
	 	Class SW-21A
	1-22
	 	Class SW-22A
	1-23
	 	Class SW-23A
	1-24
	 	Class SW-24A
	1-25
	 	Class SW-25A
	1-26
	 	Class SW-26A
	1-27
	 	Class SW-27A
	1-28
	 	Class SW-28A
	1-29
	 	Class SW-29A
	1-30
	 	Class SW-30A
	1-31
	 	Class SW-31A
	1-32
	 	Class SW-32A
	1-33
	 	Class SW-33A
	1-34
	 	Class SW-34A
	1-35
	 	Class SW-35A
	1-36
	 	Class SW-36A
	1-37
	 	Class SW-37A
	1-38
	 	Class SW-38A
	1-39
	 	Class SW-39A
	1-40
	 	Class SW-40A
	1-41
	 	Class SW-41A
	1-42
	 	Class SW-42A
	1-43
	 	Class SW-43A
	1-44
	 	Class SW-44A
	1-45
	 	Class SW-45A
	1-46
	 	Class SW-46A
	1-47
	 	Class SW-47A
	1-48
	 	Class SW-48A
	1-49
	 	Class SW-49A
	1-50
	 	Class SW-50A
	1-51
	 	Class SW-51A
	1-52
	 	Class SW-52A
	1-53
	 	Class SW-53A
	1-54
	 	Class SW-54A
	1-55
	 	Class SW-55A
	1-56
	 	Class SW-56A
	1-57
	 	Class SW-57A
	1-58
	 	Class SW-58A
	1-59
	 	Class SW-59A
	1-60
	 	Class SW-60A
	1-61
	 	Class SW-61A
	1-62
	 	Class SW-62A
	1-63
	 	Class SW-63A

41

 

	 	 	 
	Distribution Date	 	SWAP REMIC Regular Interest
	1-64
	 	Class SW-64A
	1-65
	 	Class SW-65A
	1-66
	 	Class SW-66A
	1-67
	 	Class SW-67A
	1-68
	 	Class SW-68A
	1-69
	 	Class SW-69A
	1-70
	 	Class SW-70A
	1-71
	 	Class SW-71A
	1-72
	 	Class SW-72A
	1-73
	 	Class SW-73A
	1-74
	 	Class SW-74A
	1-75
	 	Class SW-75A
	1-76
	 	Class SW-76A
	1-77
	 	Class SW-77A
	1-78
	 	Class SW-78A
	1-79
	 	Class SW-79A
	1-80
	 	Class SW-80A
	1-81
	 	Class SW-81A
	1-82
	 	Class SW-82A
	1-83
	 	Class SW-83A
	1-84
	 	Class SW-84A
	1-85
	 	Class SW-85A
	1-86
	 	Class SW-86A
	1-87
	 	Class SW-87A
	1-88
	 	Class SW-88A
	1-89
	 	Class SW-89A
	1-90
	 	Class SW-90A
	1-91
	 	Class SW-91A
	1-92
	 	Class SW-92A
	1-93
	 	Class SW-93A
	1-94
	 	Class SW-94A
	1-95
	 	Class SW-95A
	1-96
	 	Class SW-96A
	1-97
	 	Class SW-97A
	1-98
	 	Class SW-98A
	1-99
	 	Class SW-99A
	1-100
	 	Class SW-100A
	1-101
	 	Class SW-101A
	1-102
	 	Class SW-102A
	1-103
	 	Class SW-103A
	1-104
	 	Class SW-104A
	1-105
	 	Class SW-105A
	1-106
	 	Class SW-106A
	1-107
	 	Class SW-107A
	1-108
	 	Class SW-108A
	1-109
	 	Class SW-109A
	1-110
	 	Class SW-110A
	1-111
	 	Class SW-111A
	1-112
	 	Class SW-112A
	1-113
	 	Class SW-113A
	1-114
	 	Class SW-114A
	1-115
	 	Class SW-115A
	1-116
	 	Class SW-116A

42

 

	 	 	 
	Distribution Date	 	SWAP REMIC Regular Interest
	1-117
	 	Class SW-117A
	1-118
	 	Class SW-118A
	1-119
	 	Class SW-119A
	1-120
	 	Class SW-120A
	1-121
	 	Class SW-121A
	1-122
	 	Class SW-122A
	1-123
	 	Class SW-123A

	(5)	 	The Class LT-R Interest has no principal amount and bears no interest. The Class LT-R Interest
is the sole class of residual interest of the Lower-Tier REMIC and is represented by the Class A-R
Certificate.

All payments received by the Lower-Tier REMIC with respect to the SWAP REMIC Regular Interests
shall be paid to the Lower-Tier REMIC Regular Interests until the principal balance of all such
interests have been reduced to zero and any losses allocated to such interests have been
reimbursed. Any excess amounts shall be distributed to the Class LT-R Interest. On each
Distribution Date, an amount equal to 50% of the increase in the Overcollateralized Amount shall be
payable as a reduction of the principal amounts of the Lower-Tier REMIC Marker Classes (with such
amount allocated among the Lower-Tier REMIC Marker Classes so that each Lower-Tier REMIC Marker
Class will have its principal reduced by an amount equal to 50% of any increase in the
Overcollateralized Amount that results in a reduction in the principal balance of its Corresponding
Certificates) and will be accrued and added to the principal balance of the Class LTX Interest.
All payments of scheduled principal and prepayments of principal on the Mortgage Loans shall be
allocated 50% to the Class LTX Interest and 50% to the Lower-Tier REMIC Marker Classes (with
principal payments allocated to each of the Lower-Tier REMIC Marker Classes in an amount equal to
50% of the principal amounts distributed to the Corresponding Certificates in reduction of their
principal amounts). Notwithstanding the preceding sentence, an amount equal to the principal
payments that result in a reduction in the Overcollateralized Amount shall be treated as payable
entirely to the Class LTX Interest. Realized Losses that are allocated to the Certificates shall
be applied to the Lower-Tier REMIC Marker Classes and the Class LTX Interest so that after all
distributions have been made on each Distribution Date (i) the principal balance of each of the
Lower-Tier REMIC Marker Classes is equal to 50% of the principal balance of the Corresponding
Certificates and (ii) the principal balance of the Class LTX Interest is equal to the sum of (x)
50% of the aggregate Stated Principal Balance of the Mortgage Loans and (y) 50% of the
Overcollateralized Amount. Each Lower-Tier REMIC Marker Class shall be entitled to receive an
amount equal to 50% of all amounts distributed to the Corresponding Certificates in respect of
unreimbursed amounts of Realized Losses. The Class LTX Interest shall be entitled to receive all
other amounts distributed to the Certificates in respect of unreimbursed amounts of Realized
Losses.

If on any Distribution Date the Outstanding Certificate Principal Balance of any Class of
Certificates is increased due to Subsequent Recoveries pursuant to the definition of “Outstanding
Certificate Principal Balance”, then there shall be an equivalent increase in the principal amounts
of the Lower-Tier REMIC Regular Interests, with such increase allocated (before the making of
distributions and the allocation of losses on the Lower-Tier REMIC Regular Interests on such
Distribution Date) among the Lower-Tier REMIC Regular Interests so that (i) each of the Lower-Tier
Marker Classes has a principal balance equal to 50% of the principal balance of the Corresponding
Certificates, (ii) the Class LTX Interest has a principal balance equal to the sum of (x) 50% of
the aggregate Stated Principal Balance of the Mortgage Loans and (y) 50% of the Overcollateralized
Amount.

Upper-Tier REMIC

     The assets of the Upper-Tier REMIC shall be the Lower-Tier REMIC Regular Interests. The REMIC
Regular Interests shall be designated as the regular interests in the Upper-Tier REMIC and the

43

 

Residual Interest shall be designated as the sole class of residual interest in the Upper-Tier
REMIC.

The following table sets forth the designation, the initial principal balances, the interest rates
and Classes of Related Certificates for each of the interests in the Upper-Tier REMIC.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Class of Related
	Class	 	Initial Principal Balance	 	Rate	 	Certificates
	UTA-1
	 	 	(1	)	 	 	(2	)	 	 	A-1	 
	UTA-2
	 	 	(1	)	 	 	(2	)	 	 	A-2	 
	UTM-1
	 	 	(1	)	 	 	(2	)	 	 	M-1	 
	UTM-2
	 	 	(1	)	 	 	(2	)	 	 	M-2	 
	UTM-3
	 	 	(1	)	 	 	(2	)	 	 	M-3	 
	UTM-4
	 	 	(1	)	 	 	(2	)	 	 	M-4	 
	UTM-5
	 	 	(1	)	 	 	(2	)	 	 	M-5	 
	UTM-6
	 	 	(1	)	 	 	(2	)	 	 	M-6	 
	UTB-1
	 	 	(1	)	 	 	(2	)	 	 	B-1	 
	UTB-2
	 	 	(1	)	 	 	(2	)	 	 	B-2	 
	UTB-3
	 	 	(1	)	 	 	(2	)	 	 	B-3	 
	Uncertificated Class CE Interest
	 	 	(3	)	 	 	(3	)	 	 	N/A	 
	UT-IO
	 	 	(4	)	 	 	(4	)	 	 	N/A	 
	Residual Interest
	 	 	(5	)	 	 	(5	)	 	 	N/A	 

 

			
	(1)	 	The initial principal balance of each of these REMIC Regular Interests shall equal the
initial principal balance of its Class of Related Certificates.
	 
	(2)	 	The interest rates on each of these REMIC Regular Interests shall be an annual rate equal to
the Certificate Rate for the Class of Related Certificates, provided that in lieu of the applicable
Net WAC set forth in the definition of Certificate Rate, the applicable Upper-Tier REMIC Net WAC
Cap shall be used.
	 
	(3)	 	The Uncertificated Class CE Interest shall have an initial principal balance equal to the
initial Overcollateralized Amount. The Uncertificated Class CE Interest shall accrue interest on a
notional balance set forth in the definition of Class CE Interest Distribution Amount at a rate
equal to the Class CE Distributable Interest Rate. The Uncertificated Class CE Interest shall be
represented by the Class CE Certificates.
	 
	(4)	 	The Class UT-IO Interest shall have no principal amount and will not have an interest rate, but
will be entitled to 100% of the interest accrued with respect to the Class LT-IO Interest. The
Class UT-IO Interest shall be represented by the Class CE Certificates.
	 
	(5)	 	The Residual Interest has no principal amount and bears no interest. The Residual Interest is
the sole class of residual interest of the Upper-Tier REMIC and is represented by the Class A-R
Certificate.

     The beneficial ownership of the Class SW-R Interest, the Class LT-R Interest, the
Residual Interest and the right to receive payments from the Class A-R Reserve Fund shall be
represented by the Class A-R Certificate.

     (b) (i) It is intended that the rights of each Class of the Class A, Class M and Class B
Certificates to receive payments in respect of Excess Interest shall be treated as a right in
interest rate cap contracts written by the Class CE Certificateholders in favor of the Holders of
each Class of the Class A, Class M and Class B Certificates and such shall be accounted for as
property held separate and apart from the regular interests in the Upper-Tier REMIC held by the
Holders of the Class A, Class M and Class B Certificates. For information reporting requirements,
the rights of the Class A, Class M and Class B

44

 

Certificates to receive payments in respect of
Excess Interest shall be assumed to have zero value or a de minimis value. This provision is
intended to satisfy the requirements of Treasury Regulations Section 1.860G-2(i) for the treatment
of property rights coupled with REMIC interests to be separately respected and shall be interpreted
consistently with such regulation. On each Distribution Date, to the extent that any of the Class
A, Class M and Class B Certificates receive payments in respect of Excess Interest, such amounts,
to the extent not derived from payments on the Swap Agreement or Yield Maintenance Agreement, will
be treated as distributed by the Upper-Tier REMIC to the Class CE Certificates pro rata
in payment of the amounts specified in Section 6.01(c)(18) and then paid to the relevant Class of
Certificates pursuant to the related interest rate cap agreement.

          (ii) It is intended that the beneficial owners of the Certificates (other than the Class A-R
and Class CE Certificates) shall be treated as having entered into a notional principal contract
with respect to the beneficial owners of the Class CE Certificates. Pursuant to each such notional
principal contract, all beneficial owners of each Class of Certificates (other than the Class A-R
and Class CE Certificates) shall be treated as having agreed to pay, on each Distribution Date, to
the beneficial owners of the Class CE Certificates an aggregate amount equal to the excess, if any,
of (i) the amount payable on such Distribution Date on the Corresponding REMIC Regular Interest of
such Class of Certificates over (ii) the amount payable on such Class of Certificates on such
Distribution Date (such excess, a “Class Payment Shortfall”). A Class Payment Shortfall shall be
allocated to each Class of Certificates to the extent that interest accrued on such Class for the
related Accrual Period at the Certificate Rate for a Class, computed by substituting “Upper-Tier
REMIC Net WAC Cap” for the Net WAC set forth in the definition thereof, exceeds the amount of
interest accrued on such Certificate at the Certificate Rate (without such substitution) for the
related Accrual Period, and a Class Payment Shortfall payable from principal collections shall be
allocated to the most subordinate Class of Certificates with an outstanding principal balance to
the extent of such balance.

     (c) The parties intend that the portion of the Trust Fund consisting of the Uncertificated
Class CE Interest, the uncertificated Class UT-IO Interest, the rights to receive payments deemed
made by the Class A, Class M and Class B Certificates in respect of notional principal contracts
described in Section 2.04(b)(ii), the Supplemental Interest Trust, the Swap Agreement, the Yield
Maintenance Agreements and the obligation of the Holders of the Class CE Certificates to pay
amounts in respect of Excess Interest to the Holders of the Class A, Class M and Class B
Certificates shall be treated as a “grantor trust” under the Code, for the benefit of the Holders
of the Class CE Certificates, and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Trustee shall (i) furnish or cause to be
furnished to the Holders of the Class CE Certificates information regarding their allocable share,
if any, of the income with respect to such grantor trust, (ii) file or cause to be filed with the
Internal Revenue Service Form 1041 (together with any necessary attachments) and such other forms
as may be applicable and (iii) comply with such information reporting obligations with respect to
payments from such grantor trust to the Holders of the Class A, Class M, Class B and Class CE
Certificates as may be applicable under the Code.

          The parties intend that amounts paid to the Swap Counterparty under the Swap Agreement shall
be deemed for federal income tax purposes to be paid by the Class CE Certificates first, out of
funds deemed received in respect of the Class UT-IO Interest, second, out of funds deemed received
in respect of the Uncertificated Class CE Interest and third, out of funds deemed received in
respect of notional principal contracts described in Section 2.04(b)(ii), and the provisions hereof
shall be interpreted consistently with this intention. On each Distribution Date, to the extent
that amounts paid to the Swap Counterparty are deemed paid out of funds received in respect of the
Uncertificated Class CE Interest, such amounts will be treated as distributed by the Upper-Tier
REMIC to the Class CE Certificates pro rata in payment of the amounts specified in Section
6.01(c)(18) and then paid to the Swap Counterparty pursuant to the Swap Agreement.

45

 

          The Supplemental Interest Trust shall be an “outside reserve fund” for federal income tax
purposes and not an asset of any REMIC. Furthermore, the Holders of the Class CE Certificates
shall be the beneficial owners of the Supplemental Interest Trust for all federal income tax
purposes, and shall be taxable on all income earned thereon.

     (d) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the
“latest possible maturity date” of each “regular interest” in each REMIC created hereunder is the
Distribution Date immediately following the latest scheduled maturity of any Mortgage Loan.

     (e) The “tax matters person” with respect to each REMIC created hereunder for purposes of the
REMIC Provisions shall be the beneficial owner of the Class A-R Certificate having the largest
Percentage Interest of such Class; provided, however, that such largest beneficial owner and, to
the extent relevant, each other Holder of a Class A-R Certificate, by its acceptance thereof,
irrevocably appoints the Servicer as its agent and attorney-in-fact to act as “tax matters person”
with respect to each REMIC created hereunder for purposes of the REMIC provisions.

     (f) It is intended that each REMIC created hereunder shall constitute, and that the affairs of
the Trust Fund shall be conducted so as to qualify each REMIC created hereunder as, a “real estate
mortgage investment conduit” as defined in and in accordance with the REMIC Provisions. In
furtherance of such intention, the Servicer covenants and agrees that it shall act as agent (and
the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund, each REMIC created
hereunder and the Holder of the Class A-R Certificate and that in such capacity it shall:

     (i) prepare and file, or cause to be prepared and filed, in a timely manner, a U.S.
Real Estate Mortgage Investment Conduit Income Tax Return (Form 1066) for each REMIC created
hereunder 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, using the calendar year as
the taxable year and the accrual method of accounting, 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 shall furnish or cause to be furnished to Certificateholders the
schedules, statements or information at such times and in such manner as may be required
thereby;

     (ii) within thirty days of the Closing Date, shall furnish or cause to be furnished to
the Internal Revenue Service, on Form 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 (and the Servicer shall act as
the representative of the Trust Fund for this purpose), together with such additional
information as may be required by such Form, and shall update such information at the time
or times in the manner required by the Code;

     (iii) make or cause to be made an election, on behalf of each REMIC created hereunder,
to be treated as a REMIC, and make the appropriate designations, if applicable, in
accordance with this Section 2.04 on the federal tax return of each REMIC hereunder for its
first taxable year (and, if necessary, under applicable state law);

     (iv) 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 or reports, or furnish or cause to be furnished by
telephone, mail, publication or other appropriate method such information, as and when
required to be provided to them in

46

 

accordance with the REMIC Provisions, including without
limitation, the calculation of any original issue discount;

     (v) provide information necessary for the computation of tax imposed on the transfer of
the Class A-R Certificate to a Disqualified Organization, or an agent (including a broker,
nominee or other middleman) of a Disqualified Organization, or a pass-through entity in
which a
Disqualified Organization 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);

     (vi) ensure that federal, state or local income tax or information returns shall be
signed by the Trustee or such other Person as may be required to sign such returns by the
Code or state or local laws, regulations or rules; and

     (vii) maintain such records relating to each REMIC created hereunder as may be required
by the Code and as may be necessary to prepare the foregoing returns, schedules, statements
or information.

     (g) Pursuant to Section 6.02(b), the Servicer, with the consent of the Trustee, hereby
appoints the Global Corporate Trust MBS Group of The Bank of New York Trust Company, N.A. to
perform the duties enumerated in (f) above.

     Section 2.05 Permitted Activities of Trust. The Trust is created for the object and
purpose of engaging in the Permitted Activities.

     Section 2.06 Qualifying Special Purpose Entity. For purposes of SFAS 140, the parties
hereto intend that the Trust shall be treated as a “qualifying special purpose entity” as such term
is used in SFAS 140 and any successor rule thereto and its power and authority as stated in Section
2.05 of this Agreement shall be limited in accordance with paragraph 35 thereof.

[END OF ARTICLE II]

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR AND

THE SERVICER; REPURCHASE OF MORTGAGE LOANS

     Section 3.01 Representations and Warranties of the Depositor with respect to the Mortgage
Loans.

     The Depositor hereby represents and warrants to the Trustee for the benefit of the
Certificateholders that on or before the Closing Date it has entered into the Sale Agreement with
the Seller, that the Seller has made the following representations and warranties with respect to
each Mortgage Loan in the Sale Agreement as of the Closing Date, which representations and
warranties run to and are for the benefit of the Depositor and the Trustee for the benefit of the
Certificateholders, and as to which the Depositor has assigned to the Trustee for the benefit of
the Certificateholders, pursuant to Section 2.01 hereof, the right to cause the Seller to
repurchase a Mortgage Loan as to which there has occurred an uncured breach of representations and
warranties in accordance with the provisions of the Sale Agreement.

     (a) The information set forth in the Mortgage Loan Schedule is complete, true and correct in
all material respects;

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     (b) With respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage creates a first
lien or a first priority ownership interest in an estate in fee simple in real property securing
the related Mortgage Note. With respect to a Co-op Loan, the related Mortgage is a valid,
enforceable and subsisting first security interest on the related cooperative shares securing the
related Mortgage Note, subject only to (a) liens of the related residential cooperative housing
corporation for unpaid assessments representing the Mortgagor’s pro rata share of the related
residential cooperative housing corporation’s payments for its blanket mortgage, current and future
real property taxes, insurance premiums, maintenance fees and other assessments to which like
collateral is commonly subject and (b) other matters to which like collateral is commonly subject
which do not materially interfere with the benefits of the security intended to be provided by the
related security agreement. There are no liens against or security interest in the cooperative
shares relating to each Co-op Loan (except for unpaid maintenance, assessments and other amounts
owed to the related cooperative which individually or in the aggregate will not have a material
adverse effect on such Co-op Loan), which have priority over the Trustee’s security interest in
such cooperative shares;

     (c) All payments due prior to the Cut-off Date for such Mortgage Loan have been made as of the
Closing Date, the Mortgage Loan is not delinquent in payment more than 30 days and has not been
dishonored; to the best of the Seller’s knowledge, there are no material defaults under the terms
of the Mortgage Loan; the Seller has not advanced funds, or induced, solicited or knowingly
received any advance of funds from a party other than the owner of the Mortgaged Property subject
to the Mortgage (or, with respect to a Co-op Loan, the related Mortgagor), directly or indirectly,
for the payment of any amount required by the Mortgage Loan; there has been no more than one
delinquency in excess of 30 days during the preceding twelve-month period;

     (d) To the best of the Seller’s knowledge, all taxes, governmental assessments, insurance
premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously
became due and owing have been paid, or escrow funds have been established in an amount sufficient
to pay for every such escrowed item which remains unpaid and which has been assessed but is not yet
due and payable;

     (e) The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or
modified in any respect, except by written instruments. No Mortgagor has been released, in whole
or in part, from the terms thereof except in connection with an assumption agreement and which
assumption agreement is part of the Mortgage File and the terms of which are reflected in the
Mortgage Loan Schedule;

     (f) The Mortgage Note and the Mortgage are not subject to any right of rescission, set-off,
counterclaim or defense, including, without limitation, the defense of usury, nor will the
operation of any of the terms of the Mortgage Note or Mortgage, or the exercise of any right
thereunder, render the Mortgage Note or Mortgage unenforceable, in whole or in part, or subject to
any right of rescission, set-off, counterclaim or defense, including the defense of usury, and no
such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto,
and the Mortgagor was not a debtor in any state or federal bankruptcy or insolvency proceeding at
the time the Mortgage Loan was originated;

     (g) With respect to a Mortgage Loan which is not a Co-op Loan, all buildings or other
customarily insured improvements upon the Mortgaged Property are insured by an insurer acceptable
under the FNMA Guides against loss by fire, hazards of extended coverage and such other hazards as
are provided for in the FNMA Guides or by FHLMC. All such standard hazard policies are in full
force and effect and on the date of origination contained a standard mortgagee clause naming the
Seller and its successors in interest and assigns as loss payee and such clause is still in effect
and all premiums due thereon have been paid. If required by the Flood Disaster Protection Act of
1973, as amended, the

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Mortgaged Property is covered by a flood insurance policy meeting the requirements of the
current guidelines of the Federal Insurance Administration which policy conforms to FNMA and FHLMC
requirements. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at
the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of
the Mortgage to maintain such insurance at the Mortgagor’s cost and expense and to seek
reimbursement therefor from the Mortgagor;

     (h) Any and all requirements of any federal, state or local laws and all applicable predatory
and abusive lending laws, including, without limitation, usury, truth-in-lending, real estate
settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws
applicable to the Mortgage Loan have been complied with in all material respects;

     (i) The Mortgage has not been satisfied, canceled or subordinated, in whole or in part, or
rescinded, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole
or in part nor has any instrument been executed that would effect any such release, cancellation,
subordination or rescission;

     (j) With respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage is a valid,
subsisting, enforceable and perfected first lien on the Mortgaged Property, including, all
buildings on the Mortgaged Property. The Mortgage and the Mortgage Note do not contain any
evidence of any security interest or other interest or right thereto. Such lien is free and clear
of all adverse claims, liens and encumbrances having priority over the first lien of the Mortgage
subject only to (1) the lien of non-delinquent current real property taxes and assessments not yet
due and payable, (2) covenants, conditions and restrictions, rights of way, easements and other
matters of the public record as of the date of recording which are acceptable to mortgage lending
institutions generally and either (A) which are referred to or otherwise considered in the
appraisal made for the originator of the Mortgage Loan, or (B) which do not adversely affect the
Appraised Value of the Mortgaged Property as set forth in such appraisal, and (3) other matters to
which like properties are commonly subject which do not materially interfere with the benefits of
the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability
of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document
related to and delivered in connection with the Mortgage Loan establishes and creates a valid,
subsisting, enforceable and perfected first lien and first priority security interest on the
property described therein, and the Depositor has the full right to sell and assign the same to the
Trustee for the benefit of the Certificateholders;

     (k) The Mortgage Note and the related Mortgage are original and genuine and each is the legal,
valid and binding obligation of the maker thereof, enforceable in all respects in accordance with
its terms subject to bankruptcy, insolvency and other laws of general application affecting the
rights of creditors and the Depositor has taken all action necessary to transfer such rights of
enforceability to the Trustee for the benefit of the Certificateholders. All parties to the
Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage Loan and to
execute and deliver the Mortgage Note and the Mortgage. The Mortgage Note and the Mortgage have
been duly and property executed by such parties. The proceeds of the Mortgage Loan have been fully
disbursed and 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;

     (l) The Seller is the sole owner and holder of the Mortgage Loan and the indebtedness
evidenced by the Mortgage Note, except for the Assignments of Mortgage which have been sent for
recording, and upon recordation the Seller will be the owner of record of the Mortgage and the
indebtedness evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan to the Trust
for the benefit of the Certificateholders, the Seller will retain the Mortgage File or any part
thereof with

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respect thereto not delivered to the Trust for the benefit of the Certificateholders or its
designee in trust only for the purpose of servicing and supervising the servicing of the Mortgage
Loan. Immediately prior to the transfer and assignment to the Trust for the benefit of the
Certificateholders, the Mortgage Loan, including the Mortgage Note and the Mortgage, were not
subject to an assignment or pledge, and the Depositor had good and marketable title to and was the
sole owner thereof and had full right to transfer and sell the Mortgage Loan to the Trustee for the
benefit of the Certificateholders free and clear of any encumbrance, equity, lien, pledge, charge,
claim or security interest and has the full right and authority subject to no interest or
participation of, or agreement with, any other party, to sell and assign the Mortgage Loan pursuant
to this Agreement and following the sale of the Mortgage Loan, the Trustee for the benefit of the
Certificateholders will own such Mortgage Loan free and clear of any encumbrance, equity,
participation interest, lien, pledge, charge, claim or security interest;

     (m) With respect to a Mortgage Loan which is not a Co-op Loan, the Mortgage Loan is covered by
an ALTA lender’s title insurance policy or other generally acceptable form of policy or insurance
acceptable to FNMA or FHLMC, issued by a title insurer acceptable to FNMA or FHLMC and qualified to
do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the
exceptions contained in (j) (1), (2) and (3) above) the Seller, its successors and assigns, as to
the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan.
Such lender’s title insurance policy insures ingress and egress by or upon the Mortgaged Property
or any interest therein. Where required by state law or regulation, the Mortgagor has been given
the opportunity to choose the carrier of the required mortgage title insurance. The Seller, its
successors and assigns, are the sole insureds of such lender’s title insurance policy, and such
lender’s title insurance policy is in full force and effect and will be in full force and effect
upon the consummation of the transactions contemplated by this Agreement. No claims have been made
under such lender’s title insurance policy, and no prior holder of the related Mortgage, including
the Seller, has done, by act or omission, anything which would impair the coverage of such lender’s
title insurance policy;

     (n) There is no default, breach, violation or event of acceleration existent, under the
Mortgage or the related Mortgage Note and no event which, 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 permitting acceleration; and neither the Seller nor any prior mortgagee has waived any
default, breach, violation or event permitting acceleration;

     (o) There are no mechanics’, or similar liens or claims which have been filed for work, labor
or material (and no rights are outstanding that under law could give rise to such liens) affecting
the related Mortgaged Property (or the related residential dwelling unit in the Underlying Mortgage
Property, in the case of a Co-op Loan) which are or may be liens prior to or equal to the lien of
the related Mortgage;

     (p) With respect to a Mortgage Loan which is not a Co-op Loan, all improvements subject to the
Mortgage which were considered in determining the Appraised Value of the Mortgaged Property lie
wholly within the boundaries and building restriction lines of the Mortgaged Property (and wholly
within the project with respect to a condominium unit) and no improvements on adjoining properties
encroach upon the Mortgaged Property except those which are insured against by the title insurance
policy referred to in clause (m) above and all improvements on the property comply with all
applicable zoning and subdivision laws and ordinances; the Mortgaged Property is lawfully occupied
under applicable law;

     (q) The Mortgage Loan complies in all material respects with all the terms, conditions and
requirements of the Seller’s underwriting standards in effect at the time of origination of such
Mortgage Loan. The Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
acceptable to FNMA or FHLMC. Monthly Payments under the Mortgage Note are due and payable on the
first day of each month. The Mortgage contains the usual and enforceable provisions of the
originator at the time of

50

 

origination for the acceleration of the payment of the unpaid principal amount of the Mortgage
Loan if the related Mortgaged Property is sold without the prior consent of the mortgagee
thereunder;

     (r) The Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), is
not subject to any material damage by waste, fire, earthquake, windstorm, flood or other casualty.
To the best of the Seller’s knowledge, at origination of the Mortgage Loan there was, and there
currently is, no proceeding pending for the total or partial condemnation of the Mortgaged Property
(or Underlying Mortgaged Property, in the case of a Co-op Loan);

     (s) The related Mortgage contains customary and enforceable provisions such as to render the
rights and remedies of the holder thereof adequate for the realization against the Mortgaged
Property of the benefits of the security provided thereby, including, (l) in the case of a Mortgage
designated as a deed of trust, by trustee’s sale, and (2) otherwise by judicial foreclosure. There
is no homestead or other exemption available to the Mortgagor which would interfere with the right
to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage subject
to applicable federal and state laws and judicial precedent with respect to bankruptcy and right of
redemption or similar law;

     (t) If the Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified if
required under applicable law to act as such, has been properly designated and currently so serves
and is named in the Mortgage, and no fees or expenses, except as may be required by local law, are
or will become payable by the Purchaser to the trustee under the deed of trust, except in
connection with a trustee’s sale or attempted sale after default by the Mortgagor;

     (u) The Mortgage File contains an appraisal or a recertification document (in the case of a
Mortgage Loan originated under the Seller’s Streamlined Refinance Program) of the related Mortgaged
Property (or the related residential dwelling unit in the Underlying Mortgaged Property, in the
case of a Co-op Loan), signed prior to the final approval of the mortgage loan application by an
appraiser approved by the Seller who had no interest, direct or indirect, in the Mortgaged Property
(or Underlying Mortgaged Property, in the case of a Co-op Loan), or in any loan made on the
security thereof, and whose compensation is not affected by the approval or disapproval of the
Mortgage Loan. The appraisal is in a form acceptable to FNMA or FHLMC;

     (v) All parties which have had any interest in the Mortgage, whether as mortgagee, assignee,
pledgee or otherwise, are (or, during the period in which they held and disposed of such interest,
were) (A) in substantial compliance with any and all applicable licensing requirements of the laws
of the state wherein the Mortgaged Property (or Underlying Mortgaged Property, in the case of a
Co-op Loan), is located, and (B) (1) organized under the laws of such state, or (2) qualified to do
business in such state, or (3) federal savings and loan associations or national banks or a Federal
Home Loan Bank or savings bank having principal offices in such state, or (4) not doing business in
such state;

     (w) The related Mortgage Note is not and has not been secured by any collateral except the
lien of the corresponding Mortgage and the security interest of any applicable security interest of
any applicable agreement or chattel mortgage referred to above and such collateral does not serve
as security for any other obligation;

     (x) The Mortgagor has received all disclosure materials required by applicable law with
respect to the making of such mortgage loans;

     (y) The Mortgage Loan does not contain “graduated payment” features;

51

 

     (z) The Mortgagor is not in bankruptcy and, to the best of the Seller’s knowledge, the
Mortgagor is not insolvent;

     (aa) The Mortgage Loans are fixed rate mortgage loans. Each Mortgage Loan has an original term
to maturity of not more than thirty (30) years with interest payable in arrears on the first day of
each month. No Mortgage Loan contains terms or provisions which would result in negative
amortization;

     (bb) Each Mortgage Note, each Mortgage, each Assignment of Mortgage and any other documents
required pursuant to this Agreement to be delivered to the Trustee on behalf of the
Certificateholders or its designee, or its assignee for each Mortgage Loan, have been, on or before
the Closing Date, delivered to the Trustee on behalf of the Certificateholders or its designee, or
its assignee;

     (cc) All escrow payments have been collected in full compliance with state and federal law and
the provisions of the related Mortgage Note and Mortgage. As to any Mortgage Loan that is the
subject of an escrow, escrow of funds is not prohibited by applicable law and has been established
in an amount sufficient to pay for every escrowed item that remains unpaid and has been assessed
but is not yet due and payable. No escrow deposits or other charges or payments due under the
Mortgage Note have been capitalized under any Mortgage or the related Mortgage Note. Any interest
required to be paid pursuant to state, federal and local law has been properly paid and credited;

     (dd) [Reserved];

     (ee) In the event that at origination the Mortgage Loan has a Loan-to-Value Ratio greater than
80%, the excess of the principal balance of the Mortgage Loan over 75% of the Appraised Value of
the Mortgaged Property, with respect to a refinanced Mortgage Loan, or the lesser of the Appraised
Value or the purchase price of the Mortgaged Property (or Underlying Mortgaged Property, in the
case of a Co-op Loan), with respect to a purchase money Mortgage Loan, is and will be insured as to
payment defaults by a Primary Insurance Policy issued by a Qualified Insurer, except where the
primary mortgage insurance was (i) impermissible at origination at applicable law, in which case
such Mortgage Loan was originated in accordance with applicable law, (ii) cancelled at the request
of the Mortgagor pursuant to the cancellation requirements of FNMA, FHLMC, state law or, as
applicable the Home Owner and Equity Protection Act of 1994, as amended, or (iii) automatically
terminated in accordance with the termination requirements of FNMA, FHLMC, state law or, as
applicable the Home Owner and Equity Protection Act of 1994, as amended. All provisions of such
Primary Insurance Policy have been and are being complied with, such policy is in full force and
effect, and all premiums due thereunder have been paid. No action, inaction, or event has occurred
and no state of facts exists that has, or will result in the exclusion from, denial of, or defense
to coverage. Any Mortgage Loan subject to a Primary Insurance Policy obligates the Mortgagor
thereunder to maintain the Primary Insurance Policy and to pay all premiums and charges in
connection therewith. The Mortgage Rate for the Mortgage Loan as set forth on the Mortgage Loan
Schedule is net of any such insurance premium;

     (ff) The Assignment of Mortgage is in recordable form and is acceptable for recording (or, in
the case of a Co-op Loan, is in a form acceptable for filing) under the laws of the jurisdiction in
which the Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan) is
located;

     (gg) As to Mortgage Loans that are not secured by an interest in a leasehold estate, the
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), is located in
the state identified in the Mortgage Loan Schedule and consists of a single parcel of real property
with a detached single family residence erected thereon, or a two-to four-family dwelling, or an
individual condominium unit in a condominium project, or a dwelling unit in a residential
cooperative housing corporation or an individual unit in an attached planned unit

52

 

development or a
detached planned unit development, provided, however, that no residence or dwelling is a single
parcel of real property with a mobile home thereon. As of the date of origination, no portion of
the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), was used
for commercial purposes, and since the date of origination, to the best of the Seller’s knowledge,
no portion of the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op
Loan), is used for commercial purposes;

     (hh) If the Mortgaged Property is a condominium unit or a planned unit development (other than
a de minimis planned unit development), as of the date of origination of the related Mortgage Loan,
such condominium or planned unit development project met the Seller’s eligibility requirements, as
set forth in the Seller’s underwriting guidelines as of such date; in the case of each Co-op Loan,
the related residential cooperative housing corporation complied in all material respects with the
Seller’s requirements as set forth in the Seller’s underwriting guidelines as of such date;

     (ii) To the best of the Seller’s knowledge, there is no pending action or proceeding directly
involving the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan),
in which compliance with any environmental law, rule or regulation is an issue;

     (jj) As of the Cut-off Date, the Seller has not granted any interest rate relief to the
Mortgagor under the Relief Act;

     (kk) No Mortgage Loan was made in connection with the construction or rehabilitation of a
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), or facilitating
the trade-in or exchange of a Mortgaged Property (or Underlying Mortgaged Property, in the case of
a Co-op Loan);

     (ll) No action has been taken or failed to be taken by Depositor, on or prior to the Closing
Date, which has resulted or will result in an exclusion from, denial of, or defense to coverage
under any Primary Insurance Policy (including, without limitation, any exclusions, denials or
defenses which would limit or reduce the availability of the timely payment of the full amount of
the loss otherwise due thereunder to the insured) whether arising out of actions, representations,
errors, omissions, negligence, or fraud of the Depositor, or for any other reason under such
coverage;

     (mm) The Mortgage Loan was originated by a mortgagee approved by the Secretary of Housing and
Urban Development pursuant to Sections 203 and 211 of the National Housing Act, as amended, a
savings and loan association, a savings bank, a commercial bank, credit union, insurance company or
similar institution which is supervised and examined by a federal or state authority;

     (nn) Principal payments on the Mortgage Loan commenced no more than sixty (60) days after
funds were disbursed in connection with the Mortgage Loan. The Mortgage Note is payable on the
first day of each month in equal monthly installments of principal and interest, with interest
calculated and

     payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity
date, over an original term of not more than thirty years from commencement of amortization;

     (oo) As of the Closing Date, the Mortgage Loan is a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code (without regard to Treasury Regulations §1.860G-2(f) or any similar
rule that provides that a defective obligation is a qualified mortgage for a temporary period);

     (pp) With respect to a Mortgage Loan that is a Co-op Loan, the stock that is pledged as
security for the Mortgage Loan is held by a Person as a tenant-stockholder (as defined in Section
216 of the Code) in a cooperative housing corporation (as defined in Section 216 of the Code);

53

 

     (qq) As of the Closing Date, the Mortgage Loan is not the subject of pending or final
foreclosure proceedings and the Seller would not, based on the delinquency status of the Mortgage
Loan, institute foreclosure proceedings with respect to the Mortgage Loan prior to the next
scheduled payment for the Mortgage Loan;

     (rr) As of the Closing Date, the Mortgage Loan does not provide for interest other than at
either (i) a single fixed rate in effect throughout the term of the Mortgage Loan or (ii) a
“variable rate” (within the meaning of Treasury Regulation Section 1.860G-1(a)(3)) in effect
throughout the term of the Mortgage Loan;

     (ss) No Mortgage Loan is a “covered loan” within the meaning of the Georgia Fair Lending Act
of 2002, as amended;

     (tt) None of the Mortgage Loans are (a) covered by the Home Ownership and Equity Protection
Act of 1994 or (b) classified as a “high cost” loan or similarly classified using different
terminology under any federal, state or local law imposing heightened regulatory scrutiny or
additional legal liability for residential mortgage loans having high interest rates, points and/or
fees such as predatory lending laws; None of the Mortgage Loans are “high cost” loans as defined by
the applicable federal, state or local predatory and abusive lending laws nor is any Mortgage Loan
a “High Cost Loan” or “Covered Loan,” as applicable (as such terms are defined in the current
Standard & Poor’s LEVELS® 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 of 2002, as amended; and

     (uu) As to each Mortgage Loan that is secured by an interest in a leasehold estate, (i) the
use of a leasehold estate for residential properties is an accepted practice in the area where the
related Mortgaged Property is located, (ii) residential property consisting of leasehold estates is
marketable in the area where the related Mortgaged Property is located, (iii) the related lease has
been recorded in the applicable land records, (iv) the lease is valid and in good standing and is
not subject to any prior lien by which the lease could be terminated or subject to any charge or
penalty, and (v) the remaining term of the lease does not terminate less than five years after the
maturity date of such Mortgage Loan.

     Upon discovery by any of the Depositor, the Servicer or the Trustee of a breach of any of the
foregoing representations and warranties which materially and adversely affects the value of a
Mortgage Loan or the interest of the Certificateholders (or which materially and adversely affects
the interests of the Certificateholders in the related Mortgage Loan in the case of a
representation and warranty relating to a particular Mortgage Loan), the party discovering such
breach shall give prompt written notice to the other parties and to the Seller, which notice shall
specify the date of discovery. Pursuant to the Sale Agreement, the Seller shall within 90 days
from the earlier of (i) the date of receipt of notice of such breach or (ii) the date the Seller
otherwise discovers such breach, cure such breach, substitute a Mortgage
Loan pursuant to the provisions of Section 3.03 or, if the breach relates to a particular
Mortgage Loan, purchase such Mortgage Loan from the Trustee at the Purchase Price. The Purchase
Price for the purchased Mortgage Loan shall be paid to the Servicer and shall be deposited by the
Servicer in the Collection Account promptly upon receipt, and, upon receipt by the Trustee of
written notification of such deposit signed by a Servicing Officer, the Trustee shall promptly
release to the Seller the related Mortgage File, and the Trustee shall execute and deliver such
instruments of transfer or assignment as may be provided to it by the Servicer, without recourse,
as shall be necessary to vest in the Seller or its designee, as the case may be, any Mortgage Loan
released pursuant hereto, and the Trustee shall have no further responsibility with regard to such
Mortgage Loan. It is understood and agreed that the obligation of the Seller to cure, substitute
or purchase any Mortgage Loan as to which such a breach has occurred

54

 

shall constitute the sole
remedy respecting such breach available to Certificateholders or the Trustee on behalf of
Certificateholder.

     Section 3.02 Representations and Warranties of the Servicer. The Servicer represents
and warrants to, and covenants with, the Trustee for the benefit of the Certificateholders that as
of the Closing Date:

     (a) The Servicer is a limited liability company duly chartered and validly existing in good
standing under the laws of the State of Delaware, and the Servicer is duly qualified or registered
as a foreign corporation in good standing in each jurisdiction in which the ownership or lease or
its properties or the conduct of its business requires such qualification;

     (b) The execution and delivery of this Agreement by the Servicer and its performance and
compliance with the terms of this Agreement will not violate the Servicer’s certificate of
formation or by-laws or constitute a default (or an event which, with notice or lapse of time, or
both, would constitute a default) under, or result in the breach of, any material contract,
agreement or other instrument to which the Servicer is a party or which may be applicable to the
Servicer or any of its assets;

     (c) This Agreement, assuming due authorization, execution and delivery by the Trustee and the
Depositor, constitutes a valid, legal and binding obligation of the Servicer, enforceable against
it in accordance with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and to general principles of equity, regardless of whether such enforcement is considered in a
proceeding in equity or at law;

     (d) The Servicer is not in default with respect to any order or decree of any court or any
order, regulation or demand of any federal, state, municipal or governmental agency, which default
might have consequences that would materially and adversely affect the condition (financial or
other) or operations of the Servicer or its properties or might have consequences that would affect
its performance hereunder; and

     (e) No litigation is pending or, to the best of the Servicer’s knowledge, threatened against
the Servicer which would prohibit its entering into this Agreement or performing its obligations
under this Agreement. It is understood and agreed that the representations and warranties set
forth in this Section 3.02 shall survive the issuance and delivery of the Certificates and shall be
continuing as long as any Certificate shall be outstanding or this Agreement has been terminated.

     Section 3.03 Option to Substitute. If the Seller is required to repurchase any
Mortgage Loan pursuant to Section 2.02 or 3.01, the Seller may, at its option, within two years
from the Closing Date, remove such defective Mortgage Loan from the terms of this Agreement and
substitute another mortgage loan for such defective Mortgage Loan, in lieu of
repurchasing such defective Mortgage Loan. Any substitute Mortgage Loan shall (a) have a
Principal Balance at the time of substitution not in excess of the Principal Balance of the removed
Mortgage Loan (the amount of any difference, plus one month’s interest thereon at the Mortgage Rate
borne by the removed Mortgage Loan, being paid by the Seller and deemed to be a Principal
Prepayment to be deposited by the Servicer in the Collection Account), (b) have a Mortgage Rate not
less than, and not more than one percentage point greater than, the Mortgage Rate of the removed
Mortgage Loan (provided, however, that if the Mortgage Rate on the substitute Mortgage Loan exceeds
the Mortgage Rate on the removed Mortgage Loan, the amount of that excess interest (the “Substitute
Excess Interest”) shall be payable to the Class A-R Certificate), (c) have a remaining term to
stated maturity not later than, and not more than one year less than, the remaining term to stated
maturity of the removed Mortgage Loan, (d) be, in the reasonable determination of the Servicer, of
the same type,

55

 

quality and character (including location of the Mortgaged Property (or underlying
Mortgaged Property, in the case of a Co-op Loan)) as the removed Mortgage Loan as if the breach had
not occurred, (e) have a Loan-to-Value Ratio at origination no greater than that of the removed
Mortgage Loan and (f) be, in the reasonable determination of the Seller, in material compliance
with the representations and warranties contained in the Sale Agreement and described in Section
3.01, as of the date of substitution.

     The Seller shall amend the Mortgage Loan Schedule to reflect the withdrawal of the removed
Mortgage Loan from this Agreement and the substitution of such substitute Mortgage Loan therefor
and shall send a copy of such amended Mortgage Loan Schedule to the Servicer and the Trustee. The
Sale Agreement provides that upon such amendment the Seller shall be deemed to have made as to such
substitute Mortgage Loan the representations and warranties set forth in Section 3.01 as of the
date of such substitution, which shall be continuing as long as any Certificate shall be
outstanding or this Agreement has not been terminated, and the remedies for breach of any such
representation or warranty shall be as set forth in Section 3.01. Upon such amendment, the
Custodian on behalf of the Trustee shall review the Mortgage File delivered to it relating to the
substitute Mortgage Loan, within the time and in the manner and with the remedies specified in
Section 2.02, except that for purposes of this Section 3.03 (other than the two-year period
specified in the first sentence of this Section), such time shall be measured from the date of the
applicable substitution. In the event of such a substitution, accrued interest on the substitute
Mortgage Loan for the month in which the substitution occurs and any Principal Prepayments made
thereon during such month shall be the property of the Trust Fund, and accrued interest for such
month on the Mortgage Loan for which the substitution is made and any Principal Prepayments made
thereon during such month shall be the property of the Seller. The principal payment on a
substitute Mortgage Loan due on the Due Date in the month of substitution shall be the property of
the Seller, and the principal payment on the Mortgage Loan for which the substitution is made due
on such date shall be the property of the Trust Fund.

[END OF ARTICLE III]

ARTICLE IV

THE CERTIFICATES

     Section 4.01 The Certificates.

     (a) The Class A, Class M, Class B and Class CE Certificates shall be substantially in the
forms thereof included within Exhibits C, D, E, E-1 and F and shall, on original issue, be executed
by the Depositor and authenticated by the Trustee (or, if an Authenticating Agent has been
appointed pursuant to Section 4.06, the Authenticating Agent) upon receipt by the Trustee of the
documents specified in Section 2.01, delivered to or upon the order of the Depositor.

     (b) The Depository and the Trustee have entered into a Depository Agreement dated as of April
26, 2007 (the “Depository Agreement”). Except as provided in paragraph (c) below, the Book-Entry
Certificates shall at all times remain registered in the name of the Depository or its nominee and
at all times: (i) registration of the Book-Entry Certificates may not be transferred as provided
in Section 4.02 except to a successor to the Depository; (ii) ownership and transfers of
registration of the Book-Entry Certificates on the books of the Depository shall be governed by
applicable rules established by the Depository; (iii) the Depository may collect its usual and
customary fees, charges and expenses from its Depository Participants; (iv) the Paying Agent and
the Trustee shall deal with the Depository, Depository Participants and Indirect Participants as
representatives of the Certificate Owners of the Book-Entry Certificates for purposes of exercising
the rights of such Holders under this Agreement, and

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requests and directions for and votes of such
representatives shall not be deemed to be inconsistent if they are made with respect to different
Certificate Owners; and (v) the Paying Agent and the Trustee may rely and shall be fully protected
in relying upon information furnished by the Depository with respect to its Depository Participants
and furnished by the Depository Participants with respect to Indirect Participants and persons
shown on the books of such Indirect Participants as direct or indirect Certificate Owners. The
Depository Agreement provides that the Depository shall maintain book-entry records with respect to
the Certificate Owners and with respect to ownership and transfers of such Certificates.

     All transfers by Certificate Owners of Book-Entry Certificates shall be made in accordance
with the procedures established by the Depository Participant or brokerage firm representing such
Certificate Owners. Each Depository Participant shall only transfer Book-Entry Certificates of
Certificate Owners it represents or of brokerage firms for which it acts as agent in accordance
with the Depository’s normal procedures.

     (c) If (i)(A) the Depository advises the Depositor, the Paying Agent or the Trustee in writing
that the Depository is no longer willing or able to properly discharge its responsibilities as
Depository and (B) the Trustee, the Paying Agent or the Depositor are unable after exercise of
their reasonable best efforts to locate a qualified successor or (ii) the Depositor at its option
advises the Trustee in writing that it elects to terminate the book-entry system through the
Depository, the Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying
Agent, shall notify all Certificate Owners, through the Depository, of the occurrence of any such
event and of the availability of definitive, fully registered Certificates (the “Definitive
Certificates”) to Certificate Owners requesting the same. Upon surrender to the Trustee or, if a
Paying Agent has been appointed under Section 4.05, the Paying Agent, of the Book-Entry
Certificates by the Depository for registration and receipt by the Trustee or, if a Paying Agent
has been appointed under Section 4.05, the Paying Agent, of an adequate supply of certificates from
the Depositor, the Trustee or if the Paying Agent is appointed under Section 4.05, the Paying Agent
shall issue the Definitive Certificates based on information received from the Depository. Neither
the Depositor, the Servicer, the Paying Agent nor the Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be protected in relying on,
such instructions.

     (d) The Certificates (other than the Class A-R Certificate and the Class CE Certificate) shall
be issuable in the minimum original dollar denominations (and integral multiples of $1,000.00 in
excess of such amount) and aggregate original dollar denominations per Class as set forth in the
following table (except that, if necessary, in order to aggregate the Original Certificate
Principal Balance of a Class, one Certificate of such Class will be issued in a different
denomination). A single Class A-R Certificate and a single Class CE Certificate will be issued in
definitive form.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Aggregate Original Certificate	 	 
	 	 	Minimum	 	Principal Balance of all	 	 
	 	 	Original	 	Certificates of the	 	CUSIP
	Class	 	Denomination	 	Indicated Class	 	Number
	Class A-1
	 	$	100,000.00	 	 	$	510,849,000	 	 	16165WA A4
	Class A-2
	 	$	100,000.00	 	 	$	56,761,000	 	 	16165WA B2
	Class M-1
	 	$	100,000.00	 	 	$	8,700,000	 	 	16165WA C0
	Class M-2
	 	$	100,000.00	 	 	$	3,300,000	 	 	16165WA D8
	Class M-3
	 	$	100,000.00	 	 	$	2,100,000	 	 	16165WA E6
	Class M-4
	 	$	100,000.00	 	 	$	2,100,000	 	 	16165WA F3
	Class M-5
	 	$	100,000.00	 	 	$	2,100,000	 	 	16165WA G1
	Class M-6
	 	$	100,000.00	 	 	$	2,100,000	 	 	16165WA H9
	Class A-R(1)
	 	$	100.00	 	 	$	100.00	 	 	16165WA M8

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	 	 	 	 	 	 	Aggregate Original Certificate	 	 
	 	 	Minimum	 	Principal Balance of all	 	 
	 	 	Original	 	Certificates of the	 	CUSIP
	Class	 	Denomination	 	Indicated Class	 	Number
	Class B-1
	 	$	100,000.00	 	 	$	2,100,000	 	 	16165WA J5
	Class B-2
	 	$	100,000.00	 	 	$	2,100,000	 	 	16165WA K2
	Class B-3
	 	$	100,000.00	 	 	$	3,000,000	 	 	16165WA L0
	Class CE
	 	 	N/A	 	 	 	(2	)	 	16165WA N6

 

			
	(1)	 	The Class A-R Certificate represents the residual interest in each of the REMIC Pools.
	 
	(2)	 	The Class CE Certificates will have an aggregate original
notional amount of $600,011,458.17.

     The Certificates shall be signed by manual or facsimile signature on behalf of the Depositor
by an officer of the Depositor. Certificates bearing the manual or facsimile signatures of
individuals who were at the time of signature officers of the Depositor shall bind the Depositor,
notwithstanding that such individuals or any of them have ceased to be an officer prior to the
authentication and delivery of such Certificate or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this Agreement, or be valid
for any purpose, unless there appears on such Certificate a manual authentication by an officer of
the Trustee (or if an Authenticating Agent has been appointed pursuant to Section 4.06, the
Authenticating Agent) and such 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.

     Section 4.02 Registration of Transfer and Exchange of Certificates.

     (a) The Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying Agent,
shall cause to be kept a certificate register (the “Certificate Register”) in which, subject to
such reasonable regulations as it may prescribe, the Trustee or, if a Paying Agent has been
appointed under Section 4.05, the Paying Agent, shall provide for the registration of Certificates
and of transfers and exchanges of Certificates as herein provided.

     (b) Upon surrender for registration of transfer of any Certificate at any office or agency of
the Trustee, or if a Paying Agent has been appointed hereunder pursuant to Section 4.05, the Paying
Agent maintained for such purpose, the Depositor shall execute and the Trustee or if an
Authenticating Agent is appointed under Section 4.06, the Authenticating Agent shall authenticate
and deliver, in the name of the designated transferee or transferees, a Certificate of a like Class
and aggregate Percentage Interest and dated the date of authentication by the Authenticating Agent.

     (c) No transfer of a Class CE Certificate shall be made unless such transfer is made pursuant
to an effective registration statement or otherwise in accordance with the requirements under the
Securities Act. If such a transfer is to be made in reliance upon an exemption from said Act, (i)
the Depositor may require (except with respect to the initial transfer of a Class CE Certificate
from J.P. Morgan Securities Inc. and except if the transferee executes a certificate substantially
in the form of Exhibit H hereto) a written opinion of independent counsel acceptable to and in form
and substance reasonably satisfactory to the Depositor and the Trustee that such transfer may be
made pursuant to an exemption, describing the applicable exemption and the basis therefor, from
said Act and laws or is being made pursuant to said Act and laws, which opinion of counsel shall
not be an expense of the Trust Fund,

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the Trustee, the Depositor or the Servicer, and (ii) the
Depositor shall require the transferee to execute a certification substantially in the form of
Exhibit H or Exhibit I.

     (d) (i) No transfer of an ERISA Restricted Certificate or a Class A-R Certificate shall be
made unless the prospective transferee provides the Depositor and the Trustee with (I) a
representation as set forth in Exhibit K for Class A-R Certificates or in Exhibit M for ERISA
Restricted Certificates to the effect that such transferee is not an employee benefit plan subject
to Title I of ERISA, a plan subject to Section 4975 of the Code or a plan or arrangement subject to
any provisions under any federal, state, local, non-U.S. or other laws or regulations that are
substantively similar to the foregoing provisions of ERISA or the Code (“Similar Law”)
(collectively, a “Plan”), and is not directly or indirectly acquiring the Certificate for, on
behalf of or with any assets of any such Plan, or (II) solely in the case of an ERISA Restricted
Certificate, (A) if the Certificate has been the subject of an ERISA-Qualifying Underwriting, a
representation as set forth in Exhibit M that such transferee is an insurance company that is
acquiring the ERISA-Restricted Certificate with assets contained in an “insurance company general
account,” as defined in Section V(E) of Prohibited Transaction Class Exemption (“PTCE”) 95-60, and
the acquisition and holding of the Certificate are covered and exempt under Sections I and III of
PTCE 95-60, or (B) solely in the case of a Definitive Certificate, an Opinion of Counsel reasonably
satisfactory to the Depositor and the Trustee to the effect that the acquisition and holding of
such Certificate will not constitute or result in a nonexempt prohibited transaction under ERISA or
the Code, or a violation of Similar Law, and will not subject the Depositor, the Servicer or the
Trustee to any obligation in addition to those expressly undertaken in this Agreement, which
Opinion of Counsel shall not be an expense of the Depositor, the Servicer or the Trustee.

     (ii) No transfer of a Certificate that is neither an ERISA Restricted Certificate nor a Class
A-R Certificate shall be registered unless the transferee provides the Depositor and the Trustee
with a representation as set forth in Exhibit M that either (i) such transferee is not, and is not
acting for, on behalf of or with any assets of, an employee benefit plan or other arrangement
subject to Title I of ERISA or plan subject to Section 4975 of the Code, or (ii) until the
termination of the Swap Agreement, the acquisition and holding of the Certificate will not
constitute or result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975
of the Code.

     (iii) Except in the case of a Definitive Certificate, the representations set forth in
paragraph (i) of this Subsection 4.02(d), other than subparagraph (i)(II)(B), shall be deemed to
have been made to the Depositor and the Trustee by the transferee’s acceptance of a Certificate (or
the acceptance by a Certificate Owner of the beneficial interest in any Class of Certificates).
Notwithstanding any other provision herein to the contrary, any purported transfer of a Certificate
or a Class A-R Certificate to or on behalf of a Plan without the delivery to the Depositor of a
representation or an Opinion of Counsel reasonably satisfactory to the Depositor and the Trustee as
described above shall be void and of no effect. None of the Depositor, the Servicer or the Trustee
shall be under any liability to any Person for any registration or transfer of any Certificate that
is in fact not permitted by this Section 4.02(d) nor shall the Paying Agent be under any liability
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 in accordance with the foregoing requirements. The Depositor, Servicer, Paying Agent
and/or Trustee shall be entitled, but not obligated, to recover from any Holder of any Certificate
that was in fact a Plan and that held such Certificate in violation of this Section 4.02(d) all

     payments made on such Certificate at and after the time it commenced such holding. Any such
payments so recovered shall be paid and delivered to the last preceding Holder of such Certificate
that is not a Plan.

     (e) At the option of a Certificateholder, a Certificate may be exchanged for another
Certificate or Certificates of authorized denominations of a like Class, upon surrender of the
Certificate to be exchanged at any office or agency of the Trustee, or if a Paying Agent has been
appointed under

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Section 4.05, the Paying Agent, maintained for such purpose. Whenever the
Certificate is so surrendered for exchange, the Depositor shall execute and the Authenticating
Agent shall authenticate and deliver, the Certificate which the Certificateholder making the
exchange is entitled to receive. Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Authenticating Agent) be duly endorsed by, or be accompanied
by a written instrument of transfer in the form satisfactory to the Authenticating Agent duly
executed by, the Holder thereof or his attorney duly authorized in writing.

     (f) No service charge shall be made to the Holder for any transfer or exchange of a
Certificate, but the Servicer may require payment by the Certificateholders of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of such Certificate.

     (g) All Certificates surrendered for transfer or exchange shall be destroyed by the Trustee or
if a Paying Agent has been appointed under Section 4.05, the Paying Agent, in accordance with the
Trustee’s or, if a Paying Agent has been appointed under Section 4.05, the Paying Agent’s, standard
procedures.

     (h) [Reserved].

     (i) A Disqualified Organization is prohibited from acquiring beneficial ownership of a Class
A-R Certificate. Notwithstanding anything to the contrary contained herein, (i) unless and until
the Servicer and the Trustee shall have received an Opinion of Counsel, satisfactory to it in form
and substance, to the effect that the absence of the conditions contained in this Section 4.02(i)
would not result in the imposition of federal tax upon any REMIC created hereunder or cause any
REMIC created hereunder to fail to qualify as a REMIC, no transfer, sale or other disposition of
the Class A-R Certificate (including for purposes of this section any beneficial interest therein)
may be made without the express written consent of the Certificate Registrar or, if no Certificate
Registrar is appointed, the Trustee, which consent is to be granted by the Certificate Registrar
or, if no Certificate Registrar is appointed, the Trustee only upon compliance with the
requirements of this Section and (ii) no transfer, sale or other disposition of the Class A-R
Certificate (or any beneficial interest therein) may be made to a Person who is not a U.S. Person
unless such Person furnishes the transferor, the Certificate Registrar and the Trustee, with a duly
completed and effective Form W-8ECI (or any successor thereto) or an Opinion of Counsel to the
effect that such transfer is in accordance with the requirements of the Code and that the transfer
will not be disregarded for federal income tax purposes. As a condition to granting its consent to
a transfer of a Class A-R Certificate, the Certificate Registrar or, if no Certificate Registrar is
appointed, the Trustee, shall require the proposed transferee of such Certificate (including, in
the case of the initial issuance of the Class A-R Certificate, the initial Holder thereof) to
execute a letter and affidavit substantially in the form attached hereto as Exhibit K and shall
require the proposed transferor (other than in the case of the transfer to the initial Holder) of
such Certificate to execute a letter substantially in the form attached hereto as Exhibit K-1. In
the absence of a contrary instruction from the transferor of such Certificate, declaration (11) in
the affidavit in Exhibit K may be left blank. If the transferor requests by written notice to the
Certificate Registrar or, if no Certificate Registrar is appointed, the Trustee, prior to the date
of the proposed transfer that one of the two other forms of declaration (11) of such affidavit be
used, then the Certificate Registrar or, if no Certificate Registrar is appointed, the Trustee,
shall require that such form of declaration (11) be included in such affidavit.

     As a condition to the granting of the consent referred to in this Section 4.02(i), prior to
the transfer, sale, pledge, hypothecation or other disposition of the Class A-R Certificate or any
interest therein, the Certificate Registrar or, if no Certificate Registrar is appointed, the
Trustee shall require that (1) the proposed transferee deliver to the Trustee or Certificate
Registrar, as applicable, its taxpayer identification number and state, under penalties of perjury
that such number is the social security or

60

 

employer identification number, as the case may be, of
the transferee or provide an affidavit under penalties of perjury stating that as of the date of
such transfer such transferee is not and has no intention of becoming a Disqualified Organization;
(2) the proposed transferee deliver to the Trustee or Certificate Registrar, as applicable, an
affidavit stating (i) that such transferee is not acquiring such Class A-R Certificate as an agent,
broker, nominee, or middleman for a Disqualified Organization, (ii) if the Class A-R Certificate is
a “non-economic residual interest” within the meaning of Treas. Reg. §1.860E-1(c)(2), (X) that no
purpose of the acquisition of the Class A-R Certificate is to avoid or impede the assessment or
collection of tax, (Y) that such transferee has historically paid its debts as they came due and
will continue to pay its debts as they come due, and (Z) that such transferee represents that it
understands that, as the holder of the non-economic residual interest, the transferee may incur tax
liabilities in excess of any cash flows generated by the interest and that the transferee intends
to pay taxes associated with holding the residual interest, and (iii) unless the Certificate
Registrar or, if no Certificate Registrar is appointed, the Trustee consents to the transfer of the
Class A-R Certificate to a Person who is not a U.S. Person and who has furnished either a duly
completed and effective Form W-8ECI (or any successor thereto) or an Opinion of Counsel to the
effect that the transfer will not be disregarded for federal income tax purposes, that it is a U.S.
Person; (3) if so requested by the transferor in written notice provided to the Certificate
Registrar or, if no Certificate Registrar is appointed, the Trustee, prior to the date of the
proposed transfer, the proposed transferee deliver to the Trustee or Certificate Registrar, as
applicable, an affidavit that includes a declaration made in the form of declaration (11) in the
affidavit set forth in Exhibit K requested by the transferor; and (4) the transferor deliver to the
Certificate Registrar or, if no Certificate Registrar is appointed, the Trustee a written
certification that as of the date of such transfer it has no knowledge and no reason to know that
the affirmations described in clauses (1), (2) and (3) were false. The Certificate Registrar or,
if no Certificate Registrar is appointed, the Trustee shall not grant the consent referred to in
this Section 4.02(i) if it has actual knowledge that any statement made in the affidavit issued
pursuant to the preceding sentence is not true. Notwithstanding any purported transfer, sale or
other disposition of the Class A-R Certificate to a Disqualified Organization or in violation of
the provisions of this Section 4.02(i), such transfer, sale or other disposition shall be deemed to
be of no legal force or effect whatsoever and such Disqualified Organization shall not be deemed to
be a Class A-R Certificateholder for any purpose hereunder, including, but not limited to, the
receipt of distributions on such Class A-R Certificate. If any purported transfer shall be in
violation of the provisions of this Section 4.02(i) then the prior Holder of the Class A-R
Certificate shall, upon discovery that the transfer of such Class A-R Certificate was not in fact
permitted by this Section 4.02(i), be restored to all rights and obligations as a Holder thereof
retroactive to the date of the purported transfer of such Class A-R Certificate. The Trustee, the
Servicer and the Certificate Registrar shall be under no liability to any Person for any
registration or transfer of a Class A-R Certificate that is not permitted by this Section 4.02(i)
or for making payments due on such Class A-R Certificate to the purported Holder thereof or taking
any other action with respect to such purported Holder under the provisions of this Agreement so
long as the transfer was not registered under the written certification of the Certificate
Registrar or, if no Certificate Registrar is appointed, the Trustee as described in this Section
4.02(i). The prior Holder shall be entitled to recover from any purported Holder of a Class A-R
Certificate that was in fact not a permitted purported transferee under this Section 4.02(i) at the
time it became a purported Holder all payments made to such purported Holder on such Class A-R
Certificate; provided that the Servicer shall not be responsible for such recovery. Each Class A-R
Certificateholder, by the acceptance of the Class A-R Certificate, shall be deemed for all purposes
to have consented to the provisions of this Section 4.02(i) and to any amendment to this Agreement
deemed necessary by counsel of the Trustee or the Servicer to ensure that the Class A-R Certificate
is not transferred to a Disqualified Organization and that any transfer of such Class A-R
Certificate will not cause the imposition of a tax upon any REMIC created hereunder or cause
any REMIC created hereunder to fail to qualify as a REMIC. The restrictions on transfer of the
Class A-R Certificate will cease to apply and be void upon receipt by the Certificate Registrar or,
if no Certificate Registrar is appointed, the Trustee of an Opinion of Counsel to the effect that
such restrictions on transfer

61

 

are no longer necessary to avoid the risk of material federal
taxation to any REMIC created hereunder or prevent any REMIC created hereunder from qualifying as a
REMIC.

     (j) The Servicer shall make available upon written request to each Holder and each proposed
transferee of a Class B-3, Class B-4 or Class B-5 Certificate such information as may be required
to permit the proposed transfer to be effected pursuant to Rule 144A under the Securities Act.

     Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated
Certificate is surrendered to the Trustee or, if a Paying Agent has been appointed under Section
4.05, the Paying Agent, or the Trustee or, if a Paying Agent has been appointed under Section 4.05,
the Paying Agent, receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and (b) there is delivered to the Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent, such security or indemnity as may be required by it to save
it harmless, then, in the absence of notice to the Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent, that such Certificate has been acquired by a bona fide
purchaser, the Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying
Agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and Class. Upon the issuance of any
new Certificate under this Section, the Trustee or, if a Paying Agent has been appointed under
Section 4.05, the Paying Agent, may require of the Certificateholder 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 connected therewith. Any replacement Certificate of any Class issued
pursuant to this Section shall constitute complete and indefeasible evidence of ownership of the
Percentage Interest in the distributions to which the Certificateholders of such Class are
entitled, as if originally issued, whether or not the mutilated, destroyed, lost or stolen
Certificate shall be found at any time, and such mutilated, destroyed, lost or stolen Certificate
shall be of no force or effect under this Agreement, to the extent permitted by law.

     Section 4.04 Persons Deemed Owners. Prior to due presentation of a Certificate of any
Class for registration of transfer, the Depositor, the Servicer, the Paying Agent and the Trustee
may treat the Person in whose name any Certificate is registered on the Record Date as the owner of
such Certificate and the Percentage Interest in the distributions to which the Certificateholders
of such Class are entitled on the relevant date as the Holder of such Certificate and the
Percentage Interest represented by such Certificate for the purpose of receiving remittances
pursuant to Section 6.01 and for all other purposes whatsoever, and neither the Depositor, the
Servicer, the Paying Agent nor the Trustee shall be affected by notice to the contrary.

     Section 4.05 Appointment of Paying Agent and Certificate Registrar; Certificate
Account. The Trustee shall appoint a Paying Agent and a Certificate Registrar (the
“Certificate Registrar”) hereunder, provided such Paying Agent and such Certificate Registrar shall
not be the Depositor, the Seller, or an Affiliate of the Depositor or the Seller. No later than
two Business Days prior to each Distribution Date, the Servicer shall deposit or cause to be
deposited with the Paying Agent from funds on deposit in the Collection Account a sum up to the
Available Distribution Amount, such sum to be held in trust for the benefit of Certificateholders
in a segregated account (the “Certificate Account”) which shall be an Eligible Account in the name
of “The Bank of New York Trust Company, N.A., as Trustee, in trust for and for the benefit of the
Certificateholders of Multi-Class Mortgage Pass-Through Certificates, ChaseFlex Trust, Series
2007-2 — Certificate Account”. The Paying Agent shall establish such Certificate
Account with a commercial bank, a savings bank or a savings and loan association. The Paying
Agent may invest moneys in the Certificate Account in Eligible Investments, which shall mature not
later than a date sufficient to make payment on the Distribution Date next following the date of
such investment and shall not be sold or disposed of prior to maturity. All income and gain
realized from any such investment shall be for the benefit of the Paying Agent as additional
compensation and shall be subject to its

62

 

withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments (to the extent not offset by income from other
such investments) shall be deposited in the Certificate Account by the Paying Agent out of its own
funds immediately as realized. The Servicer shall cause the Paying Agent to perform each of the
obligations of the Paying Agent set forth herein and shall be liable to the Trustee and the
Certificateholders for failure of the Paying Agent to perform such obligations. So long as the
Paying Agent is a party other than the Trustee, the Trustee shall have no liability in connection
with the performance or failure of performance of the Paying Agent. The Trustee designates The
Bank of New York Trust Company, N.A. as the initial Paying Agent and initial Certificate Registrar.
Only the Trustee may remove the Paying Agent and Certificate Registrar and may do so at will,
provided that the Trustee gives 20 days’ prior written notice of such removal to the Paying Agent
and Certificate Registrar and the Rating Agencies.

     The Paying Agent will hold all sums held by it for the payment to Certificateholders in trust
for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders.

     Section 4.06 Authenticating Agents.

     (a) The Trustee may appoint one or more Authenticating Agents (each, an “Authenticating
Agent”) which shall be authorized to act on behalf of the Trustee in authenticating the
Certificates. Wherever reference is made in this Agreement to the authentication of Certificates
by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to
include authentication on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating
Agent must be an entity organized and doing business under the laws of the United States of America
or of any state, having a combined capital and surplus of at least $15,000,000, authorized under
such laws to do a trust business and subject to supervision or examination by federal or state
authorities. So long as the Authenticating Agent is a party other than the Trustee, the Trustee
shall have no liability in connection with the performance or failure of performance of the
Authenticating Agent. The Trustee hereby appoints the Paying Agent as the initial Authenticating
Agent.

     (b) Any Person into which any Authenticating Agent may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger, conversion or consolidation to which
any Authenticating Agent shall be a party, or any Person succeeding to the corporate agency
business of any Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

     (c) Any Authenticating Agent may at any time resign by giving at least 30 days’ advance
written notice of resignation to the Trustee and the Depositor. The Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of termination to such
Authenticating Agent and the Depositor. Upon receiving a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be eligible in
accordance within the provisions of this Section 4.06, the Trustee may appoint a successor
Authenticating Agent, shall give written notice of such appointment to the Depositor and shall mail
notice of such appointment to all Holders of Certificates. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section 4.06. No Authenticating Agent shall
have responsibility or liability for any action taken by it as such at the direction of the
Trustee. Each of the Authenticating Agent, Certificate Registrar and Paying Agent shall be
afforded the same rights, protections and indemnities as the Trustee as set forth under Article
VIII hereunder.

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[END OF ARTICLE IV]

ARTICLE V

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

     Section 5.01 Servicer to Service Mortgage Loans. The Servicer shall service and
administer the Mortgage Loans and shall have full power and authority, acting alone or through
Sub-Servicers as provided in Section 5.02, to do any and all things which it may deem necessary or
desirable in connection with such servicing and administration, all in accordance with Accepted
Servicing Practices. Without limiting the generality of the foregoing, the Servicer in its own
name or in the name of a Sub-Servicer shall, pursuant to a power of attorney granted hereby by the
Trustee for such purposes, when the Servicer or the Sub-Servicer, as the case may be, believes it
appropriate in its best judgment, to execute and deliver, on behalf of the Certificateholders and
the Trustee 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 related Mortgaged Properties; provided, however, that subject to the
provisions of this paragraph, the Servicer may allow a modification with respect to a Mortgage Loan
if the Servicer would take such action in the ordinary course of its business if it were the owner
of the Mortgage Loan. The Servicer will indemnify the Trustee for any misuse of such power of
attorney provided hereunder. The Servicer may agree to a modification of any Mortgage Loan (the
“Relevant Mortgage Loan”) upon the request of the related Mortgagor, provided that (i) the
modification is in lieu of a refinancing and the Mortgage Rate on the Relevant Mortgage Loan, as
modified, is approximately a prevailing market rate of newly-originated mortgage loans having
similar terms, (ii) the aggregate of the adjusted bases of all Modified Mortgage Loans (including
the Relevant Mortgage Loans) plus the aggregate adjusted bases of any assets that are not qualified
mortgages or permitted investments under Section 860G(a) of the Code that are assets of the Trust
Fund established hereunder at all times on any day is less than one percent of the aggregate of the
adjusted bases of all assets of the Trust Fund (including such Modified Mortgage Loans) on such
day, and (iii) the Servicer purchases the Relevant Mortgage Loan from the Trust Fund as described
below. Effective immediately after such modification, and, in any event, on the same Business Day
on which the modification occurs, all right, title and interest of the Trustee in and to the
Modified Mortgage Loan shall automatically be deemed transferred and assigned to the Servicer and
all benefits and burdens of ownership thereof, including without limitation the right to accrued
interest thereon from and including the date of modification and the risk of default thereon, shall
pass to the Servicer. To confirm such transfer and assignment, the Servicer, as servicer
hereunder, as soon as practicable shall execute an instrument of assignment of the Modified
Mortgage Loan without recourse in customary form to the Servicer in its individual capacity. The
Servicer shall deposit the Purchase Price for any Modified Mortgage Loan in the Collection Account
pursuant to Section 5.08. Upon receipt by the Trustee of written notification of any such deposit
signed by a Servicing Officer, the Trustee shall release to the Servicer the related Mortgage File
and shall execute and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary more fully to vest in the Servicer any Modified Mortgage Loan
previously transferred and assigned pursuant thereto. Notwithstanding anything herein to the
contrary, the Servicer shall not make or permit
any modification of a Mortgage Loan that would cause any REMIC Pool to fail to qualify as a
REMIC for federal income tax purposes or that would result in the imposition of any material tax
under Section 860F(a) or Section 860G(d) of the Code.

     The Servicer shall furnish to the Trustee for execution and redelivery to the Servicer or, at
the request of the Servicer, a Sub-Servicer, such documents necessary or appropriate to enable the
Servicer to service and administer the Mortgage Loans and the Trustee shall not be responsible for
the Servicer’s

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application thereof. The Servicer agrees to remain eligible as either a FNMA or
FHLMC seller/servicer, or both, for so long as it is Servicer.

     All Servicing Advances made by the Servicer in effecting the timely payment of taxes,
insurance and assessments on the properties subject to the Mortgage Loans shall not, for the
purpose of calculating monthly distributions to Certificateholders, be added to the amount owing
under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so permit,
and such Servicing Advances shall be recoverable by the Servicer to the extent permitted by
Sections 5.09 and 5.23.

     Section 5.02 Sub-Servicing Agreements Between Servicer and Sub-Servicers; Enforcement of
Sub-Servicer’s Obligations.

     (a) The Servicer may enter into Sub-Servicing Agreements with Sub-Servicers for the servicing
and administration of all or part of the Mortgage Loans. References in this Agreement to actions
taken or to be taken by the Servicer in servicing the Mortgage Loans serviced by it include
actions taken or to be taken by a Sub-Servicer on behalf of the Servicer. Each Sub-Servicing
Agreement will be upon such terms and conditions as are not inconsistent with this Agreement and as
the Servicer and the Sub-Servicer have agreed. The Servicer hereby agrees to notify the Trustee in
writing promptly upon the appointment of any Sub-Servicer. For purposes of this Agreement, the
receipt by the Sub-Servicer of any amount with respect to a Mortgage Loan (other than amounts
representing servicing compensation or reimbursement for an advance) shall be treated as the
receipt by the Servicer of such amount. The Sub-Servicer shall deposit all such funds in an
Eligible Account.

     (b) As part of its servicing activities hereunder, the Servicer, for the benefit of the
Trustee and the Certificateholders, shall enforce the obligations of each Sub-Servicer under the
related Sub-Servicing Agreement. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements as appropriate, and the pursuit of
other remedies, shall be in such form and carried out to such an extent and at such time as the
Servicer, in its good faith business judgment, would require were it the owner of the related
Mortgage Loans. The Servicer shall pay the costs of such enforcement at its own expense but shall
be reimbursed therefor only (i) from a general recovery resulting from such enforcement only to the
extent, if any, that such recovery exceeds all amounts due in respect of the related Mortgage Loans
or (ii) from a specific recovery of costs, expenses or attorneys’ fees against the party against
whom such enforcement is directed.

     (c) The Servicer shall not permit a Sub-Servicer to perform any servicing responsibilities
hereunder with respect to the Mortgage Loans unless that Sub-Servicer first agrees in writing with
the Servicer to deliver an Assessment of Compliance and an Accountant’s Attestation in such manner
and at such times that permits the Servicer to comply with Section 5.25 of this Agreement.

     Section 5.03 Successor Sub-Servicers. The Servicer shall be entitled to terminate any
Sub-Servicing Agreement that may exist in accordance with the terms and conditions of such
Sub-Servicing Agreement and without any limitation by virtue of this Agreement.

     Section 5.04 Liability of the Servicer. Notwithstanding any Sub-Servicing Agreement,
any of the provisions of this Agreement relating to agreements or arrangements between the Servicer
and a Sub-Servicer or reference to actions taken through a Sub-Servicer or otherwise, the Servicer
shall remain obligated and liable to the Trustee and Certificateholders for the servicing and
administering of the Mortgage Loans in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or
arrangements or by virtue of indemnification from the Sub-Servicer and to the same extent and under
the same terms and conditions as if the Servicer alone were servicing and administering the
Mortgage Loans. The Servicer shall be entitled

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to enter into any agreement with a Sub-Servicer for
indemnification of the Servicer and nothing contained in this Agreement shall be deemed to limit or
modify such indemnification.

     Section 5.05 No Contractual Relationship Between Sub-Servicer and Trustee or
Certificateholders. Any Sub-Servicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Sub-Servicer in its capacity as
such and not as an originator shall be deemed to be between the Sub-Servicer and the Servicer
alone, and the Trustee and Certificateholders shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect to the Sub-Servicer.

     Section 5.06 Termination of Sub-Servicing Agreement. If the Servicer shall for any
reason no longer be the Servicer hereunder (including by reason of any Event of Default), the
Servicer shall thereupon terminate each Sub-Servicing Agreement that may have been entered into,
and the Trustee, its designee or the successor servicer and the Trustee shall not be deemed to have
assumed any of the Servicer’s interest therein or to have replaced the Servicer as a party to any
such Sub-Servicing Agreement.

     Section 5.07 Collection of Mortgage Loan Payments. Continuously from the date hereof
until the principal and interest on all Mortgage Loans are paid in full, the Servicer will proceed
diligently to collect all payments due under each of the Mortgage Loans when the same shall become
due and payable; provided, however, that the Servicer may elect, to the extent consistent with
Accepted Servicing Practices, to waive any late payment charge and shall, to the extent such
procedures shall be consistent with this Agreement, follow such collection procedures as it follows
with respect to conventional mortgage loans held in its own portfolio. Any such arrangements shall
not diminish or otherwise affect the Servicer’s obligation to make Advances pursuant to Section
6.03.

     Section 5.08 Establishment of Collection Account; Deposit in Collection Account. With
respect to all of the Mortgage Loans, the Servicer shall segregate and hold all funds collected and
received pursuant to a Mortgage Loan separate and apart from any of its own funds and general
assets and shall establish and maintain one or more Collection Accounts for the benefit of the
Certificateholders (collectively, the “Collection Account”) which are Eligible Accounts, in the
form of a trust account, in the name of “The Bank of New York Trust Company, N.A., as Trustee, in
trust for and for the benefit of the Certificateholders of Multi-Class Mortgage Pass-Through
Certificates, Chase Home Finance LLC as subservicer for JPMorgan Chase Bank, N.A. as Servicer,
ChaseFlex Trust, Series 2007-2 — Collection Account.” Such Collection Account shall be established
with a commercial bank, a savings bank or a savings and loan association. The Servicer may invest,
or cause the institution maintaining the Collection Account to invest, moneys in the Collection
Account in Eligible Investments, which shall mature not later than two Business Days preceding the
Distribution Date next following the date of such investment and shall not be sold or disposed of
prior to its maturity. All income and gain realized from any such
investment shall be for the benefit of the Servicer as additional compensation and shall be
subject to its withdrawal or order from time to time. The amount of any losses incurred in respect
of any such investments (to the extent not offset by income from other such investments) shall be
deposited in the Collection Account by the Servicer out of its own funds immediately as realized;
provided, however, that if the Trustee becomes the Servicer, the Trustee shall not be required to
deposit the amount of any loss incurred prior to it becoming the Servicer.

     The Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis
(and not later than the second Business Day following receipt), and retain therein:

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     (i) All payments which were received after the Cut-off Date on account of principal of
the Mortgage Loans (other than the principal portion of Monthly Payments due on or before
the Cut-off Date), and all Principal Prepayments collected on or after the Cut-off Date;

     (ii) All payments which were received after the Cut-off Date on account of interest on
the Mortgage Loans (net of the Servicing Fee)(other than the interest portion of Monthly
Payments due on or before the Cut-off Date);

     (iii) Any Subsequent Recovery or Net Liquidation Proceeds;

     (iv) All Insurance Proceeds received by the Servicer under any title, hazard or other
insurance policy, including amounts required to be deposited pursuant to Sections 5.16 and
5.20, other than proceeds to be held in the Escrow Account or applied to the restoration or
repair of the Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op
Loan) or released to the Mortgagor in accordance with the Servicer’s normal servicing
procedures or otherwise applied or held as required by applicable law;

     (v) All awards or settlements in respect of condemnation proceedings affecting any
Mortgaged Property (or Underlying Mortgaged Property, in the case of a Co-op Loan), which
are not released to the Mortgagor in accordance with the Servicer’s normal servicing
procedures;

     (vi) All Repurchase Proceeds;

     (vii) All Advances made by the Servicer pursuant to Section 6.03;

     (viii) All amounts representing revenues under the insurance provided pursuant to
Section 5.19 to the extent of any losses borne by any Certificateholder;

     (ix) All revenues from any Mortgaged Property (or Underlying Mortgaged Property in the
case of a Co-op Loan) acquired by the Servicer by foreclosure or deed in lieu of foreclosure
net of any Servicing Advances with respect to such Mortgaged Property (or Underlying
Mortgaged Property in the case of a Co-op Loan); and

     (x) Any other amounts required to be deposited therein pursuant to this Agreement.

     The Servicer shall maintain accounting records on a Mortgage Loan by Mortgage Loan basis with
respect to the Collection Account. The Servicer shall give notice to the Trustee, any Paying
Agent, the Depositor and each Rating Agency of any change in the location of the Collection
Account, prior to the use thereof. Notwithstanding anything to the contrary herein, no Monthly
Payment or any portion thereof shall be permitted to remain in the Collection Account for more than
12 months. Any Monthly Payment or any portion thereof that has remained in the Collection Account
for 12 months shall be deemed a
Principal Prepayment and distributed to Certificateholders pursuant to the provisions of this
Agreement on the Distribution Date immediately following the end of such 12 month period.

     Section 5.09 Permitted Withdrawals from the Collection Account. The Servicer may,
from time to time, withdraw funds from the Collection Account for the following purposes:

     (a) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to
reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing
Agreement), the Servicer’s and the related Sub-Servicer’s right to receive reimbursement pursuant
to this

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subclause (i) being limited to amounts received on particular Mortgage Loans which
represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage
Loans;

     (b) to pay itself the Servicing Fee;

     (c) to reimburse itself for unreimbursed Servicing Advances, or to pay the related
Sub-Servicer any unreimbursed Servicing Advances, the Servicer’s right to receive reimbursement or
make payments to the Sub-Servicer pursuant to this subclause (c) with respect to any Mortgage Loan
being limited to related Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and
condemnation awards;

     (d) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred
by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16;

     (e) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances;

     (f) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds
deposited in the Collection Account;

     (g) to make deposits into the Certificate Account in the amounts and in the manner provided
for herein;

     (h) to make payments to itself or others pursuant to any provision of this Agreement, and to
clear and terminate the Collection Account upon the termination of this Agreement; and

     (i) to withdraw amounts deposited in error.

     Section 5.10 Establishment of Escrow Account; Deposits in Escrow Account. With
respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments,
if any, the Servicer shall, and shall cause any Sub-Servicer to, segregate and hold all funds
collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments
separate and apart from any of its own funds and general assets and shall establish and maintain
one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be
established with a commercial bank, a mutual savings bank or a savings and loan association the
deposits of which are insured by the FDIC in a manner which shall provide maximum available
insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall, if requested
by the Trustee, give notice to the Trustee of the location of any Escrow Account. Nothing in this
paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a
provision in the related Mortgage requiring such collection.

     The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a
daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans
serviced by the Servicer, for the purpose of effecting timely payment of any such items as required
under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard
insurance policy which are to be applied to the restoration or repair of any Mortgaged Property (or
Underlying Mortgaged Property, in the case of a Co-op Loan). The Servicer shall make withdrawals
therefrom only to effect such payments as are required under this Agreement, and for such other
purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest
paid on funds deposited in the Escrow Account by the depository institution other than interest on
escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by
law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding
that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for
such purposes.

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     Section 5.11 Permitted Withdrawals from Escrow Account. Withdrawals from any Escrow
Account or Accounts may be made by a Servicer only (i) to effect timely payments of ground rents,
taxes, assessments, water rates, Standard Hazard Policy premiums, or other items constituting
Escrow Payments for the related Mortgage, (ii) to reimburse the Servicer for any Servicing Advance
made by the Servicer, with respect to a related Mortgage Loan but only from amounts received on the
related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder,
(iii) to refund to any Mortgagor any funds found to be in excess of the amounts required under the
terms of the related Mortgage Loan or under applicable law, (iv) for application to restoration or
repair of the property subject to the related Mortgage, (v) to pay to the Servicer, or to the
Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow
Account, (vi) to clear and terminate the Escrow Account on the termination of this Agreement or
(vii) to withdraw amounts deposited in error.

     Section 5.12 Payment of Taxes, Insurance and Other Charges. With respect to each
Mortgage Loan, the Servicer shall maintain, or cause to be maintained, accurate records reflecting
any delinquencies or nonpayments with regard to taxes, assessments and Standard Hazard Policy
premiums. The Servicer assumes full responsibility for ensuring the payment of all such bills and
shall effect payments of all such bills irrespective of each Mortgagor’s faithful performance in
the payment of same or the making of the Escrow Payments and shall make advances from its own funds
to effect such payments.

     Section 5.13 Transfer of Accounts. The Servicer may transfer the Collection Account
or Escrow Account to an Eligible Account maintained with a different depository institution from
time to time and shall notify the Trustee and the Paying Agent of any such transfer.

     Section 5.14 [Reserved].

     Section 5.15 Maintenance of the Primary Insurance Policies. The Servicer shall not
take, or permit any related Sub-Servicer to take, any action which would result in non-coverage
under any applicable Primary Insurance Policy of any loss which, but for the actions of the
Servicer or Sub-Servicer, would have been covered thereunder. Except as otherwise required by
applicable law, to the extent coverage is available and until the Loan-to-Value Ratio of the
related Mortgage Loan is reduced to 80%, the Servicer shall keep or cause to be kept in full force
and effect each such Primary Insurance Policy in an amount equal to the amount by which the unpaid
principal balance of the related Mortgage Loan exceeds 75% of the value (as described in the
definition of Loan-to-Value Ratio) of the related Mortgaged Property (or Underlying Mortgaged
Property, in the case of a Co-op Loan). The Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy or consent to any related Sub-Servicer canceling or refusing to
renew any such Primary Insurance Policy applicable to a Mortgage Loan subserviced by it, that is in
effect at the date of the initial issuance of the Certificates and is required to be kept in force
hereunder unless the replacement Primary Insurance Policy for such canceled or non-renewed policy
is maintained with an insurer whose claims-paying ability is rated at least as high as the original
insurer or is acceptable to each Rating Agency as confirmed in writing by each such Rating Agency,
unless otherwise required by law.

     Section 5.16 Maintenance of Standard Hazard Policies.

     (a) The Servicer shall cause to be maintained for each Mortgage Loan (other than a Co-op Loan)
a Standard Hazard Policy with extended coverage as is prudent in the area where the Mortgaged
Property is located in an amount which is equal to the greater of (i) the lesser of (A) 100% of the
maximum insurable value of the improvements securing such Mortgage Loan or (B) the principal
balance owing on such Mortgage Loan, or (ii) such amount required to prevent the Mortgagor or
mortgagee from becoming a co-insurer. If the Mortgaged Property is in an area identified at the
time of origination in the Federal Register by the Federal Emergency Management Agency as having
special flood hazards (and

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such flood insurance has been made available) the Servicer will cause to
be maintained a flood insurance policy meeting the requirements of the current guidelines of the
Federal Insurance Administration with a generally acceptable insurance carrier, in an amount
representing coverage not less than the least of (i) the outstanding Principal Balance of the
Mortgage Loan, (ii) the full insurable value or (iii) the maximum amount of insurance which is
available under the Flood Disaster Protection Act of 1973, as amended. The Servicer shall also
maintain on property acquired upon foreclosure, or by deed in lieu of foreclosure, of any Mortgage
Loan, fire and hazard insurance with extended coverage in an amount which is not less than the
lesser of (i) the outstanding Principal Balance of the Mortgage Loan or (ii) the maximum insurable
value of the improvements which are a part of such property, liability insurance, and, to the
extent available, flood insurance in an amount as provided above. Any amounts collected by the
Servicer under any such policies (other than amounts to be applied to the restoration or repair of
the property subject to the related Mortgage or property acquired in liquidation of the Mortgage
Loan, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures)
shall be deposited, subject to applicable law, in the Collection Account. It is understood and
agreed that no earthquake or other additional insurance need be required by the Servicer of any
Mortgagor or maintained on property acquired in respect of a Mortgage Loan, other than pursuant to
such applicable laws and regulations as shall at any time be in force and as shall require such
additional insurance. All such Standard Hazard Policies and other policies shall be endorsed with
standard mortgagee clauses with loss payable to the Servicer or its designee. Any such Standard
Hazard Policies or other policies may be in the form of blanket policies; provided, however, that
in the event of any claim arising in connection with a hazard loss the Servicer shall be obligated,
in the case of blanket insurance policies, to deposit in the Collection Account any amount not
payable under such blanket policy because of a deductible clause in such policy and not otherwise
payable under an individual policy. The Servicer shall not interfere with the Mortgagor’s freedom
of choice in selecting either his insurance carrier or agent; provided, however, that the Servicer
shall not accept any such insurance policies from insurance companies unless such companies are
acceptable insurers in the discretion of the Servicer.

     (b) Any cost incurred by the Servicer in maintaining any of the foregoing insurance shall not,
for the purpose of calculating monthly distributions to Certificateholders, be added to the amount
owing under the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such
costs (other than the costs of maintaining a blanket hazard insurance policy not attributable to a
specific Mortgaged Property) shall be recoverable by the Servicer from the Mortgagor or out of
Insurance Proceeds, Subsequent Recoveries or Liquidation Proceeds or to the extent permitted by
Section 5.09.

     Section 5.17 [Reserved].

     Section 5.18 [Reserved].

     Section 5.19 Fidelity Bond and Errors and Omissions Insurance. The Servicer shall
maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy,
with broad coverage with responsible companies on all officers, employees or other persons acting
on behalf of the Servicer in any capacity with regard to the Mortgage Loans to handle funds, money,
documents and papers relating to the Mortgage Loans. Any such fidelity bond and errors and
omissions insurance shall protect and insure the Servicer against losses, including forgery, theft,
embezzlement, fraud, errors and omissions and negligent acts of such persons and shall be
maintained at a level acceptable to FNMA. No provision of this Section 5.19 requiring such
fidelity bond and errors and omissions insurance shall diminish or relieve the Servicer from its
duties and obligations as set forth in this Agreement. Upon request of the Trustee, the Servicer
shall cause to be delivered to the Trustee a certification evidencing coverage under such fidelity
bond and insurance policy. Promptly upon receipt of any notice from the surety or the insurer that
such fidelity bond or insurance policy has been terminated or modified in a

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materially adverse
manner, the Servicer shall notify the Trustee and each Rating Agency of any such termination or
modification.

     Section 5.20 Collections under Insurance Policies; Enforcement of Due-On-Sale Clauses;
Assumption Agreements.

     (a) In connection with its activities as administrator and servicer of the Mortgage Loans, the
Servicer agrees to present, on behalf of itself, the Trustee and the Certificateholders, claims to
the insurer under any Standard Hazard Policies and, in this regard, to take such reasonable action
as shall be necessary to permit recovery under any insurance policies. Pursuant to Section 5.08,
the Servicer shall deposit Insurance Proceeds in the Collection Account.

     (b) When any Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op
Loan) is conveyed by the Mortgagor, the Servicer shall enforce any due-on-sale clause contained in
any Mortgage Note or Mortgage, to the extent permitted by such Mortgage Note or Mortgage,
applicable law and governmental regulations. Subject to the foregoing, the Servicer is authorized
to take or enter into an assumption or substitution agreement from or with the Person to whom such
property has been or is about to be conveyed. In connection with such assumption or substitution,
the Servicer shall apply such underwriting standards and follow such practices and procedures as
shall be normal and usual and as it applies to mortgage loans owned solely by it.

     Notwithstanding the foregoing paragraph or any other provision of this Agreement, the Servicer
shall not be deemed to be in default, breach or any other violation of its obligations hereunder by
reason of any conveyance by the Mortgagor of the Mortgaged Property (or stock allocated to a
dwelling unit, in the case of a Co-op Loan) or any assumption of a Mortgage Loan by operation of
law which the Servicer in good faith determines it may be restricted by law from preventing, for
any reason whatsoever.

     (c) Subject to the Servicer’s duty to enforce any due-on-sale clause to the effect set forth
in Section 5.20(b), in any case in which a Mortgaged Property (or stock allocated to a dwelling
unit, in the case of a Co-op Loan) is to be 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, the Servicer shall so notify the Trustee by forwarding to the Trustee the original
copy of such assumption or substitution agreement, which copy shall be added by the Trustee 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. In connection with any such assumption, modification
agreement or substitution agreement, the interest rate of the related Mortgage Note shall not be
changed, the principal amount of the Mortgage Note shall not be increased or decreased and the
maturity of the Mortgage Note shall not be extended, nor shall it be shortened by more than one
year. Any fee collected by the Servicer for entering into an assumption or substitution of
liability agreement with respect to such Mortgage Loan shall be retained by the Servicer as
additional servicing compensation.

     Section 5.21 Income and Realization from Defaulted Mortgage Loans. The Servicer, on
behalf of the Trustee, shall foreclose upon or otherwise comparably convert the ownership of
Mortgaged Properties (or stock allocated to a dwelling unit, in the case of a Co-op Loan) 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 pursuant to Section 5.07, shall
manage, conserve, protect and operate such Mortgaged Properties (or stock allocated to a dwelling
unit, in the case of a Co-op Loan) for the purposes of their prompt disposition and sale, and shall
dispose of such Mortgaged Properties (or stock allocated to a dwelling unit, in the case of a Co-op
Loan) on such terms and conditions as it deems in the best interests of the Certificateholders. The
Servicer shall sell such property prior to the close of the third calendar year beginning after the
year in which such foreclosure or conversion occurs or such longer

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period as would not prevent such
Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) from
constituting “foreclosure property” within the meaning of Section 860G(a)(8) of the Code. The
Servicer will ensure that no Mortgaged Property shall be held, rented or otherwise used 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 any
REMIC Pool to the imposition of any federal income taxes on the income earned on such Mortgaged
Property, including any taxes imposed by reason of Section 860F or 860G(c) of the Code. In
connection with such activities, the Servicer shall follow such practices and procedures as it
shall deem necessary or advisable, as shall be normal and usual in its general mortgage servicing
activities, including its management of foreclosed properties for a temporary period as
contemplated herein. The foregoing is subject to the provisions of Section 5.28 of this Agreement
and to the proviso that the Servicer shall not be required to expend its own funds in connection
with any management, foreclosure or towards the restoration of any property unless it shall
determine that such management, restoration or foreclosure will increase any Subsequent Recoveries
or Liquidation Proceeds of the Mortgage Loan to Certificateholders after reimbursement to itself
for such expenses (respecting which it shall have priority for purposes of withdrawals from the
Collection Account pursuant to Section 5.09). The Servicer shall be permitted to earn income with
respect to any Mortgaged Properties (or stock allocated to a dwelling unit, in the case of a Co-op
Loan), provided such income does not constitute “net income from foreclosure property” within the
meaning of Section 860G(c) of the Code. The income earned from the management of such Mortgaged
Properties (or stock allocated to a dwelling unit, in the case of a Co-op Loan), net of
reimbursement to the Servicer for expenses (including any taxes) incurred in connection with such
management, shall be applied to the payment of principal of and interest on the related defaulted
Mortgage Loans (with interest accruing and principal amortizing 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 Collection Account. To the extent the income received is in excess of the amount
attributable to amortizing principal and accrued interest at the Net Mortgage Rate on the related
Mortgage Loan, such excess shall be deposited in the Collection Account.

     The Servicer shall take into account the existence of any hazardous substances, hazardous
wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response
Compensation and Liability Act, as amended, the Resources Conservation and Recovery Act of 1976, as
amended, or other federal, state or local environmental legislation, on a Mortgaged Property (or
Underlying Mortgaged Property, in the case of a Co-op Loan) in determining whether to foreclose
upon or otherwise comparably
convert the ownership of such property. To the extent that the Servicer has actual knowledge
of any such substance or waste, it shall consult with the Trustee regarding the appropriate course
of action. The Servicer shall not institute foreclosure actions with respect to a property
containing substance or waste as described above if it reasonably believes that such action would
not be consistent with its servicing standards, and in no event shall the Servicer manage, operate
or take any other action with respect thereto which the Servicer in good faith believes will result
in “clean-up” or other liability under applicable law. The net income from the rental or sale of a
REO Property shall be deposited in the Collection Account within two (2) Business Days after
receipt thereof by the Servicer.

     The Servicer may enter into a special servicing agreement with an unaffiliated holder of 100%
Percentage Interest of the Class of Class B Certificates then outstanding having the highest
numerical class designation or a holder of a class of securities representing interests in such
Class B Certificate and/or other subordinate mortgage pass-through certificates, such agreement to
be (i) substantially in the form of Exhibit J hereto or (ii) subject to each Rating Agency’s
acknowledgment that the ratings of the Certificates in effect immediately prior to the entering
into of such agreement would not be qualified, downgraded or withdrawn and the Certificates would
not be placed on credit review status (except for possible upgrading) as a result of such
agreement. Any such agreement may contain provisions whereby

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such holder may instruct the Servicer
to commence or delay foreclosure proceedings with respect to delinquent Mortgage Loans and will
contain provisions for the deposit of cash by the holder that would be available for distribution
to Certificateholders if Liquidation Proceeds are less than they otherwise may have been had the
Servicer acted in accordance with its normal procedures.

     Section 5.22 Trustee to Cooperate; Release of Mortgage Files.

     (a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the receipt by
the Servicer of a notification that payment in full will be made in a manner customary for such
purposes, the Servicer shall immediately notify the Custodian with a copy to the Trustee by a
certification (which certification shall include a statement to the effect that all amounts
received or to be received in connection with such payment which are required to be deposited in
the Collection Account pursuant to Section 5.08 have been or will be so deposited) of a Servicing
Officer and shall request delivery to it of the Mortgage File. Upon receipt of such certification
and request, within five Business Days the Custodian on behalf of the Trustee shall release the
related Mortgage File to the Servicer and the Trustee will execute and deliver to the Servicer the
request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such other
instruments releasing the lien of the Mortgage as have been provided by the Servicer to the
Trustee, together with the Mortgage Note with written evidence of cancellation thereon, and the
Trustee shall have no further responsibility with respect to said Mortgage File. Upon any such
payment in full, or the receipt of such notification, the Servicer is authorized to procure from
the Trustee under the deed of trust which secured the Mortgage Note, if any, a deed of full
reconveyance covering the property encumbered by such deed of trust, which assignment of deed of
trust, except as otherwise provided by any applicable law, shall be recorded by the Servicer in the
appropriate land records in the jurisdiction in which the assignment of deed of trust is recorded,
or, as the case may be, to procure from the Trustee an instrument of satisfaction or, if the
Mortgagor so requests, an assignment without recourse, which deed of reconveyance, instrument of
satisfaction or assignment shall be delivered by the Servicer to the Person or Persons entitled
thereto. No expenses incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be chargeable to the Collection Account or to the Trustee.

     (b) From time to time as is appropriate for the servicing or foreclosure of any Mortgage Loan,
the Servicer shall deliver to the Custodian a certificate of a Servicing Officer requesting that
possession of the Mortgage File be released to the Servicer and certifying as to the reason for
such release

     and that such release will not invalidate any insurance coverage provided in respect of the
Mortgage Loan under any of the insurance policies required by this Agreement. With such
certificate, the Servicer shall require that the Custodian on behalf of the Trustee release the
Mortgage File, and, within five Business Days, the Custodian shall deliver the Mortgage File or any
document therein to the Servicer. The Servicer shall cause each Mortgage File so released to be
returned to the Custodian on behalf of the Trustee when the need therefor by the Servicer no longer
exists, unless (i) the Mortgage Loan has been liquidated and the Net Liquidation Proceeds relating
to the Mortgage Loan have been deposited in the Collection Account or (ii) the Mortgage File has
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 (or stock allocated to a dwelling unit, in the case of a Co-op Loan) either
judicially or non-judicially, and the Servicer has delivered to the Custodian on behalf of the
Trustee a certificate of a Servicing Officer in the form of Exhibit L hereto certifying as to the
name and address of the Person to which such Mortgage File was delivered and the purpose or
purposes of such delivery.

     (c) Upon written request of the Servicer, the Trustee shall execute and deliver to the
Servicer any court pleadings, requests for trustee’s sale or other documents prepared by and
delivered by the Servicer to the Trustee necessary to the foreclosure or trustee’s sale in respect
of a Mortgaged Property

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(or stock allocated to a dwelling unit, in the case of a Co-op Loan) or to
any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage
or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise available at law or in equity. Together with such documents
or pleadings, the Servicer shall deliver to the Trustee a certificate of a Servicing Officer
requesting that such pleadings or documents be executed by the Trustee and certifying as to the
reason such documents or pleadings are required and that the execution and delivery thereof by the
Trustee will not invalidate any insurance coverage under the insurance policies required under this
Agreement or invalidate or otherwise affect the lien of the Mortgage, except for the termination of
such a lien upon completion of the foreclosure or trustee’s sale. The Trustee may rely on such
certificate without further inquiry.

     (d) The Servicer may provide an electronic transmission for release of documents under this
Section 5.22 in a form agreed to in advance of initial transmission by both the Servicer and the
Custodian, which form shall contain information readable without intervention by Custodian’s data
processing operations computer hardware and software staff, and arranged in a record layout to be
specified by Custodian (a “Paperless Release Request”). The Servicer agrees to maintain and
control access to electronic signature information and assumes liability for any unauthorized use
thereof, except for any unauthorized use thereof by the Custodian and, provided that, the Servicer
shall have no liability arising from the form of transmission if the Servicer complies with the
Custodian’s standards set forth in the next paragraph of this Section 5.22(d). The Servicer also
agrees to maintain accurate records of electronic transactions related to the custodial files. The
Servicer hereby authorizes the Custodian to automatically append the electronic signature of an
authorized representative to the applicable request for release of documents and agrees and
acknowledges that by appending such authorized representative’s electronic signature, the Custodian
shall be entitled to rely thereon. For purposes of this Agreement the term “electronic signature”
means an electronic identifier intended by the person using it to have the same force and effect as
the use of a manual signature.

          The Servicer agrees in advance to comply with all Custodian data encryption, security and
record layout standards in connection with any Paperless Release Request as may be amended from
time to time upon notice from Custodian to the Servicer. The Custodian reserves the right to
restrict or suspend the Servicer’s access to the Custodian’s computer systems for maintenance or
repairs or for any other reason in the Custodian’s sole discretion, provided however that the
Custodian shall promptly provide the Servicer with notice of such restriction or suspension.
Notwithstanding the foregoing, the
Servicer is authorized to transmit and the Custodian is authorized to accept signed facsimile
copies of the requests for document release described in this Section 5.22.

     Section 5.23 Servicing and Other Compensation. The Servicer, as compensation for its
activities hereunder, shall be entitled to receive, on or prior to each Distribution Date, the
amounts provided for as the Servicing Fee and as reimbursement for Nonrecoverable Advances,
Servicing Advances and reimbursement for Advances, all as specified by Section 5.09. The amount of
compensation or reimbursement provided for shall be accounted for on a Mortgage Loan-by-Mortgage
Loan basis.

     Additional servicing compensation in the form of assumption fees, prepayment fees and late
payment charges shall be retained by the Servicer, to the extent permitted by applicable law. The
Servicer shall be required to pay all expenses incurred by it in connection with its servicing
activities hereunder (including the fees, expenses and indemnities of the Trustee and any
Sub-Servicer) and shall not be entitled to reimbursement therefor except as specifically provided
in Sections 5.09 and 5.21.

     Section 5.24 1934 Act Reports.

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     (a) As set forth on Schedule X hereto, for so long as the Trust is subject to the Exchange Act
reporting requirements, no later than the end of business on the 2nd Business Day after the
occurrence of an event requiring disclosure on Form 8-K (a “reportable event”) (i) the Depositor,
the Seller, the Trustee and the Paying Agent shall notify the Servicer of any item reportable on a
Form 8-K of which each such party has knowledge (unless such item is specific to the Servicer, in
which case the Servicer will be deemed to have notice) and (ii) shall deliver to the Servicer at
least two Business Days prior to the filing deadline for such Form 8-K, all information, data, and
exhibits (unless such information, data, and exhibits are specific to the Servicer) required to be
provided or filed with such Form 8-K. After preparing the Form 8-K on behalf of the Depositor, the
Servicer shall execute and promptly file such Form 8-K.

     (b) For so long as the Trust is subject to the Exchange Act, within 15 days after each
Distribution Date, the Servicer shall, on behalf of the Trust and in accordance with industry
standards, file with the Commission via the Electronic Data Gathering and Retrieval System (EDGAR),
a Form 10-D with (1) a copy of the report to the Certificateholders for such Distribution Date as
an exhibit thereto and (2) any other information known to the Servicer or provided to the Servicer
to be included at its discretion in Form 10-D (“Additional Form 10-D Disclosure”) as set forth in
the next paragraph.

     (c) For so long as the Trust is subject to the Exchange Act, as set forth in Schedule Y
hereto, within 5 calendar days after the related Distribution Date (i) the parties hereto, as
applicable, will be required to provide to the Servicer, to the extent known to such party, any
Additional Form 10-D Disclosure (including any breaches of pool asset representations and
warranties or transaction covenants of which the party has written notice and which has not been
included on the monthly distribution report for the period), if applicable, and (ii) the Servicer,
to the extent it deems necessary, shall incorporate such Additional Form 10-D Disclosure into the
Form 10-D and shall file such Form 10-D by the 8th calendar day after the Distribution
Date.

     (d) For so long as the Trust is subject to the Exchange Act, prior to the 90th calendar day
after the end of the fiscal year for the trust, the Servicer shall, on behalf of the Trust and in
accordance with industry standards, prepare and file with the Commission via EDGAR a Form 10-K with
respect to the Trust Fund. Such Form 10-K shall include the following items: (i) an annual
compliance statement for the Servicer and each Subservicer, as described in Section 5.25 of the
Agreement, (ii)(A) the annual reports on assessment of compliance with servicing criteria for the
Paying Agent, each Servicer, Subservicer and Subcontractor (unless the Servicer has determined that
such compliance statement is not
required by Regulation AB), as described in Section 5.25 of the Agreement, and (B) if any
Reporting Servicer’s report on assessment of compliance with servicing criteria described in
Section 5.25 identifies any material instance of noncompliance, disclosure identifying such
instance of noncompliance, or if any report on assessment of compliance with servicing criteria
described in Section 5.25 of the Agreement is not included as an exhibit to such Form 10-K,
disclosure that such report is not included and an explanation why such report is not included,
(iii)(A) the registered public accounting firm attestation report for the Paying Agent, the
Servicer and each Subservicer, as described in Section 5.26 of the Agreement, and (B) if any
registered public accounting firm attestation report described in the Section 5.26 of the Agreement
identifies any material instance of noncompliance, disclosure identifying such instance of
noncompliance, or if any such registered public accounting firm attestation report is not included
as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why
such report is not included, and (iv) a Sarbanes-Oxley Certification in the form attached hereto as
Exhibit S, executed by the senior officer in charge of securitizations of the Servicer. Any
disclosure or information in addition to (i) through (iv) above that is required to be included on
Form 10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and at the
direction of the Servicer pursuant to the following paragraph.

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     (e) As set forth in Schedule Z hereto, no later than March 12 of each year that the Trust is
subject to the Exchange Act reporting requirements, commencing in 2007, (i) the parties identified
on Schedule Z shall be required to provide to the Depositor and the Servicer, to the extent known,
any Additional Form 10-K Disclosure, if applicable, and (ii) the Servicer, to the extent it deems
necessary, shall incorporate such Additional Form 10-K Disclosure into the Form 10-K and shall file
such Form 10-K by the 85th calendar day after the end of the fiscal year for the Trust.

     (f) Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”) which
shall be in the form attached hereto as Exhibit S. The Depositor will cause its senior officer in
charge of securitization to execute the Sarbanes-Oxley Certification required pursuant to Rule
13a-14 under the Securities Exchange Act of 1934, as amended, by March 15 of each year in which the
Trust is subject to the reporting requirements of the Exchange Act. In connection therewith, the
Paying Agent shall sign a certification (in the form attached hereto as Exhibit O) for the benefit
of the Servicer and its officers, directors and affiliates regarding certain aspects of the Form
10-K Certification.

     (g) Following the first date legally permissible under applicable regulations and
interpretations of the Commission, the Servicer shall, on behalf of the Trust and in accordance
with industry standards, file with the Commission via EDGAR a Form 15 Suspension Notification with
respect to the Trust Fund, if applicable.

     (h) The Servicer shall have no responsibility to file any items with the Commission other than
those specified in this section and the Servicer shall execute any and all form 8-Ks and 10-Ds
required hereunder. The Depositor shall execute each form 10-K.

     (i) If the Commission issues additional interpretative guidance or promulgates additional
rules or regulations with respect to Regulation AB or otherwise, or if other changes in applicable
law occur, that would require the reporting arrangements, or the allocation of responsibilities
with respect thereto, described in this Section 5.24, to be conducted differently than as
described, the Depositor, the Servicer, the Paying Agent and the Trustee shall comply with
reasonable requests made by CHF, the Servicer or the Depositor to amend the provisions of this
Section 5.24 in order to comply with such amended reporting requirements and to deliver additional
or different information as CHF or the Depositor may determine in good faith is necessary to comply
with the provisions of Regulation AB, provided that such information is available to such party
without unreasonable effort or expense or is reimbursed by the requesting party and within such
timeframe as may be reasonably requested. Any such
supplementation or modification shall be made without the consent of the Certificateholders,
and may result in a change in the reports filed by the Servicer on behalf of the Trust under the
Exchange Act.

     (j) The Depositor, the Servicer, the Trustee and the Paying Agent agree to use their good
faith efforts to cooperate in complying with the requirements of this Sections 5.24.

     Section 5.25 Annual Statement as to Compliance. Not later than (a) March 15 of each
calendar year (other than the calendar year during which the Closing Date occurs) or (b) with
respect to any calendar year during which an annual report on Form 10-K is not required to be filed
pursuant to Section 5.24 on behalf of the Trust, by April 15 of each calendar year (or if such day
is not a Business Day, the immediately succeeding Business Day), the Servicer shall deliver to the
Depositor, an Officers’ Certificate in the form attached hereto as Exhibit T stating, as to each
signatory thereof, that (i) a review of the activities of the Servicer during the preceding
calendar year and of the performance of the 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
Servicer has fulfilled all its obligations under this Agreement in all material respects throughout
such year or a portion thereof, or, if there has been a failure to fulfill any such obligation in
any material respect, specifying each such failure known to such officer and the nature

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and status
thereof. With respect to any Subservicer that meets the criteria of Item 1108(a)(2)(i) through
(iii) of Regulation AB in the sole determination of the Servicer, the Servicer shall request from
such Subservicer, the Officer’s Certificate set forth in this Section 5.25 as and when required
with respect to such Subservicer.

     Section 5.26 Assessment of Compliance and Independent Public Accountants’ Attestation;
Financial Statements.

     (a) Not later than (i) March 15 of each calendar year (other than the calendar year during
which the Closing Date occurs) or (ii) with respect to any calendar year during which an annual
report on Form 10-K is not required to be filed pursuant to Section 5.24 on behalf of the Trust, by
April 15 of each calendar year (or if such day is not a Business Day, the immediately succeeding
Business Day), the Servicer, at its own expense, shall deliver to the Trustee and the Depositor an
officer’s assessment of its compliance with the Servicing Criteria during the preceding calendar
year as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB (the
“Assessment of Compliance”), which addresses the items set forth in Exhibit R hereto.

     (b) Not later than (i) March 15 of each calendar year (other than the calendar year during
which the Closing Date occurs) or (ii) with respect to any calendar year during which an annual
report on Form 10-K is not required to be filed pursuant to Section 5.24 on behalf of the Trust,
April 15 of each calendar year (or if such day is not a Business Day, the immediately succeeding
Business Day), the Servicer, at its own expense, shall cause a nationally or regionally recognized
firm of independent registered public accountants (who may also render other services to any
Servicer, the Seller or any affiliate thereof) which is a member of the American Institute of
Certified Public Accountants to furnish a statement to the Trustee, the Paying Agent and the
Depositor that attests to and reports on the assessment of compliance provided by such Servicer
pursuant to Section 5.26(a) (the “Accountant’s Attestation”). Such Accountant’s Attestation shall
be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
the Exchange Act.

     (c) The Servicer shall request that any Subservicer and each Subcontractor (to the extent
determined by the Servicer to be required under Regulation AB) not later than March 15 of each
calendar year (other than the calendar year during which the Closing Date occurs) with respect to
any calendar year during which the Trust’s annual report on Form 10-K is required to be filed in
accordance with the
Exchange Act and the rules and regulations of the Commission, provide an Assessment of
Compliance, which addresses the items set forth in Exhibit R hereto. The Servicer shall request
that any Subservicer (other than the calendar year during which the Closing Date occurs) with
respect to any calendar year during which the Trust’s annual report on Form 10-K is not required to
be filed in accordance with the Exchange Act and the rules and regulations of the Commission, by
April 15 of each calendar year (or, in each case, if such day is not a Business Day, the
immediately succeeding Business Day) provide an Assessment of Compliance, which addresses the items
set forth in Exhibit R hereto.

     (d) Not later than March 15 of each calendar year (other than the calendar year during which
the Closing Date occurs) with respect to any calendar year during which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, the Servicer shall request that each Subservicer and each
Subcontractor (to the extent determined by the Servicer to be required by Regulation AB) provide an
Accountant’s Attestation by a registered public accounting firm that attests to, and reports on,
the Assessment of Compliance pursuant to Section 5.26(c) above. Other than the calendar year
during which the Closing Date occurs, with respect to any calendar year during which the Trust’s
annual report on Form 10-K is not required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, not later than April 15 of each calendar year (or, in each
case, if such day is not a Business Day, the immediately

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succeeding Business Day), the Servicer
shall request that each Subservicer provide an Accountant’s Attestation by a registered public
accounting firm that attests to, and reports on, the Assessment of Compliance pursuant to Section
5.26(c) above.

     (e) Not later than, with respect to any calendar year during which the Trust’s annual report
on Form 10K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, March 15 (or, in each case, if such day is not a Business
Day, the immediately preceding Business Day), the Paying Agent shall deliver to the Depositor and
the Servicer an Assessment of Compliance with regard to the Servicing Criteria applicable to the
Paying Agent during the preceding calendar year, which addresses the items set forth in Exhibit R
hereto.

     (f) Not later than, with respect to any calendar year during which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, March 15 (or, in each case, if such day is not a Business Day, the
immediately preceding Business Day), the Paying Agent shall deliver to the Depositor and the
Servicer an Accountant’s Attestation by a registered public accounting firm that attests to, and
reports on, the Assessment of Compliance pursuant to Section 5.26(e) above.

     (g) Not later than, with respect to any calendar year during which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, 15 calendar days before the date on which the Trust’s annual report
on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission (or, in each case, if such day is not a Business Day, the immediately
preceding Business Day), the Servicer shall request that each custodian, including the Custodian,
deliver to the Servicer an Assessment of Compliance with regard to the Servicing Criteria
applicable to such custodian during the preceding calendar year, which addresses the items set
forth in Exhibit R hereto; provided, however, that where the Custodian and the Servicer are both
Chase, the provisions of this Section 5.26(g) may be satisfied by the delivery of a single report
containing the Assessment of Compliance of Chase.

     (h) Not later than March 12 (or, in each case, if such day is not a Business Day, the
immediately succeeding Business Day), of any calendar year (other than the calendar year during
which the Closing Date occurs) during which the Trust’s annual report on Form 10-K is required to
be filed in accordance with the Exchange Act and the rules and regulations of the Commission, the
Servicer shall
request that each Custodian deliver to the Servicer an Accountant’s Attestation by a
registered public accounting firm that attests to, and reports on, the Assessment of Compliance
pursuant to Section 5.26(g) above; provided, however, that where the Custodian and the Servicer are
both Chase, the provisions of this Section 5.26(h) may be satisfied by the delivery of a single
report containing the Accountant’s Attestation of Chase.

     (i) Each of the parties hereto acknowledges and agrees that the purpose of this Section 5.26
is to facilitate compliance by the Seller, the Servicer and the Depositor with the provisions of
Regulation AB, as such may be amended or clarified from time to time. Therefore, each of the
parties agrees that the parties’ obligations hereunder will be supplemented and modified as
necessary to be consistent with any such amendments, interpretive advice or guidance, convention or
consensus among active participants in the asset-backed securities markets, advice of counsel, or
otherwise in respect of the requirements of Regulation AB and the parties shall comply with
reasonable requests made by the Seller, the Servicer or the Depositor for delivery of additional or
different information as CHF or the Depositor may determine in good faith is necessary to comply
with the provisions of Regulation AB, provided that such information is available to such party
without unreasonable effort or expense or is reimbursed by the requesting party and within such
timeframe as may be reasonably requested. Any such supplementation

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or modification shall be made
without the consent of the Certificateholders, and may result in a change in the reports filed by
the Servicer on behalf of the Trust under the Exchange Act.

     Section 5.27 Access to Certain Documentation; Rights of the Depositor in Respect of the
Servicer. The Servicer shall provide access to the Trustee and Certificateholders which are
savings and loan associations, banks or insurance companies or examiners of any federal or state
banking or insurance regulatory authority to the documentation regarding the Mortgage Loans if so
required by applicable regulations of any regulatory authority, such access to be afforded subject
to reimbursement for expenses without charge but only upon reasonable request and during normal
business hours at the offices of the Servicer designated by it. The Depositor may, but is not
obligated to, enforce the obligations of the Servicer under this Agreement. The Depositor shall
not assume any responsibility or liability for any action or failure to take action by the Servicer
and is not obligated to supervise the performance of the Servicer under this Agreement or
otherwise.

     Section 5.28 REMIC-Related Covenants. For as long as the Trust Fund shall exist, the
Servicer, the Paying Agent and the Trustee shall act in accordance herewith to assure continuing
treatment of each REMIC created hereunder as a REMIC. In particular:

     (a) The Servicer shall not create, or permit the creation of, any “interests” in any REMIC
created hereunder within the meaning of Section 860G(a) of the Code other than the “regular
interests” in each such REMIC designated as such in Section 2.04(a) and the “residual interest” in
each such REMIC designated as such in Section 2.04(a);

     (b) As of all times as may be required by the Code, the Servicer will ensure that
substantially all of the assets of each REMIC created hereunder will consist of “qualified
mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in
Section 860G(a)(5) of the Code. The Paying Agent will maintain records that are sufficient to
indicate the compliance of each REMIC created hereunder with applicable requirements of the Code
(and applicable Proposed, Temporary or final Treasury Regulations) relating to the assets held by
such REMIC. Further, the Servicer shall not permit and the Trustee shall not accept the transfer
or substitution of any Mortgage Loan other than pursuant to Section 3.03, 5.01 or 5.21 of this
Agreement, and the Servicer shall, in any case, not permit substitution unless the Servicer and the
Trustee have received an Opinion of Counsel,

     which will not be an expense of any REMIC created hereunder, that such transfer or
substitution would not adversely affect the REMIC status of any REMIC created hereunder or would
not otherwise be prohibited by this Agreement;

     (c) The Servicer shall ensure that no REMIC created hereunder receives a fee or other
compensation for services and that no REMIC created hereunder receives any income from assets other
than “qualified mortgages” within the meaning of Section 860G(a)(3) of the Code or “permitted
investments” within the meaning of Section 860G(a)(5) of the Code, and shall take whatever action
it deems necessary to avoid any material tax imposed by the Code on any REMIC created hereunder;

     (d) None of the Depositor, the Servicer, the Paying Agent or the Trustee shall sell or permit
the sale of all or any portion of the Mortgage Loans or of any Eligible Investment unless such sale
is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee has
received an Opinion of Counsel, which will not be an expense of any REMIC created hereunder or the
Trustee, to the effect that such sale (i) is pursuant to a “qualified liquidation” as defined in
Section 860F(a)(4) of the Code and as described in Section 11.01 hereof, or (ii) would not be
treated as a “prohibited transaction” within the meaning of Section 860F(a)(2) of the Code that
results in the realization of a material amount of gain or loss for federal income tax purposes;

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     (e) The Trustee shall not accept any contribution to any REMIC created hereunder after the
Startup Day without an Opinion of Counsel (which shall not be an expense of the Trustee) that such
contribution is included within the exceptions provided in Section 860G(d)(2) of the Code and,
therefore, will not be subject to the tax imposed by Section 860G(d)(1) of the Code; and

     (f) Notwithstanding anything to the contrary in this Agreement, the Servicer and the Trustee,
at the direction of the Servicer, shall take any other action or refuse to take any action
otherwise required (including adjusting the Purchase Price for any Mortgage Loan) where the
Servicer deems such action or inaction reasonably necessary to ensure the REMIC status of each
REMIC created hereunder under the Code and applicable regulations or to avoid the imposition of any
material tax liability on any REMIC created hereunder that will affect amounts distributable to the
Certificateholders.

     (g) In the event that any applicable federal, state or local tax, including interest,
penalties or assessments, additional amounts or additions to tax, is imposed on any REMIC created
hereunder, such tax shall be treated in the same manner as a Realized Loss and shall be charged
against amounts otherwise distributable to the Holders of the Certificates, except as provided in
the last sentence of this Section 5.28 (g). The Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent shall withdraw from the Collection Account sufficient funds to
pay or provide for the payment of, and to actually pay, such tax as is estimated to be legally owed
by (but such authorization shall not prevent the Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent from contesting, at the expense of the Trust Fund (other than
as a consequence of a breach of its obligations under this Agreement), any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such
proceedings). The Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying
Agent is hereby authorized to and shall segregate, into a separate non-interest bearing account,
the net income from any “prohibited transaction” under Code Section 860F(a), the amount of any
taxable contribution to any REMIC created hereunder after the Startup Day that is subject to tax
under Code Section 860G(d), and 35% of any estimated “net income from foreclosure property” under
Section 860G(c) and use such income or amount, to the extent necessary, to pay such tax. To the
extent that any such tax is paid to the Internal Revenue Service or applicable state or local tax
authorities, the Trustee or a Paying Agent has been appointed under Section 4.05, the Paying Agent
shall retain an equal amount from future amounts otherwise distributable to the Holder of the Class
A-R Certificate and shall distribute such retained amounts to the Holders of the other Classes of
Certificates, to
the extent they remain outstanding, until they are fully reimbursed for any amount of such
taxes previously charged to the then Holder of the Class A-R Certificate. Neither the Trustee nor
the Servicer shall be responsible for any taxes imposed on any REMIC created hereunder except to
the extent such taxes arise as a consequence of a breach of their respective obligations under this
Agreement. The Trustee shall not be liable hereunder for any taxes imposed on any REMIC hereunder
as the result of any direction taken hereunder from the Servicer or any action of the Servicer or
Paying Agent hereunder.

     Section 5.29 Yield Maintenance Agreement.

     (a) [Reserved.]

     (b) The Depositor hereby directs the Supplemental Interest Trust Trustee to execute and
deliver on behalf of the Supplemental Interest Trust the Yield Maintenance Agreement and authorizes
the Supplemental Interest Trust Trustee to perform its obligations thereunder on behalf of the
Supplemental Interest Trust in accordance with the terms of the Yield Maintenance Agreement. On or
before the Closing Date, the Supplemental Interest Trust Trustee shall enter into the Yield
Maintenance Agreement on behalf of the Supplemental Interest Trust, with the Yield Maintenance
Agreement Counterparty. The Yield Maintenance Agreement shall be held in the Supplemental Interest
Trust and be part of the Trust Fund but not part of any REMIC. The Supplemental Interest Trust
Trustee shall deposit all amounts

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received from the Yield Maintenance Agreement Counterparty into
the Supplemental Interest Trust Account and distribute such amounts in accordance with Section 5.30
below.

     (c) [Reserved.]

     (d) The Seller, the Depositor and the Certificateholders by acceptance of their Certificates
acknowledge and agree that the Supplemental Interest Trust Trustee shall execute, deliver and
perform its obligations under the Yield Maintenance Agreement and shall do so solely in its
capacity as Supplemental Interest Trust Trustee of the Supplemental Interest Trust and not in its
individual capacity. The Supplemental Interest Trust Trustee is hereby directed to represent and
warrant to the Yield Maintenance Agreement Counterparty under the Yield Maintenance Agreement that
the beneficial owner for United States federal income tax purposes of payments made under the Yield
Maintenance Agreement is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of
United States Treasury Regulations (the “Regulations”)) for United States federal income tax
purposes. Every provision of this Agreement relating to the conduct of affecting the liability of
or affording protection to the Paying Agent shall apply to the Supplemental Interest Trust
Trustee’s execution of the Yield Maintenance Agreement and the performance of its duties and
satisfaction of its obligations thereunder.

     (e) [Reserved.]

     Section 5.30 The Swap Agreement; Supplemental Interest Trust.

     (a) On the Closing Date, the Depositor shall establish the Supplemental Interest Trust,
pursuant to the provisions of the Agreement and the laws of the State of New York, which shall be
maintained pursuant to the Agreement, as a separate trust, to be known, for convenience, as
“ChaseFlex 2007-2 Supplemental Interest Trust.” The corpus of the Supplemental Interest Trust shall
be held by the Supplemental Interest Trust Trustee for the benefit of the holders of the
Certificates as a segregated subtrust of the Trust Fund, which shall hold the Yield Maintenance
Agreement, the Swap Agreement and the Supplemental Interest Trust Account. Funds deposited within
the Supplemental Interest Trust shall be held separate and apart from, and shall not be commingled
with, any other moneys, including, without

     limitation, other moneys of the Supplemental Interest Trust Trustee held pursuant to this
Agreement. In no event shall any funds deposited in the Supplemental Interest Trust be credited to
or made available to any other account of the Trust Fund. The records of the Paying Agent shall at
all times reflect that the Supplemental Interest Trust is a subtrust of the Trust Fund, the assets
of which are segregated from other assets of the Trust Fund.

     On the Closing Date, the Supplemental Interest Trust Trustee shall establish an account (the
“Supplemental Interest Trust Account”), which shall be an Eligible Account within the Supplemental
Interest Trust. Any Swap Termination Payments or Net Swap Payments received from the Swap
Counterparty and any payments received from the Yield Maintenance Agreement Counterparty pursuant
to Section 5.29 above will be deposited into the Supplemental Interest Trust Account. Certain
distributions to the Certificateholders and any Swap Termination Payments or Net Swap Payments owed
to the Swap Counterparty will be paid out of the Supplemental Interest Trust Account. The
Supplemental Interest Trust Trustee is hereby directed by the Depositor to execute the Swap
Agreement on behalf of the Supplemental Interest Trust in the form presented to it by the Depositor
and shall have no responsibility for the contents of such Swap Agreement, including, without
limitation, the representations and warranties contained therein. The Supplemental Interest Trust
Trustee shall have all of the rights and protections of the Trustee hereunder.

     The Supplemental Interest Trust Trustee shall use reasonable efforts to enforce all of the
rights of the Supplemental Interest Trust and exercise any remedies under the Swap Agreement and,
in the event the Swap Agreement is terminated as a result of the designation by either party
thereto of an Early

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Termination Date (as defined in the Swap Agreement), find a replacement
counterparty to enter into a replacement swap agreement utilizing the amounts of the net Swap
Termination Payments received.

     For each Distribution Date, through and including the Distribution Date in July 2017, the
Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust Trustee shall,
based on the “significance estimate” (as defined in Regulation AB and which shall be provided to
the Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust by the
Depositor within five (5) Business Days prior to the Distribution Date), calculate the
“significance percentage” (as defined in Regulation AB) of the Swap Agreement and the Yield
Maintenance Agreement. If on any such Distribution Date, the Significance Percentage relating to
either of the Swap Agreement or the Yield Maintenance Agreement is equal to or greater than 9%, the
Supplemental Interest Trust Trustee shall promptly notify the Depositor and the Depositor, on
behalf of the Supplemental Interest Trust Trustee, shall obtain the financial information required
to be delivered by the Swap Counterparty or the Yield Maintenance Agreement Counterparty, as
applicable, pursuant to the terms of the Swap Agreement or Yield Maintenance Agreement, as
applicable. If, on any succeeding Distribution Date through and including the Distribution Date in
July 2017, the “significance percentage” relating to the Swap Agreement or the Yield Maintenance
Agreement is equal to or greater than 10%, the Supplemental Interest Trust Trustee shall promptly
notify the Depositor and the Depositor shall, within five (5) Business Days of such Distribution
Date, deliver to the Paying Agent the financial information provided to it by the Swap Counterparty
or Yield Maintenance Agreement Counterparty, as applicable, in Edgar-compatible format for
inclusion in the Form 10-D relating to such Distribution Date.

     Any Swap Termination Payment received by the Supplemental Interest Trust Trustee from the Swap
Counterparty shall be deposited in the Supplemental Interest Trust and shall be used to make any
upfront payment required under a replacement swap agreement and any upfront payment received from
the counterparty to a replacement swap agreement shall be used to pay any Swap Termination Payment
owed to the Swap Counterparty.

     Notwithstanding anything contained herein, in the event that a replacement swap agreement
cannot be obtained within thirty (30) days after receipt by the Supplemental Interest Trust Trustee
of the Swap Termination Payment paid by the terminated Swap Counterparty, the Supplemental Interest
Trust
Trustee shall deposit such Swap Termination Payment into a separate, segregated non-interest
bearing subtrust established by the Supplemental Interest Trust Trustee and the Supplemental
Interest Trust Trustee shall, on each Distribution Date following receipt of such Swap Termination
Payment, withdraw from such subtrust, an amount equal to the Net Swap Payment, if any, that would
have been paid to the Supplemental Interest Trust by the original Swap Counterparty (computed in
accordance with the original Swap Agreement) and distribute such amount in accordance with Section
4.04(l)(i)-(viii) of this Agreement. Any such subtrust shall not be an asset of any REMIC.

     On any Distribution Date (or in the case of any Net Swap Payments, on the related Swap Payment
Date), any Swap Termination Payments or Net Swap Payments owed to the Swap Counterparty will be
paid out of and any Net Swap Payments or Swap Termination Payments received from the Swap
Counterparty will be deposited into the Supplemental Interest Trust Account. Neither the
Supplemental Interest Trust nor the Supplemental Interest Trust Account will be an asset of any
REMIC. After giving effect to any distributions pursuant to Section 6.01(c), funds on deposit in
the Supplemental Interest Trust Account shall be distributed in the following order of priority by
the Supplemental Interest Trust Trustee:

     (i) To
cover any Net Swap Payments and any Swap Termination Payments (other than a Defaulted
Swap Termination Payment) owed to the Swap Counterparty, not previously paid with Interest
Remittance Amounts;

     (ii) To the Class A Certificates, the related Basis Risk Shortfall Carryover Amount for each
such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such
Class pursuant to this clause (ii);

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     (iii) Sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
Class B-1, Class B-2 and Class B-3 Certificates, in that order, any remaining Basis Risk Shortfall
Carryover Amounts;

     (iv) Up to a total amount necessary to restore the applicable Overcollateralization Target
Amount, first, to the Class A Certificates, in accordance with the priority described under Section
6.01(b) and, second, to the Class M and Class B Certificates, sequentially, in accordance with the
priority described under Section 6.01(b) in an amount necessary to restore the applicable
Overcollateralization Target Amount.

     (v) to the Class A Certificates, pro rata based on amounts due, in an amount equal to the
unpaid Interest Shortfall allocable to each such Class;

     (vi) to the Class A Certificates, pro rata based on amounts due, in an amount equal to the
Unpaid Realized Loss Amount allocable to each such Class;

     (vii) to the Class M-1 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (viii) to the Class M-1 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (ix) to the Class M-2 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (x) to the Class M-2 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xi) to the Class M-3 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (xii) to the Class M-3 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xiii) to the Class M-4 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (xiv) to the Class M-4 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xv) to the Class M-5 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (xvi) to the Class M-5 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xvii) to the Class M-6 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (xviii) to the Class M-6 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xix) to the Class B-1 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (xx) to the Class B-1 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xxi) to the Class B-2 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

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     (xxii) to the Class B-2 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xxiii) to the Class B-3 Certificates, in an amount equal to the unpaid Interest Shortfall
allocable to such Class;

     (xxiv) to the Class B-3 Certificates, in an amount equal to the Unpaid Realized Loss Amount
allocable to such Class;

     (xxv) to the holders of the Class A Certificates, pro rata, in an amount equal to each such
Class’ previously allocated and not reimbursed share of Net Interest Shortfalls, if any;

     (xxvi) to
the Class M-1 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxvii) to
the Class M-2 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxviii) to
the Class M-3 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxix) to
the Class M-4 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxx) to
the Class M-5 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxxi) to
the Class M-6 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxxii) to
the Class B-1 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxxiii) to
the Class B-2 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any;

     (xxxiv) to
the Class B-3 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of Net Interest Shortfalls, if any; and

     (xxxv) to the Class CE Certificates any remaining amounts.

     Notwithstanding the foregoing, however, the sum of all cumulative amounts distributed
pursuant to clauses (iv), (vi), (viii), (x), (xii), (xiv), (xvi), (xviii), (xx), (xxii) and (xxiv)
above will not exceed the cumulative amount of all Realized Losses incurred.

     Upon termination of the Trust Fund, any amounts remaining in the Supplemental Interest
Trust shall be distributed pursuant to the priorities set forth in this Section 5.30(a).

     With respect to the failure of the Swap Counterparty to perform any of its obligations under
the Swap Agreement, the breach by the Swap Counterparty of any of its representations and
warranties made pursuant to the Swap Agreement, or the termination of the Swap Agreement, the
Supplemental Interest Trust Trustee shall send any notices and make any demands required hereunder
(to the extent that a Responsible Officer of the Supplemental Interest Trust Trustee has actual
knowledge or written notice of any such failure, breach or termination).

     On the Closing Date, the Swap Counterparty and the Supplemental Interest Trust Trustee (which
is hereby authorized and directed to enter into such credit support annex) will enter into a credit
support annex in relation to the Swap Agreement, which annex is intended to protect the
Supplemental Interest Trust from certain ratings downgrades that might hinder the ability of the
Swap Counterparty to continue

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its obligations under the Swap Agreement.

     Pursuant to and in accordance with the terms and provisions of the Swap Agreement, the Swap
Counterparty may be required to post additional collateral in connection with its obligations under
the Swap Agreement. In connection with the foregoing, on the Closing Date, the Supplemental
Interest Trust Trustee shall establish and maintain a Swap Posted Collateral Account.

     To the extent that the Swap Counterparty remits any Posted Collateral to the Supplemental
Interest Trust Trustee under the Swap Agreement, the Supplemental Interest Trust Trustee shall,
upon receipt of the Posted Collateral, deposit the Posted Collateral into the Swap Posted
Collateral Account and shall hold, release and disburse such collateral in accordance with the
terms and provisions of the Swap Agreement. Where a termination event occurs with respect to the
Swap Counterparty under the Swap Agreement, or where the Swap Counterparty fulfills certain
obligations to the Supplemental Interest Trust such as finding a replacement swap counterparty or a
guarantor that meets established criteria of the Rating Agencies, the Supplemental Interest Trust
Trustee shall make payments from the Swap Posted Collateral Account in accordance with the
provisions of the Swap Agreement. Amounts held in the Swap Posted Collateral Account will not be
part of the Trust Fund and will not be available for distribution to any Certificateholders, except
to the extent distributed to the Supplemental Interest Trust pursuant to the Swap Agreement. Any
funds held in the Swap Posted Collateral Account shall be invested by the Supplemental Interest
Trust Trustee in Permitted Investments in accordance with the written instructions of the Swap
Counterparty. Absent receipt by the Supplemental Interest Trust Trustee of written instructions
from the Swap Counterparty, such funds shall remain uninvested. Any earnings shall be remitted to
the Swap Counterparty in accordance with the Swap Agreement.

[END OF ARTICLE V]

ARTICLE VI

PAYMENTS TO THE CERTIFICATEHOLDERS

     Section 6.01 Distributions.

(a) On each Distribution Date, the Paying Agent shall make the following disbursements and
transfers in the following order of priority in each case, to the extent of the Interest Remittance
Amount remaining for such Distribution Date:

(i) for
deposit into the Supplemental Interest Trust Account, to cover any Net Swap Payments and any Swap
Termination Payments (other than any Defaulted Swap Termination Payment) owed by the
Supplemental Interest Trust to the Swap Counterparty;

(ii) to each Class of Class A Certificates, the related Interest Distribution Amount, on a
pro rata basis based on the entitlement of each such Class pursuant
to this clause (ii);

(iii) to each Class of Class A Certificates, the related unpaid Interest Shortfall, if any,
for each such Class for such Distribution Date on a pro rata basis
based on the entitlement of each such Class pursuant to this
clause (iii);

(iv) to the Class M-1 Certificates, the related Interest Distribution Amount
for such Class of Certificates;

(v) to the Class M-2 Certificates, the related Interest Distribution Amount
for such Class of Certificates;

(vi) to the Class M-3 Certificates, the related Interest Distribution Amount
for such Class of Certificates;

(vii) to the Class M-4 Certificates, the related Interest Distribution Amount for such Class of Certificates;

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(viii) to the Class M-5 Certificates, the related Interest Distribution
Amount for such Class of Certificates;

(ix) to the Class M-6 Certificates, the related Interest Distribution Amount
for such Class of Certificates;

(x) to the Class B-1 Certificates, the related Interest Distribution Amount
for such Class of Certificates; and

(xi) to the Class B-2 Certificates, the related Interest Distribution Amount
for such Class of Certificates; and

(xii) to the Class B-3 Certificates, the related Interest Distribution Amount
for such Class of Certificates.

Any Interest Remittance Amount remaining undistributed after giving effect to subclause (i) through
(xii) above shall be used in determining the amount of Net Monthly Excess Cashflow, if any, for
such Distribution Date.

(b) On each Distribution Date, the Paying Agent shall make the following disbursements and
transfers in the following order of priority in each case, to the extent of the Principal
Distribution Amount:

(i) On each Distribution Date (a) prior to the Step-Down Date or (b) on which a Trigger
Event is in effect, the Paying Agent will withdraw from the Certificate Account that portion
of the Available Distribution Amount equal to the Principal Distribution Amount for such
Distribution Date, and make the following disbursements and transfers in the order of
priority
described below, in each case to the extent of the Principal Distribution Amount remaining
for such Distribution Date:

(1) For
deposit into the Supplemental Interest Trust Account, to cover any
Net Swap Payments and any Swap Termination Payments (other than any
Defaulted Swap Termination Payment) owed by the Supplemental Interest Trust to the
Swap Counterparty, in each case, to the
extent not paid pursuant to Section 6.01(a)(i);

(2) To the Class A Certificates, pro rata based upon their Outstanding Certificate
Principal Balances, until the Outstanding Certificate Principal Balance of each such Class
has been reduced to zero;

(3) to the Class M-1 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero;

(4) to the Class M-2 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero;

(5) to the Class M-3 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero;

(6) to the Class M-4 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero;

(7) to the Class M-5 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero;

(8) to the Class M-6 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero;

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(9) to the Class B-1 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero;

(10) to the Class B-2 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero; and

(11) to the Class B-3 Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero.

(ii) On each Distribution Date (a) on or after the Step-Down Date and (b) on which a Trigger
Event is not in effect, the Paying Agent will withdraw from the Distribution Account that
portion of the Available Distribution Amount equal to the Principal Distribution Amount for
such Distribution Date, and make the following disbursements and transfers in the order of
priority described below:

(1) For
deposit into the Supplemental Interest Trust Account, to cover any
Net Swap Payments and any Swap Termination Payments (other than any Defaulted Swap Termination Payment) owed by the Supplemental Interest
Trust to the Swap Counterparty, in each
case, to the extent not paid pursuant to Section 6.01(a)(i);

(2) To the Class A Certificates, the Senior Principal Distribution Amount for such
Distribution Date, pro rata based upon their Outstanding Certificate Principal Balances,
until the Outstanding Certificate Principal Balance of each such Class has been reduced to
zero;

(3) to the Class M-1 Certificates, the Class M-1 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero;

(4) to the Class M-2 Certificates, the Class M-2 Principal Distribution Amount for such

Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero;

(5) to the Class M-3 Certificates, the Class M-3 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero;

(6) to the Class M-4 Certificates, the Class M-4 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero;

(7) to the Class M-5 Certificates, the Class M-5 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero;

(8) to the Class M-6 Certificates, the Class M-6 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero;

(9) to the Class B-1 Certificates, the Class B-1 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero;

(10) to the Class B-2 Certificates, the Class B-2 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been reduced to zero; and

(11) to the Class B-3 Certificates, the Class B-3 Principal Distribution Amount for such
Distribution Date, until the Outstanding Certificate Principal Balance of such Class has
been

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reduced to zero.

Any Principal Distribution Amount remaining undistributed after giving effect to clauses (i)
(1)-(11) and (ii) (1)-(11) above shall be used in determining the amount of Net Monthly Excess
Cashflow, if any, for such Distribution Date.

(c) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows:

(1) to the Class or Classes of Certificates then entitled to receive distributions in
respect of principal, in an amount equal to any Overcollateralization Increase Amount,
payable to such Holders under clause (b) above as part of the Principal Distribution Amount,
and applied in the same order of priority as payments of principal would otherwise be
applied on such Distribution Date to reduce the Outstanding Certificate Principal Balance of
such Certificates until the aggregate Outstanding Certificate Principal Balance of such
Classes of Certificates is reduced to zero;

(2) to the Class A Certificates, pro rata based on amounts due, in an amount equal to each
such Class’ previously allocated and not reimbursed share of any Net Interest Shortfalls
allocated to each such Certificates;

(3) to the Class A Certificates, pro rata based on amounts due, in an amount equal to the
Unpaid Realized Loss Amount allocable to each such Class;

(4) to the Class M-1 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(5) to the Class M-1 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(6) to the Class M-2 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(7) to the Class M-2 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(8) to the Class M-3 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(9) to the Class M-3 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(10) to the Class M-4 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(11) to the Class M-4 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(12) to the Class M-5 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(13) to the Class M-5 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(14) to the Class M-6 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(15) to the Class M-6 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(16) to the Class B-1 Certificates, any unpaid Interest Shortfall allocable to such Class of

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Certificates;

(17) to the Class B-1 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(18) to the Class B-2 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(19) to the Class B-2 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(20) to the Class B-3 Certificates, any unpaid Interest Shortfall allocable to such Class of
Certificates;

(21) to the Class B-3 Certificates, any Unpaid Realized Loss Amount allocable to such Class
of Certificates;

(22) concurrently, to each Class of Class A Certificates, pro rata, in an amount equal to
each such Class’ previously allocated and not reimbursed share of any Net Interest
Shortfalls allocated to each such Certificates, if any;

(23) to the Class M-1 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(24) to the Class M-2 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(25) to the Class M-3 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(26) to the Class M-4 Certificates, in an amount equal to such Class’ previously allocated
and
not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(27) to the Class M-5 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(28) to the Class M-6 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(29) to the Class B-1 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(30) to the Class B-2 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(31) to the Class B-3 Certificates, in an amount equal to such Class’ previously allocated
and not reimbursed share of any Net Interest Shortfalls allocated to such Certificates;

(32) to the Class A Certificates, an amount equal to any Basis Risk Shortfall Carryover
Amounts for such Certificates for such Distribution Date pro rata based upon the outstanding
Basis Risk Shortfall Carryover Amounts for each such Class (after giving effect to any
amounts paid from amounts on deposit in the Supplemental Interest Trust Account for such
Distribution Date pursuant to Section 5.30);

(33) to the Class M and Class B Certificates, an amount equal to any Basis Risk Shortfall
Carryover Amounts for such Certificates for such Distribution date (after giving effect to
any amounts paid from amounts on deposit in the Supplemental Interest Trust Account for such
Distribution Date pursuant to Section 5.30), in the order of priority described in Section
6.01(b);

(34) to the Paying Agent, the Custodian or the Trustee in respect of any unreimbursed

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expenses and indemnifications owing thereto permitted pursuant to this Agreement;

(35) to the Supplemental Interest Trust, for payment to the Swap Counterparty, any unpaid
Swap Termination Payment (including any Defaulted Swap Termination Payments) payable to the
Swap Counterparty;

(36) to the Class CE Certificates in the following order of priority, (A) the Class CE
Interest Distribution Amount, (B) any unpaid Class CE Interest Shortfall, (C) as principal
on the Class CE Certificate until the Outstanding Certificate Principal Balance of the Class
CE Certificates has been reduced to zero and (D) any Unpaid Realized Loss Amount allocable
to the Class CE Certificates; and

(37) to the Class A-R Certificates, any remaining amounts.

(d) Amounts distributed to the Class A-R Certificates pursuant to Section 6.01(c)(37) on any
Distribution Date shall be allocated among the related REMIC residual interests represented thereby
such that each such interest is allocated the excess of funds available to the related REMIC over
required distributions to the regular interests in such REMIC on such Distribution Date.

(e) The Paying Agent shall establish an account (the “Class A-R Reserve Fund”),
which shall be an Eligible Account. The Class A-R Reserve Fund shall be entitled
“Class A-R Reserve Fund, The Bank of New York Trust Company, N.A., as
Trustee for the benefit of the holders of the ChaseFlex Trust Series 2007-2 Class A-R
Certificates.” The Depositor will deposit $100 into the Class A-R Reserve Fund. On the
first Distribution Date, the Paying Agent shall distribute the amount on deposit in the Class A-R
Reserve Fund to the Class A-R Certificates, until the Outstanding Certificate Principal Balance of
such Class has been reduced to zero.

     Section 6.02 Statements to the Certificateholders.

     (a) Not later than the earlier of (i) three Business Days after the Determination Date and
(ii) the second Business Day prior to each Distribution Date, the Servicer shall send to the Paying
Agent and the Trustee (in such format as may be mutually agreed) the relevant information for
purposes of this
Section 6.02. Not later than each Distribution Date, the Paying Agent shall make available on
its website located at www.jpmorgan.com/sfr or upon request shall send to any Certificateholder,
the Depositor, the Trustee, the Servicer, any co-trustee, and each Rating Agency a statement
setting forth the following information, after giving effect to the distributions to be made by the
Paying Agent pursuant to Section 6.01 on or as of such Distribution Date:

     (i) with respect to each Class of Certificates the amount of such distribution to
Holders of such Class allocable to principal;

     (ii) with respect to each Class of Certificates the amount of such distribution to
Holders of such Class allocable to interest;

     (iii) the aggregate amount of any Principal Prepayments, Repurchase Proceeds or other
unscheduled recoveries included in the distributions to Certificateholders;

     (iv) the aggregate amount of any Advances by the Servicer pursuant to Section 6.03;

     (v) the number of Outstanding Mortgage Loans and the Mortgage Pool Principal Balance as
of the close of business as of the end of the related Principal Prepayment Period;

     (vi) the related amount of the Servicing Fees (as adjusted pursuant to Section 6.05)
retained or withdrawn from the Collection Account by the Servicer;

     (vii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent
(calculated using the Mortgage Bankers Association (MBA) method) (1) one Monthly Payment,
(2) two Monthly Payments and (3) three or more Monthly Payments, (B) in foreclosure and (C)
in

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bankruptcy, in each case, as of the end of the close of business on the first day of the
calendar month of such Distribution Date;

     (viii) the number and the principal balance of Mortgage Loans with respect to any real
estate acquired through foreclosure or grant of a deed in lieu of foreclosure;

     (ix) the aggregate amount of all Advances recovered during the related Due Period;

     (x) with respect to the following Distribution Date, the Outstanding Certificate
Principal Balance of each Class of Certificates;

     (xi) the aggregate amount of Realized Losses during the related Due Period and the
aggregate amount of Realized Losses since the Cut-off Date;

     (xii) the allocation to each Class of Certificates of any Realized Losses during the
related Due Period;

     (xiii) the Outstanding Certificate Principal Balance of each Class of Certificates
immediately prior to and after giving effect to the distributions to each Class on such
Distribution Date;

     (xiv) with respect to each Class of Certificates, any amounts of Net Interest
Shortfalls, Compensating Interest Shortfalls and reductions relating to the Relief Act on
such Distribution Date;

     (xv) the number of Mortgage Loans with respect to which a reduction in the Mortgage
Rate has occurred pursuant to the Relief Act, as well as the amount of interest not required
to be paid with respect to any such Mortgage Loans during the related Due Period as a result
of such reductions; both in the aggregate and for each Class of Certificates;

     (xvi) updated pool composition information such as weighted average coupon, weighted
average life, weighted average remaining term, pool factors and prepayment amounts;

     (xvii) if applicable, any material changes to methodology regarding calculations of
delinquencies and charge-offs;

     (xviii) any material modifications, extensions or waivers to pool asset terms, fees,
penalties or payments during the distribution period or that have cumulatively become
material over time;

     (xix) material breaches of pool asset representations or warranties or transaction
covenants;

     (xx) information on ratio, coverage or other test used for determining any early
amortization, liquidation or other performance trigger and whether the trigger was met;

     (xxi) excess interest payments for each Class of Certificates;

     (xxii) whether a Trigger Event has occurred and is in effect;

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     (xxiii) as of each Distribution Date, the amount, if any, paid or received by the
Supplemental Interest Trust pursuant to the Swap Agreement and the amount thereof to be paid
to each Class of Certificates or the Swap Counterparty, as applicable;

     (xxiv) as of each Distribution Date, the Overcollateralized Amount and the
Overcollateralization Target Amount;

     (xxv) as of each Distribution Date, the amount on deposit in the Supplemental Interest
Trust Account;

     (xxvi) as of each Distribution Date, the amount, if any, received by the Supplemental
Interest Trust pursuant to the Yield Maintenance Agreement and the amount thereof to be paid
to each class of Certificates;

     (xxvii) if applicable, information regarding any new issuance of asset-backed
securities backed by the same asset pool, any pool asset changes (other than in connection
with a pool asset converting into cash in accordance with its terms), such as additions or
removals in connection with a prefunding period and pool asset substitutions and repurchases
(and purchase rates, if applicable), and cash flows available for future purchases, such as
the balances of any prefunding or revolving accounts, if applicable; and

     (xxviii) if applicable, any material changes in the solicitation, credit-granting,
underwriting, origination, acquisition or pool selection criteria or procedures, as
applicable, used to originate, acquire or select the new pool assets.

     The Paying Agent’s responsibility for sending the above information to the Certificateholders
is limited to the availability, timeliness and accuracy of the information derived from the
Servicer which shall be provided as required in this Section 6.02(a).

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

     (b) The Servicer shall cause to be prepared, and the Servicer or the Trustee, as required by
applicable law, shall file, any and all tax returns, information statements or other filings
required to be delivered to Certificateholders and any governmental taxing authority pursuant to
any applicable law with respect to the Trust Fund and the transactions contemplated hereby (the
Servicer or the Trustee may, at its option but with the consent of the other, which consent shall
not be unreasonably withheld, appoint an organization which regularly engages in the preparation
and filing of such documents on a continuous basis for profit and which represents itself to be
expert in such matters) and the Servicer shall maintain a record of the information necessary for
the application of Section 860E(e) of the Code and shall make such information available as
required by Section 860D(a)(6) of the Code; provided, however, that the Servicer shall notify the
Trustee of the Trustee’s obligation to make any such filings and that any fees of the organization
appointed as provided above shall be paid by the Servicer; and provided further that if an
organization is employed, as described above, to prepare and file any such filings, neither the
Trustee nor the Servicer shall be liable for any errors by such organization.

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     Section 6.03 Advances by the Servicer. If, on any Determination Date, the Servicer
determines that any Monthly Payments due on the immediately preceding Due Date have not been
received, the Servicer shall, unless it determines in its sole discretion that such amounts will
not be recoverable from Late Collections, Liquidation Proceeds or otherwise, make an Advance on or
before two Business Days prior to the related Distribution Date in an amount equal to the amount of
such delinquent Monthly Payments, after adjustment of any delinquent interest payment for the
Servicing Fee. For purposes of this Section 6.03, the delinquent Monthly Payments referred to in
the preceding sentence shall be deemed to include an amount equal to the Monthly Payments that
would have been due on Mortgage Loans which have been foreclosed or otherwise terminated and in
connection with which the Servicer acquired and continues to own the Mortgaged Properties on behalf
of the Certificateholders. If the Servicer makes an Advance, it shall on or prior to two Business
Days prior to such Distribution Date either (i) deposit in the Collection Account an amount equal
to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection
Account that funds in such account being held for future distribution or withdrawal have been, as
permitted by this Section 6.03, used by the Servicer to make such Advance or (iii) make Advances in
the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any
funds being held in the Collection Account for future distribution to Certificateholders and so
used pursuant to clause (ii) or (iii) above shall be replaced by the Servicer from its own funds by
deposit into the Collection Account on or before any subsequent Distribution Date to the extent
that funds in the Collection Account on such Distribution Date shall be less than the amount of
payments required to be made to Certificateholders on such Distribution Date. Any such Advance
shall be included with the distribution to the Certificateholders on the related Distribution Date.
If the Servicer determines not to make a Nonrecoverable Advance, it shall on the related
Determination Date furnish to the Trustee, any co-trustee, the Paying Agent and each Rating Agency
notice of such determination. The Servicer shall be
entitled to be reimbursed from the Collection Account for all Advances and Nonrecoverable
Advances as provided in Section 5.09.

     Section 6.04 Allocation of Realized Losses.

     (a) Prior to each Determination Date, the Servicer shall determine (i) the total amount of
Realized Losses, if any, incurred during the related Principal Prepayment Period.

     (b) Realized Losses shall be allocated by the Paying Agent to the Classes of Certificates as
follows:

     first, to the Class CE Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     second, to the Class B-3 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     third, to the Class B-2 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     fourth, to the Class B-1 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     fifth, to the Class M-6 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     sixth, to the Class M-5 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

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     seventh, to the Class M-4 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     eighth, to the Class M-3 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     ninth, to the Class M-2 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero;

     tenth, to the Class M-1 Certificates, until the Outstanding Certificate Principal Balance of
such Class is reduced to zero; and

     eleventh, to the Class A Certificates, pro rata based upon their respective Outstanding
Certificate Principal Balances, until the Outstanding Certificate Principal Balance of each such
Class is reduced to zero; provided, however, that Realized Losses that would otherwise be allocated
to the Class A-1 Certificates will instead be allocated to the Class A-2 Certificates, until the
Outstanding Certificate Principal Balance of the Class A-2 Certificates has been reduced to zero.

     (c) In the event that a Subsequent Recovery is made with respect to any Realized Loss, the
amount of such Subsequent Recovery shall be treated as a Principal Prepayment and deposited in the
Collection Account and distributed on the applicable Distribution Date.

     Section 6.05 Compensating Interest; Allocation of Certain Interest Shortfalls.

     (a) Upon a Principal Prepayment of a Mortgage Loan, the Servicer shall deposit into the
Collection Account from its own funds, as a reduction of its servicing compensation hereunder, an
amount, if any, by which the amount of the interest that would otherwise accrue with respect to
such Mortgage Loan from the date of prepayment to the Due Date in the related Due Period at the Net
Mortgage Rate exceeds the amount of the interest (adjusted to the Net Mortgage Rate) collected from
the Mortgagor with respect to such period (such amount, “Compensating Interest”); provided,
however, that with respect to any Distribution Date, the Servicer’s obligation to deposit any such
amount is limited to an amount equal to the product of (i) one-twelfth of 0.125% and (ii) the
aggregate Stated Principal Balance of the Mortgage Loans with respect to the Due Date in the month
immediately preceding the month of such Distribution Date.

     (b) On any Distribution Date, the excess, if any, of (X) Compensating Interest with respect to
such Distribution Date over (Y) the amount deposited in the Collection Account pursuant to (a)
above for such Distribution Date shall equal the “Compensating Interest Shortfall” with respect to
such Distribution Date. On any Distribution Date, the Compensating Interest Shortfall shall be
allocated pro rata among the outstanding Classes of Class A, Class M and Class B Certificates based
on the amount of interest to which each such Class would otherwise be paid on such Distribution
Date had there been no such Compensating Interest Shortfall.

     (c) On any Distribution Date, the interest portion of any Realized Losses (“Realized Loss
Interest Shortfall”) (other than the interest portion of Excess Losses) shall be allocated to
the Class of Subordinated Certificates then outstanding having the highest numerical Class
designation (for this purpose, the Class M Certificates shall be deemed to have a lower numerical
Class designation than each Class of Class B Certificates) or, if no Class of Subordinated
Certificates is then outstanding, to the Class A Certificates pro rata among the outstanding
Classes of Class A Certificates based on the amount of interest to which each such Class would
otherwise be paid on such Distribution Date had there been no such Realized Loss Interest
Shortfall. On any Distribution Date, the interest portion of any Excess Losses

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shall be allocated
pro rata among the outstanding Classes of Certificates based upon the amount of interest to which
each such Class would otherwise be paid on such Distribution Date had there been no such Excess
Losses allocable to interest; provided, however, that so long as the Outstanding Certificate
Principal Balance of the Class A-2 Certificates is greater than zero, the interest portion of any
Excess Losses that would otherwise be allocated to the Class A-1 Certificates in accordance with
this Section 6.05(c) will instead be allocated to the Class A-2 Certificates.

     (d) Any interest shortfall resulting from the Relief Act shall be allocated pro rata among the
outstanding Classes of Certificates based upon the amount of interest to which each such Class
would otherwise be paid on such Distribution Date.

     Section 6.06 Subordination. The rights of any Holder of the Class CE Certificates to
receive distributions in respect of the Class CE Certificates on any Distribution Date shall be
subordinated to the rights of the Class A, Class M and Class B Certificateholders to receive
distributions in respect of the Class A, Class M and Class B Certificates, respectively. The
rights of the Class B Certificateholders to receive distributions in respect of the Class B
Certificates on any Distribution Date shall be subordinated to the rights of the Class A and Class
M Certificateholders to receive distributions in respect of the Class A and Class M Certificates.
The rights of the Class M Certificateholders to receive distributions in respect of the Class M
Certificates on any Distribution Date shall be subordinated to the rights of the Class A
Certificateholders to receive distributions in respect of the Class A Certificates. The rights of
the Class B-1 Certificateholders to

     receive distributions in respect of the Class B-1 Certificates on any Distribution Date shall
be subordinate to the rights of the Class A and Class M Certificateholders to receive distributions
in respect of such Class A and Class M Certificates. Each Class of Class B Certificates (other
than the Class B-1 Certificates) is subordinated to the Class A Certificates, the Class M
Certificates and each Class of Class B Certificates having a lower numerical Class designation than
such Class of Class B Certificates. The rights of the Class M-1 Certificateholders to receive
distributions in respect of the Class M-1 Certificates on any Distribution Date shall be
subordinate to the rights of the Class A Certificateholders to receive distributions in respect of
such Class A Certificates. Each Class of Class M Certificates (other than the Class M-1
Certificates) is subordinated to the Class A Certificates and each Class of Class M Certificates
having a lower numerical Class designation than such Class of Class M Certificates. The rights of
the Servicer, as servicer, to receive funds from the Collection Account, pursuant to Section 5.09,
on account of the Servicing Fee (except as provided in Section 6.05) in respect of each Mortgage
Loan, assumption fees, late payment charges and other mortgagor charges, reimbursement of Advances
and expenses or otherwise, shall not be subordinated to the rights of the Class A, Class M or Class
B Certificateholders. Amounts held by the Servicer or the Paying Agent for future distribution to
the Class M or Class B Certificateholders, including, without limitation, in the Collection
Account, shall not be distributed in respect of the Class M or Class B Certificates except in
accordance with the terms of this Agreement. The Class B Certificateholders are deemed to have
granted a security interest in such amounts to the Class A and Class M Certificateholders to secure
the rights of the Class A and Class M Certificateholders to receive distributions in priority over
the Class B Certificateholders. The Class M Certificateholders are deemed to have granted a
security interest in such amounts to the Class A Certificateholders to secure the rights of the
Class A Certificateholders to receive distributions in priority over the Class A
Certificateholders.

     Section 6.07 Determination of LIBOR. The meaning of LIBOR applicable to the
calculation of the Certificate Rates on the Certificates for any Accrual Period (other than the
initial Accrual Period) will be determined by the Servicer or its designee on each Rate Adjustment
Date as follows:

     For any Accrual Period other than the first Accrual Period, “LIBOR” means, with respect to a
Distribution Date, the rate determined by the Swap Counterparty to be (i) the per annum rate for
deposits in U.S. dollars for a period of one month which appears on the Reuters Page LIBOR01 as of

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11:00 a.m., London time, on the day that is two London Business Days prior to the first day of the
Interest Accrual Period relating to such Distribution Date (rounded upwards, if necessary, to the
nearest 1/100,000 of 1%); (ii) if such rate does not appear on the Reuters Page LIBOR01, LIBOR
shall be the arithmetic mean (rounded as aforesaid) of the offered quotations obtained by the Swap
Counterparty from the Reference Banks for deposits in U.S. dollars to leading banks in the London
interbank market as of approximately 11:00 a.m., London time, on the day that is two London
Business Days prior to the first day of the Interest Accrual Period relating to such Distribution
Date; or (iii) if fewer than two Reference Banks provide the Swap Counterparty with such
quotations, LIBOR shall be the rate per annum which the Swap Counterparty determines to be the
arithmetic mean (rounded as aforesaid) of the offered quotations which leading banks in New York
City selected by the Swap Counterparty are quoting in the New York interbank market on the first
day of the Interest Accrual Period relating to such Distribution Date for deposits in U.S. dollars
to the Reference Banks or, if fewer than two such quotations are available, to leading European and
Canadian banks.

     The establishment of LIBOR on any Rate Adjustment Date and the Servicer’s subsequent
calculation of the Certificate Rates applicable to the Certificates for the relevant Accrual
Period, in the absence of manifest error, will be final and binding.

[END OF ARTICLE VI]

ARTICLE VII

REPORTS TO BE PREPARED BY THE SERVICER

     Section 7.01 Servicer Shall Provide Information as Reasonably Required. The Servicer
shall furnish to the Trustee or, if a Paying Agent has been appointed pursuant to Section 4.05, the
Paying Agent, during the term of this Agreement, such periodic, special, or other reports or
information, whether or not provided for herein, as shall be necessary, reasonable, or appropriate
in respect to the Trustee or, if a Paying Agent has been appointed pursuant to Section 4.05, the
Paying Agent, or otherwise in respect to the purposes of this Agreement, all such reports or
information to be as provided by and in accordance with such applicable instructions and directions
as the Trustee or, if a Paying Agent has been appointed pursuant to Section 4.05, the Paying Agent
may reasonably require.

     Section 7.02 Federal Information Returns and Reports to Certificateholders.

     (a) For federal income tax purposes, the taxable year of each REMIC Pool shall be a calendar
year and the Servicer shall maintain or cause the maintenance of the books of each REMIC Pool on
the accrual method of accounting.

     (b) The Servicer or anyone acting on its behalf pursuant to Section 2.04(g) shall prepare and
file or cause to be filed with the Internal Revenue Service federal tax or information returns with
respect to the Trust Fund, each REMIC Pool and the Certificates containing such information and at
the times and in the manner as may be required by the Code or applicable Treasury regulations, and
shall furnish to each Certificateholder at any time during the calendar year for which such returns
or reports are made such statements or information at the times and in the manner as may be
required thereby. Without limitation on any other requirement of this Section 7.02, the Servicer
shall make available the information necessary for the application of Section 860E(e) of the Code
within 60 days of such request. With respect to the Class A-R Certificate, the Servicer shall
provide such information or cause such information to be provided to (i) the Internal Revenue
Service, (ii) the transferor of a Class A-R Certificate to a Disqualified

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Organization and (iii) a
Pass-Thru Entity that holds a Class A-R Certificate with one or more record holders that are
Disqualified Organizations. The Servicer also shall provide or cause to be provided promptly the
above described computation and information relating to the tax on transfers to Disqualified
Organizations or holdings by Pass-Thru Entities within sixty (60) days after becoming aware of the
transfer to a Disqualified Organization or Pass-Thru Entity with one or more Disqualified
Organization owners, as the case may be. In addition, except as may be provided in Treasury
Regulations, any Person holding an interest in a Pass-Thru Entity as a nominee for another will,
with respect to such interest, be treated as a Pass-Thru Entity. In connection with the foregoing,
the Servicer shall provide the name, address and telephone number of the person who can be
contacted to obtain information required to be reported to the holders of regular interests in any
REMIC created hereunder (the “REMIC Reporting Agent”) as required by IRS Form 8811. The Trustee
hereby designates the Servicer to serve as the REMIC Reporting Agent. The Servicer shall indicate
the elections to treat each of the REMIC Pools as a REMIC (which elections shall apply to the
taxable period ending December 31, 2007 and each calendar year thereafter) in such manner as the
Code or applicable Treasury regulations may prescribe. The Trustee shall sign all tax and
information returns filed pursuant to this Section 7.02 and any other returns as may be required by
the Code, and in doing so shall rely entirely upon, and shall have no liability for
information provided by, or calculations provided by, the Servicer. The Servicer is hereby
designated as the agent of the Holder of the Class A-R Certificate who shall be the “tax matters
person” (within the meaning of Treas. Reg. §1.860F-4(d)) for each REMIC Pool. Any Holder of a
Class A-R Certificate will by acceptance thereof so appoint the Servicer as agent and
attorney-in-fact for the purpose of acting as tax matters person. In the event that the Code or
applicable Treasury regulations prohibit the Trustee from signing tax or information returns or
other statements, or the Servicer from acting as tax matters person (as an agent or otherwise), the
Trustee or the Servicer, as the case may be, shall take whatever action that in its sole good faith
judgment is necessary for the proper filing of such information returns or for the provision of a
tax matters person, including designation of the Holder of a Class A-R Certificate to sign such
returns or act as tax matters person. Each Holder of a Class A-R Certificate shall be bound by
this Section 7.02 by virtue of its acceptance of a Class A-R Certificate.

[END OF ARTICLE VII]

ARTICLE VIII

THE DEPOSITOR AND THE SERVICER 

     Section 8.01 Indemnification; Third Party Claims. The Servicer agrees to indemnify
the Depositor and the Trustee and hold the Depositor and the Trustee, their officers, directors,
employees and agents harmless against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, fees and expenses that the Depositor
or the Trustee, or their officers, directors, employees or agents may sustain in any way related to
failure of the Servicer to perform its duties and service the Mortgage Loans in compliance with the
terms of this Agreement; provided that no such indemnification shall be required with respect to
acts of a prior Servicer. The Servicer shall immediately notify the Depositor and the Trustee if a
claim is made by a third party with respect to this Agreement or the Mortgage Loans, assume (with
the consent of the Depositor and the Trustee) the defense of any such claim and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment
or decree which may be entered against it, the Depositor or the Trustee, their officers, directors,
employees or agents in respect of such claim. This right to indemnification shall survive the
termination of this Agreement.

     Section 8.02 Merger or Consolidation of the Depositor or the Servicer. The Depositor
and the Servicer will each keep in full effect its existence, rights and franchises as a corporation, and will obtain

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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, the Certificates or any of the Mortgage Loans and to perform
its duties under this Agreement. The Servicer will not sell all or substantially all of its assets
without the prior written consent of the Depositor and the Trustee which shall not be unreasonably
withheld or delayed.

     Any Person into which the Depositor or the Servicer may be merged or consolidated, or to whom
the Depositor or the Servicer has sold substantially all of its assets, or any corporation
resulting from any merger, conversion or consolidation to which the Depositor or the Servicer shall
be a party, or any Person succeeding to the business of the Depositor or the Servicer, shall be the
successor of the Depositor or the Servicer 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, however, that the successor or
surviving Person to the Servicer shall satisfy the requirements of Section 8.05 with respect
to the qualifications of a successor to the Servicer.

     Notwithstanding anything else in this Section 8.02 and Section 8.04 to the contrary, the
Servicer may assign its rights and delegate its duties and obligations under this Agreement;
provided that the Person accepting such assignment or delegation shall be a Person which is
qualified to service mortgage loans on behalf of FNMA or FHLMC, is approved in advance in writing
by the Trustee and the Depositor, is willing to service the Mortgage Loans and executes and
delivers to the Depositor and the Trustee an agreement, in form and substance reasonably
satisfactory to the Depositor and the Trustee, which contains an assumption by such Person of the
due and punctual performance and observance of each covenant and condition to be performed or
observed by the Servicer under this Agreement; provided further that each Rating Agency’s rating of
any of the Classes of Certificates that have been rated in effect immediately prior to such
assignment and delegation will not be qualified or reduced or withdrawn as a result of such
assignment and delegation. In the case of any such assignment and delegation, the Servicer shall
be released from its obligations as Servicer under this Agreement, except that the Servicer shall
remain liable for all liabilities and obligations incurred by it as Servicer hereunder prior to the
satisfaction of the conditions to such assignment and delegation set forth in the next preceding
sentence.

     Section 8.03 Limitation on Liability of the Depositor, the Servicer, the Trustee and
Others. Neither the Depositor, the Servicer nor any of the directors, officers, employees or
agents of the Depositor or the Servicer shall be under any liability to the Trustee 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, however, that this provision
shall not protect the Depositor or the Servicer against any breach of warranties or representations
made herein, or failure to perform its obligations in strict compliance with this Agreement, or any
liability which would otherwise be imposed by reason of any breach of the terms and conditions of
this Agreement. The Depositor, the Servicer, the Trustee, and any director, officer, employee or
agent of the Depositor, the Servicer or the Trustee 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. Neither the Depositor, the Servicer nor the Trustee shall be under any obligation to
appear in, prosecute or defend any legal action which is not incidental to its respective duties to
service the Mortgage Loans in accordance with this Agreement and which in its opinion may cause it
to incur any expenses or liability; provided, however, that the Depositor, the Servicer or the
Trustee may in its discretion (and, in the case of the Depositor or the Servicer, with the consent
of the Trustee, which consent shall not be unreasonably withheld) undertake any such action which
it may deem necessary or desirable with respect to this Agreement and the rights and duties of the
parties hereto. In such event, the legal expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities payable from the Collection Account
and the Depositor, the Servicer or the Trustee shall be entitled to be reimbursed therefor out of
the Collection Account as provided by Section 5.09; provided that no such right of reimbursement
shall exist with respect to the Servicer when such claim relates to the

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failure of the Servicer to
service the Mortgage Loans in strict compliance with the terms of this Agreement or to a breach of
a representation or warranty made by the Servicer hereunder.

     Section 8.04 Depositor and Servicer Not to Resign. Except as described in Section
8.02, neither the Depositor nor the Servicer shall assign this Agreement or resign from the
obligations and duties hereby imposed on it except by mutual consent of the Depositor, the Servicer
and all of the Certificateholders unless the determination is made that its duties hereunder are no
longer permissible under applicable law and such incapacity cannot be cured by the Depositor or the
Servicer. Any such determination permitting the resignation of the Depositor or the Servicer shall
be evidenced by an opinion of independent counsel to such effect delivered to the Trustee which
opinion of counsel shall be in form and substance acceptable to the
Trustee. Upon any such assignment or resignation, the Depositor or the Servicer, as
appropriate, shall send notice to all Certificateholders of the effect of such assignment or
resignation upon the then current rating of the Class of Certificates by each Rating Agency whose
rating on such Class is then in effect. No such resignation shall become effective until a
successor shall have assumed the Depositor’s or the Servicer’s responsibilities and obligations
hereunder in the manner provided in Section 8.05. Any purported assignment or resignation which
does not comply with the requirements of this Section shall be of no effect.

     Section 8.05 Successor to the Servicer. In connection with the termination of the
Servicer’s responsibilities and duties under this Agreement pursuant to Section 8.04 or 9.01, the
Trustee shall succeed to and assume all of the Servicer’s responsibilities, rights, duties and
obligations as Servicer (but not in any other capacity) under this Agreement (except that the
Trustee shall not be obligated to make Advances if prohibited by applicable law nor to effectuate
repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 and except that the Trustee
makes no representations and warranties pursuant to Sections 3.01 and 3.02). Prior to the
termination of the Servicer’s responsibilities, duties and liabilities under this Agreement, the
Trustee may appoint a successor having a net worth of not less than $15,000,000 and which is a FNMA
or FHLMC approved seller/servicer in good standing and which shall succeed to all rights and assume
all of the responsibilities, duties and liabilities of the Servicer under this Agreement, except as
aforesaid, if the Trustee receives a letter from each Rating Agency that such appointment would not
result in a reduction or withdrawal of the current rating of any Class of Certificates that is
rated by a Rating Agency. Any co-trustee appointed pursuant to Section 10.10 for purposes of this
Section 8.05 shall have an obligation to make Advances pursuant to Section 6.03 during such time as
the Trustee is the Servicer, which obligation shall be joint and several with that of the Trustee
as Servicer. If the Trustee has become the successor to the Servicer in accordance with this
Section or Section 9.03, then notwithstanding the above, the Trustee may, if it shall be unwilling
to so act, or shall, if it is unable to so act, appoint, or petition a court of competent
jurisdiction to appoint, any established housing and home finance institution having a net worth of
not less than $15,000,000 and which is a FNMA or FHLMC approved seller/servicer in good standing as
the successor to the Servicer hereunder in the assumption of all of the responsibilities, duties or
liabilities of the Servicer hereunder. In connection with any 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 or such court shall determine; provided,
however, that no such compensation shall be in excess of that permitted under this Agreement
without the consent of all of the Certificateholders. If the Trustee is acting as Servicer, the
Trustee shall be entitled to all compensation of the Servicer hereunder, and all such compensation
due to the Trustee as Servicer shall be in addition to all compensation it is entitled to as
Trustee under this Agreement. If the Servicer’s duties, responsibilities and liabilities under
this Agreement should be terminated pursuant

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to Section 8.02, 8.04 or 9.01, the Servicer shall
discharge such duties and responsibilities during the period from the date it acquires knowledge of
such termination until the effective date thereof with the same degree of diligence and prudence
which it is obligated to exercise under this Agreement, and shall take no action whatsoever that
might impair or prejudice the rights or financial condition of its successor or the Trust Fund.
The resignation or removal of the Servicer pursuant to Section 8.02, 8.04 or 9.01 shall not become
effective until a successor shall be appointed pursuant to this Section and shall in no event
relieve the Servicer of liability for breach of the representations and warranties made pursuant to
Section 3.02.

     Any successor appointed as provided herein shall execute, acknowledge and deliver to the
Servicer and to the Trustee an instrument accepting such appointment, whereupon such successor
shall become fully vested with all the rights, powers, duties, responsibilities, obligations and
liabilities of the Servicer, with like effect as if originally named as a party to this Agreement
and the Certificates. Any termination or resignation of the Servicer or this Agreement pursuant to
Section 8.02, 8.04, 9.01 or 11.01

     shall not affect any claims that the Trustee may have against the Servicer for events or
actions taken or not taken by the Servicer arising prior to any such termination or resignation.

     The Servicer shall timely deliver to the successor the funds that were, or were required to
be, in the Collection Account and the Escrow Account, if any, and all Mortgage Files and related
documents, statements and recordkeeping held by it hereunder and the Servicer shall account for all
funds and shall execute and deliver such instruments and do such other things as may reasonably be
required to more fully and definitely vest and confirm in the successor all such rights, powers,
duties, responsibilities, obligations and liabilities of the Servicer.

     Upon a successor’s acceptance of appointment as such, the Servicer shall notify, in writing,
the Trustee, the Certificateholders and each Rating Agency of such appointment.

     Section 8.06 Maintenance of Ratings. The Servicer shall cooperate with the Depositor
and take any action that may be reasonably necessary to maintain the current rating or ratings on
the Certificates.

[END OF ARTICLE VIII]

ARTICLE IX

DEFAULT

     Section 9.01 Events of Default. If one or more of the following Events of Default
shall occur and be continuing, that is to say:

     (a) any failure by the Servicer to remit any payment required to be made or distributed under
the terms of this Agreement which continues unremedied for a period of three (3) Business Days
after the date upon which written notice of such failure, requiring the same to be remedied, shall
have been given to the Servicer by the Trustee, the Paying Agent or the Depositor or to the
Servicer, the Trustee, the Paying Agent and the Depositor by the Holders of Certificates of any
Class evidencing, as to such Class, Percentage Interests aggregating not less than 25%; or

     (b) a breach by the Servicer in a material respect of any representation or warranty set forth
in Section 3.02, or failure on the part of the Servicer duly to observe or perform in any material
respect any other of the covenants or agreements on the part of the Servicer set forth in this
Agreement, which continues unremedied for a period of 60 days after the date on which written
notice of such breach or failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trustee or the Depositor or to the Servicer, the Trustee and the Depositor by the
Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests aggregating
not less than 25%; or

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     (c) the Servicer shall notify the Trustee and any Paying Agent appointed pursuant to Section
4.05 in writing that it is unable to make an Advance required to be made in accordance with Section
6.03; or;

     (d) a decree or order of a court or agency or supervisory authority having jurisdiction for
the appointment of a conservator or 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 Servicer and such decree or order shall have
remained in force undischarged or unstayed for a period of 60 days; or

     (e) the Servicer shall consent to the appointment of a conservator or receiver or liquidator
in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar
proceedings of or relating to the Servicer or of or relating to all or substantially all of the
Servicer’s property; or

     (f) the Servicer shall admit in writing its inability to pay its debts generally as they
become due, file a petition to take advantage of any applicable insolvency or reorganization
statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its
obligations;

then, and in each and every such case, so long as an Event of Default shall not have been remedied,
upon receiving notice or knowledge of such event, the Trustee shall notify the Certificateholders
and each Rating Agency of such Event of Default. The Trustee may, upon receipt of such notice or
knowledge, and at the written direction of the Holders of Certificates evidencing Percentage
Interests aggregating more than 50%, shall, by notice in writing to the Servicer, terminate all the
rights and obligations of the Servicer under this Agreement and in and to the Mortgage Loans and
the proceeds thereof. On or after the receipt by the Servicer of such written notice, all
authority and power of the Servicer under this Agreement, whether with respect to the Mortgage
Loans or otherwise, shall pass to and be vested in the successor appointed pursuant to Section
8.05. Upon written request from the Trustee, the Servicer shall prepare, execute and deliver, any
and all documents and other instruments, place in such successor’s possession all Mortgage Files,
and 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, at the Servicer’s sole expense. The Servicer
agrees to cooperate with the Trustee and any co-trustee in effecting the termination of the
Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer to
such successor for administration by it of all cash amounts which shall at the time be credited or
should have been credited by the Servicer to the Collection Account or Escrow Account or thereafter
received with respect to the Mortgage Loans. The Trustee will have no obligation to take any
action or institute, conduct or defend any litigation under this Agreement at the request, order or
direction of any of the Holders of Certificates unless such Certificateholders have offered to the
Trustee reasonable security or indemnity against the costs, expenses and liabilities which the
Trustee may incur. The Paying Agent shall provide information regarding the Certificateholders
available to the Paying Agent in order to allow the Trustee to comply with the provisions above.

     Section 9.02 Waiver of Defaults. The Trustee may waive any default by the Servicer in
the performance of its obligations hereunder and its consequences, except that a default in the
making of any required distribution on any of the Certificates may only be waived by the Holders of
a majority of the Percentage Interests of the affected Certificateholders. Upon any such waiver of
a past default, such default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend
to any subsequent or other default or impair any right consequent thereon except to the extent
expressly so waived.

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     Section 9.03 Trustee to Act; Appointment of Successor. On and after the time the
Servicer receives a notice of termination pursuant to Section 9.01, the Trustee or a successor
servicer appointed by it shall be the successor in all respects to the Servicer to the extent
provided in Section 8.05.

     Section 9.04 Notification to Certificateholders and the Rating Agencies.

     (a) Upon any such termination pursuant to Section 9.01, the Trustee shall give prompt written
notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register and to each Rating Agency.

     (b) Within sixty (60) days of a Responsible Officer of the Trustee having received written
notice of the occurrence of any Event of Default, the Trustee shall transmit by mail to all Holders
of Certificates notice of each such Event of Default hereunder known to the Trustee, unless such
Event of Default shall have been cured or waived.

     (c) The Paying Agent shall provide information regarding the Certificateholders available to
the Paying Agent in order to allow the Trustee to comply with the provisions above.

[END OF ARTICLE IX]

ARTICLE X

CONCERNING THE TRUSTEE

     Section 10.01 Duties of Trustee. The Trustee, prior to the occurrence of an Event of
Default and after the curing of all Events of Default which may have occurred, undertakes to, and
is empowered to, perform such duties and only such duties as are specifically set forth in this
Agreement. Any permissive right of the Trustee as enumerated in this Agreement shall not be
construed as a duty; provided that in case an Event of Default has occurred (which has not been
cured), 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 man would exercise or use
under the circumstances in the conduct of such man’s own affairs.

     No provision of this Agreement shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct; provided,
however, that:

     (i) Prior to the occurrence of an Event of Default, and after the curing of all such
Events of Default which 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 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, in the absence of bad faith on the part of the Trustee,
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;

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     (ii) The Trustee shall not be liable for an error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and

     (iii) The Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of
Certificateholders of any Class holding Certificates which evidence, as to such Class,
Percentage Interests aggregating not less than 25% as 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.

     (iv) The Trustee shall execute the Letter of Representations, a form of which is
attached hereto as Exhibit P, on behalf of the Depositor.

     Section 10.02 Certain Matters Affecting the Trustee. Except as otherwise provided in
Section 10.01:

     (a) The Trustee may rely upon and shall be protected in acting or refraining from acting upon
any resolution, Officers’ 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;

     (b) The Trustee may consult with counsel, and any advice or 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 advice or Opinion of Counsel;

     (c) The Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Agreement or to institute, conduct or defend any litigation hereunder or in relation
hereto at the request, order or direction of any of the Certificateholders, pursuant to the
provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby;

     (d) Neither the Trustee nor any of its directors, officers, employees or agents shall be
personally liable for any action taken, suffered or omitted by it in good faith and believed by it
or any of them to be authorized or within the discretion or rights or powers conferred upon the
Trustee by this Agreement;

     (e) Prior to the occurrence of an Event of Default hereunder and after the curing of all
Events of Default which 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 to do so by Holders of Certificates of any Class evidencing, as to such Class,
Percentage Interests aggregating not less than 25% (in the case of conflicting requests by two or
more 25% or greater Percentage Interests, the Trustee shall act in accordance with the first such
request); 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 security afforded to it
by the terms of this Agreement, the Trustee may require reasonable indemnity against such expense
or liability as a condition to such proceeding. The reasonable expense of every such examination
shall be paid by the Servicer, if an Event of Default shall have occurred and is continuing, and
otherwise by the Certificateholder requesting the investigation;

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     (f) The Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, subcontractors or attorneys; and

     (g) Nothing in this Agreement shall be construed to require the Trustee (except as might
otherwise be required in its capacity as successor Servicer) to expend its own funds.

     Section 10.03 Trustee Not Liable for Certificates or Mortgage Loans. The recitals
contained herein shall be taken as the statements of the Depositor or the Servicer, as the case may
be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representations or warranties as to the validity or sufficiency of this Agreement or of the
Certificates, of any Mortgage Loan or related document or the Trust Estate. The Trustee shall not
be accountable for the use or application by the Depositor or the Servicer of any of the
Certificates or of the proceeds of such Certificates, or for the use or application of any funds
paid to the Depositor or the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
from the Collection Account by the Depositor or the Servicer or the Certificate Account by the
Paying Agent. The Trustee shall have no responsibility for the timeliness or the amount of
payments made by the Paying Agent to the Certificateholders.

     Section 10.04 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 it would have
if it were not Trustee.

     Section 10.05 Fees and Expenses. The Paying Agent, from moneys received from the
Servicer, covenants and agrees to pay to the Trustee and its agents a monthly fee (which shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust)
equal to the product of (a) the aggregate Principal Balance of the Mortgage Loans as of the
Determination Date in the preceding month and (b) one-twelfth of 0.000010, and the Servicer will
pay or reimburse the Trustee, or its agents upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee or its agents in accordance with any of
the provisions of this Agreement (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ, and the expenses
incurred by the Trustee in connection with the appointment of an office or agency pursuant to
Section 10.11) and the Servicer shall indemnify and hold harmless the Trustee its officers,
directors, employees and agents from and against any and all claims, liabilities, losses or
expenses (including but not limited to reasonable attorneys fees) incurred in connection with the
administration of this Trust and the performance of its duties hereunder provided that the Servicer
shall not be required to reimburse any such expense or indemnify against any such loss or liability
incurred by the Trustee through the Trustee’s own negligence or bad faith. Notwithstanding
anything to the contrary in this Agreement, this Section shall survive the termination of this
Agreement.

     Section 10.06 Eligibility Requirements for Trustee. The Trustee hereunder shall at
all times be an entity having its principal office in a state and city acceptable to the Depositor
and organized and doing business under the laws of such 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 and subject to supervision or examination by federal or state
authority. The Trustee shall not be an Affiliate of either Seller or the Depositor. If such
entity 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, the
combined capital and surplus of such corporation 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, the Trustee
shall resign immediately in the manner and with the effect specified in Section 10.07.

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     Section 10.07 Resignation and Removal of the Trustee. The Trustee, and any co-trustee
may at any time resign and be discharged from the trusts hereby created by giving written notice
thereof to the Depositor, the Servicer and each Rating Agency. Upon receiving such notice of
resignation, the Depositor shall promptly appoint a successor trustee or co-trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee
and one copy to the successor trustee; provided that such appointment does not result in a
reduction or withdrawal of the rating of any of the Classes of Certificates that have been rated.
If no successor trustee shall have been so appointed and have accepted appointment within thirty
(30) days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

     If at any time, the Trustee shall cease to be eligible in accordance with the provisions of
Section 10.06 and shall fail to resign after written request therefor by the Depositor, or if at
any time the Trustee shall become incapable of acting, or shall be adjudged 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, then the Depositor may remove the Trustee and appoint
a successor trustee by written instrument, in duplicate, one copy of which instrument shall be
delivered to the Trustee so removed and one copy to the successor trustee.

     The Holders of Certificates evidencing in the aggregate more than 50% of Percentage Interest
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 to the Depositor, one complete set to the
Trustee so removed and one complete set to the successor so appointed.

     Any resignation or removal of the Trustee or any resignation of any co-trustee and appointment
of a successor trustee or co-trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in Section 10.08, or
upon acceptance of appointment by a co-trustee, as applicable, unless with respect to a co-trustee,
the Trustee receives written notice from each Rating Agency that the failure to appoint a successor
co-trustee would not result in a withdrawal or reduction of the rating of any of the Classes of
Certificates that have been rated, in which case the resignation of any co-trustee shall be
effective upon receipt of such written notice. Any co-trustee may not be removed unless the
Depositor and the Trustee each receive written notice from each Rating Agency that such removal
would not result in a withdrawal or reduction of the rating of any of the Classes of Certificates
that have been rated, in which case the removal of any co-trustee shall be effective upon receipt
of such written notice.

     Section 10.08 Successor Trustee. Any successor trustee appointed as provided in
Section 10.07 shall execute, acknowledge and deliver to the Depositor and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the resignation or
removal of the predecessor trustee shall become effective, and such successor 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. The predecessor trustee shall deliver to
the successor trustee all Mortgage Files and related documents and statements held by it hereunder,
and the Depositor, the Servicer and the predecessor trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor trustee all such rights, powers, duties and obligations.

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     No successor trustee shall accept appointment as provided in this Section unless at the time
of such acceptance such successor trustee shall be eligible under the provisions of Section 10.06.
Prior to the appointment of any successor trustee becoming effective, the Depositor shall have
received from each Rating Agency written confirmation that such appointment would not result in a
reduction of the rating of the Class A or Class M Certificates.

     Upon acceptance of appointment by a successor trustee as provided in this Section, the
Servicer shall mail notice of the succession of such trustee hereunder to all Holders of
Certificates at their addresses as shown in the Certificate Register, to the Servicer, any
Sub-Servicer and to each Rating Agency. If the Depositor fails to mail such notice within ten (10)
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 10.09 Merger or Consolidation of Trustee. Any entity into which the Trustee
may be merged or converted or with which it may be consolidated or any entity resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any entity succeeding
to the business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be eligible under the provisions of Section 10.06, 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.

     Section 10.10 Appointment of Co-Trustee or Separate Trustee. 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 the same may at the time be located, the Depositor 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 to act as co-trustee or co-trustees, jointly with the Trustee, of
any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to
the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 10.10,
such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider
necessary or desirable. If the Depositor shall not have joined in such appointment within fifteen
(15) days after the receipt by it of a request so to do, or in case an Event of Default shall have
occurred and be continuing, the Trustee alone 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 10.06, hereunder, and no notice to Holders of Certificates of the
appointment of co-trustee(s) or separate trustee(s) shall be required under Section 10.08 hereof.

     In the case of any appointment of a co-trustee or separate trustee pursuant to this Section
10.10, all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be
conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly and severally, 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 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 by
such separate trustee or co-trustee at the direction of the Trustee.

     Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article X. 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.

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     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.

     Section 10.11 Appointment of Office or Agency. The Trustee may appoint an office or
agency in The City of New York where Certificates may be surrendered for registration of transfer
or exchange. The Trustee will maintain an office at the address stated in Section 12.07 hereof
where notices and demands to or upon the Trustee in respect of the Certificates may be served.

     Section 10.12 Indemnification.

     (a) The Paying Agent shall indemnify and hold harmless the Trustee, the Depositor, the
Servicer and their respective officers, directors, agents and Affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments
and other costs and expenses arising out of or based upon a failure of the Paying Agent to deliver
when required any Assessment of Compliance required of it pursuant to Section 5.26 or any material
misstatement or omission contained in any Assessment of Compliance provided on its behalf pursuant
to Section 5.26. If the indemnification provided for herein is unavailable or insufficient to hold
harmless the indemnified parties, then the Paying Agent agrees that it shall contribute to the
amount paid or payable by the indemnified parties as a result of the losses, claims, damages or
liabilities of the indemnified parties in such proportion as is appropriate to reflect the relative
fault of the Paying Agent on the one hand and of the indemnified parties on the other.

     (b) The Servicer shall indemnify and hold harmless the Trustee, the Paying Agent and the
Depositor and their respective officers, directors, agents and Affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments
and other costs and expenses arising out of or based upon a breach by the Servicer or any of its
officers, directors, agents or Affiliates of its obligations under Sections 5.24, 5.25, and 5.26,
any material misstatement or omission in any documents prepared thereunder (to the extent the
Servicer is responsible for providing information or calculating amounts included in such
information), the failure of the Servicer to deliver when required any Assessment of Compliance or
Accountant’s Attestation required of it pursuant to Section 5.26 or Annual Statement of Compliance
required pursuant to Section 5.25, as applicable, or any material misstatement or omission
contained in any Assessment of Compliance, Accountant’s Attestation or Annual Statement of
Compliance provided on its behalf pursuant to Section 5.25 or 5.26, as applicable, or the
negligence, bad faith or willful misconduct of the Servicer in connection therewith. If the
indemnification provided for herein is unavailable or insufficient to hold harmless the indemnified
parties, then the Servicer agrees that it shall contribute to the amount paid or payable by the
indemnified parties as a result of the losses, claims, damages or liabilities of the indemnified
parties in such proportion as is appropriate to reflect the relative fault of the Servicer on the
one hand and of the indemnified parties on the other.

[END OF ARTICLE X]

ARTICLE XI

TERMINATION

     Section 11.01 Termination. The respective obligations and responsibilities of the
Depositor, the Servicer (except the duty to pay the Trustee’s fees and expenses and indemnification
hereunder) and the Trustee shall terminate upon (i) the later of the final payment or other
liquidation (or any Advance with

107

 

respect thereto) of the last Mortgage Loan or the disposition of
all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and the
remittance of all funds due hereunder; or (ii) at the option of the Servicer, on any Distribution
Date which occurs in the month next following a Due Date on which the aggregate unpaid Principal
Balance of all Outstanding Mortgage Loans is less than 10% of the aggregate unpaid Principal
Balance of the Mortgage Loans on the Cut-off Date, so long as the Servicer deposits or causes to be
deposited in the Collection Account during the Principal Prepayment Period related to such
Distribution Date (and provides notice to the Trustee with a copy to the Paying Agent appointed
pursuant to Section 4.05 of its intention to so deposit on or before 20th day of such Principal
Prepayment Period) an amount equal to the Purchase Price for each Outstanding Mortgage Loan plus
any unpaid Net Swap Payments and any Swap Termination Payment owed to the Swap Counterparty, less
any unreimbursed Advances made with respect to any Mortgage Loan (which amount shall offset
completely any unreimbursed Advances for which the Servicer is otherwise entitled to
reimbursement), and, with respect to all property acquired in respect of any Mortgage Loan
remaining in the Trust Fund, an amount equal to the fair market value of such property, as
determined by an appraisal to be conducted by an appraiser selected by the Trustee, less
unreimbursed Advances made with respect to any Mortgage Loan with respect to which property has
been acquired; provided, however, that in no event shall the trust created hereby continue beyond
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. Notwithstanding the foregoing, a termination may be effected by the making of such
optional repurchases only if the termination of the Trust Fund satisfies the requirement for a
“qualified liquidation” of the Trust Fund within the meaning of Section 860F(a)(4) of the Code and
the purchases of the Outstanding Mortgage Loans pursuant to this Section 11.01 will not constitute
“prohibited transactions” within the meaning of Section 860F(a)(2) of the Code.

     Notice of any termination, specifying the Distribution Date upon which all Certificateholders
may surrender their Certificates to the Trustee or, if a Paying Agent has been appointed pursuant
to Section 4.05, the Paying Agent for payment and cancellation, shall be given promptly by the
Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying Agent, (upon
direction by the Depositor ten (10) days prior to the date such notice is to be mailed) by signed
letter to Certificateholders and each Rating Agency mailed no later than the 25th day of the month
preceding the month of such final distribution specifying (i) the Distribution Date upon which
final payment on the Certificates will be made upon presentation and surrender of Certificates at
the office or agency of the Trustee or, if a Paying Agent has been appointed under Section 4.05,
the Paying Agent, therein designated and (ii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation and surrender of
the Certificates at the office or agency of the Trustee or, if a Paying Agent has been appointed
under Section 4.05, the Paying Agent, therein specified. The Servicer shall indicate the date of
adoption of the plan of qualified liquidation in a statement attached to the final federal income
tax return of each REMIC Pool. After giving such notice, the Trustee or if a Paying Agent has been
appointed under Section 4.05, the Paying Agent shall not register the transfer or exchange of any
Certificates. If such notice is given in connection with the Servicer’s election to purchase the
Outstanding Mortgage Loans, the Servicer shall deposit in the Collection Account after adoption of
the plan during the applicable Principal Prepayment Period an amount equal to the purchase price as
determined as provided in clause (ii) of the preceding paragraph and on the Distribution Date on
which such termination is to occur, Certificateholders will be entitled to the amount of such
purchase price but not amounts in excess thereof, all as provided herein. Upon presentation and
surrender of the Certificates, the Trustee, or if a Paying Agent has been appointed under Section
4.05, the Paying Agent shall notify the Servicer and the Servicer shall cause to be distributed to
Certificateholders an amount equal to (a) the amount otherwise
distributable on such Distribution Date, if not in connection with a purchase; or (b) if the
Servicer elected to so purchase, the purchase price determined as provided in clause (ii) of the
preceding paragraph. Following such final deposit the Trustee shall promptly release to the
Servicer the Mortgage Files for the remaining Mortgage Loans, and the Trustee shall execute all
assignments, endorsements and other

108

 

instruments necessary to effectuate such transfer and shall
have no further responsibility with regard to said Mortgage Files.

     If all of the Certificateholders shall not surrender their Certificates for cancellation
within three (3) months after the time specified in the above-mentioned written notice, at the
close of the 90 day period beginning after the written notice is given, each remaining
Certificateholder will be credited with an amount that would have been otherwise distributed to
such Certificateholder, and the Trustee or, if a Paying Agent has been appointed under Section
4.05, the Paying Agent, shall give a second written notice to the remaining Certificateholders to
surrender their Certificates for cancellation and receive the final distribution with respect
thereto. If within three (3) months after the second notice all the Certificates shall not have
been surrendered for cancellation, the Trustee or, if a Paying Agent has been appointed under
Section 4.05, the Paying Agent, shall appoint an agent to take appropriate and reasonable 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 which remain in the Trust Fund hereunder.

[END OF ARTICLE XI]

ARTICLE XII

MISCELLANEOUS PROVISIONS

     Section 12.01 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.

     Section 12.02 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 representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding-up of the Trust Fund, nor 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 expressly 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
Person 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 of any provision 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
default and of the continuance thereof, as hereinbefore provided, and the Holders of Certificates
of any Class evidencing in the aggregate
not less than 25% of the Percentage Interests of such Class shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder
(in the case of conflicting requests by two or more 25% or greater Percentage Interests, the
Trustee shall act in accordance with the first such request) 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 sixty
(60) days after its receipt of such notice, request and offer of indemnity, shall have neglected or

109

 

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 of any Class shall have any right in any manner whatever by virtue of any provision
of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of such
Certificates of such Class or any other Class, 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 Certificateholders of such Class or all
Classes, as the case may be. For the protection and enforcement of the provisions of this Section,
each and every Certificateholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

     Section 12.03 Amendment. This Agreement may be amended from time to time by the
Depositor, the Servicer and the Trustee, without the consent of any of the Certificateholders (but
with the consent of the Swap Counterparty to the extent any such amendment would have a materially
adverse effect on the Swap Counterparty, in such capacity), to cure any ambiguity, to correct or
supplement any provisions herein which may be inconsistent with any other provisions herein, to
ensure continuing treatment of each REMIC created hereunder as a REMIC to avoid or minimize the
risk of imposition of any tax on any REMIC created hereunder pursuant to the Code, or to make any
other provisions with respect to matters or questions arising under this Agreement which shall not
be materially inconsistent with the provisions of this Agreement, provided that such actions shall
not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests
of any Certificateholder of a Class having an Outstanding Certificate Principal Balance of greater
than zero or cause any REMIC created hereunder to fail to qualify as a REMIC.

     This Agreement may also be amended from time to time by the Depositor, the Servicer and the
Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the Percentage Interest of each Class of Certificates having an Outstanding Certificate
Principal Balance greater than zero and affected thereby, and with the consent of the Swap
Counterparty to the extent any such amendment would have a materially adverse effect on the Swap
Counterparty, in such capacity, 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 of such Class; provided, however, that no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments received on Mortgage
Loans which are required to be distributed on any Certificate without the consent of the Holder of
such Certificate, (ii) reduce the aforesaid percentage of Certificates of any Class the Holders of
which are required to consent to any such amendment or (iii) change the percentage specified in
clause (ii) of the first paragraph of Section 11.01, without the consent of the Holders of all
Certificates of such Class then outstanding.

     Notwithstanding anything to the contrary in this Agreement, this Agreement may be amended from
time to time by the Depositor, the Servicer and the Trustee with the consent of Certificateholders
evidencing not less than 66-2/3% of the interests held by parties other than the Depositor, its
Affiliates or its agents, and with the consent of the Swap Counterparty to the extent any such
amendment would have a materially adverse effect on the Swap Counterparty, in such capacity, for
the purposes of significantly changing the Permitted Activities of the Trust.

     Promptly after the execution of any such amendment the Trustee shall furnish written
notification of the substance of such amendment to each Certificateholder and each Rating Agency.

     It shall not be necessary for the consent of Certificateholders under this Section 12.03 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

110

 

prescribe. In connection with any amendment pursuant to this
Section 12.03 the Trustee, Paying Agent and Depositor shall be entitled to receive an Opinion of
Counsel to the effect that such amendment is authorized or permitted by this Agreement and that all
conditions precedent to the execution of such amendment in accordance with this Section 12.03 have
been met.

     Section 12.04 Counterparts. 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 12.05 Duration of Agreement. This Agreement shall continue in existence and
effect until terminated as herein provided.

     Section 12.06 Governing Law. This Agreement shall be construed in accordance with the
laws of the State of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

     Section 12.07 Notices. All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered at or mailed by first
class or registered mail, postage prepaid, to (i) in the case of the Depositor, Chase Mortgage
Finance Corporation, 300 Tice Boulevard, 3rd Floor North, Woodcliff Lake, New Jersey 07675,
Attention: Structured Finance, (ii) in the case of the Servicer, JPMorgan Chase Bank, N.A., 1111
Polaris Parkway, Columbus, Ohio 43240, (iii) in the case of the Custodian, JPMorgan Chase Bank,
N.A., 1080 Oliver Road, Monroe, Louisiana, 71201, (iv) in the case of the Trustee, The Bank of New
York Trust Company, N.A., 601 Travis, 16th Floor, Houston, Texas 77002, (v) in the case
of the Paying Agent, The Bank of New York Trust Company, N.A., 601 Travis, 16th Floor,
Houston, Texas 77002, (vi) in the case of Moody’s, Moody’s Investors Service, Inc., 99 Church
Street, 4th Floor, New York, New York 10007 (vii) [Reserved] (viii) in the case of S&P,
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street,
New York, New York 10041 and (ix) in the case of any of the foregoing persons, such other addresses
as may hereafter be furnished by any such persons to the other parties to this Agreement.

     Section 12.08 Further Assurances. The Seller and the Servicer agree to do and
perform, from time to time, any and all acts and to execute any and all further instruments
required or reasonably requested by the Trustee more fully to effect the purposes of this
Agreement, including, without limitation, the execution of any financing statements and the
preparation for execution by the Trustee of any continuation statements relating to the Co-op Loans
for filing under the provisions of the Uniform Commercial Code as in effect in the jurisdiction in
which the Underlying Mortgaged Property related to the affected Co-op Loan is located. The Trustee
agrees that it shall promptly execute and redeliver to the Seller or the Servicer for filing any
such continuation statement so prepared by the Seller relating to the Co-op Loans.

     The Swap Counterparty shall be deemed a third-party beneficiary of this Agreement to the same
extent as if it were a party hereto and shall have the right to enforce its rights under this
Agreement, which rights include but are not limited to, the obligation of the Paying Agent (A) to
pay any Net Swap
Payment and any Swap Termination Payment to the Swap Counterparty and (B) to establish and
maintain the Supplemental Interest Trust, to make such deposits thereto, investments therein and
distributions therefrom as are required pursuant to Article VI. For the protection and enforcement
of the provisions of this Section, the Swap Counterparty shall be entitled to relief as can be
given either at law or in equity.

111

 

[END OF ARTICLE XII]

112

 

     IN WITNESS WHEREOF, the Depositor, the Servicer, the Paying Agent and the Trustee have caused
their names to be signed hereto by their respective officers thereunto duly authorized as of the
day and year first above written.

	 	 	 	 	 	 	 
	 	 	CHASE MORTGAGE FINANCE CORPORATION,	 	 
	 	 	as Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,	 	 
	 	 	as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.	 	 
	 	 	as Trustee and Paying Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,	 	 
	 	 	as Custodian	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

[INTENTIONALLY OMITTED]

A-1

 

EXHIBIT B

CONTENTS OF MORTGAGE FILE

     (i) With respect to each Mortgage Loan which is not a Co-op Loan:

     (A) (I) Original Mortgage Note bearing all intervening endorsements, endorsed, “Pay to the
order of _______________, without recourse” and signed in the name of the last endorsee by an
authorized officer.

     (B) The original Mortgage (including all riders thereto) with evidence of recording thereon,
or a copy thereof certified by the public recording office in which such Mortgage has been
recorded or, if the original Mortgage has not been returned from the applicable public recording
office, a true certified copy of the original that was sent for recording, certified by the Seller.

     (C) With respect to each Non-MERS Mortgage Loan which is not a Co-op Loan, the original
Assignment of Mortgage to “The Bank of New York Trust Company, N.A., as trustee (Chase Mortgage
Finance Corporation),” which assignment shall be in form and substance acceptable for recording, or
a copy certified by the Seller as a true and correct copy of the original Assignment of Mortgage
which has been sent for recordation. Subject to the foregoing, such assignments may, if permitted
by law, be by blanket assignments for Mortgage Loans covering Mortgaged Properties situated within
the same county. If the Assignment of Mortgage is in blanket form, a copy of the Assignment of
Mortgage shall be included in the related individual Mortgage File.

     (D) The original policy of title insurance, or in the event such original title policy is
unavailable a copy of the related policy (provided that use of a copy is acceptable to the related
title insurance or escrow company), including riders and endorsements thereto, or if the policy has
not yet been issued, a written commitment or interim binder or preliminary report of title issued
by the title insurance or escrow company.

     (E) Originals of all recorded intervening Assignments of Mortgage, or copies thereof,
certified by the public recording office in which such Assignments or Mortgage have been recorded
showing a complete chain of title from the originator to the Depositor, with evidence of recording,
thereon, or a copy thereof certified by the public recording office in which such Assignment of
Mortgage has been recorded or, if the original Assignment of Mortgage has not been returned from
the applicable public recording office, a true certified copy, certified by the Seller of the
original Assignment of Mortgage together with a certificate of the Seller certifying that the
original Assignment of Mortgage has been delivered for recording in the appropriate public
recording office of the jurisdiction in which the Mortgaged Property is located.

     (F) Originals, or copies thereof certified by the public recording office in which such
documents have been recorded, of each assumption, extension, modification, written assurance or
substitution agreements, if applicable, or if the original of such document has not been returned
from the applicable public recording office, a true certified copy, certified by the Seller, of
such original document together with certificate of such Seller certifying the original of such
document has been delivered for recording in the appropriate recording office of the jurisdiction
in which the Mortgaged Property is located.

     (G) Certified, true copy of original power of attorney sent for recording.

B-1

 

     (ii) With respect to each Co-op Loan:

     (A)(I) The original Mortgage Note endorsed “Pay to the order of
_______________, without
recourse” and signed in the name of the last endorsee by an authorized officer.

     (B) The original loan security agreement entered into by the Mortgagor with respect to
such Co-op Loan.

     (C) Original Form UCC-1 and any continuation statements with evidence of filing thereon
entered into by the Mortgagor with respect to such Co-op Loan or if the original of such
document has not been returned from the applicable public recording office, a true certified
copy of the document sent for recording.

     (D) Form UCC-3 (or copy thereof) by the applicable Mortgage Loan Seller or its agent
assigning the security interest covered by such Form UCC-1 to “The Bank of New York as
trustee” or to blank, together with all Forms UCC-3 (or copies thereof) showing a complete
chain of assignment from the originator of the related Co-op Loan to the Seller, with
evidence of recording thereon.

     (E) Stock certificate representing the stock allocated to the related dwelling unit in
the related residential cooperative housing corporation and pledged by the related Mortgagor
to the originator of such Co-op Loan with a stock power in blank attached.

     (F) Original proprietary lease.

     (G) Original assignment of proprietary lease, to the Trustee or to blank, and all
intervening assignments thereof.

     (H) Original recognition agreement of the interests of the mortgagee with respect to
the Co-op Loan by the residential cooperative housing corporation, the stock of which was
pledged by the related Mortgagor to the originator of such Co-op Loan.

     (I) Originals of any assumption, consolidation or modification agreements relating to
any of the items specified in (A) through (F) above with respect to such Co-op Loan.

     (J) Certified true copy of power of attorney sent for recording.

B-2

 

EXHIBIT C

FORM OF CLASS A CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE PAYING AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS CERTIFICATE SHALL BE
DEEMED TO REPRESENT (OR IN THE CASE OF A DEFINITIVE CERTIFICATE, SHALL REPRESENT) TO THE DEPOSITOR
AND THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT, AND IS NOT ACTING FOR, ON BEHALF OF OR WITH ANY
ASSETS OF, ANY EMPLOYEE BENEFIT PLAN OR OTHER ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY PLAN SUBJECT TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (B) THE TRANSFEREE’S ACQUISITION
AND HOLDING OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE.

THIS CERTIFICATE IS PAYABLE SOLELY FROM THE ASSETS OF THE TRUST FUND, AND DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE CORPORATION (THE “DEPOSITOR”), JPMORGAN
CHASE BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW OR ANY OF THEIR AFFILIATES.
NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED HEREBY NOR THE UNDERLYING MORTGAGE
LOANS ARE GUARANTEED OR INSURED BY THE DEPOSITOR, THE SERVICER, THE TRUSTEE OR BY ANY OF THEIR
AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OR NOTIONAL AMOUNT OF
THIS CERTIFICATE WILL BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING
THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE OR NOTIONAL AMOUNT, AS APPLICABLE, BY
INQUIRY OF THE PAYING AGENT.

C-1

 

THIS CERTIFICATE DOES NOT PURPORT TO SUMMARIZE THE POOLING AND SERVICING AGREEMENT (THE
“AGREEMENT”) AND REFERENCE IS MADE TO THE AGREEMENT FOR THE INTERESTS, RIGHTS AND LIMITATIONS OF
RIGHTS, BENEFITS, OBLIGATIONS AND DUTIES EVIDENCED THEREBY, AND THE RIGHTS, DUTIES AND IMMUNITIES
OF THE TRUSTEE AND THE PAYING AGENT.

TO THE EXTENT NOT DEFINED HEREIN, THE CAPITALIZED TERMS USED HEREIN HAVE THE MEANINGS ASSIGNED IN
THE AGREEMENT.

C-2

 

CLASS A-[ ] CERTIFICATE

	 	 	 
	Number: 07-2-A-[ ]-1

	 	Original Denomination:
	 

	 	$ 
	 
	 	 
	Cut-off Date: April 1, 2007

	 	Final Scheduled
	 

	 	Distribution Date: May 25, 2037
	 
	 	 
	Initial Distribution Date:

	 	Aggregate Original Principal Balance or Notional Amount of all Class A-[ ] Certificates:
	May 25, 2007

	 	$ 
	 
	 	 
	Certificate Rate: Variable

	 	CUSIP:
	 
	 	 
	Registered Owner:
	 	 

CHASEFLEX TRUST SERIES 2007-2

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

     This certifies that the Registered Owner identified above is the registered owner of the
ownership interest (the “Ownership Interest”) evidenced by this Certificate in certain
distributions with respect to a pool of Mortgage Loans formed and sold by Chase Mortgage Finance
Corporation (the “Depositor”), and certain other property held in trust for the benefit of
Certificateholders (collectively, the “Trust Fund”), as described in the Agreement. The Mortgage
Loans are serviced by JPMorgan Chase Bank, N.A. (the “Servicer”) and are secured by liens on the
Mortgaged Properties. The Trust Fund was created pursuant to a Pooling and Servicing Agreement
(the “Agreement”), dated as of the Cut-off Date among the Depositor, the Servicer, the Custodian
and The Bank of New York Trust Company, N.A., as Paying Agent and Trustee.

     This Certificate is one of a duly authorized issue of Certificates, as designated above, and
is issued under and is subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which
Agreement such Holder is bound. Anyone acquiring this Certificate may ascertain its current
Principal Balance or Notional Amount, as applicable, by inquiry of the Paying Agent.

     Pursuant to the terms of the Agreement, the Paying Agent will distribute from funds in the
Certificate Account the amount specified in the Agreement on the 25th day of each month or, if such
25th day is not a Business Day, the Business Day immediately following (the “Distribution Date”),
commencing on the Initial Distribution Date.

     Distributions on this Certificate will be made in the manner specified in the Agreement.
Notwithstanding the above, the final distribution on this Certificate will be made after due notice
by the Paying Agent of the pendency of such distribution, and only upon presentation and

C-3

 

surrender of this Certificate at the office of the Paying Agent specified in such notice of
final distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund for payment hereunder and that neither the Trustee nor the Paying Agent is liable to the
Holders for any amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor, the Servicer, the
Paying Agent and the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund evidenced thereby for
the purpose of receiving distributions pursuant to the Agreement and for all other purposes
whatsoever, and neither the Depositor, the Servicer, the Paying Agent nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee
in the manner specified in the Agreement.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”).

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate in the manner specified in the Agreement; provided, however, that in no event shall the
trust created by the Agreement continue beyond 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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

C-4

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: April 26, 2007	 	CHASE MORTGAGE FINANCE
CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

C-5

 

	 	 	 	 	 
	Dated: April 26, 2007	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.
as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

C-6

 

[FORM OF ASSIGNMENT]

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

 

 

(Please Print or Type Name and Address of Assignee)

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                                    
            Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the
premises.

Dated:

	 	 	 
	(Signature guaranty)
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Certificate in every
particular, without alteration or enlargement
or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

C-7

 

EXHIBIT D

FORM OF CLASS M CERTIFICATE

THIS CLASS M CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE PAYING AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO
REPRESENT (OR IN THE CASE OF A DEFINITIVE CERTIFICATE, SHALL REPRESENT) TO THE DEPOSITOR AND THE
TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT, AND IS NOT ACTING FOR, ON BEHALF OF OR WITH ANY ASSETS OF,
ANY EMPLOYEE BENEFIT PLAN OR OTHER ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF
THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I
OF ERISA OR SECTION 4975 OF THE CODE.

THIS CERTIFICATE IS PAYABLE SOLELY FROM THE ASSETS OF THE TRUST FUND, AND DOES NOT REPRESENT AN
OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE CORPORATION (THE “DEPOSITOR”), JPMORGAN CHASE
BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW OR ANY OF THEIR AFFILIATES. NEITHER
THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED HEREBY NOR THE UNDERLYING MORTGAGE LOANS
ARE GUARANTEED OR INSURED BY THE DEPOSITOR, THE SERVICER, THE TRUSTEE OR BY ANY OF THEIR AFFILIATES
OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

 

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OR NOTIONAL AMOUNT OF
THIS CERTIFICATE WILL BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING
THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE OR NOTIONAL AMOUNT, AS APPLICABLE, BY
INQUIRY OF THE PAYING AGENT.

THIS CERTIFICATE DOES NOT PURPORT TO SUMMARIZE THE POOLING AND SERVICING AGREEMENT (THE
“AGREEMENT”) AND REFERENCE IS MADE TO THE AGREEMENT FOR THE INTERESTS, RIGHTS AND LIMITATIONS OF
RIGHTS, BENEFITS, OBLIGATIONS AND DUTIES EVIDENCED THEREBY, AND THE RIGHTS, DUTIES AND IMMUNITIES
OF THE TRUSTEE AND THE PAYING AGENT.

TO THE EXTENT NOT DEFINED HEREIN, THE CAPITALIZED TERMS USED HEREIN HAVE THE MEANINGS ASSIGNED IN
THE AGREEMENT.

CLASS M-[ ] CERTIFICATE

	 	 	 
	Number: 07-2-M-[ ]-1

	 	Original Denomination:
	 

	 	$ 
	 
	 	 
	Cut-off Date: April 1, 2007

	 	Final Scheduled
	 

	 	Distribution Date: May 25, 2037
	 
	 	 
	Initial Distribution Date: 

May 26, 2007

	 	Aggregate Original Principal
Balance or Notional Amount
of all Class M-[ ] Certificates:

$ 
	 
	 	 
	Certificate Rate: Variable

	 	CUSIP:
	 
	 	 
	Registered Owner:
	 	 

CHASEFLEX TRUST SERIES 2007-2

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

     This certifies that the Registered Owner identified above is the registered owner of the
ownership interest (the “Ownership Interest”) evidenced by this Certificate in certain
distributions with respect to a pool of Mortgage Loans formed and sold by Chase Mortgage Finance
Corporation (the “Depositor”), and certain other property held in trust for the benefit of
Certificateholders (collectively, the “Trust Fund”), as described in the Agreement. The Mortgage
Loans are serviced by JPMorgan Chase Bank, N.A. (the “Servicer”) and are secured by liens on the
Mortgaged Properties. The Trust Fund was created pursuant to a Pooling and Servicing Agreement
(the “Agreement”), dated as of the Cut-off Date among the Depositor, the Servicer, the Custodian
and The Bank of New York Trust Company, N.A., as Paying Agent and Trustee.

D-2

 

     This Certificate is one of a duly authorized issue of Certificates, as designated above, and
is issued under and is subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which
Agreement such Holder is bound. Anyone acquiring this Certificate may ascertain its current
Principal Balance or Notional Amount, as applicable, by inquiry of the Paying Agent.

     Pursuant to the terms of the Agreement, the Paying Agent will distribute from funds in the
Certificate Account the amount specified in the Agreement on the 25th day of each month or, if such
25th day is not a Business Day, the Business Day immediately following (the “Distribution Date”),
commencing on the Initial Distribution Date.

     Distributions on this Certificate will be made in the manner specified in the Agreement.
Notwithstanding the above, the final distribution on this Certificate will be made after due notice
by the Paying Agent of the pendency of such distribution, and only upon presentation and surrender
of this Certificate at the office of the Paying Agent specified in such notice of final
distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund for payment hereunder and that neither the Trustee nor the Paying Agent is liable to the
Holders for any amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor, the Servicer, the
Paying Agent and the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund evidenced thereby for
the purpose of receiving distributions pursuant to the Agreement and for all other purposes
whatsoever, and neither the Depositor, the Servicer, the Paying Agent nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee
in the manner specified in the Agreement.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”).

D-3

 

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate in the manner specified in the Agreement; provided, however, that in no event shall the
trust created by the Agreement continue beyond 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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

D-4

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: April 26, 2007	 	CHASE MORTGAGE FINANCE
CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

D-5

 

	 	 	 	 	 
	Dated: April 26, 2007	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.
as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

D-6

 

[FORM OF ASSIGNMENT]

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

 

 

(Please Print or Type Name and Address of Assignee)

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                                    
             Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the
premises.

Dated:

	 	 	 
	(Signature guaranty)
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Certificate in every
particular, without alteration or enlargement
or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

D-7

 

EXHIBIT E

FORM OF CLASS B CERTIFICATE

THIS CLASS B CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES AND THE
CLASS M CERTIFICATES, AS DESCRIBED IN THE AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE PAYING AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO
REPRESENT (OR IN THE CASE OF A DEFINITIVE CERTIFICATE, SHALL REPRESENT) TO THE DEPOSITOR AND THE
TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT, AND IS NOT ACTING FOR, ON BEHALF OF OR WITH ANY ASSETS OF,
ANY EMPLOYEE BENEFIT PLAN OR OTHER ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF
THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I
OF ERISA OR SECTION 4975 OF THE CODE.

THIS CERTIFICATE IS PAYABLE SOLELY FROM THE ASSETS OF THE TRUST FUND, AND DOES NOT REPRESENT AN
OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE CORPORATION (THE “DEPOSITOR”), JPMORGAN CHASE
BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW OR ANY OF THEIR AFFILIATES. NEITHER
THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED HEREBY NOR THE UNDERLYING MORTGAGE LOANS
ARE GUARANTEED OR INSURED BY THE DEPOSITOR, THE SERVICER, THE TRUSTEE OR BY ANY OF THEIR AFFILIATES
OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

E-1

 

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OR NOTIONAL AMOUNT OF
THIS CERTIFICATE WILL BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING
THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE OR NOTIONAL AMOUNT, AS APPLICABLE, BY
INQUIRY OF THE PAYING AGENT.

THIS CERTIFICATE DOES NOT PURPORT TO SUMMARIZE THE POOLING AND SERVICING AGREEMENT (THE
“AGREEMENT”) AND REFERENCE IS MADE TO THE AGREEMENT FOR THE INTERESTS, RIGHTS AND LIMITATIONS OF
RIGHTS, BENEFITS, OBLIGATIONS AND DUTIES EVIDENCED THEREBY, AND THE RIGHTS, DUTIES AND IMMUNITIES
OF THE TRUSTEE AND THE PAYING AGENT.

TO THE EXTENT NOT DEFINED HEREIN, THE CAPITALIZED TERMS USED HEREIN HAVE THE MEANINGS ASSIGNED IN
THE AGREEMENT.

CLASS B-[ ] CERTIFICATE

	 	 	 
	Number: 07-2-B-[ ]-1

	 	Original Denomination:
	 

	 	$ 
	 
	 	 
	Cut-off Date: April 1, 2007

	 	Final Scheduled
	 

	 	Distribution Date: May 25, 2037
	 
	 	 
	Initial Distribution Date: 

May 25, 2007

	 	Aggregate Original Principal
Balance or Notional Amount
of all Class B-[ ] Certificates:

$
	 
	 	 
	Certificate Rate: Variable

	 	CUSIP:
	 
	 	 
	Registered Owner:
	 	 

E-2

 

CHASEFLEX TRUST SERIES 2007-2

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

     This certifies that the Registered Owner identified above is the registered owner of the
ownership interest (the “Ownership Interest”) evidenced by this Certificate in certain
distributions with respect to a pool of Mortgage Loans formed and sold by Chase Mortgage Finance
Corporation (the “Depositor”), and certain other property held in trust for the benefit of
Certificateholders (collectively, the “Trust Fund”), as described in the Agreement. The Mortgage
Loans are serviced by JPMorgan Chase Bank, N.A. (the “Servicer”) and are secured by liens on the
Mortgaged Properties. The Trust Fund was created pursuant to a Pooling and Servicing Agreement
(the “Agreement”), dated as of the Cut-off Date among the Depositor, the Servicer, the Custodian
and The Bank of New York Trust Company, N.A., as Paying Agent and Trustee.

     This Certificate is one of a duly authorized issue of Certificates, as designated above, and
is issued under and is subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which
Agreement such Holder is bound. Anyone acquiring this Certificate may ascertain its current
Principal Balance or Notional Amount, as applicable, by inquiry of the Paying Agent.

     Pursuant to the terms of the Agreement, the Paying Agent will distribute from funds in the
Certificate Account the amount specified in the Agreement on the 25th day of each month or, if such
25th day is not a Business Day, the Business Day immediately following (the “Distribution Date”),
commencing on the Initial Distribution Date.

     Distributions on this Certificate will be made in the manner specified in the Agreement.
Notwithstanding the above, the final distribution on this Certificate will be made after due notice
by the Paying Agent of the pendency of such distribution, and only upon presentation and surrender
of this Certificate at the office of the Paying Agent specified in such notice of final
distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund for payment hereunder and that neither the Trustee nor the Paying Agent is liable to the
Holders for any amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

E-3

 

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or exchange of the
Certificate. Prior to due presentation of a Certificate for registration of transfer, the
Depositor, the Servicer, the Paying Agent and the Trustee may treat the Person in whose name any
Certificate is registered as the owner of such Certificate and the Percentage Interest in the Trust
Fund evidenced thereby for the purpose of receiving distributions pursuant to the Agreement and for
all other purposes whatsoever, and neither the Depositor, the Servicer, the Paying Agent nor the
Trustee will be affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee
in the manner specified in the Agreement.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”).

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate in the manner specified in the Agreement; provided, however, that in no event shall the
trust created by the Agreement continue beyond 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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

E-4

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: April 26, 2007	 	CHASE MORTGAGE FINANCE
CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

E-5

 

	 	 	 	 	 
	Dated: April 26, 2007	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.
as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

E-6

 

[FORM OF ASSIGNMENT]

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

 

 

(Please Print or Type Name and Address of Assignee)

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                                    
             Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the
premises.

Dated:

	 	 	 
	(Signature guaranty)
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Certificate in every
particular, without alteration or enlargement
or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

E-7

 

EXHIBIT E-1

FORM OF CLASS CE CERTIFICATE

THIS CLASS CE CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES AND THE
CLASS M CERTIFICATES AND THE CLASS B CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE
CORPORATION (THE “DEPOSITOR”), JPMORGAN CHASE BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED
TO BELOW OR ANY OF THEIR AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST
REPRESENTED HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY THE DEPOSITOR,
THE SERVICER, THE TRUSTEE OR BY ANY OF THEIR AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR
INSTRUMENTALITY.

THIS CLASS CE CERTIFICATE HAS NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS SOLD
OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT OR UNDER
APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 4.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE DEPOSITOR AND THE TRUSTEE SHALL HAVE
RECEIVED (A) A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT
SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A PLAN SUBJECT TO ANY PROVISIONS UNDER ANY
FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO THE
FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”) (COLLECTIVELY, A “PLAN”), AND IS NOT
DIRECTLY OR INDIRECTLY ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH
PLAN, (B) IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, A
REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY THAT IS ACQUIRING
THE CERTIFICATE WITH ASSETS OF AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION V(E) OF
PROHIBITED TRANSACTION CLASS EXEMPTION

E-1-1

 

(“PTCE”) 95-60 AND THE ACQUISITION AND HOLDING OF THE
CERTIFICATE ARE COVERED AND EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60 OR (C) SOLELY IN THE CASE OF A DEFINITIVE
CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE DEPOSITOR AND THE TRUSTEE, AND UPON WHICH
THE DEPOSITOR AND THE TRUSTEE SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE ACQUISITION AND
HOLDING OF THIS CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT CONSTITUTE OR RESULT IN A
NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE OR A VIOLATION OF SIMILAR LAW AND WILL NOT
SUBJECT THE TRUSTEE, THE DEPOSITOR OR THE SERVICER TO ANY OBLIGATION IN ADDITION TO THOSE
UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT, WHICH OPINION OF COUNSEL SHALL
NOT BE AN EXPENSE OF THE TRUSTEE, THE DEPOSITOR OR THE SERVICER.

THIS CERTIFICATE DOES NOT PURPORT TO SUMMARIZE THE POOLING AND SERVICING AGREEMENT (THE
“AGREEMENT”) AND REFERENCE IS MADE TO THE AGREEMENT FOR THE INTERESTS, RIGHTS AND LIMITATIONS OF
RIGHTS, BENEFITS, OBLIGATIONS AND DUTIES EVIDENCED THEREBY, AND THE RIGHTS, DUTIES AND IMMUNITIES
OF THE TRUSTEE AND THE PAYING AGENT.

TO THE EXTENT NOT DEFINED HEREIN, THE CAPITALIZED TERMS USED HEREIN HAVE THE MEANINGS ASSIGNED IN
THE AGREEMENT.

CLASS CE CERTIFICATE

	 	 	 
	Number: 07-2-CE-1

	 	Original Denomination:
	 

	 	$ 
	 
	 	 
	Cut-off Date: April 1, 2007

	 	Final Scheduled
	 

	 	Distribution Date: May 25, 2037
	 
	 	 
	First Distribution Date: 

May 25, 2007

	 	Aggregate Original Notional
Amount of all Class CE
Certificates:
	 
	 	 
	 

	 	CUSIP:
	 
	 	 
	Registered Owner: J.P. Morgan Securities
Inc.
	 	 

E-1-2

 

CHASEFLEX TRUST SERIES 2007-2

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

     This certifies that the Registered Owner identified above is the registered owner of the
ownership interest (the “Ownership Interest”) evidenced by this Certificate in certain
distributions with respect to a pool of Mortgage Loans formed and sold by Chase Mortgage Finance
Corporation (the “Depositor”), and certain other property held in trust for the benefit of
Certificateholders (collectively, the “Trust Fund”), as described in the Agreement. The Mortgage
Loans are serviced by JPMorgan Chase Bank, N.A. (the “Servicer”) and are secured by liens on the
Mortgaged Properties. The Trust Fund was created pursuant to a Pooling and Servicing Agreement
(the “Agreement”), dated as of the Cut-off Date among the Depositor, the Servicer, the Custodian
and The Bank of New York Trust Company, N.A., as Paying Agent and Trustee.

     This Certificate is one of a duly authorized issue of Certificates, as designated above, and
is issued under and is subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which
Agreement such Holder is bound. Anyone acquiring this Certificate may ascertain its current
Principal Balance or Notional Amount, as applicable, by inquiry of the Paying Agent.

     Pursuant to the terms of the Agreement, the Paying Agent will distribute from funds in the
Certificate Account the amount specified in the Agreement on the 25th day of each month or, if such
25th day is not a Business Day, the Business Day immediately following (the “Distribution Date”),
commencing on the Initial Distribution Date.

     Distributions on this Certificate will be made in the manner specified in the Agreement.
Notwithstanding the above, the final distribution on this Certificate will be made after due notice
by the Paying Agent of the pendency of such distribution, and only upon presentation and surrender
of this Certificate at the office of the Paying Agent specified in such notice of final
distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund for payment hereunder and that neither the Trustee nor the Paying Agent is liable to the
Holders for any amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of

E-1-3

 

the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor,
the Servicer, the Paying Agent and the Trustee may treat the Person
in whose name any Certificate is registered as the owner of such Certificate and the Percentage Interest in the Trust
Fund evidenced thereby for the purpose of receiving distributions pursuant to the Agreement and for
all other purposes whatsoever, and neither the Depositor, the Servicer, the Paying Agent nor the
Trustee will be affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee
in the manner specified in the Agreement.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”).

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate in the manner specified in the Agreement; provided, however, that in no event shall the
trust created by the Agreement continue beyond 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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

E-1-4

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: April 26, 2007	 	CHASE MORTGAGE FINANCE
CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

E-1-5

 

	 	 	 	 	 
	Dated: April 26, 2007	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.
as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

E-1-6

 

[FORM OF ASSIGNMENT]

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

 

 

(Please Print or Type Name and Address of Assignee)

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                                   
              Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the
premises.

Dated:

	 	 	 
	(Signature guaranty)
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Certificate in every
particular, without alteration or enlargement
or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

E-1-7

 

EXHIBIT F

FORM OF CLASS A-R CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN
MULTIPLE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN
SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

THIS CERTIFICATE IS PAYABLE SOLELY FROM THE ASSETS OF THE TRUST FUND, AND DOES NOT REPRESENT AN
OBLIGATION OF OR INTEREST IN CHASE MORTGAGE FINANCE CORPORATION (THE “DEPOSITOR”), JPMORGAN CHASE
BANK, N.A. (THE “SERVICER”) OR THE TRUSTEE REFERRED TO BELOW OR ANY OF THEIR AFFILIATES. NEITHER
THIS CERTIFICATE, THE REMIC RESIDUAL INTEREST REPRESENTED HEREBY NOR THE UNDERLYING MORTGAGE LOANS
ARE GUARANTEED OR INSURED BY THE DEPOSITOR, THE SERVICER, THE TRUSTEE OR BY ANY OF THEIR AFFILIATES
OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE DEPOSITOR AND THE TRUSTEE SHALL HAVE
RECEIVED A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH
TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN
SUBJECT TO ANY PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS
THAT ARE SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A
“PLAN”), AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF, OR WITH
ANY ASSETS OF ANY SUCH PLAN.

TRANSFERABILITY OF THIS CERTIFICATE IS RESTRICTED UNDER THE PROVISIONS OF THE AGREEMENT.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY INQUIRY OF THE PAYING AGENT.

F-1

 

CLASS A-R CERTIFICATE

	 	 	 
	Number: 07-2-A-R-1

	 	Original Denomination:
	 

	 	$100.00 
	 
	 	 
	Cut-off Date: April 1, 2007

	 	Final Scheduled
	 

	 	Distribution Date: May 25, 2037
	 
	 	 
	Initial Distribution Date:

May 25, 2007

	 	Aggregate Original Principal
Balance of Class A-R
Certificate: $100.00 
	 
	 	 
	Certificate Rate: N/A

	 	CUSIP:
	 
	 	 
	Registered Owner:
	 	 

CHASEFLEX TRUST SERIES 2007-2

MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATE

     This certifies that the Registered Owner identified above is the registered owner of the
ownership interest (the “Ownership Interest”) evidenced by this Certificate in certain
distributions with respect to a pool of Mortgage Loans formed and sold by Chase Mortgage Finance
Corporation (the “Depositor”), and certain other property held in trust for the benefit of
Certificateholders (collectively, the “Trust Fund”), as described in the Agreement. The Mortgage
Loans are serviced by JPMorgan Chase Bank, N.A. (the “Servicer”) and are secured by liens on the
Mortgaged Properties. The Trust Fund was created pursuant to a Pooling and Servicing Agreement
(the “Agreement”), dated as of the Cut-off Date among the Depositor, the Servicer, the Custodian
and The Bank of New York Trust Company, N.A., as Paying Agent and Trustee.

     This Certificate is one of a duly authorized issue of Certificates, as designated above, and
is issued under and is subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which
Agreement such Holder is bound. Anyone acquiring this Certificate may ascertain its current
Principal Balance or Notional Amount, as applicable, by inquiry of the Paying Agent.

     Pursuant to the terms of the Agreement, the Paying Agent will distribute from funds in the
Certificate Account the amount specified in the Agreement on the 25th day of each month or, if such
25th day is not a Business Day, the Business Day immediately following (the “Distribution Date”),
commencing on the Initial Distribution Date.

     Distributions on this Certificate will be made in the manner specified in the Agreement.
Notwithstanding the above, the final distribution on this Certificate will be made after due notice
by the Paying Agent of the pendency of such distribution, and only upon presentation and

F-2

 

surrender of this Certificate at the office of the Paying Agent specified in such notice of
final distribution.

     The Paying Agent will cause to be kept at its Agency & Trust Office in New York, New York, or
at the office of its designated agent, a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Paying Agent will provide for the registration of Certificates
and of transfers and exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Paying Agent, maintained for such purpose, the Paying
Agent will, subject to the limitations set forth in the Agreement, authenticate and deliver, in the
name of the designated transferee or transferees, a Certificate of a like class and dated the date
of authentication by the Authenticating Agent.

     The Holder, by its acceptance of this Certificate, agrees that it will look solely to the
Trust Fund for payment hereunder and that neither the Trustee nor the Paying Agent is liable to the
Holders for any amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     No service charge will be made to the Holder for any transfer or exchange of the Certificate,
but the Paying Agent may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate. Prior
to due presentation of a Certificate for registration of transfer, the Depositor, the Servicer, the
Paying Agent and the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund evidenced thereby for
the purpose of receiving distributions pursuant to the Agreement and for all other purposes
whatsoever, and neither the Depositor, the Servicer, the Paying Agent nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the Servicer and the Trustee
in the manner specified in the Agreement.

     The Agreement provides that the Trust Fund will elect to be treated as one or more “real
estate mortgage investment conduits” for federal income tax purposes (each, a “REMIC”).

     The respective obligations and responsibilities of the Depositor, the Servicer (except the
duty to pay the Trustee’s fees and expenses and indemnification hereunder) and the Trustee shall
terminate in the manner specified in the Agreement; provided, however, that in no event shall the
trust created by the Agreement continue beyond 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.

     Unless the certificate of authentication has been executed by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be
valid for any purpose.

F-3

 

     IN WITNESS WHEREOF, the Depositor has caused this Certificate to be duly executed.

	 	 	 	 	 
	Dated: April 26, 2007	 	CHASE MORTGAGE FINANCE
CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

F-4

 

	 	 	 	 	 
	Dated: April 26, 2007	 	CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 
	 	 	This is one of the
Certificates referred to
in the within-mentioned
Agreement.
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.
as Authenticating Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

F-5

 

[FORM OF ASSIGNMENT]

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

 

 

(Please Print or Type Name and Address of Assignee)

 

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

                                                                    
             Attorney to transfer the within Certificate on the books
kept for the registration thereof, with full power of substitution in the
premises.

Dated:

	 	 	 
	(Signature guaranty)
	 	 
	 

	 	 
	 

	 	NOTICE: The signature to this assignment must
correspond with the name as it appears upon the
face of the within Certificate in every
particular, without alteration or enlargement
or any change whatever.

(*This information, which is voluntary, is being requested to ensure that the assignee will not be
subject to backup withholding under Section 3406 of the Code.)

F-6

 

EXHIBIT G

FORM OF TRUSTEE CERTIFICATION

[DATE]

     The Bank of New York Trust Company, N.A., as trustee (the “Trustee”) under the Pooling and
Servicing Agreement dated as of April 1, 2007 (the “Agreement”) among Chase Mortgage Finance
Corporation (the “Company”), the Trustee, the Paying Agent and JPMorgan Chase Bank, N.A., regarding
ChaseFlex Trust, Series 2007-2, hereby certifies that, except as noted in the Exception Report:

     1. The Trustee or the Custodian on behalf of the Trustee took the Mortgage Notes and other
property in the Trust Fund in good faith for value and without notice or knowledge (i) of any
adverse claims, liens or encumbrances, (ii) that any Mortgage Note was overdue or had been
dishonored or subject to any security interest or other right or interest therein, or (iii) of any
defense against or claim to the Mortgage Notes or other property in the Trust Fund on the part of
any entity;

     2. The Trustee or the Custodian on behalf of the Trustee received actual possession of the
Mortgage Notes; and

     3. The Trustee or the Custodian on behalf of the Trustee took possession of the Mortgage Notes
in the ordinary course of its business.

     Capitalized words used herein shall have the respective meanings assigned to them in the
Agreement.

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

G-1

 

     IN WITNESS WHEREOF, the undersigned executed this Trustee’s Certificate as of the 26th day of
April, 2007.

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

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

G-2

 

EXHIBIT H

FORM OF INVESTMENT LETTER

(Accredited Investor)

[DATE]

JPMorgan Chase Bank, N.A.

1111 Polaris Parkway

Columbus, Ohio 43240

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

J.P. Morgan Securities Inc.

270 Park Avenue, 7th Floor

New York, New York 10017

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/CFLX 2007-2

			
		 	Re: ChaseFlex Trust Series 2007-2, Multi-Class Mortgage
Pass-Through Certificates, Series 2007-2, [Class CE- ]

Ladies and Gentlemen:

     _______________(the “Purchaser”) intends to purchase from
_______________(the
“Transferor”) $_______________by original principal balance (the “Transferred Certificates”) of ChaseFlex
Trust Series 2007-2, Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, [Class CE- ]
(the “Certificates”), issued pursuant to a pooling and servicing agreement, dated as of April 1,
2007 (the “Pooling and Servicing Agreement”), among Chase Mortgage Finance Corporation (the
“Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer and custodian, The Bank of New York
Trust Company, N.A., as paying agent and The Bank of New York Trust Company, N.A., as trustee (the
“Trustee”). [The Purchaser intends to register the Transferred Certificate in the name of
_______________, as nominee for _______________.] All terms used and not otherwise defined
herein shall have the meanings set forth in the Pooling and Servicing Agreement.

     For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Purchaser certifies, represents and warrants to, and covenants with, the
Depositor and the Trustee that:

H-1

 

     1. The Purchaser understands that (a) the Certificates have not been registered or qualified
under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any
state, (b) neither the Depositor nor the Trustee is required, and neither of them intends, to so
register or qualify the Certificates, (c) the Certificates cannot be resold unless (i) they are
registered and qualified under the Securities Act and the applicable state securities laws or (ii)
an exemption from registration and qualification is available and (d) the Pooling and Servicing
Agreement contains restrictions regarding the transfer of the Certificates.

     2. The Certificates will bear a legend to the following effect:

	 	 	THIS CLASS CE CERTIFICATE HAS NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
OR TRANSFERRED UNLESS IT IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT
FROM REGISTRATION UNDER SUCH ACT OR UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 4.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.
	 
	 	 	[THIS LEGEND WILL APPEAR ON THE CERTIFICATE ONLY IF SUCH CERTIFICATE IS AN ERISA
RESTRICTED CERTIFICATE.] NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE
DEPOSITOR SHALL HAVE RECEIVED (A) A REPRESENTATION LETTER FROM THE TRANSFEREE OF
THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), OR A PLAN SUBJECT TO ANY PROVISIONS UNDER ANY
FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”)
(COLLECTIVELY, A “PLAN”), AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS
CERTIFICATE FOR, ON BEHALF OF OR WITH ANY ASSETS OF ANY SUCH PLAN, (B) IF THE
CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, A
REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY
THAT IS ACQUIRING THE CERTIFICATE WITH ASSETS OF AN “INSURANCE COMPANY GENERAL
ACCOUNT” AS DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION CLASS EXEMPTION
(“PTCE”) 95-60 AND THE ACQUISITION AND HOLDING OF THE CERTIFICATE ARE COVERED AND
EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60 OR (C) SOLELY IN THE CASE OF A
DEFINITIVE CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE DEPOSITOR, AND
UPON WHICH THE DEPOSITOR SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
ACQUISITION AND HOLDING OF THIS CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT
CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE
OR A VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE, THE DEPOSITOR OR THE
SERVICER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN BY SUCH ENTITIES IN THE
POOLING AND SERVICING AGREEMENT, WHICH

H-2

 

	 	 	OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE DEPOSITOR OR THE
SERVICER.

     3. The Purchaser is acquiring the Transferred Certificates for its own account [for investment
only]*/ and not with a view to or for sale or other transfer in connection with any distribution of
the Transferred Certificates in any manner that would violate the Securities Act or any applicable
state securities laws, subject, nevertheless, to the understanding that disposition of the
Purchaser’s property shall at all times be and remain within its control.

     4. The Purchaser (a) is a substantial, sophisticated institutional investor having such
knowledge and experience in financial and business matters, and in particular in such matters
related to securities similar to the Certificates, such that it is capable of evaluating the merits
and risks of investment in the Certificates, (b) is able to bear the economic risks of such an
investment and (c) is an “accredited investor” within the meaning of Rule 501(a) promulgated
pursuant to the Securities Act.

     5. The Purchaser will not nor has it authorized nor will it authorize any Person to (a) offer,
pledge, sell, dispose of or otherwise transfer any Certificate, any interest in any Certificate or
any other similar security to any Person in any manner, (b) solicit any offer to buy or to accept a
pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any
other similar security from any person in any manner, (c) otherwise approach or negotiate with
respect to any Certificate, any interest in any Certificate or any other similar security with any
person in any manner, (d) make any general solicitation by means of general advertising or in any
other manner, or (e) take any other action, that would constitute a distribution of any Certificate
under the Securities Act or the Investment Company Act of 1940, as amended (the “1940 Act”), that
would render the disposition of any Certificate a violation of Section 5 of the Securities Act or
any state securities law, or that would require registration or qualification pursuant thereto.
Neither the Purchaser nor anyone acting on its behalf has offered the Certificates for sale or made
any general solicitation by means of general advertising or in any other manner with respect to the
Certificates. The Purchaser will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing Agreement.

     6. If the Purchaser is acquiring ERISA Restricted Certificates, the Purchaser is not a Plan
and is not acquiring the ERISA Restricted Certificates for, on behalf of or with any assets of any
such Plan, except as may be permitted in accordance with Section 4.02(d) of the Pooling and
Servicing Agreement.

     7. Prior to the sale or transfer by the Purchaser of any of the Certificates, the Purchaser
will obtain from any subsequent purchaser substantially the same certifications, representations,
warranties and covenants contained in the foregoing paragraphs and in this letter or a letter
substantially in the form of Exhibit I to the Pooling and Servicing Agreement.

     8. The Purchaser agrees to indemnify the Trustee, the Servicer and the Depositor against any
liability that may result from any misrepresentation made herein.

     9. The Purchaser has received such information as Purchaser deems necessary in order to make
its investment decision.

 

			
	*/	 	Not required of a broker/dealer purchaser.

H-3

 

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[PURCHASER]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

H-4

 

EXHIBIT I

FORM OF RULE 144A INVESTMENT LETTER

(Qualified Institutional Buyer)

[DATE]

JPMorgan Chase Bank, N.A.

1111 Polaris Parkway

Columbus, Ohio 43240

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

J.P. Morgan Securities Inc.

270 Park Avenue, 7th Floor

New York, New York 10017

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/CFLX 2007-2

			
	Re:	 	ChaseFlex Trust Series 2007-2, Multi-Class Mortgage
Pass-Through Certificates, Series 2007-2, [Class CE- ]

Ladies and Gentlemen:

     _______________(the “Purchaser”) intends to purchase from
_______________(the
“Transferor”) $_______________by original principal balance (the “Transferred Certificates”) of ChaseFlex
Trust Series 2007-2, Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, [Class CE-]
(the “Certificates”), issued pursuant to a pooling and servicing agreement, dated as of April 1,
2007 (the “Pooling and Servicing Agreement”), among Chase Mortgage Finance Corporation (the
“Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer (the “Servicer”) and custodian, The
Bank of New York Trust Company, N.A., as paying agent and The Bank of New York Trust Company, N.A.,
as trustee (the “Trustee”). [The Purchaser intends to register the Transferred Certificate in the
name of _______________, as nominee for _______________.] All terms used and not otherwise
defined herein shall have the meanings set forth in the Pooling and Servicing Agreement.

     For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Purchaser certifies, represents and warrants to, and covenants with, the
Depositor and the Trustee that:

I-1

 

In connection with our acquisition of the above Transferred 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 Transferred
Certificates and all matters relating thereto or any additional information deemed necessary to our
decision to purchase the Transferred Certificates, (d) solely with respect to an ERISA Restricted
Certificate, we (A) are not an employee benefit plan within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) or a plan subject to any provisions under
any federal, state, local, non-U.S. or other laws or regulations that are substantively similar to
the foregoing provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”), and is not
directly or indirectly acquiring the Certificate for, on behalf of or with any assets of any such
Plan, (B) if the Certificate has been the subject of an ERISA-Qualifying Underwriting, are an
insurance company that is acquiring the Certificate with assets of an “insurance company general
account” as defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”),
and the acquisition and holding of the Certificate are covered and exempt under Sections I and III
of PTCE 95-60, or (C) solely in the case of a Definitive Certificate, will deliver herewith an
Opinion of Counsel satisfactory to the Depositor and the Trustee, and upon which the Depositor and
the Trustee shall be entitled to rely, to the effect that the acquisition and holding of this
Certificate by the prospective transferee will not constitute or result in a nonexempt prohibited
transaction under ERISA or the Code or a violation of Similar Law and will not subject the Trustee,
the Depositor or the Servicer to any obligation in addition to those undertaken by such entities in
the Pooling and Servicing Agreement, which Opinion of Counsel shall not be an expense of the
Trustee, the Depositor or the Servicer,(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 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 one of the forms of certification to that effect attached hereto as Annex 1 or Annex 2.
We are aware that the sale of the Transferred Certificates to us is being made in reliance on Rule
144A. We are acquiring the Transferred Certif
icates 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 by us, based upon certifications of such purchaser or
information we have in our possession, 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. We have received such information as we deem
necessary in order to make our investment decision.

I-2

 

     We agree to indemnify the Trustee, the Servicer and the Depositor against any liability that
may result from any misrepresentation made herein.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[PURCHASER]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

I-3

 

ANNEX 1

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:

     1. As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice
President or other executive officer of the Buyer.

     2. In connection with the 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 $_______________*/ 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 Federal, 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 such institution 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, as amended.

 

			
	*	 	Buyer must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Buyer is a
dealer, and, in that case, Buyer must own and/or invest on a discretionary basis at least $10,000,000 in securities.

I-4

 

	 	—	 	Insurance Company. The Buyer is an insurance company
whose primary and predominant business activity is the writing of insurance or
the reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar official or
agency of the 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, as amended.
	 
	 	—	 	Investment Advisor. The Buyer is an investment advisor
registered under the Investment Advisors Act of 1940, as amended.
	 
	 	—	 	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, as
amended.
	 
	 	—	 	Business Development Company. Buyer is a business
development company as defined in Section 202(a)(22) of the Investment Advisors
Act of 1940, as amended.

     3. The term “securities” as used for purposes of the calculation of the dollar amount
in paragraph 2 excludes: (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.

     4. 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.

     5. 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.

     6. 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 as

I-5

 

provided above, the Buyer agrees that it will furnish to such parties updated annual financial
statements promptly after they become available.

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

I-6

 

ANNEX 2

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.

     2. In connection with purchases by Buyer, the Buyer is a “qualified institutional buyer” as
defined in 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).

     3. 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).

     4. 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 agreements, (vi)
securities owned but subject to a repurchase agreement and (vii) currency, interest rate and
commodity swaps.

     5. The Buyer is familiar with Rule 144A and understands that the parties listed in the Rule
144A Transferee Certificate to which this certification relates are relying and will continue to
rely on the

I-7

 

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.

     6. 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.

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	IF AN ADVISER:
	 
	 	 	 	 
	 	 	 
	 	 	Print Name of Buyer
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

I-8

 

EXHIBIT J

FORM OF SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT

     This SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT (the “Agreement”) is made and entered
into as of [DATE], between JPMorgan Chase Bank, N.A., (the “Company”) and _______________
(the “Purchaser”).

PRELIMINARY STATEMENT

     _______________(the “Owner”) is the holder of the entire interest in ChaseFlex Trust
Series 2007-2, Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, Class [ ] (the
“Class [ ] Certificates”). The Class [ ] Certificates were issued pursuant to a Pooling and
Servicing Agreement dated as of April 1, 2007 (the “Pooling and Servicing Agreement”) among Chase
Mortgage Finance Corporation, (the “Company”), JPMorgan Chase Bank, N.A., as servicer (the
“Servicer”), JPMorgan Chase Bank, N.A., as custodian, (the “Custodian”), The Bank of New York Trust
Company, N.A., as paying agent (the “Paying Agent”) and The Bank of New York Trust Company, N.A.,
as trustee (the “Trustee”).

     The Owner intends to resell all of the Class [ ] Certificates directly to the Purchaser on
or promptly after the date hereof.

     In connection with such sale, the parties hereto have agreed that the Company, as Servicer,
will engage in certain special servicing procedures relating to foreclosures for benefit of the
Purchaser, and that the Purchaser will deposit funds in a collateral fund to cover any losses
attributable to such procedures as well as all advances and costs in connection therewith, as set
forth herein.

     In consideration of the mutual agreements herein contained, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Purchaser agree to the following:

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:

     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 are required or authorized by law or executive order
to be closed.

     Collateral Fund: The fund established and maintained pursuant to Section 3.01 hereof.

     Collateral Fund Permitted Investments: Either: (i) obligations of, or obligations
fully guaranteed as to principal and interest by, the United States, or any agency or
instrumentality thereof, provided such obligations are backed by the full faith and credit of the
United States, (ii) a money market fund rated in the highest rating category by a nationally
recognized rating agency selected by the Company, (iii) cash, (iv) mortgage pass-through
certificates issued or guaranteed by GNMA, FNMA or FHLMC, (v) commercial paper (including both
non-interest bearing discount obligations and interest bearing

J-1

 

obligations payable on demand or on a specified date), the issuer of which may be an affiliate
of the Company, having at the time of such investment a rating of at least Prime-1 by Moody’s
Investors Service, Inc. (“Moody’s”) or at least D-1 by Fitch Ratings and (vi) demand and time
deposits in, certificates of deposit of, any depository institution or trust company (which may be
an affiliate of the Company) incorporated under the laws of the United States of America or any
state thereof and subject to supervision and examination by federal and/or state banking
authorities, so long as at the time of such investment either (x) the long-term debt obligations of
such depository institution or trust company have a rating of at least Aa by Moody’s or at least AA
by Fitch Ratings or (y) the certificate of deposit or other unsecured short-term debt obligations
of such depository institution or trust company have a rating of at least A-1 by Fitch Ratings or
Prime-1 by Moody’s and, for each of the preceding clauses (i), (iv), (v) and (vi), the maturity
thereof shall be not later than the earlier to occur of (A) 30 days from the date of the related
investment and (B) the next succeeding Distribution Date.

     Commencement of Foreclosure: The first official action required under local law in
order to commence foreclosure proceedings or to schedule a trustee’s sale under a deed of trust,
including (i) in the case of a mortgage, any filing or service of process necessary to commence an
action to foreclose, or (ii) in the case of a deed of trust, the posting, publishing, filing or
delivery of a notice of sale, but not including in either case (x) any notice of default, notice of
intent to foreclose or sell or any other action prerequisite to the actions specified in (i) or
(ii) above and upon the consent of the Purchaser which will be deemed given unless expressly
withheld within two Business Days of notification, (y) the acceptance of a deed-in-lieu of
foreclosure (whether in connection with a sale of the related property or otherwise) or (z)
initiation and completion of a short pay-off.

     Current Appraisal: With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, an appraisal of the related Mortgaged Property (or
Underlying Mortgaged Property, in the case of a Co-op Loan), obtained by the Purchaser at its
expense from an appraiser (which shall not be an affiliate of the Purchaser) acceptable to the
Company as nearly contemporaneously as practicable to the time of the Purchaser’s election,
prepared based on the Company’s customary requirements for such appraisals.

     Election to Delay Foreclosure: Any election by the Purchaser to delay the
Commencement of Foreclosure, made in accordance with Section 2.02(b).

     Election to Foreclose: Any election by the Purchaser to proceed with the Commencement
of Foreclosure, made in accordance with Section 2.03(a).

     Required Collateral Fund Balance: As of any date of determination, an amount equal to
the aggregate of all amounts previously required to be deposited in the Collateral Fund pursuant to
Section 2.02(d) (after adjustment for all withdrawals and deposits pursuant to Section 2.02(e)) and
Section 2.03(b) (after adjustment for all withdrawals and deposits pursuant to Section 2.03(c)) and
Section 3.03 to be reduced by all withdrawals therefrom pursuant to Section 2.02(g) and Section
2.03(d).

     Section 1.02. Definitions Incorporated by Reference.

     All capitalized terms not otherwise defined in this Agreement shall have the meanings assigned
in the Pooling and Servicing Agreement.

J-2

 

ARTICLE II

SPECIAL SERVICING PROCEDURES

     Section 2.01 Reports and Notices.

     1. In connection with the performance of its duties under the Pooling and Servicing Agreement
relating to the realization upon defaulted Mortgage Loans, the Company, as Servicer, shall provide
to the Purchaser the following notices and reports:

	 	(a)	 	Within five Business Days after each Distribution Date (or
included in or with the monthly statement to Certificateholders pursuant to the
Pooling and Servicing Agreement), the Company shall provide to the Purchaser a
report indicating for the Trust the number of Mortgage Loans that are (A)
thirty days, (B) sixty days, (C) ninety days or more delinquent or (D) in
foreclosure, and indicating for each such Mortgage Loan the outstanding
principal balance.
	 
	 	(b)	 	Prior to the Commencement of Foreclosure in connection with any
Mortgage Loan, the Company shall provide the Purchaser with a notice (sent by
telecopier) of such proposed and imminent foreclosure, stating the loan number
and the aggregate amount owing under the Mortgage Loan.

     2. If requested by the Purchaser, the Company shall make its servicing personnel available
(during their normal business hours) to respond to reasonable inquiries by the Purchaser in
connection with any Mortgage Loan identified in a report under subsection (a)(i)(B), (a)(i)(C),
(a)(i)(D) or (a)(ii) which has been given to the Purchaser; provided, that (1) the Company shall
only be required to provide information that is readily accessible to its servicing personnel and
is non-confidential and (2) the Company shall not be required to provide any written information
under this subsection.

     3. In addition to the foregoing, the Company shall provide to the Purchaser such information
as the Purchaser may reasonably request concerning each Mortgage Loan that is at least sixty days
delinquent and each Mortgage Loan which has become real estate owned, through the final liquidation
thereof; provided that the Company shall only be required to provide information that is readily
accessible to its servicing personnel and is non-confidential.

	 	(a)	 	With respect to all Mortgage Loans which are serviced at any
time by the Company through a Subservicer, the Company shall be entitled to
rely for all purposes hereunder, including for purposes of fulfilling its
reporting obligations under this Section 2.01 on the accuracy and completeness
of any information provided to it by the applicable Subservicer.

     Section 2.02 Purchaser’s Election to Delay Foreclosure Proceedings.

     1. The Purchaser directs the Company that in the event that the Company does not receive
written notice of the Purchaser’s election pursuant to subsection (b) below within 24 hours
(exclusive of any intervening non-Business Days) of transmission of the notice provided by
the Company under Section 2.01(a)(ii), subject to extension as set forth in Section 2.02(b), the
Company shall proceed with the Commencement of Foreclosure in respect of such Mortgage Loan in
accordance with its normal foreclosure policies without further notice to the Purchaser. Any
foreclosure that has been initiated may be discontinued (i) without notice to the Purchaser, if the
Mortgage Loan has been brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff approved by the Company) (ii) with notice to
the Purchaser if the Company has reached the terms of a forbearance agreement with the borrower.
In such latter case the Company may complete such

J-3

 

forbearance agreement unless instructed otherwise by the Purchaser within one Business Day of
notification.

     2. In connection with any Mortgage Loan with respect to which a notice under Section
2.01(a)(ii) has been given to the Purchaser, the Purchaser may elect, for reasonable cause as
determined by the Purchaser, to instruct the Company to delay the Commencement of Foreclosure until
such term as the Purchaser determines that the Company may proceed with the Commencement of
Foreclosure. Such election must be evidenced by written notice received within 24 hours (exclusive
of any intervening non-Business Days) of transmission of the notice provided by the Company under
Section 2.01(a)(ii). Such 24 hour period shall be extended for no longer than an additional four
Business Days after the receipt of the information if the Purchaser requests additional information
related to such foreclosure; provided, however that the Purchaser will have at least one Business
Day to respond to any requested additional information. Any such additional information shall (i)
not be confidential in nature and (ii) be obtainable by the Company from existing reports,
certificates or statements or otherwise be readily accessible to its servicing personnel. The
Purchaser agrees that it has no right to deal with the Mortgagor. If the Company’s normal
foreclosure policy includes acceptance of a deed-in-lieu of foreclosure or short payoff, the
Purchaser will be notified and given one Business Day to respond.

     3. With respect to any Mortgage Loan as to which the Purchaser has made an Election to Delay
Foreclosure, the Purchaser shall obtain a Current Appraisal as soon as practicable, and shall
provide the Company with a copy of such Current Appraisal.

     4. Within two Business Days of making any Election to Delay Foreclosure, the Purchaser shall
remit by wire transfer to the Company, for deposit in the Collateral Fund, an amount, as calculated
by the Company, equal to the sum of (i) 125% of the greater of the outstanding Principal Balance of
the Mortgage Loan and the value shown in the Current Appraisal referred to in subsection (c) above
(or, if such Current Appraisal has not yet been obtained, the Company’s estimate thereof, in which
case the required deposit under this subsection shall be adjusted upon obtaining of such Current
Appraisal), and (ii) three months’ interest on the Mortgage Loan at the applicable Mortgage Rate.
If any Election to Delay Foreclosure extends for a period in excess of three months (such excess
period being referred to herein as the “Excess Period”), the Purchaser shall remit by wire transfer
in advance to the Company for deposit in the Collateral Fund the amount, as calculated by the
Company, equal to interest on the Mortgage Loan at the applicable Mortgage Rate for the Excess
Period. The terms of this Agreement shall no longer apply to the servicing of any Mortgage Loan
upon the failure of the Purchaser to deposit the above amounts relating to the Mortgage Loan within
two Business Days of the Election to Delay Foreclosure.

     5. With respect to any Mortgage Loan as to which the Purchaser has made an Election to Delay
Foreclosure, the Company may withdraw from the Collateral Fund from time to time amounts necessary
to reimburse the Company for all Advances and Liquidation Expenses thereafter made by the Company
as Servicer in accordance with the Pooling and Servicing Agreement. To the extent that the amount
of any such Liquidation Expense is determined by the Company based on estimated costs, and the
actual costs are subsequently determined to be higher, the Company may withdraw the additional
amount from the Collateral Fund. In the event that the Mortgage Loan is brought current by the
Mortgagor and the foreclosure action is discontinued, the amounts so withdrawn from the Collateral
Fund shall be redeposited therein as and to the extent that reimbursement therefor from amounts
paid by the Mortgagor is not prohibited pursuant to the Pooling and Servicing Agreement. Except as
provided in the preceding sentence, amounts withdrawn from the Collateral Fund to cover Advances
and Liquidation Expenses shall not be redeposited therein or otherwise reimbursed to the Purchaser.
If and when any such Mortgage Loan is brought current by the Mortgagor, all amounts remaining in
the Collateral Fund in respect of such

J-4

 

Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to this subsection)
shall be released to the Purchaser.

     6. With respect to any Mortgage Loan as to which the Purchaser has made an Election to Delay
Foreclosure, the Company shall continue to service the Mortgage Loan in accordance with its
customary procedures (other than the delay in Commencement of Foreclosure as provided herein). If
and when the Purchaser shall notify the Company that it believes that it is appropriate to do so,
the Company shall proceed with the Commencement of Foreclosure. In any event, if the Mortgage Loan
is not brought current by the Mortgagor by the time the loan becomes 6 months delinquent, the
Purchaser’s election shall no longer be effective and at the Purchaser’s option, either (i) the
Purchaser shall purchase the Mortgage Loan from the Trust Fund at a purchase price equal to the
fair market value as shown on the Current Appraisal, to be paid by (x) applying any balance in the
Collateral Fund to such purchase price, and (y) to the extent of any deficiency, by wire transfer
of immediately available funds to the Company or Trustee; or (ii) the Company shall proceed with
the Commencement of Foreclosure.

     7. Upon the occurrence of a liquidation with respect to any Mortgage Loan as to which the
Purchaser made an Election to Delay Foreclosure and as to which the Company proceeded with the
Commencement of Foreclosure in accordance with subsection (f) above, the Company shall calculate
the amount, if any, by which the value shown on the Current Appraisal obtained under subsection (c)
exceeds the actual sales price obtained for the related Mortgaged Property (or stock allocated to a
dwelling unit in the case of a Co-op Loan) (net of Liquidation Expenses and accrued interest
related to the extended foreclosure period), and the Company shall withdraw the amount of such
excess from the Collateral Fund, shall remit the same to the Trust Fund and in its capacity as
Servicer shall apply such amount as additional Liquidation Proceeds pursuant to the Pooling and
Servicing Agreement. After making such withdrawal, all amounts remaining in the Collateral Fund in
respect of such Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to
subsection (e)) shall be released to the Purchaser.

     Section 2.03 Purchaser’s Election to Commence Foreclosure Proceedings.

     1. In connection with any Mortgage Loan identified in a report under Section 2.01(a)(i)(B),
the Purchaser may elect, for reasonable cause as determined by the Purchaser, to instruct the
Company to proceed with the Commencement of Foreclosure as soon as practicable. Such election must
be evidenced by written notice received by the Company by 5:00 p.m., New York City time, on the
third Business Day following the delivery of such report under Section 2.01(a)(i).

     2. Within two Business Days of making any Election to Foreclose, the Purchaser shall remit to
the Company, for deposit in the Collateral Fund, an amount, as calculated by the Company, equal to
125% of the current Principal Balance of the Mortgage Loan and three months’ interest on the
Mortgage Loan at the applicable Mortgage Rate. If and when any such Mortgage Loan is brought
current by the Mortgagor, all amounts in the Collateral Fund in respect of such Mortgage Loan shall
be released to the Purchaser. The terms of this Agreement shall no longer apply to the servicing
of any Mortgage Loan upon the failure of the Purchaser to deposit the above amounts relating to the
Mortgage Loans within two Business Days at the Election to Foreclose.

     3. With respect to any Mortgage Loan as to which the Purchaser has made an Election to
Foreclose, the Company shall continue to service the Mortgage Loan in accordance with its customary
procedures (other than to proceed with the Commencement of Foreclosure as provided herein). In
connection therewith, the Company shall have the same rights to make withdrawals for Advances and
Liquidation Expenses from the Collateral Fund as are provided under Section 2.02(e), and the
Company shall make reimbursements thereto to the limited extent provided under such subsection.
The Company shall not be required to proceed with the Commencement of Foreclosure if (i) the same
is stayed as a result of the Mortgagor’s bankruptcy or is otherwise barred by applicable law, or to
the extent that all

J-5

 

legal conditions precedent thereto have not yet been complied with or (ii) the Company believes
there is a breach of representation or warranties by the Company, which may result in a repurchase
or substitution of such Mortgage Loan, or (iii) the Company reasonably believes the Mortgaged
Property (or Underlying Mortgaged Property, in the case of a Co-op Loan) may be contaminated with
or affected by hazardous wastes or hazardous substances (and the Company supplies the Purchaser
with information supporting such belief). The Company will repurchase or substitute a Mortgage
Loan pursuant to the preceding clause (ii) within the time period specified in the Pooling and
Servicing Agreement. Any foreclosure that has been initiated may be discontinued (i) without
notice to the Purchaser if the Mortgage Loan has been brought current or if a refinancing or
prepayment occurs with respect to the Mortgage Loan (including by means of a short payoff approved
by the Company), or (ii) with notice to the Purchaser if the Company has reached the terms of a
forbearance agreement unless instructed otherwise by the Purchaser within two Business Days of
notification.

     4. Upon the occurrence of a liquidation with respect to any Mortgage Loan as to which the
Purchaser made an Election to Foreclose and as to which the Company proceeded with the Commencement
of Foreclosure in accordance with subsection (c) above, the Company shall calculate the amount, if
any, by which the Principal Balance of the Mortgage Loan at the time of liquidation (plus all
unreimbursed Advances and Liquidation Expenses in connection therewith other than those paid from
the Collateral Fund) exceeds the actual sales price obtained for the related Mortgaged Property (or
stock allocated to a dwelling unit in the case of a Co-op Loan), and the Company shall withdraw the
amount of such excess from the Collateral Fund, shall remit the same to the Trust Fund and in its
capacity as Servicer shall apply such amount as additional Liquidation Proceeds pursuant to the
Pooling and Servicing Agreement. After making such withdrawal, all amounts remaining in the
Collateral Fund (after adjustment for all withdrawals and deposits pursuant to subsection (c)) in
respect of such Mortgage Loan shall be released to the Purchaser.

     Section 2.04 Termination.

     1. With respect to all Mortgage Loans included in the Trust Fund, the Purchaser’s rights to
make any Election to Delay Foreclosure or any Election to Foreclose and the Company’s obligations
under Section 2.01 shall terminate (i) at such time as the Outstanding Certificate Principal
Balance of the Class B-5 Certificates has been reduced to zero, (ii) if the greater of (x) _______________% (or
such lower or higher percentages that represents the Company’s actual historical loss experience
with respect to the Mortgage Loans in the related pool) of the aggregate principal balance of all
Mortgage Loans that are in foreclosure or are more than 90 days delinquent on a contractual basis
and REO properties or if the aggregate amount that the Company estimates will be required to be
withdrawn from the Collateral Fund with respect to Mortgage Loans as to which the Purchaser has
made an Election to Delay Foreclosure or an Election to Foreclose exceeds (z) the Outstanding
Certificate Principal Balance of the Class [ ] Certificates, or (iii) upon any transfer by the
Purchaser of any interest (other than the minority interest therein, but only if the transferee
provides written acknowledgment to the Company of the Purchaser’s right hereunder and that such
transferee will have no rights hereunder) in the Class [ ] Certificates (whether or not such
transfer is registered under the Pooling and Servicing Agreement), including any such transfer in
connection with a termination of the Trust Fund. Except as set forth above, this Agreement and the
respective rights, obligations and responsibilities of the Purchaser and the Company hereunder
shall terminate upon the later to occur of (i) the final liquidation of the last Mortgage Loan as
to which the Purchaser made any Election to Delay Foreclosure or any Election to Foreclose and the
withdrawal of all remaining amounts in the Collateral Fund as provided herein and (ii) ten (10)
Business Day’s notice.

     2. Purchaser’s rights pursuant to Section 2.02 or 2.03 of this Agreement shall terminate with
respect to a Mortgage loan as to which the Purchaser has exercised its rights under Section 2.02 or
2.03 hereof, upon Purchaser’s failure to deposit any amounts required pursuant to Section 2.02(d)
or 2.03(b).

J-6

 

     3. Neither the Servicer nor any of its directors, officers, employees or agents shall be under
any liability 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, however, that this provision shall
not protect the Servicer or any such Person against any liability which would otherwise be imposed
by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. The Servicer and any director,
officer, employee or agent thereof may rely in good faith on any document of any kind prima facie
properly executed and submitted by an Person respecting any matters arising hereunder.

ARTICLE III

COLLATERAL FUND; SECURITY INTEREST

     Section 3.01 Collateral Fund.

     1. Upon receipt from the Purchaser of the initial amount required to be deposited in the
Collateral Fund pursuant to Article 11, the Company shall establish and maintain with itself as a
segregated account on its books and records an account (the “Collateral Fund”), entitled “JPMorgan
Chase Bank, N.A., as Servicer, for the benefit of registered holders of ChaseFlex Trust Series
2007-1, Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, Class B-5.” Amounts in the
Collateral Fund shall continue to be the property of the Purchaser, subject to the first priority
security interest granted hereunder for the benefit of the Certificate holders, until withdrawn
from the Collateral Fund pursuant to Section 2.02 or 2.03 hereof.

     2. Upon the termination of this Agreement and the liquidation of all Mortgage Loans as to
which the Purchaser has made any Election to Delay Foreclosure or any Election to Foreclose
pursuant to Section 2.04 hereof, the Company shall distribute to the Purchaser all amounts
remaining in the Collateral Fund together with any investment earnings thereon.

     3. The Collateral Fund shall be an “outside reserve fund” within the meaning of the REMIC
Provisions, beneficially owned by the Purchaser, who shall report all income, gain or loss with
respect thereto. Any amounts transferred from the Trust Fund to the Collateral Fund shall be
deemed to be transferred to the Purchaser, as beneficial owner of the Collateral Fund. In no event
shall the Purchaser (i) take or cause the Trustee or the Company to take any action that could
cause any REMIC established under the Trust Agreement to fail to qualify as a REMIC or cause the
imposition on any such REMIC of any “prohibited transaction” or “prohibited contribution” taxes or
(ii) cause the Trustee or the Company to fail to take any action necessary to maintain the status
of any such REMIC as a REMIC.

     Section 3.02. Collateral Fund Permitted Investments.

     1. The Company shall, at the written direction of the Purchaser invest the funds in the
Collateral Fund in Collateral Fund Permitted Investments. Such direction shall not be changed more
frequently than quarterly. In the absence of any direction, the Company shall select such
investments in accordance with the definition of Collateral Fund Permitted Investments in its
discretion.

     2. All income and gain realized from any investment as well as any interest earned on deposits
in the Collateral Fund (net of any losses on such investments) and any payments of principal made
in respect of any Collateral Fund Permitted Investment shall be deposited in the Collateral Fund
upon receipt. All costs and realized losses associated with the purchase and sale of Collateral
Fund Permitted Investments shall be borne by the Purchaser and the amount of net realized losses
shall be deposited by the Purchaser in the Collateral Fund. The Company shall periodically (but
not more frequently than monthly) distribute to the Purchaser upon request an amount of cash, to
the extent cash is

J-7

 

available therefor in the Collateral Fund, equal to the amount by which the balance of the
Collateral Fund, after giving effect to all other distributions to be made from the Collateral Fund
on such date, exceeds the Required Collateral Fund Balance. Any amounts so distributed shall be
released from the lien and security interest of this Agreement.

     Section 3.03 Grant of Security Interest.

     1. The Purchaser grants to the Company and the Trustee for the benefit of the
Certificateholders a security interest in and lien on all of the Purchaser’s right, title and
interest, whether now owned or hereafter acquired, in and to: (1) the Collateral Fund, (2) all
amounts deposited in the Collateral Fund and Collateral Fund Permitted Investments in which such
amounts are invested (and the distributions and proceeds of such investments) and (3) all cash and
non-cash proceeds of any of the foregoing, including proceeds of the voluntary or involuntary
conversion thereof (all of the foregoing collectively, the “Collateral”).

     2. The Purchaser acknowledges the lien on and security interest in the Collateral for the
benefit of the Certificateholders. The Purchaser shall take all actions requested by the Company
or the Trustee as may be reasonably necessary to perfect the security interest created under this
Agreement in the Collateral and cause it to be prior to all other security interests and liens,
including the execution and delivery to the Company for filing of appropriate financing statements
in accordance with applicable law. The Company shall file appropriate continuation statements, or
appoint an agent on its behalf to file such statements, in accordance with applicable law.

     Section 3.04 Collateral Shortfalls.

     In the event that amounts on deposit in the Collateral Fund at any time are insufficient to
cover any withdrawals therefrom that the Company or the Trustee is then entitled to make hereunder,
the Purchaser shall be obligated to pay such amounts to the Company or the Trustee immediately upon
demand. Such obligation shall constitute a general corporate obligation of the Purchaser.

ARTICLE IV

MISCELLANEOUS PROVISIONS

     Section 4.01 Amendment.

     This Agreement may be amended from time to time by the Company and the Purchaser by written
agreement signed by the Company and the Purchaser.

     Section 4.02 Counterparts.

     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 4.03 Governing Law.

     This Agreement shall be construed in accordance with the laws of the State of New York and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws.

     Section 4.04 Notices.

J-8

 

     All demands, notices and direction hereunder shall be in writing or by telecopy and shall be
deemed effective upon receipt to:

in the case of the Company,

JPMorgan Chase Bank, N.A.

1111 Polaris Parkway

Columbus, Ohio 43240

such other address as may hereafter be furnished in writing by the Company, or

in the case of the Purchaser, with respect to notices pursuant to Section 2.01,

	 	 	 	 	 
	 	 	[PURCHASER]
	 
	 	 	 	 
	 	 	 
	 	 	[ADDRESS]
	 

	 	Attn:	 	 
	 

	 	 	 	 
	 

	 	Phone:	 	 
	 

	 	 	 	 
	 

	 	Fax:	 	 
	 

	 	 	 	 

with respect to all other notices pursuant to this Agreement,

	 	 	 	 	 
	 	 	 
	 	 	[ADDRESS]
	 

	 	Attn:	 	 
	 

	 	 	 	 
	 

	 	Phone:	 	 
	 

	 	 	 	 
	 

	 	Fax:	 	 
	 

	 	 	 	 

or such other address as may hereafter be furnished in writing by the Purchaser.

     Section 4.05 Severability of Provisions.

     If any one or more of the covenants, agreements, provisions or terms of this Agreement shall
be for any reason whatsoever, including regulatory, 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.

     Section 4.06 Successors and Assigns.

     The provisions of this Agreement shall be binding upon and inure to the benefit of the
respective successors and assigns of the parties hereto, and all such provisions shall inure to the
benefit of the Certificateholders; provided, however, that the rights under this Agreement cannot
be assigned by the Purchaser without the consent of the Company.

     Section 4.07 Article and Section Headings.

     The article and section headings herein are for convenience of reference only, and shall not
limit or otherwise affect the meaning hereof.

J-9

 

     Section 4.08 Confidentiality.

     The Purchaser agrees that all information supplied by or on behalf of the Company pursuant to
Sections 2.01 or 2.02, including individual account information, is the property of the Company and
the Purchaser agrees to hold such information confidential and not to disclose such information.

J-10

 

     IN WITNESS WHEREOF, the Company and the Purchaser have caused their names to be signed hereto
by their respective officers thereunto duly authorized, all as of the day and year first above
written.

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.
	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

J-11

 

EXHIBIT K

FORM OF CLASS A-R TRANSFEREE’S LETTER

CHASEFLEX TRUST SERIES 2007-2

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/CFLX 2007-2

Ladies and Gentlemen:

     We propose to purchase Chase Mortgage Finance Corporation’s ChaseFlex Trust Series 2007-2,
Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, Class A-R, described in the
Prospectus Supplement, dated April 25, 2007 and Prospectus, dated April 17, 2007.

     1. We certify that (a) we are not a disqualified organization, (b) we are not purchasing such
Class A-R Certificate on behalf of a disqualified organization and (c) we are not an entity that
holds such Class A-R Certificate as nominee to facilitate the clearance and settlement of such
securities through electronic book-entry changes in accounts of participating organizations; for
this purpose the term “disqualified organization” means the United States, any state or political
subdivision thereof, any foreign government, any international organization, any agency or
instrumentality of any of the foregoing (except any entity treated as other than an instrumentality
of the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code of 1986, as
amended (the “Code”)), any organization (other than a cooperative described in Section 521 of the
Code) that is exempt from taxation under the Code (unless such organization is subject to tax on
excess inclusions) and any organization that is described in Section 1381(a)(2)(C) of the Code. We
understand that any breach by us of this certification may cause us to be liable for an excise tax
imposed upon transfers to disqualified organizations.

     2. We certify that we are not an employee benefit plan subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) or a plan or arrangement subject to any
provisions under any federal, state, local, non-U.S. or other laws or regulations that are
substantively similar to the

K-1

 

foregoing provisions of ERISA or the Code (collectively, a “Plan”), and are not directly or
indirectly acquiring the Class A-R Certificate for, on behalf of or with any assets of any such
Plan.

     3. We certify that (a) we have historically paid our debts as they became due, (b) we intend,
and believe that we will be able, to continue to pay our debts as they become due in the future,
(c) we understand that, as beneficial owner of the Class A-R Certificate, we may incur tax
liabilities in excess of any cash flows generated by the Class A-R Certificate, (d) we intend to
pay any taxes associated with holding the Class A-R Certificate as they become due and (e) we will
not cause income from the Class A-R Certificate to be attributable to a foreign permanent
establishment or fixed base (within the meaning of an applicable income tax treaty) of ours or
another U.S. taxpayer.

     4. We acknowledge that we will be the beneficial owner of the Class A-R Certificate and:*/

	 	—	 	The Class A-R Certificate will be registered in our name.
	 
	 	—	 	The Class A-R Certificate will be held in the name of our nominee,
_______________, which is not a disqualified organization.

     5. Unless Chase Mortgage Finance Corporation (“CMFC”) has consented to the transfer to us by
executing the form of Consent affixed hereto as Appendix B, we certify that we are a U.S. person;
for this purpose the term “U.S. Person” means a citizen or resident of the United States, a
corporation or partnership (unless, in the case of a partnership, Treasury regulations are adopted
that provide otherwise) created or organized in or under the laws of the United States, any state
thereof or the District of Columbia, including an entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to Unites States federal income
tax regardless of its source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such U.S. Persons have
the authority to control all substantial decisions of such trust, (or, to the extent provided in
applicable Treasury regulations, certain trusts in existence on August 20, 1996 which are eligible
to elect to be treated as U.S. Persons). We agree that any breach by us of this certification
shall render the transfer of any interest in the Class A-R Certificate to us absolutely null and
void and shall cause no rights in the Class A-R Certificate to vest in us.

     6. We agree that in the event that at some future time we wish to transfer any interest in the
Class A-R Certificate, we will transfer such interest in the Class A-R Certificate only (a) to a
transferee that (i) is not a disqualified organization and is not purchasing such interest in the
Class A-R Certificate on behalf of a disqualified organization, (ii) is a U.S. person and (iii) has
delivered to CMFC a letter in the form of this letter (including the affidavit appended hereto)
and, if requested by CMFC, an opinion of counsel (in a form acceptable to CMFC) that the proposed
transfer will not cause the interest in the Class A-R Certificate to be held by a disqualified
organization or a person who is not a U.S. person or (b) with the written consent of CMFC.

     7. We hereby designate JPMorgan Chase Bank, N.A. as our fiduciary to act as the tax matters
person for the Series 2007-2 REMICs.

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 

	 	[PURCHASER]

 

			
	*/	 	Check appropriate box and if necessary fill in
the name of the Transferee’s nominee.

K-2

 

	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Accepted as of , 200_	 	 	 	 
	 
	 	 	 	 	 	 
	CHASE MORTGAGE FINANCE CORPORATION	 	 	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

K-3

 

APPENDIX A

Affidavit pursuant to (i) Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended, and
(ii) certain provisions of the Pooling and Servicing Agreement

     Under penalties of perjury, the undersigned declares that the following is true:

	 	(1)	 	He or she is an officer of _______________(the
“Transferee”),
	 
	 	(2)	 	the Transferee’s Employee Identification number is _______________,
	 
	 	(3)	 	the Transferee is not a “disqualified organization” (as defined below),
has no plan or intention of becoming a disqualified organization, and is not
acquiring any of its interest in the Chase Mortgage Finance Corporation,
Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, Class A-R on
behalf of a disqualified organization or any other entity,
	 
	 	(4)	 	unless Chase Mortgage Finance Corporation (“CMFC”) has consented to the
transfer to the Transferee by executing the form of Consent affixed as Appendix
B to the Transferee’s Letter to which this Certificate is affixed as Appendix
A, the Transferee is a “U.S. Person” (as defined below),
	 
	 	(5)	 	that no purpose of the transfer is to avoid or impede the assessment or
collection of tax,
	 
	 	(6)	 	the Transferee has historically paid its debts as they became due,
	 
	 	(7)	 	the Transferee intends, and believes that it will be able, to continue
to pay its debts as they become due in the future,
	 
	 	(8)	 	the Transferee understands that, as beneficial owner of the Class A-R
Certificate, it may incur tax liabilities in excess of any cash flows generated
by the Class A-R Certificate,
	 
	 	(9)	 	the Transferee intends to pay any taxes associated with holding the
Class A-R Certificate as they become due,
	 
	 	(10)	 	the Transferee consents to any amendment of the Pooling and Servicing
Agreement that shall be deemed necessary by CMFC (upon advice of counsel) to
constitute a reasonable arrangement to ensure that the Class A-R Certificate
will not be owned directly or indirectly by a disqualified organization, and
	 
	 	(11)	 	IF BRACKETED, THE FOLLOWING CERTIFICATIONS ARE INAPPLICABLE [the
transfer is not a direct or indirect transfer of the Class A-R Certificate to a
foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of the Transferee, and as to each of the residual
interests represented by the Class A-R Certificate, the present value of the
anticipated tax liabilities associated with holding such residual interest does
not exceed the sum of:

     the present value of any consideration given to the Transferee to acquire such residual
interest;

     the present value of the expected future distributions on such residual interest; and

     the present value of the anticipated tax savings associated with holding such residual
interest as the related REMIC generates losses.

K-4

 

For purposes of this declaration, (i) the Transferee is assumed to pay tax at a rate
equal to the highest rate of tax specified in Section 11(b)(1) of the Code, but the
tax rate specified in Section 55(b)(1)(B) of the Code may be used in lieu of the
highest rate specified in Section 11(b)(1) of the Code if the Transferee has been
subject to the alternative minimum tax under Section 55 of the Code in the preceding
two years and will compute its taxable income in the current taxable year using the
alternative minimum tax rate, and (ii) present values are computed using a discount
rate equal to the Federal short-term rate prescribed by Section 1274(d) of the Code
for the month of the transfer and the compounding period used by the Transferee;]

[Alternative (11) (A) at the time of the transfer, and at the close of each of the
Transferee’s two fiscal years preceding the year of transfer, the Transferee’s gross assets
for financial reporting purposes exceed $100 million and its net assets for financial
reporting purposes exceed $10 million; and

	 	(B)	 	the Transferee is an eligible corporation as defined in Treasury regulation Section
1.860E-1(c)(6)(i) and has agreed in writing that any subsequent transfer of the
Class A-R Certificate will be to another eligible corporation in a transaction that
satisfies Treasury regulation Sections 1.860E-1(c)(4)(i), 1.860E-1(c)(4)(ii),
1.860E-1(c)(4)(iii) and 1.860E-1(c)(5) and such transfer will not be a direct or
indirect transfer to a foreign permanent establishment (within the meaning of an
applicable income tax treaty) of a domestic corporation.
	 
	 	 	 	For purposes of this declaration, (i) the gross assets and net assets of the
Transferee do not include any obligation of any related person (as defined in
Treasury regulation section 1.860E-1(c)(6)(ii)) or any other asset if a principal
purpose for holding or acquiring the other asset is to permit the Transferee to make
this declaration or to satisfy the requirements of Treasury regulation section
1.860E-1(c)(5)(i);]

[Alternative (11) Intentionally left blank;]

     (12) the Transferee represents that it will not cause income from the Class A-R Certificate to
be attributable to a foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of the Transferee or another U.S. taxpayer;

For purpose of this affidavit, the term “disqualified organization” means the United
States, any state or political subdivision thereof, any foreign government, any
international organization, any agency or instrumentality of any of the foregoing
(except any entity treated as other than an instrumentality of the foregoing for
purposes of Section 168(h)(2)(D) of the Internal Revenue Code of 1986, as amended
(the “Code”)), any organization (other than a cooperative described in Section 521
of the Code) that is exempt from taxation under the Code (unless such organization
is subject to tax on excess inclusions) and any organization that is described in
Section 1381(a)(2)(C) of the Code and the term “U.S. Person” means a citizen or
resident of the United States, a corporation or partnership (unless, in the case of
a partnership, Treasury regulations are adopted that provide otherwise) created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia, including an entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to Unites States
federal income tax regardless of its source, or a trust if a court within the United
States is able to exercise primary supervision over the administration of such
trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of

K-5

 

such trust, (or, to the extent provided in applicable Treasury regulations, certain
trusts in existence on August 20, 1996 which are eligible to elect to be treated as
U.S. Persons).

K-6

 

	 	 	 	 	 
	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 	 	 
	 
	 	 	 	 
	Address of Investor for receipt of distribution:	 	 
	 
	 	 	 	 
	Address of Investor for receipt of tax information:	 	 
	 
	 	 	 	 
	(Corporate Seal)	 	 
	 
	 	 	 	 
	Attest:	 	 

	 	 	 
	 

	 	 
	 

	 	, 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 Investor, and
acknowledged to me that he executed the same as his free act and deed and the free act and deed of
the Investor.

Subscribed and sworn before me this            day of
                                        
, 200  .

	 	 	 	 
	Notary Public
	County of
	 	 
	 

	 	 	 
	State of
	 	 	 
	 

	 	 	 
	My commission expires the                      day of
                    

	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

K-7

 

APPENDIX B

CONSENT

	 	 	 
	 

	 	(Transferee)
	 	 
	 
	 
	 	 
	 	 
	 
	 
	 	 
	 	 
	 

Ladies and Gentlemen:

     Chase Mortgage Finance Corporation (“CMFC”) hereby consents to the transfer to, and
registration in the name of, the Transferee (or, if applicable, registration in the name of such
Transferee’s nominee of the Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, Class
A-R described in the Transferee’s Letter to which this Consent is appended, notwithstanding CMFC’s
knowledge that the Transferee is not a U.S. Person (as defined in such Transferee’s Letter).

	 	 	 	 	 	 	 
	 	 	 	 	CHASE MORTGAGE FINANCE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

K-8

 

EXHIBIT K-1

FORM OF CLASS A-R TRANSFEROR’S LETTER

CHASEFLEX TRUST SERIES 2007-2

[DATE]

JPMorgan Chase Bank, N.A.

Global Trust Services

Four New York Plaza

6th Floor

New York, New York 10004

The Bank of New York Trust Company, N.A., as trustee

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/CMFT 2007-2

          We propose to transfer to _______________(the “Transferee”)
Chase Mortgage Finance
Corporation’s ChaseFlex Trust Series 2007-2, Multi-Class Mortgage Pass-Through Certificates, Series
2007-2, Class A-R, described in the Prospectus Supplement, dated April 25, 2007 and Prospectus,
dated April 17, 2007. We have reviewed the attached affidavit of the Transferee, and have no actual
knowledge that such affidavit is not true, and have no reason to believe that the Transferee has
the intention to impede the assessment or collection of any federal, state or local taxes legally
required to be paid with respect to the Class A-R Certificate referred to in the attached
affidavit. In addition, we have conducted a reasonable investigation at the time of the transfer
and found that the Transferee has historically paid its debts as they came due and we found no
significant evidence to indicate that the Transferee will not continue to pay its debts as they
become due.

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 

	 	 
	 

	 	Name:
	 

	 	Title:

K-1-1

 

EXHIBIT L

REQUEST FOR RELEASE OF DOCUMENTS

			
	To:	 	JPMorgan Chase Bank, N.A.

1040 Oliver Road

Monroe, LA 71201

	 	 	 
	Re:

	 	Pooling and Servicing Agreement, dated as of April 1, 2007, by and
among Chase Mortgage Finance Corporation, JPMorgan Chase Bank, N.A. and
The Bank of New York Trust Company, N.A. relating to the issuance
of the ChaseFlex Trust Series 2007-2, Multi-Class Mortgage Pass-Through
Certificates, Series 2007-2

     In connection with the administration of the Mortgage Loans held by you, as Custodian on
behalf of the Trustee, pursuant to the above-captioned Pooling and Servicing Agreement, we request
the release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage Loan described
below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reason for Requesting Documents (check one):

	 	 	 	 	 	 	 
	                    

	 	 	1.	 	 	Mortgage Paid in Full
	                    

	 	 	2.	 	 	Foreclosure
	                    

	 	 	3.	 	 	Substitution
	                    

	 	 	4.	 	 	Other Liquidation
	                    

	 	 	5.	 	 	Nonliquidation Reason:

	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	(authorized signatory)	 	 
	 
	 	 	 	 	 	 
	 

	 	Issuer:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 

L-1

 

Custodian

JPMorgan Chase Bank, N.A.

Please acknowledge the execution of the above request by your signature and date below:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature

	 	Date
	 	 
	 
	 	 	 	 
	Documents returned to Custodian:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Custodian

	 	Date	 	 

L-2

 

EXHIBIT M

FORM OF TRANSFEREE ERISA REPRESENTATION LETTER

[DATE]

The Bank of New York Trust Company, N.A.

601 Travis, 16th Floor

Houston, TX 77002

Attn: Corporate Trust Services/CMFT 2007-2

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

			
	Re:	 	ChaseFlex Trust Series 2007-2, Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, [Class — ]

Ladies and Gentlemen:

                          (the “Purchaser”)
intends to purchase from                                    
      (the
“Transferor”) $                     by original principal balance (the “Transferred Certificate”) of ChaseFlex
Trust Series 2007-2, Multi-Class Mortgage Pass-Through Certificates, Series 2007-2, [Class -___]
(the “Certificates”), issued pursuant to a pooling and servicing agreement, dated as of April 1,
2007 (the “Pooling and Servicing Agreement”), among Chase Mortgage Finance Corporation (the
“Depositor”), JPMorgan Chase Bank, N.A. (“Chase”), as servicer (the “Servicer”) and Custodian, and
The Bank of New York Trust Company, N.A., as trustee (the “Trustee”) and paying agent. [The
Purchaser intends to register the Transferred Certificate in the name of
                                        , as
nominee for                     .] All terms used and not otherwise defined herein shall have the
meanings set forth in the Pooling and Servicing Agreement.

     For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, we hereby certify, represent and warrant to, and covenant with, the Depositor that
we:

     I. Solely in the case of ERISA Restricted Certificates, (A) are not an employee benefit plan
within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”) or a plan subject to any provisions under any federal, state, local, non-U.S. or other laws
or regulations that are substantively similar to the foregoing provisions of ERISA or the Code
(“Similar Law”) (collectively, a “Plan”), and is not directly or indirectly acquiring the
Certificate for, on behalf of or with any assets of any such Plan, (B) if the Certificate has been
the subject of an ERISA-Qualifying Underwriting, are an insurance company that is acquiring the
Certificate with assets of an “insurance company general account” as defined in Section V(e) of
Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”), and the acquisition and holding of the
Certificate are covered and exempt under Sections I and III of PTCE 95-60, or (C) solely in the
case of a Definitive Certificate, will deliver herewith an Opinion of Counsel satisfactory to the
Depositor, and upon which the Depositor shall be entitled to rely, to the effect that the
acquisition and holding of this Certificate by the prospective transferee will not constitute or

M-1

 

result in a nonexempt prohibited transaction under ERISA or the Code or a violation of Similar Law
and will not subject the Trustee, the Depositor or the Servicer to any obligation in addition to
those undertaken by such entities in the Pooling and Servicing Agreement, which Opinion of Counsel
shall not be an expense of the Trustee, the Depositor or the Servicer.

     II. Solely in the case of Certificates other than ERISA Restricted Certificates and the Class
A-R Certificate, either (i) are not, and are not acting for, on behalf of or with any assets of, an
employee benefit plan or other arrangement subject to Title I of ERISA or plan subject to Section
4975 of the Code, or (ii) until the termination of the Swap Agreement, our acquisition and holding
of the Certificate will not constitute or result in a non-exempt prohibited transaction under Title
I of ERISA or Section 4975 of the Code.

     We agree to indemnify the Trustee, the Servicer and the Depositor against any liability that
may result from any misrepresentation made herein.

M-2

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	[PURCHASER]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

M-3

 

EXHIBIT N

[RESERVED]

N-1

 

EXHIBIT O

FORM OF OFFICER’S CERTIFICATE (PAYING AGENT)

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

     Reference is made to each pooling and servicing agreement listed on Exhibit A hereto (each, an
“Agreement”) in which The Bank of New York Trust Company, N.A. has been appointed the paying agent
(the “Paying Agent”). I, [     ], an [          ] of the Paying Agent, hereby certify to Chase
Mortgage Finance Corporation (the “Depositor”), and its officers, directors and affiliates, and
with the knowledge and intent that they will rely upon this certification that:

1. The Bank of New York Trust Company, N.A. has served as Paying agent for the Depositor
during the period of time from [     ] through [     ] and the following certifications and
statements of the Paying Agent set forth below relate solely to that period of time and for
no other periods.

2. I have reviewed (i) the annual report on Form 10-K (including the exhibits provided by
the Depositor to the Paying Agent for attachment thereto) for the fiscal year [     ] (the
“Annual Report”), (ii) all reports on Form 10-D containing distribution reports filed in
respect of periods included in the year covered by that annual report, relating to each of
the trusts created pursuant to each Agreement and (iii) all reports on Form 8-K (if any)
containing information provided by the Paying Agent, required to be filed in respect of the
period covered by the Annual Report (collectively with the related reports on Form 10-D and
Form 8-K (if any), the “Reports”);

3. Based on my knowledge, the information included in the Reports, taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material fact
required by the respective pooling and servicing agreement to be included therein and
necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading as of the last day of the period covered by the
Reports; and

4. In compiling the distribution information, the Paying Agent has relied upon information
furnished to it by the Servicer under each pooling and servicing agreement. The Paying
Agent shall have no responsibility or liability for any inaccuracy in such reports resulting
from information so provided by the Servicer.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 

O-1

 

EXHIBIT P

LETTER OF REPRESENTATIONS

[INTENTIONALLY OMITTED]

P-1

 

EXHIBIT Q

[RESERVED]

Q-1

 

EXHIBIT R

SERVICING CRITERIA TO BE ADDRESSED

IN ASSESSMENT OF COMPLIANCE

(RMBS unless otherwise noted)

[TO BE UPDATED]

	 	 	 
	Definitions

	 	Key:
	Primary Servicer – transaction party having borrower contact

	 	          X - obligation

Custodian – safe keeper of certain pool assets

Trustee – fiduciary of the transaction

Paying Agent – agent of the Trustee

Where there are multiple checks for criteria the attesting party will identify in their
management assertion that they are attesting only to the portion of the distribution chain they are
responsible for in the related transaction agreements.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 

	 	General Servicing Considerations	 	 	 	 	 	 	 	 
	 
	1122(d)(1)(i)

	 	Policies and procedures are
instituted to monitor any
performance or other triggers
and events of default in
accordance with the transaction
agreements.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(1)(ii)

	 	If any material servicing
activities are outsourced to
third parties, policies and
procedures are instituted to
monitor the third party’s
performance and compliance with
such servicing activities.
	 	X
	 	If applicable

for a transaction

participant
	 	 	 	If applicable

for a

transaction

participant
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(1)(iii)

	 	Any requirements in the
transaction agreements to
maintain a back-up servicer for
the Pool Assets are maintained.
	 	X
	 	N/A
	 	N/A	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(1)(iv)

	 	A fidelity bond and errors and
omissions policy is in effect on
the party participating in the
servicing function throughout
the reporting period in the
amount of coverage required by
and otherwise in accordance with
the terms of the transaction
agreements.
	 	X	 	 	 	 	 	 

R-1

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 

	 	Cash Collection and
Administration	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(2)(i)

	 	Payments on pool assets are
deposited into the appropriate
custodial bank accounts and
related bank clearing accounts
no more than two business days
following receipt, or such other
number of days specified in the
transaction agreements.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(2)(ii)

	 	Disbursements made via wire
transfer on behalf of an obligor
or to an investor are made only
by authorized personnel.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(2)(iii)

	 	Advances of funds or guarantees
regarding collections, cash
flows or distributions, and any
interest or other fees charged
for such advances, are made,
reviewed and approved as
specified in the transaction
agreements.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(2)(iv)

	 	The related accounts for the
transaction, such as cash
reserve accounts or accounts
established as a form of over
collateralization, are
separately maintained (e.g.,
with respect to commingling of
cash) as set forth in the
transaction agreements.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(2)(v)**

	 	Each custodial account is
maintained at a federally
insured depository institution
as set forth in the transaction
agreements. For purposes of this
criterion, “federally insured
depository institution” with
respect to a foreign financial
institution means a foreign
financial institution that meets
the requirements of Rule
13k-1(b)(1) of the Securities
Exchange Act.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(2)(vi)

	 	Unissued checks are safeguarded
so as to prevent unauthorized
access.
	 	X
	 	If applicable	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(2)(vii)

	 	Reconciliations are prepared on
a monthly basis for all
asset-backed securities related
bank accounts, including
custodial accounts and related
bank clearing accounts. These
reconciliations are (A)
mathematically accurate; (B)
prepared within 30 calendar days
after the bank statement cutoff
date, or such other number of
days specified in the
transaction agreements; (C)
reviewed and approved by someone
other than the
	 	X
	 	X	 	 	 	 

R-2

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 

	 	person who
prepared the reconciliation; and
(D) contain explanations for
reconciling items. These
reconciling items are resolved
within 90 calendar days of their
original identification, or such
other number of days specified
in the transaction agreements.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Investor Remittances and
Reporting	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(3)(i)

	 	Reports to investors, including
those to be filed with the
Commission, are maintained in
accordance with the transaction
agreements and applicable
Commission requirements.
Specifically, such reports (A)
are prepared in accordance with
timeframes and other terms set
forth in the transaction
agreements; (B) provide
information calculated in
accordance with the terms
specified in the transaction
agreements; (C) are filed with
the Commission as required by
its rules and regulations; and
(D) agree with investors’ or the
trustee’s records as to the
total unpaid principal balance
and number of Pool Assets
serviced by the Servicer.
	 	X
	 	X

(not

including (c))	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(3)(ii)

	 	Amounts due to investors are
allocated and remitted in
accordance with timeframes,
distribution priority and other
terms set forth in the
transaction agreements.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(3)(iii)

	 	Disbursements made to an
investor are posted within two
business days to the Servicer’s
investor records, or such other
number of days specified in the
transaction agreements.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(3)(iv)

	 	Amounts remitted to investors
per the investor reports agree
with cancelled checks, or other
form of payment, or custodial
bank statements.
	 	X
	 	X	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Pool Asset Administration	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(i)

	 	Collateral or security on pool
assets is maintained as required
by the transaction agreements or
related pool asset documents.
	 	X
	 	 	 	 	 	X
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(ii)

	 	Pool assets and related
documents are safeguarded as
required by the transaction
agreements
	 	X
	 	 	 	 	 	X
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(iii)

	 	Any additions, removals or
substitutions to the asset pool
are
	 	X	 	 	 	 	 	 

R-3

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 

	 	made, reviewed and approved
in accordance with any
conditions or requirements in
the transaction agreements.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(iv)

	 	Payments on pool assets,
including any payoffs, made in
accordance with the related pool
asset documents are posted to
the Servicer’s obligor records
maintained no more than two
business days after receipt, or
such other number of days
specified in the transaction
agreements, and allocated to
principal, interest or other
items (e.g., escrow) in
accordance with the related pool
asset documents.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(v)

	 	The Servicer’s records regarding
the pool assets agree with the
Servicer’s records with respect
to an obligor’s unpaid principal
balance.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(vi)

	 	Changes with respect to the
terms or status of an obligor’s
pool assets (e.g., loan
modifications or re-agings) are
made, reviewed and approved by
authorized personnel in
accordance with the transaction
agreements and related pool
asset documents.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(vii)

	 	Loss mitigation or recovery
actions (e.g., forbearance
plans, modifications and deeds
in lieu of foreclosure,
foreclosures and repossessions,
as applicable) are initiated,
conducted and concluded in
accordance with the timeframes
or other requirements
established by the transaction
agreements.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(viii)

	 	Records documenting collection
efforts are maintained during
the period a pool asset is
delinquent in accordance with
the transaction agreements. Such
records are maintained on at
least a monthly basis, or such
other period specified in the
transaction agreements, and
describe the entity’s activities
in monitoring delinquent pool
assets including, for example,
phone calls, letters and payment
rescheduling plans in cases
where delinquency is deemed
temporary (e.g., illness or
unemployment).
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(ix)

	 	Adjustments to interest rates or
	 	X	 	 	 	 	 	 

R-4

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	The Bank of	 	The Bank of	 	 
	 	 	 	 	 	 	New York	 	New York	 	 
	 	 	 	 	JPMorgan*	 	Trust	 	Trust	 	JPMorgan
	 	 	 	 	Chase Bank,	 	Company,	 	Company,	 	Chase Bank,
	Reg AB	 	 	 	N.A.	 	N.A. (Paying	 	N.A.	 	N.A.
	Reference	 	Servicing Criteria	 	(Servicer)	 	Agent)	 	(Trustee)	 	(Custodian)
	 

	 	rates of return for pool assets
with variable rates are computed
based on the related pool asset
documents.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(x)

	 	Regarding any funds held in
trust for an obligor (such as
escrow accounts): (A) such funds
are analyzed, in accordance with
the obligor’s pool asset
documents, on at least an annual
basis, or such other period
specified in the transaction
agreements; (B) interest on such
funds is paid, or credited, to
obligors in accordance with
applicable pool asset documents
and state laws; and (C) such
funds are returned to the
obligor within 30 calendar days
of full repayment of the related
pool assets, or such other
number of days specified in the
transaction agreements.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(xi)

	 	Payments made on behalf of an
obligor (such as tax or
insurance payments) are made on
or before the related penalty or
expiration dates, as indicated
on the appropriate bills or
notices for such payments,
provided that such support has
been received by the servicer at
least 30 calendar days prior to
these dates, or such other
number of days specified in the
transaction agreements.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(xii)

	 	Any late payment penalties in
connection with any payment to
be made on behalf of an obligor
are paid from the Servicer’s
funds and not charged to the
obligor, unless the late payment
was due to the obligor’s error
or omission.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(xiii)

	 	Disbursements made on behalf of
an obligor are posted within two
business days to the obligor’s
records maintained by the
servicer, or such other number
of days specified in the
transaction agreements.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(xiv)

	 	Delinquencies, charge-offs and
uncollectible accounts are
recognized and recorded in
accordance with the transaction
agreements.
	 	X	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	1122(d)(4)(xv)

	 	Any external enhancement or
other support, identified in
Item 1114(a)(1) through (3) or
Item 1115 of Regulation AB, is
maintained as set forth in the
transaction agreements.
	 	X	 	 	 	 	 	 

R-5

 

 

			
	*	 	Certain obligations will be satisfied by Chase Home Finance LLC as subservicer.
	 
	**	 	Subject to further interpretation by the SEC.

R-6

 

EXHIBIT S

FORM OF SARBANES-OXLEY CERTIFICATION

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

			
	          Re:   	 	ChaseFlex Trust Series 2007-2, Multi-Class Mortgage
Pass-Through Certificates, Series 2007-2

I, [identify the certifying individual], certify that:

     I have reviewed the report on Form 10-K and all reports on Form 10-D required to be filed in
respect of the period covered by this report on Form 10-K of [identify the issuing entity] (the
“Exchange Act periodic reports”);

     1. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

     2. Based on my knowledge, all of the distribution, servicing and other information required to
be provided under Form 10-D for the period covered by this report is included in the Exchange Act
periodic reports;

     3. [I am responsible for reviewing the activities performed by the servicer(s) and based on my
knowledge and the compliance review(s) conducted in preparing the servicer compliance statement(s)
required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange
Act periodic reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the
servicing agreement(s); and]

     4. All of the reports on assessment of compliance with servicing criteria for ABS and their
related attestation reports on assessment of compliance with servicing criteria for asset-backed
securities required to be included in this report in accordance with Item 1122 of Regulation AB and
Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as
otherwise disclosed in this report. Any material instances of noncompliance described in such
reports have been disclosed in this report on Form 10-K.

[In giving the certifications above, I have reasonably relied on information provided to me by the
following unaffiliated parties [name of servicer, sub-servicer, co-servicer, depositor or
trustee].]

     Date:                                   

	 	 	 	 	 
	 

	 	 

[Signature]
	 	 
	 

	 	[Title]	 	 

S-1

 

EXHIBIT T

FORM OF ITEM 1123 CERTIFICATION OF SERVICER

[DATE]

Chase Mortgage Finance Corporation

300 Tice Boulevard, Third Floor

Woodcliff Lake, New Jersey 07675

			
	          Re:   	 	ChaseFlex Trust Series 2007-2, Multi-Class Mortgage
Pass-Through Certificates, Series 2007-2

I, [identify name of certifying individual], [title of certifying individual] of JPMorgan Chase
Bank, N.A. (the “Servicer”), hereby certify that:

(1) A review of the activities of the Servicer during the preceding calendar year and of the
performance of the Servicer under the Agreement has been made under my supervision; and

(2) To the best of my knowledge, based on such review, the Servicer has fulfilled all its
obligations under the Agreement in all material respects throughout such year or a portion
thereof[, or, if there has been a failure to fulfill any such obligation in any material respect, I
have specified below each such failure known to me and the nature and status thereof].

Date:

	 	 	 	 	 	 	 
	 	 	JPMorgan Chase Bank, N.A.,

as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

T-1

 

EXHIBIT U

FORM OF YIELD MAINTENANCE AGREEMENT

April 26, 2007

Rate Collar Transaction

ChaseFlex Trust 2007-2
Attn:

Re: Interest Rate Transaction No: [    ]

Ladies and Gentlemen:

The purpose of this letter agreement is to set forth the terms and conditions of the rate collar
transaction (the “Interest Rate Transaction”) entered into between JPMorgan Chase Bank, N.A. (the
“Derivative Provider”) and The Bank of New York Trust Company, N.A., not in its individual
capacity, but solely as Paying Agent on behalf of ChaseFlex Trust 2007-2 (the “Counterparty”) on
April 26, 2007. This agreement constitutes a “Confirmation” as referred to in and supplements,
forms part of, and is subject to, the ISDA Master Agreement between the parties hereto.

The particular Interest Rate Transaction to which this Confirmation relates is a Rate Collar
Transaction, the terms of which are set forth below.

The definitions and provisions contained in the [    ] ISDA Definitions, as published by the
International Swaps and Derivatives Association, Inc. are incorporated into this Confirmation. In
the event of any inconsistency between those definitions and provisions and this Confirmation, this
Confirmation will govern. The Interest Rate Transaction relates to the Class A-1, Class A-2, Class
M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1 Class B-2 and Class B-3
Certificates issued pursuant to the Pooling and Servicing Agreement dated as of April 1, 2007 among
Chase Mortgage Finance Corporation, as Depositor, The Bank of New York Trust Company, N.A, as
Trustee and Paying Agent and JPMorgan Chase Bank, N.A., as Servicer (the “Pooling and Servicing
Agreement”).

In consideration of the payment of the sum of USD $ [    ] (the “Premium”) by J.P. Morgan
Securities, Inc. on behalf of Chase Home Finance, LLC to the Derivative Provider on or about April
26, 2007 and in consideration of the promise by the Derivative Provider to make payments to the
Counterparty in accordance with Section 2 hereof, the parties hereto agree as follows

	1.	 	Definitions

	 	a.	 	“Ceiling Rate” means, with respect to any Calculation Period, the rate set forth as the
“Ceiling Rate” on the attached Schedule I.
	 
	 	b.	 	“Floor Rate” means, with respect to any Calculation Period, the rate set forth as the
“Strike Rate” on the attached Schedule I.

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	 	c.	 	“Business Day” means any day which is both a New York Business Day and a London
Business Day.
	 
	 	d.	 	“Calculation Period” means, with respect to a Payment Date, the period, as set forth on
the attached Schedule I, from the Calculation Period Start Date to but excluding the
Calculation Period End Date, and including such Payment Date.
	 
	 	e.	 	“Designated Maturity” means 1 month(s).
	 
	 	f.	 	“Effective Date” means the first Calculation Period Start Date.
	 
	 	g.	 	“Floating Rate” means, with respect to a Payment Date, the rate determined by the
Derivative Provider to be (i) the per annum rate for deposits in U.S. dollars for a period
of the Designated Maturity which appears on the Telerate Page 3750 Screen as of 11:00 a.m.,
London time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date (rounded upwards, if necessary, to the nearest
1/100,000 of 1%); (ii) if such rate does not appear on the Telerate Page 3750 Screen, the
Floating Rate shall be the arithmetic mean (rounded as aforesaid) of the offered quotations
obtained by the Derivative Provider from the Reference Banks for deposits in U.S. dollars
to leading banks in the London interbank market as of approximately 11:00 a.m., London
time, on the day that is two London Business Days prior to the Reset Date of the
Calculation Period of such Payment Date; or (iii) if fewer than two Reference Banks provide
the Derivative Provider with such quotations, the Floating Rate shall be the rate per annum
which the Derivative Provider determines to be the arithmetic mean (rounded as aforesaid)
of the offered quotations which leading banks in New York City selected by the Derivative
Provider are quoting in the New York interbank market on the Reset Date of the Calculation
Period of such Payment Date for deposits in U.S. dollars to the Reference Banks or, if
fewer than two such quotations are available, to leading European and Canadian Banks.
	 
	 	h.	 	“London Business Day” means any day on which banks are open for business in London and
on which dealings in deposits in U.S. dollars are transacted in the London interbank
market.
	 
	 	i.	 	“New York Business Day” means any day on which banks are not required or authorized by
law to close in New York City.
	 
	 	j.	 	“Notional Principal Amount” means, with respect to any Calculation Period, the notional
amount set forth in the attached Schedule I.
	 
	 	k.	 	“Payment Date” means the day that is two New York business days prior to each
Calculation Period End Date, provided that if such Payment Date is not a Business Day, such
Payment Date shall be the next preceding Business Day.
	 
	 	l.	 	“Reference Banks” means four major banks in the London interbank market selected by the
Derivative Provider.
	 
	 	m.	 	“Reset Date” means the first day of each Calculation Period.
	 
	 	n.	 	“Telerate Page 3750 Screen” means the display designated as “Page 3750” on the Dow
Jones Telerate Service (or such other page as may replace Page 3750 on that service or such
other

U-2

 

	 	 	 	service as may be nominated by the British Bankers’ Association as the information vendor
for the purpose of displaying British Bankers’ Association Interest Settlement Rates for
U.S. Dollar deposits).
	 
	 	o.	 	“Termination Date” means the last Calculation Period End Date.

	2.	 	Payments

	 	a.	 	The Derivative Provider agrees, subject to the payment to the Derivative Provider of
the Premium, to pay to the Counterparty, on each Payment Date on which the related Floating
Rate is determined to be greater than the Floor Rate and less than the Ceiling Rate, an
amount equal to the product of (x) the amount by which the Floating Rate exceeds the Floor
Rate with respect to the Calculation Period ending on or nearest such Payment Date, (y) the
Notional Principal Amount and (z) the actual number of days in that Calculation Period
divided by 360.
	 
	 	b.	 	All payments to the Derivative Provider shall be made as follows.
	 
	 	 	 	Payments in USD

JPMORGAN CHASE BANK NA

JPMORGAN CHASE BANK NA
	 
	 	c.	 	All payments to the Counterparty shall be made as follows:

  Wire Transfer:

The Bank of New York

ABA:

REF: CFLX 2007-2 Cap

Attn:

	3.	 	Notices. Any notices hereunder 1) shall be in writing and hand-delivered or sent by
first-class mail, postage prepaid, return receipt requested, and shall be addressed to the
intended recipient at its address set forth on the signature page hereof or at such other
address as such party shall have last specified by notice to the other party and 2) shall be
effective (a) if delivered by hand or sent by overnight courier, on the day it is delivered,
unless delivery is made after the close of business or on a day that is not a Business Day, in
which case such notice will be effective on the next Business Day, or (b) if sent by certified
or registered mail or the equivalent (return receipt requested), three Business Days after
dispatch.
	 
	 	 	All notices and queries to the Derivative Provider should be sent to:

     JPMorgan Chase Bank, N.A. Client Service Group

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Telephone:

Facsimile:

Please quote the JPMorgan deal number(s):

	 	 	All notices and queries to the Counterparty should be sent to:

Bank of New York Trust Company, N.A.
	 
	 	 	 601 Travis 16th Floor

Houston, Texas 77002
	 
	4.	 	 Governing Law. This letter agreement shall be governed by and construed in
accordance with the laws of the State of New York.
	 
	5.	 	Assignments. Neither party shall have the right to assign its rights or obligations
under this letter agreement without the prior written consent of the other party.
	 
	6.	 	Set-off; Counterclaim. All payments under this letter agreement will be made without
set-off or counterclaim, except that each party will have the right to set-off, counterclaim
or withhold payment in respect of any default by the other party under this letter agreement
or under any other agreement between the parties.
	 
	7.	 	Each Party’s Reliance on its Own Judgment. Each party has entered into this Rate
Collar Transaction solely in reliance on its own judgment. Neither party has any fiduciary
obligation to the other party relating to this Rate Collar Transaction. In addition, neither
party has held itself out as advising, or has held out any of its employees or agents as
having the authority to advise, the other party as to whether or not the other party should
enter into this Rate Collar Transaction, any subsequent actions relating to this Rate Collar
Transaction or any other matters relating to this Rate Collar Transaction. Neither party
shall have any responsibility or liability whatsoever in respect of any advice of this nature
given, or views expressed, by it or any of such persons to the other party relating to this
Rate Collar Transaction, whether or not such advice is given or such views are expressed at
the request of the other party.
	 
	8.	 	Waiver of Right to Trial by Jury. Each party hereby irrevocably waives any and all
rights to trial by jury with respect to any legal proceeding arising out of or relating to
this letter agreement or the Rate Collar Transaction.
	 
	9.	 	Limitation of Liability. It is expressly understood and agreed by the parties hereto
that (a) this Rate Collar Transaction is executed and delivered by the Counterparty, not
individually or personally but solely as Paying Agent of the Trust, in the exercise of the
powers and authority conferred and vested in it under the Pooling and Servicing Agreement, (b)
each of the representations, undertakings and agreements herein made on the part of the Trust
is made and intended for the purpose of binding only the Trust (c) nothing herein shall be
construed as creating any liability on the Counterparty, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties who are signatories to this letter agreement and by any
person claiming by, through or under such parties, and (d) under no circumstances shall the
Counterparty be personally liable for the payment of any indebtedness or expenses of the Trust
or be liable for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under this Rate Collar Transaction.

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	10.	 	Reporting. Counterparty agrees to deliver, promptly upon request by the Derivative
Provider, or with respect to any particular type of report or other document as to which the
Derivative Provider has previously made request to receive all reports or documents of that
type, promptly upon delivery or receipt of such report or document by the Counterparty, any
report or other document required to be delivered by or to the Counterparty under the terms of
the Pooling and Servicing Agreement, other than those required to be delivered directly by the
Counterparty to the Derivative Provider thereunder.
	 
	11.	 	Written confirmation. No later than each Reset Date, the Derivative Provider agrees
to deliver to the Counterparty a written confirmation containing the results of the
Calculations performed on each Reset Date and the amount which is to be paid to the
Counterparty on the next Payment Date.
	 
	12.	 	Compliance with Regulation AB.

	 	(i)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) with respect to the Certificates, in the reasonable determination made in good faith
of Chase Mortgage Finance Corporation the aggregate “significance percentage” (as defined
in Regulation AB (“Regulation AB”) under the Securities Act of 1933, as amended, and the
Exchange Act) of all derivative instruments (contemplated by Item 1115 of Regulation AB)
provided by the Derivative Provider and any of its affiliates to the Counterparty is at
least 10% but less than 20%, the Derivative Provider shall, subject to subparagraph (iii)
below, within five (5) Business Days following request therefor provide the financial
information required under Item 1115(b)(1) of Regulation AB for the Derivative Provider
(and for the group of affiliated entities, if applicable) (the “Item 1115(b)(1)
Information”). Any such Item 1115(b)(1) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
	 
	 	(ii)	 	If at any time after the date hereof for so long as the Counterparty is required to
file periodic reports under the Exchange Act with respect to the Certificates, in the
reasonable determination made in good faith of Chase Mortgage Finance Corporation, the
aggregate “significance percentage” of all derivative instruments (contemplated by Item
1115 of Regulation AB) provided by the Derivative Provider and any of its affiliates to the
Counterparty is at least 20%, the Derivative Provider shall, subject to subparagraph (iii)
below, within five (5) Business Days following request therefor provide the financial
information required under Item 1115(b)(2) of Regulation AB for the Derivative Provider
(and for the group of affiliated entities, if applicable) (the “Item 1115(b)(2)
Information”, and together with the Item 1115(b)(1) Information, the “Additional
Information”). Any such Item 1115(b)(2) Information shall be in a form suitable for
conversion to the format required for filing by the Depositor with the Securities and
Exchange Commission via the Electronic Data Gathering and Retrieval System (EDGAR). In
addition, any such Item 1115(b)(2) Information shall be accompanied by any necessary
auditor’s consents.
	 
	 	(iii)	 	If the Derivative Provider is unable to provide any such Additional Information if, as
and when required, the Derivative Provider shall, at its option, within ten (10) Business
Days following request therefor, (1) promptly post collateral satisfactory to Chase
Mortgage Finance Corporation in an amount which is reasonably determined in good faith to
be sufficient to reduce the aggregate “significance percentage” to (x) in the case of
subparagraph (A) above, below 10%, and (y) in the case of subparagraph (B) above, provided
the Derivative Provider is able to meet the requirements of subparagraph (A) above, below
20%, in each case pursuant to a credit support

U-5

 

	 	 	 	annex or similar agreement reasonably satisfactory to the Chase Mortgage Finance
Corporation, or (2) at the sole expense of the Derivative Provider, without any expense or
liability to the Counterparty, transfer or assign its obligations under this Agreement to a
substitute counterparty reasonably acceptable to the Counterparty that (x) is able to
provide such Additional Information if, as and when required, and (y) enters into an
agreement similar in form to this Agreement pursuant to which such substitute counterparty
agrees to provide the Additional Information if, as and when required.
	 
	 	(iv)	 	The Derivative Provider’s obligation to provide any such Additional Information shall
terminate beginning in any such year in which the Counterparty’s obligation to file
periodic reports under the Exchange Act has terminated.

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

ChaseFlex Trust 2007-2

By: Bank of New York Trust Company, N.A, not in its individual capacity, but solely as Paying Agent
on behalf of ChaseFlex Trust 2007-2

Name:

Title:

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EXHIBIT V

SCHEDULE I TO YIELD MAINTENANCE AGREEMENT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period Start	 	Calculation Period End	 	Scheduled Notional	 	Cap Strike Rate	 	Rate Cap
	Date	 	Date	 	Amount ($)	 	(%)	 	Ceiling (%)
	May 25, 2007

	 	June 25, 2007
	 	 	294,833,602.96	 	 	 	6.058	 	 	 	11.50	 
	June 25, 2007

	 	July 25, 2007
	 	 	291,788,316.00	 	 	 	6.270	 	 	 	11.50	 
	July 25, 2007

	 	August 25, 2007
	 	 	288,475,108.34	 	 	 	6.058	 	 	 	11.50	 
	August 25, 2007

	 	September 25, 2007
	 	 	284,900,235.13	 	 	 	6.058	 	 	 	11.50	 
	September 25, 2007

	 	October 25, 2007
	 	 	281,070,861.69	 	 	 	6.269	 	 	 	11.50	 
	October 25, 2007

	 	November 25, 2007
	 	 	276,995,309.67	 	 	 	6.057	 	 	 	11.50	 
	November 25, 2007

	 	December 25, 2007
	 	 	272,683,909.41	 	 	 	6.268	 	 	 	11.50	 
	December 25, 2007

	 	January 25, 2008
	 	 	268,149,906.12	 	 	 	6.056	 	 	 	11.50	 
	January 25, 2008

	 	February 25, 2008
	 	 	263,416,554.89	 	 	 	6.056	 	 	 	11.50	 
	February 25, 2008

	 	March 25, 2008
	 	 	258,565,000.19	 	 	 	6.494	 	 	 	11.50	 
	March 25, 2008

	 	April 25, 2008
	 	 	253,695,566.16	 	 	 	6.054	 	 	 	11.50	 
	April 25, 2008

	 	May 25, 2008
	 	 	248,885,607.61	 	 	 	6.267	 	 	 	11.50	 
	May 25, 2008

	 	June 25, 2008
	 	 	244,165,446.25	 	 	 	6.053	 	 	 	11.50	 
	June 25, 2008

	 	July 25, 2008
	 	 	239,533,412.50	 	 	 	6.266	 	 	 	11.50	 
	July 25, 2008

	 	August 25, 2008
	 	 	234,987,867.73	 	 	 	6.052	 	 	 	11.50	 
	August 25, 2008

	 	September 25, 2008
	 	 	230,527,203.70	 	 	 	6.052	 	 	 	11.50	 
	September 25, 2008

	 	October 25, 2008
	 	 	226,149,841.97	 	 	 	6.264	 	 	 	11.50	 
	October 25, 2008

	 	November 25, 2008
	 	 	221,854,233.39	 	 	 	6.051	 	 	 	11.50	 
	November 25, 2008

	 	December 25, 2008
	 	 	217,638,857.54	 	 	 	6.263	 	 	 	11.50	 
	December 25, 2008

	 	January 25, 2009
	 	 	213,502,222.18	 	 	 	6.049	 	 	 	11.50	 
	January 25, 2009

	 	February 25, 2009
	 	 	209,442,862.75	 	 	 	6.049	 	 	 	11.50	 
	February 25, 2009

	 	March 25, 2009
	 	 	205,459,341.84	 	 	 	6.731	 	 	 	11.50	 
	March 25, 2009

	 	April 25, 2009
	 	 	201,550,248.72	 	 	 	6.047	 	 	 	11.50	 
	April 25, 2009

	 	May 25, 2009
	 	 	197,714,198.82	 	 	 	6.260	 	 	 	11.50	 
	May 25, 2009

	 	June 25, 2009
	 	 	193,949,833.22	 	 	 	6.046	 	 	 	11.50	 
	June 25, 2009

	 	July 25, 2009
	 	 	190,255,818.26	 	 	 	6.258	 	 	 	11.50	 
	July 25, 2009

	 	August 25, 2009
	 	 	186,630,844.97	 	 	 	6.046	 	 	 	11.50	 
	August 25, 2009

	 	September 25, 2009
	 	 	183,073,628.68	 	 	 	6.045	 	 	 	11.50	 
	September 25, 2009

	 	October 25, 2009
	 	 	179,582,908.56	 	 	 	6.256	 	 	 	11.50	 
	October 25, 2009

	 	November 25, 2009
	 	 	176,157,447.16	 	 	 	6.043	 	 	 	11.50	 
	November 25, 2009

	 	December 25, 2009
	 	 	172,796,029.99	 	 	 	6.255	 	 	 	11.50	 
	December 25, 2009

	 	January 25, 2010
	 	 	169,497,465.09	 	 	 	6.042	 	 	 	11.50	 
	January 25, 2010

	 	February 25, 2010
	 	 	166,260,582.61	 	 	 	6.041	 	 	 	11.50	 
	February 25, 2010

	 	March 25, 2010
	 	 	163,084,234.42	 	 	 	6.722	 	 	 	11.50	 
	March 25, 2010

	 	April 25, 2010
	 	 	159,967,293.68	 	 	 	6.039	 	 	 	11.50	 
	April 25, 2010

	 	May 25, 2010
	 	 	156,908,654.48	 	 	 	6.251	 	 	 	11.50	 
	May 25, 2010

	 	June 25, 2010
	 	 	153,907,231.39	 	 	 	6.038	 	 	 	11.50	 
	June 25, 2010

	 	July 25, 2010
	 	 	150,961,959.18	 	 	 	6.249	 	 	 	11.50	 
	July 25, 2010

	 	August 25, 2010
	 	 	148,071,792.34	 	 	 	6.036	 	 	 	11.50	 
	August 25, 2010

	 	September 25, 2010
	 	 	145,273,578.62	 	 	 	6.036	 	 	 	11.50	 
	September 25, 2010

	 	October 25, 2010
	 	 	142,535,091.56	 	 	 	6.248	 	 	 	11.50	 
	October 25, 2010

	 	November 25, 2010
	 	 	139,847,855.05	 	 	 	6.036	 	 	 	11.50	 
	November 25, 2010

	 	December 25, 2010
	 	 	137,210,914.61	 	 	 	6.248	 	 	 	11.50	 
	December 25, 2010

	 	January 25, 2011
	 	 	134,623,333.46	 	 	 	6.036	 	 	 	11.50	 
	January 25, 2011

	 	February 25, 2011
	 	 	132,084,192.23	 	 	 	6.036	 	 	 	11.50	 
	February 25, 2011

	 	March 25, 2011
	 	 	129,592,588.59	 	 	 	6.718	 	 	 	11.50	 
	March 25, 2011

	 	April 25, 2011
	 	 	127,147,636.99	 	 	 	6.036	 	 	 	11.50	 

V-1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period Start	 	Calculation Period End	 	Scheduled Notional	 	Cap Strike Rate	 	Rate Cap
	Date 	 	Date	 	Amount ($)	 	(%)	 	Ceiling (%)
	April 25, 2011

	 	May 25, 2011
	 	 	124,748,468.31	 	 	 	6.248	 	 	 	11.50	 
	May 25, 2011

	 	June 25, 2011
	 	 	122,394,229.56	 	 	 	6.036	 	 	 	11.50	 
	June 25, 2011

	 	July 25, 2011
	 	 	120,084,083.60	 	 	 	6.248	 	 	 	11.50	 
	July 25, 2011

	 	August 25, 2011
	 	 	117,817,208.81	 	 	 	6.036	 	 	 	11.50	 
	August 25, 2011

	 	September 25, 2011
	 	 	115,592,798.85	 	 	 	6.036	 	 	 	11.50	 
	September 25, 2011

	 	October 25, 2011
	 	 	113,410,062.35	 	 	 	6.248	 	 	 	11.50	 
	October 25, 2011

	 	November 25, 2011
	 	 	111,268,222.63	 	 	 	6.036	 	 	 	11.50	 
	November 25, 2011

	 	December 25, 2011
	 	 	109,166,517.44	 	 	 	6.248	 	 	 	11.50	 
	December 25, 2011

	 	January 25, 2012
	 	 	107,104,198.67	 	 	 	6.036	 	 	 	11.50	 
	January 25, 2012

	 	February 25, 2012
	 	 	105,080,532.12	 	 	 	6.036	 	 	 	11.50	 
	February 25, 2012

	 	March 25, 2012
	 	 	103,094,797.24	 	 	 	6.475	 	 	 	11.50	 
	March 25, 2012

	 	April 25, 2012
	 	 	101,146,286.82	 	 	 	6.036	 	 	 	11.50	 
	April 25, 2012

	 	May 25, 2012
	 	 	99,234,306.84	 	 	 	6.248	 	 	 	11.50	 
	May 25, 2012

	 	June 25, 2012
	 	 	97,358,176.13	 	 	 	6.036	 	 	 	11.50	 
	June 25, 2012

	 	July 25, 2012
	 	 	95,517,226.20	 	 	 	6.248	 	 	 	11.50	 
	July 25, 2012

	 	August 25, 2012
	 	 	93,710,800.97	 	 	 	6.036	 	 	 	11.50	 
	August 25, 2012

	 	September 25, 2012
	 	 	91,933,158.90	 	 	 	6.036	 	 	 	11.50	 
	September 25, 2012

	 	October 25, 2012
	 	 	90,165,582.13	 	 	 	6.248	 	 	 	11.50	 
	October 25, 2012

	 	November 25, 2012
	 	 	88,431,164.61	 	 	 	6.036	 	 	 	11.50	 
	November 25, 2012

	 	December 25, 2012
	 	 	86,729,287.77	 	 	 	6.250	 	 	 	11.50	 
	December 25, 2012

	 	January 25, 2013
	 	 	85,059,344.55	 	 	 	6.037	 	 	 	11.50	 
	January 25, 2013

	 	February 25, 2013
	 	 	83,420,739.17	 	 	 	6.037	 	 	 	11.50	 
	February 25, 2013

	 	March 25, 2013
	 	 	81,812,886.93	 	 	 	6.721	 	 	 	11.50	 
	March 25, 2013

	 	April 25, 2013
	 	 	80,235,213.98	 	 	 	6.038	 	 	 	11.50	 
	April 25, 2013

	 	May 25, 2013
	 	 	78,687,157.14	 	 	 	6.251	 	 	 	11.50	 
	May 25, 2013

	 	June 25, 2013
	 	 	77,168,163.71	 	 	 	6.039	 	 	 	11.50	 
	June 25, 2013

	 	July 25, 2013
	 	 	75,677,691.24	 	 	 	6.252	 	 	 	11.50	 
	July 25, 2013

	 	August 25, 2013
	 	 	74,215,207.40	 	 	 	6.039	 	 	 	11.50	 
	August 25, 2013

	 	September 25, 2013
	 	 	72,780,189.72	 	 	 	6.040	 	 	 	11.50	 
	September 25, 2013

	 	October 25, 2013
	 	 	71,372,125.47	 	 	 	6.253	 	 	 	11.50	 
	October 25, 2013

	 	November 25, 2013
	 	 	69,990,511.43	 	 	 	6.040	 	 	 	11.50	 
	November 25, 2013

	 	December 25, 2013
	 	 	68,634,853.76	 	 	 	6.254	 	 	 	11.50	 
	December 25, 2013

	 	January 25, 2014
	 	 	67,304,667.77	 	 	 	6.041	 	 	 	11.50	 
	January 25, 2014

	 	February 25, 2014
	 	 	65,999,477.83	 	 	 	6.042	 	 	 	11.50	 
	February 25, 2014

	 	March 25, 2014
	 	 	64,718,817.11	 	 	 	6.725	 	 	 	11.50	 
	March 25, 2014

	 	April 25, 2014
	 	 	63,462,227.49	 	 	 	6.043	 	 	 	11.50	 
	April 25, 2014

	 	May 25, 2014
	 	 	62,229,259.35	 	 	 	6.256	 	 	 	11.50	 
	May 25, 2014

	 	June 25, 2014
	 	 	61,019,471.45	 	 	 	6.044	 	 	 	11.50	 
	June 25, 2014

	 	July 25, 2014
	 	 	59,832,430.75	 	 	 	6.257	 	 	 	11.50	 
	July 25, 2014

	 	August 25, 2014
	 	 	58,667,712.27	 	 	 	6.045	 	 	 	11.50	 
	August 25, 2014

	 	September 25, 2014
	 	 	57,524,898.92	 	 	 	6.046	 	 	 	11.50	 
	September 25, 2014

	 	October 25, 2014
	 	 	56,403,581.38	 	 	 	6.258	 	 	 	11.50	 
	October 25, 2014

	 	November 25, 2014
	 	 	55,303,357.95	 	 	 	6.047	 	 	 	11.50	 
	November 25, 2014

	 	December 25, 2014
	 	 	54,223,834.41	 	 	 	6.259	 	 	 	11.50	 
	December 25, 2014

	 	January 25, 2015
	 	 	53,164,623.84	 	 	 	6.048	 	 	 	11.50	 
	January 25, 2015

	 	February 25, 2015
	 	 	52,125,346.56	 	 	 	6.048	 	 	 	11.50	 
	February 25, 2015

	 	March 25, 2015
	 	 	51,105,629.94	 	 	 	6.731	 	 	 	11.50	 
	March 25, 2015

	 	April 25, 2015
	 	 	50,105,108.27	 	 	 	6.049	 	 	 	11.50	 

V-2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Calculation Period Start	 	Calculation Period End	 	Scheduled Notional	 	Cap Strike Rate	 	Rate Cap
	Date	 	Date	 	Amount ($)	 	(%)	 	Ceiling (%)
	April 25, 2015

	 	May 25, 2015
	 	 	49,123,422.68	 	 	 	6.262	 	 	 	11.50	 
	May 25, 2015

	 	June 25, 2015
	 	 	48,160,220.94	 	 	 	6.05	 	 	 	11.50	 
	June 25, 2015

	 	July 25, 2015
	 	 	47,215,157.40	 	 	 	6.263	 	 	 	11.50	 
	July 25, 2015

	 	August 25, 2015
	 	 	46,287,892.85	 	 	 	6.051	 	 	 	11.50	 
	August 25, 2015

	 	September 25, 2015
	 	 	45,378,094.37	 	 	 	6.052	 	 	 	11.50	 
	September 25, 2015

	 	October 25, 2015
	 	 	44,485,435.26	 	 	 	6.264	 	 	 	11.50	 
	October 25, 2015

	 	November 25, 2015
	 	 	43,609,594.89	 	 	 	6.053	 	 	 	11.50	 
	November 25, 2015

	 	December 25, 2015
	 	 	42,750,258.60	 	 	 	6.266	 	 	 	11.50	 
	December 25, 2015

	 	January 25, 2016
	 	 	41,907,117.60	 	 	 	6.054	 	 	 	11.50	 
	January 25, 2016

	 	February 25, 2016
	 	 	41,079,868.83	 	 	 	6.055	 	 	 	11.50	 
	February 25, 2016

	 	March 25, 2016
	 	 	40,268,214.90	 	 	 	6.495	 	 	 	11.50	 
	March 25, 2016

	 	April 25, 2016
	 	 	39,471,863.93	 	 	 	6.056	 	 	 	11.50	 
	April 25, 2016

	 	May 25, 2016
	 	 	38,690,529.50	 	 	 	6.269	 	 	 	11.50	 
	May 25, 2016

	 	June 25, 2016
	 	 	37,923,890.83	 	 	 	6.058	 	 	 	11.50	 
	June 25, 2016

	 	July 25, 2016
	 	 	37,171,713.02	 	 	 	6.27	 	 	 	11.50	 
	July 25, 2016

	 	August 25, 2016
	 	 	36,433,725.32	 	 	 	6.059	 	 	 	11.50	 
	August 25, 2016

	 	September 25, 2016
	 	 	35,709,662.02	 	 	 	6.06	 	 	 	11.50	 
	September 25, 2016

	 	October 25, 2016
	 	 	34,999,262.36	 	 	 	6.273	 	 	 	11.50	 
	October 25, 2016

	 	November 25, 2016
	 	 	34,302,228.45	 	 	 	6.062	 	 	 	11.50	 
	November 25, 2016

	 	December 25, 2016
	 	 	33,618,259.50	 	 	 	6.274	 	 	 	11.50	 
	December 25, 2016

	 	January 25, 2017
	 	 	32,946,624.61	 	 	 	6.063	 	 	 	11.50	 
	January 25, 2017

	 	February 25, 2017
	 	 	32,286,535.23	 	 	 	6.064	 	 	 	11.50	 
	February 25, 2017

	 	March 25, 2017
	 	 	31,630,657.60	 	 	 	6.748	 	 	 	11.50	 
	March 25, 2017

	 	April 25, 2017
	 	 	30,974,377.13	 	 	 	6.066	 	 	 	11.50	 
	April 25, 2017

	 	May 25, 2017
	 	 	30,318,503.78	 	 	 	6.28	 	 	 	11.50	 
	May 25, 2017

	 	June 25, 2017
	 	 	29,670,160.37	 	 	 	6.067	 	 	 	11.50	 
	June 25, 2017

	 	July 25, 2017
	 	 	29,034,559.81	 	 	 	6.281	 	 	 	11.50	 
	July 25, 2017

	 	August 25, 2017
	 	 	0	 	 	 	0	 	 	 	11.50	 

V-3

 

EXHIBIT W

FORM OF SWAP SCHEDULE TO THE MASTER AGREEMENT

SCHEDULE

to the

Master Agreement

dated as of April 26, 2007

between

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
(“Morgan”)

	 	and
	 	The Bank of New York Trust Company,
N.A., not in its individual capacity
but solely as Supplemental Interest
Trust Trustee on behalf of the
Supplemental Interest Trust with
respect to ChaseFlex Trust Series
2007-2
(“Counterparty”)

(1)

Termination Provisions

In this Agreement:

	(a)	 	“Specified Entity” shall not apply.

	(b)	 	The “Breach of Agreement” provisions of Section 5(a)(ii) will apply to Morgan and will not
apply to the Counterparty.

	(c)	 	The “Credit Support Default” provisions of Section 5(a)(iii) will apply to Morgan and will
not apply to the Counterparty, except that Section 5(a)(iii)(1) will apply to Counterparty in
respect of Counterparty’s obligations under Paragraph 3(b) of the Approved Credit Support
Document.

	(d)	 	The “Misrepresentation” provisions of Section 5(a)(iv) will apply to Morgan and will not
apply to the Counterparty.

	(e)	 	The “Default Under Specified Transaction” provisions of Section 5(a)(v) will apply to Morgan
and will not apply to the Counterparty.

	(f)	 	The “Cross Default” provisions of Section 5(a)(vi) will not apply to the Counterparty. The
“Cross Default” provisions of Section 5(a)(vi) will apply to Morgan and for such purpose:

	 	(i)	 	“Specified Indebtedness” will have the meaning specified in Section 14, except
that such term shall not include obligations in respect of deposits received in the
ordinary course of such party’s banking business.
	 
	 	(b)	 	“Threshold Amount” means, with respect to Morgan, an amount equal to three
percent of the shareholders’ equity of the applicable Relevant Entity (as defined below
in Part 6).

W-1

 

	(g)	 	The “Bankruptcy” provisions of Section 5(a)(vii) shall apply to Morgan and the Counterparty
provided that:

	 	(i)	 	Section 5(a)(vii)(2), (7) and (9) will not apply to the Counterparty;
	 
	 	(ii)	 	Section 5(a)(vii)(4) will not apply to the Counterparty to the extent that it
refers to proceedings or petitions instituted or presented by Morgan or any of Morgan’s
Affiliates;
	 
	 	(iii)	 	Section 5(a)(vii)(6) will not apply to the Counterparty to the extent that it
refers to (i) any appointment that is contemplated or effected by any document to which
the Counterparty is, as of the date of this Agreement, a party in connection with the
transactions contemplated by the Pooling Agreement or (ii) any such appointment to which
the Counterparty has not yet become subject to; and
	 
	 	(iv)	 	Section 5(a)(vii)(8) will apply to the Counterparty but only to the extent that
it applies to Sections 5(a)(vii)(2), (4), (6) and (7) as they apply with respect to the
Counterparty).

	(h)	 	The “Merger Without Assumption” provisions of Section 5(a)(viii) will apply to Morgan and
will not apply to the Counterparty.
	 
	(i)	 	The “Tax Event” provisions of Section 5(b)(ii) will apply to Morgan and to the Counterparty,
provided that the words “(x) any action taking by a taxing authority, or brought in a court of
competent jurisdiction, on or after the date on which a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party to this
Agreement) or (y)” shall be deleted.
	 
	(j)	 	The “Tax Event Upon Merger” provisions of Section 5(b)(iii) will apply, provided that Morgan
shall not be entitled to designate an Early termination Date by reason of a Tax event Upon
Merger in respect of which it is the Affected Party.
	 
	(k)	 	The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply to Morgan and
will not apply to the Counterparty.
	 
	(l)	 	The “Automatic Early Termination” provisions of Section 6(a) will not apply to Morgan and
will not apply to the Counterparty.
	 
	(m)	 	The “Transfer to Avoid Termination Event” provisions of 6(b)(ii) will apply to Morgan and the
Counterparty, provided that the words “or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party” shall be deleted.
	 
	(n)	 	“Termination Currency” means United States Dollars.
	 
	(o)	 	For purposes of computing amounts payable on early termination:

	 	(i)	 	Market Quotation will apply to this Agreement; and
	 
	 	(ii)	 	The Second Method will apply to this Agreement.

	(p)	 	The occurrence of any of the following events shall constitute an “Additional Termination
Event” for purposes of Section 5(b)(v):

(a) a notice of optional termination of the Issuing Entity pursuant to Section 11.01
of the

W-2

 

Pooling Agreement is issued and is no longer capable of being rescinded. If this
Additional Termination Event occurs, the Counterparty shall be the sole Affected
Party and this Transaction shall be the sole Affected Transaction; provided,
however, that notwithstanding Section 6(b)(iv), either party may designate an Early
Termination Date in respect of this Additional Termination Event; provided, further,
that such Early Termination Date shall not be prior to ten Business Days prior to
the final Distribution Date;

(b) any provision of the Pooling Agreement is amended unless Morgan has consented in
writing to such amendment where such consent is required under the Pooling
Agreement. If this Additional Termination Event occurs, the Counterparty shall be
the sole Affected Party and all Transactions then outstanding between the parties
shall be Affected Transactions.

(c) If (i) any supplemental trust instrument is given effect and (ii) Morgan has not
consented in writing to such supplemental trust instrument prior to the date on
which such supplemental trust instrument takes effect where such consent is required
under the Pooling Agreement. If this Additional Termination Event occurs, then the
Counterparty shall be the sole Affected Party and all Transactions then outstanding
between the parties shall be Affected Transactions; or

(d) the occurrence of an Additional Termination Event as forth in Part 6 hereof. If
this Additional Termination Event occurs, Morgan shall be the sole Affected Party
and all Transactions then outstanding between the parties shall be Affected
Transactions.

(2)

Tax Representations

	(a)	 	Payer Tax Representation:

For the purpose of Section 3(e) of this Agreement, Morgan makes the following representation:

	 	 	It is not required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, of any Relevant Jurisdiction to make any deduction or
withholding for or on account of any Tax from any payment (other than interest under Section
2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this
Agreement. In making this representation, it may rely on:

	 	(i)	 	the accuracy of any representations made by the other party pursuant to Section
3(f) of this Agreement;
	 
	 	(ii)	 	the satisfaction of the agreement of the other party contained in Section
4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any
document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
Agreement; and
	 
	 	(iii)	 	the satisfaction of the agreement of the other party contained in Section 4(d)
of this Agreement,

       provided that it shall not be a breach of this representation where reliance is placed on
clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) of this
Agreement by reason of

W-3

 

material prejudice to its legal or commercial position.

(b) Payee Tax Representation:

For the purpose of Section 3(f), Morgan and Counterparty each represent that it is a United
States Person.

(3)

Agreement to Deliver Documents

For the purpose of Sections 4(a)(i) and (ii), each party agrees to deliver the following documents,
as applicable:

	(a)	 	For the purpose of Sections 4(a)(i) and (ii) of this Agreement, Counterparty agrees to
deliver complete and accurate United States Internal Revenue Service Forms W-9 (or any
applicable successor form), in the name of the ChaseFlex Trust Series 2007-2 supplemental
interest trust, in a manner reasonably satisfactory to Morgan, (I) upon execution of this
Agreement; (II) promptly upon reasonable demand of Morgan, and (III) promptly upon learning
that any such form previously filed by Counterparty has become obsolete or incorrect.

	(b)	 	Morgan will, on demand, deliver a certificate specifying the name(s), title(s) and specimen
signature(s) of the person(s) executing this Agreement and each Confirmation on its behalf.

	(c)	 	The Counterparty will, on demand, deliver a certificate (or, if available, the current
authorized signature book of the Counterparty) specifying the names, title and specimen
signatures of the persons authorized to execute this Agreement and each Confirmation on its
behalf.

	(d)	 	The Counterparty will, upon execution of this Agreement, deliver a conformed copy of the
Pooling Agreement.

	(e)	 	Each party will, upon execution of this Agreement, deliver a legal opinion of counsel in form
and substance satisfactory to the other party regarding this Agreement and any other matters
as such other party may reasonably request.

	(f)	 	The Counterparty shall supply Morgan with copies of all accountings and reports required to
be supplied to a party that is a Certificateholder (as defined in the Pooling Agreement).
Copies of such accountings and/or reports shall be delivered to Morgan at the following
address:

JPMorgan Chase Bank, National Association

c/o John Coffey

270 Park Avenue

New York, New York 10017

e-mail address: john.j.coffey@jpmorgan.com

Each of the foregoing documents (other than the legal opinions described in (6) above) is covered
by the representation contained in Section 3(d) of this Agreement.

(4)

Miscellaneous

W-4

 

	(a)	 	Governing Law. This Agreement will be governed by and construed in accordance with the laws
of the State of New York without reference to choice of law doctrine.
	 
	(b)	 	Notices.

	 	(i)	 	In connection with Section 12(a), all notices to Morgan shall, with respect to
any particular Transaction, be sent to the address, telex number or facsimile number
specified in the relevant Confirmation and any notice for purposes of Sections 5 or 6 of
the Agreement shall be sent to the address or telex number specified below:
	 
	 	 	 	JPMorgan Chase Bank, N.A.

Attention: Legal Department-Derivatives Practice Group

270 Park Avenue, 41st Floor

New York, New York 10017-2070

Telex No.: 232337; Answerback: CBC UR

Facsimile No.: (212) 270-3620
	 
	 	(ii)	 	In connection with Section 12(a), all notices to the Counterparty shall, with
respect to any particular Transaction, be sent to the address, telex number or
facsimile number specified in the relevant Confirmation and any notice for purposes of
Sections 5 or 6 of the Agreement shall be sent to the address or telex number specified
below:

	 	 	The Bank of New York Trust Company, N.A.

	 	601	 	Travis, 16th Floor

Houston, Texas 77002

Telephone: (512) 479-2635

	(c)	 	Netting of Payments. Section 2(c)(ii) of this Agreement will apply, with the effect that
payment netting will not take place with respect to amounts due and owing in respect of more
than one Transaction.

	(d)	 	Offices; Multibranch Party. For purposes of Section 10:

	 	(i)	 	Section 10(a) will apply; and
	 
	 	(ii)	 	For the purpose of Section 10(c):

	 	(I)	 	Morgan is a Multibranch Party and may act through its London
and New York Offices.
	 
	 	(II)	 	The Counterparty is not a Multibranch Party.

	(e)	 	Credit Support Documents.

     With respect to Morgan, if applicable, any Eligible Guarantee delivered by Morgan shall
constitute a Credit Support Document.

     With respect to Morgan and the Counterparty, the Approved Credit Support Document (as defined
herein) entered into between Morgan and the Counterparty shall constitute a Credit Support
Document. An Approved Credit Support Document shall be executed and delivered contemporaneously
with this Agreement.

W-5

 

	(f)	 	Credit Support Provider.

     With respect to Morgan, the party guaranteeing Morgan’s obligations pursuant to an Eligible
Guarantee, if any, shall be a Credit Support Provider.

	(g)	 	Process Agents. The Counterparty appoints as its Process Agent for the purpose of Section
13(c): [Not Applicable]

(5)

Other Provisions

	(a)	 	ISDA Definitions. Reference is hereby made to the 2000 ISDA Definitions (the “ISDA
Definitions”) each as published by the International Swaps and Derivatives Association, Inc.,
which are hereby incorporated by reference herein. Any terms used and not otherwise defined
herein, which are contained in the ISDA Definitions, shall have the meaning set forth therein,
except that any references in the ISDA Definitions to a “Swap Transaction” shall be deemed
references to a “Transaction” for purposes of this Agreement, and references to a
“Transaction” in this Agreement shall be deemed references to a “Swap Transaction” for
purposes of the ISDA Definitions.

	(b)	 	Scope of Agreement. Notwithstanding anything contained in the Agreement to the contrary, if
the parties enter into any Specified Transaction, such Specified Transaction shall be subject
to, governed by and construed in accordance with the terms of this Agreement unless the
Confirmation relating thereto shall specifically state to the contrary. Each such Specified
Transaction shall be a Transaction for the purposes of this Agreement.

	(c)	 	Inconsistency. In the event of any inconsistency between any of the following documents, the
relevant document first listed below shall govern: (i) a Confirmation; (ii) the Schedule;
(iii) the ISDA Definitions; and (iv) the printed form of ISDA Master Agreement.

	(d)	 	Calculation Agent. The Calculation Agent will be Morgan; provided, however, that if an Event
of Default shall have occurred with respect to which Morgan is the Defaulting Party,
Counterparty shall have the right to designate as Calculation Agent an independent party,
reasonably acceptable to Morgan, the cost of which shall be borne by Morgan.

	(e)	 	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any suit, action or proceeding relating
to this Agreement or any Credit Support Document. Each party (i) certifies that no
representative, agent or attorney of the other party or any Credit Support Provider has
represented, expressly or otherwise, that such other party would not, in the event of such a
suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it
and the other party have been induced to enter into this Agreement and provide for any Credit
Support Document, as applicable, by, among other things, the mutual waivers and certifications
in this Section.

	(f)	 	No Petition; Limited Recourse. Morgan hereby agrees that it shall not until a period of one
year and one day (or if longer, the applicable preference period) after all rated liabilities
of the Trust have been indefeasibly paid in full institute against, or join any other person
in instituting against the Counterparty any bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation proceedings or other proceedings under U.S. federal or
state or other bankruptcy or

W-6

 

	 	 	similar laws. Notwithstanding the foregoing, nothing herein shall prevent Morgan from
participating in any such proceeding once commenced. This provision shall survive
termination of this Agreement.

     Morgan hereby acknowledges and agrees that the Counterparty’s obligations hereunder will be
solely the limited recourse obligations of the Counterparty payable solely in accordance with the
priority of payments set out in the Pooling Agreement, and that Morgan will not have any recourse
to any of the directors, officers, employees, shareholders or affiliates of the Counterparty with
respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection
with any transactions contemplated hereby. Notwithstanding any other provisions hereof, recourse
in respect of any obligations of the Counterparty to Morgan hereunder or thereunder will be limited
to the Supplemental Interest Trust and on the exhaustion thereof all claims against the
Counterparty arising from this Confirmation or any other transactions contemplated hereby or
thereby shall be extinguished.

	(g)	 	Additional Representations.

(a) Section 3 is hereby amended by adding at the end thereof the following paragraphs:

     “(g) It is an “eligible contract participant” under, and as defined in, Section 1a(12) of the
Commodity Exchange Act, as amended.

     (h) Each party will be deemed to represent to the other party on the date on which it enters
into a Transaction that (absent a written agreement between the parties that expressly imposes
affirmative obligations to the contrary for that Transaction):

(i) Non-Reliance. It is acting for its own account, and it has made its own independent
decisions to enter into that Transaction and as to whether that Transaction is appropriate or
proper for it based upon its own judgment and upon advice from such advisers as it has deemed
necessary. It is not relying on any communication (written or oral) of the other party as
investment advice or as a recommendation to enter into that Transaction; it being understood
that information and explanations related to the terms and conditions of a Transaction shall not
be considered investment advice or a recommendation to enter into that Transaction. No
communication (written or oral) received from the other party shall be deemed to be an assurance
or guarantee as to the expected results of that Transaction.

(ii) Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the
terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes,
the risks of that Transaction.

(iii) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it
in respect of that Transaction.”

(b) The additional representation shall be given by Morgan only:

“(i) Pari Passu. Its obligations under this Agreement rank equal and ratably with all of its
other unsecured, unsubordinated obligations except those obligations preferred by operation
of law.”

	(h)	 	Amendment to Section 9(b) of the Agreement. Section 9(b) of the Agreement is amended by
adding the following sentence immediately following the end of the first sentence thereof:

“In addition, no amendment modification or waiver in respect of this

W-7

 

Agreement will be effective unless the Rating Agency Condition is
satisfied.”

	(i)	 	Set-off. Notwithstanding any provision of this Agreement or any other existing or future
agreement, but subject to Section 2(c), Section 6 and Part 6(3)(viii) of this Schedule a, each
party irrevocably waives any and all rights it may have to set off, net, recoup or otherwise
withhold or suspend or condition payment or performance of any obligation between it and the
other party hereunder against any obligation between it and the other party under any other
agreements. The provisions for Set-off set forth in Section 6(e) of the Agreement shall not
apply to this Agreement.

	(j)	 	Amendment to Section 6(e) of the Agreement. Section 6(e) of the Agreement is amended by
deleting the last sentence of the introductory paragraph thereof.

(12) Modification to Definition of Indemnifiable Tax. Notwithstanding the definition of
“Indemnifiable Tax” in Section 14, in relation to payments by Morgan, any Tax shall be an
Indemnifiable Tax, and in relations to payments by the Counterparty, no Tax shall be an
Indemnifiable Tax. For the avoidance of doubt, the foregoing sentence shall not by itself modify
either party’s right to terminate a Transaction based on the occurrence of a Tax Event or a Tax
Event Upon Merger.

	(13)	 	Waiver of Tax Confidentiality. Notwithstanding anything herein to the contrary, any party
subject to confidentiality obligations hereunder or under any other related document (and any
employee, representative or other agent of such party) may disclose to any and all persons,
without limitation of any kind, the U.S. federal income tax treatment and the U.S. federal
income tax structure of the transactions contemplated hereby and all materials of any kind
(including opinions or other tax analyses) that are provided to it relating to such tax
treatment and tax structure. However, no such party shall disclose any information relating
to such tax treatment or tax structure to the extent nondisclosure is reasonably necessary in
order to comply with applicable securities laws.

	(14)	 	Rating Agency Notifications. Notwithstanding any other provision of this Agreement, this
Agreement shall not be amended, no Early Termination Date shall be effectively designated by
the Counterparty, and no transfer of any rights or obligations under this Agreement shall be
made (other than a transfer of all of Morgan’s rights and obligations with respect to this
Agreement in accordance with Part 6(2)(a) below) unless Moody’s, S&P and Fitch have each been
given prior written notice of such amendment, designation or transfer.

	(15)	 	Supplemental Interest Trust Trustee Capacity. It is expressly understood and agreed by the
parties hereto that (i) this Agreement is executed and delivered by The Bank of New York Trust
Company, N.A. not individually or personally but solely as Supplemental Interest Trust Trustee
of the supplemental interest trust created under the Pooling Agreement (the “Supplemental
Interest Trust”) in the exercise of the powers and authority conferred and vested in it under
the terms of the Pooling Agreement, (ii) each of the representations, undertakings and
agreements herein made on the part of the Counterparty is made and intended not as personal
representations, undertakings and agreements by The Bank of New York Trust Company, N.A. but
is made and intended for the purpose of binding only the Supplemental Interest Trust, (iii)
nothing herein contained shall be construed as creating any liability on the part of The Bank
of New York Trust Company, N.A., individually or personally, to perform any covenant, either
expressed or implied, contained herein, all such liability, if any, being expressly waived by
the parties hereto and by any Person claiming by, through or under the parties hereto, and
(iv) under no circumstances shall The Bank of New York Trust Company, N.A. be personally
liable for the payment of any indebtedness or expenses of the Counterparty or be liable for
the breach or failure of any

W-8

 

	 	 	obligation, representation, warranty or covenant made or undertaken by the Counterparty
under this Agreement or any other related documents, as to all of which recourse shall be
had solely to the assets of the Supplemental Interest Trust in accordance with the terms of
the Pooling Agreement. The parties hereto acknowledge that The Bank of New York Trust
Company, N.A. as Supplemental Interest Trust Trustee has been directed to enter into this
Agreement pursuant to the Pooling Agreement.

Part 6

Downgrade Provisions; Transfer; Payments on Early Termination;

	(1)	 	Ratings Downgrade Provisions.

Following the occurrence of a Ratings Event I and/or a Ratings Event II, for as long as such
Ratings Event I or Ratings Event II is continuing, the parties shall comply with the following
provisions, as applicable.

     I. Ratings Event I:

     A. Actions upon Ratings Event 1: Not later than 30 calendar days after a Ratings Event I has
occurred and is continuing, Morgan shall, at its own expense:

(A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all
Morgan’s present and future obligations under this Agreement;

or

(B) transfer Morgan’s rights and obligations under the Agreement and all Confirmations pursuant
to a Qualifying Novation;

or

(C) deliver Eligible Collateral to Counterparty in accordance with the terms of the Approved
Credit Support Document and, following such delivery, maintain Eligible Collateral as required
under the Approved Credit Support Document;

Morgan’s obligations under this Part 6(1)(I) shall cease, solely with respect to such
occurrence, if (A) there is no Ratings Event I or (B) Morgan has either provided an Eligible
Guarantee in respect of all Morgan’s present and future obligations under this Agreement or
transferred its rights and obligations pursuant to a Qualifying Novation in accordance with
the terms of this Schedule.

     B. Eligible Guarantee or Eligible Replacement below Ratings Event I Levels

     If a Qualifying Novation is made to an Eligible Replacement or an Eligible Guarantee is
provided and, immediately after the execution of such Qualifying Novation or Eligible Guarantee (as
applicable), there is a Ratings Event I, then (so long as such Ratings Event I is continuing) Part
6(1)(I.A.) above shall apply without regard to the 30 calendar day time period referred to therein.

     II. Ratings Event II

     A. Actions upon Ratings Event II

     If a Ratings Event II has occurred and is continuing, the following shall occur.

     Morgan shall, at its own expense, use commercially reasonable efforts to, as soon as
reasonably practicable:

W-9

 

(A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all
Morgan’s present and future obligations under this Agreement;

or

(B) transfer Morgan’s rights and obligations under the Agreement and all Confirmations pursuant
to a Qualifying Novation.

     If, immediately prior to such Ratings Event II, Morgan is required to deliver and maintain
Eligible Collateral following a Ratings Event I, Morgan shall continue to maintain Eligible
Collateral under the Approved Credit Support Document.

If, immediately prior to such Ratings Event II, Morgan is not required to deliver and maintain
Eligible Collateral following a Ratings Event I, then Morgan shall post Eligible Collateral in
accordance with the terms of the Approved Credit Support Document until Morgan has provided an
Eligible Guarantee in respect of all Morgan’s present and future obligations under this
Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in
accordance with terms of this Schedule. In addition, Morgan shall continue to use commercially
reasonable efforts to either transfer its rights and obligations pursuant to a Qualifying
Novation or to provide an Eligible Guarantee in accordance with terms of this Schedule.

     Morgan’s obligations under this Part 6(1) shall cease, solely with respect to such occurrence,
if (A) there is no Rating Events II or (B) Morgan has either provided an Eligible Guarantee in
respect of all Morgan’s present and future obligations under this Agreement or transferred its
rights and obligations pursuant to a Qualifying Novation, in either case in accordance with the
terms of this Schedule.

     B. Ratings Event II Event of Default/Additional Termination Event

     Failure by Morgan to comply with the requirement of this Part 6(1)II to use commercially
reasonable efforts to obtain an Eligible Guarantee in respect of all Morgan’s present and future
obligations under this Agreement or Qualifying Novation shall constitute an Event of Default with
respect to Morgan.

     If Morgan has not, within 10 Business Days of the occurrence of a Ratings Event II, obtained
an Eligible Guarantee in respect of all Morgan’s present and future obligations under this
Agreement or effected a Qualifying Novation, it shall constitute an Additional Termination Event in
respect of which Morgan is the sole Affected Party and all Transactions are Affected Transactions,
but only if:

     1. (a) one or more Eligible Replacements has made a Firm Offer (in response to
solicitation either by Morgan or the Counterparty) to be the transferee of a
transfer pursuant to a Qualifying Novation and/or (b) at least one entity has made
a Firm Offer to provide an Eligible Guarantee in respect of all Morgan’s present
and future obligations under this Agreement;

and

2. such Ratings Event II is continuing.

     Failure by Morgan to post or maintain Eligible Collateral in accordance with the Approved
Credit Support Document shall be an Event of Default under Section 5(a)(iii).

     III. Definitions

     As used herein:

     “Approved Credit Support Document” means the 1994 ISDA Credit Support Annex (ISDA Agreements
Subject to New York Law Only), as modified by the Paragraph 13 thereto, in the form annexed hereto.
An Approved Credit Support Document will be executed and delivered contemporaneously with this
Agreement.

W-10

 

     “Business Day” shall have the meaning given to this term in the Confirmation.

     “Eligible Guarantee” means an unconditional and irrevocable guarantee that is provided by a
guarantor as principal debtor rather than as surety and directly enforceable by the Counterparty
and that meets the following conditions:

	 	1.	 	either (A) a law firm has given a legal opinion confirming that none of
the guarantor’s payments to the Counterparty will be subject to withholding tax or
(B) such guarantee provides that, in the event that any of such guarantor’s
payments to the Counterparty are subject to withholding for tax, such guarantor is
required to pay such additional amount as is necessary to ensure that the net
amount actually received by the Counterparty will equal the full amount the
Counterparty would have received had no such withholding been required; and
	 
	 	2.	 	the guarantor must meet the Ratings Event I Required Ratings and/or
Ratings Event II Required Ratings in each case certified by such guarantor to
Counterparty, provided that if such guarantor does not meet the Ratings Event I
Required Ratings, such guarantee shall not be an Eligible Guarantee unless either
the guarantor or Morgan delivers Eligible Collateral in accordance with the
Approved Credit Support Document at the time such Eligible Guarantee is provided;
and
	 
	 	3.	 	the Rating Agency Condition has been met with respect to S&P.

     “Eligible Replacement” means (i) an entity that satisfies the Ratings Event I Required Ratings
and/or the Ratings Event II Required Ratings in each case certified by Party to Counterparty or
(ii) an entity whose present and future obligations owing to the Counterparty are guaranteed
pursuant to an Eligible Guarantee by a guarantor that satisfies the Ratings Event I Required
Ratings and/or Ratings Event II Required Ratings in each case certified by such guarantor to
Counterparty.

     “Firm Offer” means an offer which, when made, was capable of becoming legally binding upon
acceptance.

     “Fitch” means Fitch Ratings or any successor thereto.

     “Moody’s” means Moody’s Investors Service, Inc. or any successor thereto.

“Pooling Agreement” means the Pooling and Servicing Agreement, dated as of April 1, 2007,
among Chase Mortgage Finance Corporation, as Depositor, JPMorgan Chase Bank, N.A., as
Servicer, JPMorgan Chase Bank, N.A., as Custodian and The Bank of New York Trust Company,
N.A., as Paying Agent and Trustee;

     “Qualifying Novation” means a transfer of all rights and obligations of Morgan under all
Transactions that are the subject of this Agreement (which may include a transfer of this
Agreement) to an Eligible Replacement that is party to a Replacement Agreement with the
Counterparty that meets the following conditions:

	 	1.	 	if the Eligible Replacement does not meet the Ratings
Event I Required Ratings, such Eligible Replacement delivers Eligible
Collateral in accordance with the Approved Credit Support Document at the
time of such Qualifying Novation; and
	 
	 	2.	 	if the Replacement Agreement is this Agreement, prior
notice is given to S&P; and
	 
	 	3.	 	if the Replacement Agreement is not this Agreement, the
Rating Agency Condition is met with respect to S&P.

     “Rating Agencies” means S&P, Moody’s and Fitch.

W-11

 

     “Rating Agency Condition” means, with respect to any particular proposed act or omission to
act hereunder that the party acting or failing to act must consult with each of the Rating Agencies
(unless otherwise specified) then providing a rating of the Certificates and receive from each
Rating Agency a prior written confirmation that the proposed action or inaction would not cause a
downgrade or withdrawal of the then-current rating of the Certificates.

     “Ratings Event I” shall occur with respect to S&P, Moody’s or Fitch if no Relevant Entity has
the Ratings Event I Required Ratings as specified under paragraph (a) or (b) thereof, as
applicable.

     An entity will have “Ratings Event I Required Ratings” (a) with respect to Moody’s, (i) if
such entity is the subject of Moody’s Short-term Rating, such rating is “Prime-1” and its
long-term, unsecured and unsubordinated debt obligations are rated A2 or above by Moody’s and (ii)
if such entity is not the subject of a Moody’s Short-term Rating, its long-term, unsecured and
unsubordinated debt obligations are rated “A1” or above by Moody’s, (b) with respect to S&P, (i)
the S&P short-term senior unsecured debt rating of such entity is A-1 or above or (ii) if such
entity is not the subject of an S&P short-term rating, if its long-term senior unsecured debt
rating is A+ or above and (c) with respect to Fitch, if such entity has a short-term senior
unsecured rating of “F-1” or above or a long-term senior unsecured rating of “A” or above.

“Ratings Event II” shall occur with respect to S&P, Moody’s or Fitch if no Relevant Entity
has the Ratings Event II Required Ratings under paragraph (a) or (b) thereof, as applicable.

An entity will have “Ratings Event II Required Ratings” (a) with respect to Moody’s, (i) if
such entity is the subject of a Moody’s Short-term Rating, if such rating is “Prime-2” or
above and its long-term, unsecured and unsubordinated debt obligations are rated “A3” or
above by Moody’s and (ii) if such entity is not the subject a Moody’s Short-term Rating, if
its long-term, unsecured and unsubordinated debt obligations are rated “A3” by Moody’s, (b)
with respect to S&P, such entity’s long-term senior unsecured S&P debt rating is BBB- or
above and (c) with respect to Fitch, if such entity has a short-term senior unsecured rating
of “F-2” or above or a long-term senior unsecured rating of “BBB+” or above.

     “Relevant Entity” means Morgan or any guarantor under an Eligible Guarantee in respect of all
Morgan’s present and future obligations under this Agreement.

     “Replacement Agreement” means either (i) this Agreement, if this Agreement is transferred to
an Eligible Replacement in the course of a Qualifying Novation or (ii) an agreement on
substantially the same terms as this Agreement, including ratings triggers, credit support
documentation and other provisions of this Agreement.

     “S&P” means by Standard & Poor’s Ratings Service or any successor thereto.

     “Supplemental Interest Trust” shall have the meaning set forth in the Pooling Agreement.

(2) Amendment to Section 7 of the Agreement.

The following provisions shall be added to the end of Section 7:

A. Qualifying Novations

I. The Counterparty shall determine whether or not a transfer is a Qualifying
Novation which shall be deemed upon receipt of evidence that the Rating Agency
Condition has been met.

II. If an entity has made a Firm Offer (which remains capable of becoming legally
binding upon acceptance) to be the transferee of a Qualifying Novation, the
Counterparty shall at Morgan’s written request and cost execute any documentation
Morgan deems

W-12

 

necessary to effect such transfer and take such action as required pursuant to this
Agreement.

III. No consent from the Counterparty is required for a transfer that is a
Qualifying Novation and is required pursuant to Part 6(1) above.

B. Other Transfers

Transfers other than Qualifying Novations or transfers under Section 7(a) of this Agreement
shall be effective only if Rating Agency Condition has been met.

	(3)	 	Termination Amounts
	 
	 	 	Notwithstanding Section 6 of this Agreement, so long as Morgan is (A) the Affected Party in
respect of a Termination Event or (B) the Defaulting Party in respect of any Event of
Default, paragraphs (i) to (viii) below shall apply:

(i) The Counterparty shall not designate as an Early Termination Date a date earlier than 10
Business Days after the notice designating such Early Termination Date becomes effective.

	 	(ii)	 	The definition of “Market Quotation” shall be deleted in its entirety and
replaced with the following:
	 
	 	 	 	“Market Quotation” means, with respect to one or more Terminated Transactions, a
Firm Offer (which may be solicited by either the Counterparty or Morgan) which is
(1) made by a Reference Market-maker that is an Eligible Replacement, (2) for an
amount that would be paid to the Counterparty (expressed as a negative number) or by
the Counterparty (expressed as a positive number) in consideration of an agreement
between Counterparty and such Reference Market-maker to enter into a transaction
(the “Replacement Transaction”) that would have the effect of preserving for such
party the economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in respect of
such Terminated Transactions that would, but for the occurrence of the relevant
Early Termination Date, have been required after that date, (3) made on the basis
that Unpaid Amounts in respect of the Terminated Transactions are to be excluded
but, without limitation, any payment or delivery that would, but for the relevant
Early Termination Date, have been required (assuming satisfaction of each applicable
condition precedent) after that Early Termination Date is to be included and (4)
made in respect of a Replacement Transaction with terms substantially the same as
those of this Agreement (save for the exclusion of provisions relating to
Transactions that are not Terminated Transactions).”

(iii) The definition of “Settlement Amount” shall be deleted in its entirety and replaced
with the following:

	 	 	 	“Settlement Amount” means, with respect to any Early Termination Date, an amount (as
determined by the Counterparty) equal to the Termination Currency Equivalent of the
amount (whether positive or negative) of any Market Quotation for the relevant
Terminated Transaction or group of Terminated Transactions that is accepted by the
Counterparty so as to become legally binding, provided that:

W-13

 

	 	(a)	 	If, on or before the day falling ten Local Business
Days after the day on which the Early Termination Date is designated or
such later day as Counterparty may specify in writing to Morgan, (but in
either case no later than the Early Termination Date) (such day, the
“Latest Settlement Amount Determination Date”), no Market Quotation for the
relevant Terminated Transaction or group of Terminated Transactions has
been accepted by Counterparty so as to become legally binding and one or
more Market Quotations have been made and remain capable of becoming
legally binding upon acceptance, the Settlement Amount shall equal the
Termination Currency Equivalent of the amount (whether positive or
negative) of the lowest of such Market Quotation; or
	 
	 	(b)	 	If on the Latest Settlement Amount Determination Date
no Market Quotation for the relevant Terminated Transaction or group of
Terminated Transactions is accepted by the Counterparty so as to become
legally binding and no Market Quotations have been made and remain capable
of becoming legally binding upon acceptance, the Settlement Amount shall
equal the Counterparty’s Loss (whether positive or negative and without
reference to any Unpaid Amounts) for the relevant Terminated Transaction or
group of Terminated Transactions.”

(iv) For the purpose of paragraph (4) of the definition of Market Quotation, the
Counterparty shall determine whether a Firm Offer is made in respect of a Replacement
Transaction with commercial terms substantially the same as those of this Agreement which
shall be deemed upon receipt of evidence that the Rating Agency Condition has been met (save
for the exclusion of provisions relating to Transactions that are not Terminated
Transactions).

(v) At any time on or before the Latest Settlement Amount Determination Day at which two or
more Market Quotations remain capable of becoming legally binding upon acceptance, the
Counterparty shall be entitled to accept only the lowest of such Market Quotations.

(vi) If the Counterparty requests Morgan in writing to obtain Market Quotations, Morgan
shall use its reasonable efforts to do so on or before the Latest Settlement Amount
Determination Day.

(vii) Morgan may also elect to obtain Market Quotations without a request from the
Counterparty.

(viii) If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement
shall be deleted in its entirety and replaced with the following:

“Second Method and Market Quotation. If Second Method and Market Quotation apply,
(1) the Counterparty shall pay to Morgan an amount equal to the absolute value of
the Settlement Amount in respect of the Terminated Transactions, (2) the
Counterparty shall pay to Morgan the Termination Currency Equivalent of the Unpaid
Amounts owing to Morgan and (3) Morgan shall pay to the Counterparty the Termination
Currency Equivalent of the Unpaid Amounts owing to the Counterparty, provided that,
(i) the amounts payable under (2) and (3) shall be subject to netting in accordance
with Section 2(c) of this Agreement and (ii) notwithstanding any other provision of
this Agreement, any amount payable by Morgan under (3) shall not be netted-off
against any amount payable by the Counterparty under (1).”

W-14

 

Please confirm your agreement to the terms of the foregoing Schedule by signing below.

	 	 	 	 	 
	 	

JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	The Bank of New York Trust Company, N.A., not in its individual capacity but solely as Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust with respect to ChaseFlex Trust
Series 2007-2

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

W-15

 

EXHIBIT W-1

FORM OF SWAP CONFIRMATION

Interest Rate Swap Transaction

The purpose of this letter agreement is to confirm the terms and conditions of the
Transaction entered into between:

JPMORGAN CHASE BANK, N.A.

(“JPMorgan”)

and

The Bank of New York, not in its individual capacity but solely as Supplemental Interest Trust
Trustee on behalf of the Supplemental Interest Trust with respect to ChaseFlex Trust Series 2007-2
(the “Counterparty”)

on the Trade Date and identified by the JPMorgan Deal Number specified below (the “Transaction”).
This letter agreement constitutes a “Confirmation” as referred to in the Master Agreement specified
below, and supersedes any previous confirmation or other writing with respect to the transaction
described below.

The definitions and provisions contained in the [ ] ISDA Definitions (the “Definitions”), as
published by the International Swaps and Derivatives Association, Inc. are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern.

This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement dated as
of April 30, 2007, as amended and supplemented from time to time (the “Agreement”), between
JPMORGAN CHASE BANK, N.A. (“JPMorgan”) and The Bank of New York, not in its individual capacity but
solely as Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust with
respect to ChaseFlex Trust Series 2007-2 (the “Counterparty”). All provisions contained in the
Agreement govern this Confirmation except as expressly modified below.

W-1-1

 

The terms of the particular Interest Rate Swap Transaction to which this
Confirmation relates are as follows:

	 	 	 
	A. TRANSACTION DETAILS
	 	 
	 
	 	 
	JPMorgan Deal Number(s):

	 	[ ]
	 
	 	 
	Notional Amount:

	 	Per attached schedule in Exhibit A
	 
	 	 
	Trade Date:

	 	April 17, 2007
	 
	 	 
	Effective Date:

	 	April 30, 2007
	 
	 	 
	Termination Date:

	 	July 25, 2017 subject to adjustment in accordance with
the Following Business Day Convention
	 
	 	 
	Fixed Amounts:
	 	 
	 
	 	 
	Fixed Rate Payer:

	 	Counterparty
	 
	 	 
	Fixed Rate Payer Period End Dates:

	 	The 25th of each month in
each year commencing with May 25, 2007
to and including the Termination Date,
subject to no adjustment
	 
	 	 
	Fixed Rate Payer Payment Dates:

	 	The Fixed Rate Payer Period End Date,
subject to adjustment in accordance
with the Following Business Day
Convention
	 
	 	 
	Fixed Rate:

	 	[ ] percent
	 
	 	 
	Fixed Rate Day Count Fraction:

	 	30/360
	 
	 	 
	Business Days:

	 	New York
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:

	 	JPMorgan

W-1-2

 

	 	 	 
	Floating Rate Payer Period End Dates:

	 	The 25th of each month in each year commencing
with May 25, 2007 to and including the Termination Date, subject to no adjustment
	 
	 	 
	Floating Rate for initial Calculation Period:

	 	[ ] percent
	 
	 	 
	Floating Rate Payer Payment Dates:

	 	[ ] Business days preceding each Floating Rate Payer Period End Date.
	 
	 	 
	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 
	Designated Maturity:

	 	1 Month
	 
	 	 
	Spread:

	 	None
	 
	 	 
	Floating Rate Day Count Fraction:

	 	Actual/360
	 
	 	 
	Reset Dates:

	 	The first day of each Calculation Period.
	 
	 	 
	Compounding:

	 	Inapplicable
	 
	 	 
	Business Days:

	 	New York
	 
	 	 
	Calculation Agent:

	 	JPMorgan, unless otherwise stated in the Agreement.
	 
	 	 
	B. ACCOUNT DETAILS
	 	 
	Payments to JPMorgan in USD:

	 	JPMORGAN CHASE BANK NA
	 

	 	JPMORGAN CHASE BANK NA
	 

	 	BIC:
	 

	 	ABA:
	 

	 	AC No:
	 

	 	Ref: # ChaseFlex 2007-2
	 
	 	 
	Payments to Counterparty in USD:

	 	The Bank of New York
	 

	 	ABA:
	 

	 	Ref: CFLX 2007-2 swap
	 

	 	Attn:
	 
	 	 
	C. OFFICES
	 	 
	 
	 	 
	JPMorgan:

	 	NEW YORK
	 
	 	 
	Counterparty:

	 	NEW YORK
	 
	 	 
	D. RELATIONSHIP BETWEEN PARTIES
	 	 

W-1-3

 

Each party will be deemed to represent to the other party on the date on which it enters into a
Transaction that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary for that Transaction):

(a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions
to enter into that Transaction and as to whether that Transaction is appropriate or proper for it
based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is
not relying on any communication (written or oral) of the other party as investment advice or as a
recommendation to enter into that Transaction; it being understood that information and
explanations related to the terms and conditions of a Transaction shall not be considered
investment advice or a recommendation to enter into that Transaction. No communication (written or
oral) received from the other party shall be deemed to be an assurance or guarantee as to the
expected results of that Transaction. U.S. Bank National Association is acting not in its
individual capacity but solely as Swap Trustee and has been directed to enter into the transaction.

(b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on
its own behalf or through independent professional advice), and understands and accepts, the terms,
conditions and risks of that Transaction. It is capable of assuming, and assumes the risks of that
Transaction.

(c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in
respect of that Transaction.

E. SUPPLEMENTAL INTEREST TRUST TRUSTEE CAPACITY

It is expressly understood and agreed by the parties hereto that insofar as this Confirmation is
executed by the Supplemental Interest Trust Trustee (i) this Confirmation is executed and delivered
by The Bank of New York Trust Company, N.A., not in its individual capacity but solely as
Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement, dated as of April 1,
2007 (the “Pooling and Servicing Agreement”), among Chase Mortgage Finance Corporation, as
depositor, Chase Home Finance LLC, as seller, The Bank of New York Trust Company, N.A., as trustee,
JPMorgan Chase Bank National Association as servicer in the exercise of the powers and authority
conferred and vested in it thereunder, (ii) under no circumstances shall The Bank of New York Trust
Company, N.A. in its individual capacity be personally liable for the payment of any indebtedness
or expenses or be personally liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken under this Confirmation, and (iii) each of the
representations, undertakings and agreements herein made on behalf of the Counterparty is made and
intended not as personal representations, undertakings and agreements of the Counterparty.

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a
copy of this Confirmation and returning it to us or by sending to us a letter, telex or facsimile
substantially similar to this letter, which letter, telex or facsimile sets forth the material
terms of the Transaction to which this Confirmation relates and indicates agreement to those terms.
When referring to this Confirmation, please indicate: JPMorgan Deal Number(s): [ ]

W-1-4

 

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

Accepted and confirmed as of the date first written:

The Bank of New York, not in its individual

capacity but solely as Supplemental Interest Trust

Trustee on behalf of the Supplemental Interest Trust

with respect to ChaseFlex Trust Series 2007-2

	 	 	 	 	 
	 	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	Your reference number:
	 	 	 	 
	 

	 	 

	 	 

W-1-5

 

Exhibit A

SWAP NOTIONAL BALANCE SCHEDULE

	 	 	 	 	 	 	 
	Calculation 	 	Calculation Period	 	Scheduled Notional
	Period Start Date	 	End Date	 	Amount ($)
	April 30, 2007

	 	May 25, 2007
	 	 	297,605,000.00	 
	May 25, 2007

	 	June 25, 2007
	 	 	294,833,602.96	 
	June 25, 2007

	 	July 25, 2007
	 	 	291,788,316.00	 
	July 25, 2007

	 	August 25, 2007
	 	 	288,475,108.34	 
	August 25, 2007

	 	September 25, 2007
	 	 	284,900,235.13	 
	September 25, 2007

	 	October 25, 2007
	 	 	281,070,861.69	 
	October 25, 2007

	 	November 25, 2007
	 	 	276,995,309.67	 
	November 25, 2007

	 	December 25, 2007
	 	 	272,683,909.41	 
	December 25, 2007

	 	January 25, 2008
	 	 	268,149,906.12	 
	January 25, 2008

	 	February 25, 2008
	 	 	263,416,554.89	 
	February 25, 2008

	 	March 25, 2008
	 	 	258,565,000.19	 
	March 25, 2008

	 	April 25, 2008
	 	 	253,695,566.16	 
	April 25, 2008

	 	May 25, 2008
	 	 	248,885,607.61	 
	May 25, 2008

	 	June 25, 2008
	 	 	244,165,446.25	 
	June 25, 2008

	 	July 25, 2008
	 	 	239,533,412.50	 
	July 25, 2008

	 	August 25, 2008
	 	 	234,987,867.73	 
	August 25, 2008

	 	September 25, 2008
	 	 	230,527,203.70	 
	September 25, 2008

	 	October 25, 2008
	 	 	226,149,841.97	 
	October 25, 2008

	 	November 25, 2008
	 	 	221,854,233.39	 
	November 25, 2008

	 	December 25, 2008
	 	 	217,638,857.54	 
	December 25, 2008

	 	January 25, 2009
	 	 	213,502,222.18	 
	January 25, 2009

	 	February 25, 2009
	 	 	209,442,862.75	 
	February 25, 2009

	 	March 25, 2009
	 	 	205,459,341.84	 
	March 25, 2009

	 	April 25, 2009
	 	 	201,550,248.72	 
	April 25, 2009

	 	May 25, 2009
	 	 	197,714,198.82	 
	May 25, 2009

	 	June 25, 2009
	 	 	193,949,833.22	 
	June 25, 2009

	 	July 25, 2009
	 	 	190,255,818.26	 
	July 25, 2009

	 	August 25, 2009
	 	 	186,630,844.97	 
	August 25, 2009

	 	September 25, 2009
	 	 	183,073,628.68	 
	September 25, 2009

	 	October 25, 2009
	 	 	179,582,908.56	 
	October 25, 2009

	 	November 25, 2009
	 	 	176,157,447.16	 
	November 25, 2009

	 	December 25, 2009
	 	 	172,796,029.99	 
	December 25, 2009

	 	January 25, 2010
	 	 	169,497,465.09	 
	January 25, 2010

	 	February 25, 2010
	 	 	166,260,582.61	 
	February 25, 2010

	 	March 25, 2010
	 	 	163,084,234.42	 
	March 25, 2010

	 	April 25, 2010
	 	 	159,967,293.68	 
	April 25, 2010

	 	May 25, 2010
	 	 	156,908,654.48	 
	May 25, 2010

	 	June 25, 2010
	 	 	153,907,231.39	 
	June 25, 2010

	 	July 25, 2010
	 	 	150,961,959.18	 
	July 25, 2010

	 	August 25, 2010
	 	 	148,071,792.34	 
	August 25, 2010

	 	September 25, 2010
	 	 	145,273,578.62	 
	September 25, 2010

	 	October 25, 2010
	 	 	142,535,091.56	 
	October 25, 2010

	 	November 25, 2010
	 	 	139,847,855.05	 
	November 25, 2010

	 	December 25, 2010
	 	 	137,210,914.61	 
	December 25, 2010

	 	January 25, 2011
	 	 	134,623,333.46	 
	January 25, 2011

	 	February 25, 2011
	 	 	132,084,192.23	 
	February 25, 2011

	 	March 25, 2011
	 	 	129,592,588.59	 
	March 25, 2011

	 	April 25, 2011
	 	 	127,147,636.99	 

W-1-6

 

	 	 	 	 	 	 	 
	Calculation Period	 	Calculation Period	 	Scheduled Notional
	Start Date	 	End Date	 	Amount ($)
	April 25, 2011

	 	May 25, 2011
	 	 	124,748,468.31	 
	May 25, 2011

	 	June 25, 2011
	 	 	122,394,229.56	 
	June 25, 2011

	 	July 25, 2011
	 	 	120,084,083.60	 
	July 25, 2011

	 	August 25, 2011
	 	 	117,817,208.81	 
	August 25, 2011

	 	September 25, 2011
	 	 	115,592,798.85	 
	September 25, 2011

	 	October 25, 2011
	 	 	113,410,062.35	 
	October 25, 2011

	 	November 25, 2011
	 	 	111,268,222.63	 
	November 25, 2011

	 	December 25, 2011
	 	 	109,166,517.44	 
	December 25, 2011

	 	January 25, 2012
	 	 	107,104,198.67	 
	January 25, 2012

	 	February 25, 2012
	 	 	105,080,532.12	 
	February 25, 2012

	 	March 25, 2012
	 	 	103,094,797.24	 
	March 25, 2012

	 	April 25, 2012
	 	 	101,146,286.82	 
	April 25, 2012

	 	May 25, 2012
	 	 	99,234,306.84	 
	May 25, 2012

	 	June 25, 2012
	 	 	97,358,176.13	 
	June 25, 2012

	 	July 25, 2012
	 	 	95,517,226.20	 
	July 25, 2012

	 	August 25, 2012
	 	 	93,710,800.97	 
	August 25, 2012

	 	September 25, 2012
	 	 	91,933,158.90	 
	September 25, 2012

	 	October 25, 2012
	 	 	90,165,582.13	 
	October 25, 2012

	 	November 25, 2012
	 	 	88,431,164.61	 
	November 25, 2012

	 	December 25, 2012
	 	 	86,729,287.77	 
	December 25, 2012

	 	January 25, 2013
	 	 	85,059,344.55	 
	January 25, 2013

	 	February 25, 2013
	 	 	83,420,739.17	 
	February 25, 2013

	 	March 25, 2013
	 	 	81,812,886.93	 
	March 25, 2013

	 	April 25, 2013
	 	 	80,235,213.98	 
	April 25, 2013

	 	May 25, 2013
	 	 	78,687,157.14	 
	May 25, 2013

	 	June 25, 2013
	 	 	77,168,163.71	 
	June 25, 2013

	 	July 25, 2013
	 	 	75,677,691.24	 
	July 25, 2013

	 	August 25, 2013
	 	 	74,215,207.40	 
	August 25, 2013

	 	September 25, 2013
	 	 	72,780,189.72	 
	September 25, 2013

	 	October 25, 2013
	 	 	71,372,125.47	 
	October 25, 2013

	 	November 25, 2013
	 	 	69,990,511.43	 
	November 25, 2013

	 	December 25, 2013
	 	 	68,634,853.76	 
	December 25, 2013

	 	January 25, 2014
	 	 	67,304,667.77	 
	January 25, 2014

	 	February 25, 2014
	 	 	65,999,477.83	 
	February 25, 2014

	 	March 25, 2014
	 	 	64,718,817.11	 
	March 25, 2014

	 	April 25, 2014
	 	 	63,462,227.49	 
	April 25, 2014

	 	May 25, 2014
	 	 	62,229,259.35	 
	May 25, 2014

	 	June 25, 2014
	 	 	61,019,471.45	 
	June 25, 2014

	 	July 25, 2014
	 	 	59,832,430.75	 
	July 25, 2014

	 	August 25, 2014
	 	 	58,667,712.27	 
	August 25, 2014

	 	September 25, 2014
	 	 	57,524,898.92	 
	September 25, 2014

	 	October 25, 2014
	 	 	56,403,581.38	 
	October 25, 2014

	 	November 25, 2014
	 	 	55,303,357.95	 
	November 25, 2014

	 	December 25, 2014
	 	 	54,223,834.41	 
	December 25, 2014

	 	January 25, 2015
	 	 	53,164,623.84	 
	January 25, 2015

	 	February 25, 2015
	 	 	52,125,346.56	 
	February 25, 2015

	 	March 25, 2015
	 	 	51,105,629.94	 
	March 25, 2015

	 	April 25, 2015
	 	 	50,105,108.27	 

W-1-7

 

	 	 	 	 	 	 	 
	Calculation Period	 	Calculation Period	 	Scheduled Notional
	Start Date	 	End Date	 	Amount ($)
	April 25, 2015

	 	May 25, 2015
	 	 	49,123,422.68	 
	May 25, 2015

	 	June 25, 2015
	 	 	48,160,220.94	 
	June 25, 2015

	 	July 25, 2015
	 	 	47,215,157.40	 
	July 25, 2015

	 	August 25, 2015
	 	 	46,287,892.85	 
	August 25, 2015

	 	September 25, 2015
	 	 	45,378,094.37	 
	September 25, 2015

	 	October 25, 2015
	 	 	44,485,435.26	 
	October 25, 2015

	 	November 25, 2015
	 	 	43,609,594.89	 
	November 25, 2015

	 	December 25, 2015
	 	 	42,750,258.60	 
	December 25, 2015

	 	January 25, 2016
	 	 	41,907,117.60	 
	January 25, 2016

	 	February 25, 2016
	 	 	41,079,868.83	 
	February 25, 2016

	 	March 25, 2016
	 	 	40,268,214.90	 
	March 25, 2016

	 	April 25, 2016
	 	 	39,471,863.93	 
	April 25, 2016

	 	May 25, 2016
	 	 	38,690,529.50	 
	May 25, 2016

	 	June 25, 2016
	 	 	37,923,890.83	 
	June 25, 2016

	 	July 25, 2016
	 	 	37,171,713.02	 
	July 25, 2016

	 	August 25, 2016
	 	 	36,433,725.32	 
	August 25, 2016

	 	September 25, 2016
	 	 	35,709,662.02	 
	September 25, 2016

	 	October 25, 2016
	 	 	34,999,262.36	 
	October 25, 2016

	 	November 25, 2016
	 	 	34,302,228.45	 
	November 25, 2016

	 	December 25, 2016
	 	 	33,618,259.50	 
	December 25, 2016

	 	January 25, 2017
	 	 	32,946,624.61	 
	January 25, 2017

	 	February 25, 2017
	 	 	32,286,535.23	 
	February 25, 2017

	 	March 25, 2017
	 	 	31,630,657.60	 
	March 25, 2017

	 	April 25, 2017
	 	 	30,974,377.13	 
	April 25, 2017

	 	May 25, 2017
	 	 	30,318,503.78	 
	May 25, 2017

	 	June 25, 2017
	 	 	29,670,160.37	 
	June 25, 2017

	 	July 25, 2017
	 	 	29,034,559.81	 
	July 25, 2017

	 	August 25, 2017
	 	 	0.00	 

W-1-8

 

EXHIBIT W-2

FORM OF SWAP CREDIT SUPPORT ANNEX

ANNEX A

PARAGRAPH 13 TO

CREDIT SUPPORT ANNEX

to the Schedule to the

Master Agreement

dated as of April 26, 2007

between

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	and
	 	The Bank of New York Trust Company,
	(“Morgan”)
	 	 	 	N.A., not in its individual capacity but
	 
	 	 	 	solely as Supplemental Interest Trust
	 
	 	 	 	Trustee on behalf of the Supplemental
	 
	 	 	 	Interest Trust with respect to ChaseFlex
	 
	 	 	 	Trust Series 2007-2
	 
	 	 	 	(“Counterparty”)

Paragraph 13. Elections and Variables

(a) Security Interest for “Obligations”. The term “Obligations” as used in this Annex includes no
additional obligations with respect to either party.

(b) Credit Support Obligations.

     (i) Delivery Amount, Return Amount and Credit Support Amount.

     (A) “Delivery Amount” has the meaning specified in Paragraph 3(a), except that the words
“upon a demand made by the Transferee on or promptly following a Valuation Date” shall be
deleted and replaced by the words “on each Valuation Date”.

     (B) “Return Amount” has the meaning specified in Paragraph 3(b).

     (C) “Credit Support Amount” shall mean the Independent Amount.

(ii) Eligible Collateral. The items specified on Appendix A attached hereto will qualify as
“Eligible Collateral” with the lower of the specified Valuation Percentages to apply.

(iii) Other Eligible Support. There shall be no “Other Eligible Support” for purposes of this
Annex, unless agreed in writing between the parties.

(iv) Thresholds.

     (A) “Independent Amount” shall mean the greater of (i) the S&P Independent Amount and (ii)
the Moody’s Independent Amount.

W-2-1

 

     (B) “Threshold” means with respect to Morgan: infinity, provided that if delivery
of Eligible Collateral is required following a Ratings Event I or a Ratings Event II pursuant to
the Schedule, the Threshold shall be zero.

     “Threshold” means with respect to Counterparty: infinity.

     (C) “Minimum Transfer Amount”, with respect to a party on any Valuation Date, means U.S.
$100,000 (unless the notional amount is less than U.S. $50,000,000, in which case the Minimum
Transfer Amount shall be U.S.$50,000).

     (D) Rounding. The Delivery Amount, rounded up, and with respect to the Return Amount,
rounded down, to the nearest integral multiple of $1,000 respectively.

     (v) “Exposure” has the meaning specified in Paragraph 12, except that after the
word “Agreement” the words “(assuming , for this purpose only, that Part 6(3) of the
Schedule is deleted)” shall be inserted and (2) on the last line of the definition
of Exposure, the words “with terms substantially the same as those of this Agreement
after the words “Replacement Transaction.”

(c) Valuation and Timing.

	(k)	 	(i)“Valuation Agent” means Morgan; provided, however, that if an Event of Default shall have occurred with
respect to which Morgan is the Defaulting Party, Counterparty shall have the right to designate as Valuation
Agent an independent party, reasonably acceptable to Morgan, the cost of which shall be borne by Morgan. The
Valuation Agent’s calculations shall be made in accordance with standard market practices using commonly accepted
third party sources such as Bloomberg or Reuters.

(ii) “Valuation Date” means weekly on the last Local Business Day of each week.

(iii) “Valuation Time” means the close of business in the city of the Valuation Agent on the
Valuation Date or date of calculation, as applicable.

(iv) “Notification Time” means 12:00 p.m., New York time, on a Local Business Day.

(v) Standard & Poor’s Mark-to-market Procedures. This Agreement and the Posted Collateral shall
be marked-to-market no less than once per week and additional collateral should be posted if
necessary. For as long as the Morgan’s rating is A-2/BBB+ or higher, the mark-to-market
valuations can be based upon internal marks. If Morgan’s rating is BBB or lower, Morgan shall
get an external verification of its mark on a monthly basis. The verification of the mark can be
obtained by an independent third party (i.e. trustee, administrator, manager), and cannot be
verified by the same entity more than four times in any 12-month period. In addition, the
external mark-to-market valuations should reflect the higher of two bids from counterparties
that would be eligible and willing to provide the swap in the absence of the current provider.
The collateral requirement should be based on the greater of the internal and external marks,
and any deficiencies in collateral value must be cured within three days. Morgan shall submit to
Standard & Poor’s the internal mark-to-market calculations. Once Morgan has verified the
mark-to-market valuation, it shall submit to Standard & Poor’s the two bids provided by external
parties.

	(d)	 	Conditions Precedent. Not applicable.

	(e)	 	Substitution.

     (i) “Substitution Date” has the meaning specified in Paragraph 4(d)(ii).

W-2-2

 

     (ii) Consent. Inapplicable.

	(f)	 	Dispute Resolution.

(i) “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the
date on which the notice is given that gives rise to a dispute under Paragraph 5.

(ii) Value. For the purposes of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit
Support other than Cash will be calculated as follows:

     (A) with respect to any Eligible Collateral except Cash, the sum of (I) (x) the mean of the
high bid and low asked prices quoted on such date by any principal market maker for such
Eligible Collateral chosen by the Disputing Party, or (y) if no quotations are available from a
principal market maker for such date, the mean of such high bid and low asked prices as of the
first day prior to such date on which such quotations were available, plus (II) the accrued
interest on such Eligible Collateral (except to the extent Transferred to a party pursuant to
any applicable provision of this Agreement or included in the applicable price referred to in
(I) of this clause (A)) as of such date; multiplied by the applicable Valuation Percentage.

     (iii) Alternative. The provisions of Paragraph 5 will apply.

	(g)	 	Holding and Using Posted Collateral.

(i) Eligibility to Hold Posted Collateral; Custodians. Counterparty and its Custodian will be
entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the
following conditions applicable to it are satisfied:

     (1) Counterparty is not a Defaulting Party; and

     (2) Posted Collateral may be held only in the following jurisdictions:

     New York State or such other state in the United States in which the Counterparty is
located; and

     (3) the account is segregated from all other accounts held by the Counterparty and its
Custodian.

	 	(4)	 	Party B may appoint as Custodian (A) the entity then serving as
Trustee under the Pooling Agreement or (B) any other entity if such entity (or,
to the extent applicable, the parent company or credit support provider) shall
have a long-term senior unsecured debt rating by S&P of at least “A” or a
short-term senior unsecured debt rating of at least “A-1” by S&P.

          Initially, the Custodian for Counterparty is: None

(ii) Use of Posted Collateral. The provisions of Paragraph 6(c)(i) will not apply to
Counterparty but the provisions of Paragraph 6(c)(ii) will apply to the Counterparty.

	(h)	 	Distributions and Interest Amount.

(i) Interest Rate. “Interest Rate” will be the annualized rate of return actually achieved on
the Posted Collateral in the form of Cash during the related posting period.

(ii) Transfer of Interest Amount. The Transfer of the Interest Amount will be made monthly on
the second Local Business Day of each calendar month; provided that the Counterparty shall not
be obliged to so transfer any Interest Amount unless and until it has earned and received such
interest.

(iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply.

W-2-3

 

	(i)	 	Additional Representation(s). Not Applicable.

	(j)	 	Other Eligible Support and Other Posted Support.

(i) “Value” with respect to Other Eligible Support and Other Posted Support means: Not
Applicable.

(ii) “Transfer” with respect to Other Eligible Support and Other Posted Support means: Not
Applicable

	(k)	 	Demands and Notices.

All demands, specifications and notices under this Annex will be made pursuant to the Notices
Section of this Agreement, unless otherwise specified here:

          Counterparty:

The Bank of New York Trust Company, N.A.

601 Travis, 16th Floor

Houston, Texas 77002

Telephone: (512) 479-2635

Facsimile: [       ]

Morgan:

JPMorgan Chase Bank, N.A.

Attention: Legal Department-Derivatives Practice Group

270 Park Avenue, 41st Floor

New York, New York 10017-2070

Telex No.: 232337; Answerback: CBC UR

	(l)	 	Addresses for Transfers.

Counterparty: as set forth in notices to Morgan from time to time

Morgan:

JPMorgan Chase Bank, N.A.

Attention: Legal Department-Derivatives Practice Group

270 Park Avenue, 41st Floor

New York, New York 10017-2070

Telex No.: 232337; Answerback: CBC UR

	(m)	 	Morgan as Pledgor and Counterparty as Secured Party.

(i) Modification to Paragraph 1: The following subparagraph (b) is substituted for
subparagraph (b) of this Annex:

(b) Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to
Counterparty and all corresponding references to the “Pledgor” will be to Morgan.

(ii) Modification to Paragraph 2: The following Paragraph 2 is substituted for
Paragraph 2 of this Annex:

W-2-4

 

Paragraph 2. Security Interest. The Pledgor hereby pledges to the Secured Party, as security
for its Obligations, and grants to the Secured Party a first priority continuing security
interest in, lien on and right of Set-Off against all Posted Collateral Transferred to or
received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor
of Posted Collateral, the security interest and lien granted hereunder on that Posted Collateral
will be released immediately and, to the extent possible, without any further action by either
party.

(iii) Modification to Paragraph 9: The following first clause of Paragraph 9 is
substituted for the first clause of Paragraph 9 of this Annex:

Paragraph 9. Representations. The Pledgor represents to the Secured Party (which
representations will be deemed to be repeated as of each date on which it Transfers Eligible
Collateral) that:

          (iv) Modification to Paragraph 10: Clauses “10(a)” and “10(b)” are amended by
adding the following sentence to the end of that paragraph:

“Notwithstanding the preceding sentence, the Pledgor shall pay all reasonable costs
incurred by the Secured Party in connection with any exchange pursuant to this
Credit Support Annex.”

(iv) Modifications to Paragraph 12: The following definitions of “Pledgor” and “Secured
Party” are substituted for the definitions of those terms contained in Paragraph 12 of this
Annex:

“Pledgor” means Morgan

“Secured Party” means Counterparty

	(n)	 	Independent Amounts

(i) Addition to Paragraph 12: The “S&P Independent Amount” means, for any Valuation
Date, (i) if a Ratings Event I with respect to S&P has not occurred, zero, or (ii) otherwise,
the sum of (x) the Exposure and (y) the sum of the Volatility Buffers determined by the
Valuation Agent with respect to each Transaction subject to the Agreement.

“Volatility Buffer” means, with respect to a Transaction, an amount
equal to the product of (a) the Factor applicable to the Transaction
and (b) the Notional Amount of the Transaction.

“Factor” means, with respect to a Transaction, a percentage
dependent on Morgan’s Counterparty Rating by S&P, and the original
maturity of the Transaction and determined by the Valuation Agent by
reference to the following table:

	 	 	 	 	 	 	 
	S&P Counterparty	 	Maturities up to 5	 	Maturities up to 10	 	Maturities up to 30
	Rating	 	years (%)	 	years (%)	 	years (%)
	A-2
	 	3.25	 	4.00	 	4.75
	A-3
	 	4.00	 	5.00	 	6.25
	BB+ or lower
	 	4.50	 	6.75	 	7.50

(ii) Addition to Paragraph 12: The “Moody’s Independent Amount” means,

W-2-5

 

(i) for so long as the no Ratings Event I has occurred and is continuing,
zero;

(ii) If a Ratings Event I with respect to Moody’s has been continuing for at
least 30 Business Days and either:

(a) no Ratings Downgrade Event II with respect to Moody’s has
occurred and is continuing; or

(b) a Ratings Downgrade Event II with respect to Moody’s has been
continuing for less than 30 Business Days, the Ratings Event I
Collateral Amount specified in Appendix B hereto; and

(iii) If neither (i) nor (ii) is applicable, the Ratings Event II Collateral
Amount specified in Appendix C hereto.

     (o) Other Provisions

(i) Modification to Paragraph 7: Clause “(iii)” of Paragraph 7 shall be deleted in its
entirety.

	 	(ii)	 	Modification to Paragraph 10: Clauses “10(a)” and “10(b)” are amended by
adding the following sentence to the end of that paragraph:

“Notwithstanding the preceding sentence, the Pledgor shall pay all reasonable costs incurred by
the Secured Party in connection with any exchange pursuant to this Credit Support Annex.”

(iii) Modification to Paragraph 12: Clause “(B)” of the definition of “Value” will be
substituted to read in its entirety as follows:

“(B) a security, the bid price obtained by the Valuation Agent from one of the Pricing Sources
multiplied by the applicable Valuation Percentage, if any;”

(iv) Addition to Paragraph 12: The following definition of “Pricing Sources” shall be
added immediately after the definition of the term “Posted Credit Support” and immediately prior
to the definition of the term “Recalculation Date” in Paragraph 12 of this Annex:

“Pricing Sources” means the sources of financial information commonly known as Bloomberg, Bridge
Information Services, Data Resources Inc., Interactive Data Services, International Securities
Market Association, Merrill Lynch Securities Pricing Service, Muller Data Corporation, Reuters,
Wood Gundy, Trepp Pricing, JJ Kenny, S&P and Telerate.

(v) Morgan and Counterparty agree that the text of the body of this Annex is intended to be the
exact printed form of ISDA Credit Support Annex (Bilateral Form-ISDA Agreements Subject to New
York Law Only) as published and Copyrighted by the International Swaps and Derivatives
Association, Inc.

(vi) “Notional Amount” means, with regard to an interest rate swap, the notional amount set
forth in the confirmation thereof, and, with respect to a currency swap, including a
cross-currency interest rate swap, the notional amount, as set forth in the confirmation, of
that leg of the transaction that is denominated in the same currency as the relevant rated
Certificates.

(vii) “Transaction-Specific Hedge” means (A) any Transaction that is a cap, floor or swaption,
or (B) any Swap Transaction in which (x) the Notional Amount of the Transaction is “balance
guaranteed” or (y) the Notional Amount for any Calculation Period otherwise is not a specific
dollar amount that is fixed at the inception of the Transaction.

W-2-6

 

Accepted and Agreed:

JPMORGAN CHASE BANK, N. A.

By:                                                            

Name:

Title:

The Bank of New York Trust Company, N.A., not in its individual capacity but solely as Supplemental
Interest Trust Trustee on behalf of the Supplemental Interest Trust with respect to ChaseFlex Trust
Series 2007-2

By:                                                            

Name:

Title:

W-2-7

 

Appendix A

Valuation Percentages

Applicable if the rated Certificates issued by the Counterparty are U.S.$ Denominated

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MOODY’S	 	 
	 	 	MOODY'S RATINGS	 	RATINGS EVENT	 	 
	INSTRUMENT	 	EVENT I	 	II	 	S&P
	U.S. Dollar Cash

	 	 	100	%	 	 	100	%	 	 	100	 
	EURO Cash

	 	 	97	%	 	 	93	%	 	 	89.8	 
	Sterling Cash

	 	 	97	%	 	 	94	%	 	 	91.9	 
	Fixed Rate Negotiable Treasury Debt Issued by The U.S. Treasury Department with Remaining Maturity

	<1 year

	 	 	100	%	 	 	100	%	 	 	98.6	 
	1 to 2 years

	 	 	100	%	 	 	99	%	 	 	97.3	 
	2 to 3 years

	 	 	100	%	 	 	98	%	 	 	95.8	 
	3 to 5 years

	 	 	100	%	 	 	97	%	 	 	93.8	 
	5 to 7 years

	 	 	100	%	 	 	95	%	 	 	91.4	 
	7 to 10 years

	 	 	100	%	 	 	94	%	 	 	90.3	 
	10 to 20 years

	 	 	100	%	 	 	89	%	 	 	87.9	 
	>20 years

	 	 	100	%	 	 	87	%	 	 	84.6	 
	Floating Rate Negotiable Treasury Debt Issued by The U.S. Treasury Department

	All Maturities

	 	 	100	%	 	 	99	%	 	 	N/A	 
	Fixed Rate U.S. Agency Debentures with Remaining Maturity

	<1 year

	 	 	100	%	 	 	99	%	 	 	98	 
	1 to 2 years

	 	 	100	%	 	 	98	%	 	 	96.8	 
	2 to 3 years

	 	 	100	%	 	 	97	%	 	 	96.3	 
	3 to 5 years

	 	 	100	%	 	 	96	%	 	 	94.5	 
	5 to 7 years

	 	 	100	%	 	 	94	%	 	 	90.3	 
	7 to 10 years

	 	 	100	%	 	 	93	%	 	 	86.9	 
	10 to 20 years

	 	 	100	%	 	 	88	%	 	 	82.6	 
	>20 years

	 	 	100	%	 	 	86	%	 	 	77.9	 
	Floating Rate U.S. Agency Debentures –

	All Maturities

	 	 	100	%	 	 	98	%	 	 	N/A	 
	Floating Rate Euro Zone Government Bonds Rated Aa3 or Above and AAA by S&P with Remaining Maturity

	<1 year

	 	 	97	%	 	 	93	%	 	 	98	 
	1 to 2 years

	 	 	97	%	 	 	92	%	 	 	96.3	 
	2 to 3 years

	 	 	97	%	 	 	91	%	 	 	95.8	 
	3 to 5 years

	 	 	97	%	 	 	89	%	 	 	89.3	 
	5 to 7 years

	 	 	97	%	 	 	87	%	 	 	85.7	 
	7 to 10 years

	 	 	97	%	 	 	86	%	 	 	80.7	 
	10 to 20 years

	 	 	97	%	 	 	82	%	 	 	72.5	 
	>20 years

	 	 	97	%	 	 	80	%	 	 	 	 
	Floating Rate Euro Zone Government Bonds Rated Aa3 or Above

	All Maturities

	 	 	97	%	 	 	92	%	 	 	 	 
	Fixed Rate United Kingdom Gilts with Remaining Maturity

	<1 year

	 	 	97	%	 	 	93	%	 	 	 	 
	1 to 2 years

	 	 	97	%	 	 	92	%	 	 	 	 
	2 to 3 years

	 	 	97	%	 	 	91	%	 	 	 	 

W-2-8

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	MOODY’S	 	 
	 	 	MOODY'S RATINGS	 	RATINGS EVENT	 	 
	INSTRUMENT	 	EVENT I	 	II	 	S&P
	3 to 5 years

	 	 	97	%	 	 	90	%	 	 	 	 
	5 to 7 years

	 	 	97	%	 	 	89	%	 	 	 	 
	7 to 10 years

	 	 	97	%	 	 	88	%	 	 	 	 
	10 to 20 years

	 	 	97	%	 	 	84	%	 	 	 	 
	>20 years

	 	 	97	%	 	 	82	%	 	 	 	 
	Floating Rate United Kingdom Gilts

	All Maturities

	 	 	97	%	 	 	93	%	 	 	 	 

For purposes of Appendix A:

     (a) “Agency Debentures” means negotiable debt obligations which are fully guaranteed as to
both principal and interest by the Federal National Mortgage Association, the Government National
Mortgage Association or the Federal Home Loan Mortgage Corporation, but excluding (i) interest only
and principal only securities and (ii) Collateralized Mortgage Obligations, Real Estate Mortgage
Investment Conduits and similar derivative securities.

W-2-9

 

Appendix B

Ratings Event I Collateral Amounts

The Ratings Event I Collateral Amount will be equal to the greater of (A) zero and (B) the sum
of (x) the Exposure and (y) the aggregate of the Additional Ratings Event I Collateral Amounts for
all Transactions.

“Additional Ratings Event I Collateral Amount” means, for each Transaction, the Notional Amount for
such Transaction multiplied by the applicable percentage as specified below.

Potential Increase of Mid-Market Valuation of Swaps, Caps, Floors &

Transaction Specific Hedges

	 	 	 	 	 	 	 	 	 
	Weighted Average	 	 	 	 
	Life of Hedge	 	Interest Rate	 	 
	in Years	 	Hedges	 	Currency Hedges
	 
	 	 	 	 	 	 	 	 
	1 or less
	 	 	0.25	%	 	 	2.20	%
	2 or more but less than 3
	 	 	0.50	%	 	 	2.40	%
	3 or more but less than 4
	 	 	0.70	%	 	 	2.60	%
	4 or more but less than 5
	 	 	1.00	%	 	 	2.80	%
	5 or more but less than 6
	 	 	1.20	%	 	 	2.90	%
	6 or more but less than 7
	 	 	1.40	%	 	 	3.10	%
	7 or more but less than 8
	 	 	1.60	%	 	 	3.30	%
	8 or more but less than 9
	 	 	1.80	%	 	 	3.40	%
	9 or more but less than 10
	 	 	2.00	%	 	 	3.60	%
	10 or more but less than 11
	 	 	2.20	%	 	 	3.80	%
	11 or more but less than 12
	 	 	2.30	%	 	 	3.90	%
	12 or more but less than 13
	 	 	2.50	%	 	 	4.00	%
	13 or more but less than 14
	 	 	2.70	%	 	 	4.10	%
	14 or more but less than 15
	 	 	2.80	%	 	 	4.30	%
	15 or more but less than 16
	 	 	3.00	%	 	 	4.40	%
	16 or more but less than 17
	 	 	3.20	%	 	 	4.50	%
	17 or more but less than 18
	 	 	3.30	%	 	 	4.60	%
	18 or more but less than 19
	 	 	3.50	%	 	 	4.80	%
	19 or more but less than 20
	 	 	3.60	%	 	 	4.905	 
	20 or more but less than 21
	 	 	3.70	%	 	 	5.00	%
	21 or more but less than 22
	 	 	3.90	%	 	 	5.00	%
	22 or more but less than 23
	 	 	4.00	%	 	 	5.00	%
	23 or more but less than 24
	 	 	4.00	%	 	 	5.00	%
	24 or more but less than 25
	 	 	4.00	%	 	 	5.00	%
	25 or more but less than 26
	 	 	4.00	%	 	 	5.00	%
	26 or more but less than 27
	 	 	4.00	%	 	 	5.00	%
	27 or more but less than 28
	 	 	4.00	%	 	 	5.00	%
	28 or more but less than 29
	 	 	4.00	%	 	 	5.00	%
	29 or more but less than 30
	 	 	4.00	%	 	 	5.00	%
	30 or more
	 	 	4.00	%	 	 	5.00	%

W-2-10

 

Appendix C

Ratings Event II Collateral Amount

The Ratings Event II Collateral Amount will be equal to the greater of (A) zero, (B) the sum, for
all Transaction, of the next payment owed by Morgan under each Transaction or (C) the sum of (x)
the Exposure and (y) the aggregate of the Additional Ratings Event II Collateral Amounts for all
Transactions.

“Additional Ratings Event II Collateral Amount” means, for each Transaction, the Notional Amount
for such Transaction multiplied by the applicable percentage as specified below.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted Average	 	Swaps Only	 	Transaction Specific Hedges
	Life of Hedge	 	Interest Rate	 	 	 	 	 	Interest Rate	 	 
	in Years	 	Swap	 	Currency Swap	 	Swap	 	Currency Swap
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1 or less
	 	 	0.60	%	 	 	7.25	%	 	 	0.75	%	 	 	7.40	%
	2 or more but less than 3
	 	 	1.20	%	 	 	7.50	%	 	 	1.50	%	 	 	7.80	%
	3 or more but less than 4
	 	 	1.70	%	 	 	7.70	%	 	 	2.20	%	 	 	8.20	%
	4 or more but less than 5
	 	 	2.30	%	 	 	8.00	%	 	 	2.90	%	 	 	8.50	%
	5 or more but less than 6
	 	 	2.80	%	 	 	8.20	%	 	 	3.60	%	 	 	8.90	%
	6 or more but less than 7
	 	 	3.30	%	 	 	8.40	%	 	 	4.20	%	 	 	9.20	%
	7 or more but less than 8
	 	 	3.80	%	 	 	8.60	%	 	 	4.80	%	 	 	9.60	%
	8 or more but less than 9
	 	 	4.30	%	 	 	8.80	%	 	 	5.40	%	 	 	9.90	%
	9 or more but less than 10
	 	 	4.80	%	 	 	9.00	%	 	 	6.00	%	 	 	10.20	%
	10 or more but less than 11
	 	 	5.30	%	 	 	9.20	%	 	 	6.60	%	 	 	10.50	%
	11 or more but less than 12
	 	 	5.60	%	 	 	9.30	%	 	 	7.00	%	 	 	10.70	%
	12 or more but less than 13
	 	 	6.00	%	 	 	9.50	%	 	 	7.50	%	 	 	11.00	%
	13 or more but less than 14
	 	 	6.40	%	 	 	9.70	%	 	 	8.00	%	 	 	11.30	%
	14 or more but less than 15
	 	 	6.80	%	 	 	9.80	%	 	 	8.50	%	 	 	11.50	%
	15 or more but less than 16
	 	 	7.20	%	 	 	10.00	%	 	 	9.00	%	 	 	11.80	%
	16 or more but less than 17
	 	 	7.60	%	 	 	10.00	%	 	 	9.50	%	 	 	12.00	%
	17 or more but less than 18
	 	 	7.90	%	 	 	10.00	%	 	 	9.90	%	 	 	12.00	%
	18 or more but less than 19
	 	 	8.30	%	 	 	10.00	%	 	 	10.40	%	 	 	12.00	%
	19 or more but less than 20
	 	 	8.60	%	 	 	10.00	%	 	 	10.80	%	 	 	12.00	%
	20 or more but less than 21
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	21 or more but less than 22
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	22 or more but less than 23
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	23 or more but less than 24
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	24 or more but less than 25
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	25 or more but less than 26
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	26 or more but less than 27
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	27 or more but less than 28
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	28 or more but less than 29
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	29 or more but less than 30
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%
	30 or more
	 	 	9.00	%	 	 	10.00	%	 	 	11.00	%	 	 	12.00	%

W-2-11

 

SCHEDULE X

	 	 	 
	Item on Form 8-K 	 	Party Responsible
	*Item 1.01- Entry into a Material Definitive
Agreement

	 	All parties
	*Item 1.02- Termination of a Material Definitive
Agreement

	 	All parties
	Item 1.03- Bankruptcy or Receivership

	 	Depositor
	Item 2.04- Triggering Events that Accelerate or
Increase a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet
Arrangement

	 	Depositor
	*Item 3.03- Material Modification to Rights of
Security Holders

	 	Depositor, Servicer
	Item 5.03- Amendments of Articles of
Incorporation or Bylaws; Change of Fiscal Year

	 	Depositor
	Item 6.01- ABS Informational and Computational
Material

	 	Depositor
	*Item 6.02- Change of Servicer or Trustee

	 	Servicer, Trustee (as
to change of Trustee
only), Paying Agent (as
to change of Paying
Agent only)
	 
	 	 
	*Item 6.03- Change in Credit Enhancement or
External Support

	 	Depositor
	*Item 6.04- Failure to Make a Required
Distribution

	 	Paying Agent
	Item 6.05- Securities Act Updating Disclosure

	 	Depositor
	Item 7.01- Reg FD Disclosure

	 	Depositor
	Item 8.01

	 	Depositor
	Item 9.01

	 	Depositor

  X-1

 

 

SCHEDULE Y

	 	 	 
	Item on Form 10-D	 	Party Responsible
	Item 1: Distribution and Pool Performance
Information

	 	Paying Agent through the
Item 602 statement based on information provided to it by the Servicer
	Plus any information required by Item 1121 which
is NOT included on the monthly statement to
Certificateholders

	 	Servicer
	Item 2: Legal Proceedings per Item 1117 of Reg AB

	 	All parties to the PSA
(as to themselves), the
depositor/trustee/paying
agent/servicer (to the
extent known) as to the
issuing entity, the
depositor/servicer as to
the sponsor, 1106(b)
originator and any
1100(d)(1) party
	 
	 	 
	Item 3: Sale of Securities and Use of Proceeds

	 	Depositor
	Item 4: Defaults Upon Senior Securities

	 	Servicer, Paying Agent
(except as to 9.01(b) or
(d)) and Trustee (to the
extent of knowledge
thereof)
	 
	 	 
	Item 5: Submission of Matters to a Vote of
Security Holders

	 	Depositor, Paying Agent
(to the extent it is
submitting a matter to
vote) and the Trustee
(to the extent it is
submitting a matter to
vote)
	 
	 	 
	Item 6: Significant Obligors of Pool Assets

	 	Depositor/Sponsor/Mortgag

e Loan Seller/ Servicer
	 
	 	 
	Item 7: Significant Enhancement Provider
Information

	 	Depositor/Sponsor
	Item 8: Other Information

	 	Servicer, Paying Agent
and any other party
responsible for
disclosure items on Form
10-D
	 
	 	 
	Item 9: Exhibits

	 	Servicer

  Y-1

 

 

SCHEDULE Z

	 	 	 
	Item on Form 10-K 	 	Party Responsible
	Item 1B: Unresolved Staff Comments

	 	Depositor
	 
	 	 
	*Item 9B: Other Information

	 	Servicer, Paying Agent and any
other party responsible for
disclosure items on Form 8-K
	 
	 	 
	*Item 15: Exhibits, Financial
Statement Schedules

	 	Servicer/subservicers/Depositor
	*Additional Item:
Disclosure per Item 1117 of Reg AB

	 	All parties to the PSA (as to
themselves), the
Depositor/Trustee/Paying
Agent/Servicer (to the extent
known) as to the issuing entity,
the depositor/servicer as to the
sponsor, 1106(b) originator, any
1100(d)(1) party
	 
	 	 
	*Additional Item:
Disclosure per Item 1119 of Reg AB

	 	All parties to the PSA, the
sponsor, originator, significant
obligor, enhancement or support
provider
	 
	 	 
	Additional Item:
Disclosure per Item 1112(b) of Reg AB

	 	Depositor/Sponsor/Mortgage Loan

Seller/Servicer
	Additional Item:
	 	 
	Disclosure per Items 1114(b) and
1115(b) of Reg AB

	 	Depositor/Sponsor

  Z-1efc7-1380_ex991.htm

    
      

       
        
          

        

      

      

       

      

       

      

    

    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 March 1, 2007

     

    
      
 

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

     

    Page

     

     

    ARTICLE
      I.

    DEFINITIONS

     

    
      	
              Section
                1.01

            	
              Defined
                Terms.

            	
              8

            
	
              Section
                1.02

            	
              Certain
                Interpretive Provisions.

            	
              53

            
	 	 	 
	
              ARTICLE
                II.  

            
	
              CONVEYANCE
                OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES  

            
	 	 	 
	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans.

            	
              53

            
	
              Section
                2.02

            	
              Acceptance
                by Trustee of the Mortgage Loans.

            	
              61

            
	
              Section
                2.03

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

            	
              66

            
	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor.

            	
              86

            
	
              Section
                2.05

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

            	
              88

            
	
              Section
                2.06

            	
              Authentication
                and Delivery of Certificates.

            	
              88

            
	
              Section
                2.07

            	
              Covenants
                of the Master Servicer.

            	
              89

            
	 	 	 
	
              ARTICLE
                III.  

            
	
              ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS  

            
	 	 	 
	
              Section
                3.01

            	
              Master
                Servicer to Service Mortgage Loans.

            	
              89

            
	
              Section
                3.02

            	
              Subservicing;
                Enforcement of the Obligations of Master Servicer.

            	
              91

            
	
              Section
                3.03

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

            	
              92

            
	
              Section
                3.04

            	
              Trustee
                to Act as Master Servicer.

            	
              93

            
	
              Section
                3.05

            	
              Collection
                of Mortgage Loan Payments; Certificate Account; Distribution Account;
                Pre-Funding Account; Capitalized Interest Account.

            	
              93

            
	
              Section
                3.06

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

            	
              97

            
	
              Section
                3.07

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                Loans.

            	
              97

            
	
              Section
                3.08

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

            	
              98

            
	
              Section
                3.09

            	
              [Reserved].

            	
              101

            
	
              Section
                3.10

            	
              Maintenance
                of Hazard Insurance.

            	
              101

            
	
              Section
                3.11

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

            	
              102

            
	
              Section
                3.12

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

            	
              103

            
	
              Section
                3.13

            	
              Co-Trustee
                to Cooperate; Release of Mortgage Files.

            	
              107

            
	
              Section
                3.14

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

            	
              108

            
	
              Section
                3.15

            	
              Servicing
                Compensation.

            	
              108

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Section
                3.16

            	
              Access
                to Certain Documentation.

            	
              109

            
	
              Section
                3.17

            	
              Annual
                Statement as to Compliance.

            	
              109

            
	
              Section
                3.18

            	
              [Reserved].

            	
              110

            
	
              Section
                3.19

            	
              The
                Corridor Contracts.

            	
              110

            
	
              Section
                3.20

            	
              Prepayment
                Charges.

            	
              110

            
	
              Section
                3.21

            	
              Swap
                Contract.

            	
              111

            
	 	 	 
	
              ARTICLE
                IV.  

            
	
              DISTRIBUTIONS
                AND ADVANCES BY THE MASTER SERVICER  

            
	 	 	 
	
              Section
                4.01

            	
              Advances;
                Remittance Reports.

            	
              113

            
	
              Section
                4.02

            	
              Reduction
                of Servicing Compensation in Connection with Prepayment Interest
                Shortfalls.

            	
              115

            
	
              Section
                4.03

            	
              [Reserved].

            	
              115

            
	
              Section
                4.04

            	
              Distributions.

            	
              115

            
	
              Section
                4.05

            	
              Monthly
                Statements to Certificateholders.

            	
              123

            
	
              Section
                4.06

            	
              Termination
                of the Mortgage Insurance Policy.

            	
              124

            
	
              Section
                4.07

            	
              Carryover
                Reserve Fund.

            	
              125

            
	
              Section
                4.08

            	
              [Reserved].

            	
              125

            
	
              Section
                4.09

            	
              Swap
                Trust and Swap Account.

            	
              125

            
	
              Section
                4.10

            	
              Final
                Maturity Reserve Trust and Final Maturity Reserve Fund.

            	
              126

            
	 	 	 
	
              ARTICLE
                V.  

            
	
              THE
                CERTIFICATES  

            
	 	 	 
	
              Section
                5.01

            	
              The
                Certificates.

            	
              128

            
	
              Section
                5.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            	
              129

            
	
              Section
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              133

            
	
              Section
                5.04

            	
              Persons
                Deemed Owners.

            	
              134

            
	
              Section
                5.05

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            	
              134

            
	
              Section
                5.06

            	
              Book-Entry
                Certificates.

            	
              134

            
	
              Section
                5.07

            	
              Notices
                to Depository.

            	
              135

            
	
              Section
                5.08

            	
              Definitive
                Certificates.

            	
              135

            
	
              Section
                5.09

            	
              Maintenance
                of Office or Agency.

            	
              136

            
	 	 	 
	
              ARTICLE
                VI.  

            
	
              THE
                DEPOSITOR, THE MASTER SERVICER AND THE SELLERS  

            
	 	 	 
	
              Section
                6.01

            	
              Respective
                Liabilities of the Depositor, the Master Servicer and the
                Sellers.

            	
              136

            
	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor, the Master Servicer or the
                Sellers.

            	
              136

            
	
              Section
                6.03

            	
              Limitation
                on Liability of the Depositor, the Sellers, the Master Servicer,
                the NIM
                Insurer and Others.

            	
              137

            
	
              Section
                6.04

            	
              Limitation
                on Resignation of Master Servicer.

            	
              138

            
	
              Section
                6.05

            	
              Errors
                and Omissions Insurance; Fidelity Bonds.

            	
              138

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    
 

    
      	
              ARTICLE
                VII.  

            
	
              DEFAULT;
                TERMINATION OF MASTER SERVICER  

            
	 	 	 
	
              Section
                7.01

            	
              Events
                of Default.

            	
              139

            
	
              Section
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            	
              141

            
	
              Section
                7.03

            	
              Notification
                to Certificateholders.

            	
              142

            
	 	 	 
	
              ARTICLE
                VIII.  

            
	
              CONCERNING
                THE TRUSTEE AND THE CO-TRUSTEE  

            
	 	 	 
	
              Section
                8.01

            	
              Duties
                of Trustee.

            	
              143

            
	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            	
              144

            
	
              Section
                8.03

            	
              Trustee
                Not Liable for Mortgage Loans.

            	
              146

            
	
              Section
                8.04

            	
              Trustee
                May Own Certificates.

            	
              146

            
	
              Section
                8.05

            	
              Master
                Servicer to Pay Trustee’s Fees and Expenses.

            	
              146

            
	
              Section
                8.06

            	
              Eligibility
                Requirements for Trustee.

            	
              146

            
	
              Section
                8.07

            	
              Resignation
                and Removal of Trustee.

            	
              147

            
	
              Section
                8.08

            	
              Successor
                Trustee.

            	
              148

            
	
              Section
                8.09

            	
              Merger
                or Consolidation of Trustee.

            	
              149

            
	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              149

            
	
              Section
                8.11

            	
              Tax
                Matters.

            	
              150

            
	
              Section
                8.12

            	
              Co-Trustee.

            	
              154

            
	
              Section
                8.13

            	
              Access
                to Records of the Trustee.

            	
              156

            
	
              Section
                8.14

            	
              Suits
                for Enforcement.

            	
              157

            
	 	 	 
	
              ARTICLE
                IX.  

            
	
              TERMINATION  

            
	 	 	 
	
              Section
                9.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage Loans.

            	
              157

            
	
              Section
                9.02

            	
              Final
                Distribution on the Certificates.

            	
              158

            
	
              Section
                9.03

            	
              Additional
                Termination Requirements.

            	
              160

            
	
              Section
                9.04

            	
              Auction
                of the Mortgage Loans and REO Properties.

            	
              161

            
	 	 	 
	
              ARTICLE
                X.  

            
	
              MISCELLANEOUS
                PROVISIONS  

            
	 	 	 
	
              Section
                10.01

            	
              Amendment.

            	
              164

            
	
              Section
                10.02

            	
              Recordation
                of Agreement; Counterparts.

            	
              166

            
	
              Section
                10.03

            	
              Governing
                Law.

            	
              166

            
	
              Section
                10.04

            	
              Intention
                of Parties.

            	
              167

            
	
              Section
                10.05

            	
              Notices.

            	
              168

            
	
              Section
                10.06

            	
              Severability
                of Provisions.

            	
              170

            
	
              Section
                10.07

            	
              Assignment.

            	
              170

            
	
              Section
                10.08

            	
              Limitation
                on Rights of Certificateholders.

            	
              170

            
	
              Section
                10.09

            	
              Inspection
                and Audit Rights.

            	
              171

            
	
              Section
                10.10

            	
              Certificates
                Nonassessable and Fully Paid.

            	
              171

            
	
              Section
                10.11

            	
              Rights
                of NIM Insurer.

            	
              171

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Section
                10.12

            	
              Protection
                of Assets.

            	
              172

            
	 	 	 
	
              ARTICLE
                XI.  

            
	
              EXCHANGE
                ACT REPORTING  

            
	 	 	 
	
              Section
                11.01

            	
              Filing
                Obligations.

            	
              173

            
	
              Section
                11.02

            	
              Form
                10-D Filings.

            	
              173

            
	
              Section
                11.03

            	
              Form
                8-K Filings.

            	
              174

            
	
              Section
                11.04

            	
              Form
                10-K Filings.

            	
              174

            
	
              Section
                11.05

            	
              Sarbanes-Oxley
                Certification.

            	
              175

            
	
              Section
                11.06

            	
              Form
                15 Filing.

            	
              175

            
	
              Section
                11.07

            	
              Report
                on Assessment of Compliance and Attestation.

            	
              176

            
	
              Section
                11.08

            	
              Use
                of Subservicers and Subcontractors.

            	
              177

            
	
              Section
                11.09

            	
              Amendments.

            	
              178

            
	
              Section
                11.10

            	
              Reconciliation
                of Accounts.

            	
              178

            

    

    

    
      	
              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
                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

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    
 

    
      	
              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-1

            	
              Form
                of Class 1-A Corridor Contract

            
	
              EXHIBIT
                Q-2

            	
              Form
                of Class 2-A Corridor Contract

            
	
              EXHIBIT
                Q-3

            	
              Form
                of Subordinate Corridor Contract

            
	
              EXHIBIT
                R

            	
              [Reserved]

            
	
              EXHIBIT
                S-1

            	
              Form
                of Corridor Contract Assignment Agreement

            
	
              EXHIBIT
                S-2

            	
              Form
                of Corridor Contract Administration Agreement

            
	
              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
                W

            	
              Form
                of Monthly Statement

            
	
              EXHIBIT
                X-1

            	
              Form
                of Performance Certification (Subservicer)

            
	
              EXHIBIT
                X-2

            	
              Form
                of Performance Certification (Trustee)

            
	
              EXHIBIT
                Y

            	
              Form
                of Servicing Criteria to be Addressed in Assessment of Compliance
                Statement

            
	
              EXHIBIT
                Z

            	
              List
                of Item 1119 Parties

            
	
              EXHIBIT
                AA

            	
              Form
                of Sarbanes-Oxley Certification (Replacement Master
                Servicer)

            
	
              SCHEDULE
                I

            	
              Prepayment
                Charge Schedule and Prepayment Charge Summary

            
	
              SCHEDULE
                II

            	
              Collateral
                Schedule

            
	
              SCHEDULE
                III

            	
              40-Year
                Target Schedule

            

    

     

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    
 

    POOLING
      AND SERVICING AGREEMENT, dated as of March 1, 2007, 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 Carryover Reserve
      Fund, the assets held in the Pre-Funding Account and the Capitalized Interest
      Account and the Trust Fund’s rights with respect to payments received under the
      Corridor Contracts) for federal income tax purposes will consist of three REMICs
      (the “Swap-IO REMIC,” the “Strip REMIC” 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 the Swap-IO REMIC, the Strip REMIC and the Master
      REMIC.  The Master REMIC will hold as assets the several classes of
      uncertificated Strip REMIC Interests (other than the STR-A-R
      Interest).  Each Strip REMIC Interest (other than the STR-A-R
      Interest) is hereby designated as a regular interest in the Strip
      REMIC.  The Strip REMIC will hold as assets the several classes of
      uncertificated Swap-IO REMIC Interests (other than the SWR-A-R Interest). Each
      Swap-IO REMIC Interest (other than the SWR-A-R Interest) is hereby designated
      as
      a regular interest in the Swap-IO REMIC.  The Swap-IO REMIC will hold
      as assets all property of the Trust Fund (excluding the Carryover Reserve Fund,
      the assets held in the Pre-Funding Account and the Capitalized Interest Account
      and the Trust Fund’s rights with respect to payments received under the Corridor
      Contracts).  The latest possible maturity date of all REMIC regular
      interests created in this Agreement shall be the Latest Possible Maturity
      Date.

     

    None
      of
      the REMICs described herein shall hold any interest in the Swap Trust, Swap
      Contract, Swap Account or Final Maturity Reserve Trust.

     

    SWAP-IO
      REMIC:

     

    The
      Swap-IO REMIC Interests will have the principal balances and pass-through rates
      as set forth below.

     

     

      
        	
                Swap-IO
                  REMIC Interest

              	 	
                Initial
                  Principal Balance(1)

              	 	
                Pass-Through
                  Rate

              
	
                SWR-7A

              	 	
                $     4,838,637.50

              	 	
                (2)

              
	
                SWR-7B

              	 	
                4,838,637.50

              	 	
                (3)

              
	
                SWR-8A

              	 	
                5,269,633.00

              	 	
                (2)

              
	
                SWR-8B

              	 	
                5,269,633.00

              	 	
                (3)

              
	
                SWR-9A

              	 	
                5,717,483.00

              	 	
                (2)

              
	
                SWR-9B

              	 	
                5,717,483.00

              	 	
                (3)

              
	
                SWR-10A

              	 	
                6,155,982.00

              	 	
                (2)

              
	
                SWR-10B

              	 	
                6,155,982.00

              	 	
                (3)

              
	
                SWR-11A

              	 	
                6,583,755.50

              	 	
                (2)

              
	
                SWR-11B

              	 	
                6,583,755.50

              	 	
                (3)

              
	
                SWR-12A

              	 	
                110,953,705.00

              	 	
                (2)

              
	
                SWR-12B

              	 	
                110,953,705.00

              	 	
                (3)

              
	
                SWR-13A

              	 	
                5,638,670.50

              	 	
                (2)

              
	
                SWR-13B

              	 	
                5,638,670.50

              	 	
                (3)

              
	
                SWR-14A

              	 	
                5,922,859.50

              	 	
                (2)

              
	
                SWR-14B

              	 	
                5,922,859.50

              	 	
                (3)

              
	
                SWR-15A

              	 	
                6,196,481.00

              	 	
                (2)

              
	
                SWR-15B

              	 	
                6,196,481.00

              	 	
                (3)

              
	
                SWR-16A

              	 	
                6,458,797.00

              	 	
                (2)

              
	
                SWR-16B

              	 	
                6,458,797.00

              	 	
                (3)

              
	
                SWR-17A

              	 	
                6,709,105.00

              	 	
                (2)

              
	
                SWR-17B

              	 	
                6,709,105.00

              	 	
                (3)

              
	
                SWR-18A

              	 	
                12,163,200.00

              	 	
                (2)

              
	
                SWR-18B

              	 	
                12,163,200.00

              	 	
                (3)

              
	
                SWR-19A

              	 	
                6,175,706.50

              	 	
                (2)

              
	
                SWR-19B

              	 	
                6,175,706.50

              	 	
                (3)

              
	
                SWR-20A

              	 	
                6,091,239.50

              	 	
                (2)

              
	
                SWR-20B

              	 	
                6,091,239.50

              	 	
                (3)

              
	
                SWR-21A

              	 	
                6,007,748.00

              	 	
                (2)

              
	
                SWR-21B

              	 	
                6,007,748.00

              	 	
                (3)

              
	
                SWR-22A

              	 	
                5,925,166.00

              	 	
                (2)

              
	
                SWR-22B

              	 	
                5,925,166.00

              	 	
                (3)

              
	
                SWR-23A

              	 	
                5,843,428.50

              	 	
                (2)

              
	
                SWR-23B

              	 	
                5,843,428.50

              	 	
                (3)

              
	
                SWR-24A

              	 	
                89,684,663.00

              	 	
                (2)

              
	
                SWR-24B

              	 	
                89,684,663.00

              	 	
                (3)

              
	
                SWR-25A

              	 	
                3,807,489.00

              	 	
                (2)

              
	
                SWR-25B

              	 	
                3,807,489.00

              	 	
                (3)

              
	
                SWR-26A

              	 	
                3,738,429.50

              	 	
                (2)

              
	
                SWR-26B

              	 	
                3,738,429.50

              	 	
                (3)

              
	
                SWR-27A

              	 	
                3,670,692.00

              	 	
                (2)

              
	
                SWR-27B

              	 	
                3,670,692.00

              	 	
                (3)

              
	
                SWR-28A

              	 	
                3,604,248.50

              	 	
                (2)

              
	
                SWR-28B

              	 	
                3,604,248.50

              	 	
                (3)

              
	
                SWR-29A

              	 	
                3,539,076.50

              	 	
                (2)

              
	
                SWR-29B

              	 	
                3,539,076.50

              	 	
                (3)

              
	
                SWR-30A

              	 	
                18,263,556.50

              	 	
                (2)

              
	
                SWR-30B

              	 	
                18,263,556.50

              	 	
                (3)

              
	
                SWR-31A

              	 	
                2,964,892.00

              	 	
                (2)

              
	
                SWR-31B

              	 	
                2,964,892.00

              	 	
                (3)

              
	
                SWR-32A

              	 	
                2,909,912.50

              	 	
                (2)

              
	
                SWR-32B

              	 	
                2,909,912.50

              	 	
                (3)

              
	
                SWR-33A

              	 	
                2,855,971.00

              	 	
                (2)

              
	
                SWR-33B

              	 	
                2,855,971.00

              	 	
                (3)

              
	
                SWR-34A

              	 	
                2,803,045.50

              	 	
                (2)

              
	
                SWR-34B

              	 	
                2,803,045.50

              	 	
                (3)

              
	
                SWR-35A

              	 	
                2,751,118.50

              	 	
                (2)

              
	
                SWR-35B

              	 	
                2,751,118.50

              	 	
                (3)

              
	
                SWR-36A

              	 	
                19,401,629.50

              	 	
                (2)

              
	
                SWR-36B

              	 	
                19,401,629.50

              	 	
                (3)

              
	
                SWR-37A

              	 	
                6,404,134.50

              	 	
                (2)

              
	
                SWR-37B

              	 	
                6,404,134.50

              	 	
                (3)

              
	
                SWR-38A

              	 	
                6,033,732.00

              	 	
                (2)

              
	
                SWR-38B

              	 	
                6,033,732.00

              	 	
                (3)

              
	
                SWR-39A

              	 	
                5,393,493.50

              	 	
                (2)

              
	
                SWR-39B

              	 	
                5,393,493.50

              	 	
                (3)

              
	
                SWR-40A

              	 	
                4,812,665.50

              	 	
                (2)

              
	
                SWR-40B

              	 	
                4,812,665.50

              	 	
                (3)

              
	
                SWR-41A

              	 	
                4,323,929.00

              	 	
                (2)

              
	
                SWR-41B

              	 	
                4,323,929.00

              	 	
                (3)

              
	
                SWR-42A

              	 	
                3,941,637.50

              	 	
                (2)

              
	
                SWR-42B

              	 	
                3,941,637.50

              	 	
                (3)

              
	
                SWR-43A

              	 	
                3,615,511.50

              	 	
                (2)

              
	
                SWR-43B

              	 	
                3,615,511.50

              	 	
                (3)

              
	
                SWR-44A

              	 	
                3,490,251.50

              	 	
                (2)

              
	
                SWR-44B

              	 	
                3,490,251.50

              	 	
                (3)

              
	
                SWR-45A

              	 	
                3,324,596.50

              	 	
                (2)

              
	
                SWR-45B

              	 	
                3,324,596.50

              	 	
                (3)

              
	
                SWR-46A

              	 	
                3,166,083.50

              	 	
                (2)

              
	
                SWR-46B

              	 	
                3,166,083.50

              	 	
                (3)

              
	
                SWR-47A

              	 	
                3,032,309.50

              	 	
                (2)

              
	
                SWR-47B

              	 	
                3,032,309.50

              	 	
                (3)

              
	
                SWR-48A

              	 	
                2,914,853.50

              	 	
                (2)

              
	
                SWR-48B

              	 	
                2,914,853.50

              	 	
                (3)

              
	
                SWR-49A

              	 	
                2,803,922.00

              	 	
                (2)

              
	
                SWR-49B

              	 	
                2,803,922.00

              	 	
                (3)

              
	
                SWR-50A

              	 	
                111,232,223.00    
                  

              	 	
                (2)

              
	
                SWR-50B

              	 	
                111,232,223.00    
                  

              	 	
                (3)

              
	
                      
                  SWR-Support

              	 	
                                
                  (4)

              	 	
                (5)

              
	
                SWR-P     
                  

              	 	
                $                    100.00            
                  

              	 	
                (6)

              
	
                                    SWR-40
                  Year Reserve

              	 	
                                
                  (7)

              	 	
                (7)

              
	
                 SW-A-R   

              	 	
                                
                  (8)

              	 	
                (8)

              

      

    

    
      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

    

    
      	
              (1)

            	
              Scheduled
                principal, prepayments and Realized Losses will be allocated first,
                to the
                SWR-Support Interest and second, to the numbered classes sequentially
                (from lowest to highest).  Amounts so allocated to a numbered
                class shall be further allocated between the “A” and “B” components of
                such numbered class pro-rata until the entire class is reduced to
                zero.

            

    

     

    
      	
              (2)

            	
              On
                and after the 7th Distribution Date and on and until the 50th Distribution
                Date, a rate equal to twice the Pool Tax Cap less 10.12% per
                annum.  Prior to the 7th Distribution Date and on and after the
                51st Distribution Date, a rate equal to the Pool Tax Cap.  The
                “Pool Tax Cap” means the weighted average of the Adjusted Net Mortgage
                Rates of all the Mortgage Loans.  For this purpose, beginning on
                the Distribution Date in April 2017 and ending on the Distribution
                Date in
                March 2037 (the “Last Scheduled Distribution Date”), the Adjusted Net
                Mortgage Rate shall be determined by first reducing the interest
                payable
                on each 40-Year Mortgage Loan by the 40-Year Reserve
                Rate.

            

    

     

    
      	
              (3)

            	
              On
                and after the 7th Distribution Date and on and until the 50th Distribution
                Date, a rate equal to the lesser of (i) 10.12% per annum and (ii)
                twice
                the Pool Tax Cap.  Prior to the 7th Distribution Date and on and
                after the 51st Distribution Date, a rate equal to the Pool Tax
                Cap.

            

    

     

    
      	
              (4)

            	
              On
                the Closing Date and on each Distribution Date, following the allocation
                of Principal Amounts and Realized Losses, the principal balance in
                respect
                of the SWR-Support Interest will equal the excess of (a) the sum
                of (i)
                the principal balance of the Mortgage Loans (as of the end of the
                related
                Due Period, reduced by principal prepayments received after such
                Due
                Period that are to be distributed on such Distribution Date) and
                (ii) the
                amount, if any, on deposit in the Pre-Funding Account in respect
                of the
                Mortgage Loans over (b) the principal balance in respect of the remaining
                Swap-IO REMIC Interests other than the SWR-P and the SWR-A-R
                Interests.

            

    

     

    
      	
              (5)

            	
              A
                rate equal to the Pool Tax Cap.

            

    

     

    
      	
              (6)

            	
              On
                each Distribution Date the SWR-P Interest is entitled to all Prepayment
                Charges collected with respect to the Mortgage Loans.   It
                pays no interest.

            

    

     

    
      	
              (7)

            	
              Beginning
                on the Distribution Date in April 2017 and ending on the Last Scheduled
                Distribution Date, the SW-40 Year Reserve Interest shall be entitled
                to a
                specific portion of the interest payable on each 40-Year Mortgage
                Loan.  Specifically, the SW-40 Year Reserve Interest shall be
                entitled to a specific portion of the interest payable on the Stated
                Principal Balance of each 40-Year Mortgage Loan as of the Due Date
                in the
                month preceding the month of that Distribution Date (after giving
                effect
                to principal prepayments in the Prepayment Period related to that
                prior
                Due Date) at a per annum rate equal to 0.80% (the “40-Year Reserve
                Rate”).

            

    

     

    
      	
              (8)

            	
              The
                SW-A-R Interest is the sole class of residual interest in the Swap-IO
                REMIC.  It has no principal and pays no principal or
                interest.

            

    

     

    On
      each
      Distribution Date, the Interest Funds and the Principal Distribution Amount
      payable with respect to the Mortgage Loans shall be payable with respect to
      the
      Swap-IO REMIC Interests in the following manner:

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

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

     

    (3)           Prepayment
      Penalties.  All Prepayment Charges are allocated to the SWR-P
      Interest.

     

    STRIP
      REMIC:

     

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

     

    
      	
              
                Strip
                  REMIC  Interest

              

            	
              
                Initial
                  Principal Balance

              

            	
              
                Pass-Through

                 Rate

              

            	
              
                Corresponding
                  Class of Certificates

              

            
	
              STR-1-A

            	
              (1)

            	
              (2)

            	
              1-A

            
	
              STR-2-A-1

            	
              (1)

            	
              (2)

            	
              2-A-1

            
	
              STR-2-A-2

            	
              (1)

            	
              (2)

            	
              2-A-2

            
	
              STR-2-A-3

            	
              (1)

            	
              (2)

            	
              2-A-3

            
	
              STR-2-A-4

            	
              (1)

            	
              (2)

            	
              2-A-4

            
	
              STR-M-1

            	
              (1)

            	
              (2)

            	
              M-1

            
	
              STR-M-2

            	
              (1)

            	
              (2)

            	
              M-2

            
	
              STR-M-3

            	
              (1)

            	
              (2)

            	
              M-3

            
	
              STR-M-4

            	
              (1)

            	
              (2)

            	
              M-4

            
	
              STR-M-5

            	
              (1)

            	
              (2)

            	
              M-5

            
	
              STR-M-6

            	
              (1)

            	
              (2)

            	
              M-6

            
	
              STR-M-7

            	
              (1)

            	
              (2)

            	
              M-7

            
	
              STR-M-8

            	
              (1)

            	
              (2)

            	
              M-8

            
	
              STR-$100

            	
              $100

            	
              (3)

            	
              A-R

            
	
              STR-C-OC

            	
              (4)

            	
              (2)

            	
              N/A

            
	
              STR-C-Swap-IO

            	
              (5)

            	
              (5)

            	
              N/A

            
	
              STR-C-40
                Year IO

            	
              (6)

            	
              (6)

            	
              N/A

            
	
              STR-P

            	
              $100

            	
              (7)

            	
              P

            
	
              STR-A-R

            	
              (8)

            	
              (8)

            	
              N/A

            
	 	 	 	 

    

     

    (1) This
      Strip REMIC Interest has a principal balance that is initially equal to 100%
      of
      its Corresponding Certificate Class issued by the Master
      REMIC.  Principal payments, both scheduled and prepaid, Realized
      Losses and Subsequent Recoveries attributable to the Swap-IO REMIC Interests
      held by the Strip REMIC will be allocated to this class to maintain its size
      relative to its Corresponding Certificate Class.

     

    (2) On
      each Distribution Date, the pass-through rate for this Strip REMIC Interest
      will
      be the “Strip REMIC Cap,” which will equal the weighted average of the
      pass-through rates of the Swap-IO REMIC Interests (other than the SWR-P, SWR-40
      Year Reserve and SWR-A-R Interests) treating each “B” Interest the cardinal
      number of which (for example, SW-7B, SW-8B, SW-9B, etc.) is not less than the
      ordinal number of the Distribution Date (seventh Distribution Date, eighth
      Distribution Date, ninth Distribution Date, etc.) as capped at a rate equal
      to
      the product of (i) 2 and (ii) LIBOR.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (3) This
      Strip REMIC Interest pays no interest.

     

    (4) This
      Strip REMIC Interest has a principal balance that is initially equal to 100%
      of
      the Overcollateralized Amount.  Principal payments, both scheduled and
      prepaid, Realized Losses and Subsequent Recoveries attributable to the Swap-IO
      REMIC Interests held by the Strip REMIC will be allocated to this class to
      maintain its size relative to the Overcollateralized Amount.

     

    (5) For
      each Distribution Date, the STR-C-Swap-IO Interest is entitled to receive from
      each Swap REMIC “B” Interest the cardinal number of which (for example, SW-7B,
      SW-8B, SW-9B, etc.) is not less than the ordinal number of the Distribution
      Date
      (seventh Distribution Date, eighth Distribution Date, ninth Distribution Date,
      etc.) the interest accruing on such interest in excess of a per annum rate
      equal
      to the product of (i) 2 and (ii) LIBOR.

     

    (6) The
      STR-C-40 Year IO Interest is entitled to all amounts payable with respect to
      the
      SWR-40 Year Reserve Interest.

     

    (7) The
      STR-P Interest is entitled to all amounts payable with respect to the SWR-P
      Interest.  It pays no interest.

     

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

     

    On
      each
      Distribution Date, the Interest Funds and the Principal Distribution Amount
      payable with respect to the Swap-IO Interests shall be payable with respect
      to
      the Strip REMIC Interests in the following manner:

     

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

     

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

     

    (3)
      Prepayment Penalties.  All Prepayment Charges are allocated to
      the STR-P Interest.

     

    MASTER
      REMIC:

     

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

     

    
      	
              
                Class

              

            	 	
              
                Original
                  Certificate Principal Balance

              

            	 	 	
              
                Pass-Through
                  Rate

              

            	 
	
              Class
                1-A                                                          

            	 	$	
              372,609,000

            	 	 	 	(1	)
	
              Class
                2-A-1                                                          

            	 	$	
              267,062,000

            	 	 	 	(1	)
	
              Class
                2-A-2                                                          

            	 	$	
              93,961,000

            	 	 	 	(1	)
	
              Class
                2-A-3                                                          

            	 	$	
              153,352,000

            	 	 	 	(1	)
	
              Class
                2-A-4                                                          

            	 	$	
              44,541,000

            	 	 	 	(1	)
	
              Class
                M-1                                                          

            	 	$	
              57,620,000

            	 	 	 	(1	)
	
              Class
                M-2                                                          

            	 	$	
              55,819,000

            	 	 	 	(1	)
	
              Class
                M-3                                                          

            	 	$	
              18,006,000

            	 	 	 	(1	)
	
              Class
                M-4                                                          

            	 	$	
              24,008,000

            	 	 	 	(1	)
	
              Class
                M-5                                                          

            	 	$	
              19,807,000

            	 	 	 	(1	)
	
              Class
                M-6                                                          

            	 	$	
              13,805,000

            	 	 	 	(1	)
	
              Class
                M-7                                                          

            	 	$	
              15,005,000

            	 	 	 	(1	)
	
              Class
                M-8                                                          

            	 	$	
              14,405,000

            	 	 	 	(1	)
	
              Class
                C                                                          

            	 	 	(2	)	 	 	(3	)
	
              Class
                P                                                          

            	 	$	
              100.00

            	 	 	 	(4	)
	
              Class
                A-R                                                          

            	 	$	
              100.00

            	 	 	 	(5	)

    

    
    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    
      	
              (1)

            	
              The
                Certificates will accrue interest at the related Pass-Through Rates
                identified in this Agreement.  For federal income tax purposes,
                including the computation of the Class C Distributable Amount and
                entitlement to Net Rate Carryover, the Pass-Through Rate in respect
                of
                each Class 1-A Certificate, Class 2-A Certificate and Class M Certificate
                will be subject to a cap equal to the Strip REMIC Cap rather than
                its
                applicable 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 STR-C-Swap-IO Interest, (b) the interest
                payable
                on the STR-C-OC Interest, (c) the interest payable on the STR-C-40
                Year IO
                Interest and (d) a specified portion of the interest payable on the
                Strip
                REMIC Regular Interests (other than the STR-$100, STR-C-OC, STR-C-Swap-IO,
                STR-C-40 Year IO and STR-P Interests) equal to the excess of the
                Strip
                REMIC Cap over the weighted average interest rate of the Strip REMIC
                Regular Interests (other than the STR-$100, STR-C-OC, STR-C-Swap-IO,
                STR-C-40 Year IO and STR-P Interests) with each such Class subject
                to a
                cap equal to the Pass-Through Rate of the Corresponding Master REMIC
                Class.  The Pass-Through Rate of the Class C Certificates shall
                be a rate sufficient to entitle it to an amount equal to all interest
                accrued on the Mortgage Loans 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 Overcollateralization Reduction 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 STR-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 regular interest. It is not intended that the Class
      A-R Certificates be entitled to any cash flows pursuant to this Agreement except
      as provided in Section 3.08(a) hereunder.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    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:

     

    40-Year
      Target Schedule:  Schedule III hereto.

     

    40-Year
      Mortgage Loan:  A Mortgage Loan with an original term to maturity
      of 40 years.

     

    40-Year
      Reserve Rate:  As defined in the Preliminary
      Statement.

     

    Acceptable
      Bid Amount:  Either (i) a bid equal to or greater than the Minimum
      Auction Amount or (ii) the highest bid submitted by a Qualified Bidder in an
      auction if the Directing Certificateholder agrees to pay the related Auction
      Supplement Amount.

     

    Account:  Any
      Escrow Account, the Carryover Reserve Fund, the Certificate Account, the
      Distribution Account, the Pre-Funding Account, the Capitalized Interest Account,
      the Principal Reserve Fund, the Swap Account, the Final Maturity Reserve Fund
      or
      any other account related to the Trust Fund or the Mortgage Loans.

     

    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.

     

    Additional
      Designated Information:  As defined in Section 11.02.

     

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

     

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

     

    Adjusted
      Replacement Upfront Amount:  As defined in Section
      3.21.

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    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 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 aggregate 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); provided, however, that an Applied Realized Loss Amount will not
      exist
      for a Class of Class A Certificates unless the Certificate Principal Balances
      of
      the Subordinate Certificates have been reduced to zero.

     

    
      	
              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.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Auction
      Supplement Amount:  As defined in Section 9.04(c).

     

    Bankruptcy
      Code:  Title 11 of the United States Code.

     

    Bid
      Determination Date:  As defined in Section 9.04(b).

     

    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 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.

     

    Capitalized
      Interest Account: The separate Eligible Account designated as such and
      created and maintained by the Trustee pursuant to Section 3.05(e).  The
      Capitalized Interest Account shall be treated as an “outside reserve fund” under
      applicable Treasury regulations and shall not be part of any
      REMIC.  Except as provided in Section 3.05(e), any investment earnings
      on the amounts on deposit in the Capitalized Interest Account shall be treated
      as owned by the Depositor and shall be taxable to the Depositor.

     

    Capitalized
      Interest Deposit:  $737,465.04.

     

    Capitalized
      Interest Release Amount:  With respect to any Subsequent Transfer
      Date, an amount equal to the product of (1) the sum of (a) the Trustee Fee
      Rate
      and (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans
      (excluding any Subsequent Mortgage Loans conveyed to the Trust Fund during
      the
      calendar month in which such Subsequent Transfer Date occurs) as of the first
      day of the Due Period beginning in the month in which such Subsequent Transfer
      Date occurs (after giving effect to Principal Prepayments received during the
      Prepayment Period, if any, that ends during such Due Period), (2) the Subsequent
      Transfer Date Transfer Amount for such Subsequent Transfer Date and (3) a
      fraction, the numerator of which is the number of calendar months in the period
      beginning with the calendar month in which such Subsequent Transfer Date occurs
      and ending with the calendar month containing the latest date on which the
      Funding Period could end, and the denominator of which is 12.

     

    Capitalized
      Interest Requirement:  With respect to each Funding Period
      Distribution Date, 1/12 of the product of (1) the sum of (a) the Trustee Fee
      Rate and (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage
      Loans (excluding any Subsequent Mortgage Loans conveyed to the Trust Fund during
      the calendar month preceding such Distribution Date) as of the first day of
      the
      related Due Period (after giving effect to Principal Prepayments received during
      the Prepayment Period, if any, that ends during such Due Period) and (2) the
      amount on deposit in the Pre-Funding Account as of the last day of the calendar
      month preceding such Funding Period Distribution Date (or, if the Funding Period
      ended during such calendar month, as of the last day of the Funding
      Period).

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    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 2007-5”.  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-13, 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 2007-5”.  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(h), and (B) increased by any
      Subsequent Recoveries allocated to such Certificate pursuant to Section 4.04(i)
      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 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.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Certification
      Party:  As defined in Section 11.05.

     

    Certifying
      Person:  As defined in Section 11.05.

     

    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 Corridor Contract:  With respect to the Class 1-A
      Certificates, the transaction evidenced by the related Confirmation (as assigned
      to the Corridor Contract Administrator pursuant to the Corridor Contract
      Assignment Agreement), a form of which is attached hereto as Exhibit
      Q-1.

     

    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 a fraction, expressed as a percentage, the numerator
      of
      which is (a) the product of (x) the sum of (1) the sum of the Net Swap Payment
      payable to the Swap Counterparty with respect to such Distribution Date and
      the
      Final Maturity Reserve Deposit for such Distribution Date times a fraction,
      the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the related Accrual Period and (2) 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 (y) a
      fraction, the numerator of which is the Interest Funds for Loan Group 1 for
      such
      Distribution Date, and the denominator of which is the Interest Funds for Loan
      Group 1 and Loan Group 2 for such Distribution Date, and the denominator of
      which is (b) the sum of the aggregate Stated Principal Balance 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) plus any amounts on deposit in the Pre-Funding
      Account in respect of Loan Group 1 as of the first day of that Due
      Period.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    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 the Class 2-A Principal
      Distribution Target Amount.

     

    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) 55.20% 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 Certificates:  The Class 2-A-1, Class 2-A-2, Class 2-A-3 and
      Class 2-A-4 Certificates collectively.

     

    Class
      2-A Corridor Contract:  With respect to the Class 2-A
      Certificates, the transaction evidenced by the related Confirmation (as assigned
      to the Corridor Contract Administrator pursuant to the Corridor Contract
      Assignment Agreement), a form of which is attached hereto as Exhibit
      Q-2.

     

    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 a fraction, expressed as a percentage, the numerator
      of
      which is (a) the product of (x) the sum of (1) the sum of the Net Swap Payment
      payable to the Swap Counterparty with respect to such Distribution Date and
      the
      Final Maturity Reserve Deposit for such Distribution Date times a fraction,
      the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the related Accrual Period and (2) 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 (y) a
      fraction, the numerator of which is the Interest Funds for Loan Group 2 for
      such
      Distribution Date, and the denominator of which is the Interest Funds for Loan
      Group 1 and Loan Group 2 for such Distribution Date, and the denominator of
      which is (b) the sum of the aggregate Stated Principal Balance 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) plus any amounts on deposit in the Pre-Funding
      Account in respect of Loan Group 2 as of the first day of that Due
      Period.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    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 (i) 55.20% of the aggregate Stated Principal Balance of the
      Mortgage Loans in Loan Group 2 for such Distribution Date and (ii) 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.

     

    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) 55.20% 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 OC
      Floor.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    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.

     

    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:  March 30, 2007.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

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

     

    Collateral
      Schedule:  Schedule II hereto.

     

    Commission:  The
      U.S. Securities and Exchange Commission.

     

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

     

    Confirmation:  The
      confirmation, reference number Global No. N590854N / N590855N, with a trade
      date
      of March 23, 2007 evidencing a transaction between the Corridor Contract
      Counterparty and CHL relating to the Class 1-A Corridor Contract, the
      confirmation, reference number Global No. N590857N / N590858N, with a trade
      date
      of March 23, 2007 evidencing a transaction between the Corridor Contract
      Counterparty and CHL relating to the Class 2-A Corridor Contract, the
      confirmation, reference number Global No. N590861N / N590862N, with a trade
      date
      of March 23, 2007 evidencing a transaction between the Corridor Contract
      Counterparty and CHL relating to the Subordinate Corridor Contract and the
      confirmation, reference number Global No. N591937N, with a trade date of March
      23, 2007 evidencing a transaction between the Swap Counterparty and CHL relating
      to the Swap Contract, as applicable.

     

    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, Floor 4W, New
      York, New York 10286 (Attention:  Corporate Trust MBS Administration),
      telephone: (212) 815-3236, facsimile: (212) 815-3986.

     

    Corridor
      Contract:  The Class 1-A Corridor Contract, Class 2-A Corridor
      Contract or Subordinate Corridor Contract, as applicable.

     

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

     

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

     

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

     

    Corridor
      Contract Counterparty:  Deutsche Bank AG, New York Branch and its
      successors.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Corridor
      Contract Termination Date:  The Distribution Date occurring in
      September 2007.

     

    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.

     

    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.

     

    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 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:

     

    
      	
              Distribution
                Date

            	
              Percentage

            
	 	 
	
              April
                2009 — March 2010

            	
              1.70%
                with respect to April 2009, plus an additional 1/12th of 2.10% for
                each
                month thereafter through March 2010

            
	
              April
                2010 — March 2011

            	
              3.80%
                with respect to April 2010, plus an additional 1/12th of 2.15% for
                each
                month thereafter through March 2011

            
	
              April
                2011 — March 2012

            	
              5.95%
                with respect to April 2011, plus an additional 1/12th of 1.75% for
                each
                month thereafter through March 2012

            
	
              April
                2012 — March 2013

            	
              7.70%
                with respect to April 2012, plus an additional 1/12th of 0.85% for
                each
                month thereafter through March 2013

            
	
              April
                2013 and thereafter

            	
              8.55%

            

    

     

    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.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    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.

     

    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 in each Loan Group, not
      later than the Closing Date and with respect to at least 10% of the Subsequent
      Mortgage Loans in each Loan Group 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 in each Loan Group, 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 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.

     

    
      
        
        

      

      
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    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

            
	 	 
	
              A                           

            	
              35.71%

            
	
              M-1                           

            	
              45.45%

            
	
              M-2                           

            	
              61.77%

            
	
              M-3                           

            	
              69.86%

            
	
              M-4                           

            	
              84.65%

            
	
              M-5                           

            	
              102.55%

            
	
              M-6                           

            	
              120.29%

            
	
              M-7                           

            	
              148.13%

            
	
              M-8                           

            	
              190.45%

            

    

     

    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.

     

    Directing
      Certificateholder:  As defined in Section 9.04(a).

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    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
      2007-5”.  Funds in the Distribution Account shall be held in trust for
      the Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    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, the first Business Day thereafter, commencing in April
      2007.

     

    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.

     

    EDGAR:  The
      Commission’s Electronic Data Gathering, Analysis and Retrieval
      system.

     

    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.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    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 does not have or no
      longer has a rating of BBB- or its equivalent, or better, from at least one
      Rating Agency.

     

    Escrow
      Account:  As defined in Section 3.06 hereof.

     

    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)(v)(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
      Deposit:  As defined in Section 8.11 hereof.

     

    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.

     

    Exchange
      Act:  The Securities Exchange Act of 1934, as amended, and the
      rules and regulations promulgated thereunder.

     

    Exchange
      Act Reports:  Any reports on Form 10-D, Form 8-K and Form 10-K
      required to be filed by the Depositor with respect to the Trust Fund under
      the
      Exchange Act.

     

    Expense
      Fee Rate:  With respect to any Mortgage Loan, the sum of (i) the
      related 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 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.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    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.

     

    Final
      Maturity Funding Cap:  For any Distribution Date beginning with
      the Distribution Date in April 2017, the least of (i) the aggregate Certificate
      Principal Balance of the Interest-Bearing Certificates immediately prior to
      that
      Distribution Date, (ii) the aggregate Stated Principal Balance of all
      outstanding 40-Year Mortgage Loans 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) and (iii) $22,963,821.

     

    Final
      Maturity OC Trigger: With respect to any Distribution Date on or after the
      Distribution Date in April 2027, the Final Maturity OC Trigger will be in effect
      if and for so long as the sum of (x) the amount on deposit in the Final Maturity
      Reserve Fund on that Distribution Date (including any Final Maturity Reserve
      Deposit made on the Distribution Date) and (y) the Overcollateralized Amount
      for
      that Distribution Date (calculated after giving effect to all distributions
      to
      be made prior to the time of determination) is less than the outstanding Stated
      Principal Balance of all 40-Year Mortgage Loans as of the Due Date occurring
      in
      the month of that Distribution Date (after giving effect to Principal
      Prepayments received during the Prepayment Period ending in the same month
      as
      the Distribution Date).

     

    Final
      Maturity Required Deposit Trigger:  With respect to any
      Distribution Date on or after the Distribution Date in April 2017 up to and
      including the Distribution Date in March 2037, the Final Maturity Required
      Deposit Trigger shall be in effect with respect to such Distribution Date if
      the
      aggregate Stated Principal Balance of the 40-Year Mortgage Loans as of the
      Due
      Date occurring in the month preceding the month of that Distribution Date (after
      giving effect to Principal Prepayments in the Prepayment Period related to
      that
      prior Due Date) is greater than the “40-Year Target” specified on the 40-Year
      Target Schedule for such Distribution Date.

     

    Final
      Maturity Reserve Deposit:  For any Distribution Date on which the
      Final Maturity Required Deposit Trigger is not in effect, $0.  For any
      Distribution Date on which the Final Maturity Required Deposit Trigger is in
      effect, an amount equal to the lesser of (a) one-twelfth of the product of
      (i)
      0.80% and (ii) the aggregate Stated Principal Balance of the 40-Year Mortgage
      Loans as of the Due Date occurring in the month preceding the month of that
      Distribution Date (after giving effect to Principal Prepayments in the
      Prepayment Period related to that prior Due Date) and (b) the excess of (i)
      the
      Final Maturity Funding Cap for such Distribution Date over (ii) the amount
      on
      deposit in the Final Maturity Reserve Fund immediately prior to such
      Distribution Date.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Final
      Maturity Reserve Fund:  The separate Eligible Account created and
      initially maintained by the Trustee pursuant to Section 4.10 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 2007-5”.  Funds in the Final Maturity Reserve
      Fund shall be held in trust by the Final Maturity Reserve Trustee for the
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Final
      Maturity Reserve Trust:  The trust fund established by Section
      4.10.

     

    Final
      Maturity Reserve Trustee:  The Bank of New York, a New York
      banking corporation, not in its individual capacity, but solely in its capacity
      as final maturity reserve trustee for the benefit of the Holders of the
      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 final maturity reserve trustee as may from time to time be serving
      as
      successor final maturity reserve trustee hereunder.

     

    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.

     

    Form
      10-D Disclosure Item:  With respect to any Person, any material
      litigation or governmental proceedings pending against such Person, or against
      any of the Trust Fund, the Depositor, the Trustee, any co-trustee, the Master
      Servicer or any Subservicer, if such Person has actual knowledge
      thereof.

     

    Form
      10-K Disclosure Item:  With respect to any Person, (a) Form 10-D
      Disclosure Item, and (b) any affiliations or relationships between such Person
      and any Item 1119 Party.

     

    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) May 24, 2007.

     

    Funding
      Period Distribution Date:  Each Distribution Date during the
      Funding Period and, if the Funding Period ends on or after the Distribution
      Date
      in a month, the immediately succeeding Distribution Date.

     

    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 Mortgage
      Loan on each of its Adjustment Dates.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    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 $1,131,566.53.

     

    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 $54,535,020.92.

     

    Index:  As
      to any 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,
      or, if the Index in the Mortgage Note ceases to be published or becomes
      unavailable for any reason, then the Index shall be a new index selected by
      the
      Master Servicer, based on comparable information and in accordance with the
      Mortgage Note and applicable law.

     

    Initial
      Adjustment Date:  As to any 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.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Initial
      Cut-off Date:  In the case of any Initial Mortgage Loan, the later
      of (x) March 1, 2007 and (y) the date of origination of such Initial 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 Mortgage Loan, the Mortgage Rate in
      effect prior to the Initial Adjustment Date.

     

    Initial
      Periodic Rate Cap:  With respect to each 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.

     

    Institutional
      Accredited Investor or IAI:  An “accredited investor” as defined
      in any of paragraphs (1), (2), (3)and (7) of Rule 501(a) under the Securities
      Act or any entity in which all of the equity owners come within such
      paragraphs.

     

    Insurance
      Policy:  With respect to any Mortgage Loan included in the Trust
      Fund, any insurance policy, including the Mortgage Insurance Policy and all
      riders and endorsements to the Mortgage Insurance Policy 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 either prior to or in connection with 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.

     

    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, March 28, 2007.  With respect to
      any Accrual Period for the Interest-Bearing Certificates thereafter, the second
      LIBOR Business Day preceding the commencement of such Accrual
      Period.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    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, plus the Adjusted Replacement Upfront Amount, if any, allocable to that
      Loan Group, less the Mortgage Insurance Premiums for the Covered Mortgage Loans
      in that Loan Group for such Distribution Date.

     

    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 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),
      (vi) in the case of the first Distribution Date, any Seller Interest Shortfall
      Payments with respect to the Initial Mortgage Loans in such Loan Group, and
      in
      the case of each Distribution Date occurring in a calendar month following
      any
      Subsequent Transfer Date, any Seller Interest Shortfall Payments for the
      Subsequent Mortgage Loans in such Loan Group conveyed on such Subsequent
      Transfer Date, and (vii) in the case of each Funding Period Distribution Date,
      the portion of the Capitalized Interest Requirement for such Distribution Date
      allocable to such Loan Group, if any, 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
      Master Agreement:  The 1992 ISDA Master Agreement (Multicurrency –
Cross Border), including the Schedule and Credit Support Annex thereto,
      dated
      March 30, 2007, 2007, between the Swap Counterparty, the Swap Contract
      Administrator and the Corridor Contract Administrator.

     

    Item
      1119 Party:  The Depositor, any Seller, the Master Servicer, the
      Trustee, any Subservicer, any originator identified in the Prospectus
      Supplement, the Corridor Contract Counterparty, the Swap Counterparty and any
      other material transaction party, as identified in Exhibit Z hereto, as updated
      pursuant to Section 11.04.

     

    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.

     

    Limited
      Exchange Act Reporting Obligations:  The obligations of the Master
      Servicer under Section 3.17(b), Section 6.02 and Section 6.04 with respect
      to
      notice and information to be provided to the Depositor and Article XI (except
      Section 11.07(a)(1) and (2)).

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    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 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 2:  The Group 2 Mortgage Loans.

     

    Loan-to-Value
      Ratio:  As to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the original principal balance of such
      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.

     

    Master
      REMIC:  As defined in the Preliminary Statement.

     

    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 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.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    MERS
      Mortgage Loan:  Any Mortgage Loan registered with MERS on the
      MERS® System.

     

    MERS®
      System:  The system of recording transfers of mortgages
      electronically maintained by MERS.

     

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

     

    Minimum
      Auction Amount:  With respect to any auction of the Mortgage Loans
      and any REO Properties pursuant to Section 9.04, the sum of (i) the Termination
      Price that would be payable by the NIM Insurer if the Optional Termination
      were
      exercised in the following calendar month pursuant to Section 9.01 and (ii)
      all
      reasonable fees and expenses incurred by the Trustee in connection with any
      auction conducted pursuant to Section 9.04.

     

    Minimum
      Mortgage Rate:  With respect to each 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).

     

    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 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 issued by United Guaranty Mortgage Indemnity Company on each Distribution
      Date and amounts due for premium taxes with respect to West Virginia, Kentucky
      or other applicable state taxes relating to such premium.

     

    Mortgage
      Insurance Premium Rate: With respect to a Covered Mortgage Loan, the per
      annum rate set forth for such Covered Mortgage Loan on the Mortgage Loan
      Schedule.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    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;

            

    

     

    
      	
               

            	
              (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)

            	
              [Reserved];

            

    

     

    
      	
               

            	
              (xiv)

            	
              the
                purpose of the Mortgage Loan;

            

    

     

    
      	
               

            	
              (xv)

            	
              with
                respect to each Mortgage Loan:

            

    

     

    (a)           the
      frequency of each Adjustment Date;

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    (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 whether the Mortgage Loan is a CHL Mortgage Loan,
                a Park
                Monaco Mortgage Loan or a Park Sienna Mortgage
                Loan;

            

    

     

    
      	
               

            	
              (xvii)

            	
              the
                premium rate for any lender-paid mortgage insurance, if
                applicable;

            

    

     

    
      	
               

            	
              (xviii)

            	
              [Reserved];

            

    

     

    
      	
               

            	
              (xix)

            	
              a
                code indicating if such Mortgage Loan is a Covered Mortgage Loan
                and the
                applicable Mortgage Insurance Premium Rate as set forth in the Mortgage
                Insurance Policy; and

            

    

     

    
      	
               

            	
              (xx)

            	
              the
                Servicing Fee Rate for the Mortgage Loan as of the applicable Cut-off
                Date
                and, if the Servicing Fee Rate is subject to increase following the
                initial Adjustment Date for the Mortgage Loan, the Servicing Fee
                Rate for
                the Mortgage Loan following the initial Adjustment
                Date.

            

    

     

    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 supplement thereto
      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.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    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.

     

    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 related Servicing Fee
      Rate.

     

    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.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    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.

     

    OC
      Floor:  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.

     

    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
      Secretaries of Countrywide GP, Inc., its general partner, (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, or (iv) in the case of any other Person, signed by an authorized
      officer of such Person.

     

    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 as quoted on the Bloomberg Terminal 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 5.32000% per annum.   If such rate is not quoted on
      the Bloomberg Terminal (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.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    Optional
      Termination:  The termination of the Trust Fund pursuant to clause
      (a) of the first sentence of Section 9.01.

     

    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

     

    (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 (a) prior to
      the Stepdown Date, an amount equal to 4.20% of the sum of the aggregate Cut-off
      Date Principal Balance of the Initial Mortgage Loans and the Pre-Funded Amount
      and (b) on or after the Stepdown Date, the greater of (i) an amount equal to
      8.40% of the aggregate Stated Principal Balance of the Mortgage Loans for the
      current Distribution Date and (ii) the OC Floor; provided, however, that if
      a
      Trigger Event is in effect on any Distribution Date, the Overcollateralization
      Target Amount will be the Overcollateralization Target Amount as in effect
      for
      the prior Distribution Date.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    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.

     

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

     

    
      	
              Class

            	
              Pass-Through
                Margin (1)

            	
              Pass-Through
                Margin (2)

            
	
              Class
                1-A                                                

            	
              0.200%

            	
              0.400%

            
	
              Class
                2-A-1                                                

            	
              0.100%

            	
              0.200%

            
	
              Class
                2-A-2                                                

            	
              0.170%

            	
              0.340%

            
	
              Class
                2-A-3                                                

            	
              0.220%

            	
              0.440%

            
	
              Class
                2-A-4                                                

            	
              0.320%

            	
              0.640%

            
	
              Class
                M-1                                                

            	
              0.420%

            	
              0.630%

            
	
              Class
                M-2                                                

            	
              0.480%

            	
              0.720%

            
	
              Class
                M-3                                                

            	
              0.660%

            	
              0.990%

            
	
              Class
                M-4                                                

            	
              1.150%

            	
              1.725%

            
	
              Class
                M-5                                                

            	
              1.300%

            	
              1.950%

            
	
              Class
                M-6                                                

            	
              1.700%

            	
              2.550%

            
	
              Class
                M-7                                                

            	
              2.000%

            	
              3.000%

            
	
              Class
                M-8                                                

            	
              2.000%

            	
              3.000%

            

    

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    
 

    
      	
              (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.

            

    

     

    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 Pass-Through 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.

     

    Performance
      Certification:  As defined in Section 11.05.

     

    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;

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    (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) 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.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    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 §2510.3-101 or otherwise under ERISA) of
      such an employee benefit plan or plan.

     

    Pool
      Tax 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.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    Pre-Funded
      Amount:  The amount deposited in the Pre-Funding Account on the
      Closing Date, which shall equal $55,666,587.45.

     

    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 Certificateholders and designated “The Bank of New York, in trust for
      registered holders of CWABS, Inc., Asset-Backed Certificates, Series
      2007-5.”  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.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    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 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 March 2, 2007) 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.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    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 2007-5”.  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 27, 2006, relating to asset-backed securities to
      be
      sold by the Depositor.

     

    Prospectus
      Supplement:  The prospectus supplement dated March 29, 2007,
      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 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 is effected by the Master Servicer, at
      the
      Net Mortgage Rate) from (a) the date through which interest was last paid by
      the
      Mortgagor (or, if such purchase 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.

     

    
      
        
        

      

      
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    Qualified
      Bidder:  With respect to any auction pursuant to Section 9.04, any
      institution that is a regular purchaser and/or seller in the secondary market
      of
      residential mortgage loans as determined by the Trustee (or any advisor on
      its
      behalf), in its sole discretion, and any holder of an interest in the Class
      C
      Certificates; provided, however, that neither CHL nor any of its affiliates
      shall constitute a Qualified Bidder.

     

    Qualified
      Institutional Buyer or QIB:  A “qualified institutional
      buyer” within the meaning of Rule 144A.

     

    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, identified as a “Rating Agency” in the Underwriter’s Exemption and
      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.

     

    Record
      Date:  With respect to any Distribution Date and the
      Interest-Bearing Certificates, the Business Day immediately preceding such
      Distribution Date, or if any such Certificates are no longer Book-Entry
      Certificates, the Record Date with respect to such Certificates shall be the
      last Business Day of the month preceding the month of such Distribution
      Date.  With respect to any Distribution Date and the Class A-R, Class
      C and Class P Certificates, the last Business Day of the month preceding the
      month of such 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 one month in
      amounts approximately equal to the aggregate Certificate Principal Balance
      of
      the Interest-Bearing Certificates on such Interest Determination
      Date.

     

    
      
        
        

      

      
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    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.

     

    Regulation
      AB:  Subpart 229.1100 – Asset Backed Securities (Regulation AB),
      17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and
      subject to such clarification and interpretation as have been provided by the
      Commission in the adopting release (Asset-Backed Securities, Securities Act
      Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff
      of the Commission, or as may be provided by the Commission or its staff from
      time to time and publicly available.

     

    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) (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 the Mortgage Rate from a variable rate to a fixed
      rate;
      (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).

     

    
      
        
        

      

      
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    Reportable
      Event:  Any event required to be reported on Form 8-K, and in any
      event, the following:

     

    (a)           entry
      into a definitive agreement related to the Trust Fund, the Certificates or
      the
      Mortgage Loans, or an amendment to a Transaction Document, even if the Depositor
      is not a party to such agreement (e.g., a servicing agreement with a servicer
      contemplated by Item 1108(a)(3)of Regulation AB);

     

    (b)           termination
      of a Transaction Document (other than by expiration of the agreement on its
      stated termination date or as a result of all parties completing their
      obligations under such agreement), even if the Depositor is not a party to
      such
      agreement (e.g., a servicing agreement with a servicer contemplated by Item
      1108(a)(3)of Regulation AB);

     

    (c)           with
      respect to the Master Servicer only, if the Master Servicer becomes aware of
      any
      bankruptcy or receivership with respect to CHL, the Depositor, the Master
      Servicer, any Subservicer, the Trustee, the Corridor Contract Counterparty,
      the
      Swap Counterparty, any enhancement or support provider contemplated by Items
      1114(b) or 1115 of Regulation AB, or any other material party contemplated
      by
      Item 1101(d)(1) of Regulation AB;

     

    (d)           with
      respect to the Trustee, the Master Servicer and the Depositor only, the
      occurrence of an early amortization, performance trigger or other event,
      including an Event of Default under this Agreement;

     

    (e)           any
      amendment to this Agreement;

     

    
      
        
        

      

      
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    (f)           the
      resignation, removal, replacement, substitution of the Master Servicer, any
      Subservicer, the Trustee or any co-trustee;

     

    (g)           with
      respect to the Master Servicer only, if the Master Servicer becomes aware that
      (i) any material enhancement or support specified in Item 1114(a)(1) through
      (3)of Regulation AB or Item 1115 of Regulation AB that was previously applicable
      regarding one or more classes of the Certificates has terminated other than
      by
      expiration of the contract on its stated termination date or as a result of
      all
      parties completing their obligations under such agreement; (ii) any material
      enhancement specified in Item 1114(a)(1) through (3)of Regulation AB or Item
      1115 of Regulation AB has been added with respect to one or more classes of
      the
      Certificates; or (iii) any existing material enhancement or support specified
      in
      Item 1114(a)(1) through (3)of Regulation AB or Item 1115 of Regulation AB with
      respect to one or more classes of the Certificates has been materially amended
      or modified; and

     

    (h)           with
      respect to the Trustee, the Master Servicer and the Depositor only, a required
      distribution to Holders of the Certificates is not made as of the required
      Distribution Date under this Agreement.

     

    Reporting
      Subcontractor:  With respect to the Master Servicer or the
      Trustee, any Subcontractor determined by such Person pursuant to Section
      11.08(b) to be “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB.  References to a Reporting Subcontractor
      shall refer only to the Subcontractor of such Person and shall not refer to
      Subcontractors generally.

     

    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) $1,000 over (ii) the amount of funds
      on deposit in the Carryover Reserve Fund after all other deposits and
      withdrawals from such account on such Distribution Date.

     

    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 the Mortgage Insurance Policy with respect to a Covered
      Mortgage Loan.

     

    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.

     

    
      
        
        

      

      
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    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.

     

    Sarbanes-Oxley
      Certification:  As defined in Section 11.05.

     

    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.

     

    Seller
      Interest Shortfall Payment:  With respect to any Initial Mortgage
      Loan that does not have a first payment date on or before the Due Date in the
      month of the first Distribution Date or any Subsequent Mortgage Loan that does
      not have a first payment date on or before the Due Date in the month immediately
      following the related Subsequent Transfer Date, an amount equal to one month’s
      interest at the related Adjusted Mortgage Rate on the Cut-off Date Principal
      Balance of that Mortgage Loan.

     

    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.

     

    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.

     

    
      
        
        

      

      
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    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
      Criteria:  The “servicing criteria” set forth in Item 1122(d) of
      Regulation AB.

     

    Servicing
      Fee:  As to each Mortgage Loan and any Distribution Date, an
      amount equal to one month’s interest at the related 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 related 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, the per annum rate
      set forth on the Mortgage Loan Schedule for such Mortgage Loan.

     

    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 Stepdown Date, a fraction, expressed as a percentage, the numerator
      of
      which is the aggregate Stated Principal Balance for such Distribution Date
      of
      all Mortgage Loans 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.

     

    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,
      (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
      and (d) any Realized Loss previously incurred in connection with a Deficient
      Valuation.  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.

     

    
      
        
        

      

      
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    Stepdown
      Date:  The earlier to occur of (a) the Distribution Date following
      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 April 2010 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 55.20% 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                                                   

            	
              35.20%

            
	
              Class
                M-2                                                   

            	
              25.90%

            
	
              Class
                M-3                                                   

            	
              22.90%

            
	
              Class
                M-4                                                   

            	
              18.90%

            
	
              Class
                M-5                                                   

            	
              15.60%

            
	
              Class
                M-6                                                   

            	
              13.30%

            
	
              Class
                M-7                                                   

            	
              10.80%

            
	
              Class
                M-8                                                   

            	
              8.40%

            

    

    

     

    Strip
      REMIC:  As defined in the Preliminary Statement.

     

    Strip
      REMIC Cap:  As defined in the Preliminary Statement.

     

    Subcontractor:  Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) of Regulation AB with respect
      to
      the Mortgage Loans under the direction or authority of the Master Servicer
      or a
      Subservicer or the Trustee, as the case may be.

     

    
      
        
        

      

      
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    Subordinate
      Certificates:  The Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7 and Class M-8 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 1-A Principal
      Distribution Amount and the Class 2-A Principal Distribution Amount for such
      Distribution Date), (b) the aggregate Certificate Principal Balance of any
      Classes 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 OC Floor; 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
      Corridor Contract:  With respect to the Subordinate Certificates,
      the transaction evidenced by the related Confirmation (as assigned to the
      Corridor Contract Administrator pursuant to the Corridor Contract Assignment
      Agreement), a form of which is attached hereto as Exhibit Q-3.

     

    Subordinate
      Net Rate Cap:  With respect to any Distribution Date and each
      Class of Subordinate Certificates, the weighted average of the Class 1-A Net
      Rate Cap and the Class 2-A Net Rate Cap for such Distribution Date, weighted
      on
      the basis of the excess (if any) of the sum of the aggregate Stated Principal
      Balance of the Mortgage Loans in the related Loan Group 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) and the amount
      on
      deposit in the Pre-Funding Account in respect of that Loan Group as of the
      first
      day of such Due Period over the aggregate Certificate Principal Balance of
      the
      related Senior Certificates immediately prior to such Distribution
      Date.

     

    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 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.

     

    
      
        
        

      

      
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    Subsequent
      Mortgage Loan:  Any Mortgage Loan conveyed to the Trustee on a
      Subsequent Transfer Date, and listed on the related supplement to the 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 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 supplement to the 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.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    Successful
      Auction:  An auction held pursuant to Section 9.04 at which at
      least three Qualified Bidders submitted bids and at least one of those bids
      was
      an Acceptable Bid Amount.

     

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

     

    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
      and
      its successors and assigns.

     

    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
      Contract Termination Date:  The Distribution Date in May
      2011.

     

    Swap
      Counterparty:  Deutsche Bank AG, New York Branch and its
      successors.

     

    Swap
      Counterparty Trigger Event:  Either (i) an “Event of Default”
under the ISDA Master Agreement with respect to which the Swap Counterparty
      is
      the sole “Defaulting Party” (as defined in the ISDA Master Agreement) or (ii) a
“Termination Event” (other than an Illegality or a Tax Event (as such terms are
      defined in the ISDA Master Agreement)) or “Additional Termination Event” under
      the ISDA Master Agreement with respect to which the Swap Counterparty is the
      sole “Affected Party” (as defined in the ISDA Master Agreement).

     

    Swap-IO
      REMIC:  As defined in the Preliminary Statement.

     

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

     

    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
      swap
      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 swap trustee as
      may
      from time to time be serving as successor swap trustee hereunder.

     

    
      
        
        

      

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

     

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

     

    Termination
      Price:  As defined in Section 9.01.

     

    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.

     

    Transaction
      Documents:  This Agreement, the Corridor Contracts, the Corridor
      Contract Assignment Agreement, the Corridor Contract Administration Agreement,
      the Swap Contract, the Swap Contract Assignment Agreement, the Swap Contract
      Administration Agreement, the Mortgage Insurance Policy and any other document
      or agreement entered into in connection with the Trust Fund, the Certificates
      or
      the Mortgage Loans.

     

    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.

     

    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 Pre-Funding Account, the Capitalized Interest
      Account and all amounts deposited therein pursuant to the applicable provisions
      of this Agreement; (iii) the rights to receive certain proceeds of the Corridor
      Contracts as provided in the Corridor Contract Administration Agreement; (iv)
      property that secured a Mortgage Loan and has been acquired by foreclosure,
      deed
      in lieu of foreclosure or otherwise; (v) the mortgagee’s rights under the
      Insurance Policies with respect to the Mortgage Loan; and (vi) 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.

     

    
      
        
        

      

      
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    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 2007-5, 72 Fed. Reg.
      13130 (2007), as amended (or any successor thereto), or any substantially
      similar administrative exemption granted by the U.S. Department of
      Labor.

     

    Underwriters:  Countrywide
      Securities Corporation and Greenwich Capital Markets, 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 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(i).

     

    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.

     

    Winning
      Bidder:  With respect to a Successful Auction, the Qualified
      Bidder that bids the highest price.

     

    
      
        
        

      

      
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              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; (g)
      references to any Person include that Person’s permitted successors and assigns;
      and (h) a Mortgage Loan is “30 days delinquent” if a Scheduled Payment has not
      been received by the close of business on the Due Date on which the next
      Scheduled Payment is due.  Similarly for “60 days delinquent,” “90
      days delinquent” and so on.

     

    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, 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 and to the Initial Mortgage Loans.

     

    
      
        
        

      

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

     

    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 swap transaction
      evidenced by the related 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.

     

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

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    (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 as of the related Cut-off Date;

     

    (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 (i) the percentage of Mortgage Loans secured
      by Mortgaged Properties located in the State of California, which will not
      exceed 50% of the Mortgage Loans in each Loan Group and (ii) the percentage
      of
      Mortgage Loans in the Credit Grade Categories of “C” or below, which will not
      exceed 15% 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

            	 	 	 	 
	
              
                Characteristic

              

            	 	
              
                Value

              

            	 	
              
                Permitted
                  Variance

              

            
	
              Weighted
                Average Mortgage Rate

            	
              8.047%

            	 	
              ±0.10%

            
	
              Weighted
                Average Original Loan-to-Value Ratio

            	
              83.28%

            	 	
              ±3.00%

            
	
              Weighted
                Average Credit Bureau Risk Score

            	
              606
                points

            	 	
              ±5
                points

            
	
              Percentage
                Originated under CHL’s Full Documentation Program

            	
              66.56%

            	 	
              ±3.00%

            
	
              Weighted
                Average Gross Margin

            	
              6.570%

            	 	
              ±0.10%

            

    

     

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Loan
                Group 2

            	 	 	 	 
	
              
                Characteristic

              

            	 	
              
                Value

              

            	 	
              
                Permitted
                  Variance

              

            
	
              Weighted
                Average Mortgage Rate

            	
              8.440%

            	 	
              ±0.10%

            
	
              Weighted
                Average Original Loan-to-Value Ratio

            	
              81.08%

            	 	
              ±3.00%

            
	
              Weighted
                Average Credit Bureau Risk Score

            	
              614
                points

            	 	
              ±5
                points

            
	
              Percentage
                Originated under CHL’s Full Documentation Program

            	
              46.58%

            	 	
              ±3.00%

            
	
              Weighted
                Average Gross Margin

            	
              6.238%

            	 	
              ±0.10%

            

    

    

     

    (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 supplement to the 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) (which such Officer’s
      Certificate shall set forth the Subsequent Transfer Date Transfer Amount and
      Capitalized Interest Release Amount, if any, for such Subsequent Transfer Date),
      the Trustee shall remit to CHL (on behalf of CHL and the other Sellers) the
      Subsequent Transfer Date Transfer Amount from such funds that were set aside
      in
      the Pre-Funding Account pursuant to Section 2.01(d) and shall distribute any
      Capitalized Interest Release Amount for such Subsequent Transfer Date to the
      order of CHL.  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.

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    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 2007-5, CWABS,
      Inc., by The Bank of New York, a New York banking corporation, as trustee under
      the Pooling and Servicing Agreement dated as of March 1, 2007, without recourse”
or a copy of such assignment, with recording information, (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);

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    (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® 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
      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.

     

    
      
        
        

      

      
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    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 any 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 within 90 days of the Closing
      Date (which opinion may be in the form of a “survey” opinion and is not required
      to be delivered by counsel admitted to practice law in the jurisdiction as
      to
      which such opinion applies), 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.

     

    
      
        
        

      

      
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    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.

     

    Each
      Seller has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans sold by such Seller to 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
      Sections 2.01(a) or (b).

     

    
      
        
        

      

      
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              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 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
      Trustee or the Co-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, CHL (on behalf of each Seller) and 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.

     

    
      
        
        

      

      
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    In
      connection with the Trustee’s completion and delivery of such Final
      Certification, the Co-Trustee, at the direction of the Trustee, 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 (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 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® System in
      accordance with MERS’ rules and regulations.

     

    
      
        
        

      

      
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    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 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;

     

    
      
        
        

      

      
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    (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 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 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 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® System in accordance with MERS’ rules and regulations.

     

    
      
        
        

      

      
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    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.

     

    
      
        
        

      

      
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    (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, 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.

     

    
      
        
        

      

      
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    (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 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.

     

    
      
        
        

      

      
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    (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 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.

     

    
      
        
        

      

      
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    (9)           None
      of the Mortgage Loans is 30 days or more delinquent.

     

    (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,
      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.

     

    
      
        
        

      

      
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    (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 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.

     

    
      
        
        

      

      
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    (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.

     

    (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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    (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 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.

     

    
      
        
        

      

      
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    (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, 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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    (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.

     

    
      
        
        

      

      
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    (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.

     

    (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
§
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. § 433 nor is any Mortgage Loan a
“mortgage” as defined in 15 U.S.C. § 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.

     

    
      
        
        

      

      
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    (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 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.

     

    
      
        
        

      

      
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    (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.

     

    (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® Glossary) 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 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.

     

    (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)           Each
      Mortgage Loan in Loan Group 1 at the time it was made complied in all material
      respects with applicable local, state, and federal laws, including, but not
      limited to, all applicable predatory, abusive and fair lending
      laws;

     

    
      
        
        

      

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

     

    (iii)           As
      part of the due diligence process relating to the Certificates, CHL reviewed
      a
      statistically significant sampling of 200 mortgage loans proposed for inclusion
      in Loan Group 1 and confirmed the following:  Nine (9) of the mortgage
      loans sampled exceeded the thresholds set by HOEPA and its implementing
      regulations, including 12 CFR § 226.32(a)(1)(i). Such loans that exceeded these
      thresholds were not included in Loan Group 1.  CHL confirms that (a)
      the mortgage loans sampled include refinance and purchase money mortgage loans;
      (b) the sampling was done using methodology ordinarily and customarily used
      by
      underwriters of residential mortgage-backed securities to diligence pools of
      residential mortgage loans, and (c) it is not aware of any mortgage loans that
      were not sampled that exceed the thresholds set by HOEPA;

     

    (iv)           There
      is no Mortgage Loan in Loan Group 1 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;

     

    (v)           No
      Mortgage Loan in Loan Group 1 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);

     

    (vi)           No
      borrower with respect to a Mortgage Loan in Loan Group 1 obtained a prepaid
      single-premium credit life, credit disability, credit unemployment or credit
      property insurance policy in connection with the origination of the Mortgage
      Loan;

     

    (vii)           With
      respect to any Mortgage Loan in Loan Group 1 that contains a provision
      permitting imposition of a penalty upon a prepayment prior to maturity: (a)
      the
      Mortgage Loan provides some benefit to the borrower (e.g., a rate or fee
      reduction) in exchange for accepting such prepayment penalty; (b) prior to
      the
      Mortgage Loan’s origination, the borrower was offered the option of obtaining a
      mortgage loan that did not require payment of such a penalty; (c) the prepayment
      penalty was adequately disclosed to the borrower pursuant to applicable state
      and federal law; (d) no such Mortgage Loan originated on or after October 1,
      2002 will provide for prepayment penalties for a term in excess of three years,
      and any such Mortgage Loan originated prior to such date will not provide for
      prepayment penalties in excess of five years; in each case unless the loan
      was
      modified to reduce the prepayment period to no more than three years from the
      date of the note and the borrower was notified in writing of such reduction
      in
      prepayment period; and (e) such prepayment penalty shall not be imposed in
      any
      instance where the Mortgage Loan is accelerated or paid off in connection with
      the workout of a delinquent mortgage or due to the borrower’s default,
      notwithstanding that the terms of the Mortgage Loan or state or federal law
      might permit the imposition of such penalty;

     

    
      
        
        

      

      
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    (viii)                      With
      respect to each Mortgage Loan in Loan Group 1, the borrower was not encouraged
      or required to select a mortgage loan product offered by the Mortgage Loan’s
      originator which is a higher cost product designed for less creditworthy
      borrowers, taking into account such facts as, without limitation, the Mortgage
      Loan’s requirements and the borrower’s credit history, income, assets and
      liabilities;

     

    (ix)           The
      methodology used in underwriting the extension of credit for each Mortgage
      Loan
      in Loan Group 1 did not rely solely on the extent of the borrower’s equity in
      the collateral as the principal determining factor in approving such extension
      of credit.  The methodology employed objective criteria such as the
      borrower’s income, assets and liabilities, to the proposed mortgage payment and,
      based on such methodology, the Mortgage Loan’s originator made a reasonable
      determination that at the time of origination the borrower had the ability
      to
      make timely payments on the Mortgage Loan;

     

    (x)           No
      borrower under a Mortgage Loan in Loan Group 1 was charged “points and fees” in
      an amount greater than  (a) $1,000 or (b) 5% of the principal amount
      of such mortgage loan, whichever is greater.  For purposes of this
      representation, “points and fees” (x) include origination, underwriting, broker
      and finder’s fees and charges that the lender imposed as a condition of making
      the mortgage loan, whether they are paid to the lender or a third party; and
      (y)
      exclude bona fide discount points, fees paid for actual services rendered in
      connection with the origination of the mortgage (such as attorneys’ fees,
      notaries fees and fees paid for property appraisals, credit reports, surveys,
      title examinations and extracts, flood and tax certifications, and home
      inspections); the cost of mortgage insurance or credit-risk price adjustments;
      the costs of title, hazard, and flood insurance policies; state and local
      transfer taxes or fees; escrow deposits for the future payment of taxes and
      insurance premiums; and other miscellaneous fees and charges, which
      miscellaneous fees and charges, in total, do not exceed 0.25 percent of the
      loan
      amount;

     

    (xi)           With
      respect to any Mortgage Loan in Loan Group 1 originated on or after August
      1,
      2004, 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

     

    
      
        
        

      

      
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    (xii)           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 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.

     

    
      
        
        

      

      
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    (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.

     

    (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.

     

    
      
        
        

      

      
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    (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.

     

    (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.

     

    
      
        
        

      

      
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    (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
      and the NIM Insurer.  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
      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 any
      representation set forth in Section 2.03(a)(8) or Section 2.03(b)(77) may be
      deemed to materially and adversely affect the Certificateholders if (i) Freddie
      Mac is a Certificate Owner, (ii) Freddie Mac is the party asserting the
      existence of the breach and (iii) Freddie Mac and the Sellers so
      agree.

     

    
      
        
        

      

      
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    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
      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.

     

    
      
        
        

      

      
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    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.

     

    
      	
               

            	
              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.

     

    
      
        
        

      

      
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    (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.

     

    (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 and the NIM
      Insurer.  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).

     

    
      
        
        

      

      
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              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 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.

     

    (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.

     

    
      
        
        

      

      
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              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 each Mortgage Insurance Premium and
      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® System, or cause
      the removal from the registration of any Mortgage Loan on the MERS® 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.

     

    
      
        
        

      

      
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    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 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, except as otherwise specified
      in
      this Agreement, 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,
      if
      available, shall provide coverage equal to the then remaining coverage of the
      Mortgage Insurance Policy.  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.

     

    
      
        
        

      

      
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    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 “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.

     

    
      
        
        

      

      
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    (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 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.

     

    
      
        
        

      

      
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              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 or termination
      by
      the Depositor), 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 or termination by the Depositor), 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.

     

    
      	
               

            	
              Section
                3.05

            	
              Collection
                of Mortgage Loan Payments; Certificate Account; Distribution Account;
                Pre-Funding Account; Capitalized Interest
                Account.

            

    

     

    (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.

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

    (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;

     

    (5)           all
      Compensating Interest;

     

    (6)           any
      amount required to be deposited by the Master Servicer pursuant to Section
      3.05(f) 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.

     

    
      
        
        

      

      
        91

        
          

        

      

      
        
        

      

    

    No
      later
      than 1:00 p.m. Pacific time on the Master Servicer Advance Date in the month
      of
      the first Distribution Date and in the month immediately following any
      Subsequent Transfer Date, CHL shall remit to the Master Servicer, and the Master
      Servicer shall deposit in the Certificate Account, the Seller Interest Shortfall
      Payments (if any) for the related Distribution 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(f) in connection with any losses on Permitted Investments.

     

    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.

     

    
      
        
        

      

      
        92

        
          

        

      

      
        
        

      

    

    (e)           If
      the Capitalized Interest Deposit is greater than zero, the Trustee shall
      establish and maintain, on behalf of the Certificateholders, the Capitalized
      Interest Account.  On the Closing Date, CHL shall remit the
      Capitalized Interest Deposit to the Trustee for deposit in the Capitalized
      Interest Account.  On each Distribution Account Deposit Date related
      to a Funding Period Distribution Date, the Trustee shall transfer from the
      Capitalized Interest Account to the Distribution Account an amount equal to
      the
      Capitalized Interest Requirement (which, to the extent required, may include
      investment earnings on amounts on deposit therein) for the related Distribution
      Date.

     

    On
      each
      Subsequent Transfer Date, upon satisfaction of the conditions for such
      Subsequent Transfer Date set forth in Section 2.01(e), the Trustee shall
      withdraw from the Capitalized Interest Account the Capitalized Interest Release
      Amount for such Subsequent Transfer Date and distribute such amount to the
      order
      of CHL.

     

    If
      any
      funds remain in the Capitalized Interest Account at the end of the Distribution
      Account Deposit Date for the last Funding Period Distribution Date, the Trustee
      shall distribute any such remaining funds to the order of CHL on the last
      Funding Period Distribution Date.

     

    (f)           Each
      institution that maintains the Certificate Account, the Distribution Account,
      the Pre-Funding Account or the Capitalized Interest 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, the Pre-Funding Account and the Capitalized Interest
      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,
      Pre-Funding Account or Capitalized Interest 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,
      (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 and (iii) the Capitalized Interest
      Account, all income and gain net of any losses realized from any such investment
      on deposit therein shall be credited thereto.  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 Servicer’s own funds immediately as
      realized.  The amount of any losses incurred in the Pre-Funding
      Account or the Capitalized Interest Account in respect of any such investments
      shall be paid by CHL to the Trustee for deposit into the Pre-Funding Account
      or
      the Capitalized Interest Account, as applicable, out of CHL’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, the
      Pre-Funding Account or the Capitalized Interest Account and made in accordance
      with this Section 3.05.

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

    (g)           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, the Capitalized Interest
      Account or the Carryover Reserve Fund prior to any change thereof.

     

    (h)           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 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.

     

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

    

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

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

    (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, Principal Remittance
      Amount, Prepayment Charges collected and the Master Servicer Prepayment Charge
      Payment 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 $100.00 from the Principal Reserve Fund to the Distribution Account
      and
      shall distribute such amount to the Class P Certificates on the Class P
      Principal Distribution Date.  Following the distribution to be made in
      accordance with the preceding sentence, the Trustee shall then terminate the
      Principal Reserve Fund.

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

    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 Final Maturity Reserve Fund and
      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 third 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 Mortgage Insurance Premium to the Mortgage Insurer
      in
      accordance with the following wiring instructions:

     

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

    United
      Guaranty Mortgage Indemnity Company, Account #2035650940583, Wachovia Bank,
      330
      North Greene Street, Greensboro, North Carolina 27401, ABA #053000219,
      Txt:  Attention:  Lynn Ellis, CWABS 2007-5 Pool, Bulk Deal
      84.

     

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

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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, 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.

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              Section
                3.12

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

            

    

     

    (a)           Notwithstanding
      the first sentence of Section 3.01, the Master Servicer may agree to any
      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 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 initial Certificate Principal Balance of the
      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 CHL from withholding payment of such tax, if permitted by
      law,
      pending the outcome of such 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
      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.

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    (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
      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.

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    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.

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    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: 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.

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 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® 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.

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 related 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.

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 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.

            

    

     

    (a)           The
      Master Servicer shall deliver to the Depositor and the Trustee on or before
      March 15 of each year, commencing with its 2008 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 (or
      applicable portion thereof) 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, in all material respects
      throughout such year (or applicable portion thereof), or, if there has been
      a
      failure to fulfill any such obligation in any material respect, specifying
      each
      such failure 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 in all material respects throughout
      such year, or, if there has been a failure to fulfill any such obligation in
      any
      material respect specifying each such failure known to such officer and the
      nature and status thereof.

     

    (b)           The
      Master Servicer shall cause each Subservicer to deliver to the Depositor and
      the
      Trustee on or before March 15 of each year, commencing with its 2008 fiscal
      year, an Officer’s Certificate stating, as to the signer thereof, that (i) a
      review of the activities of such Subservicer during the preceding calendar
      year
      (or applicable portion thereof) and of the performance of the Subservicer under
      the applicable Subservicing Agreement or primary servicing agreement, has been
      made under such officer’s supervision and (ii) to the best of such officer’s
      knowledge, based on such review, such Subservicer has fulfilled all its
      obligations under the applicable Subservicing Agreement or primary servicing
      agreement, in all material respects throughout such year (or applicable portion
      thereof), or, if there has been a failure to fulfill any such obligation in
      any
      material respect, specifying each such failure known to such officer and the
      nature and status thereof.

     

    (c)           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.

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              Section
                3.18

            	
              [Reserved].

            

    

     

    
      	
               

            	
              Section
                3.19

            	
              The
                Corridor Contracts.

            

    

     

    CHL
      shall
      cause The Bank of New York to enter into the Corridor Contract Administration
      Agreement and shall assign all of its right, title and interest in and to the
      interest rate corridor transactions evidenced by the Corridor Contracts to,
      and
      shall cause all of its obligations in respect of such transactions to be assumed
      by, the Corridor Contract Administrator, on the terms and conditions set forth
      in the Corridor Contract Assignment Agreement.  The Trustee’s rights
      to receive certain proceeds of the Corridor Contracts as provided in the
      Corridor Contract Administration Agreement will be an asset of the Trust Fund
      but will not be an asset of any REMIC.  The Trustee shall deposit any
      amounts received from time to time with respect to any Corridor Contract into
      the Carryover Reserve Fund.  The Master Servicer shall deposit any
      amounts received on behalf of the Trustee from time to time with respect to
      any
      Corridor Contract into the Carryover Reserve Fund.

     

    No
      later
      than two Business Days following each Distribution Date, the Trustee shall
      provide the Corridor Contract Administrator with information regarding the
      aggregate Certificate Principal Balance of the Class(es) of Certificates related
      to each Corridor Contract after all distributions on such Distribution
      Date.

     

    The
      Trustee shall direct the Corridor Contract Administrator to terminate a Corridor
      Contract upon the occurrence of certain events of default or termination events
      to the extent specified thereunder.  Upon any such termination, the
      Corridor Contract Counterparty will be obligated to pay the Corridor Contract
      Administrator an amount in respect of such termination, and the portion of
      such
      amount that is distributable to the Trust Fund pursuant to the Corridor Contract
      Administration Agreement and received by the Trustee or the Master Servicer
      for
      the benefit of the Trust Fund, as the case may be, in respect of such
      termination shall be deposited and held in the Carryover Reserve Fund to pay
      Net
      Rate Carryover for the applicable Classes of Certificates as provided in Section
      4.04(d) on the Distribution Dates following such termination to and including
      the Corridor Contract Termination Date, but shall not be available for
      distribution to the Class C Certificates pursuant to Section 4.07 until such
      Corridor Contract Termination Date.  On the Corridor Contract
      Termination Date, after all other distributions on such date, if any such
      amounts in respect of early termination of the related Corridor Contract remain
      in the Carryover Reserve Fund, such amounts shall be distributed by the Trustee
      to the Class C Certificates.

     

    
      	
               

            	
              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.

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

    (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.

     

    
      	
               

            	
              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.

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

    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(e)(3) through (8) that will remain unpaid
      following all distributions to be made on such Distribution Date pursuant to
      Section 4.04(a) through (d).

     

    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 Ratings Threshold (as defined in the
      ISDA Master Agreement) or upon the Swap Contract Administrator obtaining actual
      knowledge of the rating of the Swap Counterparty falling below the Required
      Ratings Threshold (as defined in the ISDA Master Agreement), the Swap Trustee
      shall direct the Swap Contract Administrator to (i) demand payment of the
      Delivery Amount (as defined in the ISDA Master Agreement) from the Swap
      Counterparty on each Valuation Date (as defined in the ISDA Master Agreement)
      and perform its other obligations in accordance with the ISDA Master Agreement
      and (ii) take such other action required under the ISDA Master
      Agreement.  If a Delivery Amount is demanded, the Swap Contract
      Administrator, in accordance with the Swap Contract Administration Agreement,
      shall establish an account to hold cash and other eligible investments pledged
      under the ISDA Master Agreement.  Any cash or other Eligible
      Collateral (as defined in the ISDA Master Agreement) pledged under the ISDA
      Master Agreement shall not be part of the Distribution Account or the Swap
      Account unless remitted to such accounts by the Swap Contract Administrator
      in
      accordance with the Swap Contract Administration Agreement.  If
      Eligible Collateral with a value equal to the Delivery Amount is not delivered
      to the Swap Contract Administrator by the Swap Counterparty, the Swap Trustee
      shall direct the Swap Contract Administrator to notify the Swap Counterparty
      of
      such failure.

     

    Upon
      the
      Swap Trustee obtaining actual knowledge of an Event of Default (as defined
      in
      the ISDA Master Agreement) or Termination Event (as defined in the ISDA Master
      Agreement) for which the Swap Contract Administrator has the right to designate
      an Early Termination Date (as defined in the ISDA Master Agreement), 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 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 ISDA Master Agreement 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.

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    Any
      Swap
      Termination Payment received from the Swap Counterparty shall be used to pay
      any
      upfront amount required under any replacement swap contract and any excess
      shall
      be distributed to CHL and will not be available to make distributions in respect
      of any Class of Certificates.  In the event that a replacement swap
      contract cannot be procured, any Swap Termination Payment received from the
      Swap
      Counterparty in respect of the termination of the original Swap Contract shall,
      in accordance with the Swap Contract Administration Agreement, be retained
      by
      the Swap Contract Administrator and remitted to the Swap Trustee on subsequent
      Distribution Dates up to and including the Swap Contract Termination Date to
      pay
      any amounts distributable to the Interest-Bearing Certificates pursuant to
      Section 4.04(e)(3) through (8) that will remain unpaid following all
      distributions to be made on such Distribution Date pursuant to Section 4.04(a)
      through (d).  Any portion of such upfront amount remaining after the
      Swap Contract Termination Date shall be distributed to CHL and will not be
      available to make distributions in respect of any Class of
      Certificates.

     

    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 and such upfront amount is received
      by the Swap Contract Administrator prior to the Distribution Date on which
      any
      Swap Termination Payment will be payable to the Swap Counterparty in respect
      of
      the original Swap Contract, a portion of that upfront amount equal to the lesser
      of (x) that upfront amount and (y) the amount of the Swap Termination Payment
      due to the Swap Counterparty in respect of the original Swap
      Contract  (the “Adjusted Replacement Upfront Amount”) shall be
      included in Interest Funds for Loan Group 1 and Loan Group 2 for that
      Distribution Date, pro rata, based upon their respective Interest Funds for
      that
      Distribution Date, and any upfront amount in excess of the Adjusted Replacement
      Upfront Amount shall be distributed to CHL and will not be available to make
      distributions in respect of any Class of Certificates.  If any upfront
      amount is paid to the Swap Contract Administrator by the swap counterparty
      in
      respect of a replacement swap contract after the Distribution Date on which
      any
      Swap Termination Payment will be payable to the Swap Counterparty in respect
      of
      the original Swap Contract, such upfront amount shall, in accordance with the
      Swap Contract Administration Agreement, be retained by the Swap Contract
      Administrator and remitted to the Swap Trustee on subsequent Distribution Dates
      up to and including the Swap Contract Termination Date to pay any amounts
      distributable to the Interest-Bearing Certificates pursuant to Section
      4.04(e)(3) through (8) that will remain unpaid following all distributions
      to be
      made on such Distribution Date pursuant to Section 4.04(a) through
      (d).

     

    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.

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

    (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 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 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.

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

    (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:

     

    (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 Final Maturity Reserve Fund,
      the
      Final Maturity Reserve Deposit with respect to such Distribution
      Date;

     

    (ii)           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;

     

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

    (iii)           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;

     

    (iv)           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 clause (iii)(a) and (iii)(b), 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; and

     

    (v)           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 and Class M-8 Certificates, in that order, the Current Interest for each
      such Class, and

     

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

     

    
      
        
        

      

      
        113

        
          

        

      

      
        
        

      

    

    (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:

     

    (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 clause (ii)(a) below),
      in
      the order set forth in clause (3) below, until the Certificate Principal
      Balances thereof are reduced to zero;

     

    (ii)           from
      the Principal Distribution Amount for Loan Group 2, sequentially:

     

    (a)           to
      the Classes of Class 2-A Certificates, in the order set forth in clause (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 clause (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 and Class M-8 Certificates, in that order, in each case until the
      Certificate Principal Balance thereof is reduced to zero; and

     

    (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, sequentially:

     

    
      
        
        

      

      
        114

        
          

        

      

      
        
        

      

    

    (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 and Class 2-A Certificates, concurrently: (i) to 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) to the
      Classes of Class 2-A Certificates in an amount up to the Class 2-A Principal
      Distribution Amount, allocated in the amounts and order of priority set forth
      in
      clause (3) below, until the Certificate Principal Balances thereof are reduced
      to zero; provided, however, that if (a) the Certificate Principal Balance of
      the
      Class 1-A Certificates and/or (b) 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 remaining
      classes of Senior Certificates after distributions from clauses (i) and (ii)
      above (and, in the case of the Class 2-A Certificates, in the amounts and order
      of priority described in clause (3) below), until the Certificate Principal
      Balance(s) thereof is/are reduced to zero;

     

    (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 and Class M-8 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

     

    (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 shall be distributed sequentially,
      to
      the Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class 2-A-4 Certificates, in
      that
      order, in each case until their respective Certificate Principal Balances are
      reduced to zero.

     

    (c)           With
      respect to any Distribution Date, any Excess Cashflow shall be distributed
      in
      the following order:

     

    (1)           to
      the Class or Classes of Interest-Bearing 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 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 each Class of Class A Certificates, pro rata based on the Unpaid Realized
      Loss Amount for each such Class, in an amount equal to the Unpaid Realized
      Loss
      Amount for each such Class;

     

    (3)           sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7 and Class M-8 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;

     

    (4)           to
      the Carryover Reserve Fund and from the Carryover Reserve Fund to each Class
      of
      Interest-Bearing Certificates (in each case after application of amounts
      allocated to the Trust Fund in respect of the applicable Corridor Contract
      to
      cover Net Rate Carryover), 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 those Classes
      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 the Certificate Principal Balances), pro rata, based on the amount
      of
      such unpaid Net Rate Carryover;

     

    
      
        
        

      

      
        115

        
          

        

      

      
        
        

      

    

    (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)           if
      and for so long as the Final Maturity OC Trigger is in effect, sequentially,
      in
      the following order:

     

    (i)           to
      the Classes of Class A Certificates, pro rata, based on the Class 1-A Principal
      Distribution Amount (in the case of clause (x)) and the Class 2-A Principal
      Distribution Amount (in the case of clause (y)), concurrently: (x) to the Class
      1-A Certificates, until the Certificate Principal Balance thereof is reduced
      to
      zero, and (y) sequentially, to the Class 2-A-1, Class 2-A-2, Class 2-A-3 and
      Class 2-A-4 Certificates, in that order, until their respective Certificate
      Principal Balances are reduced to zero; provided, however, that any amounts
      remaining after such allocation based on the Class 1-A Principal Distribution
      Amount and the Class 2-A Principal Distribution Amount will be distributed
      to
      the outstanding Class 1-A Certificates or the outstanding Classes of Class
      2-A
      Certificates, as the case may be, pursuant to clause (x) or clause (y), as
      the
      case may be; and

     

    (ii)           sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7 and Class M-8 Certificates, in that order, in each case until the
      Certificate Principal Balance thereof is reduced to zero;

     

    (7)           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;

     

    (8)           to
      the Class C Certificates, the Class C Distributable Amount for such Distribution
      Date; and

     

    (9)           to
      the Class A-R Certificates, any remaining amount.

     

    (d)           On
      each Distribution Date on or prior to the Corridor Contract Termination Date,
      amounts received by the Trustee in respect of each Corridor Contract for such
      Distribution Date shall be withdrawn from the Carryover Reserve Fund and
      distributed to the related Class(es) of Certificates prior to the application
      of
      Excess Cashflow pursuant to Section 4.04(c), to the extent needed to pay any
      related Net Rate Carryover as follows:

     

    (1)           in
      the case of any such amounts received on the Class 1-A Corridor Contract, to
      the
      Class 1-A Certificates, to the extent needed to pay any Net Rate Carryover
      for
      such Class;

     

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

    

    (2)           in
      the case of any such amounts received on the Class 2-A Corridor Contract,
      concurrently to each Class of Class 2-A Certificates, pro rata, based on the
      Certificate Principal Balances thereof, to the extent needed to pay any Net
      Rate
      Carryover for each such Class; and then, any amounts remaining after such
      allocation to pay Net Rate Carryover based on the Certificate Principal Balances
      of the Class 2-A Certificates shall be distributed to each Class of Class 2-A
      Certificates to the extent needed to pay any remaining unpaid Net Rate
      Carryover, pro rata, based on the amount of such remaining unpaid Net Rate
      Carryover;

     

    (3)           in
      the case of any such amounts received on the Subordinate Corridor Contract,
      concurrently to each Class of Subordinate Certificates, pro rata, based on
      the
      Certificate Principal Balances thereof, to the extent needed to pay any Net
      Rate
      Carryover for each such Class; and then, any amounts remaining after such
      allocation to pay Net Rate Carryover based on the Certificate Principal Balances
      of the Subordinate Certificates shall be distributed to each Class of
      Subordinate Certificates to the extent needed to pay any remaining unpaid Net
      Rate Carryover, pro rata, based on the amount of such remaining unpaid Net
      Rate
      Carryover; and

     

    (4)           any
      remaining amounts to the Holders of the Class C Certificates.

     

    (e)           On
      each Distribution Date on or prior to the Swap Contract Termination Date,
      following the deposits to the Swap Account pursuant to Section 4.04(a)(ii)
      and
      Section 4.09 and the distributions described under Section 4.04(c), the Swap
      Trustee shall distribute amounts on deposit in the Swap Account in the following
      amounts and order:

     

    (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 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 Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7 and Class M-8 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 Class or Classes of Interest-Bearing Certificates then entitled to receive
      distributions in respect of principal, in an aggregate amount equal to the
      Overcollateralization Deficiency Amount remaining unpaid following the
      distributions described under Section 4.04(c), payable 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);

     

    
      
        
        

      

      
        117

        
          

        

      

      
        
        

      

    

    (6)           concurrently,
      to each Class of Interest-Bearing 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 each Class of Class A Certificates, pro rata, based on the remaining Unpaid
      Realized Loss Amount for each such Class, in an amount equal to the remaining
      Unpaid Realized Loss Amount for each such Class;

     

    (8)           sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7 and Class M-8 Certificates, in that order, in each case in an amount equal
      to the remaining Unpaid Realized Loss Amount for each such Class;
      and

     

    (9)           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.

     

    (f)           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) or Section 4.04(d), 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(e),
      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.

     

    (g)           On
      each Distribution Date, all Prepayment Charges and Master Servicer Prepayment
      Charge Payment Amounts shall be distributed to the Class P
      Certificates.

     

    (h)           On
      each Distribution Date, the Trustee shall allocate any Applied Realized Loss
      Amount to reduce the Certificate Principal Balances of the 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
      Loan Group 1 to reduce the Certificate Principal Balance of the Class 1-A
      Certificates, until the Certificate Principal Balance of such Class 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.

     

    (i)           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 Balance of the Class 1-A Certificates (in the case of
      any
      Subsequent Recoveries with respect to Loan Group 1) or the Certificate Principal
      Balances of 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 and Class M-8
      Certificates, in that order, in each case by not more than the amount of the
      Unpaid Realized Loss Amount of such Class.

     

    
      
        
        

      

      
        118

        
          

        

      

      
        
        

      

    

    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 such as to permit the Trustee to prepare
      the
      Monthly Statement and make the required distributions for the related
      Distribution Date (the “Remittance Report”). The Trustee shall not be
      responsible to recompute, recalculate or verify 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.

     

    (j)           On
      the earlier of (i) the Distribution Date in March 2037 and (ii) the termination
      of this Agreement pursuant to Section 9.01, after giving effect to the
      distribution of all available funds, all amounts on deposit in the Final
      Maturity Reserve Fund will be distributed in the following order:

     

    (1)           to
      the Classes of Class A Certificates, pro rata, based on the Class 1-A Principal
      Distribution Amount (in the case of clause (x)) and the Class 2-A Principal
      Distribution Amount (in the case of clause (y)), concurrently: (x) to the Class
      1-A Certificates, until the Certificate Principal Balance thereof is reduced
      to
      zero, and (y) sequentially, to the Class 2-A-1, 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; provided, however, that any
      amounts remaining after such allocation based on the Class 1-A Principal
      Distribution Amount and the Class 2-A Principal Distribution Amount will be
      distributed to the outstanding Class 1-A Certificates or the outstanding Classes
      of Class 2-A Certificates, as the case may be, pursuant to clause (x) or clause
      (y), as the case may be; and

     

    
      
        
        

      

      
        119

        
          

        

      

      
        
        

      

    

    (2)           sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7 and Class M-8 Certificates, in that order, until the Certificate Principal
      Balances thereof are reduced to zero; and

     

    (3)           to
      the Class C Certificates, all remaining amounts.

     

    
      	
               

            	
              Section
                4.05

            	
              Monthly
                Statements to
                Certificateholders.

            

    

     

    (a)           Concurrently
      with each distribution on a Distribution Date, the Trustee will forward by
      mail
      to each Rating Agency and make available to Certificateholders on the Trustee’s
      website (http://www.bnyinvestorreporting.com) a statement generally setting
      forth the information contained in Exhibit W.

     

    (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 regarding
      (i) the amount of distributions to that Certificateholder 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, (ii) the amount of distributions to that
      Certificateholder allocable to interest and (iii) the related amount of the
      Servicing Fees paid to or retained by the Master Servicer, in each case
      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.

     

    
      
        
        

      

      
        120

        
          

        

      

      
        
        

      

    

    (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

     

    (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

            	
              Termination
                of the Mortgage Insurance
                Policy.

            

    

     

    If
      during
      the period which the Depositor is required to file Exchange Act Reports with
      respect to the Trust Fund, United Guaranty Mortgage Indemnity Company shall
      fail
      to provide to CHL any information reasonably requested by CHL for the purposes
      of compliance with Item 1114 of Regulation AB, then the Co-Trustee shall act
      at
      the written direction of the Depositor as to whether to terminate the Mortgage
      Insurance Policy; provided, however, that the Co-Trustee shall provide written
      notice to each Rating Agency of any such termination.  Upon the
      termination of the Mortgage Insurance Policy under the circumstances
      contemplated by this paragraph, CHL shall assist the Co-Trustee in procuring
      a
      replacement mortgage insurance policy that meets the criteria for a replacement
      mortgage insurance policy specified in the preceding paragraph.

     

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 $1,000 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)           On
      each Distribution Date, the Trustee shall deposit all amounts received in
      respect of the Corridor Contracts in the Carryover Reserve Fund.  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)           Any
      amounts received in respect of the Class 1-A Corridor Contract, Class 2-A
      Corridor Contract and Subordinate Corridor Contract with respect to a
      Distribution Date and remaining after the distributions required pursuant to
      Section 4.04(d) shall be distributed to the Class C Certificates; provided,
      however, that if any Corridor Contract is subject to early termination, early
      termination payments received in respect of such Corridor Contract shall be
      deposited by the Trustee in the Carryover Reserve Fund and withdrawn from the
      Carryover Reserve Fund to pay any Net Rate Carryover for the applicable Classes
      of Certificates as provided in Section 4.04(d) on the Distribution Dates
      following such termination to and including the Corridor Contract Termination
      Date, but such early termination payments shall not be available for
      distribution to the Class C Certificates on future Distribution Dates until
      the
      Corridor Contract Termination Date.

     

    (d)           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.

     

    (e)           Funds
      in the Carryover Reserve Fund shall be invested by the Trustee in The Bank
      of
      New York cash reserves.  All investments shall be made in the name of
      the Trustee, for the benefit of the Holders of the Interest-Bearing
      Certificates.  Any net investment earnings on such amounts shall be
      retained therein until withdrawn as provided in Section 3.08.

     

    
      	
               

            	
              Section
                4.08

            	
              [Reserved].

            

    

     

    
      	
               

            	
              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 2007-5.”  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 described
      under Section 4.04(e).  For federal income tax purposes, the Swap
      Trust, including the Swap Account, shall be owned by the Class C
      Certificates.

     

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

    

    On
      each
      Distribution Date, the Trustee shall make a deposit to the Swap Account pursuant
      to Section 4.04(a)(ii), 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.

     

    
      	
               

            	
              Section
                4.10

            	
              Final
                Maturity Reserve Trust and Final Maturity Reserve
                Fund.

            

    

     

    (a)           On
      the Closing Date, there is hereby established a separate trust (the “Final
      Maturity Reserve Trust”), the assets of which shall consist of the Final
      Maturity Reserve Fund.

     

    (b)           On
      the Closing Date, the Final Maturity Reserve Trustee shall establish and
      maintain in its name, in trust for the benefit of the Holders of the
      Interest-Bearing Certificates, the Final Maturity Reserve Fund and shall deposit
      $1,000 therein upon receipt from or on behalf of the Depositor of such
      amount.  The Final Maturity 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.  The Final
      Maturity Reserve Fund shall not constitute an asset of the Trust Fund or any
      REMIC created hereunder.

     

    The
      Final
      Maturity Reserve Trustee shall make deposits to and withdrawals from the Final
      Maturity Reserve Fund as specified in Section 4.04.

     

    Funds
      in
      the Final Maturity Reserve Fund may be invested in Permitted Investments at
      the
      direction of the Holders 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 Final Maturity Reserve Fund, 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 Final Maturity Reserve Trustee, for the benefit of the Holders
      of the Certificates. In the absence of such written direction, all funds in
      the
      Final Maturity Reserve Fund shall be invested by the Final Maturity Reserve
      Trustee in The Bank of New York cash reserves.  Any net investment
      earnings on such amounts shall be retained therein until withdrawn as provided
      in Section 3.08.  Any losses incurred in the Final Maturity Reserve
      Fund in respect of any such investments shall be charged against amounts on
      deposit in the Final Maturity Reserve Fund (or such investments) immediately
      as
      realized.  The Final Maturity Reserve 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 Final Maturity Reserve Fund and made in
      accordance with this Section 4.10.

     

    The
      Final
      Maturity Reserve Trustee may withhold from the amounts withdrawn from the Final
      Maturity Reserve Fund pursuant to Section 4.04 the amount of any taxes that
      it
      is authorized to retain pursuant to the third paragraph of Section
      8.11.  In addition, the Final Maturity Reserve Trustee may from time
      to time make withdrawals from the Final Maturity Reserve Fund for the following
      purposes:

     

    (i)           to
      withdraw any amount deposited in the Final Maturity Reserve Fund and not
      required to be deposited therein; and

     

    (ii)           to
      clear and terminate the Final Maturity Reserve Fund upon the termination of
      this
      Agreement pursuant to Section 9.01.

     

    
      
        
        

      

      
        123

        
          

        

      

      
        
        

      

    

    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-13, 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:

     

    
      	
              Class

            	
              Minimum
                Denomination

            	
              Integral
                Multiples in Excess of Minimum

            	
              Original
                Certificate Principal Balance

            
	
              1-A

            	
              $20,000

            	
              $1

            	
              $372,609,000

            
	
              2-A-1

            	
              $20,000

            	
              $1

            	
              $267,062,000

            
	
              2-A-2

            	
              $20,000

            	
              $1

            	
              $93,961,000

            
	
              2-A-3

            	
              $20,000

            	
              $1

            	
              $153,352,000

            
	
              2-A-4

            	
              $20,000

            	
              $1

            	
              $44,541,000

            
	
              M-1

            	
              $20,000

            	
              $1

            	
              $57,620,000

            
	
              M-2

            	
              $20,000

            	
              $1

            	
              $55,819,000

            
	
              M-3

            	
              $20,000

            	
              $1

            	
              $18,006,000

            
	
              M-4

            	
              $20,000

            	
              $1

            	
              $24,008,000

            
	
              M-5

            	
              $20,000

            	
              $1

            	
              $19,807,000

            
	
              M-6

            	
              $20,000

            	
              $1

            	
              $13,805,000

            
	
              M-7

            	
              $20,000

            	
              $1

            	
              $15,005,000

            
	
              M-8

            	
              $20,000

            	
              $1

            	
              $14,405,000

            
	
              A-R

            	
              $99.95(1)

            	
              N/A

            	
              $100

            
	
              C

            	
              N/A

            	
              N/A

            	
              N/A

            
	
              P

            	
              N/A

            	
              N/A

            	
              $100

            
	 	 	 	 

    

    
    

    

    
      	
              (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.

     

    
      
        
        

      

      
        124

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 form set forth in Exhibit
      J-2 (a “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)
      (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 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 Co-Trustee, the
      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 Co-Trustee, the
      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.

     

    
      
        
        

      

      
        125

        
          

        

      

      
        
        

      

    

    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
      written 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 and 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 written representation acceptable in form
      and
      substance to the Trustee.  Notwithstanding anything else to the
      contrary herein, any purported transfer of an ERISA-Restricted Certificate
      to 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.

     

    
      
        
        

      

      
        126

        
          

        

      

      
        
        

      

    

    Until
      the
      Swap Trust and the Final Maturity Reserve Fund terminate, no transfer of an
      Interest-Bearing Certificate that is not an ERISA-Restricted 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 written 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 written 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, the service provider
      exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20)
      of
      the Code or a similar exemption.  In the event that
      such  representation 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.

     

    Each
      Plan
      that acquires a Private Certificate (or any beneficial interest therein) that
      is
      not an ERISA-Restricted Certificate will be required to deliver to the Trustee
      or its transferor a representation that it is an “accredited investor” as
      defined in Rule 501(a)(1) under the Securities Act, and each investor that
      acquires a Private Certificate (or any beneficial interest therein) that is
      not
      an ERISA-Restricted Certificate will be required to deliver to the Trustee
      or
      its transferor an agreement to obtain from its transferee such a representation
      and agreement.  For purposes of the preceding sentence, any investor
      acquiring a Private Certificate (or any beneficial interest therein) that is
      not
      an ERISA-Restricted Certificate shall be deemed to have made to the Trustee
      or
      its transferor the representation and agreement set forth in the preceding
      sentence by the transferee’s acceptance of such Certificate (or beneficial
      interest therein).

     

    
      
        
        

      

      
        127

        
          

        

      

      
        
        

      

    

    (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 or
      transferred, and the Trustee shall not register the Transfer of any Class A-R
      Certificate, unless the Trustee shall have been furnished with a certificate
      (a
“Transferor Certificate”) of the transferor in the form attached hereto as
      Exhibit J-1 and 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.

     

    
      
        
        

      

      
        128

        
          

        

      

      
        
        

      

    

    (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.  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.

     

    
      
        
        

      

      
        129

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 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;

     

    
      
        
        

      

      
        130

        
          

        

      

      
        
        

      

    

    (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.

     

    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 any 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.

     

    
      
        
        

      

      
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              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.

     

    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.

     

    
      
        
        

      

      
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    As
      a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Master Servicer, the Master Servicer shall provide (x) written notice to the
      Depositor of any successor pursuant to this Section and (y) in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to a replacement Master
      Servicer.

     

    
      	
               

            	
              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 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.

     

    
      
        
        

      

      
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              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 and the
      Depositor shall have received the information described in the following
      sentence.  As a condition to the effectiveness of any such
      resignation, at least 15 calendar days prior to the effective date of such
      resignation, the Master Servicer shall provide (x) written notice to the
      Depositor of any successor pursuant to this Section and (y) in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to the resignation of the
      Master Servicer.

     

    
      	
               

            	
              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 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.

     

    
      
        
        

      

      
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    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 (except with respect to a failure related to a
      Limited Exchange Act Reporting Obligation) 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 or 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

     

    (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

     

    
      
        
        

      

      
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    (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 and the Depositor), 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.  In addition, if during the period
      that the Depositor is required to file Exchange Act Reports with respect to
      the
      Trust Fund, the Master Servicer shall fail to observe or perform any of the
      obligations that constitute a Limited Exchange Act Reporting Obligation or
      the
      obligations set forth in Section 3.17(a) or Section 11.07(a)(1) and (2), and
      such failure continues for the lesser of 10 calendar days or such period in
      which the applicable Exchange Act Report can be filed timely (without taking
      into account any extensions), so long as such failure shall not have been
      remedied, the Trustee shall, but only at the direction of the Depositor,
      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.  The Depositor shall not
      be entitled to terminate the rights and obligations of the Master Servicer
      if a
      failure of the Master Servicer to identify a Subcontractor “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB was
      attributable solely to the role or functions of such Subcontractor with respect
      to mortgage loans other than the Mortgage Loans.

     

    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
      and the Depositor 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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    If
      the
      Master Servicer is terminated, the Trustee shall provide the Depositor in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K with respect to a successor
      master servicer in the event the Trustee should succeed to the duties of the
      Master Servicer as set forth herein.

     

    
      	
               

            	
              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 (i)
      the
      Trustee shall have consented thereto, (ii) written notice of such proposed
      appointment shall have been provided by the Trustee to each Certificateholder
      and (iii) at least 15 calendar days prior to the effective date of such
      appointment, (x) the Trustee shall provide written notice to the Depositor
      of
      such successor pursuant to this Section 7.02 and (y) such successor Master
      Servicer shall provide to the Depositor in writing and in form and substance
      reasonably satisfactory to the Depositor, all information reasonably requested
      by the Depositor in order to comply with its reporting obligation under Item
      6.02 of Form 8-K with respect to a replacement master servicer.  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 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.

     

    
      
        
        

      

      
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    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® 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 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.

     

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

    (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.

     

    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;

     

    
      
        
        

      

      
        139

        
          

        

      

      
        
        

      

    

    (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.

     

    The
      Trustee hereby represents, warrants, covenants and agrees that, except as
      permitted by Article IX hereof, it shall not cause the Trust Fund to consolidate
      or amalgamate with, or merge with or into, or transfer all or substantially
      all
      of the Trust Fund to, another Person.

     

    
      	
               

            	
              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;

     

    
      
        
        

      

      
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    (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

     

    (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.

     

    
      
        
        

      

      
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              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® 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 (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.

     

    
      
        
        

      

      
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              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 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.

     

    As
      a
      condition to the effectiveness of any such resignation, at least 15 calendar
      days prior to the effective date of such resignation, the Trustee shall provide
      (x) written notice to the Depositor of any successor pursuant to this Section
      and (y) in writing and in form and substance reasonably satisfactory to the
      Depositor, all information reasonably requested by the Depositor in order to
      comply with its reporting obligation under Item 6.02 of Form 8-K with respect
      to
      the resignation of the 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, (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, or (iv) during the period which
      the
      Depositor is required to file Exchange Act Reports with respect to the Trust
      Fund, the Trustee fails to comply with its obligations under the last sentence
      of Section 7.01, the preceding paragraph, Section 8.09 or Article XI and such
      failure is not remedied within the lesser of 10 calendar days or such period
      in
      which the applicable Exchange Act Report can be filed timely (without taking
      into account any extensions), then, in the case of clauses (i) through (iii),
      the Depositor, the NIM Insurer or the Master Servicer, or in the case of clause
      (iv), the Depositor, 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.

     

    
      
        
        

      

      
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    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, one complete set to the successor so appointed
      and one complete set to the Depositor, together with a written description
      of
      the basis for such removal.  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 any Corridor 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 Corridor Contract Administrator under the Corridor
      Contract Administration Agreement.  Furthermore, 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 of Section 8.06 hereof, is reasonably acceptable to the
      NIM
      Insurer, its appointment shall not adversely affect the then-current ratings
      of
      the Certificates and has provided to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      requested by the Depositor in order to comply with its reporting obligation
      under Item 6.02 of Form 8-K with respect to a replacement
      Trustee.  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.

     

    
      
        
        

      

      
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              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.

     

    As
      a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Trustee, the Trustee shall provide (x) written notice to the Depositor of any
      successor pursuant to this Section and (y) in writing and in form and substance
      reasonably satisfactory to the Depositor, all information reasonably requested
      by the Depositor in order to comply with its reporting obligation under Item
      6.02 of Form 8-K with respect to a replacement Trustee.

     

    
      	
               

            	
              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 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;

     

    
      
        
        

      

      
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    (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 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 third 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.

     

    
      
        
        

      

      
        146

        
          

        

      

      
        
        

      

    

    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 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 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 (i) the Corridor Contract
      Counterparty in respect of (x) any Net Rate Carryover funded by any Corridor
      Contract and (y) any residual payments from such Corridor Contract received
      by
      the Class C Certificates, (ii) the Holders of the Class C Certificates in
      respect of any Net Rate Carryover distributed pursuant to Sections 4.04(c)(4),
      and (iii) 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 Class
      1-A Corridor Contract, the Class 2-A Corridor Contract and the Subordinate
      Corridor Contract have values of $15,000, $20,000 and $10,000,
      respectively.  For purposes of determining the issue price of the
      various Master REMIC regular interests, the Trustee shall treat the $2,400,000
      upfront amount received by CHL from the Swap Counterparty in connection with
      the
      execution of the related Confirmation as an additional amount paid by the
      Certificateholders for the Master REMIC regular interests.  Any
      differences in the distributions to a Certificateholder (positive or negative)
      that would result from the application of the Strip REMIC Cap rather than the
      applicable Net Rate Cap shall be treated by the Trustee as reconciled among
      the
      Certificates by swap payments made pursuant to notional principal contracts
      entered into among the Certificateholders.

     

    
      
        
        

      

      
        147

        
          

        

      

      
        
        

      

    

    The
      Trustee shall
      also treat any amount payable to a Class C Certificate with respect to the
      STR-C-OC Interest as deposited into the Carryover Reserve
      Fund.  To the extent the amount payable with respect to the
      Swap Contract exceeds the amount payable with respect to the Class C
      Certificates, 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.

     

    The
      Trustee shall treat the Final Maturity Reserve Fund as an outside reserve fund
      within the meaning of Treasury Regulation 1.860G-2(h) that is owned by the
      Holders of the Class C Certificates, and that is not an asset of any REMIC
      created hereunder.  Beginning on the Distribution Date in April 2017,
      the Trustee shall treat any monies payable to the Class C Certificateholders
      with respect to their interest in the STR-C-40 Year IO Interest, as first paid
      to the Class C Certificates and then deposited in the Final Maturity Reserve
      Fund. Any monies payable on the STR-C-40 Year IO Interest in excess of the
      Final
      Maturity Required Deposit shall be the  “Excess
      Deposit.”  For income tax purposes, to the extent the amount of any
      Excess Deposit is payable to Holders of Certificates other than the Class C
      Certificates, such amount shall be treated as payable to such Holders as Net
      Rate Carryover and any remaining amount of Excess Deposit shall be treated
      as
      payable to the Holders of the Class C Certificates.  Any other monies
      received by the Holders of the Interest-Bearing Certificates from the Final
      Maturity Reserve Fund will be treated as monies paid by the Holders of the
      Class
      C Certificates to acquire the Interest-Bearing Certificates receiving such
      monies.  Thus, with respect to such other monies, the Interest-Bearing
      Certificates and the Class C Certificates shall be treated as representing
      ownership of not only a Master REMIC regular interest, but also ownership of
      an
      interest in a forward purchase contract and the Trustee shall treat the rights
      of the holders of the Interest-Bearing Certificates to receive such other monies
      from the Final Maturity Reserve Fund as rights in forward purchase contracts
      entered into with the Holders of the Class C Certificates.

     

    
      
        
        

      

      
        148

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 Co-Trustee, unless the Co-Trustee was grossly negligent or acted in bad
      faith or with willful misfeasance.

     

    (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;

     

    
      
        
        

      

      
        149

        
          

        

      

      
        
        

      

    

    (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® 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 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.

     

    
      
        
        

      

      
        150

        
          

        

      

      
        
        

      

    

    (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 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
      the Co-Trustee in respect of its duties under this Agreement and access to
      officers of the Trustee and the Co-Trustee responsible for performing its
      duties. Upon request, the Trustee or the 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 and the Co-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 the 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 the Co-Trustee
      and
      are not obligated to supervise the performance of the Trustee or the Co-Trustee
      under this Agreement or otherwise.

     

    
      
        
        

      

      
        151

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              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 and Section 9.04, 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 with respect to the
      Trust
      Fund shall terminate upon the earliest 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) at a price (the
“Termination Price”) equal to the sum of (i) 100% of the Stated Principal
      Balance of each Mortgage Loan (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 (up to the Stated Principal Balance
      of
      the 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, (b) the purchase by the Winning Bidder
      of
      all of the Mortgage Loans (and REO Properties) after a Successful Auction is
      conducted pursuant to Section 9.04 and the related auction proceeds are
      distributed pursuant to Section 9.02(c) and (c) 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 the 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.

     

    
      
        
        

      

      
        152

        
          

        

      

      
        
        

      

    

    Notwithstanding
      anything set forth herein to the contrary (including, without limitation, in
      Section 9.04), the right to purchase all Mortgage Loans and REO Properties
      by
      the Terminator or the Winning Bidder pursuant to clause (a) or clause (b) of
      the
      immediately preceding paragraph, as the case may be, 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, (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 and (3) only in case of a purchase by the
      Master Servicer pursuant to clause (a) of the immediately preceding paragraph,
      the absence of a request for an auction, or the absence of a Successful Auction,
      of the Mortgage Loans and REO Properties pursuant to Section 9.04.

     

    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 earliest 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.

            

    

     

    (a)           Timing
      of Notice of Final Distribution, Auction or Optional
      Termination.

     

    (1)           If
      on any Determination Date, 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, then the Master Servicer shall direct
      the Trustee promptly to send a final distribution notice to each
      Certificateholder in accordance with Section 9.02(b).  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 or before the Business Day prior to the applicable
      Distribution Date, net of any amounts permitted to be withdrawn pursuant to
      Section 3.08(a).  Upon such final deposit with respect to the Trust
      Fund 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.

     

    (2)           If
      the Directing Certificateholder chooses to exercise its right to cause an
      auction pursuant to Section 9.04, then the Directing Certificateholder shall
      provide written notice to the Master Servicer no later than the first day of
      the
      calendar month in which such auction is to be conducted.  If a
      Successful Auction is held pursuant to the requirements of Section 9.04, then
      the Trustee shall distribute the proceeds of the Successful Auction that have
      been remitted to the Distribution Account to the Certificateholders pursuant
      to
      Sections 4.04 and 9.04 hereof on the Distribution Date in the calendar month
      immediately following the calendar month in which the Successful Auction
      occurs.

     

    
      
        
        

      

      
        153

        
          

        

      

      
        
        

      

    

    (3)           If
      the Directing Certificateholder does not exercise its right to cause an auction
      pursuant to Section 9.04 and the Terminator (after prior written notice to
      the
      Master Servicer if the Terminator is the NIM Insurer) elects to terminate the
      Trust Fund pursuant to Section 9.01, then at least 20 days prior to the date
      notice is to be mailed to Certificateholders in accordance with Section 9.02(b),
      the Terminator shall notify the Depositor and the Trustee of (a) its election
      to
      terminate the Trust Fund, (b) the Distribution Date on which it intends to
      terminate the Trust Fund pursuant to Section 9.01 and (c) the applicable
      purchase price of the Mortgage Loans and REO Properties.  In the event
      such notice is given, the Terminator shall remit to the Master Servicer, on
      or
      before the Business Day prior to the final Distribution Date, for deposit into
      the Certificate Account, the Termination Price.  The Master Servicer
      shall cause all funds in the Certificate Account, including the Termination
      Price, net of any amounts permitted to be withdrawn pursuant to Section 3.08(a),
      to be remitted to the Trustee for deposit in the Distribution Account on or
      before the Business Day prior to the applicable Distribution
      Date.  Upon such final deposit with respect to the Trust Fund 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.

     

    (b)           Timing
      of Notice to Certificateholders of Termination.  Notice of any
      termination of the Trust Fund (whether because of a Successful Auction, Optional
      Termination or otherwise), specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee by letter
      to 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 (i) the Distribution Date
      upon which final distribution on the Certificates will be made upon presentation
      and surrender of such Certificates at the office therein designated, (ii) the
      amount of such final distribution, (iii) the location of the office or agency
      at
      which such presentation and surrender must be made, and (iv) 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 Master Servicer
      will give such notice to each Rating Agency and the Swap Counterparty at the
      time such notice is given to Certificateholders.

     

    (c)           Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Certificateholders of each Class, in each case on the final
      Distribution Date and in the order set forth in Section 4.04 (and with respect
      to the Class C Certificates after a Successful Auction, Sections 9.04(g) and
      (k)) hereof and in proportion to their respective Percentage Interests from
      the
      Distribution Account (and, if applicable, the Carryover Reserve Fund) an amount
      equal to (i) as to each Class of Regular Certificates, the Certificate
      Principal Balance thereof plus accrued interest thereon (or on its Notional
      Amount, if applicable) in the case of an interest-bearing Certificate and
      (ii) as to the Class A-R Certificates, the amount, if any, which remains on
      deposit in the Distribution Account (other than the amounts retained to meet
      claims) after application pursuant to clause (i)
      above.  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.

     

    
      
        
        

      

      
        154

        
          

        

      

      
        
        

      

    

    (d)           In
      the event that any affected Certificateholders shall not surrender their
      respective 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
      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 Certificates shall not have been surrendered for
      cancellation, the Class A-R Certificates shall be entitled to all unclaimed
      funds and other assets of the Trust Fund that remain subject to this
      Agreement.

     

    
      	
               

            	
              Section
                9.03

            	
              Additional
                Termination Requirements.

            

    

     

    (a)           In
      the event the Terminator exercises its purchase option as provided in Section
      9.01 or there is a Successful Auction pursuant to Section 9.04, the Trust Fund
      shall be terminated in accordance with the following additional requirements,
      unless the Trustee has been supplied with an Opinion of Counsel, at the expense
      of the Terminator (or the Directing Certificateholder, in the case of a
      Successful Auction), 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” on any REMIC as defined in Section 860F of
      the Code, 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 (or the Directing
      Certificateholder, in the case of a Successful Auction); and

     

    (2)           Within
      90 days after the time of adoption of such a plan of complete liquidation,
      the
      Trustee shall sell all of the assets of the Trust Fund to the Terminator (or
      the
      Winning Bidder in the case of a Successful Auction) for cash in accordance
      with
      Section 9.01 and, if applicable, Section 9.04.

     

    
      
        
        

      

      
        155

        
          

        

      

      
        
        

      

    

    (b)           By
      their acceptance of the Certificates, the Holders thereof hereby authorize
      the
      Master Servicer to prepare and the Trustee to adopt and sign a plan of complete
      liquidation 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 any 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 to take such other action in connection therewith as may be
      reasonably requested by the Terminator or the Directing Certificateholder,
      as
      applicable.

     

    
      	
               

            	
              Section
                9.04

            	
              Auction
                of the Mortgage Loans and REO
                Properties.

            

    

     

    (a)           On
      or after the Optional Termination Date, the Holder of the largest Percentage
      Interest of the Class C Certificates (the “Directing Certificateholder”), at its
      option, may by written instruction direct the Master Servicer to direct the
      Trustee to solicit bids in a commercially reasonable manner from Qualified
      Bidders for the purchase of the Mortgage Loans and any REO Properties owned
      by
      the Trust Fund.  The Directing Certificateholder shall provide written
      notice to the Master Servicer as provided in Section 9.02(a)(2).  Any
      such direction by the Directing Certificateholder shall (i) be made in writing
      and (ii) include contact information for the Directing Certificateholder. Upon
      receipt of any direction from the Directing Certificateholder meeting the
      requirements of the immediately preceding sentence, the Trustee shall commence
      the auction process described in this Section 9.04.  The Trustee may
      engage a financial advisor, which financial advisor may be CHL or one of its
      affiliates, in order to perform any of the duties of the Trustee specified
      in
      Section 9.04.  To effectuate such sale, the Trustee (or such financial
      advisor) shall follow the procedures specified in Section 9.04(b)
      below.  The Trustee shall facilitate the sale of the assets in the
      Trust Fund to the Winning Bidder so long as the Trustee (or any financial
      advisor on its behalf) has received at least three bids from Qualified Bidders
      and at least one such bid is at least equal to the Acceptable Bid
      Amount.  In the event the auction is not a Successful Auction, the
      Trustee may repeat this process periodically thereafter as directed by the
      Directing Certificateholder until a Successful Auction is conducted or the
      Terminator purchases all of the Mortgage Loans and REO Properties pursuant
      to
      Section 9.01.  The Trustee shall be reimbursed for its reasonable
      costs, including expenses associated with engaging any financial advisor, from
      the Directing Certificateholder if the auction is not a Successful Auction,
      and,
      if the auction is a Successful Auction, from the proceeds of the auction before
      the proceeds are distributed to Certificateholders.

     

    The
      Trustee, upon inquiry from the Master Servicer, agrees to provide the Master
      Servicer with the Percentage Interest of Class C Certificates held by the
      Directing Certificateholder.

     

    If
      CHL or
      any of its affiliates is the Directing Certificateholder, such Directing
      Certificateholder shall not have the right to direct the Trustee to solicit
      bids
      for the purchase of the Mortgage Loans and any REO Properties owned by the
      Trust
      Fund.

     

    
      
        
        

      

      
        156

        
          

        

      

      
        
        

      

    

    (b)           The
      Trustee (or any financial advisor on its behalf) shall solicit bids for the
      purchase of assets owned by the Trust Fund as provided in Section 9.04(a) not
      later than two Business Days following receipt of the Directing
      Certificateholder’s written instruction by contacting by telephone or in writing
      at least three Qualified Bidders and requesting that each Qualified Bidder
      bid
      on the Mortgage Loans and REO Properties owned by the Trust Fund (on a
      non-recourse basis with no representations or warranties of any nature
      whatsoever made by the Trustee (or such financial advisor)) and providing to
      the
      Qualified Bidder any information relating to the Mortgage Loans and REO
      Properties owned by the Trust Fund reasonably requested by such Qualified
      Bidder, subject to the Qualified Bidder’s written agreement not to use such
      information in the purchase or sale of Certificates (it being understood no
      Qualified Bidder shall be obligated to submit a bid or take any other action
      in
      connection with any auction).  The Master Servicer shall cooperate
      with the Trustee (and any financial advisor on its behalf) during the auction
      process.  At 1:00 p.m. New York time on the second Business Day after
      the date on which bids are last solicited (such second day, the “Bid
      Determination Date”), the Trustee (or any financial advisor on its behalf) shall
      determine the highest bid based on the bids received by the Trustee (or any
      financial advisor on its behalf) on or before such time.

     

    (c)           If
      the highest of the bids that are submitted by Qualified Bidders are less than
      the Minimum Auction Amount, then the Trustee shall promptly inform the Directing
      Certificateholder of the amount of the shortfall and indicate that the Directing
      Certificateholder must notify the Trustee within 24 hours whether it will
      contribute the amount of such difference (such difference being the “Auction
      Supplement Amount”) so that the auction will be a Successful
      Auction.  If the highest of the bids that are submitted by Qualified
      Bidders is equal to or greater than the Minimum Auction Amount, or if the
      Directing Certificateholder notifies the Trustee within 24 hours of its receipt
      of notice as described in the previous sentence that it will contribute the
      Auction Supplement Amount, then the Trustee (or any financial advisor on its
      behalf) shall notify promptly (but in any event no later than 3:00 p.m. New
      York
      time on the Business Day following the Bid Determination Date) the Winning
      Bidder that its bid was the highest bid and shall provide wiring instructions
      for payment of the bid amount into the Certificate Account by 12:00 p.m. New
      York time on the second Business Day following the Bid Determination Date and,
      if applicable, provide the Directing Certificateholder with wiring instructions
      for payment of the Auction Supplement Amount into the Certificate Account by
      such time.

     

    (d)           If
      such Winning Bidder does not wire the bid amount so that it is received in
      the
      Certificate Account in immediately available funds by 12:00 p.m. New York time
      on the second Business Day following the Bid Determination Date, the Trustee
      shall repeat the process specified in the preceding paragraph with respect
      to
      the second highest bid, but only if such bid is at least the Minimum Auction
      Amount or the Directing Certificateholder agrees to pay the new Auction
      Supplement Amount.  If no other bids are available to be accepted
      pursuant to the preceding sentence, or if the amount remitted by the Winning
      Bidder plus any Auction Supplement Amount remitted by the Directing
      Certificateholder is less than the Minimum Auction Amount, then the auction
      shall be considered to have failed for all purposes.

     

    (e)           The
      Trustee shall not be liable with regard to the selection or engagement of,
      or
      for any act or omission of, a financial advisor pursuant to this Section 9.04
      if
      the Trustee engages CHL to be such financial advisor.

     

    
      
        
        

      

      
        157

        
          

        

      

      
        
        

      

    

    (f)           In
      the event of a Successful Auction and so long as the Winning Bidder has wired
      its bid amount (and the Directing Certificateholder has wired any Auction
      Supplement Amount, if applicable) to the Certificate Account as provided above,
      then the Trustee shall promptly convey to the Winning Bidder the Mortgage Loans
      and REO Properties owned by the Trust Fund.  The Master Servicer shall
      take all reasonable actions requested by the Trustee to effect such conveyance,
      including remitting to the Distribution Account from the Certificate Account,
      on
      the Business Day prior to the Distribution Date on which final distribution
      on
      the Certificates is required to be paid under this Agreement, all amounts on
      deposit in the Certificate Account, net of any amounts permitted to be withdrawn
      pursuant to Section 3.08(a) and amounts owing to the Trustee in reimbursement
      of
      its reasonable costs, including expenses associated with engaging any financial
      advisor, incurred in connection with the auction process.  Such
      amounts owed to the Trustee shall be withdrawn from the Certificate Account
      by
      the Master Servicer and paid to the Trustee.

     

    (g)           Any
      amount paid by the Winning Bidder in excess of the Minimum Auction Amount shall
      be distributed by the Trustee pro rata to the Class C Certificates on the
      Distribution Date on which the final distribution on the Certificates is
      made.

     

    (h)           In
      the event of a Successful Auction and to the extent the Swap Contract is still
      outstanding, the Directing Certificateholder shall either:

     

    (1)           if
      any Swap Termination Payment would be payable by the Swap Contract Administrator
      to the Swap Counterparty were the Swap Contract to be terminated following
      final
      distribution on the Certificates, either:

     

    (A)           pay
      to the Swap Contract Administrator any such Swap Termination Payment;
      or

     

    (B)           accept
      assignment of the Swap Contract to the extent that the Directing
      Certificateholder is an acceptable counterparty for the Swap
      Counterparty;

     

    (2)           if
      any Swap Termination Payment would be payable by the Swap Counterparty to the
      Swap Contract Administrator were the Swap Contract to be terminated following
      final distribution on the Certificates, either

     

    (A)           (i)
      if the Directing Certificateholder does not own 100% of the Class C
      Certificates, accept assignment of the Swap Contract to the extent that the
      Directing Certificateholder is an acceptable counterparty for the Swap
      Counterparty and pay to the Swap Contract Administrator the Swap Termination
      Payment that would be owed to the Swap Contact Administrator by the Swap
      Counterparty if the Swap Contract were terminated by the Swap Contract
      Administrator following distribution on the Certificates or (ii) if the
      Directing Certificateholder owns 100% of the Class C Certificates, accept
      assignment of the Swap Contract to the extent that the Directing
      Certificateholder is an acceptable counterparty for the Swap Counterparty;
      or

     

    
      
        
        

      

      
        158

        
          

        

      

      
        
        

      

    

    (B)           instruct
      the Swap Contract Administrator to accept from the Swap Counterparty any Swap
      Termination Payment that would be owed to the Swap Contract
      Administrator.

     

    (i)           Any
      amounts paid to the Swap Contract Administrator pursuant to subsection (h)(2)
      above shall be distributed to the Class C Certificates, pro rata, based on
      entitlement, by the Swap Contract Administrator.

     

    (j)           The
      Master Servicer may purchase the Mortgage Loans and REO Properties owned by
      the
      Trust Fund for its own account pursuant to Section 9.01 or consent to the NIM
      Insurer’s purchase of the Mortgage Loans and REO Properties owned by the Trust
      Fund pursuant to Section 9.01 only if (1) the Directing Certificateholder
      chooses not to request an auction as described above or if the immediately
      preceding auction is unsuccessful or (2) the Master Servicer notifies the
      Directing Certificateholder no later than 30 days prior to the date on which
      the
      Master Servicer or the NIM Insurer, as applicable, intends to effect the
      purchase of the Mortgage Loans and REO Properties owned by the Trust Fund and
      the Directing Certificateholder does not direct the Trustee to conduct an
      auction prior to the end of that 30-day period.

     

    (k)           If
      the Directing Certificateholder pays any Auction Supplement Amount pursuant
      to
      Section 9.04(c) or any Swap Termination Payment pursuant to Section
      9.04(h)(1)(A), on the final Distribution Date any amounts to be distributed
      to
      the Class C Certificates pursuant to Section 4.02 will be distributed as
      follows, first to the Directing Certificateholder, in an amount up to the sum of
      such Auction Supplement Amount and such Swap Termination Payment and second
      to
      the Class C Certificates, pro rata.  For federal income tax purposes,
      such Auction Supplement Amount and such Swap Termination Payment so distributed
      shall be deemed paid pro rata to the Class C Certificates, and the portion
      of
      such amounts deemed distributed to holders of the Class C Certificates other
      than the Directing Certificateholder shall be deemed paid from such other
      holders to the Directing Certificateholder.

     

    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 Trustee and the Co-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 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.

     

    
      
        
        

      

      
        159

        
          

        

      

      
        
        

      

    

    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 Trustee and the Co-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.

     

    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.

     

    
      
        
        

      

      
        160

        
          

        

      

      
        
        

      

    

    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 the Swap
      Counterparty, 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 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.

     

    
      
        
        

      

      
        161

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              Section
                10.04

            	
              Intention
                of Parties.

            

    

     

    (a)           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.

     

    (b)           The
      Depositor hereby represents that:

     

    (i)           This
      Agreement creates a valid and continuing security interest (as defined in the
      Uniform Commercial Code as enacted in the State of New York (the “NY UCC”)) in
      the Mortgage Notes in favor of the Trustee, which security interest is prior
      to
      all other liens, and is enforceable as such as against creditors of and
      purchasers from the Depositor.

     

    (ii)           The
      Mortgage Notes constitute “instruments” within the meaning of the NY
      UCC.

     

    (iii)           Immediately
      prior to the assignment of each Mortgage Loan to the Trustee, the Depositor
      owns
      and has good and marketable title to such Mortgage Loan free and clear of any
      lien, claim or encumbrance of any Person.

     

    (iv)           The
      Depositor has received all consents and approvals required by the terms of
      the
      Mortgage Loans to the sale of the Mortgage Loans hereunder to the
      Trustee.

     

    
      
        
        

      

      
        162

        
          

        

      

      
        
        

      

    

    (v)           All
      original executed copies of each Mortgage Note that are required to be delivered
      to the Co-Trustee pursuant to Section 2.01 have been delivered to the
      Co-Trustee.

     

    (vi)           Other
      than the security interest granted to the Trustee pursuant to this Agreement,
      the Depositor has not pledged, assigned, sold, granted a security interest
      in,
      or otherwise conveyed any of the Mortgage Loans.  The Depositor has
      not authorized the filing of and is not aware of any financing statements
      against the Depositor that include a description of collateral covering the
      Mortgage Loans other than any financing statement relating to the security
      interest granted to the Trustee hereunder or that has been
      terminated.  The Depositor is not aware of any judgment or tax lien
      filings against the Depositor.

     

    The
      parties to this Agreement shall not waive any of the representations set forth
      in this Section 10.04(b) without obtaining a confirmation of the then-current
      ratings of the Certificates.

     

    (c)           The
      Master Servicer shall take such action as is reasonably necessary to maintain
      the perfection and priority of the security interest of the Trustee in the
      Mortgage Loans; provided, however, that the obligation to deliver the Mortgage
      File to the Co-Trustee pursuant to Section 2.01 shall be solely the Depositor’s
      obligation and the Master Servicer shall not be responsible for the safekeeping
      of the Mortgage Files by the Co-Trustee.

     

    (d)           It
      is understood and agreed that the representations and warranties set forth
      in
      subsection (b) above 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
      subsection (b) above, 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.

     

    
      	
               

            	
              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

     

    (5)           The
      final payment to Certificateholders.

     

    
      
        
        

      

      
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    (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
      11.07.

     

    (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) 225-4016,
      Attention: Josh Adler, 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) 225-4016, Attention: Josh
      Adler, 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
      2007-5, 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 hereafter furnish to the Depositor, the Master Servicer and
      the
      Trustee; (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 (viii) in the case of the Swap Counterparty, Deutsche Bank
      AG, New York Branch, Attention: New York Derivatives Documentation, Facsimile:
      (212) 797-0779, Telephone: (212) 250-9425, 60 Wall Street, New York, New York
      10005, 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.

     

    
      
        
        

      

      
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              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 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.

     

    
      
        
        

      

      
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              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

     

    
      
        
        

      

      
        166

        
          

        

      

      
        
        

      

    

    (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).

     

    
      	
               

            	
              Section
                10.12

            	
              Protection
                of Assets.

            

    

     

    (a)           Except
      for transactions and activities entered into in connection with the
      securitization that is the subject of this Agreement, the Trust Fund created
      by
      this Agreement is not authorized and has no power to:

     

    (1)           borrow
      money or issue debt;

     

    (2)           merge
      with another entity, reorganize, liquidate or sell assets; or

     

    (3)           engage
      in any business or activities.

     

    (b)           Each
      party to this Agreement agrees that it will not file an involuntary bankruptcy
      petition against the Trustee or the Trust Fund or initiate any other form of
      insolvency proceeding until the date that is one year and one day after the
      Certificates have been paid.

     

    
      
        
        

      

      
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    ARTICLE
      XI.

    EXCHANGE
      ACT REPORTING

     

    
      	
               

            	
              Section
                11.01

            	
              Filing
                Obligations.

            

    

     

    The
      Master Servicer, the Trustee and each Seller shall reasonably cooperate with
      the
      Depositor in connection with the satisfaction of the Depositor’s reporting
      requirements under the Exchange Act with respect to the Trust
      Fund.  In addition to the information specified below, if so requested
      by the Depositor for the purpose of satisfying its reporting obligation under
      the Exchange Act, the Master Servicer, the Trustee and each Seller shall (and
      the Master Servicer shall cause each Subservicer to) provide the Depositor
      with
      (a) such information which is available to such Person without unreasonable
      effort or expense and within such timeframe as may be reasonably requested
      by
      the Depositor to comply with the Depositor’s reporting obligations under the
      Exchange Act and (b) to the extent such Person is a party (and the Depositor
      is
      not a party) to any agreement or amendment required to be filed, copies of
      such
      agreement or amendment in EDGAR-compatible form.

     

    
      	
               

            	
              Section
                11.02

            	
              Form
                10-D Filings.

            

    

     

    (a)           In
      accordance with the Exchange Act, the Trustee shall prepare for filing and
      file
      within 15 days after each Distribution Date (subject to permitted extensions
      under the Exchange Act) with the Commission with respect to the Trust Fund,
      a
      Form 10-D with copies of the Monthly Statement and, to the extent delivered
      to
      the Trustee, no later than 10 days following the Distribution Date, such other
      information identified by the Depositor or the Master Servicer, in writing,
      to
      be filed with the Commission (such other information, the “Additional Designated
      Information”).  If the Depositor or Master Servicer directs that any
      Additional Designated Information is to be filed with any Form 10-D, the
      Depositor or Master Servicer, as the case may be, shall specify the Item on
      Form
      10-D to which such information is responsive and, with respect to any Exhibit
      to
      be filed on Form 10-D, the Exhibit number.  Any information to be
      filed on Form 10-D shall be delivered to the Trustee in EDGAR-compatible form
      or
      as otherwise agreed upon by the Trustee and the Depositor or the Master
      Servicer, as the case may be, at the Depositor’s expense, and any necessary
      conversion to EDGAR-compatible format will be at the Depositor’s
      expense.  At the reasonable request of, and in accordance with the
      reasonable directions of, the Depositor or the Master Servicer, subject to
      the
      two preceding sentences, the Trustee shall prepare for filing and file an
      amendment to any Form 10-D previously filed with the Commission with respect
      to
      the Trust Fund.  The Master Servicer shall sign the Form 10-D filed on
      behalf of the Trust Fund.

     

    (b)           No
      later than each Distribution Date, each of the Master Servicer and the Trustee
      shall notify (and the Master Servicer shall cause any Subservicer to notify)
      the
      Depositor and the Master Servicer of any Form 10-D Disclosure Item, together
      with a description of any such Form 10-D Disclosure Item in form and substance
      reasonably acceptable to the Depositor.  In addition to such
      information as the Master Servicer and the Trustee are obligated to provide
      pursuant to other provisions of this Agreement, if so requested by the
      Depositor, each of the Master Servicer and the Trustee shall provide such
      information which is available to the Master Servicer and the Trustee, as
      applicable, without unreasonable effort or expense regarding the performance
      or
      servicing of the Mortgage Loans (in the case of the Trustee, based on the
      information provided by the Master Servicer) as is reasonably required to
      facilitate preparation of distribution reports in accordance with Item 1121
      of
      Regulation AB.  Such information shall be provided concurrently with
      the Remittance Reports in the case of the Master Servicer and the Monthly
      Statement in the case of the Trustee, commencing with the first such report
      due
      not less than five Business Days following such request.

     

    
      
        
        

      

      
        168

        
          

        

      

      
        
        

      

    

    (c)           The
      Trustee shall not have any responsibility to file any items (other than those
      generated by it) that have not been received in a format suitable (or readily
      convertible into a format suitable) for electronic filing via the EDGAR system
      and shall not have any responsibility to convert any such items to such format
      (other than those items generated by it or that are readily convertible to
      such
      format).  The Trustee shall have no liability to the
      Certificateholders, the Trust Fund, the Master Servicer, the Depositor or the
      NIM Insurer with respect to any failure to properly prepare or file any of
      Form
      10-D to the extent that such failure is not the result of any negligence, bad
      faith or willful misconduct on its part.

     

    
      	
               

            	
              Section
                11.03

            	
              Form
                8-K Filings.

            

    

     

    The
      Master Servicer shall prepare and file on behalf of the Trust Fund any Form
      8-K
      required by the Exchange Act.  Each Form 8-K must be signed by the
      Master Servicer.  Each of the Master Servicer (and the Master Servicer
      shall cause any Subservicer to promptly notify) and the Trustee shall promptly
      notify the Depositor and the Master Servicer (if the notifying party is not
      the
      Master Servicer), but in no event later than one (1) Business Day after its
      occurrence, of any Reportable Event of which it has actual
      knowledge.  Each Person shall be deemed to have actual knowledge of
      any such event to the extent that it relates to such Person or any action or
      failure to act by such Person.  Concurrently with any Subsequent
      Transfer, CHL shall notify the Depositor and the Master Servicer, if any
      material pool characteristic of the actual asset pool at the time of issuance
      of
      the Certificates differs by 5% or more (other than as a result of the pool
      assets converting into cash in accordance with their terms) from the description
      of the asset pool in the Prospectus Supplement.

     

    
      	
               

            	
              Section
                11.04

            	
              Form
                10-K Filings.

            

    

     

    Prior
      to
      March 30th of each year, commencing in 2008 (or such earlier date as may be
      required by the Exchange Act), the Depositor shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act.  A senior officer in charge of the servicing function of the
      Master Servicer shall sign each Form 10-K filed on behalf of the Trust
      Fund.  Such Form 10-K shall include as exhibits each (i) annual
      compliance statement described under Section 3.17, (ii) annual report on
      assessments of compliance with servicing criteria described under Section 11.07
      and (iii) accountant’s report described under Section 11.07.  Each
      Form 10-K shall also include any Sarbanes-Oxley Certification required to be
      included therewith, as described in Section 11.05.

     

    If
      the
      Item 1119 Parties listed on Exhibit Z have changed since the Closing Date,
      no
      later than March 1 of each year, the Master Servicer shall provide each of
      the
      Master Servicer (and the Master Servicer shall provide any Subservicer) and
      the
      Trustee with an updated Exhibit Z setting forth the Item 1119
      Parties.  No later than March 15 of each year, commencing in 2008, the
      Master Servicer and the Trustee shall notify (and the Master Servicer shall
      cause any Subservicer to notify) the Depositor and the Master Servicer of any
      Form 10-K Disclosure Item, together with a description of any such Form 10-K
      Disclosure Item in form and substance reasonably acceptable to the
      Depositor.  Additionally, each of the Master Servicer and the Trustee
      shall provide, and shall cause each Reporting Subcontractor retained by the
      Master Servicer or the Trustee, as applicable, and in the case of the Master
      Servicer shall cause each Subservicer, to provide, the following information
      no
      later than March 15 of each year in which a Form 10-K is required to be filed
      on
      behalf of the Trust Fund: (i) if such Person’s report on assessment of
      compliance with servicing criteria described under Section 11.07 or related
      registered public accounting firm attestation report described under Section
      11.07 identifies any material instance of noncompliance, notification of such
      instance of noncompliance and (ii) if any such Person’s report on assessment of
      compliance with servicing criteria or related registered public accounting
      firm
      attestation report is not provided to be filed as an exhibit to such Form 10-K,
      information detailing the explanation why such report is not
      included.

     

    
      
        
        

      

      
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              Section
                11.05

            	
              Sarbanes-Oxley
                Certification.

            

    

     

    Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley Certification”)
      required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
      to
      Section 302 of the Sarbanes-Oxley Act of 2002 and the rules and regulations
      of the Commission promulgated thereunder (including any interpretations thereof
      by the Commission’s staff)).  No later than March 15 of each year,
      beginning in 2008, the Master Servicer and the Trustee shall (unless such person
      is the Certifying Person), and the Master Servicer shall cause each Subservicer
      and each Reporting Subcontractor and the Trustee shall cause each Reporting
      Subcontractor to, provide to the Person who signs the Sarbanes-Oxley
      Certification (the “Certifying Person”) a certification (each, a
“Performance Certification”), in the form attached hereto as Exhibit X-1
      (in the case of a Subservicer or any Reporting Subcontractor of the Master
      Servicer or a Subservicer) and Exhibit X-2 (in the case of the Trustee or any
      Reporting Subcontractor of the Trustee), on which the Certifying Person, the
      entity for which the Certifying Person acts as an officer, and such entity’s
      officers, directors and Affiliates (collectively with the Certifying Person,
      “Certification Parties”) can reasonably rely.  The senior
      officer in charge of the servicing function of the Master Servicer shall serve
      as the Certifying Person on behalf of the Trust Fund.  Neither the
      Master Servicer nor the Depositor will request delivery of a certification
      under
      this clause unless the Depositor is required under the Exchange Act to file
      an
      annual report on Form 10-K with respect to the Trust Fund.  In the
      event that prior to the filing date of the Form 10-K in March of each year,
      the
      Trustee or the Depositor has actual knowledge of information material to the
      Sarbanes-Oxley Certification, the Trustee or the Depositor, as the case may
      be,
      shall promptly notify the Master Servicer and the Depositor.  The
      respective parties hereto agree to cooperate with all reasonable requests made
      by any Certifying Person or Certification Party in connection with such Person’s
      attempt to conduct any due diligence that such Person reasonably believes to
      be
      appropriate in order to allow it to deliver any Sarbanes-Oxley Certification
      or
      portion thereof with respect to the Trust Fund.

     

    
      	
               

            	
              Section
                11.06

            	
              Form
                15 Filing.

            

    

     

    Prior
      to
      January 30 of the first year in which the Depositor is able to do so under
      applicable law, the Depositor shall file a Form 15 relating to the automatic
      suspension of reporting in respect of the Trust Fund under the Exchange
      Act.

     

    
      
        
        

      

      
        170

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              Section
                11.07

            	
              Report
                on Assessment of Compliance and
                Attestation.

            

    

     

    (a)           On
      or before March 15 of each calendar year, commencing in 2008:

     

    (1)           Each
      of the Master Servicer and the Trustee shall deliver to the Depositor and the
      Master Servicer a report (in form and substance reasonably satisfactory to
      the
      Depositor) regarding the Master Servicer’s or the Trustee’s, as applicable,
      assessment of compliance with the Servicing Criteria during the immediately
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB.  Such report shall be
      signed by an authorized officer of such Person and shall address each of the
      Servicing Criteria specified on a certification substantially in the form of
      Exhibit Y hereto delivered to the Depositor concurrently with the execution
      of
      this Agreement.  To the extent any of the Servicing Criteria are not
      applicable to such Person, with respect to asset-backed securities transactions
      taken as a whole involving such Person and that are backed by the same asset
      type backing the Certificates, such report shall include such a statement to
      that effect.  The Depositor and the Master Servicer, and each of their
      respective officers and directors shall be entitled to rely on upon each such
      servicing criteria assessment.

     

    (2)           Each
      of the Master Servicer and the Trustee shall deliver to the Depositor and the
      Master Servicer a report of a registered public accounting firm reasonably
      acceptable to the Depositor that attests to, and reports on, the assessment
      of
      compliance made by Master Servicer or the Trustee, as applicable, and delivered
      pursuant to the preceding paragraphs.  Such attestation shall be in
      accordance with Rules 1-02(a)(3)and 2-02(g) of Regulation S-X under the
      Securities Act and the Exchange Act, including, without limitation that in
      the
      event that an overall opinion cannot be expressed, such registered public
      accounting firm shall state in such report why it was unable to express such
      an
      opinion.  Such report must be available for general use and not
      contain restricted use language.  To the extent any of the Servicing
      Criteria are not applicable to such Person, with respect to asset-backed
      securities transactions taken as a whole involving such Person and that are
      backed by the same asset type backing the Certificates, such report shall
      include such a statement that that effect.

     

    (3)           The
      Master Servicer shall cause each Subservicer and each Reporting Subcontractor
      to
      deliver to the Depositor an assessment of compliance and accountant’s
      attestation as and when provided in paragraphs (a) and (b) of this Section
      11.07.

     

    (4)           The
      Trustee shall cause each Reporting Subcontractor to deliver to the Depositor
      and
      the Master Servicer an assessment of compliance and accountant’s attestation as
      and when provided in paragraphs (a) and (b) of this Section.

     

    (5)           The
      Master Servicer and the Trustee shall execute (and the Master Servicer shall
      cause each Subservicer to execute, and the Master Servicer and the Trustee
      shall
      cause each Reporting Subcontractor to execute) a reliance certificate to enable
      the Certification Parties to rely upon each (i) annual compliance statement
      provided pursuant to Section 3.17, (ii) annual report on assessments of
      compliance with servicing criteria provided pursuant to this Section 11.07
      and
      (iii) accountant’s report provided pursuant to this Section 11.07 and shall
      include a certification that each such annual compliance statement or report
      discloses any deficiencies or defaults described to the registered public
      accountants of such Person to enable such accountants to render the certificates
      provided for in this Section 11.07.

     

    
      
        
        

      

      
        171

        
          

        

      

      
        
        

      

    

    (b)           In
      the event the Master Servicer, any Subservicer, the Trustee or Reporting
      Subcontractor is terminated or resigns during the term of this Agreement, such
      Person shall provide documents and information required by this Section 11.07
      with respect to the period of time it was subject to this Agreement or provided
      services with respect to the Trust Fund, the Certificates or the Mortgage
      Loans.

     

    (c)           Each
      assessment of compliance provided by a Subservicer pursuant to Section
      11.07(a)(3)shall address each of the Servicing Criteria specified on a
      certification substantially in the form of Exhibit Y hereto delivered to the
      Depositor concurrently with the execution of this Agreement or, in the case
      of a
      Subservicer subsequently appointed as such, on or prior to the date of such
      appointment.  An assessment of compliance provided by a Subcontractor
      pursuant to Section 11.07(a)(3)or (4) need not address any elements of the
      Servicing Criteria other than those specified by the Master Servicer or the
      Trustee, as applicable, pursuant to Section 11.07(a)(1).

     

    
      	
               

            	
              Section
                11.08

            	
              Use
                of Subservicers and
                Subcontractors.

            

    

     

    (a)           The
      Master Servicer shall cause any Subservicer used by the Master Servicer (or
      by
      any Subservicer) for the benefit of the Depositor to comply with the provisions
      of Section 3.17 and this Article XI to the same extent as if such Subservicer
      were the Master Servicer (except with respect to the Master Servicer’s duties
      with respect to preparing and filing any Exchange Act Reports or as the
      Certifying Person).  The Master Servicer shall be responsible for
      obtaining from each Subservicer and delivering to the Depositor any servicer
      compliance statement required to be delivered by such Subservicer under Section
      3.17, any assessment of compliance and attestation required to be delivered
      by
      such Subservicer under Section 11.07 and any certification required to be
      delivered to the Certifying Person under Section 11.05 as and when required
      to
      be delivered.  As a condition to the succession to any Subservicer as
      subservicer under this Agreement by any Person (i) into which such Subservicer
      may be merged or consolidated, or (ii) which may be appointed as a successor
      to
      any Subservicer, the Master Servicer shall provide to the Depositor, at least
      15
      calendar days prior to the effective date of such succession or appointment,
      (x)
      written notice to the Depositor of such succession or appointment and (y) in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K.

     

    (b)           It
      shall not be necessary for the Master Servicer, any Subservicer or the Trustee
      to seek the consent of the Depositor or any other party hereto prior to the
      utilization of any Subcontractor.  The Master Servicer or the Trustee,
      as applicable, shall promptly upon request provide to the Depositor (or any
      designee of the Depositor, such as the Master Servicer or administrator) a
      written description (in form and substance satisfactory to the Depositor) of
      the
      role and function of each Subcontractor utilized by such Person (or in the
      case
      of the Master Servicer, any Subservicer), specifying (i) the identity of each
      such Subcontractor, (ii) which (if any) of such Subcontractors are
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, and (iii) which elements of the Servicing Criteria will be
      addressed in assessments of compliance provided by each Subcontractor identified
      pursuant to clause (ii) of this paragraph.

     

    
      
        
        

      

      
        172

        
          

        

      

      
        
        

      

    

    As
      a
      condition to the utilization of any Subcontractor determined to be a Reporting
      Subcontractor, the Master Servicer or the Trustee, as applicable, shall cause
      any such Subcontractor used by such Person (or in the case of the Master
      Servicer, any Subservicer) for the benefit of the Depositor to comply with
      the
      provisions of Sections 11.07 and 11.09 of this Agreement to the same extent
      as
      if such Subcontractor were the Master Servicer  (except with respect
      to the Master Servicer’s duties with respect to preparing and filing any
      Exchange Act Reports or as the Certifying Person) or the Trustee, as
      applicable.  The Master Servicer or the Trustee, as applicable, shall
      be responsible for obtaining from each Subcontractor and delivering to the
      Depositor and the Master Servicer, any assessment of compliance and attestation
      required to be delivered by such Subcontractor under Section 11.05 and Section
      11.07, in each case as and when required to be delivered.

     

    
      	
               

            	
              Section
                11.09

            	
              Amendments.

            

    

     

    In
      the
      event the parties to this Agreement desire to further clarify or amend any
      provision of this Article XI, this Agreement shall be amended to reflect the
      new
      agreement between the parties covering matters in this Article XI pursuant
      to
      Section 10.01, which amendment shall not require any Opinion of Counsel or
      Rating Agency confirmations or the consent of any Certificateholder or the
      NIM
      Insurer.

     

    If,
      during the period that the Depositor is required to file Exchange Act Reports
      with respect to the Trust Fund, the Master Servicer is no longer an Affiliate
      of
      the Depositor, the Depositor shall assume the obligations and responsibilities
      of the Master Servicer in this Article XI with respect to the preparation and
      filing of the Exchange Act Reports and/or acting as the Certifying Person,
      if
      the Depositor has received indemnity from such successor Master Servicer
      satisfactory to the Depositor, and such Master Servicer has agreed to provide
      a
      Sarbanes-Oxley Certification to the Depositor substantially in the form of
      Exhibit AA and the certifications referred to in Section 11.07.

     

    
      	
               

            	
              Section
                11.10

            	
              Reconciliation
                of Accounts.

            

    

     

    Any
      reconciliation of Accounts performed by any party hereto, or any Subservicer
      or
      Subcontractor shall be prepared no later than 45 calendar days after the bank
      statement cut-off date.

     

    
      
        
        

      

      
        173

        
          

        

      

      
        
        

      

    

    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:
                

            	/s/ Darren
              Bigby	 
	 	 	Name: Darren
              Bigby 	 
	 	 	Title: Executive
              Vice
              President 	 
	 	 	 	 

    

     

    
       

      
        	 	
                COUNTRYWIDE
                  HOME LOANS, INC.,

                
                  as
                    a Seller

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Darren
                Bigby	 
	 	 	Name: Darren
                Bigby 	 
	 	 	Title: Executive
                Vice
                President 	 
	 	 	 	 

      

    

     

    
       

      
        	 	
                PARK
                  MONACO INC.,

                
                  as
                    a Seller

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Darren
                Bigby	 
	 	 	Name: Darren
                Bigby 	 
	 	 	Title: Executive
                Vice
                President 	 
	 	 	 	 

      

    

     

    
       

      
        	 	
                PARK
                  SIENNA LLC,

                
                  as
                    a Seller

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Darren
                Bigby	 
	 	 	Name: Darren
                Bigby 	 
	 	 	Title: Executive
                Vice
                President 	 
	 	 	 	 

      

    

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
        	 	
                COUNTRYWIDE
                  HOME LOANS SERVICING LP,

                
                  as
                    Master Servicer

                

              	 
	 	 	 
	 	By:  COUNTRYWIDE
                GP, INC.	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Darren
                Bigby	 
	 	 	Name: Darren
                Bigby 	 
	 	 	Title: Executive
                Vice
                President 	 
	 	 	 	 

      

    

    
    

    
       

      
        	 	
                THE
                  BANK OF NEW YORK,

                
                  as
                    Trustee

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Michelle
                Penson	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

     

    
       

      
        	 	
                THE
                  BANK OF NEW YORK

                (solely
                  with respect to its obligations under Section
                  4.01(d))

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Paul
                Connolly	 
	 	 	Name: Paul
                Connolly	 
	 	 	Title: Vice
                President 	 
	 	 	 	 

      

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
       

      
        	 	
                THE
                  BANK OF NEW YORK TRUST COMPANY, N.A.

                
                  as
                    Co-Trustee

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	/s/ Bill
                Marshall	 
	 	 	Name: Bill
                Marshall	 
	 	 	Title: Vice
                President 	 
	 

      

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF LOS ANGELES

            	
              )

            	 

    

    

     

    On
      this
      30th day of March, 2007, before me, a notary public in and for said State,
      appeared Darren Bigby, personally known to me on the basis of satisfactory
      evidence to be an Executive 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.

     

     

    
      	 	
               /s/
                Glenda Daniel  

            
	 	
               Notary
                Public

            

    

     

                                                                     

     

     

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF LOS ANGELES

            	
              )

            	 

    

     

    On
      this
      30th day of March, 2007, before me, a notary public in and for said State,
      appeared Darren Bigby, personally known to me on the basis of satisfactory
      evidence to be an Executive 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.

     

    
       

      
        	 	
                 /s/
                  Glenda Daniel  

              
	 	
                 Notary
                  Public

              

      

       

    

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF LOS ANGELES

            	
              )

            	 

    

     

    On
      this
      30th day of March, 2007, before me, a notary public in and for said State,
      appeared Darren Bigby, personally known to me on the basis of satisfactory
      evidence to be an Executive 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.

    
       

      
        	 	
                 /s/
                  Glenda Daniel  

              
	 	
                 Notary
                  Public

              

      

       

    

    
       

       

       

    

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF LOS ANGELES

            	
              )

            	 

    

     

    On
      this
      30th day of March, 2007, before me, a notary public in and for said State,
      appeared Darren Bigby, personally known to me on the basis of satisfactory
      evidence to be an Executive 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.

     

    
       

      
        	 	
                 /s/
                  Glenda Daniel  

              
	 	
                 Notary
                  Public

              

      

       

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF LOS ANGELES

            	
              )

            	 

    

     

    On
      this
      30th day of March, 2007, before me, a notary public in and for said State,
      appeared Darren Bigby, personally known to me on the basis of satisfactory
      evidence to be an Executive 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.

     

    
       

      
        	 	
                 /s/
                  Glenda Daniel  

              
	 	
                 Notary
                  Public

              

      

       

    

    [Notarial
      Seal]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    On
      this
      30th day of March, 2007 before me, a notary public in and for said State,
      appeared Michelle Penson, personally known to me on the basis of satisfactory
      evidence to be a Assitant Treasurer 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.

     

    
      	 	
               /s/
                Joanna Ferreri

            
	 	
               Notary
                Public

            

    

                                                                      

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    On
      this
      30th day of March, 2007 before me, a notary public in and for said State,
      appeared Paul Connolly, personally known to me on the basis of satisfactory
      evidence to be a Vice President 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.

     

    
       

      
        	 	
                 /s/
                  Joanna Ferreri

              
	 	
                 Notary
                  Public

              

      

    

     

    [Notarial
      Seal]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF LOS ANGELES

            	
              )

            	 

    

    

     

    On
      this
      30th day of March, 2007, before me, a notary public in and for said State,
      appeared Bill Marshalll, personally known to me on the basis of satisfactory
      evidence to be a Vice President 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.

     

     

    
      	 	
               /s/
                Corazon G. Eata

            
	 	
               Notary
                Public

            

    

                                                                

     

     

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Exhibits
      A-1

    through
      A-13

     

    [Exhibits
      A-1 through A-13 are

    photocopies
      of such Certificates as delivered.]

     

    

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    [See
      appropriate documents delivered at closing.]

     

    Exhibit
      B

     

    Exhibit
      B
      is a photocopy

    of
      the
      Class P Certificates

    as
      delivered.

     

    [See
      appropriate document delivered at closing.]

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    Exhibit
      C

     

    Exhibit
      C
      is a photocopy

    of
      the
      Class C Certificates

    as
      delivered.

    

     

    [See
      appropriate document delivered at closing.]

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    Exhibit
      D

     

    Exhibit
      D
      is a photocopy

    of
      the
      Class A-R Certificate

    as
      delivered.

     

    

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    Exhibit
      E

     

    Exhibit
      E
      is a photocopy

    of
      the
      Tax Matters Person Certificate

    as
      delivered.

     

    

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    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

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-1

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-5

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      March 1, 2007 (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

        
          

        

      

      
        
        

      

    

    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

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-2

     

    FORM
      OF
      INTERIM CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-5

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      March 1, 2007 (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 __________ (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 [related
      supplement to the] Mortgage Loan Schedule (other than any Mortgage Loan 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)           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 thereon
      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 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;

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    (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 2007-5, CWABS, Inc., by The Bank of New York, a New York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of March 1, 2007, 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
      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

        
          

        

      

      
        
        

      

    

    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
      [related supplement to the] Mortgage Loan Schedule or (ii) the collectibility,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    

    
      
        
        

      

      
        G-2-3

        
          

        

      

      
        
        

      

    

     

    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

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      G-3

     

    FORM
      OF
      DELAY DELIVERY CERTIFICATION

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-5

            

    

     

    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 March 1, 2007 (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 __________ (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 2007-5, CWABS, Inc., by The Bank of New York, a New York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of March 1, 2007, 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).

     

    
      
        
        

      

      
        G-3-1

        
          

        

      

      
        
        

      

    

    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
      [related supplement to the] 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

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G-4

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

    (SUBSEQUENT
      MORTGAGE LOANS)

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-5

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      March 1, 2007 (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 related supplement to the Mortgage Loan
      Schedule (other than any Subsequent Mortgage Loan paid in full or listed in
      the
      attached list of exceptions) the 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, enforceability or
      genuineness of any of the documents contained in each Mortgage File of any
      of
      the Subsequent Mortgage Loans identified on the related supplement to the
      Mortgage Loan Schedule or (ii) the collectibility, insurability, effectiveness
      or suitability of any such Subsequent Mortgage Loan.

     

    
      
        
        

      

      
        G-4-1

        
          

        

      

      
        
        

      

    

    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

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      H

     

    FORM
      OF
      FINAL CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Sellers]

     

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-5

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      January 1, 2007 (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 __________ (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 [related supplement to the] Mortgage Loan Schedule (other
      than any [Initial Mortgage Loan][Subsequent Mortgage Loan] paid in full or
      listed on the attached 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 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];

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    (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 2007-5, CWABS, Inc., by The Bank of New York, a New York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of March 1, 2007, 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
      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
      [related supplement to the] Mortgage Loan Schedule or (ii) the collectibility,
      insurability, effectiveness or suitability of any such [Initial Mortgage
      Loan][Subsequent Mortgage Loan].

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    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

        
          

        

      

      
        
        

      

    

     

    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 March 1, 2007
      (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, as Trustee, and The Bank of New York Trust
      Company, N.A., as Co-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

        
          

        

      

      
        
        

      

    

    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-2

        
          

        

      

      
        
        

      

    

    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-3

        
          

        

      

      
        
        

      

    

     

     

    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-4

        
          

        

      

      
        
        

      

       

    

    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-5

        
          

        

      

      
        
        

      

       

    

    (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-6

        
          

        

      

      
        
        

      

       

    

    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 2007-5

            

    

     

    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 March 1, 2007, 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.

     

     

    
      	 	 
              
              Very
                truly yours,

               

               

              _____________________________________

              Name
                of Transferor

               

               

              By:
                _________________________________

              Name:

              Title:

            

    

     

    
      
        
          
          

        

        
          J-1-1

          
            

          

        

        
          
          

        

         

      

    

    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
                  2007-5, 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 March 1, 2007, 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.

     

    
       

      
        	 	 
                
                Very
                  truly yours,

                 

                 

                _____________________________________

                Name
                  of Transferor

                 

                 

                By:
                  _________________________________

                Name:

                Title:

              

      

    

     

     

    
      
        
        

      

      
        J-2-1

        
          

        

      

      
        
        

      

       

    

    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., Floor 4W

    New
      York,
      New York  10286

     

     

    
      	
               

            	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates,

              
                Series
                  2007-5, 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) (I) 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) (A) (if the above-captioned Certificates are
      ERISA-Restricted Certificates) 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, or (B) (if
      the
      above-captioned Certificates are not ERISA-Restricted Certificates) it is an
      “accredited investor” as defined in Rule 501(a)(1) under the Act, and (II) we
      will obtain from our transferee such a representation and agreement described
      in
      this clause (d), (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
      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.

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

       

    

    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 March 1,
      2007, 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.

     

    
       

      
         

        
          	 	 
                  
                  Very
                    truly yours,

                   

                   

                  _____________________________________

                  Name
                    of Transferee

                   

                   

                  By:
                    _________________________________

                          Authorized
                    Officer

                   

                

        

      

       

       

    

     

    
      
        
        

      

      
        K-2

        
          

        

      

      
        
        

      

       

    

    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
                2007-5, 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) (I) 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) (A) (if the above-captioned Certificates are
      ERISA-Restricted Certificates) 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, or (B) (if
      the
      above-captioned Certificates are not ERISA-Restricted Certificates) it is an
      “accredited investor” as defined in Rule 501(a)(1) under the Act, and (II) we
      will obtain from our transferee such a representation and agreement described
      in
      this clause (d), (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 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.

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

       

    

    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 March 1,
      2007, 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.

     

     

    
      
         

        
          	 	 
                  
                  Very
                    truly yours,

                   

                   

                  _____________________________________

                  Name
                    of Transferee

                   

                   

                  By:
                    _________________________________

                          Authorized
                    Officer

                   

                

        

      

       

    

     

    
      
        
        

      

      
        L-2

        
          

        

      

      
        
        

      

       

    

    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 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.

            

    

     

    
      
        
        

      

      
        L-3

        
          

        

      

      
        
        

      

       

    

    
      	
               

            	
              ___

            	
              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

        
          

        

      

      
        
        

      

       

    

    
      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

        
          

        

      

      
        
        

      

       

    

    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
                agreements, (vi) securities owned but subject to a repurchase agreement
                and (vii) currency, interest rate and commodity
                swaps.

            

    

     

    
      
        
        

      

      
        L-6

        
          

        

      

      
        
        

      

       

    

    
      	
               

            	
              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

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    FORM
      OF
      REQUEST FOR DOCUMENT RELEASE

     

     

    
      	Loan
              Information 	 
	
                      

            	 
	    Name
              of
              Mortgagor:	______________________________________________________________________
	 	 
	    Master
              Servicer Loan No.:	______________________________________________________________________
	 	 
	Trustee     	 
	 	 
	    Name:	______________________________________________________________________
	 	 
	    Address:   	______________________________________________________________________
	 	 
	 	______________________________________________________________________
	 	 
	    Trustee	 
	    Mortgage
              File
              No.: 	______________________________________________________________________
	 	 
	 	 
	 	 

    

     

    The
      undersigned Master Servicer hereby acknowledges that it has received from
      _______________________________________, as Trustee for the Holders of
      Asset-Backed Certificates, Series 2007-5, 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 March 1, 2007 (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 the County
                of __________, State of _______________ in book/reel/docket
                _______________ of official records at page/image
                _____________.

            

    

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

       

    

    
      	
              (  )

            	
              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 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

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N

     

    FORM
      OF
      REQUEST FOR FILE RELEASE

     

    OFFICER’S
      CERTIFICATE AND TRUST RECEIPT

    ASSET-BACKED
      CERTIFICATES,

    Series
      2007-5

     

    __________________________________________
      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

        
          

        

      

      
        
        

      

    

     

     

     

     

    Exhibit
      O

     

    Exhibit
      O
      is a photocopy

    of
      the
      Depository Agreement

    as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

       

    

    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 March 1, 2007 (the “Pooling and Servicing Agreement”), relating to the
      CWABS, Inc. Asset-Backed Certificates, Series 2007-5 (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

        
          

        

      

      
        
        

      

       

    

    (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

        
          

        

      

      
        
        

      

    

     

    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
                  Depositor 
	 	 	 	 	 
	
                   

                	 	By:	
                   

                	 
	
                   

                	 	 	
                  Name: 

                	 
	
                   

                	 	 	
                  Title:

                	 

        

        
           

           

          
            
              
              

            

            
              P-3

              
                

              

            

            
              
              

            

          

           

          
            	 	 	THE
                    BANK OF NEW
                    YORK,
	 	 	   
                    not in its individual capacity,
	 	 	   
                    but solely as Trustee
	 	 	 	 	 
	
                     

                  	 	By:	
                     

                  	 
	
                     

                  	 	 	
                    Name: 

                  	 
	
                     

                  	 	 	
                    Title:

                  	 

          

           

        

      

    

     

    

    
      
        
        

      

      
        P-4

        
          

        

      

      
        
        

      

    

     

     

    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

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      Q-1

     

    FORM
      OF
      CLASS 1-A CORRIDOR CONTRACT

     

    [See
      document delivered at closing.]

     

    

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q-2

     

    FORM
      OF
      CLASS 2-A CORRIDOR CONTRACT

     

    [See
      document delivered at closing.]

     

    

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q-3

     

    FORM
      OF
      SUBORDINATE CORRIDOR CONTRACT

     

    [See
      document delivered at closing.]

     

    

     

    
      
        
        

      

      
        Q-3-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      R

     

    [RESERVED]

     

    

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      S-1

     

    FORM
      OF
      CORRIDOR CONTRACT ASSIGNMENT AGREEMENT

     

    [See
      document delivered at closing.]

     

    

    
      
        
        

      

      
        S-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      S-2

     

    FORM
      OF
      CORRIDOR CONTRACT ADMINISTRATION AGREEMENT

     

    [See
      document delivered at closing.]

     

    

    
      
        
        

      

      
        S-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      T

     

    OFFICER’S
      CERTIFICATE WITH RESPECT TO PREPAYMENTS

     

    ASSET-BACKED
      CERTIFICATES,

     

    Series
      2007-5

     

                        [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 March 1, 2007,
      (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.  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

        
          

        

      

      
        
        

      

       

    

    (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
	 	 	 	 	 
	
                   

                	 	By:	
                   

                	 
	
                   

                	 	 	
                  Name:

                	 
	
                   

                	 	 	
                  Title:

                	 

        

         

      

       

      
        
          
          

        

        
          T-2

          
            

          

        

        
          
          

        

      

       

       

    

    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)

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

     

     

     

    
      
        
        

      

      
        T-3

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      U

     

    FORM
      OF
      SWAP CONTRACT

     

    [See
      document delivered at closing.]

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      V-1

     

    FORM
      OF
      SWAP CONTRACT ASSIGNMENT AGREEMENT

     

    [See
      document delivered at closing.]

     

    
      
        
        

      

      
        V-1-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      V-2

     

    FORM
      OF
      SWAP CONTRACT ADMINISTRATION AGREEMENT

     

    [See
      document delivered at closing.]

     

    
      
        
        

      

      
        V-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      W

     

    FORM
      OF
      MONTHLY STATEMENT

     

    [On
      file
      with the Trustee.]

     

    

    
      
        
        

      

      
        W-1-1

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      X-1

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

    (Subservicer)

     

    
      	
               

            	
              Re:

            	
              The
                Pooling and Servicing Agreement dated as of March 1, 2007 (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, and [Subservicing Agreement] dated as of
                [           ] (the
                “Agreement”)

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Company’s compliance with the servicing criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
      as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation Report”), all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans by the Company during 200[ ] that were delivered by the
      Company to the Depositor, the Master Servicer and the Trustee pursuant to the
      Agreement (collectively, the “Company Servicing Information”);

     

    (2)           Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3)           Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the [Depositor]
      [Master Servicer];

     

    (4)           I
      am responsible for reviewing the activities performed by the Company as a
      servicer under the Agreement, and based on my knowledge and the compliance
      review conducted in preparing the Compliance Statement and except as disclosed
      in the Compliance Statement, the Servicing Assessment or the Attestation Report,
      the Company has fulfilled its obligations under the Agreement; and

     

    
      
        
        

      

      
        X-1-1

        
          

        

      

      
        
        

      

       

    

    (5)           The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to the Master Servicer.  Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      Master Servicer.  Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

    

     

    
      	 	Date:   ____________________________ 
	 	 
	 	 
	 	By:    
              ________________________________
	 	Name:
	 	Title:

    

     

     

    

    
      
        
        

      

      
        X-1-2

        
          

        

      

      
        
        

      

    

     

     

     

    EXHIBIT
      X-2

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

    (Trustee)

     

    
      	
               

            	
              Re:

            	
              The
                Pooling and Servicing Agreement dated as of March 1, 2007 (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

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the report on assessment of the Company’s compliance with the
      servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing
      Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities
      Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of
      Regulation AB (the “Servicing Assessment”), the registered public accounting
      firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18
      under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
      Report”), [all reports on Form 10-D containing statements to certificateholders
      filed in respect of the period included in the year covered by the annual report
      of the Trust Fund] (collectively, the “Distribution Date
      Statements”);

     

    (2)           Assuming
      the accuracy and completeness of the information delivered to the Company by
      the
      Master Servicer as provided in the Pooling and Servicing Agreement and subject
      to paragraph (4) below, the distribution information determined by the Company
      and set forth in the Distribution Date Statements contained in all Form 10-D’s
      included in the year covered by the annual report of such Trust on Form 10-K
      for
      the calendar year 200[  ], is complete and does not contain any
      material misstatement of fact as of the last day of the period covered by such
      annual report;

     

    (3)           Based
      solely on the information delivered to the Company by the Master Servicer as
      provided in the Pooling and Servicing Agreement, (i) the distribution
      information required under the Pooling and Servicing Agreement to be contained
      in the Trust Fund’s Distribution Date Statements and (ii) the servicing
      information required to be provided by the Master Servicer to the trustee for
      inclusion in the Trust Fund’s Distribution Date Statements, to the extent
      received by the Trustee from the Master Servicer in accordance with the Pooling
      and Servicing Agreement, is included in such Distribution Date
      Statements;

     

    (4)           The
      Company is not certifying as to the accuracy, completeness or correctness of
      the
      information which it received from the Master Servicer and did not independently
      verify or confirm the accuracy, completeness or correctness of the information
      provided by the Master Servicer;

     

    
      
        
        

      

      
        X-2-1

        
          

        

      

      
        
        

      

    

     

    (5)           I
      am responsible for reviewing the activities performed by the Company as a person
      “performing a servicing function” under the Pooling and Servicing Agreement, and
      based on my knowledge and the compliance review conducted in preparing the
      Servicing Assessment and except as disclosed in the Servicing Assessment or
      the
      Attestation Report, the Company has fulfilled its obligations under the Pooling
      and Servicing Agreement; and

     

    (6)           The
      Servicing Assessment and Attestation Report required to be provided by the
      Company and by Subcontractor pursuant to the Pooling and Servicing Agreement,
      have been provided to the Master Servicer and the Depositor.  Any
      material instances of noncompliance described in such reports have been
      disclosed to the Master Servicer and the Depositor.  Any material
      instance of noncompliance with the Servicing Criteria has been disclosed in
      such
      reports.

    
      

       

      
        	 	Date:   ____________________________ 
	 	 
	 	 
	 	By:    
                ________________________________
	 	Name:
	 	Title:

      

       

       

      
        
          
          

        

        
          X-2-2

          
            

          

        

        
          
          

        

         

      
EXHIBIT
      Y

    

    FORM
      OF

    SERVICING
      CRITERIA TO BE ADDRESSED IN

    ASSESSMENT
      OF COMPLIANCE STATEMENT

    

    The
      assessment of compliance to be delivered by [the Master Servicer] [Trustee]
      [Name of Subservicer] shall address, at a minimum, the criteria identified
      as
      below as “Applicable Servicing Criteria”:

     

    

    
      	
              Servicing
                Criteria

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
               

              Criteria

            	 
	 	
               

              General
                Servicing Considerations

            	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
               

              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
               Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	 	
               

              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 
	 	
               

              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
               Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
               Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3)or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 
	 	 	 

    

    

     

    
      	 	
              [NAME
                OF MASTER SERVICER] [NAME OF 

              TRUSTEE]
                [NAME OF SUBSERVICER]

               

              Date:  _________________________

               

              

               

              By:      ________________________________

              Name:

              Title:

            

    

     

     

    
      
        
        

      

      
        Y-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      Z

     

    [FORM
      OF]
      LIST OF ITEM 1119 PARTIES

     

    ASSET
      BACKED CERTIFICATES,

    Series
      200_-__

     

    [Date]

    

    
      	
              Party

            	
              Contact
                Information

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

    

     

    
      
        
        

      

      
        Z-1

        
          

        

      

      
        
        

      

    

     

    

    EXHIBIT
      AA

    

    FORM
      OF

    SARBANES-OXLEY
      CERTIFICATION

    (Replacement
      Master Servicer)

    

    (On
      file
      with Trustee)

     

     

    
      
        
        

      

      
        AA-1

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
      I

     

    PREPAYMENT
      CHARGE SCHEDULE AND PREPAYMENT CHARGE SUMMARY

     

    [Delivered
      to Trustee at closing and on file with the Trustee.]

     

    
      
        
        

      

      
        S-I-1

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
      II

     

    COLLATERAL
      SCHEDULE

     

    
      	
              Characteristic

            	
              Applicable
                Section

            	
              Loan
                Group 1

            	
              Loan
                Group 2

            
	
              Single-Family
                Detached Dwellings

            	
              2.03(b)(32)

            	
              73.48%

            	
              68.14%

            
	
              Two-
                to Four-Family Dwellings

            	
              2.03(b)(32)

            	
              6.44%

            	
              5.38%

            
	
              Low-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              5.43%

            	
              7.17%

            
	
              High-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              0.10%

            	
              0.67%

            
	
              Manufactured
                Housing

            	
              2.03(b)(32)

            	
              0.00%

            	
              0.09%

            
	
              PUDs

            	
              2.03(b)(32)

            	
              14.56%

            	
              18.54%

            
	
              Earliest
                Origination Date

            	
              2.03(b)(33)

            	
              7/18/2006

            	
              12/30/2005

            
	
              Prepayment
                Penalty

            	
              2.03(b)(35)

            	
              74.19%

            	
              69.29%

            
	
              Investor
                Properties

            	
              2.03(b)(36)

            	
              6.99%

            	
              4.10%

            
	
              Primary
                Residences

            	
              2.03(b)(36)

            	
              90.94%

            	
              94.80%

            
	
              Lowest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              4.750%

            	
              4.875%

            
	
              Highest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              14.250%

            	
              12.500%

            
	
              Weighted
                Average Current Mortgage Rate

            	
              2.03(b)(48)

            	
              8.076%

            	
              8.437%

            
	
              Lowest
                Gross Margin

            	
              2.03(b)(50)

            	
              2.500%

            	
              2.250%

            
	
              Highest
                Gross Margin

            	
              2.03(b)(50)

            	
              8.900%

            	
              9.400%

            
	
              Weighted
                Average Gross Margin

            	
              2.03(b)(50)

            	
              6.562%

            	
              6.206%

            
	
              Date
                on or before which each Initial Mortgage Loan has a

              Due
                Date

            	
              2.03(b)(51)

            	
              5/1/2007

            	
              5/1/2007

            

    

    

    
      	
              Adjustment
                Date

            	
              Applicable
                Section

            	
              Mortgage
                Loans (other than Two-Year, Three-Year and Five-Year Hybrid Mortgage
                Loans)

            	
              Two-Year
                Hybrid Mortgage Loans

            	
              Three-Year
                Hybrid Mortgage Loans

            	
              Five-Year
                Hybrid Mortgage Loans

            
	
              Latest
                Next Adjustment Date

            	
              2.03(b)(34)

            	
              4/1/2017

            	
              4/1/2009

            	
              4/1/2010

            	
              4/1/2012

            

    

    

    
      
        
        

      

      
        S-II-1

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
      III

     

    40-YEAR
      TARGET SCHEDULE

     

    

    
      	
              
                Month
                  of 

                Distribution
                  Date

              

            	
              
                40-Year

                Target
                  ($)

              

            
	
              April
                2017

            	
              40,400,028

            
	
              May
                2017

            	
              39,845,131

            
	
              June
                2017

            	
              39,297,741

            
	
              July
                2017

            	
              38,757,754

            
	
              August
                2017

            	
              38,225,073

            
	
              September
                2017

            	
              37,699,598

            
	
              October
                2017

            	
              37,181,232

            
	
              November
                2017

            	
              36,669,880

            
	
              December
                2017

            	
              36,165,446

            
	
              January
                2018

            	
              35,667,839

            
	
              February
                2018

            	
              35,176,965

            
	
              March
                2018

            	
              34,692,735

            
	
              April
                2018

            	
              34,215,058

            
	
              May
                2018

            	
              33,743,846

            
	
              June
                2018

            	
              33,279,012

            
	
              July
                2018

            	
              32,820,471

            
	
              August
                2018

            	
              32,368,137

            
	
              September
                2018

            	
              31,921,927

            
	
              October
                2018

            	
              31,481,758

            
	
              November
                2018

            	
              31,047,549

            
	
              December
                2018

            	
              30,619,220

            
	
              January
                2019

            	
              30,196,691

            
	
              February
                2019

            	
              29,779,884

            
	
              March
                2019

            	
              29,368,722

            
	
              April
                2019

            	
              28,963,129

            
	
              May
                2019

            	
              28,563,030

            
	
              June
                2019

            	
              28,168,351

            
	
              July
                2019

            	
              27,779,019

            
	
              August
                2019

            	
              27,394,961

            
	
              September
                2019

            	
              27,016,108

            
	
              October
                2019

            	
              26,642,387

            
	
              November
                2019

            	
              26,273,732

            
	
              December
                2019

            	
              25,910,072

            
	
              January
                2020

            	
              25,551,341

            
	
              February
                2020

            	
              25,197,472

            
	
              March
                2020

            	
              24,848,400

            
	
              April
                2020

            	
              24,504,061

            
	
              May
                2020

            	
              24,164,389

            
	
              June
                2020

            	
              23,829,323

            
	
              July
                2020

            	
              23,498,801

            
	
              August
                2020

            	
              23,172,760

            
	
              September
                2020

            	
              22,851,141

            
	
              October
                2020

            	
              22,533,884

            
	
              November
                2020

            	
              22,220,931

            
	
              December
                2020

            	
              21,912,222

            
	
              January
                2021

            	
              21,607,702

            
	
              February
                2021

            	
              21,307,313

            
	
              March
                2021

            	
              21,011,000

            
	
              April
                2021

            	
              20,718,708

            
	
              May
                2021

            	
              20,430,382

            
	
              June
                2021

            	
              20,145,970

            
	
              July
                2021

            	
              19,865,418

            
	
              August
                2021

            	
              19,588,674

            
	
              September
                2021

            	
              19,315,688

            
	
              October
                2021

            	
              19,046,407

            
	
              November
                2021

            	
              18,780,784

            
	
              December
                2021

            	
              18,518,767

            
	
              January
                2022

            	
              18,260,308

            
	
              February
                2022

            	
              18,005,360

            
	
              March
                2022

            	
              17,753,875

            
	
              April
                2022

            	
              17,505,807

            
	
              May
                2022

            	
              17,261,108

            
	
              June
                2022

            	
              17,019,735

            
	
              July
                2022

            	
              16,781,641

            
	
              August
                2022

            	
              16,546,783

            
	
              September
                2022

            	
              16,315,118

            
	
              October
                2022

            	
              16,086,601

            
	
              November
                2022

            	
              15,861,191

            
	
              December
                2022

            	
              15,638,846

            
	
              January
                2023

            	
              15,419,523

            
	
              February
                2023

            	
              15,203,184

            
	
              March
                2023

            	
              14,989,787

            
	
              April
                2023

            	
              14,779,292

            
	
              May
                2023

            	
              14,571,661

            
	
              June
                2023

            	
              14,366,854

            
	
              July
                2023

            	
              14,164,834

            
	
              August
                2023

            	
              13,965,564

            
	
              September
                2023

            	
              13,769,005

            
	
              October
                2023

            	
              13,575,121

            
	
              November
                2023

            	
              13,383,877

            
	
              December
                2023

            	
              13,195,237

            
	
              January
                2024

            	
              13,009,165

            
	
              February
                2024

            	
              12,825,627

            
	
              March
                2024

            	
              12,644,589

            
	
              April
                2024

            	
              12,466,017

            
	
              May
                2024

            	
              12,289,877

            
	
              June
                2024

            	
              12,116,137

            
	
              July
                2024

            	
              11,944,764

            
	
              August
                2024

            	
              11,775,728

            
	
              September
                2024

            	
              11,608,995

            
	
              October
                2024

            	
              11,444,534

            
	
              November
                2024

            	
              11,282,316

            
	
              December
                2024

            	
              11,122,310

            
	
              January
                2025

            	
              10,964,486

            
	
              February
                2025

            	
              10,808,815

            
	
              March
                2025

            	
              10,655,267

            
	
              April
                2025

            	
              10,503,814

            
	
              May
                2025

            	
              10,354,427

            
	
              June
                2025

            	
              10,207,079

            
	
              July
                2025

            	
              10,061,742

            
	
              August
                2025

            	
              9,918,389

            
	
              September
                2025

            	
              9,776,994

            
	
              October
                2025

            	
              9,637,529

            
	
              November
                2025

            	
              9,499,969

            
	
              December
                2025

            	
              9,364,287

            
	
              January
                2026

            	
              9,230,459

            
	
              February
                2026

            	
              9,098,460

            
	
              March
                2026

            	
              8,968,265

            
	
              April
                2026

            	
              8,839,849

            
	
              May
                2026

            	
              8,713,188

            
	
              June
                2026

            	
              8,588,260

            
	
              July
                2026

            	
              8,465,039

            
	
              August
                2026

            	
              8,343,504

            
	
              September
                2026

            	
              8,223,631

            
	
              October
                2026

            	
              8,105,398

            
	
              November
                2026

            	
              7,988,783

            
	
              December
                2026

            	
              7,873,764

            
	
              January
                2027

            	
              7,760,319

            
	
              February
                2027

            	
              7,648,428

            
	
              March
                2027

            	
              7,538,069

            
	
              April
                2027

            	
              7,429,221

            
	
              May
                2027

            	
              7,321,864

            
	
              June
                2027

            	
              7,215,978

            
	
              July
                2027

            	
              7,111,543

            
	
              August
                2027

            	
              7,008,539

            
	
              September
                2027

            	
              6,906,947

            
	
              October
                2027

            	
              6,806,749

            
	
              November
                2027

            	
              6,707,924

            
	
              December
                2027

            	
              6,610,455

            
	
              January
                2028

            	
              6,514,323

            
	
              February
                2028

            	
              6,419,510

            
	
              March
                2028

            	
              6,325,998

            
	
              April
                2028

            	
              6,233,770

            
	
              May
                2028

            	
              6,142,808

            
	
              June
                2028

            	
              6,053,096

            
	
              July
                2028

            	
              5,964,615

            
	
              August
                2028

            	
              5,877,351

            
	
              September
                2028

            	
              5,791,285

            
	
              October
                2028

            	
              5,706,403

            
	
              November
                2028

            	
              5,622,687

            
	
              December
                2028

            	
              5,540,122

            
	
              January
                2029

            	
              5,458,693

            
	
              February
                2029

            	
              5,378,385

            
	
              March
                2029

            	
              5,299,181

            
	
              April
                2029

            	
              5,221,068

            
	
              May
                2029

            	
              5,144,029

            
	
              June
                2029

            	
              5,068,052

            
	
              July
                2029

            	
              4,993,121

            
	
              August
                2029

            	
              4,919,222

            
	
              September
                2029

            	
              4,846,342

            
	
              October
                2029

            	
              4,774,466

            
	
              November
                2029

            	
              4,703,581

            
	
              December
                2029

            	
              4,633,673

            
	
              January
                2030

            	
              4,564,730

            
	
              February
                2030

            	
              4,496,738

            
	
              March
                2030

            	
              4,429,684

            
	
              April
                2030

            	
              4,363,556

            
	
              May
                2030

            	
              4,298,341

            
	
              June
                2030

            	
              4,234,026

            
	
              July
                2030

            	
              4,170,601

            
	
              August
                2030

            	
              4,108,051

            
	
              September
                2030

            	
              4,046,366

            
	
              October
                2030

            	
              3,985,534

            
	
              November
                2030

            	
              3,925,544

            
	
              December
                2030

            	
              3,866,383

            
	
              January
                2031

            	
              3,808,041

            
	
              February
                2031

            	
              3,750,507

            
	
              March
                2031

            	
              3,693,769

            
	
              April
                2031

            	
              3,637,817

            
	
              May
                2031

            	
              3,582,640

            
	
              June
                2031

            	
              3,528,228

            
	
              July
                2031

            	
              3,474,570

            
	
              August
                2031

            	
              3,421,657

            
	
              September
                2031

            	
              3,369,477

            
	
              October
                2031

            	
              3,318,021

            
	
              November
                2031

            	
              3,267,280

            
	
              December
                2031

            	
              3,217,243

            
	
              January
                2032

            	
              3,167,901

            
	
              February
                2032

            	
              3,119,245

            
	
              March
                2032

            	
              3,071,264

            
	
              April
                2032

            	
              3,023,951

            
	
              May
                2032

            	
              2,977,296

            
	
              June
                2032

            	
              2,931,290

            
	
              July
                2032

            	
              2,885,925

            
	
              August
                2032

            	
              2,841,191

            
	
              September
                2032

            	
              2,797,080

            
	
              October
                2032

            	
              2,753,583

            
	
              November
                2032

            	
              2,710,693

            
	
              December
                2032

            	
              2,668,400

            
	
              January
                2033

            	
              2,626,698

            
	
              February
                2033

            	
              2,585,577

            
	
              March
                2033

            	
              2,545,031

            
	
              April
                2033

            	
              2,505,050

            
	
              May
                2033

            	
              2,465,628

            
	
              June
                2033

            	
              2,426,757

            
	
              July
                2033

            	
              2,388,429

            
	
              August
                2033

            	
              2,350,638

            
	
              September
                2033

            	
              2,313,375

            
	
              October
                2033

            	
              2,276,633

            
	
              November
                2033

            	
              2,240,406

            
	
              December
                2033

            	
              2,204,687

            
	
              January
                2034

            	
              2,169,468

            
	
              February
                2034

            	
              2,134,743

            
	
              March
                2034

            	
              2,100,505

            
	
              April
                2034

            	
              2,066,747

            
	
              May
                2034

            	
              2,033,463

            
	
              June
                2034

            	
              2,000,647

            
	
              July
                2034

            	
              1,968,291

            
	
              August
                2034

            	
              1,936,391

            
	
              September
                2034

            	
              1,904,939

            
	
              October
                2034

            	
              1,873,929

            
	
              November
                2034

            	
              1,843,356

            
	
              December
                2034

            	
              1,813,214

            
	
              January
                2035

            	
              1,783,496

            
	
              February
                2035

            	
              1,754,198

            
	
              March
                2035

            	
              1,725,312

            
	
              April
                2035

            	
              1,696,834

            
	
              May
                2035

            	
              1,668,758

            
	
              June
                2035

            	
              1,641,079

            
	
              July
                2035

            	
              1,613,790

            
	
              August
                2035

            	
              1,586,888

            
	
              September
                2035

            	
              1,560,366

            
	
              October
                2035

            	
              1,534,220

            
	
              November
                2035

            	
              1,508,443

            
	
              December
                2035

            	
              1,483,032

            
	
              January
                2036

            	
              1,457,981

            
	
              February
                2036

            	
              1,433,286

            
	
              March
                2036

            	
              1,408,941

            
	
              April
                2036

            	
              1,384,941

            
	
              May
                2036

            	
              1,361,283

            
	
              June
                2036

            	
              1,337,961

            
	
              July
                2036

            	
              1,314,971

            
	
              August
                2036

            	
              1,292,307

            
	
              September
                2036

            	
              1,269,967

            
	
              October
                2036

            	
              1,247,945

            
	
              November
                2036

            	
              1,226,237

            
	
              December
                2036

            	
              1,204,839

            
	
              January
                2037

            	
              1,183,746

            
	
              February
                2037

            	
              1,162,954

            
	
              March
                2037

            	
              1,142,460

            

    

    

      S-III-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]