Document:

Exhibit 10.1
                                                                    ------------

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
     This First Amendment to Employment Agreement (this "Amendment") is dated as
of the 2nd day of April, 2008 by and between N-Viro International Corporation, a
Delaware corporation (the "Company"), and Timothy R. Kasmoch ("Employee").

                                   WITNESSETH:

WHEREAS,  the  Company  and  Employee  entered  into  an  Employment  Agreement,
effective  as  of  February  13,  2007 (the "Agreement") and desire to amend the
Agreement  to  extend the term of the Agreement for an additional 2 years as set
forth  in  this  Amendment.

NOW, THEREFORE, the parties hereto, in consideration of the promises and
premises set forth herein, agree as follows:

     1.     Amendment to Section 3.  Section 3 of the Agreement shall be deleted
            ----------------------
in its entirety and the following substituted in its place:

                    "Section  3.  Term  of Employment. The term of employment of
                                  ---------------------
               Employee  by  the Company pursuant to this  Employment  Agreement
               shall  be  for  the  period  (the "Employment Period") commencing
               on  February  13,  2007  (the  "Commencement Date") and ending on
               February 12, 2011 or such earlier date that Employee's employment
               is  terminated  or  later  date  that  Employee's  employment  is
               extended  in  accordance  with  the provisions of this Employment
               Agreement  (the  "Termination  Date").  So long as Employee is in
               full  compliance  with  all  of  the terms and conditions of this
               Employment  Agreement,  Employee  is  not  in default under or in
               breach  of  any  of the covenants, agreements, representations or
               warranties  set  forth  in  this Employment Agreement and neither
               Employee  nor  the  Company has delivered a Notice of Termination
               (as  hereinafter  defined) to the other at least ninety (90) days
               prior  to  expiration  of the then-current Employment Period that
               the Employment Period shall not be extended, then this Employment
               Agreement  and  the  Employment  Period  shall  automatically  be
               extended  for  additional  successive  one  (1)  year  periods."

     2.     Reaffirmation; Limitation of Amendment.  Except as expressly
            --------------------------------------
modified herein, all of the terms and provisions of the Agreement shall remain
in full force and effect.

     3.     Defined Terms.  Any capitalized terms used in this Amendment not
            -------------
otherwise defined shall have the meanings set forth in the Agreement.

                      Signature Page to Immediately Follow

<PAGE>

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date
first above written.

N-Viro International Corporation

By:         /s/  James H. Hartung
            ---------------------
Name:       James H. Hartung
           ----------------------
Title:     Chairman of the Board
           ----------------------efc8-0722_6535426ex41.htm

    EXHIBIT
4.1

     

    The Pooling and Servicing Agreement

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit 4.1

     

    Execution Copy

     

    ___________________________

     

    CWMBS,
INC.,

     

    Depositor

     

    COUNTRYWIDE
HOME LOANS, INC.,

     

    Seller

     

    PARK
GRANADA LLC,

     

    Seller

     

    PARK
MONACO INC.,

     

    Seller

     

    PARK
SIENNA LLC,

     

    Seller

     

    COUNTRYWIDE
HOME LOANS SERVICING LP,

     

    Master
Servicer

     

    and

     

    THE BANK
OF NEW YORK,

     

    Trustee

     

    ___________________________________

     

    

     

    POOLING
AND SERVICING AGREEMENT

     

    Dated as
of March 1, 2008

     

    ___________________________________

     

    

     

    CHL
MORTGAGE PASS-THROUGH TRUST 2008-1

     

    MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2008-1

     

     

    ______________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Table
of Contents

     

    Page

     

     

    ARTICLE I
DEFINITIONS

     

    
      	
              SECTION
      1.01.

            	
              Defined
      Terms

            	
              I-1

            
	
              SECTION
      1.02.

            	
              Certain
      Interpretive Provisions

            	
              I-27

            

    

     

    ARTICLE
II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

     

    
      	
              SECTION
      2.01.

            	
              Conveyance
      of Mortgage Loans.

            	
              II-1

            
	
              SECTION
      2.02.

            	
              Acceptance
      by Trustee of the Mortgage Loans.

            	
              II-4

            
	
              SECTION
      2.03.

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

            	
              II-6

            
	
              SECTION
      2.04.

            	
              Representations
      and Warranties of the Depositor as to the Mortgage Loans.

            	
              II-8

            
	
              SECTION
      2.05.

            	
              Delivery
      of Opinion of Counsel in Connection with Substitutions.

            	
              II-9

            
	
              SECTION
      2.06.

            	
              Execution
      and Delivery of Certificates.

            	
              II-9

            
	
              SECTION
      2.07.

            	
              REMIC
      Matters.

            	
              II-9

            
	
              SECTION
      2.08.

            	
              Covenants
      of the Master Servicer.

            	
              II-10

            

    

     

    ARTICLE
III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

     

    
      	
              SECTION
      3.01.

            	
              Master
      Servicer to Service Mortgage Loans.

            	
              III-1

            
	
              SECTION
      3.02.

            	
              Subservicing;
      Enforcement of the Obligations of Subservicers.

            	
              III-2

            
	
              SECTION
      3.03.

            	
              Rights
      of the Depositor and the Trustee in Respect of the Master
      Servicer.

            	
              III-2

            
	
              SECTION
      3.04.

            	
              Trustee
      to Act as Master Servicer.

            	
              III-2

            
	
              SECTION
      3.05.

            	
              Collection
      of Mortgage Loan Payments; the Certificate Account; the Distribution
      Account.

            	
              III-3

            
	
              SECTION
      3.06.

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

            	
              III-5

            
	
              SECTION
      3.07.

            	
              Access
      to Certain Documentation and Information Regarding the Mortgage
      Loans.

            	
              III-6

            
	
              SECTION
      3.08.

            	
              Permitted
      Withdrawals from the Certificate Account and the Distribution
      Account.

            	
              III-6

            
	
              SECTION
      3.09.

            	
              Maintenance
      of Hazard Insurance; Maintenance of Primary Insurance
      Policies.

            	
              III-8

            
	
              SECTION
      3.10.

            	
              Enforcement
      of Due-on-Sale Clauses; Assumption Agreements.

            	
              III-9

            
	
              SECTION
      3.11.

            	
              Realization
      Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage
      Loans.

            	
              III-10

            
	
              SECTION
      3.12.

            	
              Trustee
      to Cooperate; Release of Mortgage Files.

            	
              III-13

            
	
              SECTION
      3.13.

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

            	
              III-14

            
	
              SECTION
      3.14.

            	
              Servicing
      Compensation.

            	
              III-15

            
	
              SECTION
      3.15.

            	
              Access
      to Certain Documentation.

            	
              III-15

            
	
              SECTION
      3.16.

            	
              Annual
      Statement as to Compliance.

            	
              III-15

            
	
              SECTION
      3.17.

            	
              Errors
      and Omissions Insurance; Fidelity Bonds.

            	
              III-16

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    ARTICLE
IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

     

    
      	
              SECTION
      4.01.

            	
              Advances.

            	
              IV-1

            
	
              SECTION
      4.02.

            	
              Priorities
      of Distribution.

            	
              IV-2

            
	
              SECTION
      4.03.

            	
              [Reserved].

            	
              IV-5

            
	
              SECTION
      4.04.

            	
              Allocation
      of Realized Losses.

            	
              IV-5

            
	
              SECTION
      4.05.

            	
              [Reserved]

            	
              IV-6

            
	
              SECTION
      4.06.

            	
              Monthly
      Statements to Certificateholders.

            	
              IV-6

            
	
              SECTION
      4.07.

            	
              Determination
      of Pass-Through Rates for COFI Certificates.

            	
              IV-6

            
	
              SECTION
      4.08.

            	
              Determination
      of Pass-Through Rates for LIBOR Certificates.

            	
              IV-7

            

    

     

    ARTICLE V
THE CERTIFICATES

     

    
      	
              SECTION
      5.01.

            	
              The
      Certificates.

            	
              V-1

            
	
              SECTION
      5.02.

            	
              Certificate
      Register; Registration of Transfer and Exchange of
      Certificates.

            	
              V-1

            
	
              SECTION
      5.03.

            	
              Mutilated,
      Destroyed, Lost or Stolen Certificates.

            	
              V-5

            
	
              SECTION
      5.04.

            	
              Persons
      Deemed Owners.

            	
              V-5

            
	
              SECTION
      5.05.

            	
              Access
      to List of Certificateholders’ Names and Addresses.

            	
              V-6

            
	
              SECTION
      5.06.

            	
              Maintenance
      of Office or Agency.

            	
              V-6

            

    

     

    ARTICLE
VI THE DEPOSITOR AND THE MASTER SERVICER

     

    
      	
              SECTION
      6.01.

            	
              Respective
      Liabilities of the Depositor and the Master Servicer.

            	
              VI-1

            
	
              SECTION
      6.02.

            	
              Merger
      or Consolidation of the Depositor or the Master Servicer.

            	
              VI-1

            
	
              SECTION
      6.03.

            	
              Limitation
      on Liability of the Depositor, the Sellers, the Master Servicer and
      Others.

            	
              VI-1

            
	
              SECTION
      6.04.

            	
              Limitation
      on Resignation of Master Servicer.

            	
              VI-2

            

    

     

    ARTICLE
VII DEFAULT

     

    
      	
              SECTION
      7.01.

            	
              Events
      of Default.

            	
              VII-1

            
	
              SECTION
      7.02.

            	
              Trustee
      to Act; Appointment of Successor.

            	
              VII-3

            
	
              SECTION
      7.03.

            	
              Notification
      to Certificateholders.

            	
              VII-4

            

    

     

    ARTICLE
VIII CONCERNING THE TRUSTEE

     

    
      	
              SECTION
      8.01.

            	
              Duties
      of Trustee.

            	
              VIII-1

            
	
              SECTION
      8.02.

            	
              Certain
      Matters Affecting the Trustee.

            	
              VIII-2

            
	
              SECTION
      8.03.

            	
              Trustee
      Not Liable for Certificates or Mortgage Loans.

            	
              VIII-3

            
	
              SECTION
      8.04.

            	
              Trustee
      May Own Certificates.

            	
              VIII-3

            
	
              SECTION
      8.05.

            	
              Trustee’s
      Fees and Expenses.

            	
              VIII-3

            
	
              SECTION
      8.06.

            	
              Eligibility
      Requirements for Trustee.

            	
              VIII-3

            
	
              SECTION
      8.07.

            	
              Resignation
      and Removal of Trustee.

            	
              VIII-4

            
	
              SECTION
      8.08.

            	
              Successor
      Trustee.

            	
              VIII-5

            
	
              SECTION
      8.09.

            	
              Merger
      or Consolidation of Trustee.

            	
              VIII-5

            
	
              SECTION
      8.10.

            	
              Appointment
      of Co-Trustee or Separate Trustee.

            	
              VIII-5

            
	
              SECTION
      8.11.

            	
              Tax
      Matters.

            	
              VIII-7

            
	
              SECTION
      8.12.

            	
              Monitoring
      of Significance Percentage.

            	
              VIII-8

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    ARTICLE
IX TERMINATION

     

    
      	
              SECTION
      9.01.

            	
              Termination
      upon Liquidation or Purchase of all Mortgage Loans.

            	
              IX-1

            
	
              SECTION
      9.02.

            	
              Final
      Distribution on the Certificates.

            	
              IX-1

            
	
              SECTION
      9.03.

            	
              Additional
      Termination Requirements.

            	
              IX-2

            

    

     

    ARTICLE X
MISCELLANEOUS PROVISIONS

     

    
      	
              SECTION
      10.01.

            	
              Amendment.

            	
              X-1

            
	
              SECTION
      10.02.

            	
              Recordation
      of Agreement; Counterparts.

            	
              X-2

            
	
              SECTION
      10.03.

            	
              Governing
      Law.

            	
              X-2

            
	
              SECTION
      10.04.

            	
              Intention
      of Parties.

            	
              X-2

            
	
              SECTION
      10.05.

            	
              Notices.

            	
              X-4

            
	
              SECTION
      10.06.

            	
              Severability
      of Provisions.

            	
              X-5

            
	
              SECTION
      10.07.

            	
              Assignment.

            	
              X-5

            
	
              SECTION
      10.08.

            	
              Limitation
      on Rights of Certificateholders.

            	
              X-5

            
	
              SECTION
      10.09.

            	
              Inspection
      and Audit Rights.

            	
              X-6

            
	
              SECTION
      10.10.

            	
              Certificates
      Nonassessable and Fully Paid.

            	
              X-6

            
	
              SECTION
      10.11.

            	
              [Reserved]

            	
              X-6

            
	
              SECTION
      10.12.

            	
              Protection
      of Assets.

            	
              X-6

            

    

     

    ARTICLE
XI EXCHANGE ACT REPORTING

     

    
      	
              SECTION
      11.01.

            	
              Filing
      Obligations.

            	
              XI-1

            
	
              SECTION
      11.02.

            	
              Form
      10-D Filings.

            	
              XI-1

            
	
              SECTION
      11.03.

            	
              Form
      8-K Filings.

            	
              XI-2

            
	
              SECTION
      11.04.

            	
              Form
      10-K Filings.

            	
              XI-2

            
	
              SECTION
      11.05.

            	
              Sarbanes-Oxley
      Certification.

            	
              XI-2

            
	
              SECTION
      11.06.

            	
              Form
      15 Filing.

            	
              XI-3

            
	
              SECTION
      11.07.

            	
              Report
      on Assessment of Compliance and Attestation.

            	
              XI-3

            
	
              SECTION
      11.08.

            	
              Use
      of Subservicers and Subcontractors.

            	
              XI-4

            
	
              SECTION
      11.09.

            	
              Amendments.

            	
              XI-5

            
	
              SECTION
      11.10.

            	
              Reconciliation
      of Accounts.

            	
              XI-5

            

    

    

    SCHEDULES

     

    
      	
              Schedule
      I

            	
              Mortgage
      Loan Schedule

            	
              S-I-1

            
	
              Schedule
      II-A

            	
              Representations
      and Warranties of Countrywide

            	
              S-II-A-1

            
	
              Schedule
      II-B

            	
              Representations
      and Warranties of Park Granada

            	
              S-II-B-1

            
	
              Schedule
      II-C

            	
              Representations
      and Warranties of Park Monaco Inc.

            	
              S-II-C-1

            
	
              Schedule
      II-D

            	
              Representations
      and Warranties of Park Sienna LLC

            	
              S-II-D-1

            
	
              Schedule
      III-A

            	
              Representations
      and Warranties of Countrywide as to the Mortgage Loans

            	 
      
	 
      	 
      	
              S-III-A-1

            
	
              Schedule
      III-B

            	
              Representations
      and Warranties of Countrywide as to the Countrywide Mortgage
      Loans

            	
              S-III-B-1

            
	 
      	 
      	 
      
	
              Schedule
      III-C

            	
              Representations
      and Warranties of Park Granada as to the Park Granada Mortgage
      Loans

            	
              S-III-C-1

            
	 
      	 
      	 
      
	
              Schedule
      III-D

            	
              Representations
      and Warranties of Park Monaco Inc. as to the Park Monaco Inc. Mortgage
      Loans

            	
              S-III-D-1

            
	
              Schedule
      III-E

            	
              Representations
      and Warranties of Park Sienna LLC as to the Park Sienna LLC Mortgage
      Loans

            	
              S-III-E-1

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Schedule
      IV

            	
              Representations
      and Warranties of the Master Servicer

            	
              S-IV-1

            
	
              Schedule
      V

            	
              Principal
      Balance Schedules (if applicable)

            	
              S-V-1

            
	
              Schedule
      VI

            	
              Form
      of Monthly Master Servicer Report

            	
              S-VI-I

            

    

     

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

     

    
      EXHIBITS

    

     

    
      	
              Exhibit
      A:

            	
              Form
      of Senior or Exchangeable Certificate (excluding Notional Amount
      Certificates)

            	
              A-1

            
	
              Exhibit
      B:

            	
              Form
      of Subordinated Certificate

            	
              B-1

            
	
              Exhibit
      C-1:

            	
              Form
      of Class A-R Certificate

            	
              C-1-1

            
	
              Exhibit
      C-2:

            	
              [Reserved]

            	
              C-2-1

            
	
              Exhibit
      C-3:

            	
              [Reserved]

            	
              C-3-1

            
	
              Exhibit
      C-4:

            	
              [Reserved]

            	
              C-4-1

            
	
              Exhibit
      D:

            	
              Form
      of Notional Amount Certificate

            	
              D-1

            
	
              Exhibit
      E:

            	
              Form
      of Reverse of Certificates

            	
              E-1

            
	
              Exhibit
      F-1:

            	
              Form
      of Initial Certification of Trustee

            	
              F-1-1

            
	
              Exhibit
      F-2:

            	
              [Reserved]

            	
              F-2-1

            
	
              Exhibit
      G-1:

            	
              Form
      of Delay Delivery Certification of Trustee

            	
              G-1-1

            
	
              Exhibit
      G-2:

            	
              [Reserved]

            	
              G-2-1

            
	
              Exhibit
      H-1:

            	
              Form
      of Final Certification of Trustee

            	
              H-1-1

            
	
              Exhibit
      H-2:

            	
              [Reserved]

            	
              H-2-1

            
	
              Exhibit
      I:

            	
              Form
      of Transfer Affidavit

            	
              I-1

            
	
              Exhibit
      J-1:

            	
              Form
      of Transferor Certificate (Residual)

            	
              J-1-1

            
	
              Exhibit
      J-2:

            	
              Form
      of Transferor Certificate (Private)

            	
              J-2-1

            
	
              Exhibit
      K:

            	
              Form
      of Investment Letter [Non-Rule 144A]

            	
              K-1

            
	
              Exhibit
      L-1:

            	
              Form
      of Rule 144A Letter

            	
              L-1-1

            
	
              Exhibit
      L-2:

            	
              [Reserved]

            	
              L-2-1

            
	
              Exhibit
      M:

            	
              Form
      of Request for Release (for Trustee)

            	
              M-1

            
	
              Exhibit
      N:

            	
              Form
      of Request for Release of Documents (Mortgage Loan - Paid in Full,
      Repurchased and Replaced)

            	
              N-1

            
	
              Exhibit
      O:

            	
              [Reserved]

            	
              O-1

            
	
              Exhibit
      P:

            	
              [Reserved]

            	
              P-1

            
	
              Exhibit
      Q:

            	
              Standard
      & Poor’s LEVELS® Version 6.3 Glossary Revised, Appendix
    E

            	
              Q-1

            
	
              Exhibit
      R:

            	
              [Reserved]

            	
              R-1

            
	
              Exhibit
      S-1:

            	
              [Reserved]

            	
              S-1-1

            
	
              Exhibit
      S-2:

            	
              [Reserved]

            	
              S-2-1

            
	
              Exhibit
      T:

            	
              [Reserved]

            	
              T-1

            
	
              Exhibit
      U:

            	
              Form
      of Monthly Statement

            	
              U-1

            
	
              Exhibit
      V-1:

            	
              Form
      of Performance Certification (Subservicer)

            	
              V-1-1

            
	
              Exhibit
      V-2:

            	
              Form
      of Performance Certification (Trustee)

            	
              V-2-1

            
	
              Exhibit
      W:

            	
              Form
      of Servicing Criteria to be Addressed in Assessment of Compliance
      Statement

            	
              W-1

            
	
              Exhibit
      X:

            	
              List
      of Item 1119 Parties

            	
              X-1

            
	
              Exhibit
      Y:

            	
              Form
      of Sarbanes-Oxley Certification (Replacement of Master
      Servicer)

            	
              Y-1

            

    

     

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

     

     

    THIS
POOLING AND SERVICING AGREEMENT, dated as of March 1, 2008, among CWMBS, INC., a
Delaware corporation, as depositor (the “Depositor”), COUNTRYWIDE HOME LOANS,
INC. (“Countrywide”), a New York corporation, as a seller (a “Seller”), PARK
GRANADA LLC (“Park Granada”), a Delaware limited liability company, as a seller
(a “Seller”), PARK MONACO INC. (“Park Monaco”), a Delaware corporation, as a
seller (a “Seller”), PARK SIENNA LLC (“Park Sienna”), a Delaware limited
liability company, as a seller (a “Seller”), COUNTRYWIDE HOME LOANS SERVICING
LP, a Texas limited partnership, as master servicer (the “Master Servicer”), and
THE BANK OF NEW YORK, a banking corporation organized under the laws of the
State of New York, as trustee (the “Trustee”).

     

    WITNESSETH
THAT

     

    In
consideration of the mutual agreements herein contained, the parties hereto
agree as follows:

     

     

    PRELIMINARY
STATEMENT

     

    The
Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
in return for the Certificates. For federal income tax purposes, the Trust Fund
will consist of two real estate mortgage investment conduits (each a “REMIC” or,
in the alternative, the “Subsidiary REMIC” and the “Master REMIC,”
respectively). 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 will represent
ownership of the sole class of residual interest in the Subsidiary REMIC and the
Master REMIC.  The Master REMIC will hold as assets the several
classes of uncertificated Subsidiary REMIC Interests (other than the Class
SR-A-R Interest).  The Subsidiary REMIC will hold as assets all
property of the Trust Fund.  Each Subsidiary REMIC Interest (other
than the Class SR-A-R Interest) is hereby designated as a regular interest in
the Subsidiary REMIC .  The latest possible maturity date of all REMIC
regular interests created herein shall be the Latest Possible Maturity
Date.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
following table sets forth characteristics of the Master REMIC Certificates,
together with the minimum denominations and integral multiples in excess thereof
in which such Classes shall be issuable (except that one Residual Certificate
representing the Tax Matters Person Certificate may be issued in a different
amount):

     

    
      	
              Class
      Designation

            	
              Initial
      Class Certificate Balance

            	
              Pass-Through

              Rate

              (per
      annum)

            	
              Minimum
      Denomination

            	
              Integral
      Multiples in Excess of Minimum

            
	
              Class
      A-1

            	
              $9,771,000

            	
              6.00%

            	
              $25,000

            	
              $1

            
	
              Class
      A-2

            	
              $95,000,000

            	
              5.50%

            	
              $25,000

            	
              $1

            
	
              Class
      A-3

            	
              $11,712,500(1)

            	
              6.00%

            	
              $25,000(3)

            	
              $1(3)

            
	
              Class
      A-4

            	
              $44,069,600

            	
              5.50%

            	
              $25,000

            	
              $1

            
	
              Class
      A-5

            	
              $1,480,400

            	
              5.50%

            	
              $25,000

            	
              $1

            
	
              Class
      X

            	
              $149,182870(1)

            	
              (2)

            	
              $25,000(3)

            	
              $1(3)

            
	
              Class
      PO

            	
              $705,243

            	
              (4)

            	
              $25,000

            	
              $1

            
	
              Class
      A-R (5)

            	
              $100

            	
              6.00%

            	
              (6)

            	
              (6)

            
	
              Class
      M

            	
              $4,441,900

            	
              6.00%

            	
              $25,000

            	
              $1

            
	
              Class
      B-1

            	
              $2,019,000

            	
              6.00%

            	
              $25,000

            	
              $1

            
	
              Class
      B-2

            	
              $1,211,500

            	
              6.00%

            	
              $25,000

            	
              $1

            
	
              Class
      B-3

            	
              $1,049,900

            	
              6.00%

            	
              $100,000

            	
              $1

            
	
              Class
      B-4

            	
              $969,200

            	
              6.00%

            	
              $100,000

            	
              $1

            
	
              Class
      B-5

            	
              $807,684.42

            	
              6.00%

            	
              $100,000

            	
              $1

            

    

    __________________________________________

     

    
      	
              (1)  

            	
              This
      Class of Certificates is a Class of Notional Amount Certificates, will
      have no Class Certificate Balance and will bear interest on its Notional
      Amount.

            

    

     

    
      	
              (2)  

            	
              The
      Pass-Through Rate for the Class X Certificates for the Interest Accrual
      Period for any Distribution Date will equal the excess of (a) the weighted
      average of the Adjusted Net Mortgage Rates of the Non-Discount Mortgage
      Loans, weighted on the basis of the Stated Principal Balances thereof as
      of the Due Date in the preceding calendar month (after giving effect to
      Principal Prepayments received in the Prepayment Period related to such
      prior Due Date), over (b) 6.00%.  The Pass-Through Rate for the
      Class X Certificates for the Interest Accrual Period for the first
      Distribution Date is 0.5930% per
annum.

            

    

     

    
      	
              (3)  

            	
              Minimum
      denomination is based on the Notional Amount of such
  Class.

            

    

     

    
      	
              (4)  

            	
              This
      Class of Certificates is a Class of Principal Only Certificates and will
      not receive any distributions of
interest.

            

    

     

    
      	
              (5)  

            	
              The
      Class A-R Certificates represent the sole Class of residual interest in
      the Master REMIC.

            

    

     

    
      	
              (6)  

            	
              The
      Class A-R Certificate shall be issued as two certificates in fully
      registered certificated form with an aggregate Certificate Balance of
      $100.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

       

    

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

     

    
      	
              Subsidiary
      REMIC Interest

            	 	
              Initial
      Principal Balance

            	 	 	
              Interest
      Rate

            	 	
              Corresponding
      Certificates

            
	
              SR-A-1

            	 	$	9,771,000	 	 	 	6.00	%	
              Class
      A-1

            
	
              SR-A-2

            	 	$	95,000,000	 	 	 	6.00	%	
              Class
      A-2, Class A-3(1)

            
	
              SR-A-4

            	 	$	44,069,600	 	 	 	6.00	%	
              Class
      A-4, Class A-3(1)

            
	
              SR-A-5

            	 	$	1,480,400	 	 	 	6.00	%	
              Class
      A-5, Class A-3(1)

            
	
              SR-PO

            	 	$	705,243	 	 	 	(2	)	
              Class
      PO

            
	
              SR-X

            	 	 	(3	)	 	 	(4	)	
              Class
      X

            
	
              SR-$100

            	 	$	100	 	 	 	6.00	%	
              Class
      A-R

            
	
              SR-M

            	 	$	4,441,900	 	 	 	6.00	%	
              Class
      M

            
	
              SR-B-1

            	 	$	2,019,000	 	 	 	6.00	%	
              Class
      B-1

            
	
              SR-B-2

            	 	$	1,211,500	 	 	 	6.00	%	
              Class
      B-2

            
	
              SR-B-3

            	 	$	1,049,900	 	 	 	6.00	%	
              Class
      B-3

            
	
              SR-B-4

            	 	$	969,200	 	 	 	6.00	%	
              Class
      B-4

            
	
              SR-B-5

            	 	$	807,684.42	 	 	 	6.00	%	
              Class
      B-5

            
	
              SR-A-R

            	 	 	(5	)	 	 	(5	)	
              N/A

            

    

    _____________________

    

    
      	
              (1)

            	
              For
      each Distribution Date, the Class A-3 Certificates is entitled to a
      specified portion of the interest payable to the Class SR-A-2 Subsidiary
      Interest, the Class SR-A-4 Subsidiary Interest and the Class SR-A-5
      Subsidiary Interest.  Specifically, for each Distribution Date
      the Class A-3 Certificates is entitled to interest payable on these
      Subsidiary Interests as a rate equal to 0.50% per
  annum.

            

    

     

    
      	
              (2)

            	
              This
      Subsidiary REMIC Interest will be a principal only Interest and will not
      be entitled to receive any distributions of
  interest.

            

    

     

    
      	
              (3)

            	
              This
      Subsidiary REMIC Interest will be an interest only Interest and will not
      be entitled to receive any distributions of
  principal.

            

    

     

    
      	
              (4)

            	
              The
      Class SR-X Subsidiary Interest is entitled to receive on each Distribution
      Date a specified portion of the interest payable on each Non-Discount
      Mortgage Loan equal to all of the interest payable on such mortgage loan
      in excess of an Adjusted Net Mortgage Rate of
  6.00%.

            

    

     

    
      	
              (5)

            	
              The
      SR-A-R is the sole Class of residual interest in the Subsidiary
      REMIC.  It pays no interest or
  principal.

            

    

     

    On each Distribution Date, the
Available Funds shall be distributed with respect to the Subsidiary REMIC
interests in the following manner:

     

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

     

    (2)  Principal is to be
distributed with respect to each Subsidiary REMIC Interest in the same manner
and in the same amount as principal is distributed with respect to each
Subsidiary REMIC Regular Interest’s Corresponding Class or Classes of
Certificates.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    On each Distribution Date, Realized
Losses (and increases in principal balances attributable to Subsequent
Recoveries) shall be allocated among the Subsidiary REMIC Interests in the same
manner that Realized Losses (and increases in Class Certificate Balances
attributable to Subsequent Recoveries) are allocated among each Subsidiary REMIC
Interest’s Corresponding Class or Classes of Certificates.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    Set forth
below are designations of Classes or Components of Certificates and other
defined terms to the categories used herein:

     

    
      
        	
                Accretion
      Directed Certificates

              	
                None.

              

      

       

      
        	
                Accretion
      Directed Components

              	
                None.

              

      

       

      
        	
                Accrual
      Certificates

              	
                None.

              

      

       

      
        	
                Accrual
      Components.

              	
                None.

              

      

       

      
        	
                Book-Entry
      Certificates.

              	
                All
      Classes of Certificates other than the Physical
    Certificates.

              

      

       

      
        	
                COFI
      Certificates.

              	
                None.

              

      

       

      
        	
                Combined
      Certificates

              	
                None.

              

      

       

      
        	
                Component
      Certificates.

              	
                None.

              

      

       

      
        	
                Components.

              	
                For
      purposes of calculating distributions of principal and/or interest, the
      Component Certificates, if any, will be comprised of multiple payment
      components having the designations, Initial Component Balances or Notional
      Amounts, as applicable, and Pass-Through Rates set forth
      below:

              

      

       

      
        	
                Designation

              	
                Initial

                Component Balance

              	
                Pass-Through Rate

              
	
                N/A

              	
                N/A

              	
                N/A

              
	 
      	 
      	 
      

      

      
        	
                Delay
      Certificates

              	
                All
      interest-bearing Classes of Certificates other than the Non-Delay
      Certificates, if any.

              

      

       

      
        	
                ERISA-Restricted
      Certificates.

              	
                The
      Residual Certificates and Private Certificates; until an ERISA-Qualifying
      Underwriting has occurred with respect to such Class, the Class A-1, Class
      PO, Class X, Class M, Class B-1 and Class B-2 Certificates; and any
      Certificate of a Class that does not have or no longer has a rating of at
      least BBB- or its equivalent from at least one Rating
    Agency.

              

      

       

      
        	
                Floating
      Rate Certificates.

              	
                None.

              

      

       

      
        	
                Inverse
      Floating Rate Certificates.

              	
                None.

              

      

       

      
        	
                LIBOR
      Certificates.

              	
                Floating
      Rate Certificates and Inverse Floating Rate
  Certificates.

              

      

       

      
        	
                Non-Delay
      Certificates.

              	
                LIBOR
      Certificates.

              

      

       

      
        	
                Notional
      Amount Certificates.

              	
                Class
      A-3 and Class X Certificates.

              

      

       

      
        	
                Notional
      Amount Components

              	
                None.

              

      

       

      
        	
                Offered
      Certificates.

              	
                All
      Classes of Certificates other than the Private
    Certificates.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	
                Physical
      Certificates.

              	
                Private
      Certificates and the Residual
Certificates.

              

      

       

      
        	
                Planned
      Principal Classes.

              	
                None.

              

      

       

      
        	
                Principal
      Only Certificates.

              	
                Class
      PO Certificates.

              

      

       

      
        	
                Private
      Certificates.

              	
                Class
      B-3, Class B-4 and Class B-5
Certificates.

              

      

       

      
        	
                Rating
      Agencies.

              	
                Moody’s
      and S&P.

              

      

       

      
        	
                Regular
      Certificates.

              	
                All
      Classes of Certificates, other than the Residual
    Certificates.

              

      

       

      
        	
                Residual
      Certificates.

              	
                Class
      A-R Certificates.

              

      

       

      
        	
                Senior
      Certificates.

              	
                Class
      A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-R, Class X and
      Class PO Certificates.

              

      

       

      
        	
                Subordinated
      Certificates.

              	
                Class M,
      Class B-1, Class B-2, Class B-3, Class B-4 and
      Class B-5 Certificates.

              

      

       

      
        	
                Targeted
      Principal Classes.

              	
                None.

              

      

       

      
        	
                Underwriter

              	
                Deutsche
      Bank Securities Inc. (Senior).

              

      

       

    

    With
respect to any of the foregoing designations as to which the corresponding
reference is “None,” all defined terms and provisions herein relating solely to
such designations shall be of no force or effect, and any calculations herein
incorporating references to such designations shall be interpreted without
reference to such designations and amounts.  Defined terms and
provisions herein relating to statistical rating agencies not designated above
as Rating Agencies shall be of no force or effect.

     

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    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:

     

    Account: Any Escrow
Account, the Certificate Account, the Distribution Account or any other account
related to the Trust Fund or the Mortgage Loans.

     

    Accretion Directed
Certificates:  As specified in the Preliminary
Statement.

     

    Accretion Direction
Rule:  Not applicable.

     

    Accrual
Amount:  With respect to any Class of Accrual Certificates and
any Distribution Date prior to the Accrual Termination Date, the amount
allocable to interest on such Class of Accrual Certificates with respect to such
Distribution Date pursuant to Section 4.02(a)(ii).

     

    Accrual
Certificates:  As specified in the Preliminary
Statement.

     

    Accrual
Components:  As specified in the Preliminary
Statement.

     

    Accrual
Termination Date:  Not applicable.

     

    Additional
Designated Information:  As defined in Section
11.02.

     

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

     

    Adjusted
Net Mortgage Rate:  As to each Mortgage Loan, and at any time,
the per annum rate equal to the Mortgage Rate less the Expense
Rate.  For purposes of determining whether any Substitute Mortgage
Loan is a Discount Mortgage Loan or a Non-Discount Mortgage Loan and for
purposes of calculating the applicable PO Percentage and the applicable Non-PO
Percentage, each Substitute Mortgage Loan shall be deemed to have an Adjusted
Net Mortgage Rate equal to the Adjusted Net Mortgage Rate of the Deleted
Mortgage Loan for which it is substituted.  For purposes of
determining whether any Modified Mortgage Loan is a Discount Mortgage Loan or a
Non-Discount Mortgage Loan and for purposes of calculating the applicable PO
Percentage and the applicable Non-PO Percentage, each Modified Mortgage Loan
shall be deemed to have an Adjusted Net Mortgage Rate equal to the Adjusted Net
Mortgage Rate of that Mortgage Loan prior to such
modification.

     

    Advance:  The
payment required to be made by the Master Servicer with respect to any
Distribution Date pursuant to Section 4.01, the amount of any such payment being
equal to the sum of (a) the aggregate of payments of principal and interest (net
of the Master Servicing Fee) on the Mortgage Loans 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 and (b) the aggregate of payments of principal
and interest on each Mortgage Loan as to which the related Mortgaged Property is
an REO Property (net of any net income from such REO Property), in each case
less the aggregate amount of any such
delinquent payments that the Master Servicer has determined would constitute a
Nonrecoverable Advance, if advanced.

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    Aggregate
Planned Balance:  With respect to any group of Planned
Principal Classes or Components and any Distribution Date, the amount set forth
for such group for such Distribution Date in Schedule V
hereto.

     

    Aggregate
Scheduled Balance:  With respect to any group of Scheduled
Principal Classes or Components and any Distribution Date, the amount set forth
for such group for such Distribution Date in Schedule V
hereto.

     

    Aggregate
Targeted Balance:  With respect to any group of Targeted
Principal Classes or Components and any Distribution Date, the amount set forth
for such group for such Distribution Date in Schedule V
hereto.

     

    Agreement:  This
Pooling and Servicing Agreement and all amendments or supplements
hereto.

     

    Allocable
Share:  As to any Distribution Date and any Mortgage Loan (i)
with respect to the Class PO Certificates, zero, (ii) with respect to the Class
X Certificates, (a) the ratio that the excess, if any, of the Adjusted Net
Mortgage Rate with respect to such Mortgage Loan, over the Required Coupon bears
to such Adjusted Net Mortgage Rate or (b) if the Adjusted Net Mortgage Rate with
respect to such Mortgage Loan does not exceed the Required Coupon, zero` and
(iii) with respect to each other Class of Certificates the product of (a) the
lesser of (I) the ratio that the Required Coupon bears to the Adjusted Net
Mortgage Rate of such Mortgage Loan and (II) one, multiplied by (b) the ratio
that the amount calculated with respect to such Distribution Date for such Class
pursuant to clause (i) of the definition of Class Optimal Interest Distribution
Amount (without giving effect to any reduction of such amount pursuant to
Section 4.02(d)) bears to the amount calculated with respect to such
Distribution Date for each Class of Certificates pursuant to clause (i) of the
definition of Class Optimal Interest Distribution Amount (without giving
effect to any reduction of such amount pursuant to Section
4.02(d)).

     

    Amount
Available for Senior Principal:  As to any Distribution Date,
Available Funds for such Distribution Date, reduced by the aggregate amount
distributable (or allocable to the Accrual Amount, if applicable) on such
Distribution Date in respect of interest on the Senior Certificates pursuant to
Section 4.02(a)(ii).

     

    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
related Determination Date on account of (i) Principal Prepayments received
after the related Prepayment Period and Liquidation Proceeds and Subsequent
Recoveries received in the month of such Distribution Date and (ii) all
Scheduled Payments due after the related Due
Date.

     

    Applicable
Credit Support Percentage:  As defined in Section
4.02(e).

     

    Appraised
Value:  With respect to any Mortgage Loan, the Appraised Value
of the related Mortgaged Property shall be: (i) with respect to a Mortgage Loan
other than a Refinancing Mortgage Loan, the lesser of (a) the value of the
Mortgaged Property based upon the appraisal made at the time of the origination
of such Mortgage Loan and (b) the sale price of the Mortgaged Property at the
time of the origination of such Mortgage Loan; (ii) with respect to a
Refinancing Mortgage Loan other than a Streamlined Documentation Mortgage Loan,
the value of the Mortgaged Property based upon the appraisal made at the time of
the origination of such Refinancing Mortgage Loan; and (iii) with respect to a
Refinancing Mortgage Loan that is a Streamlined Documentation Mortgage Loan, (a)
if the loan-to-value ratio with respect to the Original Mortgage Loan at the
time of the origination thereof was 80% or less and the loan amount of the new
mortgage loan is $650,000 or less, the value of the Mortgaged

     

     

    
      
        
        

      

      
        I-2

        
          

        

      

      
        
        

      

    

     

    Property
based upon the appraisal made at the time of the origination of the Original
Mortgage Loan; provided that the value of such Mortgaged Property has not
declined, as determined by an automated valuation model approved by Countrywide,
(b) if the loan-to-value ratio with respect to the Original Mortgage Loan at the
time of the origination thereof was greater than 80% or the loan amount of the
new loan being originated is greater than $650,000, the value of the Mortgaged
Property based upon the appraisal (which may be a drive-by appraisal) made at
the time of the origination of such Streamlined Documentation Mortgage Loan, and
(c) if the loan amount of the new mortgage loan is greater than $1,000,000 but
less than or equal to $3,000,000, the value of the Mortgaged Property based upon
an appraisal and a review appraisal made at the time of  the
origination of such Streamlined Documentation Mortgage Loan.

     

    Available
Funds:  As to any Distribution Date, the sum of (a) the
aggregate amount held in the Certificate Account at the close of business on the
related Determination Date, including any Subsequent Recoveries, net of the
Amount Held for Future Distribution and net of amounts permitted to be withdrawn
from the Certificate Account pursuant to clauses (i)–(viii), inclusive, of
Section 3.08(a) and amounts permitted to be withdrawn from the Distribution
Account pursuant to clauses (i)–(v) inclusive of Section 3.08(b), (b) the amount
of the related Advance and (c) in connection with Defective Mortgage Loans, as
applicable, the aggregate of the Purchase Prices and Substitution Adjustment
Amounts deposited on the related Distribution Account Deposit
Date.

     

    Bankruptcy
Code:  The United States Bankruptcy Reform Act of 1978, as
amended.

     

    Book-Entry
Certificates:  As specified in the Preliminary
Statement.

     

    Business
Day:  Any day other than (i) a Saturday or a Sunday, or (ii) a
day on which banking institutions in the City of New York, New York, or the
States of California or Texas 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
Advance:  With respect to any Mortgage Loan, any Advance or
Servicing Advance that was made after the Closing Date and added to the unpaid
principal balance of that Mortgage Loan in connection with a modification of the
related Mortgage Note.

     

    Capitalized
Interest Account: Not applicable.

     

    Certificate:  Any
one of the Certificates executed by the Trustee in substantially the forms
attached hereto as exhibits.

     

    Certificate
Account:  The separate Eligible Account or Accounts created and
maintained by the Master Servicer pursuant to Section 3.05 with a depository
institution, initially Countrywide Bank, FSB, in the name of the Master Servicer
for the benefit of the Trustee on behalf of Certificateholders and designated
“Countrywide Home Loans Servicing LP, in trust for the registered holders of CHL
Mortgage Pass-Through Trust 2008-1, Mortgage Pass-Through Certificates, Series
2008-1.”

     

    Certificate
Balance:  With respect to any Certificate (other than a
Notional Amount Certificate) at any date, the maximum dollar amount of principal
to which the Holder thereof is then entitled hereunder, such amount being equal
to the Denomination thereof (A) plus any increase in the Certificate Balance of
such Certificate pursuant to Section 4.02 due to the receipt of Subsequent
Recoveries, (B) minus the sum of (i) all distributions of principal previously
made with respect thereto and (ii) all Realized Losses allocated thereto and, in
the case of any Subordinated Certificates, all other reductions in Certificate
Balance previously allocated thereto pursuant to Section 4.04 and (C) in the
case 

     

     

    
      
        
        

      

      
        I-3

        
          

        

      

      
        
        

      

    

     

    of
any Class of Accrual Certificates, increased by the Accrual Amount added to the
Class Certificate Balance of such Class prior to such date.  The
Notional Amount Certificates have no Certificate Balances.

     

    Certificate
Owner:  With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Book-Entry Certificate.  For the
purposes of this Agreement, in order for a Certificate Owner to enforce any of
its rights hereunder, it shall first have to provide evidence of its beneficial
ownership interest in a Certificate that is reasonably satisfactory to the
Trustee, the Depositor, and/or the Master Servicer, as
applicable.

     

    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,
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
Percentage Interest evidenced thereby shall not be taken into account in
determining whether the requisite amount of Percentage Interests necessary to
effect such consent has been obtained; provided, however, that if any such
Person (including the Depositor) owns 100% of the Percentage 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.

     

    Certification
Party:  As defined in Section
11.05.

     

    Certifying
Person:  As defined in Section
11.05.

     

    Class:  All
Certificates bearing the same class designation as set forth in the
Preliminary Statement.

     

    Class
Certificate Balance:  With respect to any Class and as to any
date of determination, the aggregate of the Certificate Balances of all
Certificates of such Class as of such date.

     

    Class Interest
Shortfall:  As to any Distribution Date and Class, the amount
by which the amount described in clause (i) of the definition of
Class Optimal Interest Distribution Amount for such Class exceeds the
amount of interest actually distributed on such Class on such Distribution
Date pursuant to such clause (i).

     

    Class Optimal
Interest Distribution Amount:  With respect to any Distribution
Date and interest bearing Class or, with respect to any interest bearing
Component, the sum of (i) interest accrued during the related Interest Accrual
Period at the Pass-Through Rate for such Class on the related
Class Certificate Balance, Component Balance, Notional Amount or Component
Notional Amount, as applicable, immediately prior to such Distribution Date
subject to reduction as provided in Section 4.02(d) and (ii) any
Class Unpaid Interest Amounts for such Class or
Component.  Interest on any Class of Certificates shall be calculated
on the basis of a 360-day year consisting of twelve 30-day
months.

     

    Class PO
Deferred Amount:  As to any Distribution Date, the aggregate of
the applicable PO Percentage of each Realized Loss to be allocated to the
Class PO Certificates on such Distribution Date on or prior to the Senior
Credit Support Depletion Date or previously allocated to the Class PO
Certificates and not yet paid to the Holders of the Class PO
Certificates.

     

    
      
        
        

      

      
        I-4

        
          

        

      

      
        
        

      

    

    Class Subordination
Percentage:  With respect to any Distribution Date and each
Class of Subordinated Certificates, the quotient (expressed as a
percentage) of (a) the Class Certificate Balance of such Class of
Subordinated Certificates immediately prior to such Distribution Date divided by
(b) the aggregate Class Certificate Balance of all Classes of Senior and
Subordinated Certificates immediately prior to such Distribution
Date.

     

    Class Unpaid
Interest Amounts:  As to any Distribution Date and
Class of interest bearing Certificates, the amount by which the aggregate
Class Interest Shortfalls for such Class on prior Distribution Dates
exceeds the amount distributed on such Class on prior Distribution Dates
pursuant to clause (ii) of the definition of Class Optimal Interest
Distribution Amount.

     

    Closing
Date:  March 28, 2008.

     

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

     

    COFI:  The
Monthly Weighted Average Cost of Funds Index for the Eleventh District Savings
Institutions published by the Federal Home Loan Bank of San
Francisco.

     

    COFI
Certificates:  As specified in the Preliminary
Statement.

     

    Combined
Certificates:  As specified in the Preliminary
Statement.

     

    Combined
Certificates Payment Rule:  Not
applicable.

     

    Commission:  The
U.S. Securities and Exchange Commission.

     

    Compensating
Interest:  As to any Distribution Date, an amount equal to the
product of one-twelfth of 0.125% and the aggregate Stated Principal Balance of
the Mortgage Loans as of the Due Date in the prior calendar
month.

     

    Component:  As
specified in the Preliminary Statement.

     

    Component
Balance:  With respect to any Component and any Distribution
Date, the Initial Component Balance thereof on the Closing Date, (A) plus any
increase in the Component Balance of such Component pursuant to Section 4.02 due
to the receipt of Subsequent Recoveries, (B) minus the sum of all amounts
applied in reduction of the principal balance of such Component and Realized
Losses allocated thereto on previous Distribution
Dates.

     

    Component
Certificates:  As specified in the Preliminary
Statement.

     

    Component
Notional Amount:  Not
applicable.

     

    Coop
Shares: Shares issued by a Cooperative
Corporation.

     

    Cooperative
Corporation: The entity that holds title (fee or an acceptable leasehold
estate) to the real property and improvements constituting the Cooperative
Property and which governs the Cooperative Property, which Cooperative
Corporation must qualify as a Cooperative Housing Corporation under Section 216
of the Code.

     

    Cooperative
Loan: Any Mortgage Loan secured by Coop Shares and a Proprietary
Lease.

     

    
      
        
        

      

      
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    Cooperative
Property: The real property and improvements owned by the Cooperative
Corporation, including the allocation of individual dwelling units to the
holders of the Coop Shares of the Cooperative
Corporation.

     

    Cooperative
Unit: A single family dwelling located in a Cooperative
Property.

     

    Corporate
Trust Office:  The designated office of the Trustee in the
State of New York at which 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, 4W, New
York, New York 10286 (Attn:  Mortgage-Backed Securities Group, CWMBS,
Inc. Series 2008-1), facsimile no. (212) 815-3986, and which is the address
to which notices to and correspondence with the Trustee should be
directed.

     

    Countrywide:  Countrywide
Home Loans, Inc., a New York corporation, and its successors and assigns, in its
capacity as the seller of the Countrywide Mortgage Loans to the
Depositor.

     

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

     

    Cut-off
Date:  In the case of any Mortgage Loan, the later of (i) the
date of origination of such Mortgage Loan and (ii) March 1,
2008.

     

    Cut-off
Date Pool Principal Balance:
$161,525,527.98

     

    Cut-off
Date Principal Balance:  As to any Mortgage Loan, the Stated
Principal Balance thereof as of the close of business on 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 which became
final and non-appealable, except such a reduction resulting from a Deficient
Valuation or any reduction that results in a permanent forgiveness of
principal.

     

    Defective
Mortgage Loan:  Any Mortgage Loan which is required to be
repurchased pursuant to Section 2.02 or 2.03.

     

    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 the 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 which is final and non-appealable in a
proceeding under the Bankruptcy Code.

     

    Definitive
Certificates:  Any Certificate evidenced by a Physical
Certificate and any Certificate issued in lieu of a Book-Entry Certificate
pursuant to Section 5.02(e).

     

    Delay
Certificates: As specified in the Preliminary
Statement.

     

    Delay
Delivery Certification:  As defined in Section 2.02(a)
hereof.

     

    Delay
Delivery Mortgage Loans:  The Mortgage Loans for which all or a
portion of a related Mortgage File is not delivered to the Trustee on the
Closing Date.  The number of Delay Delivery

     

     

    
      
        
        

      

      
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    Mortgage
Loans shall not exceed 50% of the aggregate number of Mortgage Loans as of the
Closing Date.  To the extent that Countrywide Home Loans Servicing LP
shall be in possession of any Mortgage Files with respect to any Delay Delivery
Mortgage Loan, until delivery of such Mortgage File to the Trustee as provided
in Section 2.01, Countrywide Home Loans Servicing LP shall hold such files as
Master Servicer hereunder, as agent and in trust for the Trustee.

     

    Deleted
Mortgage Loan:  As defined in Section 2.03(c)
hereof.

     

    Denomination:  With
respect to each Certificate, the amount set forth on the face thereof as the
“Initial Certificate Balance of this Certificate” or the “Initial Notional
Amount of this Certificate” or, if neither of the foregoing, the Percentage
Interest appearing on the face thereof.

     

    Depositor:  CWMBS,
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., as 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
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:  As to any Distribution Date, the 22nd day of each month
or if such 22nd day is not a Business Day the next preceding Business Day;
provided, however, that if such 22nd day or such Business Day, whichever is
applicable, is less than two Business Days prior to the related Distribution
Date, the Determination Date shall be the first Business Day which is two
Business Days preceding such Distribution
Date.

     

    Discount
Mortgage Loan:  Any Mortgage Loan with an Adjusted Net Mortgage
Rate that is less than the Required Coupon.

     

    Distribution
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 CHL Mortgage Pass-Through Trust 2008-1, Mortgage
Pass-Through Certificates, Series 2008-1.”  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, 12:30 p.m.
Pacific time on the Business Day immediately preceding such Distribution
Date.

     

    Distribution
Date:  The 25th day of each calendar month after the initial
issuance of the Certificates, or if such 25th day is not a Business Day, the
next succeeding Business Day, commencing in April
2008.

     

    Due
Date:  With respect to any Distribution Date, the first day of
the month in which that Distribution Date
occurs.

     

    EDGAR:  The
Commission’s Electronic Data Gathering, Analysis and Retrieval
system.

     

    
      
        
        

      

      
        I-7

        
          

        

      

      
        
        

      

    

    Eligible
Account:  Any of (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company the
short-term unsecured debt obligations of which (or, in the case of a depository
institution or trust company that does not have the requisite ratings and is the
principal subsidiary of a holding company, the debt obligations of such holding
company) have (a) the highest short-term ratings of Moody’s or Fitch and (b) (1)
if such Eligible Account is not the Pre-Funding Account or the Capitalized
Interest Account, one of the two highest short-term ratings of S&P (or, if
such entity does not have a short-term rating from S&P, the long-term
unsecured and unsubordinated debt obligations of such entity have a rating from
S&P of at least “BBB+”) and (2) if such Eligible Account is the Pre-Funding
Account or the Capitalized Interest Account, the highest short-term ratings of
S&P (or, if such entity does not have a short-term rating from S&P, the
long-term unsecured and unsubordinated debt obligations of such entity have a
rating from S&P of at least “A+”), (ii) a segregated trust account or
accounts maintained with the corporate trust department of a federal or state
chartered depository institution subject to regulations regarding fiduciary
funds on deposit similar to Title 12 of the Code of Federal Regulations, Chapter
I, Part 9, Section 9.10(b), which has corporate trust powers, acting in its
fiduciary capacity or (iii) any other account acceptable to each Rating
Agency.  Eligible Accounts may bear interest, and may include, if
otherwise qualified under this definition, accounts maintained with the
Trustee.  In the event that the federal or state chartered depository
institution or trust company maintaining an Eligible Account described in clause
(i) above no longer satisfies the credit rating of S&P set forth in clause
(i)(b)(1) above then the Person responsible for establishing such Eligible
Account shall cause any amounts on deposit therein to be moved to another
federal or state chartered depository institution or trust company satisfying
such credit rating of S&P within 30 calendar days.  In the event
that the federal or state chartered depository institution or trust company
maintaining an Eligible Account described in clause (i) above no longer
satisfies the credit rating of S&P set forth in clause (i)(b)(2) above then
the Person responsible for establishing such Eligible Account shall cause any
amounts on deposit therein to be moved to another federal or state chartered
depository institution or trust company satisfying such credit rating of S&P
within 60 calendar days.

     

    Eligible
Repurchase Month:  As defined in Section 3.11
hereof.

     

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

     

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

     

    ERISA-Restricted
Certificate:  As specified in the Preliminary
Statement.

     

    Escrow
Account:  The Eligible Account or Accounts established and
maintained pursuant to Section 3.06(a) hereof.

     

    Event of
Default:  As defined in Section 7.01
hereof.

     

    Excess
Proceeds:  With respect to any Liquidated Mortgage Loan, the
amount, if any, by which the sum of any Liquidation Proceeds received with
respect to such Mortgage Loan during the calendar month in which such Mortgage
Loan became a Liquidated Mortgage Loan plus any Subsequent Recoveries received
with respect to such Mortgage Loan, net of any amounts previously reimbursed to
the Master Servicer as Nonrecoverable Advance(s) with respect to such Mortgage
Loan pursuant to Section 3.08(a)(iii), exceeds (i) the unpaid principal balance
of such Liquidated Mortgage Loan as of the Due Date in the month in which such
Mortgage Loan became a Liquidated Mortgage Loan plus (ii) accrued interest at
the Mortgage Rate from the Due Date as to which interest was last paid or
advanced (and not reimbursed) to Certificateholders up to the Due Date
applicable to the Distribution Date immediately following the calendar month
during which such liquidation occurred.

     

     

    
      
        
        

      

      
        I-8

        
          

        

      

      
        
        

      

    

     

    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
Rate:  As to each Mortgage Loan, the sum of the Master
Servicing Fee Rate and the Trustee Fee Rate.

     

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

     

    FHLMC:  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.

     

    Final
Certification:  As defined in Section 2.02(a)
hereof.

     

    FIRREA:  The
Financial Institutions Reform, Recovery, and Enforcement Act of
1989.

     

    Fitch:  Fitch,
Inc., or any successor thereto.  If Fitch is designated as a Rating
Agency in the Preliminary Statement, for purposes of Section 10.05(b) the
address for notices to Fitch shall be Fitch, Inc., One State Street Plaza,
New York, New York  10004, Attention: Residential Mortgage
Surveillance Group, or such other address as Fitch may hereafter furnish to the
Depositor and the Master Servicer.

     

    FNMA:  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.

     

    Form
10-D Disclosure Item:  With respect to any Person, any material
litigation or governmental proceedings pending (a) against such Person, or (b)
against any of the Trust Fund, the Depositor, the Trustee, the 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) any Form
10-D Disclosure Item and (b) any affiliations or relationships between such
Person and any Item 1119 Party.

     

    Index:  With
respect to any Interest Accrual Period for the COFI Certificates, if any, the
then-applicable index used by the Trustee pursuant to Section 4.07 to determine
the applicable Pass-Through Rate for such Interest Accrual Period for the COFI
Certificates.

     

    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.

     

    Initial
Certification:  As defined in Section 2.02(a)
hereof.

     

    Initial
Component Balance:  As specified in the Preliminary
Statement.

     

    Initial
LIBOR Rate:  Not applicable.

     

    
      
        
        

      

      
        I-9

        
          

        

      

      
        
        

      

    

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

     

    Insurance
Proceeds:  Proceeds paid by an insurer pursuant to any
Insurance Policy, in each case other than any amount included in such Insurance
Proceeds in respect of Insured Expenses.

     

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

     

    Interest
Accrual Period:  With respect to each Class of Delay
Certificates, its corresponding Subsidiary REMIC Regular Interest and any
Distribution Date, the calendar month prior to the month of such Distribution
Date.  With respect to any Class of Non-Delay Certificates, its
corresponding Subsidiary REMIC Regular Interest and any Distribution Date, the
one month period commencing on the 25th day of the month preceding the month in
which such Distribution Date occurs and ending on the 24th day of the month in
which such Distribution Date occurs.

     

    Interest
Determination Date:  With respect to (a) any Interest Accrual
Period for any LIBOR Certificates and (b) any Interest Accrual Period for the
COFI Certificates for which the applicable Index is LIBOR, the second Business
Day prior to the first day of such Interest Accrual
Period.

     

    Item
1119 Party:  The Depositor, any Seller, the Master Servicer,
the Trustee, any Subservicer, any originator identified in the Prospectus
Supplement and any other material transaction party, as identified in Exhibit X
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.

     

    Lender
PMI Mortgage Loan:  Certain Mortgage Loans as to which the
lender (rather than the borrower) acquires the Primary Insurance Policy and
charges the related borrower an interest
premium.

     

    LIBOR:  The
London interbank offered rate for one-month United States dollar deposits
calculated in the manner described in Section
4.08.

     

    LIBOR
Certificates:  As specified in the Preliminary
Statement.

     

    Limited
Exchange Act Reporting Obligations:  The obligations of the
Master Servicer under Section 3.16(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)).

     

    Liquidated
Mortgage Loan:  With respect to any Distribution Date, a
defaulted Mortgage Loan (including any REO Property) which was liquidated in the
calendar month preceding the month of such Distribution Date and as to which the
Master Servicer has determined (in accordance with this Agreement) that it has
received all amounts it expects to receive in connection with the liquidation of
such Mortgage Loan, including the final disposition of an REO
Property.

     

    Liquidation
Proceeds:  Amounts, including Insurance Proceeds, received in
connection with the partial or complete liquidation of defaulted Mortgage Loans,
whether through trustee’s sale, foreclosure sale or otherwise or amounts
received in connection with any condemnation or partial release

     

     

    
      
        
        

      

      
        I-10

        
          

        

      

      
        
        

      

    

     

    of
a Mortgaged Property and any other proceeds received in connection with an REO
Property, less the sum of related unreimbursed Master Servicing Fees, Servicing
Advances and Advances.

     

    Loan-to-Value
Ratio:  With respect to any Mortgage Loan and as to any date of
determination, the fraction (expressed as a percentage) the numerator of which
is the principal balance of the related Mortgage Loan at such date of
determination and the denominator of which is the Appraised Value of the related
Mortgaged Property.

     

    Lost
Mortgage Note:  Any Mortgage Note the original of which was
permanently lost or destroyed and has not been
replaced.

     

    Maintenance:  With
respect to any Cooperative Unit, the rent paid by the Mortgagor to the
Cooperative Corporation pursuant to the Proprietary
Lease.

     

    Majority
in Interest:  As to any Class of Regular Certificates, the
Holders of Certificates of such Class evidencing, in the aggregate, at
least 51% of the Percentage Interests evidenced by all Certificates of such
Class.

     

    Master
REMIC:  As described 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, 12:30 p.m.
Pacific time on the Business Day immediately preceding such Distribution
Date.

     

    Master
Servicing Fee:  As to each Mortgage Loan and any Distribution
Date, an amount payable out of each full payment of interest received on such
Mortgage Loan and equal to one-twelfth of the Master Servicing Fee Rate
multiplied by the Stated Principal Balance of such Mortgage Loan as of the Due
Date in the month preceding the month of such Distribution Date, subject to
reduction as provided in Section 3.14.

     

    Master
Servicing Fee Rate:  With respect to each Mortgage Loan, the
per annum rate set forth on the Mortgage Loan
Schedule.

     

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

     

    MERS
Mortgage Loan:  Any Mortgage Loan registered with MERS on the
MERS System.

     

    MERS ®
System:  The system of recording transfers of mortgages
electronically maintained by MERS.

     

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

     

    Modified
Mortgage Loan:  As defined in Section
3.11(b).

     

    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.

     

    
      
        
        

      

      
        I-11

        
          

        

      

      
        
        

      

    

    Monthly
Statement:  The statement delivered to the Certificateholders
pursuant to Section 4.06.

     

    Moody’s:  Moody’s
Investors Service, Inc., or any successor thereto.  If Moody’s is
designated as a Rating Agency in the Preliminary Statement, for purposes of
Section 10.05(b) the address for notices to Moody’s shall be Moody’s Investors
Service, Inc., Seven World Trade Center at 250 Greenwich Street, New York, New
York 10007, Attention: Residential Pass-Through Monitoring, or such other
address as Moody’s may hereafter
furnish to the Depositor or the Master
Servicer.

     

    Mortgage:  The
mortgage, deed of trust or other instrument creating a first lien on an estate
in fee simple or leasehold interest 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
Loans:  Such of the mortgage loans as from time to time are
transferred and assigned to the Trustee pursuant to the provisions hereof and
that are held as a 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.

     

    Mortgage
Loan Schedule:  The list of Mortgage Loans (as from time to
time amended by the Master Servicer to reflect the addition of Substitute
Mortgage Loans and the deletion of Deleted Mortgage Loans pursuant to the
provisions of this Agreement) transferred to the Trustee as part of the Trust
Fund and from time to time subject to this Agreement, attached hereto as
Schedule I, setting forth the following information with respect to each
Mortgage Loan:

    
       

      (i) the
loan number;

       

    

    (ii) the
Mortgagor’s name and the street address of the Mortgaged Property, including the
zip code;

     

    (iii) the
maturity date;

     

    (iv) the
original principal balance;

     

    (v) the
Cut-off Date Principal Balance;

     

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

     

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

     

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

     

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

     

    (x) a
code indicating whether the residential dwelling is either (a) a detached single
family dwelling (b) a dwelling in a de minimis PUD, (c) a condominium unit or
PUD (other than a de minimis PUD), (d) a two- to four-unit residential property
or (e) a Cooperative Unit;

     

    (xi) the
Mortgage Rate;

     

    
      
        
        

      

      
        I-12

        
          

        

      

      
        
        

      

    

    (xii) a
code indicating whether the Mortgage Loan is a Countrywide Mortgage Loan, a Park
Granada Mortgage Loan, a Park Monaco Mortgage Loan or a Park Sienna Mortgage
Loan;

     

    (xiii) a
code indicating whether the Mortgage Loan is a Lender PMI Mortgage Loan and, in
the case of any Lender PMI Mortgage Loan, a percentage representing the amount
of the related interest premium charged to the borrower;

     

    (xiv) the
purpose for the Mortgage Loan;

     

    (xv) the
type of documentation program pursuant to which the Mortgage Loan was
originated;

     

    (xvi) the
Master Servicing Fee Rate; and

     

    (xvii) a
code indicating whether the Mortgage Loan is a MERS Mortgage
Loan.

     

    Such
schedule shall also set forth the total of the amounts described under (iv) and
(v) above for all of the Mortgage Loans.

     

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

     

    Mortgage
Rate:  The annual rate of interest borne by a Mortgage Note
from time to time, net of any interest premium charged by the mortgagee to
obtain or maintain any Primary Insurance
Policy.

     

    Mortgaged
Property:  The underlying property securing a Mortgage Loan,
which, with respect to a Cooperative Loan, is the related Coop Shares and
Proprietary Lease.

     

    Mortgagor:  The
obligor(s) on a Mortgage Note.

     

    National
Cost of Funds Index:  The National Monthly Median Cost of Funds
Ratio to SAIF-Insured Institutions published by the Office of Thrift
Supervision.

     

    Net
Prepayment Interest Shortfalls:  As to any Distribution Date,
the amount by which the aggregate of the Prepayment Interest Shortfalls for such
Distribution Date exceeds the Compensating Interest for that Distribution
Date.

     

    Non-Delay
Certificates:  As specified in the Preliminary
Statement.

     

    Non-Discount
Mortgage Loan:  Any Mortgage Loan with an Adjusted Net Mortgage
Rate that is greater than or equal to the Required
Coupon.

     

    Non-PO
Formula Principal Amount:  As to any Distribution Date, the sum
of (i) the sum of the applicable Non-PO Percentage of (a) the principal portion
of each Scheduled Payment (without giving effect to any reductions thereof
caused by any Debt Service Reductions or Deficient Valuations) due on each
Mortgage Loan on the related Due Date, (b) the Stated Principal Balance of each
Mortgage Loan that was repurchased by a Seller or purchased by the Master
Servicer pursuant to this Agreement as of such Distribution Date, (c) the
Substitution Adjustment Amount in connection with any Deleted Mortgage Loan
received with respect to such Distribution Date, (d) any Insurance Proceeds or
Liquidation Proceeds allocable to recoveries of principal of Mortgage Loans that
are not yet Liquidated Mortgage Loans received during the calendar month
preceding the month of such Distribution Date, (e)

     

    
      
        
        

      

      
        I-13

        
          

        

      

      
        
        

      

    

     

    with
respect to each Mortgage Loan that became a Liquidated Mortgage Loan during the
calendar month preceding the month of such Distribution Date, the amount of the
Liquidation Proceeds allocable to principal received during the calendar month
preceding the month of such Distribution Date with respect to such Mortgage
Loan, and (f) all Principal Prepayments received during the related Prepayment
Period, and (ii) (A) any Subsequent Recoveries received during the calendar
month preceding the month of such Distribution Date, or (B) with respect to
Subsequent Recoveries attributable to a Discount Mortgage Loan which incurred a
Realized Loss after the Senior Credit Support Depletion Date, the Non-PO
Percentage of any such Subsequent Recoveries received during the calendar month
preceding the month of such Distribution Date.

     

    Non-PO
Percentage:  As to any Discount Mortgage Loan, a fraction
(expressed as a percentage) the numerator of which is the Adjusted Net Mortgage
Rate of such Discount Mortgage Loan and the denominator of which is the Required
Coupon.  As to any Non-Discount Mortgage Loan,
100%.

     

    Nonrecoverable
Advance:  Either (i) 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 be ultimately recoverable by the Master
Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise
or (ii) a Capitalized Advance.

     

    Notice
of Final Distribution:  The notice to be provided pursuant to
Section 9.02 to the effect that final distribution on any of the Certificates
shall be made only upon presentation and surrender
thereof.

     

    Notional
Amount:  With respect to the Interest Accrual Period for any
Distribution Date and:

     

    
      
        	
                 
      

              	
                (i)

              	
                the
      Class A-3 Certificates, the product of (a) the aggregate Class Certificate
      Balance of the Class A-2, Class A-4 and Class A-5 Certificates immediately
      prior to such Distribution Date and (b) a fraction, the numerator of which
      is 0.50 and the denominator of which is 6.00;
  and

              

      

       

    

    
      	
               
      

            	
              (ii)

            	
              the
      Class X Certificates, the aggregate Stated Principal Balance of the
      Non-Discount Mortgage Loans as of the Due Date in the preceding calendar
      month (after giving effect to Principal Prepayments received in the
      Prepayment Period related to such prior Due
  Date).

            

    

     

    Notional
Amount Certificates:  As specified in the Preliminary
Statement.

     

    Offered
Certificates:  As specified in the Preliminary
Statement.

     

    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.

     

    
      
        
        

      

      
        I-14

        
          

        

      

      
        
        

      

    

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

     

    Optional
Termination:  The termination of the trust created hereunder in
connection with the purchase of the Mortgage Loans pursuant to Section 9.01(a)
hereof.

     

    Original
Applicable Credit Support Percentage:  With respect to each of
the following Classes of Certificates, the corresponding percentage described
below, as of the Closing Date:

     

    Class
M                                6.50%

    Class B-1                                3.75%

    Class B-2                                2.50%

    Class B-3                                1.75%

    Class B-4                                1.10%

    Class B-5                                0.50%

     

    Original
Mortgage Loan:  The mortgage loan refinanced in connection with
the origination of a Refinancing Mortgage
Loan.

     

    Original
Subordinate Principal Balance:  The aggregate of the
Class Certificate Balances of the Subordinated Certificates as of the
Closing Date.

     

    OTS:  The
Office of Thrift Supervision.

     

    Outside
Reference Date:  As to any Interest Accrual Period for the COFI
Certificates, the close of business on the tenth day
thereof.

     

    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 Due Date, a Mortgage Loan with a
Stated Principal Balance greater than zero, which was not the subject of a
Principal Prepayment in Full prior to such Due Date or during the Prepayment
Period related to such Due Date and which did not become a Liquidated Mortgage
Loan prior to such Due Date.

     

    Ownership
Interest:  As to any Residual 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.

     

    
      
        
        

      

      
        I-15

        
          

        

      

      
        
        

      

    

    Park
Granada:  Park Granada LLC, a Delaware limited liability
company, and its successors and assigns, in its capacity as the seller of the
Park Granada Mortgage Loans to the Depositor.

     

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

     

    Park
Monaco:  Park Monaco Inc., a Delaware corporation, and its
successors and assigns, in its capacity as the seller of the Park Monaco
Mortgage Loans to the Depositor.

     

    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, in its capacity as the seller of the Park Sienna
Mortgage Loans to the Depositor.

     

    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
Rate:  For any interest bearing Class of Certificates or
Component, the per annum rate set forth or calculated in the manner described in
the Preliminary Statement.

     

    Percentage
Interest:  As to any Certificate, the percentage interest
evidenced thereby in distributions required to be made on the related Class,
such percentage interest being set forth on the face thereof or equal to the
percentage obtained by dividing the Denomination of such Certificate by the
aggregate of the Denominations of all Certificates of the same
Class.

     

    Performance
Certification:  As defined in Section
11.05.

     

    Permitted
Investments:  At any time, any one or more of the following
obligations and securities, each of which shall mature no later than 60 days
after acquisition:

     

    
      	
              (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 will not result in the
      downgrading or withdrawal of the ratings then 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 will not result in the downgrading or withdrawal of the ratings then
      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

            

    

    
       

      
        
          
          

        

        
          I-16

          
            

          

        

        
          
          

        

      

      
        	
                 

              	
                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 Rating Agency for such securities, or such lower ratings as will
      not result in the downgrading or withdrawal of the rating then assigned to
      the Certificates by such Rating
Agency;

              

      

       

    

    
      	
              (v)  

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

            

    

     

    
      	
              (vi)  

            	
              units
      of a taxable money-market portfolio having the highest rating assigned by
      each Rating Agency (except if Fitch is a Rating Agency and has not rated
      the portfolio, the highest rating assigned by Moody’s) and restricted to
      obligations issued or guaranteed by the United States of America or
      entities whose obligations are backed by the full faith and credit of the
      United States of America and repurchase agreements collateralized by such
      obligations; and

            

    

     

    
      	
              (vii)  

            	
              such
      other relatively risk free investments 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 either Rating Agency, as evidenced by a signed writing delivered by
      such Rating Agency;

            

    

     

    provided,
that no such instrument shall be a Permitted Investment if such instrument
evidences the right to receive interest only payments with respect to the
obligations underlying such instrument.

     

    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)
which 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)(l) of the Code) with respect to
any Residual 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 created or organized in or under the laws of the United States, any
State thereof or the District of Columbia, or an estate or trust 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 the authority to control
all substantial decisions of the trust unless such Person has furnished the
transferor and the Trustee with a duly completed Internal Revenue Service Form
W-8ECI or any applicable successor form, and (vii) any other Person so
designated by the Depositor based upon an Opinion of Counsel that the Transfer
of an Ownership Interest in a Residual Certificate to such Person may cause any
REMIC hereunder to fail to qualify as a REMIC at any time that the 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.

     

    
      
        
        

      

      
        I-17

        
          

        

      

      
        
        

      

    

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

     

    Physical
Certificate:  As specified in the Preliminary
Statement.

     

    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.

     

    Planned
Balance:  With respect to any group of Planned Principal
Classes or Components in the aggregate and any Distribution Date appearing in
Schedule V hereto, the Aggregate Planned Balance for such group and Distribution
Date.  With respect to any other Planned Principal Class or Component
and any Distribution Date appearing in Schedule V hereto, the applicable amount
appearing opposite such Distribution Date for such Class or
Component.

     

    Planned
Principal Classes:  As specified in the Preliminary
Statement.

     

    PO
Formula Principal Amount: As to any Distribution Date, the sum of (i) the
sum of the applicable PO Percentage of (a) the principal portion of each
Scheduled Payment (without giving effect to any reductions thereof caused by any
Debt Service Reductions or Deficient Valuations) due on each Mortgage Loan on
the related Due Date, (b) the Stated Principal Balance of each Mortgage Loan
that was repurchased by the applicable Seller or purchased by the Master
Servicer pursuant to this Agreement as of such Distribution Date, (c) the
Substitution Adjustment Amount in connection with any Deleted Mortgage Loan
received with respect to such Distribution Date, (d) any Insurance Proceeds or
Liquidation Proceeds allocable to recoveries of principal of Mortgage Loans that
are not yet Liquidated Mortgage Loans received during the calendar month
preceding the month of such Distribution Date, (e) with respect to each Mortgage
Loan that became a Liquidated Mortgage Loan during the calendar month preceding
the month of such Distribution Date, the amount of Liquidation Proceeds
allocable to principal received during the month preceding the month of such
Distribution Date with respect to such Mortgage Loan, and (f) all Principal
Prepayments received during the related Prepayment Period and (ii) with respect
to Subsequent Recoveries attributable to a Discount Mortgage Loan which incurred
a Realized Loss after the Senior Credit Support Depletion Date, the PO
Percentage of any such Subsequent Recoveries received during the calendar month
preceding the month of such Distribution Date.

     

    PO
Percentage:  As to any Discount Mortgage Loan, a fraction
(expressed as a percentage) the numerator of which is the excess of the Required
Coupon over the Adjusted Net Mortgage Rate of such Discount Mortgage Loan and
the denominator of which is such Required Coupon.  As to any
Non-Discount Mortgage Loan, 0%.

     

    Pool
Stated Principal Balance:  As of any date of determination, the
aggregate of the Stated Principal Balances of the Outstanding Mortgage
Loans.

     

    Pre-Funding
Account:  Not applicable.

     

    Prepayment
Interest Excess:  As to any Principal Prepayment received by
the Master Servicer from the first day through the fifteenth day of any calendar
month (other than the calendar month in which the Cut-off Date occurs), all
amounts paid by the related Mortgagor in respect of interest on such Principal
Prepayment.  All Prepayment Interest Excess shall be paid to the
Master Servicer as additional master servicing
compensation.

     

    
      
        
        

      

      
        I-18

        
          

        

      

      
        
        

      

    

    Prepayment
Interest Shortfall:  As to any Distribution Date, Mortgage Loan
and Principal Prepayment received on or after the sixteenth day of the month
preceding the month of such Distribution Date (or, in the case of the first
Distribution Date, on or after March 1, 2008) and on or before the last day of
the month preceding the month of such Distribution Date, the amount, if any, by
which one month’s interest at the related Mortgage Rate, net of the Master
Servicing Fee Rate, on such Principal Prepayment exceeds the amount of interest
paid in connection with such Principal
Prepayment.

     

    Prepayment
Period:  As to any Distribution Date and the related Due Date,
the period from the 16th day of the calendar month immediately preceding the
month of such Distribution Date (or, in the case of the first Distribution Date,
from March 1, 2008) through the 15th day of the calendar month of such
Distribution Date.

     

    Prepayment
Shift Percentage:  Not
applicable.

     

    Primary
Insurance Policy:  Each policy of primary mortgage guaranty
insurance or any replacement policy therefor with respect to any Mortgage
Loan.

     

    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
Only Certificates:  As specified in the Preliminary
Statement.

     

    Principal
Prepayment:  Any payment of principal by a Mortgagor on a
Mortgage Loan that is received in advance of its scheduled Due Date and is not
accompanied by an amount 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.

     

    Principal
Prepayment in Full:  Any Principal Prepayment made by a
Mortgagor of the entire principal balance of a Mortgage
Loan.

     

    Priority
Amount: Not applicable.

     

    Priority
Percentage: Not applicable.

     

    Private
Certificate:  As specified in the Preliminary
Statement.

     

    Pro Rata
Share:  As to any Distribution Date, the Subordinated Principal
Distribution Amount and any Class of Subordinated Certificates, the portion
of the Subordinated Principal Distribution Amount allocable to such Class, equal
to the product of the Subordinated Principal Distribution Amount on such
Distribution Date and a fraction, the numerator of which is the related
Class Certificate Balance thereof and the denominator of which is the
aggregate of the Class Certificate Balances of the Subordinated
Certificates.

     

    Proprietary
Lease: With respect to any Cooperative Unit, a lease or occupancy
agreement between a Cooperative Corporation and a holder of related Coop
Shares.

     

    Prospectus:  The
prospectus dated July 27, 2007 generally relating to mortgage pass-through
certificates to be sold by the Depositor.

     

    
      
        
        

      

      
        I-19

        
          

        

      

      
        
        

      

    

    Prospectus
Supplement:  The prospectus supplement, dated March 27, 2008,
relating to the Offered Certificates.

     

    PUD:  Planned
Unit Development.

     

    Purchase
Price:  With respect to any Mortgage Loan required to be
purchased by a Seller pursuant to Section 2.02 or 2.03 hereof or purchased at
the option of the Master Servicer pursuant to Section 3.11, an amount equal to
the sum of (i) 100% of the unpaid principal balance of the Mortgage Loan on the
date of such purchase, (ii) accrued interest thereon at the applicable Mortgage
Rate (or at the applicable Adjusted Mortgage Rate if (x) the purchaser is the
Master Servicer or (y) if the purchaser is Countrywide and Countrywide is an
affiliate of the Master Servicer) from the date through which interest was last
paid by the Mortgagor to the Due Date in the month in which the Purchase Price
is to be distributed to Certificateholders and (iii) costs and damages incurred
by the Trust Fund in connection with a repurchase pursuant to Section 2.03
hereof that arises out of a violation of any predatory or abusive lending law
with respect to the related Mortgage Loan.

     

    Qualified
Insurer:  A mortgage guaranty insurance company duly qualified
as such under the laws of the state of its principal place of business and each
state having jurisdiction over such insurer in connection with the insurance
policy issued by such insurer, duly authorized and licensed in such states to
transact a mortgage guaranty insurance business in such states and to write the
insurance provided by the insurance policy issued by it, approved as a
FNMA-approved mortgage insurer and having a claims paying ability rating of at
least “AA” or equivalent rating by a nationally recognized statistical rating
organization.  Any replacement insurer with respect to a Mortgage Loan
must have at least as high a claims paying ability rating as the insurer it
replaces had on the Closing Date.

     

    Rating
Agency:  Each of the Rating Agencies specified in the
Preliminary Statement.  If any such organization or a successor is no
longer in existence, “Rating Agency” shall be such nationally recognized
statistical rating organization, or other comparable Person, identified as a
rating agency under the Underwriter’s Exemption, as is 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:  For each applicable Mortgage Loan, the following amount,
calculated without duplication: (w) 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 the Liquidated Mortgage Loan as of the date of such
liquidation, plus (ii) interest at the Adjusted Net Mortgage Rate from the Due
Date as to which interest was last paid or advanced (and not reimbursed) to
Certificateholders 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 from time to time, minus (iii) the Liquidation
Proceeds, if any, received during the month in which such liquidation occurred,
to the extent applied as recoveries of interest at the Adjusted Net Mortgage
Rate and to principal of the Liquidated Mortgage Loan; (x) with respect to each
Mortgage Loan which has become the subject of a Deficient Valuation, 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; (y) with respect to each
Mortgage Loan that has been the subject of a Debt Service Reduction, the amount,
if any, by which the principal portion of the related Scheduled Payment has been
reduced; and (z) with respect to each Mortgage Loan that has been the subject of
a modification that resulted in a permanent reduction in its principal balance
or forgiveness of any accrued and unpaid interest, the amount of that reduction
and/or forgiveness.

     

    
      
        
        

      

      
        I-20

        
          

        

      

      
        
        

      

    

    To
the extent the Master Servicer receives Subsequent Recoveries with respect to
any Liquidated Mortgage Loan, the amount of the Realized Loss with respect to
that Mortgage Loan will be reduced by such Subsequent Recoveries.

     

    Recognition
Agreement: With respect to any Cooperative Loan, an agreement between the
Cooperative Corporation and the originator of such Mortgage Loan which
establishes the rights of such originator in the Cooperative
Property.

     

    Record
Date:  As to any Distribution Date, the close of business on
the last Business Day of the month preceding the month of such Distribution
Date.

     

    Reference
Bank:  As defined in Section
4.08(b).

     

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

     

    Regular
Certificates:  As specified in the Preliminary
Statement.

     

    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.

     

    Relief
Act:  The Servicemembers Civil Relief
Act.

     

    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 or any similar state laws, 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” within the meaning of Section 860D of
the Code.

     

    REMIC
Change of Law:  Any proposed, temporary or final regulation,
revenue ruling, revenue procedure or other official announcement or
interpretation relating to REMICs and the REMIC Provisions issued after the
Closing Date.

     

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

     

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

     

    Reportable
Event:  Any event required to be reported on Form 8-K, and in
any event, the following:

     

    
      
        
        

      

      
        I-21

        
          

        

      

      
        
        

      

    

    (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 Countrywide, the Depositor, the
Master Servicer, any Subservicer, the Trustee, 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)           the
resignation, removal, replacement, substitution of the Master Servicer, any
Subservicer or the Trustee;

     

    (f)           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

     

    (g)           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.

     

    Request
for Release:  The request for release submitted by the Master
Servicer to the Trustee, which at the Master Servicer’s option may be either in
electronic form acceptable to the Trustee or substantially in the form of
Exhibit M or N, as appropriate.

     

    Required
Coupon:  6.00% per annum.

     

    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.

     

    
      
        
        

      

      
        I-22

        
          

        

      

      
        
        

      

    

    Residual
Certificates:  As specified in the Preliminary
Statement.

     

    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.

     

    Restricted
Classes:  As defined in Section
4.02(e).

     

    Sarbanes-Oxley
Certification:  As defined in Section
11.05.

     

    S&P:  Standard
& Poor’s, a division of The McGraw-Hill Companies, Inc.  If
S&P is designated as a Rating Agency in the Preliminary Statement, for
purposes of Section 10.05(b) the address for notices to S&P shall be
Standard & Poor’s, 55 Water Street, New York, New York 10041, Attention:
Mortgage Surveillance Monitoring, or such other address as S&P may hereafter
furnish to the Depositor and the Master
Servicer.

     

    Schedule:  The
Schedule set forth in Schedule V hereto.

     

    Scheduled
Balances:  With respect to any Scheduled Principal Class or
Component and any Distribution Date appearing in Schedule V hereto, the
applicable amount appearing opposite such Distribution Date for such Class or
Component.

     

    Scheduled
Classes:  As specified in the Preliminary
Statement.

     

    Scheduled
Payment:  The scheduled monthly payment on a Mortgage Loan due
on any Due Date allocable to principal and/or interest on such Mortgage Loan
which, unless otherwise specified herein, shall give effect to any related Debt
Service Reduction and any Deficient Valuation that affects the amount of the
monthly payment due on such Mortgage Loan.

     

    Scheduled
Principal Distribution Amount:  Not
applicable.

     

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

     

    Seller:  Countrywide,
Park Granada, Park Monaco or Park Sienna, as
applicable.

     

    Senior
Certificates:  As specified in the Preliminary
Statement.

     

    Senior
Credit Support Depletion Date:  The date on which the
Class Certificate Balance of each Class of Subordinated Certificates
has been reduced to zero.

     

    Senior
Percentage:  As to any Distribution Date, the percentage
equivalent of a fraction, not in excess of 100%, the numerator of which is the
aggregate Class Certificate Balance of the Senior Certificates (other than the
Class PO Certificates) immediately prior to such Distribution Date and the
denominator of which is the aggregate Class Certificate Balance of all Classes
of Senior and Subordinated Certificates (other than the Class PO Certificates)
immediately prior to such Distribution Date.

     

    Senior
Prepayment Percentage:  For any Distribution Date during the
five years beginning on the first Distribution Date, 100%.  The Senior
Prepayment Percentage for any Distribution Date occurring on or after the fifth
anniversary of the first Distribution Date will, except as provided

     

    
      
        
        

      

      
        I-23

        
          

        

      

      
        
        

      

    

     

    herein,
be as follows: for any Distribution Date in the first year thereafter, the
Senior Percentage plus 70% of the Subordinated Percentage for such Distribution
Date; for any Distribution Date in the second year thereafter, the Senior
Percentage plus 60% of the Subordinated Percentage for such Distribution Date;
for any Distribution Date in the third year thereafter, the Senior Percentage
plus 40% of the Subordinated Percentage for such Distribution Date; for any
Distribution Date in the fourth year thereafter, the Senior Percentage plus 20%
of the Subordinated Percentage for such Distribution Date; and for any
Distribution Date thereafter, the Senior Percentage for such Distribution Date
(unless on any Distribution Date the Senior Percentage exceeds the initial
Senior Percentage, in which case the Senior Prepayment Percentage for such
Distribution Date will once again equal 100%).  Notwithstanding the
foregoing, no decrease in the Senior Prepayment Percentage will occur unless
both of the Senior Step Down Conditions are satisfied.

     

    Senior
Principal Distribution Amount:  As to any Distribution Date,
the sum, not less than zero, of (i) the Senior Percentage of the applicable
Non-PO Percentage of all amounts described in subclauses (a) through (d) of
clause (i) of the definition of “Non-PO Formula Principal Amount” for such
Distribution Date, (ii) with respect to each Mortgage Loan that became a
Liquidated Mortgage Loan during the calendar month preceding the month of such
Distribution Date, the lesser of (x) the Senior Percentage of the applicable
Non-PO Percentage of the Stated Principal Balance of such Mortgage Loan and (y)
the Senior Prepayment Percentage of the applicable Non-PO Percentage of the
amount of the Liquidation Proceeds allocable to principal received with respect
to such Mortgage Loan, and (iii) the sum of (x) the Senior Prepayment Percentage
of the applicable Non-PO Percentage of the amounts described in subclause (f) of
clause (i) of the definition of “Non-PO Formula Principal Amount” for such
Distribution Date plus (y) the Senior Prepayment Percentage of any Subsequent
Recoveries described in clause (ii) of the definition of “Non-PO Formula
Principal Amount” for such Distribution Date.

     

    Senior
Step Down Conditions:  As of the first Distribution Date as to
which any decrease in the Senior Prepayment Percentage applies, (i) the
outstanding principal balance of all Mortgage Loans, without duplication, that
either (x) are delinquent 60 days or more (including Mortgage Loans in
foreclosure, REO Property and Mortgage Loans the Mortgagors of which are in
bankruptcy) (averaged over the preceding six month period) or (y) have had their
related Mortgage Note modified during the immediately preceding twelve calendar
months other than Mortgage Loans that were purchased from the Trust Fund by a
Seller or the Master Servicer or Mortgage Loans that were modified prior to the
Closing Date, as a percentage of the aggregate Class Certificate Balance of the
Subordinated Certificates immediately prior to such Distribution Date, does not
equal or exceed 50% and (ii) cumulative Realized Losses with respect to the
Mortgage Loans do not exceed (a) commencing with the Distribution Date on the
fifth anniversary of the first Distribution Date, 30% of the Original
Subordinate Principal Balance, (b) commencing with the Distribution Date on the
sixth anniversary of the first Distribution Date, 35% of the Original
Subordinate Principal Balance, (c) commencing with the Distribution Date on the
seventh anniversary of the first Distribution Date, 40% of the Original
Subordinate Principal Balance, (d) commencing with the Distribution Date on the
eighth anniversary of the first Distribution Date, 45% of the Original
Subordinate Principal Balance, and (e) commencing with the Distribution Date on
the ninth anniversary of the first Distribution Date, 50% of the Original
Subordinate Principal Balance.

     

    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, including, but not limited to, the cost of (i) the
preservation, restoration and protection of a Mortgaged Property, (ii) any
expenses reimbursable to the Master Servicer pursuant to Section 3.11 and any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of any REO Property and (iv) compliance with the
obligations under Section 3.09.

     

    Servicing
Criteria:  The “servicing criteria” set forth in Item 1122(d)
of Regulation AB.

     

    
      
        
        

      

      
        I-24

        
          

        

      

      
        
        

      

    

    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.

     

    Shift
Percentage:  Not applicable.

     

    SR-A-R
Interest:  As specified in the Preliminary
Statement.

     

    Startup
Day:  The Closing Date.

     

    Stated
Principal Balance:  As to any Mortgage Loan and 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 but after any adjustment thereto to reflect a Capitalized Advance
or other loan modification) minus  the sum of: (i) any previous
partial Principal Prepayments and the payment of principal due on such Due Date,
irrespective of any delinquency in payment by the related Mortgagor, (ii)
Liquidation Proceeds allocable to principal (other than with respect to any
Liquidated Mortgage Loan) received in the prior calendar month and Principal
Prepayments received through the last day of the related Prepayment Period, in
each case with respect to that Mortgage Loan and (iii) 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.

     

    Streamlined
Documentation Mortgage Loan:  Any Mortgage Loan originated
pursuant to Countrywide’s Streamlined Loan Documentation Program then in
effect.  For the purposes of this Agreement, a Mortgagor is eligible
for a mortgage pursuant to Countrywide’s Streamlined Loan Documentation Program
if that Mortgagor is refinancing an existing mortgage loan that was originated
or acquired by Countrywide where, among other things, the mortgage loan has not
been more than 30 days delinquent in payment during the previous twelve-month
period.

     

    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 under the direction or authority of the Master Servicer or a
Subservicer or the Trustee, as the case may
be.

     

    Subordinated
Certificates:  As specified in the Preliminary
Statement.

     

    Subordinated
Percentage:  As to any Distribution Date, 100% minus the Senior
Percentage for such Distribution Date.

     

    Subordinated
Prepayment Percentage:  As to any Distribution Date, 100% minus
the Senior Prepayment Percentage for such Distribution
Date.

     

    Subordinated
Principal Distribution Amount:  With respect to any
Distribution Date, an amount equal to the excess of (A) the sum, not less than
zero, of (i) the Subordinated Percentage of the applicable Non-PO Percentage of
all amounts described in subclauses (a) through (d) of clause (i) of the
definition of Non-PO Formula Principal Amount for such Distribution Date, (ii)
with respect to each Mortgage Loan that became a Liquidated Mortgage Loan during
the calendar month preceding the month of such Distribution Date, the applicable
Non-PO Percentage of the amount of the Liquidation Proceeds

     

    
      
        
        

      

      
        I-25

        
          

        

      

      
        
        

      

    

     

    allocated
to principal received with respect thereto remaining after application thereof
pursuant to clause (ii) of the definition of Senior Principal Distribution
Amount, up to the Subordinated Percentage of the applicable Non-PO Percentage of
the Stated Principal Balance of such Mortgage Loan, (iii) the Subordinated
Prepayment Percentage of the applicable Non-PO Percentage of all amounts
described in subclause (f) of clause (i) of the definition of Non-PO Formula
Principal Amount for such Distribution Date, and (iv) the Subordinated
Prepayment Percentage of any Subsequent Recoveries described in clause (ii) of
the definition of Non-PO Formula Principal Amount for such Distribution Date,
over (B) the amount of any payments in respect of Class PO Deferred Amounts on
the related Distribution 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) specifically
related to such Liquidated Mortgage Loan.

     

    Subservicer:  Any
person to whom the Master Servicer has contracted for the servicing of all or a
portion of the Mortgage Loans pursuant to Section 3.02
hereof.

     

    Subsidiary
REMIC:  As described in the Preliminary
Statement.

     

    Subsidiary
REMIC Interest:  As specified in the Preliminary
Statement.

     

    Subsidiary
REMIC Regular Interest:  Any one of the “regular interests” in
the Subsidiary REMIC described in the Preliminary
Statement.

     

    Substitute
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 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 more than 10% less than the Stated
Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a
rate no lower than and not more than 1% per annum higher than, that of the
Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of
the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater
than (and not more than one year less than that of) the Deleted Mortgage Loan;
(v) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative
Loan and (vi) comply with each representation and warranty set forth in Section
2.03 hereof.

     

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

     

    Targeted
Balance:  With respect to any group of Targeted Principal
Classes or Components in the aggregate and any Distribution Date appearing in
Schedule V hereto, the Aggregate Targeted Balance for such group and
Distribution Date.  With respect to any other Targeted Principal Class
or Component and any Distribution Date appearing in Schedule V hereto, the
applicable amount appearing opposite such Distribution Date for such Class or
Component.

     

    Targeted
Principal Classes:  As specified in the Preliminary
Statement.

     

    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, the Tax Matters Person
shall be the Trustee.

     

    
      
        
        

      

      
        I-26

        
          

        

      

      
        
        

      

    

    Tax
Matters Person Certificate:  The Class A-R Certificate
with a Denomination of $0.01.

     

    Transaction
Documents:  This Agreement 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 Residual
Certificate.

     

    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; (ii) the Certificate Account, the
Distribution Account, and all amounts deposited therein pursuant to the
applicable provisions of this Agreement; (iii)  property that secured
a Mortgage Loan and has been acquired by foreclosure, deed-in-lieu of
foreclosure or otherwise; and (iv) all proceeds of the conversion, voluntary or
involuntary, of any of the foregoing.  For the avoidance of doubt, the
Master REMIC and the Subsidiary REMIC and the assets held or deemed held thereby
shall constitute a part of the Trust Fund.

     

    Trustee:  The
Bank of New York and its successors and, if a successor trustee is appointed
hereunder, such successor.

     

    Trustee
Advance Rate:  With respect to any Advance made by the Trustee
pursuant to Section 4.01(b), 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 Pool Stated Principal
Balance with respect to such Distribution
Date.

     

    Trustee
Fee Rate:  With respect to each Mortgage Loan, 0.009% per
annum.

     

    Underwriter’s
Exemption:  Prohibited Transaction Exemption 2007-5, 72 Fed.
Reg. 13130 (2009), as amended (or any successor thereto), or any substantially
similar administrative exemption granted by the U.S. Department of
Labor.

     

    Underwriter:  As
specified in the Preliminary Statement.

     

    Unscheduled
Principal Distribution Amount:  Not
applicable.

     

    Voting
Rights:  The portion of the voting rights of all of the
Certificates which is allocated to any Certificate.  As of any date of
determination, (a) 1% of all Voting Rights shall be allocated to each Class of
Senior Certificates that is a Class of Notional Amount Certificates, if any
(such Voting Rights to be allocated among the holders of Certificates of each
such Class in accordance with their respective Percentage Interests), and (b)
the remaining Voting Rights (or 100% of the Voting Rights if there is no such
Class of Senior Certificates) shall be allocated among Holders of the remaining
Classes of Senior and Subordinated Certificates in proportion to the Certificate
Balances of their respective Certificates on such
date.

     

    
      	
              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 

     

    
      
        
        

      

      
        I-27

        
          

        

      

      
        
        

      

    

     

    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 any
Scheduled Payment has not been received by the close of business on the day
immediately preceding the Due Date on which the next Scheduled Payment is
due.  Similarly for “60 days delinquent,” “90 days delinquent” and so
on.  Unless otherwise provided in this Agreement, the determination as
to whether a Mortgage Loan falls into a delinquency category shall be made as of
the close of business on the last day of each month prior to the date of
determining the delinquency.

     

     

    
      
        
        

      

      
        I-28

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
II

     

    CONVEYANCE
OF MORTGAGE LOANS;

    REPRESENTATIONS
AND WARRANTIES

     

    
      	
              SECTION
      2.01.  

            	
              Conveyance of Mortgage
      Loans.

            

    

     

    (a) Each
Seller concurrently with the execution and delivery hereof, hereby sells,
transfers, assigns, sets over and otherwise conveys to the Depositor, without
recourse, all its respective right, title and interest in and to the related
Mortgage Loans, including all interest and principal received or receivable by
such Seller, on or with respect to the applicable Mortgage Loans after the
Cut-off Date and all interest and principal payments on the related Mortgage
Loans received prior to the Cut-off Date in respect of installments of interest
and principal due thereafter, but not including payments of principal and
interest due and payable on such Mortgage Loans, on or before the Cut-off
Date.  On or prior to the Closing Date, Countrywide shall deliver to
the Depositor or, at the Depositor’s direction, to the Trustee or other designee
of the Depositor, the Mortgage File for each Mortgage Loan listed in the
Mortgage Loan Schedule (except that, in the case of the Delay Delivery Mortgage
Loans (which may include Countrywide Mortgage Loans, Park Granada Mortgage
Loans, Park Monaco Mortgage Loans and Park Sienna Mortgage Loans), such delivery
may take place within thirty (30) days following the Closing
Date.  Such delivery of the Mortgage Files shall be made against
payment by the Depositor of the purchase price, previously agreed to by the
Sellers and Depositor, for the Mortgage Loans.  With respect to any
Mortgage Loan that does not have a first payment date on or before the Due Date
in the month of the first Distribution Date, Countrywide shall deposit into the
Distribution Account on or before the Distribution Account Deposit Date relating
to the first applicable Distribution Date, an amount equal to one month’s
interest at the related Adjusted Mortgage Rate on the Cut-off Date Principal
Balance of such Mortgage Loan.

     

    (b) Immediately
upon the conveyance of the Mortgage Loans referred to in clause (a), the
Depositor sells, transfers, assigns, sets over and otherwise conveys to the
Trustee for the benefit of the Certificateholders, without recourse, all the
right, title and interest of the Depositor in and to the Trust Fund together
with the Depositor’s right to require each Seller to cure any breach of a
representation or warranty made herein by such Seller, or to repurchase or
substitute for any affected Mortgage Loan in accordance herewith.

     

    (c) In
connection with the transfer and assignment set forth in clause (b) above, the
Depositor has delivered or caused to be delivered to the Trustee (or, in the
case of the Delay Delivery Mortgage Loans, will deliver or cause to be delivered
to the Trustee within thirty (30) days following the Closing Date) for the
benefit of the Certificateholders the following documents or instruments with
respect to each Mortgage Loan so assigned:

     

    (i) (A)           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 showing 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

     

    (B) with
respect to any Lost Mortgage Note, a lost note affidavit from Countrywide
stating that the original Mortgage Note was lost or destroyed, together with a
copy of such Mortgage Note;

     

    
      
        
        

      

      
        II-1

        
          

        

      

      
        
        

      

    

    (ii) except as
provided below and for each Mortgage Loan that is not a MERS Mortgage Loan, the
original recorded Mortgage or a copy of such Mortgage, with recording
information, certified by Countrywide as being a true and complete copy of the
Mortgage (or, in the case of a Mortgage for which the related Mortgaged Property
is located in the Commonwealth of Puerto Rico, a true copy of the Mortgage
certified as such by the applicable notary) 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 Loans and either
language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is
a MOM Loan or if the Mortgage Loan was not a MOM Loan at origination, the
original Mortgage and the assignment thereof to MERS, 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, or a copy of such assignment, with recording
information, (which may be included in a blanket assignment or assignments),
together with, except as provided below, all interim recorded assignments of
such mortgage 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 the assignment relates); provided that, if the
related Mortgage has not been returned from the applicable public recording
office, such assignment of the Mortgage may exclude the information to be
provided by the recording office; provided, further, that such assignment of
Mortgage need not be delivered in the case of a Mortgage for which the related
Mortgaged Property is located in the Commonwealth of Puerto Rico;

     

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

     

    (v) except as
provided below, the original or duplicate original lender’s title policy or a
printout of the electronic equivalent and all riders thereto; and

     

    (vi) in the
case of a Cooperative Loan, the originals of the following documents or
instruments:

     

    (A) The Coop
Shares, together with a stock power in blank;

     

    (B) The
executed Security Agreement;

     

    (C) The
executed Proprietary Lease;

     

    (D) The
executed Recognition Agreement;

     

    (E) The
executed UCC-1 financing statement with evidence of recording thereon which have
been filed in all places required to perfect the Seller’s interest in the Coop
Shares and the Proprietary Lease; and

     

    (F) The
executed UCC-3 financing statements or other appropriate UCC financing
statements required by state law, evidencing a complete and unbroken line from
the mortgagee to the Trustee with evidence of recording thereon (or in a form
suitable for recordation).

     

    
      
        
        

      

      
        II-2

        
          

        

      

      
        
        

      

    

    In
addition, in connection with the assignment of any MERS Mortgage Loan, each
Seller agrees that it will cause, at the Trustee’s expense, the MERS® System to
indicate that the Mortgage Loans sold by such Seller to the Depositor have been
assigned by that 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 the information required by the MERS® System to identify the
series of the Certificates issued in connection with such Mortgage
Loans.  Each Seller further agrees that it will not, and will not
permit the Master Servicer to, and the Master Servicer agrees that it will not,
alter the information referenced in this paragraph with respect to any Mortgage
Loan sold by such Seller to the Depositor 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
the Depositor cannot deliver (a) the original recorded Mortgage, or a copy
of such Mortgage, with recording information, (b) all interim recorded
assignments, or a copy of such assignments, with recording information or
(c) the lender’s title policy or a copy of the lender’s title policy
(together with all riders thereto) satisfying the requirements of
clause (ii), (iii) or (v) above, respectively, concurrently with the
execution and delivery of this Agreement because such document or documents have
not been returned from the applicable public recording office in the case of
clause (ii) or (iii) above, or because the title policy has not been
delivered to either the Master Servicer or the Depositor by the applicable title
insurer in the case of clause (v) above, the Depositor shall promptly
deliver to the Trustee, in the case of clause (ii) or (iii) above, such
original Mortgage or a copy of such Mortgage, with recording information, or
such interim assignment or a copy of such assignment, with recording
information, as the case may be, with evidence of recording indicated thereon
upon receipt thereof from the public recording office, or a copy thereof,
certified, if appropriate, by the relevant recording office, but in no event
shall any such delivery of the original Mortgage and each such interim
assignment or a copy thereof, certified, if appropriate, by the relevant
recording office, be made later than one year following the Closing Date, or, in
the case of clause (v) above, no later than 120 days following the Closing
Date; provided,
however, in the
event the Depositor is unable to deliver by such date each Mortgage and each
such 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 such
interim assignment, because the related Mortgage has not been returned by the
appropriate recording office, the Depositor shall deliver such documents to the
Trustee as promptly as possible upon receipt thereof and, in any event, within
720 days following the Closing Date.  The Depositor shall forward or
cause to be forwarded to the Trustee (a) from time to time additional
original documents evidencing an assumption or modification of a Mortgage Loan
and (b) any other documents required to be delivered by the Depositor or
the Master Servicer to the Trustee.  In the event that the original
Mortgage is not delivered and in connection with the payment in full of the
related Mortgage Loan and the public recording office requires the presentation
of a “lost instruments affidavit and indemnity” or any equivalent document,
because only a copy of the Mortgage can be delivered with the instrument of
satisfaction or reconveyance, the Master Servicer shall execute and deliver or
cause to be executed and delivered such a document to the public recording
office.  In the case where a public recording office retains the
original recorded Mortgage or in the case where a Mortgage is lost after
recordation in a public recording office, Countrywide shall deliver to the
Trustee a copy of such Mortgage certified by such public recording office to be
a true and complete copy of the original recorded Mortgage.

     

    As
promptly as practicable subsequent to such transfer and assignment, and in any
event, within one-hundred and twenty (120) days after such transfer and
assignment, the Trustee shall (A) as the assignee thereof, affix the
following language to each assignment of Mortgage:  “CWMBS Series
2008-1, The Bank of New York, as trustee”, (B) cause such assignment to be
in proper form for recording in the appropriate public office for real property
records and (C) cause to be delivered for recording in the 

     

     

    
      
        
        

      

      
        II-3

        
          

        

      

      
        
        

      

    

     

    appropriate
public office for real property records the assignments of the Mortgages to the
Trustee, except that, (i) with respect to any assignments of Mortgage as to
which the Trustee has not received the information required to prepare such
assignment in recordable form, the Trustee’s obligation to do so and to deliver
the same for such recording shall be as soon as practicable after receipt of
such information and in any event within thirty (30) days after receipt thereof
and (ii) the Trustee need not cause to be recorded any assignment which relates
to a Mortgage Loan, the Mortgaged Property and Mortgage File relating to which
are located in any jurisdiction (including Puerto Rico) under the laws of which
the recordation of such assignment 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 Countrywide 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 legal opinion applies).

     

    In the
case of Mortgage Loans that have been prepaid in full as of the Closing Date,
the Depositor, in lieu of delivering the above documents to the Trustee, will
deposit in the Certificate Account the portion of such payment that is required
to be deposited in the Certificate Account pursuant to Section 3.05
hereof.

     

    Notwithstanding
anything to the contrary in this Agreement, within thirty (30) days after the
Closing Date, Countrywide (on its own behalf and on behalf of Park Granada, Park
Monaco and Park Sienna) shall either (i) deliver to the Depositor, or at the
Depositor’s direction, to the Trustee or other designee of the Depositor the
Mortgage File as required pursuant to this Section 2.01 for each Delay Delivery
Mortgage Loan or (ii) either (A) substitute a Substitute Mortgage Loan for the
Delay Delivery Mortgage Loan or (B) repurchase the Delay Delivery Mortgage Loan,
which substitution or repurchase shall be accomplished in the manner and subject
to the conditions set forth in Section 2.03 (treating each Delay Delivery
Mortgage Loan as a Deleted Mortgage Loan for purposes of such Section 2.03);
provided, however, that if Countrywide fails to deliver a Mortgage File for any
Delay Delivery Mortgage Loan within the thirty (30) day period provided in the
prior sentence, Countrywide (on its own behalf and on behalf of Park Granada,
Park Monaco and Park Sienna) shall use its best reasonable efforts to effect a
substitution, rather than a repurchase of, such Deleted Mortgage Loan and
provided further that 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 Countrywide (on its own behalf and on behalf
of Park Granada, Park Monaco and Park Sienna) shall have five (5) Business Days
to cure such failure to deliver.  At the end of such thirty (30) day
period the Trustee shall send a Delay Delivery Certification for the Delay
Delivery Mortgage Loans delivered during such thirty (30) day period in
accordance with the provisions of Section 2.02.

     

    (d) Neither
the Depositor nor the Trust will acquire or hold any Mortgage Loan that would
violate the representations made by Countrywide set forth in clause (49) of
Schedule III-A hereto.

     

    
      	
              SECTION
      2.02.  

            	
              Acceptance by Trustee
      of the Mortgage Loans.

            

    

     

    (a) The Trustee acknowledges receipt of the
documents identified in the Initial Certification in the form annexed hereto as
Exhibit F-1 (an “Initial Certification”) 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 as are
included in the Trust Fund, in trust for the exclusive use and benefit of all
present and future Certificateholders.  The Trustee acknowledges that
it will maintain possession of the Mortgage Notes in the State of California,
unless otherwise permitted by the Rating Agencies.

     

    
      
        
        

      

      
        II-4

        
          

        

      

      
        
        

      

    

    The
Trustee agrees to execute and deliver on the Closing Date to the Depositor, the
Master Servicer and Countrywide (on its own behalf and on behalf of Park
Granada, Park Monaco and Park Sienna) an Initial Certification in the form
annexed hereto as Exhibit F-1.  Based on its review and examination,
and only as to the documents identified in such Initial Certification, the
Trustee acknowledges that such documents appear regular on their face and relate
to such Mortgage Loan.  The Trustee shall be under no duty or
obligation to inspect, review or examine said 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.

     

    On or
about the thirtieth (30th) day after the Closing Date, the Trustee shall deliver
to the Depositor, the Master Servicer and Countrywide (on its own behalf and on
behalf of Park Granada, Park Monaco and Park Sienna) a Delay Delivery
Certification with respect to the Mortgage Loans in the form annexed hereto as
Exhibit G-1, with any applicable exceptions noted thereon.

     

    Not later
than 90 days after the Closing Date, the Trustee shall deliver to the Depositor,
the Master Servicer and Countrywide (on its own behalf and on behalf of Park
Granada, Park Monaco and Park Sienna) a Final Certification with respect to the
Mortgage Loans in the form annexed hereto as Exhibit H-1 (a “Final
Certification”), with any applicable exceptions noted thereon. If, in the course
of such review, the Trustee finds any document constituting a part of a Mortgage
File which does not meet the requirements of Section 2.01, the Trustee shall
list such as an exception in the Final Certification; provided, however that the
Trustee shall not make any determination as to whether (i) any endorsement is
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 (ii) any
assignment is in recordable form or is sufficient to effect the assignment of
and transfer to the assignee thereof under the mortgage to which the assignment
relates.  Countrywide (on its own behalf and on behalf of Park
Granada, Park Monaco and Park Sienna) shall promptly correct or cure such defect
within 90 days from the date it was so notified of such defect and, if
Countrywide does not correct or cure such defect within such period, Countrywide
(on its own behalf and on behalf of Park Granada, Park Monaco and Park Sienna)
shall either (a) substitute for the related Mortgage Loan a Substitute 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 Mortgage Loan from
the Trustee within 90 days from the date Countrywide (on its own behalf and on
behalf of Park Granada, Park Monaco and Park Sienna) was notified of such defect
in writing at the Purchase Price of such Mortgage Loan; provided, however, that
in no event shall such substitution or purchase occur more than 540 days from
the Closing Date, except that if the substitution or purchase of a Mortgage Loan
pursuant to this provision is required by reason of a delay in delivery of any
documents by the appropriate recording office, and there is a dispute between
either the Master Servicer or Countrywide (on its own behalf and on behalf of
Park Granada, Park Monaco and Park Sienna) and the Trustee over the location or
status of the recorded document, then such substitution or purchase shall occur
within 720 days from the Closing Date.  The Trustee shall deliver
written notice to each Rating Agency within 270 days from the Closing Date
indicating each Mortgage Loan (a) which has not been returned by the appropriate
recording office or (b) as to which there is a dispute as to location or status
of such Mortgage Loan.  Such notice shall be delivered every 90 days
thereafter until the related Mortgage Loan is returned to the
Trustee.  Any such substitution pursuant to (a) above or purchase
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, if any, and any
substitution pursuant to (a) above shall not be effected prior to the additional
delivery to the Trustee of a Request for Release.  No substitution is
permitted to be made in any calendar month after the Determination Date for such
month.  The Purchase Price for any such Mortgage Loan shall be
deposited by Countrywide (on its own behalf and on behalf of Park Granada, Park
Monaco and Park Sienna) in the Certificate Account on or prior to the
Distribution Account Deposit Date for the Distribution Date in the month
following the month of repurchase and, upon receipt of such deposit and
certification with respect 

     

     

    
      
        
        

      

      
        II-5

        
          

        

      

      
        
        

      

    

     

    thereto
in the form of Exhibit N hereto, the Trustee shall release the related Mortgage
File to Countrywide (on its own behalf and on behalf of Park Granada, Park
Monaco and Park Sienna) and shall execute and deliver at Countrywide’s (on its
own behalf and on behalf of Park Granada, Park Monaco and Park Sienna) request
such instruments of transfer or assignment prepared by Countrywide, in each case
without recourse, as shall be necessary to vest in Countrywide (on its own
behalf and on behalf of Park Granada, Park Monaco and Park Sienna), or its
designee, the Trustee’s interest in any Mortgage Loan released pursuant hereto.
If pursuant to the foregoing provisions Countrywide (on its own behalf and on
behalf of Park Granada, Park Monaco and Park Sienna) repurchases a Mortgage Loan
that is a MERS Mortgage Loan, the Master Servicer shall either (i) cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the Mortgage from MERS to Countrywide (on its own behalf and on behalf of Park
Granada, Park Monaco and Park Sienna) or its designee and shall cause such
Mortgage to be removed from registration on the MERS® System in accordance with
MERS’ rules and regulations or (ii) cause MERS to designate on the MERS® System
Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco and
Park Sienna) or its designee as the beneficial holder of such Mortgage
Loan.

     

    (b) The
Trustee shall retain possession and custody of each Mortgage File in accordance
with and subject to the terms and conditions set forth herein.  The
Master Servicer shall promptly deliver to the Trustee, upon the execution or
receipt thereof, the originals of such other documents or instruments
constituting the Mortgage File as come into the possession of the Master
Servicer from time to time.

     

    (c) It is
understood and agreed that the respective obligations of each Seller to
substitute for or to purchase any Mortgage Loan sold to the Depositor by it
which does not meet the requirements of Section 2.01 above shall constitute the
sole remedy respecting such defect available to the Trustee, the Depositor and
any Certificateholder against that Seller.

     

    
      
        	
                SECTION
      2.03.  

              	
                Representations,
      Warranties and Covenants of the Sellers and 

                  Master
      Servicer.

                

              

      

       

    

    (a) Countrywide
hereby makes the representations and warranties set forth in (i) Schedule II-A,
Schedule II-B, Schedule II-C and Schedule II-D hereto, and by this reference
incorporated herein, to the Depositor, the Master Servicer and the Trustee, as
of the Closing Date, (ii) Schedule III-A hereto, and by this reference
incorporated herein, to the Depositor, the Master Servicer and the Trustee, as
of the Closing Date, or if so specified therein, as of the Cut-off Date with
respect to all of the Mortgage Loans, and (iii) Schedule III-B hereto, and by
this reference incorporated herein, to the Depositor, the Master Servicer and
the Trustee, as of the Closing Date, or if so specified therein, as of the
Cut-off Date with respect to the Mortgage Loans that are Countrywide Mortgage
Loans.  Park Granada hereby makes the representations and warranties
set forth in (i) Schedule II-B hereto, and by this reference incorporated
herein, to the Depositor, the Master Servicer and the Trustee, as of the Closing
Date and (ii) Schedule III-C hereto, and by this reference incorporated herein,
to the Depositor, the Master Servicer and the Trustee, as of the Closing Date,
or if so specified therein, as of the Cut-off Date with respect to the Mortgage
Loans that are Park Granada Mortgage Loans.  Park Monaco hereby makes
the representations and warranties set forth in (i) Schedule II-C hereto, and by
this reference incorporated herein, to the Depositor, the Master Servicer and
the Trustee, as of the Closing Date and (ii) Schedule III-D hereto, and by this
reference incorporated herein, to the Depositor, the Master Servicer and the
Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off
Date with respect to the Mortgage Loans that are Park Monaco Mortgage
Loans.  Park Sienna hereby makes the representations and warranties
set forth in (i) Schedule II-D hereto, and by this reference incorporated
herein, to the Depositor, the Master Servicer and the Trustee, as of the Closing
Date and (ii) Schedule III-E hereto, and by this reference incorporated

     

    
      
        
        

      

      
        II-6

        
          

        

      

      
        
        

      

    

     

    herein,
to the Depositor, the Master Servicer and the Trustee, as of the Closing Date,
or if so specified therein, as of the Cut-off Date with respect to the Mortgage
Loans that are Park Sienna Mortgage Loans.

     

    (b) The
Master Servicer hereby makes the representations and warranties set forth in
Schedule IV hereto, and by this reference incorporated herein, to the Depositor
and the Trustee, as of the Closing Date.

     

    (c) Upon
discovery by any of the parties hereto of a breach of a representation or
warranty with respect to a Mortgage Loan made pursuant to Section 2.03(a) that
materially and adversely affects the interests of the Certificateholders in that
Mortgage Loan, the party discovering such breach shall give prompt notice
thereof to the other parties.  Each Seller hereby covenants that
within 90 days of the earlier of its discovery or its receipt of written notice
from any party of a breach of any representation or warranty with respect to a
Mortgage Loan sold by it pursuant to Section 2.03(a) which materially and
adversely affects the interests of the Certificateholders in that 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 Substitute 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, however, that any such
substitution pursuant to (i) above shall not be effected prior to the delivery
to the Trustee of the Opinion of Counsel required by Section 2.05 hereof, if
any, and any such substitution pursuant to (i) above shall not be effected prior
to the additional delivery to the Trustee of a Request for Release substantially
in the form of Exhibit N and the Mortgage File for any such Substitute Mortgage
Loan.  The Seller repurchasing a Mortgage Loan pursuant to this
Section 2.03(c) shall promptly reimburse the Master Servicer and the Trustee for
any expenses reasonably incurred by the Master Servicer or the Trustee in
respect of enforcing the remedies for such breach.  With respect to
the representations and warranties described in this Section which are made to
the best of a Seller’s knowledge, if it is discovered by either the Depositor, a
Seller 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 or the interests of the Certificateholders therein,
notwithstanding that Seller’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.

     

    (d) With
respect to any Substitute Mortgage Loan or Loans, sold to the Depositor by a
Seller, Countrywide (on its own behalf and on behalf of Park Granada, Park
Monaco and Park Sienna) shall deliver to the Trustee for the benefit of the
Certificateholders the Mortgage Note, the Mortgage, the related 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 is permitted to be made in any calendar
month after the Determination Date for such month.  Scheduled Payments
due with respect to Substitute Mortgage Loans in the month of substitution shall
not be part of the Trust Fund and will be retained by the related Seller on the
next succeeding Distribution Date.  For the month of substitution,
distributions to Certificateholders will include the monthly payment due on any
Deleted Mortgage Loan for such month and thereafter that 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 Substitute Mortgage Loan or Loans and
the Master Servicer shall deliver the amended Mortgage Loan Schedule to the
Trustee.  Upon such substitution, the Substitute Mortgage Loan or
Loans shall be subject to the terms of this Agreement in all respects, and the
related Seller shall be deemed to have made with respect to such Substitute
Mortgage Loan or Loans, as of the date of substitution, the representations and
warranties made pursuant to Section 2.03(a) with respect to such Mortgage
Loan.  Upon any such substitution and the deposit to the Certificate
Account of the 

     

     

    
      
        
        

      

      
        II-7

        
          

        

      

      
        
        

      

    

     

     

    amount
required to be deposited therein in connection with such substitution as
described in the following paragraph, the Trustee shall release the Mortgage
File held for the benefit of the Certificateholders relating to such Deleted
Mortgage Loan to the related Seller and shall execute and deliver at such
Seller’s direction such instruments of transfer or assignment prepared by
Countrywide (on its own behalf and on behalf of Park Granada, Park Monaco and
Park Sienna), in each case without recourse, as shall be necessary to vest title
in that Seller, or its designee, the Trustee’s interest in any Deleted Mortgage
Loan substituted for pursuant to this Section 2.03.

     

    For any
month in which a Seller substitutes one or more Substitute 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 Substitute
Mortgage Loans sold to the Depositor by that Seller as of the date of
substitution is less than the aggregate Stated Principal Balance of all Deleted
Mortgage Loans repurchased by that Seller (after application of the scheduled
principal portion of the monthly payments due in the month of
substitution).  The amount of such shortage (the “Substitution
Adjustment Amount”) plus an amount equal to the aggregate of any unreimbursed
Advances with respect to such Deleted Mortgage Loans shall be deposited in the
Certificate Account by Countrywide (on its own behalf and on behalf of Park
Granada, Park Monaco and Park Sienna) on or before the Distribution Account
Deposit Date for the Distribution Date in the month succeeding the calendar
month during which the related Mortgage Loan became required to be purchased or
replaced hereunder.

     

    In the
event that a Seller shall have repurchased a Mortgage Loan, the Purchase Price
therefor shall be deposited in the Certificate Account pursuant to Section 3.05
on or before the Distribution Account Deposit Date for the Distribution Date in
the month following the month during which that Seller became obligated
hereunder 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 and receipt of a Request for Release, the Trustee shall release the related
Mortgage File held for the benefit of the Certificateholders to such Person, and
the Trustee shall execute and deliver at such Person’s direction such
instruments of transfer or assignment prepared by such Person, in each case
without recourse, as shall be necessary to transfer title from the
Trustee.  It is understood and agreed that the obligation under this
Agreement of any Person to cure, repurchase or replace any Mortgage Loan as to
which a breach has occurred and is continuing shall constitute the sole remedy
against such Persons respecting such breach available to Certificateholders, the
Depositor or the Trustee on their behalf.

     

    The
representations and warranties made pursuant to this Section 2.03 shall survive
delivery of the respective Mortgage Files to the Trustee for the benefit of the
Certificateholders.

     

    
      
        	
                SECTION
      2.04.  

              	
                Representations and
      Warranties of the Depositor as to the

                
                  Mortgage
      Loans.

                

              

      

       

    

    The
Depositor hereby represents and warrants to the Trustee with respect to each
Mortgage Loan as of the date hereof or such other date set forth herein that as
of the Closing Date, and following the transfer of the Mortgage Loans to it by
each Seller, the Depositor had good title to the Mortgage Loans and the Mortgage
Notes were subject to no offsets, defenses or counterclaims.

     

    The
Depositor hereby assigns, transfers and conveys to the Trustee all of its rights
with respect to the Mortgage Loans including, without limitation, the
representations and warranties of each Seller made pursuant to Section
2.03(a)(ii) hereof, together with all rights of the Depositor to require each
Seller to cure any breach thereof or to repurchase or substitute for any
affected Mortgage Loan in accordance with this Agreement.

     

    
      
        
        

      

      
        II-8

        
          

        

      

      
        
        

      

    

    It is
understood and agreed that the representations and warranties set forth in this
Section 2.04 shall survive delivery of the Mortgage Files to the
Trustee.  Upon discovery by the Depositor or the Trustee of a breach
of any of the foregoing representations and warranties set forth in this Section
2.04 (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.

     

    
      	
              SECTION
      2.05.  

            	
              Delivery of Opinion of
      Counsel in Connection with
Substitutions.

            

    

     

    (a) Notwithstanding
any contrary provision of this Agreement, no substitution pursuant to Section
2.02 or Section 2.03 shall be made more than 90 days after the Closing Date
unless Countrywide delivers to the Trustee 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 substitution 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 created hereunder
to fail to qualify as a REMIC at any time that any Certificates are
outstanding.

     

    (b) Upon
discovery by the Depositor, a 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 (5) Business Days of discovery) give
written notice thereof to the other parties.  In connection therewith,
the Trustee shall require Countrywide (on its own behalf and on behalf of Park
Granada, Park Monaco and Park Sienna), at its option, to either (i) substitute,
if the conditions in Section 2.03(c) with respect to substitutions are
satisfied, a Substitute 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 made pursuant to Section 2.03.  The Trustee shall reconvey to
Countrywide 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.  

            	
              Execution 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 and delivered to or
upon the order of the Depositor, the Certificates in authorized denominations
evidencing directly or indirectly 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, to the
end that the interests of the Holders of the Certificates may be adequately and
effectively protected.

     

    
      	
              SECTION
      2.07.  

            	
              REMIC
      Matters.

            

    

     

    The
Preliminary Statement sets forth the designations and “latest possible maturity
date” for federal income tax purposes of all interests created
hereby.  The “Startup Day” for purposes of the REMIC Provisions shall
be the Closing Date.  The “tax matters person” with respect to each
REMIC hereunder shall be the Trustee and the Trustee shall hold the Tax Matters
Person Certificate.  Each REMIC’s fiscal year shall be the calendar
year.

     

    
      
        
        

      

      
        II-9

        
          

        

      

      
        
        

      

       

    

    
      	
              SECTION
      2.08.  

            	
              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 such information, certificate, statement or report not
misleading.

     

     

    
      
        
        

      

      
        II-10

        
          

        

      

      
        
        

      

    

     

    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 the terms of this Agreement and
customary and usual standards of practice of prudent mortgage loan
servicers.  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 and other Liquidation Proceeds (which,
for the purpose of this Section, includes any Subsequent Recoveries), and (iv)
to effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property securing any Mortgage Loan; provided that the Master Servicer shall not
take any action that is inconsistent with or prejudices the interests of the
Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee and the Certificateholders under this
Agreement.  The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own interests
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 Mortgage Loan which would cause any REMIC created hereunder
to fail to qualify as a REMIC or result in the imposition of any tax under
Section 860F(a) or Section 860G(d) of the Code.  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 either or both of them as are necessary or appropriate to enable the Master
Servicer to service and administer the Mortgage Loans to the extent that the
Master Servicer is not permitted to execute and deliver such documents pursuant
to the preceding sentence.  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.

     

    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 and
insurance premiums on the related 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.  Except in connection with a modification of the terms of a
Mortgage Loan that results in a Capitalized Advance, the costs incurred by

     

    
      
        
        

      

      
        III-1

        
          

        

      

      
        
        

      

    

     

     

    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 Balances of the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so
permit.

     

    
      	
              SECTION
      3.02.  

            	
              Subservicing;
      Enforcement of the Obligations of
  Subservicers.

            

    

     

    (a) The
Master Servicer may arrange for the subservicing of any Mortgage Loan by a
Subservicer pursuant to a subservicing agreement; provided, however, that 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.  Unless the
context otherwise requires, references in this Agreement to actions taken or to
be taken by the Master Servicer in servicing the Mortgage Loans include actions
taken or to be taken by a Subservicer on behalf of the Master
Servicer.  Notwithstanding the provisions of any subservicing
agreement, any of the provisions of this Agreement relating to agreements or
arrangements between the Master Servicer and a Subservicer or reference to
actions taken through a Subservicer 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.  All
actions of each Subservicer performed pursuant to the related subservicing
agreement shall be performed as an agent of the Master Servicer with the same
force and effect as if performed directly by the Master Servicer.

     

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

     

    
      
        	
                SECTION
      3.03.  

              	
                Rights of the
      Depositor and the Trustee in Respect of the Master
      Servicer.

              

      

    

     

    The
Depositor may, but is not obligated to, enforce the obligations of the Master
Servicer hereunder and may, but is not obligated to, perform, or cause a
designee to perform, any defaulted obligation of the Master Servicer hereunder
and in connection with any such defaulted obligation to exercise the related
rights of the Master Servicer hereunder; provided that the Master Servicer shall
not be relieved of any of its obligations hereunder by virtue of such
performance by the Depositor or its designee.  Neither the Trustee nor
the Depositor shall have any responsibility or liability for any action or
failure to act by the Master Servicer nor shall the Trustee or the Depositor be
obligated to supervise the performance of the Master Servicer hereunder or
otherwise.

     

    
      	
              SECTION
      3.04.  

            	
              Trustee to Act as
      Master Servicer.

            

    

     

    In the
event that the Master Servicer shall for any reason no longer be the Master
Servicer hereunder (including by reason of an Event of Default or termination by
the Depositor), the Trustee or its successor 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 3.09 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, but not
limited to, repurchases or substitutions of Mortgage Loans pursuant to Section
2.02 or 2.03 hereof, (iv) responsible for expenses of 

     

    
      
        
        

      

      
        III-2

        
          

        

      

      
        
        

      

    

     

    the
Master Servicer pursuant to Section 2.03 or (v) deemed to have made any
representations and warranties of the Master Servicer hereunder).  Any
such assumption shall be subject to Section 7.02 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 its successor shall succeed to any rights and obligations of the Master
Servicer under each subservicing agreement.

     

    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 or substitute subservicing agreement and
the Mortgage Loans then being serviced thereunder and an accounting of amounts
collected or held by it and otherwise use its best efforts to effect the orderly
and efficient transfer of the substitute subservicing agreement to the assuming
party.

     

    
      
        	
                SECTION
      3.05.  

              	
                Collection of Mortgage
      Loan Payments; the Certificate Account; the Distribution
      Account.

              

      

       

    

    (a) The
Master Servicer shall make reasonable efforts in accordance with the customary
and usual standards of practice of prudent mortgage servicers 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 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 180 days;
provided, however, that the Master Servicer cannot extend the maturity of any
such Mortgage Loan past the date on which the final payment is due on the latest
maturing Mortgage Loan as of the Cut-off Date.  In the event of any
such arrangement, the Master Servicer shall make Advances on the related
Mortgage Loan in accordance with the provisions of Section 4.01 during the
scheduled period in accordance with the amortization schedule of such Mortgage
Loan without modification thereof by reason of such arrangements; provided,
however, that with respect to a Mortgage Loan that has been modified, the Master
Servicer shall make Advances in accordance with the provisions of Section 4.01
and in accordance with the amortization schedule as so modified.  The
Master Servicer shall not be required to institute or join in litigation with
respect to collection of any payment (whether under a Mortgage, Mortgage Note or
otherwise or against any public or governmental authority with respect to a
taking or condemnation) if it reasonably believes that enforcing the provision
of the Mortgage or other instrument pursuant to which such payment is required
is prohibited by applicable law.

     

    (b) The
Master Servicer shall establish and maintain a Certificate Account into which
the Master Servicer shall deposit or cause to be deposited no later than two
Business Days after receipt (or, if (i) the current short-term credit rating of
Countrywide from S&P is below “A-2” or, if Countrywide does
not have a short-term credit rating from S&P, the current long-term credit
rating of Countrywide from S&P is below “BBB+”, (ii) the current long-term
credit rating of Countrywide from Moody’s is below “A3” or (iii) the current
short-term credit rating of Countrywide from Fitch is below “F2”, the Master
Servicer shall deposit or cause to be deposited on a daily basis within one
Business Day of receipt), except as otherwise specifically provided in this
Agreement, 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
under this Agreement:

     

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

     

    
      
        
        

      

      
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    (ii) all
payments on account of interest on the Mortgage Loans, net of the Master
Servicing Fee, Prepayment Interest Excess and any lender-paid mortgage insurance
premiums;

     

    (iii) all
Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds, 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;

     

    (iv) any
amount required to be deposited by the Master Servicer or the Depositor pursuant
to Section 3.05(e) in connection with any losses on Permitted Investments for
which it is responsible;

     

    (v) any
amounts required to be deposited by the Master Servicer pursuant to Section
3.09(c) and in respect of net monthly rental income from REO Property pursuant
to Section 3.11 hereof;

     

    (vi) all
Substitution Adjustment Amounts;

     

    (vii) all
Advances made by the Master Servicer pursuant to Section 4.01; and

     

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

     

    In
addition, with respect to any Mortgage Loan that is subject to a buydown
agreement, on each Due Date for such Mortgage Loan, in addition to the monthly
payment remitted by the Mortgagor, the Master Servicer shall cause funds to be
deposited into the Certificate Account in an amount required to cause an amount
of interest to be paid with respect to such Mortgage Loan equal to the amount of
interest that has accrued on such Mortgage Loan from the preceding Due Date at
the Mortgage Rate net of the Master Servicing Fee.

     

    The
foregoing requirements for remittance by the Master Servicer shall be exclusive,
it being understood and agreed that, without limiting the generality of the
foregoing, payments in the nature of prepayment charges, 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, 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 Trustee or such other institution
maintaining the Certificate Account which 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.

     

    (c) [Reserved].

     

    (d) 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:

     

    (i) the
aggregate amount remitted by the Master Servicer to the Trustee pursuant to
Section 3.08(a)(ix);

     

    
      
        
        

      

      
        III-4

        
          

        

      

      
        
        

      

    

    (ii) any
amount deposited by the Master Servicer or the Depositor pursuant to Section
3.05(e) in connection with any losses on Permitted Investments for which it is
responsible; and

     

    (iii) any other
amounts deposited hereunder which are required to be deposited in the
Distribution Account.

     

    In the
event that the Master Servicer shall remit any amount not required to be
remitted, 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 an
Officer’s Certificate to the Trustee which 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.

     

    (e) Each
institution at which the Certificate Account or the Distribution Account is
maintained shall invest the funds therein as directed in writing by the Master
Servicer in Permitted Investments, which shall mature not later than (i) 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 account, then
such Permitted Investment shall mature not later than the Business Day next
preceding such Distribution Account Deposit Date) and (ii) in the case of the
Distribution Account, the Business Day next preceding the Distribution Date
(except that if such Permitted Investment is an obligation of the institution
that maintains such fund or account, then such Permitted Investment shall mature
not later than such Distribution Date) and, 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.  All income and gain net of any losses realized
from any such investment of funds on deposit in the Certificate Account, or the
Distribution Account shall be for the benefit of the Master Servicer as
servicing compensation and shall be remitted to it monthly as provided
herein.  The amount of any realized losses in the Certificate Account
or the Distribution Account incurred in any such account in respect of any such
investments shall promptly be deposited by the Master Servicer in the
Certificate Account or paid to the Trustee for deposit into the Distribution
Account, as applicable. The Trustee in its fiduciary capacity 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 or the Distribution
Account and made in accordance with this Section 3.05.

     

    (f) The
Master Servicer shall give notice to the Trustee, each Seller, each Rating
Agency and the Depositor of any proposed change of the location of the
Certificate Account prior to any change thereof.  The Trustee shall
give notice to the Master Servicer, each Seller, each Rating Agency and the
Depositor of any proposed change of the location of the Distribution Account
prior to any change thereof.

     

    
      
        	
                SECTION
      3.06.  

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

              

      

    

     

    (a) To the
extent required by the related Mortgage Note and not violative of current law,
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.

     

    
      
        
        

      

      
        III-5

        
          

        

      

      
        
        

      

    

    (b) 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 3.09 hereof
(with respect to hazard insurance), to refund to any Mortgagors any sums
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.

     

    (c) The
Master Servicer shall advance any payments referred to in Section 3.06(a) that
are not timely paid by the Mortgagors on the date when the tax, premium or other
cost for which such payment is intended is due, but the Master Servicer shall be
required so to advance only to the extent that such advances, in the good faith
judgment of the Master Servicer, will be recoverable by the Master Servicer out
of Insurance Proceeds, Liquidation Proceeds or otherwise.

     

    
      
        	
                SECTION
      3.07.  

              	
                Access to Certain
      Documentation and Information Regarding the Mortgage
      Loans.

              

      

       

    

    The
Master Servicer shall afford each Seller, the Depositor and the Trustee
reasonable access to all records and documentation regarding the Mortgage Loans
and all accounts, insurance information 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 office designated by the Master
Servicer.

     

    Upon
reasonable advance notice in writing, the Master Servicer will provide to each
Certificateholder and/or Certificate Owner which 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 and/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 and/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 and the Distribution
      Account.

              

      

       

    

    (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 retained by the Master
Servicer) the servicing compensation to which it is entitled pursuant to Section
3.14, and to pay to the Master Servicer, as additional servicing compensation,
earnings on or investment income with respect to funds in or credited to the
Certificate Account;

     

    (ii) to
reimburse each of the Master Servicer and the Trustee for unreimbursed Advances
made by it, such right of reimbursement pursuant to this subclause (ii) being
limited to amounts received on the Mortgage Loan(s) in respect of which any such
Advance was made;

     

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

     

    
      
        
        

      

      
        III-6

        
          

        

      

      
        
        

      

    

    (iv) to
reimburse the Master Servicer for Insured Expenses from the related Insurance
Proceeds;

     

    (v) to
reimburse the Master Servicer for (a) unreimbursed Servicing Advances, the
Master Servicer’s right to reimbursement pursuant to this clause (a) with
respect to any Mortgage Loan being limited to amounts received on such Mortgage
Loan(s) which represent late recoveries of the payments for which such advances
were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Master
Servicing Fees as provided in Section 3.11 hereof;

     

    (vi) to pay to
the purchaser, with respect to each Mortgage Loan or property acquired in
respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.11,
all amounts received thereon after the date of such purchase;

     

    (vii) to
reimburse the Sellers, the Master Servicer or the Depositor for expenses
incurred by any of them and reimbursable pursuant to Section 6.03
hereof;

     

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

     

    (ix) on or
prior to the Distribution Account Deposit Date, to withdraw an amount equal to
the sum of Available Funds and the Trustee Fee for such Distribution Date and
remit such amount to the Trustee for deposit in the Distribution Account;
and

     

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

     

    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 such subclauses (i), (ii), (iv), (v) and
(vi).  Prior to making any withdrawal from the Certificate Account
pursuant to subclause (iii), 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 Loans(s), and their respective
portions of such Nonrecoverable Advance.

     

    (b) The
Trustee shall withdraw funds from the Distribution Account for distributions to
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
withhold 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 to
itself the Trustee Fee for the related Distribution Date;

     

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

     

    (iii) to
withdraw and return to the Master Servicer 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(b) 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 

     

     

    
      
        
        

      

      
        III-7

        
          

        

      

      
        
        

      

    

     

    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(b) 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)(iii) hereof; and

     

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

     

    
      
        	
                SECTION
      3.09.  

              	
                Maintenance of Hazard
      Insurance; Maintenance of Primary Insurance
    Policies.

              

      

    

     

    (a) 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 or (ii) the greater of (y) the outstanding principal balance of
the Mortgage Loan and (z) 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.  Each such policy of standard hazard insurance shall
contain, or have an accompanying endorsement that contains, a standard mortgagee
clause.  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 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 unless such
costs are part of a Capitalized Advance.  Such costs shall be
recoverable by the Master Servicer out of late payments by the related Mortgagor
or out of the proceeds of liquidation of the Mortgage Loan 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 least of (i) the outstanding principal balance of the related Mortgage
Loan, (ii) the replacement value of the improvements which are part of such
Mortgaged Property, and (iii) the maximum amount of such insurance available for
the related Mortgaged Property under the national flood insurance
program.

     

    (b) The
Master Servicer shall not 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 Master Servicer, would have been covered
thereunder.  The Master Servicer shall not cancel or refuse to renew
any such Primary Insurance Policy 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 a Qualified Insurer.

     

    Except
with respect to any Lender PMI Mortgage Loans, the Master Servicer shall not be
required to maintain any Primary Insurance Policy (i) with respect to any
Mortgage Loan with a Loan-to-Value Ratio less than or equal to 80% as of any
date of determination or, based on a new appraisal, the principal balance of
such Mortgage Loan represents 80% or less of the new appraised value or (ii) if

     

    
      
        
        

      

      
        III-8

        
          

        

      

      
        
        

      

    

     

    maintaining
such Primary Insurance Policy is prohibited by applicable law.  With
respect to the Lender PMI Mortgage Loans, the Master Servicer shall maintain the
Primary Insurance Policy for the life of such Mortgage Loans, unless otherwise
provided for in the related Mortgage Note or prohibited by law.

     

    The
Master Servicer agrees to effect the timely payment of the premiums on each
Primary Insurance Policy, and such costs not otherwise recoverable shall be
recoverable by the Master Servicer from the related proceeds of liquidation and
Subsequent Recoveries.

     

    (c) 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
Certificateholders, claims to the insurer under any Primary Insurance Policies
and, in this regard, to take such reasonable action as shall be 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.

     

    
      	
              SECTION
      3.10.  

            	
              Enforcement of
      Due-on-Sale Clauses; Assumption
  Agreements.

            

    

     

    (a) Except as
otherwise provided in this Section, when any property subject to a Mortgage has
been 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 3.10(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 3.10(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.  Notwithstanding the foregoing, the Master
Servicer shall not be deemed to be in default under this Section by reason of
any transfer or assumption which the Master Servicer reasonably believes it is
restricted by law from preventing, for any reason whatsoever.

     

    (b) Subject
to the Master Servicer’s duty to enforce any due-on-sale clause to the extent
set forth in Section 3.10(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 

     

     

    
      
        
        

      

      
        III-9

        
          

        

      

      
        
        

      

    

     

    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 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.  Together with each such substitution, assumption or other
agreement or instrument delivered to the Trustee for execution by it, the Master
Servicer shall deliver an Officer’s Certificate signed by a Servicing Officer
stating that the requirements of this subsection have been met in connection
therewith.  The Master Servicer shall notify the Trustee that any such
substitution or assumption agreement has been completed by forwarding to the
Trustee the original of such substitution or assumption agreement, which in the
case of the original shall be added to the related Mortgage File and shall, for
all purposes, be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting a part thereof.  Any
fee collected by the Master Servicer for entering into an assumption or
substitution of liability agreement will be retained by the Master Servicer as
additional servicing compensation.

     

    
      
        	
                SECTION
      3.11.  

              	
                Realization Upon
      Defaulted Mortgage Loans; Repurchase of Certain Mortgage
      Loans.

              

      

       

    

    (a) 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
meet the requirements of the insurer under any Required Insurance Policy;
provided, however, 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 the proceeds of liquidation of the Mortgage Loan and
Subsequent Recoveries (respecting which it shall have priority for purposes of
withdrawals from the Certificate Account).  The Master Servicer shall
be responsible for all other costs and expenses incurred by it in any such
proceedings; provided, however, that it shall be entitled to reimbursement
thereof from the proceeds of liquidation of the Mortgage Loan and Subsequent
Recoveries with respect to the related Mortgaged Property, as provided in the
definition of Liquidation Proceeds.  If the Master Servicer has
knowledge that a Mortgaged Property which the Master Servicer is contemplating
acquiring in foreclosure or by deed in lieu of foreclosure is located within a 1
mile radius of any site listed in the Expenditure Plan for the Hazardous
Substance Clean Up Bond Act of 1984 or other 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 its
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 the Pooling and
Servicing Agreement and the Trustee’s capacity thereunder.  The Master
Servicer shall allow any REO Property that was subject to a lease at the time of
acquisition through foreclosure or deed-in-lieu of foreclosure to continue to be
rented pursuant to such lease, but upon the expiration of such lease, the Master
Servicer shall not take any action to rent the related REO
Property.  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 

     

    
      
        
        

      

      
        III-10

        
          

        

      

      
        
        

      

    

     

    same
manner and to such extent as is customary in the locality where such REO
Property is located.  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 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.  Any net monthly income 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 required by Sections 1445 and 6050J of
the Code with respect to foreclosures and abandonments, the tax reporting
required by Section 6050H of the Code with respect to the receipt of mortgage
interest from individuals and any tax reporting required by Section 6050P of the
Code with respect to the cancellation of indebtedness by certain financial
entities, by preparing such tax and information returns as may be required, in
the form required, and delivering the same to the Trustee for
filing.

     

    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 thereof, but in
no event later than three years after its acquisition by the Trust
Fund.  In the event that, the Trustee shall have been supplied with an
Opinion of Counsel to the effect that the holding by the Trust Fund of such
Mortgaged Property subsequent to a three-year period, if applicable, will not
result in the imposition of taxes on “prohibited transactions” of any REMIC
hereunder as defined in Section 860F of the Code or cause any REMIC hereunder to
fail to qualify as a REMIC at any time that any Certificates are outstanding,
then 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 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 any REMIC
hereunder 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.

     

    In the
event of a default on a Mortgage Loan one or more of whose obligor is not a
United States Person, as that term is defined in Section 7701(a)(30) of the
Code, in connection with any foreclosure or acquisition of a deed in lieu of
foreclosure (together, “foreclosure”) in respect of such Mortgage Loan, the
Master Servicer will cause compliance with the provisions of Treasury Regulation
Section 1.1445-2(d)(3) (or any successor thereto) necessary to assure that no
withholding tax obligation arises with respect to the proceeds of such
foreclosure except to the extent, if any, that proceeds of such foreclosure are
required to be remitted to the obligors on such Mortgage Loan.

     

    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 rental of any REO Property,
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 Master Servicing Fees, Advances and Servicing Advances, shall be
applied to the payment of principal of and interest on the related defaulted
Mortgage Loan (with interest accruing as though such Mortgage Loan 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 Note and shall be deposited into the Certificate Account.  To
the extent the net income received during any calendar month is in excess of the
amount attributable to amortizing principal and accrued interest at the related
Mortgage Rate on the related Mortgage Loan for 

     

     

    
      
        
        

      

      
        III-11

        
          

        

      

      
        
        

      

    

    such
calendar month, such excess shall be considered to be a partial prepayment of
principal of the related Mortgage Loan.

     

    The
proceeds from any liquidation of a Mortgage Loan, as well as any income from an
REO Property, will be applied in the following order of priority: first, to
reimburse the Master Servicer for any related unreimbursed Servicing Advances
and Master Servicing Fees; second, to reimburse the Master Servicer or the
Trustee for any unreimbursed Advances; third, to reimburse the Certificate
Account for any Nonrecoverable Advances (or portions thereof) that were
previously withdrawn by the Master Servicer or the Trustee pursuant to Section
3.08(a)(iii) that related to such Mortgage Loan; fourth, to accrued and unpaid
interest (to the extent no Advance has been made for such amount or any such
Advance has been reimbursed) on the Mortgage Loan or related REO Property, at
the Adjusted Net Mortgage Rate to the Due Date occurring in the month in which
such amounts are required to be distributed; and fifth, as a recovery of
principal of the Mortgage Loan.  Excess Proceeds, if any, from the
liquidation of a Liquidated Mortgage Loan will be retained by the Master
Servicer as additional servicing compensation pursuant to Section
3.14.

     

    The
Master Servicer, in its sole discretion, shall have the right to purchase for
its own account from the Trust Fund any Mortgage Loan which is 151 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 next to the last
day of the calendar month in which such Mortgage Loan became 151 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 and the
Trustee, upon receipt of a Request for Release, 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.

     

    (b) Countrywide
is permitted to solicit Mortgagors for reductions to the Mortgage Rates of their
respective Mortgage Loans so long as the Mortgagors are not selected for
solicitation based on the inclusion of the related Mortgage Loans in the Trust
Fund. If a Mortgagor requests a reduction to the Mortgage Rate for the related
Mortgage Loan, the Master Servicer shall agree to a reduction in the Mortgage
Rate of that Mortgage Loan (the “Modified Mortgage Loan”) if (i) no monetary
default exists with respect to such Mortgage Loan and (ii) Countrywide, in its
corporate capacity, agrees to purchase the Modified Mortgage Loan from the Trust
Fund immediately following the modification as described
below.  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 Countrywide 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
Countrywide.  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.

     

    
      
        
        

      

      
        III-12

        
          

        

      

      
        
        

      

    

    Countrywide
shall remit the Purchase Price for any Modified Mortgage Loan 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 Countrywide
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 Countrywide any Modified Mortgage Loan previously transferred and
assigned pursuant hereto.  Countrywide 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 (b), any holding of a Modified Mortgage
Loan by the Trust Fund or any purchase of a Modified Mortgage Loan by
Countrywide (but such obligation shall not prevent Countrywide or any other
appropriate Person from in good faith contesting any such tax in appropriate
proceedings and shall not prevent Countrywide from withholding payment of such
tax, if permitted by law, pending the outcome of such
proceedings).  Countrywide 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 Countrywide.  Nothing in
this Section 3.11(b) restricts the ability of the Master Servicer to modify a
Mortgage Loan in a manner that is consistent with the servicing standard set
forth in Section 3.01; provided, however, that Countrywide shall have no
obligation to purchase any such modified Mortgage Loan.

     

    
      
        	
                SECTION
      3.12.  

              	
                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 immediately notify the Trustee by
delivering, or causing to be delivered a Request for Release.  Upon
receipt of such request, the Trustee shall promptly release the related Mortgage
File to the Master Servicer, and the 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 Trustee and the Certificateholders or any of them,
any and all instruments of satisfaction or cancellation or of partial or full
release.  Expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the related
Mortgagor.  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 Trustee shall, upon delivery to the Trustee
of a Request for Release, release the documents requested or the entire Mortgage
File, as applicable, to the Master Servicer.  If the Master Servicer
sends a Request for Release in electronic form acceptable to the Trustee, the
Master Servicer hereby acknowledges and agrees as follows:

     

    
      	
               
      

            	
              (i)

            	
              the
      Master Servicer shall hold and retain possession of the documents released
      to it from the related Mortgage File in trust for the benefit of the
      Trustee, solely for the purposes provided in this
    Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Master Servicer shall not cause or knowingly permit the documents released
      to it from the related Mortgage File to become subject to, or encumbered
      by, any claim, liens, security interest, charges, writs of attachment or
      other impositions nor shall the
Master

            

    

    
       

       

      
        
          
          

        

        
          III-13

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                 

              	
                Servicer
      assert or seek to assert any claims or rights of setoff to or against such
      documents or any proceeds thereof;

              

      

       

    

    
      	
               
      

            	
              (iii)

            	
              the
      Master Servicer shall return each and every document requested from the
      related Mortgage File to the Trustee when the need therefor no longer
      exists, unless the Mortgage Loan relating to such documents has been
      liquidated and the proceeds thereof have been remitted to the Certificate
      Account and except as expressly provided in this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      documents released to the Master Servicer from the related Mortgage File
      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 Trustee, and the Master Servicer shall
      keep such documents and any proceeds separate and distinct from all other
      property in the Master Servicer’s possession, custody or
      control.

            

    

     

    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 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 Trustee a Request for
Release.

     

    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.

     

    
      
        	
                SECTION
      3.13.  

              	
                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 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 which 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 and any 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 Trustee and shall be and remain the sole and
exclusive property of the Trustee, 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, Distribution Account or any Escrow Account, 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 setoff 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.

     

    
      
        
        

      

      
        III-14

        
          

        

      

      
        
        

      

       

    

    
      	
              SECTION
      3.14.  

            	
              Servicing
      Compensation.

            

    

     

    As
compensation for its activities hereunder, the Master Servicer shall be entitled
to retain or withdraw from the Certificate Account an amount equal to the Master
Servicing Fee; provided, that the aggregate Master Servicing Fee with respect to
any Distribution Date shall be reduced (i) by an amount equal to the aggregate
of the Prepayment Interest Shortfalls on all of the Mortgage Loans, if any, with
respect to such Distribution Date, but not to exceed the Compensating Interest
for such Distribution Date, and (ii) with respect to the first Distribution
Date, an amount equal to any amount to be deposited into the Distribution
Account by the Depositor pursuant to Section 2.01(a) and not so
deposited.

     

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

     

    
      	
              SECTION
      3.15.  

            	
              Access to Certain
      Documentation.

            

    

     

    The
Master Servicer shall provide to the OTS and the FDIC and to comparable
regulatory authorities supervising Holders and/or 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 designated by the Master
Servicer.  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.

     

    The
Master Servicer acknowledges that as part of its servicing activities, the
Master Servicer shall 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
related to the Mortgage Loans to Equifax, Experian and Trans Union Credit
Information Company (three of the nationally recognized credit bureaus) on a
monthly basis.

     

    
      	
              SECTION
      3.16.  

            	
              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 2009 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.

     

    
      
        
        

      

      
        III-15

        
          

        

      

      
        
        

      

    

    (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 2009 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.

     

    
      	
              SECTION
      3.17.  

            	
              Errors and Omissions
      Insurance; Fidelity Bonds.

            

    

     

    The
Master Servicer shall for so long as it acts as master 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 Master
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 FNMA or FHLMC for persons
performing servicing for mortgage loans purchased by FNMA or
FHLMC.  In the event that any such policy or bond ceases to be in
effect, the Master Servicer shall 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.

     

    
      
        
        

      

      
        III-16

        
          

        

      

      
        
        

      

    

    ARTICLE
IV

     

    DISTRIBUTIONS
AND

    ADVANCES
BY THE MASTER SERVICER

     

    
      	
              SECTION
      4.01.  

            	
              Advances.

            

    

     

    (a) The
Master Servicer shall determine on or before each Master Servicer Advance Date
whether it is required to make an Advance pursuant to the definition
thereof.  If the Master Servicer determines it is required to make an
Advance, it shall, on or before the Master Servicer Advance Date, either (i)
deposit into the Certificate Account an amount equal to the Advance or (ii) make
an appropriate entry in its records relating to the Certificate Account that any
Amount Held for Future Distribution has been used by the Master Servicer in
discharge of its obligation to make any such Advance.  Any funds so
applied shall be replaced by the Master Servicer by deposit in the Certificate
Account no later than the close of business on the next Master Servicer Advance
Date.  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 if such Mortgage Loan has been
foreclosed or otherwise terminated and the related Mortgaged Property has not
been liquidated.

     

    (b) If the
Master Servicer determines that it will be unable to comply with its obligation
to make the Advances as and when described in the second sentence of Section
4.01(a), 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 telecopy), 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(b) 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(b) together with accrued interest, not later than the fifth day
following the related Master Servicer Advance 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 have the right, but
not the obligation, to immediately (a) terminate all of the rights and
obligations of the Master Servicer under this Agreement in accordance with
Section 7.01 and (b) subject to the limitations set forth in Section 3.04,
assume all of the rights and obligations of the Master Servicer
hereunder.

     

    (c) 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 

     

     

    
      
        
        

      

      
        IV-1

        
          

        

      

      
        
        

      

    

     

    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.  

            	
              Priorities of
      Distribution.

            

    

     

    (a) On each
Distribution Date, the Trustee shall withdraw the Available Funds from the
Distribution Account and apply such funds to distributions on the Certificates
in the following order, in each case, to the extent of Available Funds
remaining:

     

    (i) [Reserved];

     

    (ii) concurrently,
to each interest-bearing Class of Senior Certificates, an amount allocable
to interest equal to the related Class Optimal Interest Distribution
Amount, any shortfall being allocated among such Classes in proportion to the
amount of the Class Optimal Interest Distribution Amount that would have
been distributed in the absence of such shortfall;

     

    (iii) [reserved];

     

    (iv) to each
Class of Senior Certificates, concurrently, as follows:

     

    (x)           to
the Class PO Certificates, the PO Formula Principal Amount until its
Class Certificate Balance is reduced to zero; and

     

    (y)           the
Non-PO Formula Principal Amount up to the amount of the Senior Principal
Distribution Amount for such Distribution Date will be distributed in the
following order:

     

    
      	
               
      

            	
              1.

            	
              to
      the Class A-R Certificates, until its Class Certificate Balance is reduced
      to zero; and

            

    

    

    
      	
               
      

            	
              2.

            	
              concurrently,
      to the Class A-1, Class A-2, Class A-4 and Class A-5 Certificates, pro
      rata, until their respective Class Certificate Balances are reduced to
      zero;

            

    

    

    (v) to the
Class PO Certificates, any Class PO Deferred Amount, up to an amount
not to exceed the amount calculated pursuant to clause (A) of the definition of
the Subordinated Principal Distribution Amount actually received or advanced for
such Distribution Date (with such amount to be allocated first from amounts
calculated pursuant to (A)(i) and (ii) then (iii) of the definition of
Subordinated Principal Distribution Amount);

     

    (vi) to each
Class of Subordinated Certificates, subject to subparagraph (e) below, in
the following order:

     

    (A) to the
Class M Certificates, an amount allocable to interest equal to the
Class Optimal Interest Distribution Amount for such Class for such
Distribution Date;

     

    (B) to the
Class M Certificates, an amount allocable to principal equal to its Pro
Rata Share for such Distribution Date until the Class Certificate Balance
thereof is reduced to zero;

     

    
      
        
        

      

      
        IV-2

        
          

        

      

      
        
        

      

    

    (C) to the
Class B-1 Certificates, an amount allocable to interest equal to the
Class Optimal Interest Distribution Amount for such Class for such
Distribution Date;

     

    (D) to the
Class B-1 Certificates, an amount allocable to principal equal to its Pro
Rata Share for such Distribution Date until the Class Certificate Balance
thereof is reduced to zero;

     

    (E) to the
Class B-2 Certificates, an amount allocable to interest equal to the
Class Optimal Interest Distribution Amount for such Class for such
Distribution Date;

     

    (F) to the
Class B-2 Certificates, an amount allocable to principal equal to its Pro
Rata Share for such Distribution Date until the Class Certificate Balance
thereof is reduced to zero;

     

    (G) to the
Class B-3 Certificates, an amount allocable to interest equal to the
Class Optimal Interest Distribution Amount for such Class for such
Distribution Date;

     

    (H) to the
Class B-3 Certificates, an amount allocable to principal equal to its Pro
Rata Share for such Distribution Date until the Class Certificate Balance
thereof is reduced to zero;

     

    (I) to the
Class B-4 Certificates, an amount allocable to interest equal to the amount
of the Class Optimal Interest Distribution Amount for such Class for
such Distribution Date;

     

    (J) to the
Class B-4 Certificates, an amount allocable to principal equal to its Pro
Rata Share for such Distribution Date until the Class Certificate Balance
thereof is reduced to zero;

     

    (K) to the
Class B-5 Certificates, an amount allocable to interest equal to the
Class Optimal Interest Distribution Amount for such Class for such
Distribution Date; and

     

    (L) to the
Class B-5 Certificates, an amount allocable to principal equal to its Pro
Rata Share for such Distribution Date until the Class Certificate Balance
thereof is reduced to zero;

     

    (vii) [Reserved];
and

     

    (viii) to the
Class A-R Certificates, any remaining funds in the Trust Fund.

     

    On any
Distribution Date, amounts distributed in respect of Class PO Deferred
Amounts will not reduce the Class Certificate Balance of the Class PO
Certificates.

     

    On any
Distribution Date, to the extent the Amount Available for Senior Principal is
insufficient to make the full distribution required to be made pursuant to
subclause (iv)(x) above, (A) the amount distributable on the Class PO
Certificates in respect of principal pursuant to such subclause (iv)(x) shall be
equal to the product of (1) the Amount Available for Senior Principal and (2) a
fraction, the numerator of which is the PO Formula Principal Amount and the
denominator of which is the sum of the PO Formula Principal Amount and the
Senior Principal Distribution Amount and (B) the amount distributable on the
Senior Certificates, other than the Class PO Certificates, in respect of
principal  

     

    
      
        
        

      

      
        IV-3

        
          

        

      

      
        
        

      

    

     

    pursuant
to clause (iv)(y) shall be equal to the product of (1) the Amount Available for
Senior Principal and (2) a fraction, the numerator of which is the Senior
Principal Distribution Amount and the denominator of which is the sum of the
Senior Principal Distribution Amount and the PO Formula Principal
Amount.

     

    (b) On each
Distribution Date prior to and including the applicable Accrual Termination Date
with respect to each Class or Component of Accrual Certificates, the
Accrual Amount for such Class or Component for such Distribution Date shall not
(except as provided in the second to last sentence in this paragraph) be
distributed as interest with respect to such Class or Component of Accrual
Certificates, but shall instead be added to the related Class Certificate
Balance or Component Balance of such Class or Component, as applicable, on
the related Distribution Date.  With respect to any Distribution Date
prior to and including the applicable Accrual Termination Date on which
principal payments on any Class or Component of Accrual Certificates are
distributed pursuant to Section 4.02(a)(iv)(y), the related Accrual Amount shall
be deemed to have been added on such Distribution Date to the related
Class Certificate Balance or Component Balance (and included in the amount
distributable on the related Class or Classes or Component of Accretion
Directed Certificates pursuant to Section 4.02(a)(iii) for such Distribution
Date) and the related distribution thereon shall be deemed to have been applied
concurrently towards the reduction of all or a portion of the amount so added
and, to the extent of any excess, towards the reduction of the
Class Certificate Balance or Component Balance of such Class or
Component of Accrual Certificates immediately prior to such Distribution Date.
Notwithstanding any such distribution, each such Class or Component shall
continue to be a Class of Accrual Certificates on each subsequent
Distribution Date until the applicable Accrual Termination Date.

     

    (c) [reserved].

     

    (d) On each
Distribution Date, the amount referred to in clause (i) of the definition of
Class Optimal Interest Distribution Amount for each Class of
Certificates for such Distribution Date shall be reduced by (i) the related
Class’ pro rata share
of Net Prepayment Interest Shortfalls based on such Class’ Class Optimal
Interest Distribution Amount for such Distribution Date, without taking into
account such Net Prepayment Interest Shortfalls and (ii) the related Class’
Allocable Share of the interest portion of a Debt Service Reduction, and each
Relief Act Reduction incurred during the calendar month preceding the month of
such Distribution Date.

     

    (e) Notwithstanding
the priority and allocation contained in Section 4.02(a)(vi), if, on any
Distribution Date, with respect to any Class of Subordinated Certificates
(other than the Class of Subordinated Certificates then outstanding with the
highest priority of distribution), the sum of the related
Class Subordination Percentages of such Class and all Classes of
Subordinated Certificates which have a higher numerical Class designation
than such Class (the “Applicable Credit Support Percentage”) is less than
the Original Applicable Credit Support Percentage for such Class, no
distribution of Principal Prepayments will be made to any such Classes (the
“Restricted Classes”) and the amount of such Principal Prepayments otherwise
distributable to the Restricted Classes shall be distributed to any Classes of
Subordinated Certificates having lower numerical Class designations than
such Class, pro rata, based on their respective Class Certificate Balances
immediately prior to such Distribution Date and shall be distributed in the
sequential order provided in Section 4.02(a)(vi).

     

    (f) [Reserved].

     

    (g) If the
amount of a Realized Loss on a Mortgage Loan has been reduced by application of
Subsequent Recoveries with respect to such Mortgage Loan, an amount equal to the
amount of such Subsequent Recoveries will be applied sequentially, in the order
of payment priority, to increase the Class Certificate Balance of each Class of
Certificates to which Realized Losses have been 

     

    
      
        
        

      

      
        IV-4

        
          

        

      

      
        
        

      

    

     

    allocated,
but in each case by not more than the amount of Realized Losses previously
allocated to that Class of Certificates pursuant to Section
4.04.  Holders of such Certificates will not be entitled to any
payment in respect of the Class Optimal Interest Distribution Amount on the
amount of such increases for any Interest Accrual Period preceding the
Distribution Date on which such increase occurs.  Any such increases
shall be applied pro rata to the Certificate Balance of each Certificate of such
Class.

     

    
      	
              SECTION
      4.03.  

            	
              [Reserved].

            

    

     

    
      	
              SECTION
      4.04.  

            	
              Allocation of Realized
      Losses.

            

    

     

    (a) On or
prior to each Determination Date, the Trustee shall determine the total amount
of Realized Losses with respect to the related Distribution Date.  For
purposes of allocating losses to the Subordinated Certificates, the Class M
Certificates will be deemed to have a lower numerical Class designation,
and to be of a higher relative payment priority, than each other Class of
Subordinated Certificates.

     

    Realized
Losses with respect to any Distribution Date shall be allocated as
follows:

     

    (i) the
applicable PO Percentage of any Realized Loss shall be allocated to the
Class PO Certificates until the Class Certificate Balance thereof is
reduced to zero; and

     

    (ii) the
applicable Non-PO Percentage of any Realized Loss shall be allocated first to
the Subordinated Certificates in reverse order of their respective numerical
Class designations (beginning with the Class of Subordinated
Certificates then outstanding with the highest numerical Class designation)
until the respective Class Certificate Balance of each such Class is
reduced to zero; second, to the Class A-1 Certificates, until its Class
Certificate Balance is reduced to zero; and third, concurrently, to the Class
A-2, Class A-4 and Class A-5 Certificates, pro rata, until their respective
Class Certificate Balances are reduced to zero, except that any Realized Losses
that would otherwise be allocated to the Class A-4 Certificates will instead be
allocated to the Class A-5 Certificates, until its Class Certificate Balance is
reduced to zero.

     

    (b)           The
Class Certificate Balance of Subordinated Certificates then outstanding
with the highest numerical Class designation shall be reduced on each
Distribution Date by the sum of (i) the amount of any payments on the
Class PO Certificates in respect of Class PO Deferred Amounts and (ii)
the amount, if any, by which the aggregate of the Class Certificate
Balances of all outstanding Classes of Senior and Subordinated Certificates
(after giving effect to the distribution of principal and the allocation of
Realized Losses and Class PO Deferred Amounts on such Distribution Date)
exceeds the Pool Stated Principal Balance for the following Distribution
Date.

     

    (c)           Any
Realized Losses allocated to a Class of Certificates or any reduction in
the Class Certificate Balance of a Class of Certificates pursuant to
Section 4.04(a) above shall be allocated among the Certificates of such
Class in proportion to their respective Certificate Balances.

     

    (d)           Any
allocation of Realized Losses to a Certificate or to any Component or any
reduction in the Certificate Balance or Component Balance of a Certificate or
Component, pursuant to Section 4.04(a) above shall be accomplished by reducing
the Certificate Balance or Component Balance thereof, as applicable, immediately
following the distributions made on the related Distribution Date in accordance
with the definition of “Certificate Balance” or “Component Balance,” as the case
may be.

     

    
      
        
        

      

      
        IV-5

        
          

        

      

      
        
        

      

    

    
      	
              SECTION
      4.05.  

            	
              [Reserved]

            

    

     

    
      	
              SECTION
      4.06.  

            	
              Monthly Statements to
      Certificateholders.

            

    

     

    (a) Concurrently
with each distribution on a Distribution Date, the Trustee will forward by
electronic delivery 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 U hereto.

     

    Concurrently
with each distribution on a Distribution Date, the Trustee will make available
to each Rating Agency on the Trustee's website, loan-level data containing
substantially the same fields of information as the loan-level data that is
being provided as of the Cut-off Date in respect of CHL Mortgage Pass-Through
Trust 2008-1, Mortgage Pass-Through Certificates, Series 2008-1.

     

    (b) The
Trustee’s responsibility for disbursing the above information to the
Certificateholders is limited to the availability, timeliness and accuracy of
the information provided by the Master Servicer.

     

    (c) On or
before the fifth Business Day following the end of each Prepayment Period (but
in no event later than the third Business Day prior to the related Distribution
Date), the Master Servicer shall deliver to the Trustee (which delivery may be
by electronic data transmission) a report in substantially the form set forth as
Schedule VI hereto.

     

    (d) Within a
reasonable period of time after the end of each calendar year, the Trustee shall
cause to be furnished to each Person who at any time during the calendar year
was a Certificateholder, a statement containing the information set forth in
items (1), (2) and (7) of Exhibit U hereto, 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.

     

    
      	
              SECTION
      4.07.  

            	
              Determination of
      Pass-Through Rates for COFI
Certificates.

            

    

     

    The
Pass-Through Rate for each Class of COFI Certificates for each Interest
Accrual Period after the initial Interest Accrual Period shall be determined by
the Trustee as provided below on the basis of the Index and the applicable
formulae appearing in footnotes corresponding to the COFI Certificates in the
table relating to the Certificates in the Preliminary Statement.

     

    Except as
provided below, with respect to each Interest Accrual Period following the
initial Interest Accrual Period, the Trustee shall not later than two Business
Days prior to such Interest Accrual Period but following the publication of the
applicable Index determine the Pass-Through Rate at which interest shall accrue
in respect of the COFI Certificates during the related Interest Accrual
Period.

     

    Except as
provided below, the Index to be used in determining the respective Pass-Through
Rates for the COFI Certificates for a particular Interest Accrual Period shall
be COFI for the second calendar month preceding the Outside Reference Date for
such Interest Accrual Period.  If at the Outside Reference Date for
any Interest Accrual Period, COFI for the second calendar month preceding such
Outside Reference Date has not been published, the Trustee shall use COFI for
the third calendar month preceding such Outside Reference Date.  If
COFI for neither the second nor third calendar months preceding any Outside
Reference Date has been published on or before the related Outside Reference
Date, the Index for such Interest Accrual Period and for all subsequent Interest
Accrual Periods shall be

     

    
      
        
        

      

      
        IV-6

        
          

        

      

      
        
        

      

    

     the
National Cost of Funds Index for the third calendar month preceding such
Interest Accrual Period (or the fourth preceding calendar month if such National
Cost of Funds Index for the third preceding calendar month has not been
published by such Outside Reference Date).  In the event that the
National Cost of Funds Index for neither the third nor fourth calendar months
preceding an Interest Accrual Period has been published on or before the related
Outside Reference Date, then for such Interest Accrual Period and for each
succeeding Interest Accrual Period, the Index shall be LIBOR, determined in the
manner set forth below.

     

    With
respect to any Interest Accrual Period for which the applicable Index is LIBOR,
LIBOR for such Interest Accrual Period will be established by the Trustee on the
related Interest Determination Date as provided in Section 4.08.

     

    In
determining LIBOR and any Pass-Through Rate for the COFI Certificates or any
Reserve Interest Rate, the Trustee may conclusively rely and shall be protected
in relying upon the offered quotations (whether written, oral or on the Reuters
Screen) from the Reference Banks or the New York City banks as to LIBOR or the
Reserve Interest Rate, as appropriate, in effect from time to
time.  The Trustee shall not have any liability or responsibility to
any Person for (i) the Trustee’s selection of New York City banks for purposes
of determining any Reserve Interest Rate or (ii) its inability, following a
good-faith reasonable effort, to obtain such quotations from the Reference Banks
or the New York City banks or to determine such arithmetic mean, all as provided
for in this Section 4.07.

     

    The
establishment of LIBOR and each Pass-Through Rate for the COFI Certificates by
the Trustee shall (in the absence of manifest error) be final, conclusive and
binding upon each Holder of a Certificate and the Trustee.

     

    
      	
              SECTION
      4.08.  

            	
              Determination of
      Pass-Through Rates for LIBOR
  Certificates.

            

    

     

    (a) On each
Interest Determination Date so long as any Certificates that have a Pass-Through
Rate calculated by reference to LIBOR, the Trustee will determine LIBOR on the
basis of the British Bankers’ Association (“BBA”) “Interest Settlement Rate” for
one-month deposits in U.S. dollars as quoted on the Bloomberg Terminal as of
each LIBOR Determination Date.

     

    (b) If on any
Interest Determination Date, LIBOR cannot be determined as provided in paragraph
(A) of this Section 4.08, the Trustee shall either (i) request each Reference
Bank to inform the Trustee of the quotation offered by its principal London
office for making one-month United States dollar deposits in leading banks in
the London interbank market, as of 11:00 a.m. (London time) on such Interest
Determination Date or (ii) in lieu of making any such request, rely on such
Reference Bank quotations that appear at such time on the Reuters Screen LIBO
Page (as defined in the International Swap Dealers Association Inc. Code of
Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition), to the
extent available.  LIBOR for the next Interest Accrual Period will be
established by the Trustee on each interest Determination Date as
follows:

     

    (i) If on any
Interest Determination Date two or more Reference Banks provide such offered
quotations, LIBOR for the next applicable Interest Accrual Period shall be the
arithmetic mean of such offered quotations (rounding such arithmetic mean
upwards if necessary to the nearest whole multiple of 1/32%).

     

    (ii) If on any
Interest Determination Date only one or none of the Reference Banks provides
such offered quotations, LIBOR for the next Interest Accrual Period shall be
whichever is the higher of (i) LIBOR as determined on the previous Interest
Determination Date or (ii) the Reserve Interest Rate.  The “Reserve
Interest Rate” shall be the rate per annum which the Trustee

     

     

     

    
      
        
        

      

      
        IV-7

        
          

        

      

      
        
        

      

    

     

    determines
to be either (i) the arithmetic mean (rounded upwards if necessary to the
nearest whole multiple of 1/32%) of the one-month United States dollar lending
rates that New York City banks selected by the Trustee are quoting, on the
relevant Interest Determination Date, to the principal London offices of at
least two of the Reference Banks to which such quotations are, in the opinion of
the Trustee, being so made, or (ii) in the event that the Trustee can determine
no such arithmetic mean, the lowest one-month United States dollar lending rate
which New York City banks selected by  the Trustee are quoting on such
Interest Determination Date  to leading European banks.

     

    (iii) If on any
Interest Determination Date the Trustee is required but is unable to determine
the Reserve Interest Rate in the manner provided in paragraph (b) above, LIBOR
for the related Classes of Certificates shall be LIBOR as determined on the
preceding applicable Interest Determination Date.  If on the initial
LIBOR Determination Date, the Trustee is required but unable to determine LIBOR
in the manner provided above, LIBOR for the next Interest Accrual Period will be
the Initial LIBOR Rate.

     

    Until all
of the LIBOR Certificates are paid in full, the Trustee will at all times retain
at least four Reference Banks for the purpose of determining LIBOR with respect
to each Interest Determination Date.  The Master Servicer initially
shall designate the Reference Banks.  Each “Reference Bank” shall be a
leading bank engaged in transactions in Eurodollar deposits in the international
Eurocurrency market, shall not control, be controlled by, or be under common
control with, the Trustee and shall have an established place of business in
London.  If any such Reference Bank should be unwilling or unable to
act as such or if the Master Servicer should terminate its appointment as
Reference Bank, the Trustee shall promptly appoint or cause to be appointed
another Reference Bank.  The Trustee shall have no liability or
responsibility to any Person for (i) the selection of any Reference Bank for
purposes of determining LIBOR or (ii) any inability to retain at least four
Reference Banks which is caused by circumstances beyond its reasonable
control.

     

    (c) The
Pass-Through Rate for each Class of Certificates, which have a Pass-Through Rate
that is calculated by reference to LIBOR, for each Interest Accrual Period shall
be determined by the Trustee on each Interest Determination Date so long as any
such Certificate is Outstanding, on the basis of LIBOR and the respective
formulae appearing in footnotes corresponding to the LIBOR Certificates in the
table relating to the Certificates in the Preliminary Statement.

     

    In
determining LIBOR, any Pass-Through Rate for the LIBOR Certificates, any
Interest Settlement Rate, or any Reserve Interest Rate, the Trustee may
conclusively rely and shall be protected in relying upon the offered quotations
(whether written, oral or on the Dow Jones Markets) from the BBA designated
banks, the Reference Banks or the New York City banks as to LIBOR, the Interest
Settlement Rate or the Reserve Interest Rate, as appropriate, in effect from
time to time.  The Trustee shall not have any liability or
responsibility to any Person for (i) the Trustee’s selection of New York City
banks for purposes of determining any Reserve Interest Rate or (ii) its
inability, following a good-faith reasonable effort, to obtain such quotations
from, the BBA designated banks, the Reference Banks or the New York City banks
or to determine such arithmetic mean, all as provided for in this Section
4.08.

     

    The
establishment of LIBOR and each Pass-Through Rate for the LIBOR Certificates by
the Trustee shall (in the absence of manifest error) be final, conclusive and
binding upon each Holder of a Certificate and the Trustee.

     

    
      
        
        

      

      
        IV-8

        
          

        

      

      
        
        

      

    

    ARTICLE
V

     

    THE
CERTIFICATES

     

    
      	
              SECTION
      5.01.  

            	
              The
      Certificates.

            

    

     

    The
Certificates shall be substantially in the forms attached hereto as
exhibits.  The Certificates shall be issuable in registered form, in
the minimum denominations, integral multiples in excess thereof (except that one
Certificate in each Class may be issued in a different amount which must be in
excess of the applicable minimum denomination) and aggregate denominations per
Class set forth in the Preliminary Statement.

     

    Subject
to Section 9.02 hereof respecting the final distribution on the Certificates, on
each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either (x) 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 (A) a Notional Amount Certificate, (B)
100% of the Class Certificate Balance of any Class of Certificates or
(C) Certificates of any Class with aggregate principal Denominations of not less
than $1,000,000 or (y) by check mailed by first class mail to such
Certificateholder at the address of such holder appearing in the Certificate
Register.

     

    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 countersignature and delivery of such Certificates or
did not hold such offices at the date of such Certificate.  No
Certificate shall be entitled to any benefit under this Agreement, or be valid
for any purpose, unless countersigned by the Trustee by manual signature, and
such countersignature upon any Certificate shall be conclusive evidence, and the
only evidence, that such Certificate has been duly executed and delivered
hereunder.  All Certificates shall be dated the date of their
countersignature.  On the Closing Date, the Trustee shall countersign
the Certificates to be issued at the 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.

     

    
      
        	
                SECTION
      5.02.  

              	
                Certificate Register;
      Registration of Transfer and Exchange of
    Certificates.

              

      

       

    

    (a) The
Trustee shall maintain, or cause to be maintained in accordance with the
provisions of Section 5.06 hereof, 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 execute and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of the same
Class and 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

     

    
      
        
        

      

      
        V-1

        
          

        

      

      
        
        

      

    

     

    Certificates
are so surrendered for exchange, the Trustee shall execute, authenticate, and
deliver the Certificates which 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
cancelled 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 said 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 laws, in order to assure compliance with the Securities Act and such laws,
the Certificateholder desiring to effect such transfer and such
Certificateholder’s prospective transferee shall each certify to the Trustee in
writing the facts surrounding the transfer in substantially the forms set forth
in Exhibit J-2 (the “Transferor Certificate”) and (i) deliver a letter in
substantially the form of either Exhibit K (the “Investment Letter”) or Exhibit
L-1 (the “Rule 144A Letter”) or (ii) there shall be delivered to the Trustee at
the expense of the transferor an Opinion of Counsel that such transfer may be
made pursuant to an exemption from the Securities Act.  The Depositor
shall provide to any Holder of a Private Certificate and any prospective
transferee designated by any such Holder, information regarding the related
Certificates and the Mortgage Loans and such other information as shall be
necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4)
for transfer of any such Certificate without registration thereof under the
Securities Act pursuant to the registration exemption provided by Rule
144A.  The Trustee and the Master Servicer shall cooperate with the
Depositor in providing the Rule 144A information referenced in the preceding
sentence, including providing to the Depositor such information regarding the
Certificates, the Mortgage Loans and other matters regarding the Trust Fund as
the Depositor shall reasonably request to meet its obligation under the
preceding sentence.  Each Holder of a Private Certificate desiring to
effect such transfer shall, and does hereby agree to, indemnify the Trustee and
the Depositor, the Sellers and the Master Servicer against any liability that
may result if the transfer is not so exempt or is not made in accordance with
such federal and state laws.

     

    No
transfer of an ERISA-Restricted Certificate shall be made unless the Trustee
shall have received either (i) a representation from the transferee of such
Certificate acceptable to and in form and substance satisfactory to the Trustee
(in the event such Certificate is a Private Certificate, such requirement is
satisfied only by the Trustee’s receipt of a representation letter from the
transferee substantially in the form of Exhibit K or Exhibit L-1, 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 a Certificate that is an ERISA-Restricted
Certificate and 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 a Plan, an Opinion of Counsel
satisfactory to the Trustee, which Opinion of Counsel shall not be an expense of
either the Trustee, the Master Servicer or the Trust Fund, addressed to

     

     

    
      
        
        

      

      
        V-2

        
          

        

      

      
        
        

      

    

     

    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 Section 406 of ERISA or Section 4975 of the Code and will not
subject the Trustee or the Master Servicer to any obligation in addition to
those expressly undertaken in this Agreement or to any liability.  For
purposes of the preceding sentence, with respect to an ERISA-Restricted
Certificate that is not a Residual Certificate, in the event the representation
letter or Opinion of Counsel referred to in the preceding sentence is not so
furnished, one of the representations in clause (i), as appropriate, shall be
deemed to have been made to the Trustee by the transferee’s (including an
initial acquiror’s) acceptance of the ERISA-Restricted
Certificate.  Notwithstanding anything else to the contrary herein,
any purported transfer of an ERISA-Restricted Certificate to or on behalf of a
Plan without the delivery to the Trustee of an Opinion of Counsel satisfactory
to the Trustee as described above shall be void and of no effect.

     

    To the
extent permitted under applicable law (including, but not limited to, ERISA),
the Trustee shall be under no liability to any Person for any registration of or
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 transfer was registered by the
Trustee in accordance with the foregoing requirements.

     

    (c) Each
Person who has or who acquires any Ownership Interest in a Residual 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 Residual Certificate are expressly
subject to the following provisions:

     

    (i) Each
Person holding or acquiring any Ownership Interest in a Residual 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.

     

    (ii) 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 Residual 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 Residual Certificate may be registered on the Closing
Date or thereafter transferred, and the Trustee shall not register the Transfer
of any Residual 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.

     

    (iii) Each
Person holding or acquiring any Ownership Interest in a Residual 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 Residual
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 Residual Certificate and (C) not to Transfer its Ownership Interest in a
Residual Certificate or to cause the Transfer of an Ownership Interest in a
Residual Certificate to any other Person if it has actual knowledge that such
Person is not a Permitted Transferee and to provide to the Trustee a certificate
substantially in the form attached hereto as Exhibit J-1 stating that it has no
knowledge that such Person is not a Permitted Transferee.

     

    (iv) Any
attempted or purported Transfer of any Ownership Interest in a Residual
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
Residual Certificate in violation of the provisions of this Section 5.02(c),
then the last 

     

    
      
        
        

      

      
        V-3

        
          

        

      

      
        
        

      

    

     

     

    preceding
Permitted Transferee shall be restored to all rights as Holder thereof
retroactive to the date of registration of Transfer of such Residual
Certificate.  The Trustee shall be under no liability to any Person
for any registration of Transfer of a Residual 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,
Transferor Certificate and either the Rule 144A Letter or the Investment Letter,
if required.  The Trustee shall be entitled but not obligated to
recover from any Holder of a Residual 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
Residual 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.

     

    (v) The
Depositor 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 Residual Certificate to any Holder who is not a Permitted
Transferee.

     

    The
restrictions on Transfers of a Residual Certificate set forth in this Section
5.02(c) shall cease to apply (and the applicable portions of the legend on a
Residual 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 Trust Fund, the Trustee, the Master Servicer or any
Seller, to the effect that the elimination of such restrictions will not cause
any REMIC 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 Residual Certificate hereby consents to
any amendment of this Agreement which, 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 Residual 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 Residual Certificate which 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 certificates and opinions referred to above in
this Section 5.02 in connection with transfer shall be at the expense of the
parties to such transfers.

     

    (e) Except as
provided 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 Certificates may not be transferred by the Trustee except to another
Depository; (ii) the Depository shall maintain book-entry records with respect
to the Certificate Owners and with respect to ownership and transfers of such
Book-Entry Certificates; (iii) 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; (iv) the Depository may collect
its usual and customary fees, charges and expenses from its Depository
Participants; (v) the Trustee shall deal with the Depository, Depository
Participants and indirect participating firms as representatives of the
Certificate Owners of the Book-Entry Certificates for purposes of exercising the
rights of holders under this Agreement, and 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 (vi) 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 participating firms and persons
shown on the books of such indirect participating firms as direct or indirect
Certificate Owners.

     

    
      
        
        

      

      
        V-4

        
          

        

      

      
        
        

      

    

    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 Owner.  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.

     

    If (x)
(i) the Depository or the Depositor advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository, and (ii) the Trustee or the Depositor is unable
to locate a qualified successor, or (y) after the occurrence of an Event of
Default, Certificate Owners representing at least 51% of the Certificate Balance
of the Book-Entry Certificates together advise the Trustee and the Depository
through the Depository Participants in writing that the continuation of a
book-entry system through the Depository is no longer in the best interests of
the Certificate Owners, the Trustee 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
of the related Class of Certificates by the Depository, accompanied by the
instructions from the Depository for registration, the Trustee shall issue the
Definitive Certificates.  Neither the Master Servicer, the Depositor
nor the Trustee shall be liable for any delay in delivery of such instruction
and each may conclusively rely on, and shall be protected in relying on, such
instructions.  The Master Servicer shall provide the Trustee with an
adequate inventory of certificates to facilitate the issuance and transfer of
Definitive Certificates.  Upon the issuance of 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 the Definitive Certificates as
Certificateholders hereunder; provided that the Trustee shall not by virtue of
its assumption of such obligations become liable to any party for any act or
failure to act of the Depository.

     

    
      	
              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 (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,
countersign 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, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

     

    
      	
              SECTION
      5.04.  

            	
              Persons Deemed
      Owners.

            

    

     

    The
Master Servicer, the Trustee and any agent of the Master Servicer or the Trustee
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 neither the Master
Servicer, the Trustee nor any agent of the Master Servicer or the Trustee shall
be affected by any notice to the contrary.

     

    
      
        
        

      

      
        V-5

        
          

        

      

      
        
        

      

    

    
      	
              SECTION
      5.05.  

            	
              Access to List of
      Certificateholders’ Names and
Addresses.

            

    

     

    If three
or more Certificateholders and/or Certificate Owners (a) request such
information in writing from the Trustee, (b) state that such Certificateholders
and/or Certificate Owners desire to communicate with other Certificateholders
and/or Certificate Owners with respect to their rights under this Agreement or
under the Certificates, and (c) provide a copy of the communication which such
Certificateholders and/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, (x) provide the Depositor, the Master Servicer or such
Certificateholders and/or Certificate Owners at such recipients’ expense the
most recent list of the Certificateholders of such Trust Fund held by the
Trustee, if any, and (y) assist the Depositor, the Master Servicer or such
Certificateholders and/or Certificate Owners at such recipients’ expense with
obtaining from the Depository a list of the related Depository Participants
acting on behalf of Certificate Owners of Book Entry
Certificates.  The Depositor and every Certificateholder and
Certificate Owner, by receiving and holding a Certificate or beneficial interest
therein, 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
and/or Depository Participants hereunder, regardless of the source from which
such information was derived.

     

    
      	
              SECTION
      5.06.  

            	
              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 Corporate Trust Office 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.

     

    
      
        
        

      

      
        V-6

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
VI

     

    THE
DEPOSITOR AND THE MASTER SERVICER

     

    
      	
              SECTION
      6.01.  

            	
              Respective Liabilities
      of the Depositor and the Master
Servicer.

            

    

     

    The
Depositor and the Master Servicer 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 or the Master
    Servicer.

            

    

     

    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 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 or the Master Servicer may be merged or
consolidated, or any Person resulting from any merger or consolidation to which
the Depositor or the Master Servicer shall be a party, or any person succeeding
to the business of the Depositor or the Master Servicer, shall be the successor
of the Depositor or the Master Servicer, 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,
however, that the successor or surviving Person to the Master Servicer shall be
qualified to service mortgage loans on behalf of FNMA or FHLMC.

     

    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 and
      Others.

              

      

       

    

    None of
the Depositor, the Master Servicer or any Seller or any of the directors,
officers, employees or agents of the Depositor, the Master Servicer or any
Seller shall be under any liability to 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, the Master Servicer, any Seller or
any such Person against any breach of representations or warranties made by it
herein or protect the Depositor, the Master Servicer, any Seller or any such
Person from any liability which 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 Master Servicer, each Seller and any director, officer, employee
or agent of the Depositor, the Master Servicer or each Seller may rely in good
faith on 

     

     

    
      
        
        

      

      
        VI-1

        
          

        

      

      
        
        

      

    

     

    any
document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder.  The Depositor, the Master
Servicer, each Seller and any director, officer, employee or agent of the
Depositor, the Master Servicer or any Seller 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 Master Servicer or any Seller shall be under any obligation to
appear in, prosecute or defend any legal action that is not incidental to its
respective duties hereunder and which in its opinion may involve it in any
expense or liability; provided, however, that any of the Depositor, the Master
Servicer or any Seller 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 Master Servicer
and each Seller shall be entitled to be reimbursed therefor out of the
Certificate Account.

     

    
      	
              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 (a) upon appointment of a successor servicer and receipt by the
Trustee of a letter from each Rating Agency that such a resignation and
appointment will not result in a downgrade or withdrawal of the rating of any of
the Certificates or (b) upon determination that its duties hereunder are no
longer permissible under applicable law.  Any such determination under
clause (b) 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 or a
successor master servicer shall have assumed the Master Servicer’s
responsibilities, duties, liabilities (other than those liabilities arising
prior to the appointment of such successor) and obligations hereunder 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.

     

    
      
        
        

      

      
        VI-2

        
          

        

      

      
        
        

      

    

     

    ARTICLE
VII

     

    DEFAULT

     

    
      	
              SECTION
      7.01.  

            	
              Events of
      Default.

            

    

     

    “Event of
Default,” wherever used herein, means any one of the following
events:

     

    (i) any
failure by the Master Servicer to deposit in the Certificate Account or remit to
the Trustee any payment required to be made under the terms of this Agreement,
which failure shall continue unremedied for five days after the date upon which
written notice of such failure shall have been given to the Master Servicer by
the Trustee or the Depositor or to the Master Servicer and the Trustee by the
Holders of Certificates having not less than 25% of the Voting Rights evidenced
by the Certificates; or

     

    (ii) 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), which failure materially affects the
rights of Certificateholders, that failure continues 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 or the Depositor, or to the Master
Servicer and the Trustee by the Holders of Certificates evidencing not less than
25% of the Voting Rights evidenced by the Certificates; provided, however, that
the sixty-day cure period shall not apply to the initial delivery of the
Mortgage File for Delay Delivery Mortgage Loans nor the failure to substitute or
repurchase in lieu of delivery; or

     

    (iii) 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

     

    (iv) 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

     

    (v) 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

     

    (vi) the
Master Servicer shall fail to reimburse in full the Trustee within five days of
the Master Servicer Advance Date for any Advance made by the Trustee pursuant to
Section 4.01(b) together with accrued and unpaid interest.

     

    If an
Event of Default described in clauses (i) to (vi) of this Section shall occur,
then, and in each and every such case, so long as such Event of Default shall
not have been remedied, the Trustee may, or, if an Event of Default described in
clauses (i) to (v) of this Section shall occur, then, and in each and every such
case, so long as such Event of Default shall not have been remedied, at the
direction of the 

     

     

    
      
        
        

      

      
        VII-1

        
          

        

      

      
        
        

      

    

     

    Holders
of Certificates entitled to not less than 66-2/3% of the Voting Rights evidenced
by the Senior and Subordinated Certificates, the Trustee shall, 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 3.16(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 and
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 which the Master Servicer failed to
make subject to Section 4.01 hereof whether or not the obligations of the Master
Servicer have been terminated pursuant to this Section.  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.

     

    Notwithstanding
any termination of the activities of the Master Servicer hereunder, the Master
Servicer shall be entitled to receive, out of any late collection of a Scheduled
Payment on a Mortgage Loan which 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.

     

    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.

     

    
       

      
        
          
          

        

        
          VII-2

          
            

          

        

        
          
          

        

      

    

     

     

    
      	
              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, subject to and to the extent provided in
Section 3.04, be the successor to the Master Servicer in its capacity as master
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 funds relating to the Mortgage Loans that the Master Servicer would have
been entitled to charge to the Certificate Account or Distribution Account 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, appoint,
or 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, 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 to the Master Servicer shall be an
institution which is a FNMA and FHLMC approved seller/servicer in good standing,
which has a net worth of at least $15,000,000, and which is willing to service
the Mortgage Loans and (i) executes and delivers to the Depositor and the
Trustee an agreement accepting such delegation and assignment, which contains an
assumption by such Person of the rights, powers, duties, responsibilities,
obligations and liabilities of the Master Servicer (other than liabilities 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 and (ii) provides to the Depositor in writing
fifteen days prior to the effective date of such appointment 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 provide written notice to the Depositor
of such successor pursuant to this Section.  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 hereinabove 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, however, that no such compensation shall be in
excess of the Master Servicing Fee permitted to be paid to 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 master
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.

     

    Any
successor to the Master Servicer as master servicer shall give notice to the
Mortgagors of such change of servicer and shall, during the term of its service
as master servicer maintain in force the policy or policies that the Master
Servicer is required to maintain pursuant to Section 3.09.

     

    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 

     

    
      
        
        

      

      
        VII-3

        
          

        

      

      
        
        

      

    

     

    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
either (x) 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 or
(y) in causing MERS to designate on the MERS® System the successor Master
Servicer as the servicer of such Mortgage Loan.  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.

     

    (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.

     

    
      
        
        

      

      
        VII-4

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
VIII

     

    CONCERNING
THE 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 that
are specifically required to be furnished pursuant to any provision of this
Agreement shall examine them to determine whether they are in the form required
by this Agreement; provided, however, that the Trustee shall not be responsible
for the accuracy or content of any such resolution, certificate, statement,
opinion, report, document, order or other instrument.

     

    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) unless an
Event of Default known to the Trustee shall have occurred and be continuing, 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 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 which it believed in good faith to be genuine and
to have been duly executed by the proper authorities respecting any matters
arising hereunder;

     

    (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
finally proven that the Trustee was negligent in ascertaining the pertinent
facts;

     

    (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
Holders of Certificates entitled to not less than 25% of the Voting Rights
evidenced by Senior and Subordinated Certificates 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

     

    (iv) 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
it is required to make an Advance under Section 4.01(b), 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(b) in the absence of a Trustee Advance Notice or actual knowledge

     

    
      
        
        

      

      
        VIII-1

        
          

        

      

      
        
        

      

    

     

    of a
Responsible Officer of the Trustee that (A) such Advance was not made by the
Master Servicer and (B) such Advance is not a Nonrecoverable
Advance.

     

    
      	
              SECTION
      8.02.  

            	
              Certain Matters
      Affecting the Trustee.

            

    

     

    Except as
otherwise provided in Section 8.01:

     

    (i) the
Trustee may request and 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 and the Trustee shall have no responsibility to ascertain or confirm the
genuineness of any signature of any such party or parties;

     

    (ii) the
Trustee may consult with counsel, financial advisers or accountants and the
advice of any such counsel, financial advisers or accountants 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;

     

    (iii) the
Trustee shall not be liable 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;

     

    (iv) 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 Holders of Certificates entitled to not
less than 25% of the Voting Rights evidenced by each Class of Senior and
Subordinated Certificates;

     

    (v) 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;

     

    (vi) the
Trustee shall not be required to risk or expend its own funds or otherwise incur
any financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers hereunder if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not assured to it;

     

    (vii) the
Trustee shall not be liable for any loss on any investment of funds pursuant to
this Agreement (other than as issuer of the investment security);

     

    (viii) 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

     

    (ix) the
Trustee shall be under no obligation to exercise any of the trusts, rights 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 satisfactory to the Trustee against the costs, expenses
and liabilities which may be incurred therein or thereby.

     

    
      
        
        

      

      
        VIII-2

        
          

        

      

      
        
        

      

    

    
      	
              SECTION
      8.03.  

            	
              Trustee Not Liable for
      Certificates or Mortgage
Loans.

            

    

     

    The
recitals contained herein and in the Certificates shall be taken as the
statements of the Depositor or a Seller, 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 the
Certificates 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 counter-signature
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.  

            	
              Trustee’s Fees and
      Expenses.

            

    

     

    The
Trustee, as compensation for its activities hereunder, shall be entitled to
withdraw from the Distribution Account on each Distribution Date an amount equal
to the Trustee Fee for such Distribution Date.  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
(including reasonable attorney’s fees) (i) incurred in connection with any claim
or legal action relating to (a) this Agreement, (b) the Certificates or (c) 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 incurred by reason of any action of the Trustee taken at the
direction of the Certificateholders 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 Trustee hereunder.  Without limiting the foregoing, the Master
Servicer covenants and agrees, except as otherwise agreed upon in writing by the
Depositor and the Trustee, and except for any such expense, disbursement or
advance as may arise from the Trustee’s negligence, bad faith or willful
misconduct, to pay or reimburse the Trustee, for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Agreement with respect to:  (A) the
reasonable compensation and the expenses and disbursements of its counsel not
associated with the closing of the issuance of the Certificates, (B) the
reasonable compensation, expenses and disbursements of any accountant, engineer
or appraiser that is not regularly employed by the Trustee, to the extent that
the Trustee must engage such persons to perform acts or services hereunder and
(C) printing and engraving expenses in connection with preparing any Definitive
Certificates.  Except as otherwise provided herein, the Trustee shall
not be entitled to payment or reimbursement for any routine ongoing expenses
incurred by the Trustee in the ordinary course of its duties as Trustee,
Registrar, Tax Matters Person or Paying Agent hereunder or for any other
expenses.

     

    
      	
              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 which would
not cause either of the Rating Agencies to reduce or withdraw their respective
then current ratings of the Certificates (or having provided such security from
time to time as is sufficient to avoid such reduction) as evidenced in writing
by each Rating Agency.  If such corporation or association publishes
reports of 

     

    
      
        
        

      

      
        VIII-3

        
          

        

      

      
        
        

      

    

     

    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 entity serving as Trustee may
have normal banking and trust relationships with the Depositor and its
affiliates or the Master Servicer and its affiliates; provided, however, that
such entity cannot be an affiliate of the Master Servicer other than the Trustee
in its role as successor to the Master Servicer.

     

    
      	
              SECTION
      8.07.  

            	
              Resignation and
      Removal of Trustee.

            

    

     

    The
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice of resignation to the Depositor, the Master Servicer
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
acceptance by a successor trustee in accordance with Section 8.08 meeting the
qualifications set forth in Section 8.06.  If no successor trustee
meeting such qualifications 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 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 tax is imposed with respect
to the Trust Fund by any state in which the Trustee or the Trust Fund is located
and the imposition of such tax would be avoided by the appointment of a
different trustee or (iv) during the period that 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 or
the Master Servicer, or in the case of clause (iv), the Depositor, may remove
the Trustee and appoint a successor trustee by written instrument, in
triplicate, one copy of which instrument shall be delivered to the Trustee, one
copy of which shall be delivered to the Master Servicer and one copy of which
shall be delivered to the successor trustee.

     

    The
Holders of Certificates entitled to at least 51% of the Voting Rights evidenced
by the Senior and Subordinated 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 of such

     

    
      
        
        

      

      
        VIII-4

        
          

        

      

      
        
        

      

    

     

    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 and to 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. The Depositor, the Master 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.

     

    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, its appointment shall not adversely
affect the then current rating of the Certificates and such successor trustee
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 all Holders of Certificates.  If the Depositor fails to
mail such notice within 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
      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 the 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 

     

     

    
      
        
        

      

      
        VIII-5

        
          

        

      

      
        
        

      

    

     

    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 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 within 15 days after the 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 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
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:

     

    (i) To the
extent necessary to effectuate the purposes of this Section 8.10, 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 applicable 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;

     

    (ii) No
trustee hereunder shall be held personally liable by reason of any act or
omission of any other trustee hereunder and such appointment shall not, and
shall not be deemed to, constitute any such separate trustee or co-trustee as
agent of the Trustee;

     

    (iii) The
Trustee may at any time accept the resignation of or remove any separate trustee
or co-trustee; and

     

    (iv) The
Master Servicer, and not the Trustee, shall be liable for the payment of
reasonable compensation, reimbursement and indemnification to any such 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 separate trustees and co-trustees, when and 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.

     

    
      
        
        

      

      
        VIII-6

        
          

        

      

      
        
        

      

    

    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 assets with respect to which any REMIC election is to be made,
as set forth in the Preliminary Statement, shall constitute, and that the
conduct of matters relating to such assets shall be such as to qualify such
assets 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 any such REMIC 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 Return (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 any such
REMIC, 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;
(c) make or cause to be made elections that such assets be treated as a REMIC on
the federal tax return 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 Residual 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 matters relating to such assets at all times that any
Certificates are outstanding so as to maintain the status 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 tax status of any REMIC;
(h) pay, from the sources specified in the third paragraph of this Section 8.11,
the amount of any federal or state tax, including prohibited transaction taxes
as described below, imposed on any such REMIC prior to its termination 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) 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;
(j) maintain records relating to any such REMIC, including but not limited to
the income, expenses, assets and liabilities thereof and the fair market value
and adjusted basis of the assets 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,

     

    
      
        
        

      

      
        VIII-7

        
          

        

      

      
        
        

      

    

     

    represent
any such REMIC 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 such REMIC, enter into
settlement agreements with any governmental taxing agency, extend any statute of
limitations relating to any tax item of any such REMIC, and otherwise act on
behalf of any such REMIC in relation to any tax matter or controversy involving
it.

     

    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 (10) 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.  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, reasonably 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 any REMIC
hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
foreclosure property” of such REMIC as defined in Section 860G(c) of the Code,
on any contribution to any REMIC hereunder after the Startup Day pursuant to
Section 860G(d) of the Code, or any other tax is imposed, including, without
limitation, any minimum tax imposed upon any REMIC hereunder pursuant to
Sections 23153 and 24874 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) the Master
Servicer, in the case of any such minimum tax, or if such tax arises out of or
results from a breach by the Master Servicer or a Seller of any of their
obligations under this Agreement, (iii) any Seller, if any such tax arises out
of or results from that Seller’s obligation to repurchase a Mortgage Loan
pursuant to Section 2.02 or 2.03 or (iv) in all other cases, or in the event
that the Trustee, the Master Servicer or any Seller fails to honor its
obligations under the preceding clauses (i),(ii) or (iii), any such tax will be
paid with amounts otherwise to be distributed to the Certificateholders, as
provided in Section 3.08(b).

     

    
      	
              SECTION
      8.12.  

            	
              Monitoring of
      Significance Percentage.

            

    

     

    With
respect to each Distribution Date, the Trustee shall calculate the “significance
percentage” (as defined in Item 1115 of Regulation AB) of each derivative
instrument, if any, based on the aggregate Class Certificate Balance of the
related Classes of Covered Certificates for such derivative instrument and
Distribution Date (after all distributions to be made thereon on such
Distribution Date) and based on the methodology provided in writing by or on
behalf of Countrywide no later than the fifth Business Day preceding such
Distribution Date.  On each Distribution Date, the Trustee shall
provide to Countrywide a written report (which written report may include
similar information with respect to other derivative instruments relating to
securitization transactions sponsored by Countrywide) specifying the
“significance percentage” of each derivative instrument, if any, for that
Distribution Date.  If the “significance percentage” of any derivative
instrument exceeds 7.0% with respect to any Distribution Date, the Trustee shall
make a separate notation thereof in the written report described in the
preceding sentence.  Such written report may contain such assumptions
and disclaimers as are deemed necessary and appropriate by the
Trustee.

     

    
      
        
        

      

      
        VIII-8

        
          

        

      

      
        
        

      

    

    ARTICLE
IX

     

    TERMINATION

     

    
      	
              SECTION
      9.01.  

            	
              Termination upon
      Liquidation or Purchase of all Mortgage
  Loans.

            

    

     

    Subject
to Section 9.03, the obligations and responsibilities of the Depositor, the
Sellers, the Master Servicer and the Trustee created hereby with respect to the
Trust Fund shall terminate upon the earlier of (a) the purchase by the Master
Servicer of all Mortgage Loans (and REO Properties) remaining in the Trust Fund
at the price equal to the sum of (i) 100% of the Stated Principal Balance of
each Mortgage Loan plus one month’s accrued interest thereon at the applicable
Adjusted Mortgage Rate, (ii) the lesser of (x) the appraised value of any REO
Property as determined by the higher of two appraisals completed by two
independent appraisers selected by the Master Servicer at the expense of the
Master Servicer and (y) the Stated Principal Balance of each Mortgage Loan
related to any REO Property and (iii) any remaining unpaid costs and damages
incurred by the Trust Fund that arises out of violation of any predatory or
abusive lending law that also constitutes a breach of clause (55) on Schedule
III-A, in all cases plus accrued and unpaid interest thereon at the applicable
Adjusted Mortgage Rate and (b) the later of (i) the maturity or other
liquidation (or any Advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund and the disposition of all REO Property and (ii) the
distribution to Certificateholders of all amounts required to be distributed to
them pursuant to this Agreement.  In no event shall the trusts created
hereby continue beyond the earlier of (i) the expiration of 21 years from the
death of the survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James’s, living on the date
hereof and (ii) the Latest Possible Maturity Date.

     

    The
Master Servicer shall have the right to purchase all Mortgage Loans and REO
Properties in the Trust Fund pursuant to clause (a) in the preceding
paragraph of this Section 9.01 only on or after the date on which the Pool
Stated Principal Balance, at the time of any such repurchase, is less than or
equal to ten percent (10%) of the Cut-off Date Pool Principal
Balance.

     

    
      	
              SECTION
      9.02.  

            	
              Final Distribution on
      the Certificates.

            

    

     

    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, the Master Servicer shall direct the Trustee
promptly to send a final distribution notice to each
Certificateholder.  If the Master Servicer elects to terminate the
Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the
date notice is to be mailed to the affected Certificateholders, the Master
Servicer shall notify the Depositor and the Trustee of the date the Master
Servicer intends to terminate the Trust Fund and of the applicable repurchase
price of the Mortgage Loans and REO Properties.

     

    Notice of
any termination of the Trust Fund, 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 next preceding the month of such final
distribution.  Any such notice shall specify (a) the Distribution Date
upon which final distribution on the Certificates will be made upon presentation
and surrender of Certificates at the office therein designated, (b) the amount
of such final distribution, (c) the location of the office or agency at which
such presentation and surrender must be made, and (d) that the Record Date
otherwise applicable to such Distribution Date is not applicable, distributions
being made only upon presentation and surrender of the Certificates at the
office therein specified.  The Master Servicer will give such notice
to each Rating Agency at the time such notice is given to
Certificateholders.

     

    
      
        
        

      

      
        IX-1

        
          

        

      

      
        
        

      

    

    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 in an amount equal to the final distribution in respect of the
Certificates.  Upon such final deposit with respect to the Trust Fund
and the receipt by the Trustee of a Request for Release therefor, the Trustee
shall promptly release to the Master Servicer the Mortgage Files for the
Mortgage Loans.

     

    Upon
presentation and surrender of the Certificates, the Trustee shall cause to be
distributed to the Certificateholders of each Class, in each case on the final
Distribution Date and in the order set forth in Section 4.02, and in proportion
to their respective Percentage Interests, with respect to Certificateholders of
the same Class, an amount equal to (i) as to each Class of Regular Certificates,
the Certificate Balance thereof plus (a) accrued interest thereon (or on their
Notional Amount, if applicable) in the case of an interest bearing Certificate
and (b) any Class PO Deferred Amounts in the case of Class PO Certificates, and
(ii) as to the Residual 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 Class Certificate Balance
of any Class of Certificates to zero, such Class will be outstanding hereunder
(solely for the purpose of receiving distributions and not for any other
purpose) until the termination of the respective obligations and
responsibilities of the Depositor, each Seller, the Master Servicer and the
Trustee hereunder in accordance with Article IX.

     

    In the
event that any affected Certificateholders shall not surrender 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 which 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 Certificateholders shall be entitled to all unclaimed funds and
other assets of the Trust Fund which remain subject hereto.

     

    
      	
              SECTION
      9.03.  

            	
              Additional Termination
      Requirements.

            

    

     

    (a) In the
event the Master Servicer exercises its purchase option as provided in Section
9.01, 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 Master Servicer, to the effect that the failure
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 to fail to qualify as a REMIC
at any time that any Certificates are outstanding:

     

    (i) Within 90
days prior to the final Distribution Date set forth in the notice given by the
Master Servicer under Section 9.02, the Master Servicer shall prepare and the
Trustee, at the expense of the “tax matters person,” shall adopt a plan of
complete liquidation within the meaning of section 860F(a)(4) of the Code which,
as evidenced by an Opinion of Counsel (which opinion shall not be an expense of
the Trustee or the Tax Matters Person), meets the requirements of a qualified
liquidation; and

     

    
      
        
        

      

      
        IX-2

        
          

        

      

      
        
        

      

    

    (ii) 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 Master Servicer
for cash in accordance with Section 9.01.

     

    (b) 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 Master Servicer.

     

    (c) 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.

     

    
      
        
        

      

      
        IX-3

        
          

        

      

      
        
        

      

    

    ARTICLE
X

     

    MISCELLANEOUS
PROVISIONS

     

    
      	
              SECTION
      10.01.  

            	
              Amendment.

            

    

     

    This
Agreement may be amended from time to time by the Depositor, each Seller, the
Master Servicer and the Trustee without the consent of any of the
Certificateholders (i) to cure any ambiguity or mistake, (ii) to correct any
defective provision herein or to supplement any provision herein which may be
inconsistent with any other provision herein, (iii) to conform this Agreement to
the Prospectus and Prospectus Supplement provided to investors in connection
with the initial offering of the Certificates, (iv) to add to the duties of the
Depositor, any Seller or the Master Servicer, (v) 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, (vi) to add any other provisions with respect to
matters or questions arising hereunder or (vii) to modify, alter, amend, add to
or rescind any of the terms or provisions contained in this Agreement; provided
that any action pursuant to clauses (vi) or (vii) above shall not, as evidenced
by an Opinion of Counsel (which Opinion of Counsel shall not be an expense of
the Trustee or the Trust Fund), adversely affect in any material respect the
interests of any Certificateholder; provided, however, that the amendment shall
be deemed not to adversely affect in any material respect the interests of the
Certificateholders if the Person requesting the amendment obtains a letter from
each Rating Agency stating that the 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.  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 a Majority in
Interest 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
(v) above.  The Trustee, each Seller, the Depositor and the Master
Servicer also may 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 helpful to (i) maintain the
qualification of any REMIC as a REMIC under the Code, (ii) avoid or minimize the
risk of the imposition of any tax on any REMIC pursuant to the Code that would
be a claim at any time prior to the final redemption of the Certificates or
(iii) comply with any other requirements of the Code, 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 or the Trust Fund, to the effect that such action is necessary or
helpful to, as applicable, (i) maintain such qualification, (ii) avoid or
minimize the risk of the imposition of such a tax or (iii) comply with any such
requirements of the Code.

     

    This
Agreement may also be amended from time to time by the Depositor, each Seller,
the Master Servicer and the Trustee with the consent of the Holders of a
Majority in Interest of each Class of Certificates affected thereby 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, however, 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, as to such Class, Percentage Interests aggregating
66-2/3%,
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.

     

    
      
        
        

      

      
        X-1

        
          

        

      

      
        
        

      

    

    Notwithstanding
any contrary provision of this Agreement, the Trustee shall not consent to any
amendment to this Agreement unless it shall have first received an Opinion of
Counsel, which opinion shall not be an expense of the Trustee or the Trust Fund,
to the effect that such amendment will not cause the imposition of any tax on
any REMIC or the Certificateholders or cause any REMIC 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 requiring the consent of
Certificateholders, the Trustee shall furnish written notification of the
substance or a copy of such amendment to each Certificateholder 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 (which Opinion shall not be an expense of the
Trustee or the Trust Fund), satisfactory to the Trustee 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, but only upon direction by the
Trustee accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the
Certificateholders.

     

    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.

     

    
      	
              SECTION
      10.04.  

            	
              Intention of
      Parties.

            

    

     

    (a) It is the
express intent of the parties hereto that the conveyance of the (i) Mortgage
Loans by the Sellers to the Depositor and (ii) Trust Fund by the Depositor to
the Trustee each be, and be construed as, an absolute sale thereof to the
Trustee.  It is, further, not the intention of the 

     

    
      
        
        

      

      
        X-2

        
          

        

      

      
        
        

      

    

     

    parties
that such conveyances be deemed a pledge thereof.  However, in the
event that, notwithstanding the intent of the parties, such assets are held to
be the property of any Seller or the Depositor, as the case may be, or if for
any other reason this Agreement or any Supplemental Transfer Agreement is held
or deemed to create a security interest in either such assets, then
(i) this Agreement or any Supplemental Transfer 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 conveyances provided for in this Agreement or any Supplemental
Transfer Agreement shall be deemed to be an assignment and a grant pursuant to
the terms of this Agreement (i) by each Seller to the Depositor or (ii) by the
Depositor to the Trustee, for the benefit of the Certificateholders, of a
security interest in all of the assets that constitute the Trust Fund, whether
now owned or hereafter acquired.

     

    Each
Seller and the Depositor for the benefit of the Certificateholders 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
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.

     

    (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 constitutes “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.

     

    (v) All
original executed copies of each Mortgage Note that are required to be delivered
to the Trustee pursuant to Section 2.01 have been delivered to the
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, 

     

    
      
        
        

      

      
        X-3

        
          

        

      

      
        
        

      

    

     

    however,
that the obligation to deliver the Mortgage File to the 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
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
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 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 Section
2.03;

     

    5.      The
final payment to Certificateholders; and

     

    6.      Any
rating action involving the long-term credit rating of Countrywide, which notice
shall be made by first-class mail within two Business Days after the
Trustee gains actual knowledge thereof.

     

    In
addition, the Trustee shall promptly furnish to each Rating Agency copies of the
following:

     

    1.      Each
report to Certificateholders described in Section 4.06;

     

    2.      Each
annual statement as to compliance described in Section 3.16;

     

    3.      Each
annual independent public accountants’ servicing report described in Section
11.07; and

     

    4.      Any
notice of a purchase of a Mortgage Loan pursuant to Section 2.02, 2.03 or
3.11.

     

    (b) All
directions, demands and notices hereunder shall be in writing and shall be
deemed to have been duly given when delivered by first class mail, by
courier or by facsimile transmission to (1) in the case of the Depositor, CWMBS,
Inc., 4500 Park Granada, Calabasas, California 91302, facsimile
number:  (818) 225-4016, Attention:  Josh Adler, (2) in the
case of Countrywide, 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 and the Trustee by Countrywide in writing, (3) in the
case of Park Granada LLC, c/o Countrywide Financial Corporation, 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 and the Trustee by Park Granada in writing,
(4) in the case of Park Monaco Inc., c/o 

     

     

    
      
        
        

      

      
        X-4

        
          

        

      

      
        
        

      

    

     

    Countrywide
Financial Corporation, 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 and the Trustee by
Park Monaco in writing, (5) in the case of Park Sienna LLC, c/o Countrywide
Financial Corporation, 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 and the Trustee by
Park Sienna in writing, (6) in the case of the Master Servicer, Countrywide Home
Loans Servicing LP, 400 Countrywide Way, Simi Valley, California 93065,
facsimile number (805) 520-5623, Attention:  Mark Wong, or such other
address as may be hereafter furnished to the Depositor and the Trustee by the
Master Servicer in writing, (7) in the case of the Trustee, The Bank of New
York, 101 Barclay Street, 4W, New York, New York 10286, facsimile
number:  (212) 815-3986, Attention: Mortgage-Backed Securities Group,
CWMBS, Inc. Series 2008-1, or such other address as the Trustee may hereafter
furnish to the Depositor or Master Servicer and (8) in the case of the Rating
Agencies, the address specified therefor in the definition corresponding to the
name of such Rating Agency.  Notices to Certificateholders shall be
deemed given when mailed, first class postage prepaid, to their respective
addresses appearing in the Certificate Register.

     

    
      	
              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 in Section 6.02,
this Agreement may not be assigned by the Master Servicer without the prior
written consent of the Trustee and 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 created hereby, 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
created hereby, 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 herein provided, and unless the
Holders of Certificates entitled to not less than 25% of the Voting Rights
evidenced by the Senior and Subordinated Certificates 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 

     

    
      
        
        

      

      
        X-5

        
          

        

      

      
        
        

      

    

     

    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.

     

    
      	
              SECTION
      10.09.  

            	
              Inspection and Audit
      Rights.

            

    

     

    The
Master Servicer agrees that, on reasonable prior notice, it will permit and will
cause each Subservicer to permit any representative of the Depositor 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 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
said 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 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 or the related Subservicer.

     

    
      	
              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.  

            	
              [Reserved]

            

    

     

    
      	
              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:

     

    (i) borrow
money or issue debt;

     

    (ii) merge
with another entity, reorganize, liquidate or sell assets; or

     

    (iii) 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.

     

    
      
        
        

      

      
        X-6

        
          

        

      

      
        
        

      

    

    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 Report 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 delivery of the reports specified in Section 4.06(c) 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.

     

    (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 

     

    
      
        
        

      

      
        XI-1

        
          

        

      

      
        
        

      

    

     

    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 or the Depositor
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 transfer of
Supplemental Mortgage Loans, if any, Countrywide 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 2009 (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 3.16, (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 X 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 X setting forth the Item 1119
Parties.  No later than March 15 of each year, commencing in 2009, 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 the 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.

     

    
      	
              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 

     

    
      
        
        

      

      
        XI-2

        
          

        

      

      
        
        

      

    

     

    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 2009, 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 V-1 (in the case of a Subservicer or any
Reporting Subcontractor of the Master Servicer or a Subservicer) and Exhibit V-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.

     

    
      	
              SECTION
      11.07.  

            	
              Report on Assessment
      of Compliance and
Attestation.

            

    

     

    (a) On or
before March 15 of each calendar year, commencing in 2009:

     

    (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 W 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 

     

     

    
      
        
        

      

      
        XI-3

        
          

        

      

      
        
        

      

    

     

    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 3.16, (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
certification provided for in this Section 11.07.  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 a certification to the Certifying Person pursuant to 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.

     

    (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 W 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 3.16 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
3.16, 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 

     

    
      
        
        

      

      
        XI-4

        
          

        

      

      
        
        

      

    

     

    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 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 or 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.

     

    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 or 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.  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 Y, 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 cutoff date.

     

    *           *           *           *           *           *

     

    
      
        
        

      

      
        XI-5

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the Depositor, the Trustee, the Sellers and the Master Servicer
have caused their names to be signed hereto by their respective officers
thereunto duly authorized as of the day and year first above
written.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      
        	 	
                CWMBS,
      INC.,

                  as Depositor

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/
      Darren Bigby	 
	 	 	Name:
      Darren Bigby	 
	 	 	Title:    Executive
      Vice President	 
	 	 	 	 

      

    

     

    
      
        
          	 	
                  THE
      BANK OF NEW YORK,

                    as Trustee

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/
      William J. Herrmann	 
	 	 	Name:
      William J. Herrmann	 
	 	 	Title:    Assistant
      Treasurer	 
	 	 	 	 

        

      

       

      
        	
              	
                COUNTRYWIDE
      HOME LOANS, INC.,,

                  as a Seller

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/
      Darren Bigby	 
	 	 	Name:
      Darren Bigby	 
	 	 	Title:    Executive
      Vice President	 
	 	 	 	 

         

      

      
        
          	 	
                  PARK
      GRANADA LLC,

                    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	 
	 	 	 	 

            

          

           

        

      

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                Acknowledged
      solely with respect to the Trustee’s 

                obligations
      under Section 4.01(b)

              	 
	 	 	 
	 	THE
      BANK OF NEW YORK, in its individual capacity	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Paul
      Connolly	 
	 	 	Name:
      Paul Connolly	 
	 	 	Title:    Vice
      President	 
	 	 	 	 

      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    SCHEDULE
I

     

    Mortgage
Loan Schedule

     

    [Delivered
at Closing to Trustee]

     

    
      
        
        

      

      
        S-I-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
II-A

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Countrywide

     

    Countrywide
Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
set forth in this Schedule II-A to the Depositor, the Master Servicer and the
Trustee, as of the Closing Date.  Capitalized terms used but not
otherwise defined in this Schedule II-A shall have the meanings ascribed thereto
in the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”)
relating to the above-referenced Series, among Countrywide, as a seller, Park
Granada LLC, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC, as a
seller, Countrywide Home Loans Servicing LP, as master servicer, CWMBS, Inc., as
depositor, and The Bank of New York, as trustee.

     

    (1) Countrywide
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 the Pooling and
Servicing Agreement to be conducted by Countrywide 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 perform any of its
obligations under the Pooling and Servicing Agreement in accordance with the
terms thereof.

     

    (2) Countrywide
has the full corporate power and authority to sell each Countrywide Mortgage
Loan, and to execute, deliver and perform, and to enter into and consummate the
transactions contemplated by the Pooling and Servicing Agreement and has duly
authorized by all necessary corporate action on the part of Countrywide the
execution, delivery and performance of the Pooling and Servicing Agreement; and
the Pooling and Servicing Agreement, assuming the due authorization, execution
and delivery thereof by the other parties thereto, constitutes a legal, valid
and binding obligation of Countrywide, enforceable against Countrywide in
accordance with its terms, 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.

     

    (3) The
execution and delivery of the Pooling and Servicing Agreement by Countrywide,
the sale of the Countrywide Mortgage Loans by Countrywide under the Pooling and
Servicing Agreement, the consummation of any other of the transactions
contemplated by the Pooling and Servicing Agreement and the fulfillment of or
compliance with the terms thereof are in the ordinary course of business of
Countrywide and will not (A) result in a material breach of any term or
provision of the charter or by-laws of Countrywide 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 Countrywide is a party or by which it may be bound, or (C) constitute a
material violation of any statute, order or regulation applicable to Countrywide
of any court, regulatory body, administrative agency or governmental body having
jurisdiction over Countrywide; and Countrywide is not in breach or violation of
any material indenture or other material agreement or instrument, or in
violation of any statute, order or 

     

    
      
        
        

      

      
        S-II-A-1

        
          

        

      

      
        
        

      

    

     

    regulation
of any court, regulatory body, administrative agency or governmental body having
jurisdiction over it which breach or violation may materially impair
Countrywide’s ability to perform or meet any of its obligations under the
Pooling and Servicing Agreement.

     

    (4) Countrywide
is an approved servicer of conventional mortgage loans for FNMA or FHLMC 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 Countrywide’s knowledge, threatened,
against Countrywide that would materially and adversely affect the execution,
delivery or enforceability of the Pooling and Servicing Agreement or the ability
of Countrywide to sell the Countrywide Mortgage Loans or to perform any of its
other obligations under the Pooling and Servicing Agreement in accordance with
the terms 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 Countrywide of,
or compliance by Countrywide with, the Pooling and Servicing Agreement or the
consummation of the transactions contemplated thereby, or if any such consent,
approval, authorization or order is required, Countrywide has obtained the
same.

     

    (7) Countrywide
intends to treat the transfer of the Countrywide Mortgage Loans to the Depositor
as a sale of the Countrywide Mortgage Loans for all tax, accounting and
regulatory purposes.

     

    (8) Countrywide
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
MERS Mortgage Loans in the Trust Fund for as long as such Mortgage Loans are
registered with MERS.

     

    
      
        
        

      

      
        S-II-A-2

        
          

        

      

      
        
        

      

    

    SCHEDULE
II-B

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Park Granada

     

    Park Granada LLC (“Park Granada”) and
Countrywide Home Loans, Inc. (“Countrywide”), each hereby makes the
representations and warranties set forth in this Schedule II-B to the Depositor,
the Master Servicer and the Trustee, as of the Closing
Date.  Capitalized terms used but not otherwise defined in this
Schedule II-B shall have the meanings ascribed thereto in the Pooling and
Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
above-referenced Series, among Park Granada LLC, as a seller, Park Monaco Inc.,
as a seller, Park Sienna LLC, as a seller, Countrywide, as a seller, Countrywide
Home Loans Servicing LP, as master servicer, CWMBS, Inc., as depositor, and The
Bank of New York, as trustee.

     

    (1) Park
Granada is a limited liability company duly formed and validly existing and in
good standing under the laws of the State of Delaware.

     

    (2) Park
Granada has the full corporate power and authority to sell each Park Granada
Mortgage Loan, and to execute, deliver and perform, and to enter into and
consummate the transactions contemplated by the Pooling and Servicing Agreement
and has duly authorized by all necessary corporate action on the part of Park
Granada the execution, delivery and performance of the Pooling and Servicing
Agreement; and the Pooling and Servicing Agreement, assuming the due
authorization, execution and delivery thereof by the other parties thereto,
constitutes a legal, valid and binding obligation of Park Granada, enforceable
against Park Granada in accordance with its terms, 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.

     

    (3) The
execution and delivery of the Pooling and Servicing Agreement by Park Granada,
the sale of the Park Granada Mortgage Loans by Park Granada under the Pooling
and Servicing Agreement, the consummation of any other of the transactions
contemplated by the Pooling and Servicing Agreement and the fulfillment of or
compliance with the terms thereof are in the ordinary course of business of Park
Granada and will not (A) result in a material breach of any term or provision of
the certificate of formation or the limited liability company agreement of Park
Granada 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 Granada 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 Granada of any court, regulatory body,
administrative agency or governmental body having jurisdiction over Park
Granada; and Park Granada 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 Granada’s ability to perform or meet any of
its obligations under the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        S-II-B-1

        
          

        

      

      
        
        

      

    

    (4) No
litigation is pending or, to the best of Park Granada’s knowledge, threatened,
against Park Granada that would materially and adversely affect the execution,
delivery or enforceability of the Pooling and Servicing Agreement or the ability
of Park Granada to sell the Park Granada Mortgage Loans or to perform any of its
other obligations under the Pooling and Servicing Agreement in accordance with
the terms 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 Granada of,
or compliance by Park Granada with, the Pooling and Servicing Agreement or the
consummation of the transactions contemplated thereby, or if any such consent,
approval, authorization or order is required, Park Granada has obtained the
same.

     

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

     

    
      
        
        

      

      
        S-II-B-2

        
          

        

      

      
        
        

      

    

    SCHEDULE
II-C

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Park Monaco

     

    Park
Monaco Inc. (“Park Monaco”) and Countrywide Home Loans, Inc. (“Countrywide”),
each hereby makes the representations and warranties set forth in this Schedule
II-C to the Depositor, the Master Servicer and the Trustee, as of the Closing
Date.  Capitalized terms used but not otherwise defined in this
Schedule II-C shall have the meanings ascribed thereto in the Pooling and
Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
above-referenced Series, among Park Monaco, as a seller, Countrywide, as a
seller, Park Granada LLC, as a seller, Park Sienna LLC, as a seller, Countrywide
Home Loans Servicing LP, as master servicer, CWMBS, Inc., as depositor, and The
Bank of New York, as trustee.

     

    (1) Park
Monaco is a corporation duly formed and validly existing and in good standing
under the laws of the State of Delaware.

     

    (2) Park
Monaco has the full corporate 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 the Pooling and Servicing Agreement
and has duly authorized by all necessary corporate action on the part of Park
Monaco the execution, delivery and performance of the Pooling and Servicing
Agreement; and the Pooling and Servicing Agreement, assuming the due
authorization, execution and delivery thereof by the other parties thereto,
constitutes a legal, valid and binding obligation of Park Monaco, enforceable
against Park Monaco in accordance with its terms, 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.

     

    (3) The
execution and delivery of the Pooling and Servicing Agreement by Park Monaco,
the sale of the Park Monaco Mortgage Loans by Park Monaco under the Pooling and
Servicing Agreement, the consummation of any other of the transactions
contemplated by the Pooling and Servicing Agreement and the fulfillment of or
compliance with the terms thereof 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 the Pooling and Servicing
Agreement.

     

    
      
        
        

      

      
        S-II-C-1

        
          

        

      

      
        
        

      

    

    (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 the Pooling and Servicing Agreement or the ability
of Park Monaco to sell the Park Monaco Mortgage Loans or to perform any of its
other obligations under the Pooling and Servicing Agreement in accordance with
the terms 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, the Pooling and Servicing Agreement or the
consummation of the transactions contemplated thereby, or if any such consent,
approval, authorization or order is required, Park Monaco has obtained the
same.

     

    (6) Park
Monaco intends to 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.

     

    
      
        
        

      

      
        S-II-C-2

        
          

        

      

      
        
        

      

    

    SCHEDULE
II-D

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Park Sienna

     

    Park
Sienna LLC (“Park Sienna”) and Countrywide Home Loans, Inc. (“Countrywide”),
each hereby makes the representations and warranties set forth in this Schedule
II-D to the Depositor, the Master Servicer and the Trustee, as of the Closing
Date.  Capitalized terms used but not otherwise defined in this
Schedule II-D shall have the meanings ascribed thereto in the Pooling and
Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
above-referenced Series, among Park Sienna, as a seller, Countrywide, as a
seller, Park Granada LLC, as a seller, Park Monaco Inc., as a seller,
Countrywide Home Loans Servicing LP, as master servicer, CWMBS, Inc., as
depositor, and The Bank of New York, as trustee.

     

    (1) Park
Sienna is a limited liability company duly formed and validly existing and in
good standing under the laws of the State of Delaware.

     

    (2) Park
Sienna has the full corporate 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 the Pooling and Servicing Agreement
and has duly authorized by all necessary corporate action on the part of Park
Sienna the execution, delivery and performance of the Pooling and Servicing
Agreement; and the Pooling and Servicing Agreement, assuming the due
authorization, execution and delivery thereof by the other parties thereto,
constitutes a legal, valid and binding obligation of Park Sienna, enforceable
against Park Sienna in accordance with its terms, 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.

     

    (3) The
execution and delivery of the Pooling and Servicing Agreement by Park Sienna,
the sale of the Park Sienna Mortgage Loans by Park Sienna under the Pooling and
Servicing Agreement, the consummation of any other of the transactions
contemplated by the Pooling and Servicing Agreement and the fulfillment of or
compliance with the terms thereof 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 the 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 the
Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        S-II-D-1

        
          

        

      

      
        
        

      

    

    (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 the Pooling and Servicing Agreement or the ability
of Park Sienna to sell the Park Sienna Mortgage Loans or to perform any of its
other obligations under the Pooling and Servicing Agreement in accordance with
the terms 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, the Pooling and Servicing Agreement or the
consummation of the transactions contemplated thereby, or if any such consent,
approval, authorization or order is required, Park Sienna has obtained the
same.

     

    (6) Park
Sienna intends to 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.

     

    
      
        
        

      

      
        S-II-D-2

        
          

        

      

      
        
        

      

    

    SCHEDULE
III-A

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Countrywide as to all of the Mortgage Loans

     

    Countrywide
Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
set forth in this Schedule III-A to the Depositor, the Master Servicer and the
Trustee, with respect to all of the Mortgage Loans as of the Closing Date, or if
so specified herein, as of the Cut-off Date.  Capitalized terms used
but not otherwise defined in this Schedule III-A shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement (the “Pooling and
Servicing Agreement”) relating to the above-referenced Series, among
Countrywide, as a seller, Park Granada LLC, as a seller, Park Monaco Inc., as a
seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing LP, as
master servicer, CWMBS, Inc., as depositor, and The Bank of New York, as
trustee.

     

    1) The
information set forth on Schedule I to the Pooling and Servicing Agreement with
respect to each Mortgage Loan is true and correct in all material respects as of
the Closing Date.

     

    2) As of the
Closing Date, all payments due with respect to each Mortgage Loan prior to the
Cut-off Date have been made.

     

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

     

    4) Each
Mortgage is a valid and enforceable first lien on the Mortgaged Property subject
only to (a) the lien of non delinquent current real property taxes and
assessments, (b) 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 (c) 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 such
Mortgage.

     

    5) [Reserved].

     

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

     

    7) There is
no valid offset, 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.

     

    8) There are
no mechanics’ liens or claims for work, labor or material affecting any
Mortgaged Property which are or may be a lien prior to, or equal with, the lien
of such Mortgage, except those which are insured against by the title insurance
policy referred to in item (12) below.

     

    9) As of the
Closing Date, to the best of Countrywide’s knowledge, each Mortgaged Property is
free of material damage and in good repair.  As of the Closing Date,
each Mortgaged Property located in Los Angeles, San Bernardino, San Diego and
Ventura counties in California is free of material 

     

    
      
        
        

      

      
        S-III-A-1

        
          

        

      

      
        
        

      

    

     

    damage
that occurred during the time period beginning  on October 19, 2007
and ending on the day prior to the Closing Date resulting from
wildfires.

     

    10) Each
Mortgage Loan at origination complied in all material respects with applicable
local, state and federal laws, including, without limitation, usury, equal
credit opportunity,  predatory and abusive lending laws, real estate
settlement procedures, truth-in-lending and disclosure laws, and consummation of
the transactions contemplated hereby will not involve the violation of any such
laws.

     

    11) As of the
Closing Date, with respect to the Mortgage Loans, neither the Sellers 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
which 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 or satisfaction with respect
thereto.

     

    12) 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 Stated 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 FNMA
or FHLMC and is in a form acceptable to FNMA or FHLMC, which policy insures
Countrywide 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 (4) above; to the best of Countrywide’s
knowledge, no claims have been made under such mortgage title insurance policy
and no prior holder of the related Mortgage, including Countrywide, has done, by
act or omission, anything which would impair the coverage of such mortgage title
insurance policy.

     

    13) Each
Mortgage Loan was originated (within the meaning of Section 3(a)(41) of the
Securities Exchange Act of 1934, as amended) by an entity that satisfied at the
time of origination the requirements of Section 3(a)(41) of the Securities
Exchange Act of 1934, as amended.

     

    14) To the
best of Countrywide’s knowledge, all of the improvements which 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.

     

    15) To the
best of Countrywide’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 Countrywide’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.

     

    16) Each
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.  To the best of Countrywide’s
knowledge, all parties to the Mortgage Note and the 

     

    
      
        
        

      

      
        S-III-A-2

        
          

        

      

      
        
        

      

    

     

    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.

     

    17) The
proceeds of the Mortgage Loans 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 Loans were
paid.

     

    18) The
related Mortgage contains customary and enforceable provisions which 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.

     

    19) 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.

     

    20) Each
Mortgage Note and each Mortgage is in substantially one of the forms acceptable
to FNMA or FHLMC, with such riders as have been acceptable to FNMA or FHLMC, as
the case may be.

     

    21) 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
Countrywide have been capitalized under the Mortgage or the related Mortgage
Note.

     

    22) The
origination, underwriting and collection practices used by Countrywide with
respect to each Mortgage Loan have been in all respects legal, prudent and
customary in the mortgage lending and servicing business.

     

    23) There is
no pledged account or other security other than real estate securing the
Mortgagor’s obligations.

     

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

     

    25) Each
Mortgage Loan contains a customary “due on sale” clause.

     

    26) As of the
Closing Date approximately 4.47% of the Mortgage Loans provide for a prepayment
charge.

     

    27) Each
Mortgage Loan which had a Loan-to-Value Ratio at origination in excess of 80.00%
is the subject of a Primary Insurance Policy that insures that portion of the
principal balance equal to a specified percentage times the sum of the remaining
principal balance of the related Mortgage Loan, the accrued interest thereon and
the related foreclosure expenses.  The specified coverage percentage
for mortgage loans with terms to maturity of between 25 and 30 years is 12% for
Loan-to-Value Ratios between 80.01% and 85.00%, 25% for Loan-to-Value Ratios
between 85.01% and 90.00%, 30% for Loan-to-Value Ratios between 90.01% and
95.00% and 35% for Loan-to-Value Ratios between 95.01% and 100%.  The
specified coverage percentage for mortgage loans with terms to maturity of up to
20 years is 6% for Loan-to-Value Ratios between 80.01% and 85.00%, 12% for
Loan-to-Value Ratios between 85.01% and 90.00% and 25% for Loan-to-Value Ratios
between 90.01% and 95.00%.  Each such Primary Insurance Policy is
issued by a Qualified Insurer.  All provisions of any such Primary

     

    
      
        
        

      

      
        S-III-A-3

        
          

        

      

      
        
        

      

    

     

    Insurance
Policy have been and are being complied with, any such policy is in full force
and effect, and all premiums due thereunder have been paid.  Any
Mortgage subject to any such Primary Insurance Policy obligates either the
Mortgagor or the mortgagee thereunder to maintain such insurance and to pay all
premiums and charges in connection therewith, subject, in each case, to the
provisions of Section 3.09(b) of the Pooling and Servicing
Agreement.  The Mortgage Rate for each Mortgage Loan is net of any
such insurance premium.

     

    28) As of the
Closing 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 which 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 (29) below contain a
standard mortgagee clause naming Countrywide or the original mortgagee, and its
successors in interest, as mortgagee, and Countrywide 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.

     

    29) 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.

     

    30) To the
best of Countrywide’s knowledge, there is no proceeding occurring, pending or
threatened for the total or partial condemnation of the Mortgaged
Property.

     

    31) There is
no material monetary default existing under any Mortgage or the related Mortgage
Note and, to the best of Countrywide’s knowledge, there is no material 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 of
acceleration under the Mortgage or the related Mortgage Note; and Countrywide
has not waived any default, breach, violation or event of
acceleration.

     

    32) [Reserved].

     

    33) Each
Mortgage Loan is being master serviced by the Master Servicer.

     

    34) 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.

     

    
      
        
        

      

      
        S-III-A-4

        
          

        

      

      
        
        

      

    

    35) 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 an escrow of funds has been established in an amount
sufficient to pay for every such item which remains unpaid and which 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 which 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.

     

    36) Each
Mortgage Loan was underwritten in all material respects in accordance with
Countrywide’s underwriting guidelines as set forth in the Prospectus
Supplement.

     

    37) Other
than with respect to any Streamlined Documentation Mortgage Loan as to which the
loan-to-value ratio of the related Original Mortgage Loan was less than 90% at
the time of the origination of such Original Mortgage Loan, 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 FNMA and FHLMC.

     

    38) None of
the Mortgage Loans are graduated payment mortgage loans or a growing equity
mortgage loans, and none of the Mortgage Loans are subject to a buydown or
similar arrangement.

     

    39) 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.

     

    40) The
Mortgage Loans were selected from among the outstanding fixed-rate one-to-four
family mortgage loans in the portfolios of the Sellers at the Closing Date as to
which the representations and warranties made as to the Mortgage Loans set forth
in this Schedule III-A can be made.  Such selection was not made in a
manner intended to adversely affect the interests of
Certificateholders.

     

    41) Except
for 30 Mortgage Loans, each Mortgage Loan has a payment date on or before the
Due Date in the month of the first Distribution Date.

     

    42) With
respect to any Mortgage Loan as to which an affidavit has been delivered to the
Trustee certifying that the original Mortgage Note is a Lost Mortgage Note, if
such Mortgage Loan is subsequently in default, the enforcement of such Mortgage
Loan or of the related Mortgage by or on behalf of the Trustee will not be
materially adversely affected by the absence of the original Mortgage
Note.  A “Lost Mortgage Note” is a Mortgage Note the original of which
was permanently lost or destroyed and has not been replaced.

     

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

     

    44) [Reserved]

     

    45)  [Reserved]

     

    46) [Reserved]

     

    
      
        
        

      

      
        S-III-A-5

        
          

        

      

      
        
        

      

    

    47) [Reserved]

     

    48) No
Mortgage Loan originated between October 1, 2002 and March 7, 2003 is subject to
the Georgia Fair Lending Act, as amended.  No Mortgage Loan originated
between October 1, 2002 and March 7, 2003 is secured by a Mortgaged Property
located in the state of Georgia, and there is no Mortgage Loan originated on or
after March 7, 2003 that is a “high cost home loan” as defined under the Georgia
Fair Lending Act.

     

    49) None of
the Mortgage Loans are “high cost” loans as defined by applicable predatory and
abusive lending laws.

     

    50) None of
the Mortgage Loans are covered by the Home Ownership and Equity Protection Act
of 1994 (“HOEPA”).

     

    51) No
Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et
seq.).

     

    52) No
Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21a-1 et
seq.).

     

    53) No
Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
(Mass. Gen. Law ch. 183C).

     

    54) No
Mortgage Loan originated on or after January 1, 2005 is a “High-Cost Home Loan”
as defined in the Indiana Home Loan Practices Act, effective January 1, 2005
(Ind. Code Ann. Sections 24-9-1 through 24-9-9).

     

    55) All of
the Mortgage Loans were originated in compliance with all applicable laws,
including, but not limited to, all applicable anti-predatory and abusive lending
laws.

     

    56) No
Mortgage Loan is a High Cost Loan or Covered Loan, as applicable, and with
respect to the foregoing, the terms “High Cost Loan” and “Covered Loan” have the
meaning assigned to them in the then current Standard & Poor’s LEVELS®
Version 6.3 Glossary Revised, Appendix E which is attached hereto as Exhibit Q
(the “Glossary”) where (x) a “High Cost Loan” is each loan identified in the
column “Category under applicable anti-predatory lending law” of the table
entitled “Standard & Poor's High Cost Loan Categorization” in the Glossary
as each such loan is defined in the applicable anti-predatory lending law of the
State or jurisdiction specified in such table and (y) a “Covered Loan” is each
loan identified in the column “Category under applicable anti-predatory lending
law” of the table entitled “Standard & Poor’s Covered Loan Categorization”
in the Glossary as each such loan is defined in the applicable anti-predatory
lending law of the State or jurisdiction specified in such table.

     

    

    
      
        
        

      

      
        S-III-A-6

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
III-B

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Countrywide as to the Countrywide Mortgage
Loans

     

    Countrywide
Home Loans, Inc. (“Countrywide”) hereby makes the representations and warranties
set forth in this Schedule III-B to the Depositor, the Master Servicer and the
Trustee, with respect to the Countrywide Mortgage Loans that are Mortgage Loans
as of the Closing Date.  Capitalized terms used but not otherwise
defined in this Schedule III-B shall have the meanings ascribed thereto in the
Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) relating
to the above-referenced Series, among Countrywide, as a seller, Park Granada
LLC, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC, as a seller,
Countrywide Home Loans Servicing LP, as master servicer, CWMBS, Inc., as
depositor, and The Bank of New York, as trustee.

     

    (1) Immediately
prior to the assignment of each Countrywide Mortgage Loan to the Depositor,
Countrywide had good title to, and was the sole owner of, such Countrywide
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 the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        S-III-B-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
III-C

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Park Granada as to the Park Granada Mortgage
Loans

     

    Park
Granada LLC (“Park Granada”) hereby makes the representations and warranties set
forth in this Schedule III-C to the Depositor, the Master Servicer and the
Trustee, with respect to the Park Granada Mortgage Loans that are Mortgage Loans
as of the Closing Date.  Capitalized terms used but not otherwise
defined in this Schedule III-C shall have the meanings ascribed thereto in the
Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) relating
to the above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
Park Granada, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC, as a
seller, Countrywide Home Loans Servicing LP, as master servicer, CWMBS, Inc., as
depositor, and The Bank of New York, as trustee.

     

    (1) Immediately
prior to the assignment of each Park Granada Mortgage Loan to the Depositor,
Park Granada had good title to, and was the sole owner of, such Park Granada
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 the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        S-III-C-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
III-D

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Park Monaco as to the Park Monaco Mortgage
Loans

     

    Park
Monaco Inc. (“Park Monaco”) hereby makes the representations and warranties set
forth in this Schedule III-D to the Depositor, the Master Servicer and the
Trustee, with respect to the Park Monaco Mortgage Loans that are Mortgage Loans
as of the Closing Date. Capitalized terms used but not otherwise defined in this
Schedule III-D shall have the meanings ascribed thereto in the Pooling and
Servicing Agreement (the “Pooling and Servicing Agreement”) relating to the
above-referenced Series, among Countrywide Home Loans, Inc., as a seller, Park
Monaco, as a seller, Park Granada LLC, as a seller, Park Sienna LLC, as a
seller, Countrywide Home Loans Servicing LP, as master servicer, CWMBS, Inc., as
depositor, and The Bank of New York, as trustee.

     

    (1) 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 the
Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        S-III-D-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
III-E

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of Park Sienna as to the Park Sienna Mortgage
Loans

     

    Park
Sienna LLC (“Park Sienna”) hereby makes the representations and warranties set
forth in this Schedule III-E to the Depositor, the Master Servicer and the
Trustee, with respect to the Park Sienna Mortgage Loans that are Mortgage Loans
as of the Closing Date.  Capitalized terms used but not otherwise
defined in this Schedule III-E shall have the meanings ascribed thereto in the
Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) relating
to the above-referenced Series, among Countrywide Home Loans, Inc., as a seller,
Park Sienna, as a seller, Park Monaco Inc., as a seller, Park Granada LLC, as a
seller, Countrywide Home Loans Servicing LP, as master servicer, CWMBS, Inc., as
depositor, and The Bank of New York, as trustee.

     

    (1) 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 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 the
Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        S-III-E-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
IV

     

    CWMBS,
Inc.

     

    Mortgage
Pass-Through Certificates

     

    Series
2008-1

     

    Representations and
Warranties of the Master Servicer

     

    Countrywide
Home Loans Servicing LP (“Countrywide Servicing”) hereby makes the
representations and warranties set forth in this Schedule IV to the Depositor,
the Sellers and the Trustee, as of the Closing Date.  Capitalized
terms used but not otherwise defined in this Schedule IV shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement (the “Pooling and
Servicing Agreement”) relating to the above-referenced Series, among Countrywide
Home Loans, Inc., as a seller, Park Granada LLC, as a seller, Park Monaco Inc.,
as a seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing LP,
as master servicer, CWMBS, Inc., as depositor, and The Bank of New York, as
trustee.

     

    (1) Countrywide
Servicing  is duly organized as a 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 the
Pooling and Servicing Agreement to be conducted by Countrywide Servicing 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 perform any of its obligations under the Pooling and Servicing
Agreement in accordance with the terms thereof.

     

    (2) Countrywide
Servicing has the full partnership power and authority to service each Mortgage
Loan, and to execute, deliver and perform, and to enter into and consummate the
transactions contemplated by the Pooling and Servicing Agreement and has duly
authorized by all necessary partnership action on the part of Countrywide
Servicing the execution, delivery and performance of the Pooling and Servicing
Agreement; and the Pooling and Servicing Agreement, assuming the due
authorization, execution and delivery thereof by the other parties thereto,
constitutes a legal, valid and binding obligation of Countrywide Servicing,
enforceable against Countrywide Servicing in accordance with its terms, 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.

     

    (3) The
execution and delivery of the Pooling and Servicing Agreement by Countrywide
Servicing, the servicing of the Mortgage Loans by Countrywide Servicing under
the Pooling and Servicing Agreement, the consummation of any other of the
transactions contemplated by the Pooling and Servicing Agreement, and the
fulfillment of or compliance with the terms thereof are in the ordinary course
of business of Countrywide Servicing 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 Countrywide Servicing
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 Countrywide Servicing is a party or by
which it may be bound, or (C) constitute a material violation of any statute,
order or regulation 

     

    
      
        
        

      

      
        S-IV-1

        
          

        

      

      
        
        

      

    

     

     

    applicable
to Countrywide Servicing of any court, regulatory body, administrative agency or
governmental body having jurisdiction over Countrywide Servicing; and
Countrywide Servicing 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 ability of Countrywide Servicing to perform or meet any of its obligations
under the Pooling and Servicing Agreement.

     

    (4) Countrywide
Servicing is an approved servicer of conventional mortgage loans for FNMA or
FHLMC 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 Countrywide Servicing’s knowledge,
threatened, against Countrywide Servicing that would materially and adversely
affect the execution, delivery or enforceability of the Pooling and Servicing
Agreement or the ability of Countrywide Servicing to service the Mortgage Loans
or to perform any of its other obligations under the Pooling and Servicing
Agreement in accordance with the terms 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 Countrywide
Servicing of, or compliance by Countrywide Servicing with, the Pooling and
Servicing Agreement or the consummation of the transactions contemplated
thereby, or if any such consent, approval, authorization or order is required,
Countrywide Servicing has obtained the same.

     

    (7) Countrywide
Servicing 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 MERS Mortgage Loans for as long as such Mortgage Loans are registered
with MERS.

     

    
      
        
        

      

      
        S-IV-2

        
          

        

      

      
        
        

      

    

    SCHEDULE
V

     

    Principal
Balance Schedules

     

    

    [Attached
to Prospectus Supplement, if applicable]

     

     

    
      
        
        

      

      
        S-V-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
VI

    Form of
Monthly Master Servicer Report

    
      	
              LOAN
      LEVEL REPORTING SYSTEM

            
	
              DATABASE
      STRUCTURE

            
	
              [MONTH,
      YEAR]

            
	
              Field
      Number

            	
              Field
      Name

            	
              Field
      Type

            	
              Field
      Width

            	
              Dec

            
	
              1

            	
              INVNUM

            	
              Numeric

            	
              4

            	 
      
	
              2

            	
              INVBLK

            	
              Numeric

            	
              4

            	 
      
	
              3

            	
              INACNU

            	
              Character

            	
              8

            	 
      
	
              4

            	
              BEGSCH

            	
              Numeric

            	
              15

            	
              2

            
	
              5

            	
              SCHPRN

            	
              Numeric

            	
              13

            	
              2

            
	
              6

            	
              TADPRN

            	
              Numeric

            	
              11

            	
              2

            
	
              7

            	
              LIQEPB

            	
              Numeric

            	
              11

            	
              2

            
	
              8

            	
              ACTCOD

            	
              Numeric

            	
              11

            	 
      
	
              9

            	
              ACTDAT

            	
              Numeric

            	
              4

            	 
      
	
              10

            	
              INTPMT

            	
              Numeric

            	
              8

            	 
      
	
              11

            	
              PRNPMT

            	
              Numeric

            	
              13

            	
              2

            
	
              12

            	
              ENDSCH

            	
              Numeric

            	
              13

            	
              2

            
	
              13

            	
              SCHNOT

            	
              Numeric

            	
              13

            	
              2

            
	
              14

            	
              SCHPAS

            	
              Numeric

            	
              7

            	
              3

            
	
              15

            	
              PRINPT

            	
              Numeric

            	
              7

            	
              3

            
	
              16

            	
              PRIBAL

            	
              Numeric

            	
              11

            	
              2

            
	
              17

            	
              LPIDTE

            	
              Numeric

            	
              13

            	
              2

            
	
              18

            	
              DELPRN

            	
              Numeric

            	
              7

            	 
      
	
              19

            	
              PPDPRN

            	
              Numeric

            	
              11

            	
              2

            
	
              20

            	
              DELPRN

            	
              Numeric

            	
              11

            	
              2

            
	
              21

            	
              NXTCHG

            	
              Numeric

            	
              8

            	 
      
	
              22

            	
              ARMNOT

            	
              Numeric

            	
              7

            	
              3

            
	
              23

            	
              ARMPAS

            	
              Numeric

            	
              7

            	
              3

            
	
              24

            	
              ARMPMT

            	
              Numeric

            	
              11

            	
              2

            
	
              25

            	
              ZZTYPE

            	
              Character

            	
              2

            	 
      
	
              26

            	
              ISSUID

            	
              Character

            	
              1

            	 
      
	
              27

            	
              KEYNAME

            	
              Character

            	
              8

            	 
      
	
              TOTAL

            	 
      	 
      	
              240

            	 
      
	
              Suggested
      Format:

            	
              DBASE
      file

              Modem
      transmission

            	 
      	 
      	 
      

    

     

     

     

    
      
        
        

      

      
        S-VI-1

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
A

       

      [FORM OF
SENIOR CERTIFICATE [AND EXCHANGEABLE CERTIFICATE]]

       

      [UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS 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 U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS 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
THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
EFFECT THAT SUCH TRANSFEREE IS NOT, AND IS NOT INVESTING ASSETS OF, AN EMPLOYEE
BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE,
OR (B) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
REFERRED TO HEREIN.  SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN
MADE TO THE TRUSTEE BY THE TRANSFEREE’S ACCEPTANCE OF A CERTIFICATE OF THIS
CLASS AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN A CERTIFICATE OF
THIS CLASS. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, UNTIL THIS
CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, ANY
PURPORTED TRANSFER OF THIS CERTIFICATE TO, OR TO A PERSON INVESTING ASSETS OF,
AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO
SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE
TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Certificate
      No.

              	
                :

              	 
      
	 	 	 
	
                Cut-off
      Date

              	
                :

              	 
      
	 	 	 
	
                First
      Distribution Date

              	
                :

              	 
      
	 	 	 
	
                Initial
      Certificate Balance 

                of
      this Certificate 

                (“Denomination”)

              	
                :

              	
                $

              
	 	 	 
	
                Initial
      Certificate Balance 

                of
      all Certificates of 

                this
      Class

              	
                :

              	
                $

              
	 	 	 
	
                CUSIP

              	
                :

              	 
      
	 	 	 
	
                Interest
      Rate

              	
                :

              	 
      
	 	 	 
	
                Maturity
      Date

              	
                :

              	 
      

      

       

      CWMBS,
INC.

      Mortgage
Pass-Through Certificates, Series 200____-____

      Class
[   ]

       

      evidencing
a percentage interest in the distributions allocable to the Certificates of the
above-referenced Class with respect to a Trust Fund consisting primarily of a
pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
liens on one- to four-family residential properties

       

      CWMBS,
Inc., as Depositor

       

      Principal
in respect of this Certificate is distributable monthly as set forth
herein.  Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein.  This Certificate
does not evidence an obligation of, or an interest in, and is not guaranteed by
the Depositor, the Sellers, the Master Servicer or the Trustee referred to below
or any of their respective affiliates.  Neither this Certificate nor
the Mortgage Loans are guaranteed or insured by any governmental agency or
instrumentality.

       

      This
certifies that                 
is the registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the denomination of this Certificate by the aggregate
Initial Certificate Balance of all Certificates of the Class to which this
Certificate belongs) in certain monthly distributions with respect to a Trust
Fund consisting primarily of the Mortgage 

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

       

      Loans
deposited by CWMBS, Inc. (the “Depositor”).  The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as of the Cut-off
Date specified above (the “Agreement”) among the Depositor, Countrywide Home
Loans, Inc., as a seller (“CHL”), Park Granada LLC, as a seller (“Park
Granada”), Park Monaco Inc., as a seller (“Park Monaco”), and Park Sienna LLC,
as a seller (“Park Sienna” and, together with CHL, Park Granada and Park Monaco,
the “Sellers”), Countrywide Home Loans Servicing LP, as master servicer (the
“Master Servicer”), and The Bank of
New York, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement.  This Certificate 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 such
Holder is bound.

       

      [Until
this certificate has been the subject of an ERISA-Qualifying Underwriting, no
transfer of a Certificate of this Class shall be made unless the Trustee shall
have received either (i) a representation letter from the transferee of such
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
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 or investing plan assets of any
such benefit plan or arrangement, which representation letter shall not be an
expense of the Trustee, the Master Servicer or the Trust Fund, or (ii) in the
case of any such Certificate presented for registration in the name of an
employee benefit plan subject to ERISA or a plan or arrangement subject to
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), a trustee of any such benefit plan or arrangement or any other
person acting on behalf of any such benefit plan or arrangement, an Opinion of
Counsel satisfactory to the Trustee to the effect that the purchase and holding
of such Certificate will not result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and will not subject the
Trustee or the Master Servicer to any obligation in addition to those undertaken
in the Agreement, which Opinion of Counsel shall not be an expense of the
Trustee, the Master Servicer or the Trust Fund.  Unless the transferee
delivers the Opinion of Counsel described above, such representation shall be
deemed to have been made to the Trustee by the Transferee’s acceptance of a
Certificate of this Class and by a beneficial owner’s acceptance of its interest
in a Certificate of this Class.  Notwithstanding anything else to the
contrary herein, until such certificate has been the subject of an
ERISA-Qualifying Underwriting, any purported transfer of a Certificate of this
Class to, or to a person investing assets of, an employee benefit plan subject
to ERISA or a plan or arrangement subject to Section 4975 of the Code without
the opinion of counsel satisfactory to the Trustee as described above shall be
void and of no effect.]

       

      Reference
is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      This
Certificate shall not be entitled to any benefit under the Agreement or be valid
for any purpose unless manually countersigned by an authorized signatory of the
Trustee.

       

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

       

      *               *              *

       

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

       

      Dated:  ____________,
20__

       

      
        
          	 	
                  THE
      BANK OF NEW YORK,

                  as Trustee

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

        

      

       

       

      Countersigned:

       

      By  _________________________________                                                        

      Authorized
Signatory of

      THE BANK
OF NEW YORK,

      as
Trustee

       

       

      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

       

       

       

      EXHIBIT
B

       

      [FORM OF
SUBORDINATED CERTIFICATE]

       

      [UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS 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 U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS 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 IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      [NEITHER
THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
EFFECT THAT (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN OR
ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PERSON ACTING ON BEHALF OF
OR INVESTING THE ASSETS OF SUCH A BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE
TRANSFER, OR (ii) IF SUCH CERTIFICATE HAS BEEN THE SUBJECT OF AN
ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE IS AN INSURANCE COMPANY, A
REPRESENTATION THAT THE TRANSFEREE 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 (“PTCE”)
95-60, AND THE 

       

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

       

      PURCHASE
AND HOLDING OF THE CERTIFICATE SATISFY THE REQUIREMENTS FOR EXEMPTIVE RELIEF
UNDER SECTIONS I AND III OF PTCE 95-60, OR (B) AN OPINION OF COUNSEL IN
ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
ABOVE SHALL BE VOID AND OF NO EFFECT.]

       

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Certificate
      No.

              	
                :

              	 
      
	 	 	 
	
                Cut-off
      Date

              	
                :

              	 
      
	 	 	 
	
                First
      Distribution Date

              	
                :

              	 
      
	 	 	 
	
                Initial
      Certificate Balance 

                of
      this Certificate 

                (“Denomination”)

              	
                :

              	
                $

              
	 	 	 
	
                Initial
      Certificate Balance 

                of
      all Certificates of 

                this
      Class

              	
                :

              	
                $

              
	 	 	 
	
                CUSIP

              	
                :

              	 
      
	 	 	 
	
                Interest
      Rate

              	
                :

              	 
      
	 	 	 
	
                Maturity
      Date

              	
                :

              	 
      

      

       

      CWMBS,
INC.

      Mortgage
Pass-Through Certificates, Series 200____-____

      Class
[  ]

       

      evidencing
a percentage interest in the distributions allocable to the Certificates of the
above-referenced Class with respect to a Trust Fund consisting primarily of a
pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
liens on one- to four-family residential properties

       

      CWMBS,
Inc., as Depositor

       

      Principal
in respect of this Certificate is distributable monthly as set forth
herein.  Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein.  This Certificate
does not evidence an obligation of, or an interest in, and is not guaranteed by
the Depositor, the Sellers, the Master Servicer or the Trustee referred to below
or any of their respective affiliates.  Neither this Certificate nor
the Mortgage Loans are guaranteed or insured by any governmental agency or
instrumentality.

       

      This
certifies that                                 
is the registered owner of the Percentage Interest evidenced by this
Certificate (obtained by dividing the denomination of this Certificate by the
aggregate Initial Certificate Balance of all Certificates of the Class to which
this Certificate 

       

      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

       

      belongs)
in certain monthly distributions with respect to a Trust Fund consisting
primarily of the Mortgage Loans deposited by CWMBS, Inc. (the
“Depositor”).  The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a seller
(“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco Inc., as a
seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park Sienna” and,
together with CHL, Park Granada and Park Monaco, the “Sellers”), Countrywide
Home Loans Servicing LP, as master servicer (the “Master Servicer”), and The Bank of
New York, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement.  This Certificate 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 such
Holder is bound.

       

      [No
transfer of a Certificate of this Class 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 said Act and such laws.  In the event that a
transfer is to be made in reliance upon an exemption from the Securities Act and
such laws, in order to assure compliance with the Securities Act and such laws,
the Certificateholder desiring to effect such transfer and such
Certificateholder’s prospective transferee shall each certify to the Trustee in
writing the facts surrounding the transfer.  In the event that such a
transfer is to be made within three years from the date of the initial issuance
of Certificates pursuant hereto, there shall also be delivered (except in the
case of a transfer pursuant to Rule 144A of the Securities Act) to the Trustee
an Opinion of Counsel that such transfer may be made pursuant to an exemption
from the Securities Act and such state securities laws, which Opinion of Counsel
shall not be obtained at the expense of the Trustee, the Sellers, the Master
Servicer or the Depositor.  The Holder hereof desiring to effect such
transfer shall, and does hereby agree to, indemnify the Trustee and the
Depositor against any liability that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.]

       

      [No
transfer of a Certificate of this Class shall be made unless the Trustee shall
have received either (i) a representation letter from the transferee of such
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
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 or investing plan assets of any
such benefit plan or arrangement, which representation letter shall not be an
expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
certificate has been the subject of an ERISA-Qualifying Underwriting and the
transferee is an insurance company, a representation that the transferee 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 (iii) in the case of any such Certificate
presented for registration in the name of an employee benefit plan subject to
ERISA or a plan or arrangement subject to Section 4975 of the Code (or
comparable provisions 

       

      
        
          
          

        

        
          B-4

          
            

          

        

        
          
          

        

      

       

      of any
subsequent enactments), a trustee of any such benefit plan or arrangement or any
other person acting on behalf of any such benefit plan or arrangement, an
Opinion of Counsel satisfactory to the Trustee to the effect that the purchase
and holding of such Certificate will not result in a prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code, and will not subject the
Trustee or the Master Servicer to any obligation in addition to those undertaken
in the Agreement, which Opinion of Counsel shall not be an expense of the
Trustee, the Master Servicer or the Trust Fund.  Notwithstanding
anything else to the contrary herein, any purported transfer of a Certificate of
this Class to or on behalf of an employee benefit plan subject to ERISA or a
plan or arrangement subject to Section 4975 of the Code without the opinion of
counsel satisfactory to the Trustee as described above shall be void and of no
effect.]

       

      Reference
is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      This
Certificate shall not be entitled to any benefit under the Agreement or be valid
for any purpose unless manually countersigned by an authorized signatory of the
Trustee.

       

      *           *          *

       

      
        
          
          

        

        
          B-5

          
            

          

        

        
          
          

        

         

      

      IN
WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

       

      Dated:  ____________,
20__

       

       

      
        
          	 	
                  THE
      BANK OF NEW YORK,

                  as Trustee

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

        

      

       

       

      Countersigned:

       

      By  _________________________________                                                        

                                  Authorized Signatory
of

                                  THE BANK OF NEW
YORK,

                                  as
Trustee

       

      
        
          
          

        

        
          B-6

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
C-1

       

      [FORM OF
RESIDUAL CERTIFICATE]

       

      SOLELY
FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL 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”).

       

      NEITHER
THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NEITHER
THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
EFFECT THAT (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN OR
ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PERSON ACTING ON BEHALF OF
OR INVESTING THE ASSETS OF SUCH A BENEFIT PLAN OR ARRANGEMENT TO EFFECT THE
TRANSFER, OR (ii) IF SUCH CERTIFICATE HAS BEEN THE SUBJECT OF AN
ERISA-QUALIFYING UNDERWRITING AND THE TRANSFEREE IS AN INSURANCE COMPANY, A
REPRESENTATION THAT THE TRANSFEREE 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 (“PTCE”)
95-60, AND THE PURCHASE AND HOLDING OF THE CERTIFICATE SATISFY THE REQUIREMENTS
FOR EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF PTCE 95-60, OR (B) AN OPINION
OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY
PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
ABOVE SHALL BE VOID AND OF NO EFFECT.

       

      [THIS
CERTIFICATE REPRESENTS THE “TAX MATTERS PERSON RESIDUAL INTEREST” ISSUED UNDER
THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW AND MAY NOT BE TRANSFERRED
TO ANY PERSON EXCEPT IN CONNECTION WITH THE ASSUMPTION BY THE TRANSFEREE OF THE
DUTIES OF THE SERVICER UNDER SUCH AGREEMENT.]

       

      
        
          
          

        

        
          C-1-1

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Certificate
      No.

              	
                :

              	 
      
	 	 	 
	
                Cut-off  Date

              	
                :

              	 
      
	 	 	 
	
                First
      Distribution Date

              	
                :

              	 
      
	 	 	 
	
                Initial
      Certificate Balance 

                of
      this Certificate 

                (“Denomination”)

              	
                :

              	
                $

              
	 	 	 
	
                Initial
      Certificate Balance 

                of
      all Certificates of this 

                Class

              	
                :

              	
                $

              
	 	 	 
	
                CUSIP

              	
                :

              	 
      
	 	 	 
	
                Interest
      Rate

              	
                :

              	 
      
	 	 	 
	
                Maturity
      Date

              	
                :

              	 
      

      

       

      CWMBS,
INC.

      Mortgage
Pass-Through Certificates, Series 200____-____

       

      Class
A-R

       

      evidencing
the distributions allocable to the Class A-R Certificates with respect to a
Trust Fund consisting primarily of a pool of conventional mortgage loans (the
“Mortgage Loans”) secured by first liens on one- to four-family residential
properties

       

      CWMBS,
Inc., as Depositor

       

      Principal
in respect of this Certificate is distributable monthly as set forth
herein.  Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein.  This Certificate
does not evidence an obligation of, or an interest in, and is not guaranteed by
the Depositor, the Sellers, the Master Servicer or the Trustee referred to below
or any of their respective affiliates.  Neither this Certificate nor
the Mortgage Loans are guaranteed or insured by any governmental agency or
instrumentality.

       

      This
certifies that                    
is the registered owner of the Percentage Interest (obtained by dividing the
Denomination of this Certificate by the aggregate Initial Certificate Balance of
all Certificates of the Class to which this Certificate belongs) in certain
monthly distributions with respect to a Trust Fund consisting of the Mortgage
Loans deposited by CWMBS, Inc. (the 

       

      
        
          
          

        

        
          C-1-2

          
            

          

        

        
          
          

        

      

       

      “Depositor”).  The
Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of
the Cut-off Date specified above (the “Agreement”) among the Depositor,
Countrywide Home Loans, Inc., as a seller (“CHL”), Park Granada LLC, as a seller
(“Park Granada”), Park Monaco Inc., as a seller (“Park Monaco”), and Park Sienna
LLC, as a seller (“Park Sienna” and, together with CHL, Park Granada and Park
Monaco, the “Sellers”), Countrywide Home Loans Servicing LP, as master servicer
(the “Master Servicer”), and The Bank of
New York, as trustee (the “Trustee”).  To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement.  This Certificate 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 such
Holder is bound.

       

      Any
distribution of the proceeds of any remaining assets of the Trust Fund will be
made only upon presentment and surrender of this Class A-R Certificate at the
Corporate Trust Office or the office or agency maintained by the Trustee in New
York, New York.

       

      No
transfer of a Class A-R Certificate shall be made unless the Trustee shall have
received either (i) a representation letter from the transferee of such
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
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 or investing plan assets of any
such benefit plan or arrangement, which representation letter shall not be an
expense of the Trustee, the Master Servicer or the Trust Fund, (ii) if such
certificate has been the subject of an ERISA-Qualifying Underwriting and the
transferee is an insurance company, a representation that the transferee 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 (iii) in the case of any such Certificate
presented for registration in the name of an employee benefit plan subject to
ERISA or a plan or arrangement subject to Section 4975 of the Code (or
comparable provisions of any subsequent enactments), a trustee of any such
benefit plan or arrangement or any other person acting on behalf of any such
benefit plan or arrangement, an Opinion of Counsel satisfactory to the Trustee
to the effect that the purchase and holding of such Certificate will not result
in a prohibited transaction under Section 406 of ERISA or Section 4975 of the
Code, and will not subject the Trustee or the Master Servicer to any obligation
in addition to those undertaken in the Agreement, which Opinion of Counsel shall
not be an expense of the Trustee, the Master Servicer or the Trust
Fund.  Notwithstanding anything else to the contrary herein, any
purported transfer of a Class A-R Certificate to or on behalf of an employee
benefit plan subject to ERISA or a plan or arrangement subject to Section 4975
of the Code without the opinion of counsel satisfactory to the Trustee as
described above shall be void and of no effect.

       

      Each
Holder of this Class A-R Certificate will be deemed to have agreed to be bound
by the restrictions of the Agreement, including but not limited to the
restrictions that (i) each person holding or acquiring any Ownership Interest in
this Class A-R Certificate must be a Permitted Transferee, (ii) no Ownership
Interest in this Class A-R Certificate may be transferred without 

       

      
        
          
          

        

        
          C-1-3

          
            

          

        

        
          
          

        

      

       

      delivery
to the Trustee of (a) a transfer affidavit of the proposed transferee and (b) a
transfer certificate of the transferor, each of such documents to be in the form
described in the Agreement, (iii) each person holding or acquiring any Ownership
Interest in this Class A-R Certificate must agree to require a transfer
affidavit and to deliver a transfer certificate to the Trustee as required
pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
Interest in this Class A-R Certificate must agree not to transfer an Ownership
Interest in this Class A-R Certificate if it has actual knowledge that the
proposed transferee is not a Permitted Transferee and (v) any attempted or
purported transfer of any Ownership Interest in this Class A-R Certificate in
violation of such restrictions will be absolutely null and void and will vest no
rights in the purported transferee.

       

      Reference
is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      This
Certificate shall not be entitled to any benefit under the Agreement or be valid
for any purpose unless manually countersigned by an authorized signatory of the
Trustee.

       

      *         *        *

       

      
        
          
          

        

        
          C-1-4

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

       

      Dated:  ____________,
20__

       

      
         

        
          
            	 	
                    THE
      BANK OF NEW YORK,

                    as Trustee

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

          

        

         

         

        Countersigned:

         

        By  _________________________________                                                        

        Authorized
Signatory of

        THE BANK
OF NEW YORK,

        as
Trustee

         

         

        
          
            
            

          

          
            C-1-5

            
              

            

          

          
            
            

          

        

      

       

       

      EXHIBIT
C-2

       

      [RESERVED]

       

      
        
          
          

        

        
          C-2-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
C-3

       

      [RESERVED]

       

      
        
          
          

        

        
          C-3-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
C-4

       

      [RESERVED]

       

      

      
        
          
          

        

        
          C-4-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
D

       

      [FORM OF
NOTIONAL AMOUNT CERTIFICATE]

       

      UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS 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.

       

      THIS
CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTION IN
RESPECT OF PRINCIPAL.

       

      SOLELY
FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS 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
THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING,
NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER (A) A REPRESENTATION LETTER TO THE
EFFECT THAT SUCH TRANSFEREE IS NOT, AND IS NOT INVESTING ASSETS OF, AN EMPLOYEE
BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE,
OR (B) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
REFERRED TO HEREIN.  SUCH REPRESENTATION SHALL BE DEEMED TO HAVE BEEN
MADE TO THE TRUSTEE BY THE TRANSFEREE’S ACCEPTANCE OF A CERTIFICATE OF THIS
CLASS AND BY A BENEFICIAL OWNER’S ACCEPTANCE OF ITS INTEREST IN A CERTIFICATE OF
THIS CLASS. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, UNTIL THIS
CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING, ANY
PURPORTED TRANSFER OF THIS CERTIFICATE TO, OR A PERSON INVESTING ASSETS OF, AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR A PLAN OR ARRANGEMENT SUBJECT TO
SECTION 4975 OF THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE
TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

       

      

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Certificate
      No.

              	
                :

              	 
      
	 	 	 
	
                Cut-off
      Date

              	
                :

              	 
      
	 	 	 
	
                First
      Distribution Date

              	
                :

              	 
      
	 	 	 
	
                Initial
      Notional Amount 

                of
      this Certificate 

                (“Denomination”)

              	
                :
      

              	
                $

              
	 	 	 
	
                Initial
      Notional Amount 

                of
      all Certificates 

                of
      this Class

              	
                :
      

              	
                $

              
	 	 	 
	
                CUSIP

              	
                :

              	 
      
	 	 	 
	
                Interest
      Rate

              	
                :

              	
                Interest
      Only

              
	 	 	 
	
                Maturity
      Date

              	
                :

              	 
      

      

       

       

      CWMBS,
INC.

      Mortgage
Pass-Through Certificates, Series 200____-____

      Class
[  ]

       

      evidencing
a percentage interest in the distributions allocable to the Certificates of the
above-referenced Class with respect to a Trust Fund consisting primarily of a
pool of conventional mortgage loans (the “Mortgage Loans”) secured by first
liens on one- to four-family residential properties

       

      CWMBS,
Inc., as Depositor

       

      The
Notional Amount of this certificate at any time, may be less than the Notional
Amount as set forth herein.  This Certificate does not evidence an
obligation of, or an interest in, and is not guaranteed by the Depositor, the
Sellers, the Master Servicer or the Trustee referred to below or any of their
respective affiliates.  Neither this Certificate nor the Mortgage
Loans are guaranteed or insured by any governmental agency or
instrumentality.

       

      This
certifies that                                 
is the registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the denomination of this Certificate by the aggregate
Initial Notional Amount of all Certificates of the Class to which this
Certificate belongs) in certain monthly distributions with respect to a Trust
Fund consisting primarily of the Mortgage Loans deposited by CWMBS, Inc. (the
“Depositor”).  The Trust Fund was created 

       

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

       

      pursuant
to a Pooling and Servicing Agreement dated as of the Cut-off Date specified
above (the “Agreement”) among the Depositor, Countrywide Home Loans, Inc., as a
seller (“CHL”), Park Granada LLC, as a seller (“Park Granada”), Park Monaco
Inc., as a seller (“Park Monaco”), and Park Sienna LLC, as a seller (“Park
Sienna” and, together with CHL, Park Granada and Park Monaco, the “Sellers”),
Countrywide Home Loans Servicing LP, as master servicer (the “Master
Servicer”),
and The Bank of New York, as trustee (the “Trustee”).  To the extent
not defined herein, the capitalized terms used herein have the meanings assigned
in the Agreement.  This Certificate 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 such Holder is bound.

       

      [Until
this certificate has been the subject of an ERISA-Qualifying Underwriting, no
transfer of a Certificate of this Class shall be made unless the Trustee shall
have received either (i) a representation letter from the transferee of such
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
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 or investing plan assets of any
such benefit plan or arrangement, which representation letter shall not be an
expense of the Trustee, the Master Servicer or the Trust Fund, or (ii) in the
case of any such Certificate presented for registration in the name of an
employee benefit plan subject to ERISA or a plan or arrangement subject to
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), a trustee of any such benefit plan or arrangement or any other
person acting on behalf of any such benefit plan or arrangement, an Opinion of
Counsel satisfactory to the Trustee to the effect that the purchase and holding
of such Certificate will not result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and will not subject the
Trustee or the Master Servicer to any obligation in addition to those undertaken
in the Agreement, which Opinion of Counsel shall not be an expense of the
Trustee, the Master Servicer or the Trust Fund.  When the transferee
delivers the Opinion of Counsel described above, such representation shall be
deemed to have been made to the Trustee by the Transferee’s acceptance of a
Certificate of this Class and by a beneficial owner’s acceptance of its interest
in a Certificate of this Class.  Notwithstanding anything else to the
contrary herein, until such certificate has been the subject of an
ERISA-Qualifying Underwriting, any purported transfer of a Certificate of this
Class to, or a person investing assets of, an employee benefit plan subject to
ERISA or a plan or arrangement subject to Section 4975 of the Code without the
opinion of counsel satisfactory to the Trustee as described above shall be void
and of no effect.]

       

      Reference
is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      This
Certificate shall not be entitled to any benefit under the Agreement or be valid
for any purpose unless manually countersigned by an authorized signatory of the
Trustee.

       

      *       *       *

       

      
        
          
          

        

        
          D-3

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

       

      Dated:  ____________,
20__

       

      
         

        
          
            	 	
                    THE
      BANK OF NEW YORK,

                    as Trustee

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

          

        

         

         

        Countersigned:

         

        By  _________________________________                                                        

        Authorized
Signatory of

        THE BANK
OF NEW YORK,

        as
Trustee

         

         

        
          
            
            

          

          
            D-4

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
E

       

      [FORM OF]
REVERSE OF CERTIFICATES

       

      CWMBS,
INC.

      Mortgage
Pass-Through Certificates

       

      This
Certificate is one of a duly authorized issue of Certificates designated as
CWMBS, Inc. Mortgage Pass-Through Certificates, of the Series specified on the
face hereof (herein collectively called the “Certificates”), and representing a
beneficial ownership interest in the Trust Fund created by the
Agreement.

       

      The
Certificateholder, by its acceptance of this Certificate, agrees that it will
look solely to the funds on deposit in the Distribution Account for payment
hereunder and that the Trustee is not liable to the Certificateholders 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.

       

      This
Certificate does not purport to summarize 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.

       

      Pursuant
to the terms of the Agreement, a distribution will be made on the 25th day of
each month or, if such day is not a Business Day, the Business Day immediately
following (the “Distribution Date”), commencing on the first Distribution Date
specified on the face hereof, to the Person in whose name this Certificate is
registered at the close of business on the applicable Record Date in an amount
equal to the product of the Percentage Interest evidenced by this Certificate
and the amount required to be distributed to Holders of Certificates of the
Class to which this Certificate belongs on such Distribution Date pursuant to
the Agreement.  The Record Date applicable to each Distribution Date
is the last Business Day of the month next preceding the month of such
Distribution Date.

       

      Distributions
on this Certificate shall be made by wire transfer of immediately available
funds to the account of the Holder hereof at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have so
notified the Trustee in writing at least five Business Days prior to the related
Record Date and such Certificateholder shall satisfy the conditions to receive
such form of payment set forth in the Agreement, or, if not, by check mailed by
first class mail to the address of such Certificateholder appearing in the
Certificate Register.  The final distribution on each Certificate will
be made in like manner, but only upon presentment and surrender of such
Certificate at the Corporate Trust Office or such other location specified in
the notice to Certificateholders of such final distribution.

       

      The
Agreement permits, with certain exceptions therein provided, the amendment
thereof and the modification of the rights and obligations of the Trustee and
the rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer and the 

       

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

       

      Trustee
with the consent of the Holders of Certificates affected by such amendment
evidencing the requisite Percentage Interest, as provided in the
Agreement.  Any such consent by the Holder of this Certificate shall
be conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange therefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of
any of the Certificates.

       

      As
provided in the Agreement and subject to certain limitations therein set forth,
the transfer of this Certificate is registrable in the Certificate Register of
the Trustee upon surrender of this Certificate for registration of transfer at
the Corporate Trust Office or the office or agency maintained by the Trustee in
New York, New York, accompanied by a written instrument of transfer in form
satisfactory to the Trustee and the Certificate Registrar duly executed by the
holder hereof or such holder’s attorney duly authorized in writing, and
thereupon one or more new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest in the Trust
Fund will be issued to the designated transferee or transferees.

       

      The
Certificates are issuable only as registered Certificates without coupons in
denominations specified in the Agreement.  As provided in the
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest, as requested by the
Holder surrendering the same.

       

      No
service charge will be made for any such registration of transfer or exchange,
but the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

       

      The
Depositor, the Master Servicer, the Sellers and the Trustee and any agent of the
Depositor or the Trustee may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Trustee, nor any such agent shall be affected by any notice to the
contrary.

       

      On any
Distribution Date on which the Pool Stated Principal Balance is less than or
equal to 10% of the
Cut-off Date Pool Principal Balance, the Master Servicer will have the option,
subject to the limitations set forth in the Agreement, to repurchase, in whole,
from the Trust Fund all remaining Mortgage Loans and all property acquired in
respect of the Mortgage Loans at a purchase price determined as provided in the
Agreement.  In the event that no such optional termination occurs, the
obligations and responsibilities created by the Agreement will terminate upon
the later of the maturity or other liquidation (or any advance with respect
thereto) of the last Mortgage Loan remaining in the Trust Fund or the
disposition of all property in respect thereof and the distribution to
Certificateholders of all amounts required to be distributed pursuant to the
Agreement.  In no event, however, will the trust created by the
Agreement continue beyond the 

       

       

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

      expiration
of 21 years from the death of the last survivor of the descendants living at the
date of the Agreement of a certain person named in the Agreement.

       

      Any term
used herein that is defined in the Agreement shall have the meaning assigned in
the Agreement, and nothing herein shall be deemed inconsistent with that
meaning.

       

      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

       

       

      
        
          ASSIGNMENT

           

           

          
            	 FOR
      VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto 
      ______________________________________________________________________________________________________________
	 _________________________________________________________________________________________________________________________________________________________________________________
	 _________________________________________________________________________________________________________________________________________________________________________________
	
                    (Please
      print or typewrite name and address including postal zip code of
      assignee)

                  
	 
	
                    the
      Percentage Interest evidenced by the within Certificate and hereby
      authorizes the transfer of registration of such Percentage Interest to
      assignee on the Certificate Register of the Trust
Fund.

                     

                  
	     I
      (We) further direct the Trustee to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such
      Certificate to the following address:
	
                     

                  

          

          
             

            
              
                	 	 
	 	 
	 Dated:	 

              

            

             

             

          

          
            
              	 	 
	 	 Signature
      by or on behalf of assignor
	 	 

            

          

           

           

          DISTRIBUTION
INSTRUCTIONS

           

           

          
            	     The
      assignee should include the following for purposes of
    distribution:
	 
	     Distributions
      shall be made, by wire transfer or otherwise, in immediately available
      funds to,  
      _____________________________________________________________________________________________________
	 _________________________________________________________________________________________________________________________________________________________________________________
	
                     _________________________________________________________________________________________________________________________________________________________________________________,

                  
	
                    for
      the account of
       ___________________________________________________________________________________________________________________________________________________________________,

                  
	
                    account
      number  ____________________________________________________, or, if
      mailed by check, to 
      ____________________________________________________________________________________________.

                  
	Applicable
      statements should be mailed to 
      ________________________________________________________________________________________________________________________________________________,
	 _________________________________________________________________________________________________________________________________________________________________________________
	 _________________________________________________________________________________________________________________________________________________________________________________.
	
                     

                        This
      information is provided by 
      ___________________________________________________________________________________________________________________________________________________,

                  
	the
      assignee named above, or 
      __________________________________________________________________________________________________________________________________________________________,
	
                    as
      its agent.

                  

          

        

        
 

        
          
            
            

          

          
            E-4

            
              

            

          

          
            
            

          

           

           

          
            
              	
                      STATE
      OF

                    	
                      )

                    
	 
      	
                      )  ss.:

                    
	
                      COUNTY
      OF

                    	
                      )

                    

            

          

           

        

      

       

      On the
_____day of ___________________, 20__ before me, a notary public in and for said
State, personally appeared _____________________________________,
known to me who, being by me duly sworn, did depose and say that he executed the
foregoing instrument.

       

       

      
      

       

      
        	 	
                 ______________________________________________________________

                Notary
  Public

              

      

       

       

                                                                       

      [Notarial
Seal]

       

       

      
        
          
          

        

        
          E-5

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
F-1

       

      [FORM OF]
INITIAL CERTIFICATION OF TRUSTEE

      (INITIAL
MORTGAGE LOANS)

       

      [date]

       

      [Depositor]

       

      [Master
Servicer]

       

      [Countrywide]

       

      __________________________

      
        __________________________

      

       

      
        	
                 
      

              	
                Re:

              	
                Pooling
      and Servicing Agreement among CWMBS, Inc., as Depositor, Countrywide Home
      Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
      Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as Trustee, Mortgage
      Pass-Through Certificates, Series
      200_-_

              

      

      Gentlemen:

       

      In
accordance with Section 2.02 of the above-captioned Pooling and Servicing
Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
hereby certifies that, as to each Initial Mortgage Loan listed in the Mortgage
Loan Schedule (other than any Initial Mortgage Loan paid in full or listed on
the attached schedule) it has received:

       

      (i)  (a)
the original Mortgage Note endorsed in the following form:  “Pay to
the order of __________, without recourse” or (b) with respect to any Lost
Mortgage Note, a lost note affidavit from Countrywide stating that the original
Mortgage Note was lost or destroyed; and

       

      (ii)  a
duly executed assignment of the Mortgage (which may be included in a blanket
assignment or assignments).

       

      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.  

       

       

      
        
          
          

        

        
          F-1-1

          
            

          

        

        
          
          

        

      

      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 identified on the
Mortgage Loan Schedule, or (ii) the collectability, insurability, effectiveness
or suitability of any such Initial Mortgage Loan.

       

       

       

      
        
          
          

        

        
          F-1-2

          
            

          

        

        
          
          

        

         

         

      

      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 	 
	 	 	 	 

        

      

       

       

      
        
          
          

        

        
          F-1-3

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
F-2

       

      [RESERVED]

       

       

      
        
          
          

        

        
          F-2-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
G-1

       

      [FORM OF]
DELAY DELIVERY CERTIFICATION

       

      (INITIAL
MORTGAGE LOANS)

       

      [date]

       

      [Depositor]

       

      [Master
Servicer]

       

      [Countrywide]

       

      _____________________

       

      _____________________

       

      
        	
                 
      

              	
                Re:

              	
                Pooling
      and Servicing Agreement among CWMBS, Inc., as Depositor, Countrywide Home
      Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
      Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as
      Trustee, Mortgage Pass-Through Certificates, Series
      200_-_

              

      

      

      Gentlemen:

       

      Reference
is made to the Initial Certification of Trustee relating to the above-referenced
series, with the schedule of exceptions attached thereto (the “Schedule A”),
delivered by the undersigned, as Trustee, on the Closing Date in accordance with
Section 2.02 of the above-captioned Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”).  The undersigned hereby certifies
that, as to each Delay Delivery Initial Mortgage Loan listed on Schedule A
attached hereto (other than any Initial Mortgage Loan paid in full or listed on
Schedule B attached hereto) it has received:

       

      
        	
                (i)  

              	
                the
      original Mortgage Note, endorsed by Countrywide or the originator of such
      Mortgage Loan, without recourse 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 Countrywide, or, if the original Mortgage Note has been lost or
      destroyed and not replaced, an original lost note affidavit from
      Countrywide, stating that the original Mortgage Note was lost or
      destroyed, together with a copy of the related Mortgage
    Note;

              

      

       

      
        	
                (ii)  

              	
                in
      the case of each Initial Mortgage Loan that is not a MERS Mortgage Loan,
      the original recorded Mortgage, [and in the case of each Initial Mortgage
      Loan that is a MERS Mortgage Loan, the original Mortgage, noting thereon
      the presence of

              

      

       

       

      
        
          
          

        

        
          G-1-1

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 

              	
                the
      MIN of the Initial Mortgage Loan and language indicating that the Initial
      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 such 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 to “The Bank of New York, as
      trustee under the Pooling and Servicing Agreement dated as of [month] 1,
      200__, without recourse”, or, in the case of each Initial Mortgage Loan
      with respect to property located in the State of California that is not a
      MERS Mortgage Loan, a duly executed assignment of the Mortgage in blank
      (each such assignment, when duly and validly completed, to be in
      recordable form and sufficient to effect the assignment of and transfer to
      the assignee thereof, under the Mortgage to which such assignment
      relates);

              

      

       

      
        	
                (iv)  

              	
                the
      original recorded assignment or assignments of the Mortgage together with
      all interim recorded assignments of such Mortgage [(noting the presence of
      a MIN in the case of each MERS Mortgage
Loan)];

              

      

       

      
        	
                (v)  

              	
                the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any, with evidence of recording thereon if
      recordation thereof is permissible under applicable law;
    and

              

      

       

      
        	
                (vi)  

              	
                the
      original or duplicate original 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 Mortgage Loan that is not a MERS Mortgage Loan
Countrywide 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 Countrywide, the applicable title
company, escrow agent or attorney, or the originator of such Initial 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, and (ii) the information set forth in items (i), (iv), (v), (vi),
(viii), (xi) and (xiv) of the definition of the “Mortgage Loan Schedule” in
Article I 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 above-referenced
Pooling and

       

       

      
        
          
          

        

        
          G-1-2

          
            

          

        

        
          
          

        

      

       

       

      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 identified on the [Mortgage Loan Schedule][Loan
Number and Borrower Identification Mortgage Loan Schedule] or (ii) the
collectibility, insurability, effectiveness or suitability of any such Mortgage
Loan.

       

       

      
        
          
          

        

        
          G-1-3

          
            

          

        

        
          
          

        

      

       

       

      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-1-4

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
G-2

       

      [RESERVED]

       

       

      
        
          
          

        

        
          G-2-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
H-1

       

      [FORM OF]
FINAL CERTIFICATION OF TRUSTEE

       

      (INITIAL
MORTGAGE LOANS)

       

      [date]

       

      [Depositor]

       

      [Master
Servicer]

       

      [Countrywide]

       

      ________________________

      ________________________

       

       

      
        	
                 
      

              	
                Re:

              	
                Pooling
      and Servicing Agreement among CWMBS, Inc., as Depositor, Countrywide Home
      Loans, Inc. (“Countrywide”), as a Seller, Park Granada LLC, as a Seller,
      Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as
      Trustee, Mortgage Pass-Through Certificates, Series
      200_-_

              

      

       

      Gentlemen:

       

      In
accordance with Section 2.02 of the above-captioned Pooling and Servicing
Agreement (the “Pooling and Servicing Agreement”), the undersigned, as Trustee,
hereby certifies that as to each Initial Mortgage Loan listed in the Mortgage
Loan Schedule (other than any Initial Mortgage Loan paid in full or listed on
the attached Document Exception Report) it has received:

       

      
        	
                (i)  

              	
                the
      original Mortgage Note, endorsed by Countrywide or the originator of such
      Mortgage Loan, without recourse 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 Countrywide, or, if the original Mortgage Note has been lost or
      destroyed and not replaced, an original lost note affidavit from
      Countrywide, stating that the original Mortgage Note was lost or
      destroyed, together with a copy of the related Mortgage
    Note;

              

      

       

      
        	
                (ii)  

              	
                in
      the case of each Initial Mortgage Loan that is not a MERS Mortgage Loan,
      the original recorded Mortgage, [and in the case of each Initial Mortgage
      Loan that is

              

      

       

       

      
        
          
          

        

        
          H-1-1

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 

              	
                a
      MERS Mortgage Loan, the original Mortgage, noting thereon 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 Initial Mortgage Loan that is not a MERS Mortgage Loan, a
      duly executed assignment of the Mortgage to “The Bank of New York, as
      trustee under the Pooling and Servicing Agreement dated as of [month] 1,
      200__, without recourse”, or, in the case of each Initial Mortgage Loan
      with respect to property located in the State of California that is not a
      MERS Mortgage Loan, a duly executed assignment of the Mortgage in blank
      (each such assignment, when duly and validly completed, to be in
      recordable form and sufficient to effect the assignment of and transfer to
      the assignee thereof, under the Mortgage to which such assignment
      relates);

              

      

       

      
        	
                (iv)  

              	
                the
      original recorded assignment or assignments of the Mortgage together with
      all interim recorded assignments of such Mortgage [(noting the presence of
      a MIN in the case of each Initial Mortgage Loan that is a MERS Mortgage
      Loan)];

              

      

       

      
        	
                (v)  

              	
                the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any, with evidence of recording thereon if
      recordation thereof is permissible under applicable law;
    and

              

      

       

      
        	
                (vi)  

              	
                the
      original or duplicate original 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 that is not a MERS
Mortgage Loan Countrywide 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 Countrywide, the
applicable title company, escrow agent or attorney, or the originator of such
Initial 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, and (ii) the information set forth in items (i), (iv), (v), (vi),
(viii), (xi) and (xiv) of the definition of the

       

       

      
        
          
          

        

        
          H-1-2

          
            

          

        

        
          
          

        

      

       

       

      “Mortgage
Loan Schedule” in Article I 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 above-referenced
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 identified on the [Mortgage Loan Schedule][Loan
Number and Borrower Identification Mortgage Loan Schedule] or (ii) the
collectibility, insurability, effectiveness or suitability of any such Initial
Mortgage Loan.

       

       

      
        
          
          

        

        
          H-1-3

          
            

          

        

        
          
          

        

      

       

       

      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:

       

       

      
        
          
          

        

        
          H-1-4

          
            

          

        

        
          
          

        

      

       

       

       

      EXHIBIT
H-2

       

      [RESERVED]

       

       

      
        
          
          

        

        
          H-2-1

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
I

       

      [FORM OF]
TRANSFER AFFIDAVIT

       

      CWMBS,
Inc.

      Mortgage
Pass-Through Certificates

      Series
200_-_

       

      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 _________ __, 2___ (the “Agreement”), by and among CWMBS, Inc., as depositor
(the “Depositor”), Countrywide Home Loans, Inc. (the “Company”), as a Seller,
Park Granada LLC, as a Seller, Park Monaco, Inc., as a Seller, Park Sienna LLC,
as a Seller (and together with the Company, Park Granada and Park Monaco, the
“Sellers”), Countrywide Home Loans Servicing LP, as Master Servicer and The Bank
of New York, as Trustee.  Capitalized terms used, but not defined
herein or in Exhibit 1 hereto, shall have the meanings ascribed to such terms in
the Agreement.  The Transferee has authorized the undersigned to make
this affidavit on behalf of the Transferee.

       

      2.           The
Transferee is not an employee benefit plan that is subject to Title I of ERISA
or to section 4975 of the Internal Revenue Code of 1986, nor is it acting on
behalf of or with plan assets of any such plan. The Transferee is, as of the
date hereof, and will be, as of the date of the Transfer, a Permitted
Transferee.  The Transferee will endeavor to remain a Permitted
Transferee for so long as it retains its Ownership Interest in the
Certificate.  The Transferee is acquiring its Ownership Interest in
the Certificate for its own account.

       

      3.           The
Transferee has been advised of, and understands that (i) a tax will be imposed
on Transfers of the Certificate to Persons that are not Permitted Transferees;
(ii) such tax will be imposed on the transferor, or, if such Transfer is through
an agent (which includes a broker, nominee or middleman) for a Person that is
not a Permitted Transferee, on the agent; and (iii) the Person otherwise liable
for the tax shall be relieved of liability for the tax if the subsequent
Transferee furnished to such Person an affidavit that such subsequent Transferee
is a Permitted Transferee and, at the time of Transfer, such Person does not
have actual knowledge that the affidavit is false.

       

      4.           The
Transferee has been advised of, and understands that a tax will be imposed on a
“pass-through entity” holding the Certificate if at any time during the taxable
year of the pass-through entity a Person that is not a Permitted Transferee is
the record holder of an

       

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

       

       

      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.)

       

      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) and, unless the
Transferor (or any subsequent transferor) expressly waives such requirement,
will not cause income from the 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.

      

      10.           The
Transferee is aware that the Class A-R Certificates may be “noneconomic residual
interests” within the meaning of Treasury Regulation Section 1.860E-1(c) 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

       

       

      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

       

       

      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 Certificate
to permit the Transferor to assess the financial capability of the Transferee to
pay such taxes.  The Transferee historically has paid its debts as
they have come due and intends to pay its debts as they come due in the
future.

      

      12.           Unless
the Transferor (or any subsequent transferor) expressly waives such requirement,
the Transferee (and any subsequent transferee) certifies (or will certify),
respectively, that the transfer satisfies either the “Asset Test” imposed by
Treasury Regulation    § 1.860E-1(c)(5) or the “Formula
Test” imposed by Treasury Regulation § 1.860E-1(c)(7). 

      

      *           *           *

       

       

      
        
          
          

        

        
          I-3

          
            

          

        

        
          
          

        

      

       

       

       

       

      IN
WITNESS WHEREOF, the Transferee has caused this instrument to be executed on its
behalf by its duly authorized officer, this_____ day of ___________,
2___.

       

                                                                    

      ____________________________________

      PRINT
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-4

          
            

          

        

        
          
          

        

      

       

       

       

      WAIVER OF
REQUIREMENT THAT TRANSFEREE CERTIFIES TRANSFER OF CERTIFICATE SATISFIES CERTAIN
REGULATORY “SAFE HARBORS”

       

      The
Transferor hereby waives the requirement that the Transferee certify that the
transfer of the Certificate satisfies either the “Asset Test” imposed by
Treasury Regulation § 1.860E-1(c)(5) or the “Formula Test” imposed by
Treasury Regulation § 1.860E-1(c)(7). 

       

      CWMBS,
INC.

       

      

       

      

       

      By:      __________________________________

          Name:

          Title:

       

       

      
        
          
          

        

        
          I-5

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT 1
to

      EXHIBIT
I

       

      Certain
Definitions

       

      “Asset
Test”: A transfer satisfies the Asset Test if: (i) At the time of the transfer, and
at the close of each of the transferee's two fiscal years preceding the
transferee's fiscal 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. The gross assets and net assets
of a transferee do not include any obligation of any “related person” or any
other asset if a principal purpose for holding or acquiring the other asset is
to permit the transferee to satisfy such monetary conditions; (ii) The transferee must be
an “eligible corporation” and must agree in writing that any subsequent transfer
of the interest will be to another eligible corporation in a transaction that
satisfies paragraphs 9 through 11 of this Transfer Affidavit and the Asset Test.
A transfer fails to meet the Asset Test if the transferor knows, or has reason
to know, that the transferee will not honor the restrictions on subsequent
transfers of the Certificate; and (iii) A reasonable person would not conclude, based on the facts
and circumstances known to the transferor on or before the date of the transfer,
that the taxes associated with the Certificate will not be paid. The
consideration given to the transferee to acquire the Certificate is only one
factor to be considered, but the transferor will be deemed to know that the
transferee cannot or will not pay if the amount of consideration is so low
compared to the liabilities assumed that a reasonable person would conclude that
the taxes associated with holding the Certificate will not be
paid.  For purposes of applying the Asset Test, (i) an “eligible corporation” means any
domestic C corporation (as defined in section 1361(a)(2) of the Code) other
than (A) a
corporation which is exempt from, or is not subject to, tax under section 11 of
the Code, (B) an
entity described in section 851(a) or 856(a) of the Code, (C) A REMIC, or (D) an organization to
which part I of subchapter T of chapter 1 of subtitle A of the Code applies;
(ii) a “related
person” is any person that (A) bears a relationship to the transferee enumerated in section
267(b) or 707(b)(1) of the Code, using “20 percent” instead of “50 percent”
where it appears under the provisions, or (B) is under common
control (within the meaning of section 52(a) and (b)) with the transferee.

       

      “Formula
Test”: A transfer satisfies the formula test if the present value of the
anticipated tax liabilities associated with holding the Certificate does not
exceed the sum of (i) the present value of any consideration given to the
transferee to acquire the Certificate; (ii)
the present value of the expected future distributions
on the Certificate; and (iii) the present value of the anticipated tax savings associated
with holding the Certificate as the issuing REMIC generates
losses.  For
purposes of applying the Formula Test: (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. 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, then 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; (ii)
The transfer must satisfy paragraph 9 of the Transfer
Affidavit; and (iii) Present values are computed using a

       

       

      
        
          
          

        

        
          I-6

          
            

          

        

        
          
          

        

      

       

       

      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
taxpayer.

       

      “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 under the Agreement 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-7

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT 2
to

      EXHIBIT
I

       

      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

       

       

      
        
          
          

        

        
          I-8

          
            

          

        

        
          
          

        

      

       

       

      Transferee
at the time it became a Holder or, at such subsequent time as it became other
than a Permitted Transferee, all payments made on such Class A-R Certificate at
and after either such time.  Any such payments so recovered by the
Trustee shall be paid and delivered by the Trustee to the last preceding
Permitted Transferee of such Certificate.

       

      (5)           The
Depositor 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-9

          
            

          

        

        
          
          

        

      

       

       

       

      EXHIBIT
J-1

       

      [FORM OF]
TRANSFEROR CERTIFICATE

       

      (RESIDUAL)

       

      _____________________

      Date

       

      CWMBS,
Inc.

      4500 Park
Granada

      Calabasas,
California 91302

      Attention:                                Josh
Adler

       

      The Bank
of New York

      101
Barclay Street – 4W

      New York,
New York 10286

      

      Attention:         Mortgage-Backed
Securities Group Series
200_-_

      Re:  CWMBS,
Inc. Mortgage Pass-Through Certificates,

      Series 200_-_,
Class                                          

       

      Ladies
and Gentlemen:

       

      In
connection with our disposition of the above Certificates we certify that to the
extent we are disposing of a Class A-R Certificate, we have no knowledge the
Transferee is not a Permitted Transferee.

       

      Very
truly yours,

       

       

                                                              

      ____________________________________

      Print
Name of Transferor

       

      By:   ________________________________                                                                   

      Authorized
Officer

       

       

      
        
          
          

        

        
          J-1-1

          
            

          

        

        
          
          

        

      

       

       

       

      EXHIBIT
J-2

       

      [FORM OF]
TRANSFEROR CERTIFICATE

      (PRIVATE)

       

      _____________________

      Date

       

      CWMBS,
Inc.

      4500 Park
Granada

      Calabasas,
California 91302

      Attention:                                Josh
Adler

       

      The Bank
of New York

      101
Barclay Street – 4W

      New York,
New York 10286

      

      Attention:          Mortgage-Backed
Securities Group Series
200_-_

      Re:  CWMBS,
Inc. Mortgage Pass-Through Certificates,

      Series 200_-_,
Class                                          

       

      Ladies
and Gentlemen:

       

      In
connection with our disposition of the above 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.

       

      Very
truly yours,

       

       

                                                              

      ____________________________________

      Print
Name of Transferor

       

      By:  _________________________________                                                                    

      Authorized
Officer

       

       

      
        
          
          

        

        
          J-2-1

          
            

          

        

        
          
          

        

      

       

       

       

      EXHIBIT
K

       

      [FORM OF]
INVESTMENT LETTER (NON-RULE 144A)

       

                                                     

      _____________________________

      Date

       

      CWMBS,
Inc.

      4500 Park
Granada

      Calabasas,
California 91302

      Attention:  Josh
Adler

       

      The Bank
of New York

      101
Barclay Street – 4W

      New York,
New York 10286

      

      Attention:          Mortgage-Backed
Securities Group Series
200_-_

       

      
        	
                 
      

              	
                Re:

              	
                CWMBS,
      Inc. Mortgage Pass-Through
Certificates,

              

      

      Series 200_-_,
Class                                          

       

      Ladies
and Gentlemen:

       

      In
connection with our acquisition of the above Certificates we certify that (a) we
understand that the Certificates are not being registered under the Securities
Act of 1933, as amended (the “Act”), or any state securities laws and are being
transferred to us in a transaction that is exempt from the registration
requirements of the Act and any such laws, (b) we are an “accredited investor,”
as defined in Regulation D under the Act, and have such knowledge and experience
in financial and business matters that we are capable of evaluating the merits
and risks of investments in the Certificates, (c) we have had the opportunity to
ask questions of and receive answers from the Depositor concerning the purchase
of the Certificates and all matters relating thereto or any additional
information deemed necessary to our decision to purchase the Certificates, (d)
either (i) we are not an employee benefit plan that is subject to the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), 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 or investing the assets of any
such benefit plan or arrangement to effect such acquisition or (ii) if the
Certificates have been the subject of an ERISA-Qualifying Underwriting and we
are an insurance company, we are 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 satisfy the requirements for
exemptive relief under Sections I and III of PTCE 95-60,

       

       

       

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

       

       

      (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.

       

      Very
truly yours,

       

                                                                    

      ____________________________________

      Print
Name of Transferee

       

      By:  _________________________________                                                     

      Authorized
Officer

       

       

       

      
        
          
          

        

        
          K-2

          
            

          

        

        
          
          

        

      

       

       

       

      EXHIBIT
L-1

       

      [FORM OF]
RULE 144A LETTER

       

                                            

      ___________________________

      Date

       

      CWMBS,
Inc.

      4500 Park
Granada

      Calabasas,
California 91302

      Attention:  Josh
Adler

       

      The Bank
of New York

      101
Barclay Street – 4W

      New York,
New York 10286

      

      Attention:          Mortgage-Backed
Securities Group

      Series
200_-_

       

      Re:           CWMBS,
Inc. Mortgage Pass-Through Certificates,

      Series 200_-_,
Class                                          

       

      Ladies
and Gentlemen:

       

      In
connection with our acquisition of the above Certificates we certify that (a) we
understand that the Certificates are not being registered under the Securities
Act of 1933, as amended (the “Act”), or any state securities laws and are being
transferred to us in a transaction that is exempt from the registration
requirements of the Act and any such laws, (b) we have such knowledge and
experience in financial and business matters that we are capable of evaluating
the merits and risks of investments in the Certificates, (c) we have had the
opportunity to ask questions of and receive answers from the Depositor
concerning the purchase of the Certificates and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificates, (d) either (i) we are not an employee benefit plan that is subject
to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), 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 or investing the assets
of any such benefit plan or arrangement to effect such acquisition or (ii) if
the Certificates have been the subject of an ERISA-Qualifying Underwriting and
we are an insurance company, we are 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 satisfy the requirements for
exemptive relief under Sections I and III of PTCE 95-60, (e) we have not, nor
has anyone acting on our behalf offered, transferred, pledged, sold
or

       

       

      
        
          
          

        

        
          L-1-1

          
            

          

        

        
          
          

        

      

       

       

      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.

       

      

       

      Very
truly yours,

       

                                                                    

      ____________________________________

      Print
Name of Transferee

       

      By:  ________________________________                                                     

      Authorized
Officer

       

       

      
        
          
          

        

        
          L-1-2

          
            

          

        

        
          
          

        

      

       

       

      ANNEX 1 TO EXHIBIT
L-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 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 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.

              

      

       

       

      
        
          
          

        

        
          L-1-3

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 
      

              	
                ___

              	
                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.

              

      

       

      
        	
                 
      

              	
                ___

              	
                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.

              

      

       

      3. 
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.

       

      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,

       

       

      
        
          
          

        

        
          L-1-4

          
            

          

        

        
          
          

        

      

       

       

      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 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-1-5

          
            

          

        

        
          
          

        

      

       

                                                                          

      ANNEX 2 TO EXHIBIT
L-1

       

      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 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).

              

      

       

      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).

       

       

      
        
          
          

        

        
          L-1-6

          
            

          

        

        
          
          

        

      

       

       

      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 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.

       

      __________________________________                                                                

      Print
Name of Buyer or Adviser

       

      By:  _______________________________                                                              

      Name:

      Title:

       

      IF AN
ADVISER:

       

      __________________________________                                                                

      Print
Name of Buyer

       

      Date:  _____________________________

       

       

      
        
          
          

        

        
          L-1-7

          
            

          

        

        
          
          

        

      

       

       

                                                                    

      EXHIBIT
L-2

       

      [RESERVED]

       

       

      
        
          
          

        

        
          L-2-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
M

       

      [FORM OF]
REQUEST FOR RELEASE OF DOCUMENTS

      

      CWMBS,
Inc.

      Mortgage
Pass-Through Certificates

      Series
200_-_

      

      
        	
                Loan
      Information

              	 
      
	 	 
	
                Name
      of Mortgagor:

              	 
      
	 	 
	
                Servicer
      Loan No.:

              	 
      
	 	 
	
                Trustee

              	 
      
	 	 
	
                Name:

              	 
      
	 	 
	
                Address:

              	 
      
	 
      	 
      
	 
      	 
      
	
                Trustee

              	 
      
	 	 
	
                Mortgage
      File No.:

              	 
      

      

       

      The
undersigned Master Servicer hereby requests that The Bank of New York, as
Trustee for the Holders of Mortgage Pass-Through Certificates, of the
above-referenced Series, release the documents referred to below (the
“Documents”) to the Master Servicer.  All capitalized terms not
otherwise defined in this Request for Release shall have the meanings given them
in the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”)
relating to the above-referenced Series among the Trustee, Countrywide Home
Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco Inc., as a
Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as
Master Servicer and CWMBS, Inc., as Depositor.

       

      
        	
                ( )

              	
                Mortgage
      Note dated _______________, 20__, 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
_________________________.

              

      

       

       

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

       

       

      
        	
                ( )

              	
                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
  ______________________.

              

      

       

      
        	
                ( )

              	
                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 Trustee, solely for the purposes provided in the
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 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 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
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 Trustee, 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.

       

       

      
        
          
          

        

        
          M-2

          
            

          

        

        
          
          

        

      

       

       

      

       

            COUNTRYWIDE
HOME LOANS SERVICING
LP

       

       

       

      By 
_____________________________                                                                

       

      Its 
_____________________________                                                                

       

      Date:_________________,
20__

       

       

      
        
          
          

        

        
          M-3

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
N

       

      [FORM OF]
REQUEST FOR RELEASE OF MORTGAGE FILE

       

      To:          The
Bank of New
York                                                                                       Attn:  Mortgage
Custody

      Services

       

      
        	
                 
      

              	
                Re:

              	
                The
      Pooling & Servicing Agreement dated [month] 1, 200_, among Countrywide
      Home Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park Monaco
      Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
      Servicing LP, as
      Master Servicer, CWMBS, Inc.
      and The Bank of New  York,
      as Trustee

              	 

      

       

      Ladies
and Gentlemen:

       

      In
connection with the administration of the Mortgage Loans held by you as Trustee
for CWMBS, Inc., we request the release of the Mortgage File for the Mortgage
Loan(s) described below, for the reason indicated.

       

      FT
Account
#:                                                                                   Pool
#:

       

      Mortgagor’s
Name, Address and Zip Code:

       

      Mortgage
Loan Number:

       

      Reason
for Requesting Documents (check one)

       

      
        	
                 
      

              	
                1.

              	
                Mortgage
      Loan paid in full (Countrywide Home Loans, Inc. hereby certifies that all
      amounts have been received).

              

      

       

      
        	
                 
      

              	
                2.

              	
                Mortgage
      Loan Liquidated (Countrywide Home Loans, Inc. hereby certifies that all
      proceeds of foreclosure, insurance, or other liquidation have been finally
      received).

              

      

       

      
        	
                 
      

              	
                3.

              	
                Mortgage
      Loan in Foreclosure.

              

      

       

      
        	
                 
      

              	
                4.

              	
                Mortgage
      Loan repurchased by the Master Servicer pursuant to Section 3.11(a)
      (Countrywide Home Loans Servicing LP hereby certifies that the Purchase
      Price for the Mortgage Loan has been deposited in the Certificate
      Account).

              

      

       

      
        	
                 
      

              	
                5.

              	
                Other
      (explain):

              

      

       

      If item 1
or 2 above is checked, and if all or part of the Mortgage File was previously
released to us, please release to us our previous receipt on file with you, as
well as any additional documents in your possession relating to the
above-specified Mortgage Loan.  If item 3, 4 or 5 is checked, upon
return of all of the above documents to you as Trustee, please acknowledge your
receipt by signing in the space indicated below, and returning this
form.

       

       

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

       

       

      COUNTRYWIDE
HOME LOANS, INC.

      4500 Park
Granada

      Calabasas,
California 91302

       

      By:  ___________________________                                                            

      Name: 
_________________________                                                              

      Title:  _________________________                                                            

      Date: 
_________________________                                                             

       

      [COUNTRYWIDE
HOME LOANS SERVICING LP]

       

      
        By:  ___________________________                                                            

        Name: 
_________________________                                                              

        Title:  _________________________                                                            

        Date: 
_________________________                                                             

         
TRUSTEE
CONSENT TO RELEASE AND

      ACKNOWLEDGEMENT
OF RECEIPT

       

      
        By:  ___________________________                                                            

        Name: 
_________________________                                                              

        Title:  _________________________                                                            

        Date: 
_________________________                                                             

         

         

        
          
            
            

          

          
            N-2

            
              

            

          

          
            
            

          

        

         

         
EXHIBIT
O

      

      [RESERVED]

       

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
P

      

      [RESERVED]

       

       

      
        
          
          

        

        
          P-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
Q

      

      GLOSSARY
of TERMS for STANDARD & POOR’S LEVELS® VERSION 6.3 FILE FORMAT

      

      APPENDIX  E –
Standard & Poor’s Predatory Lending Categories

      

      Standard
& Poor’s has categorized loans governed by anti-predatory lending laws in
the Jurisdictions listed below into three categories based upon a combination of
factors that include (a) the risk exposure associated with the assignee
liability and (b) the tests and thresholds set forth in those laws. Note that
certain loans classified by the relevant statute as Covered are included in
Standard & Poor’s High Cost Loan Category because they included thresholds
and tests that are typical of what is generally considered High Cost by the
industry.

      

      
        	
                Standard & Poor’s High Cost Loan
      Categorization

                 

              
	
                State/Jurisdiction

              	
                Name of Anti-Predatory Lending Law/Effective
      Date

              	
                Category under Applicable Anti-Predatory Lending
      Law

              
	
                Arkansas

              	
                Arkansas
      Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et seq.

                Effective
      July 16, 2003

              	
                High
      Cost Home Loan

              
	
                Cleveland
      Heights, OH

              	
                Ordinance
      No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq.

                Effective
      June 2, 2003

              	
                Covered
      Loan

              
	
                Colorado

              	
                Consumer
      Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et seq.

                Effective
      for covered loans offered or entered into on or after January 1, 2003.
      Other provisions of the Act took effect on June 7, 2002

              	
                Covered
      Loan

              
	
                Connecticut

              	
                Connecticut
      Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746 et seq.

                Effective
      October 1, 2001

              	
                High
      Cost Home Loan

              
	
                District
      of Columbia

              	
                Home
      Loan Protection Act, D.C. Code §§ 26-1151.01 et seq.

                Effective
      for loans closed on or after January 28, 2003

              	
                Covered
      Loan

              

      

       

       

       

      
        
          
          

        

        
          Q-1

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Standard & Poor’s High Cost Loan
      Categorization

                 

              
	
                State/Jurisdiction

              	
                Name of Anti-Predatory Lending Law/Effective
      Date

              	
                Category under Applicable Anti-Predatory Lending
      Law

              
	
                Florida

              	
                Fair
      Lending Act, Fla. Stat. Ann. §§ 494.0078 et seq.

                Effective
      October 2, 2002

              	
                High
      Cost Home Loan

              
	
                Georgia
      (Oct. 1, 2002 – Mar. 6, 2003)

              	
                Georgia
      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
      October 1, 2002 – March 6, 2003

              	
                High
      Cost Home Loan

              
	
                Georgia
      as amended (Mar. 7, 2003 – current)

              	
                Georgia
      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
      for loans closed on or after March 7, 2003

              	
                High
      Cost Home Loan

              
	
                HOEPA
      Section 32

              	
                Home
      Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
      §§ 226.32 and 226.34

                Effective
      October 1, 1995, amendments October 1, 2002

              	
                High
      Cost Loan

              
	
                Illinois

              	
                High
      Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et seq.

                Effective
      January 1, 2004 (prior to this date, regulations under Residential
      Mortgage License Act effective from May 14, 2001)

              	
                High
      Risk Home Loan

              
	
                Kansas

              	
                Consumer
      Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et seq.

                Sections
      16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
      16a-3-308a became effective July 1, 1999

              	
                High
      Loan to Value Consumer Loan (id. §
      16a-3-207) and;

              
	
                High
      APR Consumer Loan (id. §
      16a-3-308a)

              
	
                Kentucky

              	
                2003
      KY H.B. 287 – High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100 et seq.

                Effective
      June 24, 2003

              	
                High
      Cost Home Loan

              

      

       

       

      
        
          
          

        

        
          Q-2

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                Standard & Poor’s High Cost Loan
      Categorization

                 

              
	
                State/Jurisdiction

              	
                Name of Anti-Predatory Lending Law/Effective
      Date

              	
                Category under Applicable Anti-Predatory Lending
      Law

              
	
                Maine

              	
                Truth
      in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq.

                Effective
      September 29, 1995 and as amended from time to time

              	
                High
      Rate High Fee Mortgage

              
	
                Massachusetts

              	
                Part
      40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01 et seq.

                Effective
      March 22, 2001 and amended from time to time

              	
                High
      Cost Home Loan

              
	
                Nevada

              	
                Assembly
      Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq.

                Effective
      October 1, 2003

              	
                Home
      Loan

              
	
                New
      Jersey

              	
                New
      Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
      et seq.

                Effective
      for loans closed on or after November 27, 2003

              	
                High
      Cost Home Loan

              
	
                New
      Mexico

              	
                Home
      Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

                Effective
      as of January 1, 2004; Revised as of February 26, 2004

              	
                High
      Cost Home Loan

              
	
                New
      York

              	
                N.Y.
      Banking Law Article 6-l

                Effective
      for applications made on or after April 1, 2003

              	
                High
      Cost Home Loan

              
	
                North
      Carolina

              	
                Restrictions
      and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq.

                Effective
      July 1, 2000; amended October 1, 2003 (adding open-end lines of
      credit)

              	
                High
      Cost Home Loan

              
	
                Ohio

              	
                H.B.
      386 (codified in various sections of the Ohio Code), Ohio Rev. Code Ann.
      §§ 1349.25 et seq.

                Effective
      May 24, 2002

              	
                Covered
      Loan

              

      

       

       

       

      
        
          
          

        

        
          Q-3

          
            

          

        

        
          
          

        

      

       

       

       

      
        	
                Standard & Poor’s High Cost Loan
      Categorization

                 

              
	
                State/Jurisdiction

              	
                Name of Anti-Predatory Lending Law/Effective
      Date

              	
                Category under Applicable Anti-Predatory Lending
      Law

              
	
                Oklahoma

              	
                Consumer
      Credit Code (codified in various sections of Title 14A)

                Effective
      July 1, 2000; amended effective January 1, 2004

              	
                Subsection
      10 Mortgage

              
	
                South
      Carolina

              	
                South
      Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
      et seq.

                Effective
      for loans taken on or after January 1, 2004

              	
                High
      Cost Home Loan

              
	
                West
      Virginia

              	
                West
      Virginia Residential Mortgage Lender, Broker and Servicer Act, W. Va. Code
      Ann. §§ 31-17-1 et seq.

                Effective
      June 5, 2002

              	
                West
      Virginia Mortgage Loan Act Loan

              

      

       

    

     

    Standard & Poor’s
Covered Loan Categorization

     

    

    
      	
              State/Jurisdiction

            	
              Name of Anti-Predatory Lending Law/Effective
      Date

            	
              Category under Applicable Anti-Predatory Lending
      Law

            
	
              Georgia
      (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

              Effective
      October 1, 2002 – March 6, 2003

            	
              Covered
      Loan

            
	
              New
      Jersey

            	
              New
      Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
      et seq.

              Effective
      November 27, 2003 – July 5, 2004

            	
              Covered
      Home Loan

            

    

     

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

     

     

    

    
      	
              Standard & Poor’s Home Loan
      Categorization

               

            
	
              State/Jurisdiction

            	
              Name of Anti-Predatory Lending Law/Effective
      Date

            	
              Category under Applicable Anti-Predatory Lending
      Law

            
	
              Georgia
      (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

              Effective
      October 1, 2002 – March 6, 2003

            	
              Home
      Loan

            
	
              New
      Jersey

            	
              New
      Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
      et seq.

              Effective
      for loans closed on or after November 27, 2003

            	
              Home
      Loan

            
	
              New
      Mexico

            	
              Home
      Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et seq.

              Effective
      as of January 1, 2004; Revised as of February 26, 2004

            	
              Home
      Loan

            
	
              North
      Carolina

            	
              Restrictions
      and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq.

              Effective
      July 1, 2000; amended October 1, 2003 (adding open-end lines of
      credit)

            	
              Consumer
      Home Loan

            
	
              South
      Carolina

            	
              South
      Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
      et seq.

              Effective
      for loans taken on or after January 1, 2004

            	
              Consumer
      Home Loan

            

    

    

     

     

    
      
        
        

      

      
        Q-5

        
          

        

      

      
        
        

      

    

     

    
 

    EXHIBIT
R

    

    [RESERVED]

     

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    

    EXHIBIT
S-1

    

    [RESERVED]

     

     

    
      
        
        

      

      
        S-1-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
S-2

    

    [RESERVED]

     

     

     

    
      
        
        

      

      
        S-2-1

        
          

        

      

      
        
        

      

    

     

    
 

    EXHIBIT
T

     

    [RESERVED]

     

    

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
U

     

    MONTHLY
STATEMENT

     

    [On file
with Trustee]

    

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
V-1

     

    [FORM OF]
PERFORMANCE CERTIFICATION

     

    (Servicer)

     

    [On file
with Trustee]

     

     

     

    
      
        
        

      

      
        V-1-1

        
          

        

      

      
        
        

      

    

    
 

    

     

    EXHIBIT
V-2

     

    [FORM OF]
PERFORMANCE CERTIFICATION

     

    (Trustee)

     

    [On file
with Trustee]

     

     

     

    
      
        
        

      

      
        V-2-1

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
W

    

    [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

            	 
      

    

     

     

     

    
      
        
        

      

      
        W-1

        
          

        

      

      
        
        

      

    

     

    
 

    
      
        	
                Servicing
      Criteria

              	
                Applicable
      Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
      
	
                 

              	
                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

              	 
      

      

       

       

       

      
        
          
          

        

        
          W-2

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Servicing
      Criteria

              	
                Applicable
      Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
      
	
                 

              	
                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

              	 
      

      

       

       

      
        
          
            
            

          

          
            W-3

            
              

            

          

          
            
            

          

        

         

         

         

        
          
            	
                    Servicing
      Criteria

                  	
                    Applicable
      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	 
      
	
                     

                  	
                    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

                  	 
      

          

           

           

           

          
            
              
              

            

            
              W-4

              
                

              

            

            
              
              

            

          

           

          
             

            

            
              	
                      Servicing
      Criteria

                    	
                      Applicable
      Servicing Criteria

                    
	
                      Reference

                    	
                      Criteria

                    	 
      
	
                       

                    	
                      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.

                    	 
      
	 
      	 
      	 
      

            

            

             

          

        

      

    

     

    
      
        
        

      

      
        W-5

        
          

        

      

      
        
        

      

    

     

     

    [NAME OF
MASTER SERVICER] [NAME OF TRUSTEE]

    [NAME OF
CO-TRUSTEE] [NAME OF SUBSERVICER]

     

     

    Date:                      _________________________

     

    

     

    By:  ________________________________

    Name:

    Title:

     

    

    
      
        
        

      

      
        W-6

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
X

     

    LIST OF
ITEM 1119 PARTIES

     

    CHL
MORTGAGE PASS-THROUGH TRUST 200_-__

     

    MORTGAGE
PASS-THROUGH CERTIFICATES,

     

    Series
200_-__

     

    [Date]

    

    
      	
              Party

            	
              Contact
      Information

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

    

     

     

    
      
        
        

      

      
        X-1

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
Y

    

    [FORM OF]
SARBANES-OXLEY CERTIFICATION

    (REPLACEMENT
OF MASTER SERVICER)

    

    

    Y-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]