Document:

efc7-2078_ex41.htm

    
      Exhibit
        4.1

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

      
                             
          
          
            

          
                         

         

        CWALT,
          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 July 1, 2007

        ___________________________________

         

        ALTERNATIVE
          LOAN TRUST 2007-OH3

         

        MORTGAGE
          PASS-THROUGH CERTIFICATES, SERIES 2007-OH3

         

         

         
          
            

          

        

         

                                                      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        TABLE
          OF
          CONTENTS

         

         

         Page

         

        
           

            
              	
                      ARTICLE
                        I DEFINITIONS 

                    	
                      12

                    
	 	 	 
	
                      SECTION
                        1.01.

                    	
                      Defined
                        Terms.

                    	
                      12

                    
	
                      SECTION
                        1.02.

                    	
                      Certain
                        Interpretive Principles.

                    	
                      51

                    
	 	 	 
	
                      ARTICLE
                        II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
                        WARRANTIES 

                    	
                      52

                    
	 	 	 
	
                      SECTION
                        2.01.

                    	
                      Conveyance
                        of Mortgage Loans.

                    	
                      52

                    
	
                      SECTION
                        2.02.

                    	
                      Acceptance
                        by Trustee of the Mortgage Loans.

                    	
                      58

                    
	
                      SECTION
                        2.03.

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

                    	
                      62

                    
	
                      SECTION
                        2.04.

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

                    	
                      65

                    
	
                      SECTION
                        2.05.

                    	
                      Delivery
                        of Opinion of Counsel in Connection with Substitutions.

                    	
                      66

                    
	
                      SECTION
                        2.06.

                    	
                      Execution
                        and Delivery of Certificates.

                    	
                      66

                    
	
                      SECTION
                        2.07.

                    	
                      REMIC
                        Matters.

                    	
                      66

                    
	
                      SECTION
                        2.08.

                    	
                      Covenants
                        of the Master Servicer.

                    	
                      66

                    
	 	 	 
	
                      ARTICLE
                        III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS 

                    	
                      68

                    
	 	 	 
	
                      SECTION
                        3.01.

                    	
                      Master
                        Servicer to Service Mortgage Loans.

                    	
                      68

                    
	
                      SECTION
                        3.02.

                    	
                      Subservicing;
                        Enforcement of the Obligations of Subservicers.

                    	
                      69

                    
	
                      SECTION
                        3.03.

                    	
                      Rights
                        of the Depositor, the NIM Insurer and the Trustee in Respect
                        of the Master
                        Servicer.

                    	
                      69

                    
	
                      SECTION
                        3.04.

                    	
                      Trustee
                        to Act as Master Servicer.

                    	
                      70

                    
	
                      SECTION
                        3.05.

                    	
                      Collection
                        of Mortgage Loan Payments; Certificate Account; Distribution
                        Account;
                        Pre-Funding Account; Capitalized Interest Account; Carryover
                        Reserve
                        Fund.

                    	
                      70

                    
	
                      SECTION
                        3.06.

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

                    	
                      75

                    
	
                      SECTION
                        3.07.

                    	
                      Access
                        to Certain Documentation and Information Regarding the Mortgage
                        Loans.

                    	
                      75

                    
	
                      SECTION
                        3.08.

                    	
                      Permitted
                        Withdrawals from the Certificate Account; the Distribution
                        Account and the
                        Carryover Reserve Fund.

                    	
                      76

                    
	
                      SECTION
                        3.09.

                    	
                      Maintenance
                        of Hazard Insurance; Maintenance of Primary Insurance
                        Policies.

                    	
                      78

                    
	
                      SECTION
                        3.10.

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

                    	
                      79

                    
	
                      SECTION
                        3.11.

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

                    	
                      80

                    
	
                      SECTION
                        3.12.

                    	
                      Trustee
                        to Cooperate; Release of Mortgage Files.

                    	
                      84

                    
	
                      SECTION
                        3.13.

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

                    	
                      85

                    

            

             

             

            
              
                
                

              

              
                i

                
                  

                

              

              
                
                

              

            

            
 

            
              	
                      SECTION
                        3.14.

                    	
                      Servicing
                        Compensation.

                    	
                      85

                    
	
                      SECTION
                        3.15.

                    	
                      Access
                        to Certain Documentation.

                    	
                      86

                    
	
                      SECTION
                        3.16.

                    	
                      Annual
                        Statement as to Compliance.

                    	
                      86

                    
	
                      SECTION
                        3.17.

                    	
                      Errors
                        and Omissions Insurance; Fidelity Bonds.

                    	
                      87

                    
	
                      SECTION
                        3.18.

                    	
                      Notification
                        of Adjustments.

                    	
                      87

                    
	
                      SECTION
                        3.19.

                    	
                      The
                        Swap Contracts.

                    	
                      87

                    
	
                      SECTION
                        3.20.

                    	
                      Prepayment
                        Charges.

                    	
                      87

                    
	 	 	 
	
                      ARTICLE
                        IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER 

                    	
                      91

                    
	 	 	 
	
                      SECTION
                        4.01.

                    	
                      Advances.

                    	
                      91

                    
	
                      SECTION
                        4.02.

                    	
                      Priorities
                        of Distribution.

                    	
                      92

                    
	
                      SECTION
                        4.03.

                    	
                      Allocation
                        of Net Deferred Interest.

                    	
                      99

                    
	
                      SECTION
                        4.04.

                    	
                      [Reserved].

                    	
                      99

                    
	
                      SECTION
                        4.05.

                    	
                      [Reserved].

                    	
                      99

                    
	
                      SECTION
                        4.06.

                    	
                      Monthly
                        Statements to Certificateholders.

                    	
                      99

                    
	
                      SECTION
                        4.07.

                    	
                      Determination
                        of Pass-Through Rates for COFI Certificates.

                    	
                      100

                    
	
                      SECTION
                        4.08.

                    	
                      Determination
                        of Pass-Through Rates for LIBOR Certificates.

                    	
                      101

                    
	
                      SECTION
                        4.09.

                    	
                      Determination
                        of Pass-Through Rates for MTA Certificates.

                    	
                      102

                    
	
                      SECTION
                        4.10.

                    	
                      The
                        Swap Trust and Swap Accounts.

                    	
                      102

                    
	 	 	 
	
                      ARTICLE
                        V THE CERTIFICATES 

                    	
                      104

                    
	 	 	 
	
                      SECTION
                        5.01.

                    	
                      The
                        Certificates.

                    	
                      104

                    
	
                      SECTION
                        5.02.

                    	
                      Certificate
                        Register; Registration of Transfer and Exchange of
                        Certificates.

                    	
                      105

                    
	
                      SECTION
                        5.03.

                    	
                      Mutilated,
                        Destroyed, Lost or Stolen Certificates.

                    	
                      110

                    
	
                      SECTION
                        5.04.

                    	
                      Persons
                        Deemed Owners.

                    	
                      110

                    
	
                      SECTION
                        5.05.

                    	
                      Access
                        to List of Certificateholders’ Names and Addresses.

                    	
                      110

                    
	
                      SECTION
                        5.06.

                    	
                      Maintenance
                        of Office or Agency.

                    	
                      111

                    
	 	 	 
	
                      ARTICLE
                        VI THE DEPOSITOR AND THE MASTER SERVICER 

                    	
                      112

                    
	 	 	 
	
                      SECTION
                        6.01.

                    	
                      Respective
                        Liabilities of the Depositor and the Master Servicer.

                    	
                      112

                    
	
                      SECTION
                        6.02.

                    	
                      Merger
                        or Consolidation of the Depositor or the Master Servicer.

                    	
                      112

                    
	
                      SECTION
                        6.03.

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

                    	
                      112

                    
	
                      SECTION
                        6.04.

                    	
                      Limitation
                        on Resignation of Master Servicer.

                    	
                      113

                    
	 	 	 
	
                      ARTICLE
                        VII DEFAULT 

                    	
                      114

                    
	 	 	 
	
                      SECTION
                        7.01.

                    	
                      Events
                        of Default.

                    	
                      114

                    
	
                      SECTION
                        7.02.

                    	
                      Trustee
                        to Act; Appointment of Successor.

                    	
                      116

                    
	
                      SECTION
                        7.03.

                    	
                      Notification
                        to Certificateholders.

                    	
                      117

                    
	 	 	 
	
                      ARTICLE
                        VIII CONCERNING THE TRUSTEE 

                    	
                      118

                    
	 	 	 
	
                      SECTION
                        8.01.

                    	
                      Duties
                        of Trustee.

                    	
                      118

                    

            

             

            
              
                
                

              

              
                ii

                
                  

                

              

              
                
                

              

            

            
 

            
              	
                      SECTION
                        8.02.

                    	
                      Certain
                        Matters Affecting the Trustee.

                    	
                      119

                    
	
                      SECTION
                        8.03.

                    	
                      Trustee
                        Not Liable for Certificates or Mortgage Loans.

                    	
                      120

                    
	
                      SECTION
                        8.04.

                    	
                      Trustee
                        May Own Certificates.

                    	
                      120

                    
	
                      SECTION
                        8.05.

                    	
                      Trustee’s
                        Fees and Expenses.

                    	
                      120

                    
	
                      SECTION
                        8.06.

                    	
                      Eligibility
                        Requirements for Trustee.

                    	
                      121

                    
	
                      SECTION
                        8.07.

                    	
                      Resignation
                        and Removal of Trustee.

                    	
                      121

                    
	
                      SECTION
                        8.08.

                    	
                      Successor
                        Trustee.

                    	
                      123

                    
	
                      SECTION
                        8.09.

                    	
                      Merger
                        or Consolidation of Trustee.

                    	
                      123

                    
	
                      SECTION
                        8.10.

                    	
                      Appointment
                        of Co-Trustee or Separate Trustee.

                    	
                      124

                    
	
                      SECTION
                        8.11.

                    	
                      Tax
                        Matters.

                    	
                      125

                    
	
                      SECTION
                        8.12.

                    	
                      Monitoring
                        of Significance Percentage.

                    	
                      128

                    
	 	 	 
	
                      ARTICLE
                        IX TERMINATION 

                    	
                      129

                    
	 	 	 
	
                      SECTION
                        9.01.

                    	
                      Termination
                        upon Liquidation or Purchase of all Mortgage Loans.

                    	
                      129

                    
	
                      SECTION
                        9.02.

                    	
                      Final
                        Distribution on the Certificates.

                    	
                      130

                    
	
                      SECTION
                        9.03.

                    	
                      Additional
                        Termination Requirements.

                    	
                      131

                    
	
                      SECTION
                        9.04.

                    	
                      Auction
                        of the Mortgage Loans and REO Properties.

                    	
                      132

                    
	 	 	 
	
                      ARTICLE
                        X MISCELLANEOUS PROVISIONS 

                    	
                      136

                    
	 	 	 
	
                      SECTION
                        10.01.

                    	
                      Amendment.

                    	
                      136

                    
	
                      SECTION
                        10.02.

                    	
                      Recordation
                        of Agreement; Counterparts.

                    	
                      137

                    
	
                      SECTION
                        10.03.

                    	
                      Governing
                        Law.

                    	
                      138

                    
	
                      SECTION
                        10.04.

                    	
                      Intention
                        of Parties.

                    	
                      138

                    
	
                      SECTION
                        10.05.

                    	
                      Notices.

                    	
                      139

                    
	
                      SECTION
                        10.06.

                    	
                      Severability
                        of Provisions.

                    	
                      141

                    
	
                      SECTION
                        10.07.

                    	
                      Assignment.

                    	
                      141

                    
	
                      SECTION
                        10.08.

                    	
                      Limitation
                        on Rights of Certificateholders.

                    	
                      141

                    
	
                      SECTION
                        10.09.

                    	
                      Inspection
                        and Audit Rights.

                    	
                      142

                    
	
                      SECTION
                        10.10.

                    	
                      Certificates
                        Nonassessable and Fully Paid.

                    	
                      142

                    
	
                      SECTION
                        10.11.

                    	
                      [Reserved].

                    	
                      142

                    
	
                      SECTION
                        10.12.

                    	
                      Protection
                        of Assets.

                    	
                      142

                    
	
                      SECTION
                        10.13.

                    	
                      Rights
                        of NIM Insurer

                    	
                      143

                    
	 	 	 
	
                      ARTICLE
                        XI EXCHANGE ACT REPORTING 

                    	
                      145

                    
	 	 	 
	
                      SECTION
                        11.01.

                    	
                      Filing
                        Obligations.

                    	
                      145

                    
	
                      SECTION
                        11.02.

                    	
                      Form
                        10-D Filings.

                    	
                      145

                    
	
                      SECTION
                        11.03.

                    	
                      Form
                        8-K Filings.

                    	
                      146

                    
	
                      SECTION
                        11.04.

                    	
                      Form
                        10-K Filings.

                    	
                      146

                    
	
                      SECTION
                        11.05.

                    	
                      Sarbanes-Oxley
                        Certification.

                    	
                      147

                    
	
                      SECTION
                        11.06.

                    	
                      Form
                        15 Filing.

                    	
                      147

                    
	
                      SECTION
                        11.07.

                    	
                      Report
                        on Assessment of Compliance and Attestation.

                    	
                      148

                    
	
                      SECTION
                        11.08.

                    	
                      Use
                        of Subservicers and Subcontractors.

                    	
                      149

                    
	
                      SECTION
                        11.09.

                    	
                      Amendments.

                    	
                      150

                    
	
                      SECTION
                        11.10.

                    	
                      Reconciliation
                        of Accounts.

                    	
                      150

                    

            

          

        

        
 

         

         

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

        

          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

                  	
                    S-II-C-1

                  
	
                    Schedule
                      II-D:

                  	
                    Representations
                      and Warranties of Park Sienna

                  	
                    S-II-D-1

                  
	
                    Schedule
                      III-A:

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

                  	
                    S-III-D-1

                  
	
                    Schedule
                      III-E:

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

                  	
                    S-III-E-1

                  
	
                    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-1

                  

          

        

         

      

      
        EXHIBITS

        

         

          
            	
                    Exhibit
                      A:

                  	
                    Form
                      of Senior 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:

                  	
                    Form
                      of Class C-P Certificate

                  	
                    C-2-1

                  
	
                    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 (Initial Mortgage
                      Loans)

                  	
                    F-1-1

                  
	
                    Exhibit
                      F-2:

                  	
                    Form
                      of Initial Certification of Trustee (Supplemental Mortgage
                      Loans)

                  	
                    F-2-1

                  
	
                    Exhibit
                      G-1:

                  	
                    Form
                      of Delay Delivery Certification of Trustee (Initial Mortgage
                      Loans)

                  	
                    G-1-1

                  
	
                    Exhibit
                      G-2:

                  	
                    Form
                      of Delay Delivery Certification of Trustee (Supplemental Mortgage
                      Loans)

                  	
                    G-2-1

                  
	
                    Exhibit
                      H-1:

                  	
                    Form
                      of Final Certification of Trustee (Initial Mortgage Loans)

                  	
                    H-1-1

                  
	
                    Exhibit
                      H-2:

                  	
                    Form
                      of Final Certification of Trustee (Supplemental Mortgage
                      Loans)

                  	
                    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:

                  	
                    Form
                      of ERISA Letter (Covered Certificates)

                  	
                    L-2-1

                  
	
                    Exhibit
                      M:

                  	
                    Form
                      of Request for Release (for Trustee)

                  	
                    M-1

                  

          

           

          
            
              
              

            

            
              iv

              
                

              

            

            
              
              

            

          

          
 

          
            	
                    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:

                  	
                    Form
                      of Supplemental Transfer Agreement

                  	
                    P-1

                  
	
                    Exhibit
                      Q:

                  	
                    Standard
                      & Poor’s LEVELS® Version 6.0 Glossary Revised,

                  	 
	 	
                    Appendix
                      E

                  	
                    Q-1

                  
	
                    Exhibit
                      R:

                  	
                    [Reserved]

                  	
                    R-1

                  
	
                    Exhibit
                      S:

                  	
                    [Reserved]

                  	
                    S-1

                  
	
                    Exhibit
                      T:

                  	
                    Form
                      of Officer’s Certificate with respect to Prepayments

                  	
                    T-1

                  
	
                    Exhibit
                      U:

                  	
                    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 Master
                      Servicer)

                  	
                    Y-1

                  

          

        

      

       

       

       

      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

       

      

      THIS
        POOLING AND SERVICING AGREEMENT, dated as of July 1, 2007, among CWALT, 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 contained in this Agreement, the parties
        to this Agreement 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 (excluding the Pre-Funding Account, the Capitalized Interest Account
        and the Carryover Reserve Fund), will consist of three 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 represents ownership of the
        sole Class of residual interest in each of the Swap-IO REMIC, Subsidiary
        REMIC
        and the Master REMIC.  The Master REMIC will hold as assets the
        several classes of uncertificated Subsidiary REMIC Interests (other than
        the
        SR-A-R Interest).  The Subsidiary REMIC will hold as assets the
        several classes of uncertificated Swap-IO REMIC Interests (other than the
        SW-A-R
        Interest). The Swap-IO REMIC will hold as assets all the property of the
        Trust
        Fund (excluding the Pre-Funding Account, the Capitalized Interest Account
        and
        the Carryover Reserve Fund).  For federal income tax purposes, each
        Swap-IO REMIC, Subsidiary REMIC Interest and Master REMIC  Interest
        (except the SW-A-R Interest, SR-A-R Interest and the A-R Interest) is hereby
        designated as a regular interest in its issuing REMIC.  The latest
        possible maturity date of all REMIC regular interests created hereby shall
        be
        the Latest Possible Maturity Date.

       

      The
        Swap
        Trust, the Swap Contracts and the Swap Accounts will not constitute any part
        of
        any REMIC.

       

      

      
        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

      

      

      SWAP-IO
        REMIC:

       

      The
        Swap-IO REMIC Interests will have the principal balances and pass-through
        rates
        as set forth below:

      

        

          
            	
                    SWAP-IO
                      REMIC Interests

                  	 	
                    Initial
                      Principal Balance(1)

                  	 	
                    Pass-Through
                      Rate

                  

          

          

          
            	
                    SWR-1A

                  	 	
                    $    9,992,300.00

                  	 	
                    (2)

                  
	
                    SWR-1B

                  	 	
                    $    9,992,300.00

                  	 	
                    (3)

                  
	
                    SWR-2A

                  	 	
                    $    9,639,950.00

                  	 	
                    (2)

                  
	
                    SWR-2B

                  	 	
                    $    9,639,950.00

                  	 	
                    (3)

                  
	
                    SWR-3A

                  	 	
                    $    9,300,050.00

                  	 	
                    (2)

                  
	
                    SWR-3B

                  	 	
                    $    9,300,050.00

                  	 	
                    (3)

                  
	
                    SWR-4A

                  	 	
                    $    8,972,100.00

                  	 	
                    (2)

                  
	
                    SWR-4B

                  	 	
                    $    8,972,100.00

                  	 	
                    (3)

                  
	
                    SWR-5A

                  	 	
                    $    8,655,700.00

                  	 	
                    (2)

                  
	
                    SWR-5B

                  	 	
                    $    8,655,700.00

                  	 	
                    (3)

                  
	
                    SWR-6A

                  	 	
                    $    8,350,500.00

                  	 	
                    (2)

                  
	
                    SWR-6B

                  	 	
                    $    8,350,500.00

                  	 	
                    (3)

                  
	
                    SWR-7A

                  	 	
                    $    8,056,050.00

                  	 	
                    (2)

                  
	
                    SWR-7B

                  	 	
                    $    8,056,050.00

                  	 	
                    (3)

                  
	
                    SWR-8A

                  	 	
                    $    7,772,000.00

                  	 	
                    (2)

                  
	
                    SWR-8B

                  	 	
                    $    7,772,000.00

                  	 	
                    (3)

                  
	
                    SWR-9A

                  	 	
                    $    7,497,900.00

                  	 	
                    (2)

                  
	
                    SWR-9B

                  	 	
                    $    7,497,900.00

                  	 	
                    (3)

                  
	
                    SWR-10A

                  	 	
                    $    7,233,550.00

                  	 	
                    (2)

                  
	
                    SWR-10B

                  	 	
                    $    7,233,550.00

                  	 	
                    (3)

                  
	
                    SWR-11A

                  	 	
                    $    6,978,450.00

                  	 	
                    (2)

                  
	
                    SWR-11B

                  	 	
                    $    6,978,450.00

                  	 	
                    (3)

                  
	
                    SWR-12A

                  	 	
                    $    6,732,400.00

                  	 	
                    (2)

                  
	
                    SWR-12B

                  	 	
                    $    6,732,400.00

                  	 	
                    (3)

                  
	
                    SWR-13A

                  	 	
                    $    6,495,000.00

                  	 	
                    (2)

                  
	
                    SWR-13B

                  	 	
                    $    6,495,000.00

                  	 	
                    (3)

                  
	
                    SWR-14A

                  	 	
                    $    6,265,950.00

                  	 	
                    (2)

                  
	
                    SWR-14B

                  	 	
                    $    6,265,950.00

                  	 	
                    (3)

                  
	
                    SWR-15A

                  	 	
                    $    6,045,000.00

                  	 	
                    (2)

                  
	
                    SWR-15B

                  	 	
                    $    6,045,000.00

                  	 	
                    (3)

                  
	
                    SWR-16A

                  	 	
                    $    5,831,850.00

                  	 	
                    (2)

                  
	
                    SWR-16B

                  	 	
                    $    5,831,850.00

                  	 	
                    (3)

                  
	
                    SWR-17A

                  	 	
                    $    5,626,200.00

                  	 	
                    (2)

                  
	
                    SWR-17B

                  	 	
                    $    5,626,200.00

                  	 	
                    (3)

                  
	
                    SWR-18A

                  	 	
                    $    5,427,850.00

                  	 	
                    (2)

                  
	
                    SWR-18B

                  	 	
                    $    5,427,850.00

                  	 	
                    (3)

                  
	
                    SWR-19A

                  	 	
                    $    5,236,450.00

                  	 	
                    (2)

                  
	
                    SWR-19B

                  	 	
                    $    5,236,450.00

                  	 	
                    (3)

                  
	
                    SWR-20A

                  	 	
                    $    5,051,800.00

                  	 	
                    (2)

                  
	
                    SWR-20B

                  	 	
                    $    5,051,800.00

                  	 	
                    (3)

                  
	
                    SWR-21A

                  	 	
                    $    4,873,650.00

                  	 	
                    (2)

                  

          

           

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

          

            
              	
                      SWAP-IO
                        REMIC Interests

                    	 	
                      Initial
                        Principal Balance(1)

                    	 	
                      Pass-Through
                        Rate

                    

            

             

          

          
            	
                    SWR-21B

                  	 	
                    $    4,873,650.00

                  	 	
                    (3)

                  
	
                    SWR-22A

                  	 	
                    $    4,701,800.00

                  	 	
                    (2)

                  
	
                    SWR-22B

                  	 	
                    $    4,701,800.00

                  	 	
                    (3)

                  
	
                    SWR-23A

                  	 	
                    $    4,536,000.00

                  	 	
                    (2)

                  
	
                    SWR-23B

                  	 	
                    $    4,536,000.00

                  	 	
                    (3)

                  
	
                    SWR-24A

                  	 	
                    $    4,376,050.00

                  	 	
                    (2)

                  
	
                    SWR-24B

                  	 	
                    $    4,376,050.00

                  	 	
                    (3)

                  
	
                    SWR-25A

                  	 	
                    $    4,221,750.00

                  	 	
                    (2)

                  
	
                    SWR-25B

                  	 	
                    $    4,221,750.00

                  	 	
                    (3)

                  
	
                    SWR-26A

                  	 	
                    $    4,072,900.00

                  	 	
                    (2)

                  
	
                    SWR-26B

                  	 	
                    $    4,072,900.00

                  	 	
                    (3)

                  
	
                    SWR-27A

                  	 	
                    $    3,929,250.00

                  	 	
                    (2)

                  
	
                    SWR-27B

                  	 	
                    $    3,929,250.00

                  	 	
                    (3)

                  
	
                    SWR-28A

                  	 	
                    $    3,790,700.00

                  	 	
                    (2)

                  
	
                    SWR-28B

                  	 	
                    $    3,790,700.00

                  	 	
                    (3)

                  
	
                    SWR-29A

                  	 	
                    $    3,657,050.00

                  	 	
                    (2)

                  
	
                    SWR-29B

                  	 	
                    $    3,657,050.00

                  	 	
                    (3)

                  
	
                    SWR-30A

                  	 	
                    $    3,528,100.00

                  	 	
                    (2)

                  
	
                    SWR-30B

                  	 	
                    $    3,528,100.00

                  	 	
                    (3)

                  
	
                    SWR-31A

                  	 	
                    $    3,403,700.00

                  	 	
                    (2)

                  
	
                    SWR-31B

                  	 	
                    $    3,403,700.00

                  	 	
                    (3)

                  
	
                    SWR-32A

                  	 	
                    $    3,283,650.00

                  	 	
                    (2)

                  
	
                    SWR-32B

                  	 	
                    $    3,283,650.00

                  	 	
                    (3)

                  
	
                    SWR-33A

                  	 	
                    $    3,167,850.00

                  	 	
                    (2)

                  
	
                    SWR-33B

                  	 	
                    $    3,167,850.00

                  	 	
                    (3)

                  
	
                    SWR-34A

                  	 	
                    $    3,056,150.00

                  	 	
                    (2)

                  
	
                    SWR-34B

                  	 	
                    $    3,056,150.00

                  	 	
                    (3)

                  
	
                    SWR-35A

                  	 	
                    $    2,948,400.00

                  	 	
                    (2)

                  
	
                    SWR-35B

                  	 	
                    $    2,948,400.00

                  	 	
                    (3)

                  
	
                    SWR-36A

                  	 	
                    $    2,844,450.00

                  	 	
                    (2)

                  
	
                    SWR-36B

                  	 	
                    $    2,844,450.00

                  	 	
                    (3)

                  
	
                    SWR-37A

                  	 	
                    $    2,744,150.00

                  	 	
                    (2)

                  
	
                    SWR-37B

                  	 	
                    $    2,744,150.00

                  	 	
                    (3)

                  
	
                    SWR-38A

                  	 	
                    $    2,647,350.00

                  	 	
                    (2)

                  
	
                    SWR-38B

                  	 	
                    $    2,647,350.00

                  	 	
                    (3)

                  
	
                    SWR-39A

                  	 	
                    $    2,554,000.00

                  	 	
                    (2)

                  
	
                    SWR-39B

                  	 	
                    $    2,554,000.00

                  	 	
                    (3)

                  
	
                    SWR-40A

                  	 	
                    $    2,463,950.00

                  	 	
                    (2)

                  
	
                    SWR-40B

                  	 	
                    $    2,463,950.00

                  	 	
                    (3)

                  
	
                    SWR-41A

                  	 	
                    $    2,377,100.00

                  	 	
                    (2)

                  
	
                    SWR-41B

                  	 	
                    $    2,377,100.00

                  	 	
                    (3)

                  
	
                    SWR-42A

                  	 	
                    $    2,293,250.00

                  	 	
                    (2)

                  
	
                    SWR-42B

                  	 	
                    $    2,293,250.00

                  	 	
                    (3)

                  
	
                    SWR-43A

                  	 	
                    $    2,212,400.00

                  	 	
                    (2)

                  
	
                    SWR-43B

                  	 	
                    $    2,212,400.00

                  	 	
                    (3)

                  

          

           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

          

            
              	
                      SWAP-IO
                        REMIC Interests

                    	 	
                      Initial
                        Principal Balance(1)

                    	 	
                      Pass-Through
                        Rate

                    

            

             

          

          
            	
                    SWR-44A

                  	 	
                    $    2,134,400.00

                  	 	
                    (2)

                  
	
                    SWR-44B

                  	 	
                    $    2,134,400.00

                  	 	
                    (3)

                  
	
                    SWR-45A

                  	 	
                    $    2,059,100.00

                  	 	
                    (2)

                  
	
                    SWR-45B

                  	 	
                    $    2,059,100.00

                  	 	
                    (3)

                  
	
                    SWR-46A

                  	 	
                    $    1,986,500.00

                  	 	
                    (2)

                  
	
                    SWR-46B

                  	 	
                    $    1,986,500.00

                  	 	
                    (3)

                  
	
                    SWR-47A

                  	 	
                    $    1,916,450.00

                  	 	
                    (2)

                  
	
                    SWR-47B

                  	 	
                    $    1,916,450.00

                  	 	
                    (3)

                  
	
                    SWR-48A

                  	 	
                    $    1,848,900.00

                  	 	
                    (2)

                  
	
                    SWR-48B

                  	 	
                    $    1,848,900.00

                  	 	
                    (3)

                  
	
                    SWR-49A

                  	 	
                    $    1,783,700.00

                  	 	
                    (2)

                  
	
                    SWR-49B

                  	 	
                    $    1,783,700.00

                  	 	
                    (3)

                  
	
                    SWR-50A

                  	 	
                    $    1,720,800.00

                  	 	
                    (2)

                  
	
                    SWR-50B

                  	 	
                    $    1,720,800.00

                  	 	
                    (3)

                  
	
                    SWR-51A

                  	 	
                    $    1,660,100.00

                  	 	
                    (2)

                  
	
                    SWR-51B

                  	 	
                    $    1,660,100.00

                  	 	
                    (3)

                  
	
                    SWR-52A

                  	 	
                    $    1,601,550.00

                  	 	
                    (2)

                  
	
                    SWR-52B

                  	 	
                    $    1,601,550.00

                  	 	
                    (3)

                  
	
                    SWR-53A

                  	 	
                    $    1,545,100.00

                  	 	
                    (2)

                  
	
                    SWR-53B

                  	 	
                    $    1,545,100.00

                  	 	
                    (3)

                  
	
                    SWR-54A

                  	 	
                    $    1,490,600.00

                  	 	
                    (2)

                  
	
                    SWR-54B

                  	 	
                    $    1,490,600.00

                  	 	
                    (3)

                  
	
                    SWR-55A

                  	 	
                    $    1,438,050.00

                  	 	
                    (2)

                  
	
                    SWR-55B

                  	 	
                    $    1,438,050.00

                  	 	
                    (3)

                  
	
                    SWR-56A

                  	 	
                    $    1,387,350.00

                  	 	
                    (2)

                  
	
                    SWR-56B

                  	 	
                    $    1,387,350.00

                  	 	
                    (3)

                  
	
                    SWR-57A

                  	 	
                    $    1,338,450.00

                  	 	
                    (2)

                  
	
                    SWR-57B

                  	 	
                    $    1,338,450.00

                  	 	
                    (3)

                  
	
                    SWR-58A

                  	 	
                    $    1,291,250.00

                  	 	
                    (2)

                  
	
                    SWR-58B

                  	 	
                    $    1,291,250.00

                  	 	
                    (3)

                  
	
                    SWR-59A

                  	 	
                    $    1,245,700.00

                  	 	
                    (2)

                  
	
                    SWR-59B

                  	 	
                    $    1,245,700.00

                  	 	
                    (3)

                  
	
                    SWR-60A

                  	 	
                    $  34,081,350.00

                  	 	
                    (2)

                  
	
                    SWR-60B

                  	 	
                    $  34,081,350.00

                  	 	
                    (3)

                  
	
                    SWR-Support

                  	 	
                    (4)

                  	 	
                    (5)

                  
	
                    SWR-P

                  	 	
                    (6)

                  	 	
                    (6)

                  
	
                    SW-A-R

                  	 	
                    (7)

                  	 	
                    (7)

                  

          

        

      

      _______________

       

      
        	
                (1)

              	
                Scheduled
                  principal, prepayments and Realized Losses will be allocated first,
                  to the
                  SWR-Support Interest and second, to the numbered classes sequentially
                  (from lowest to highest).  Amounts so allocated to a numbered
                  class shall be further allocated among the “A” and “B” components of such
                  numbered class pro-rata until the entire class is reduced to
                  zero.

              

      

       

      

      
        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

      

      

       

      
        	
                (2)

              	
                Prior
                  to the 61st Distribution Date, a rate equal to twice the Pool Tax
                  Cap less
                  10.90% per annum but not less than 0%.  On and after the 61st
                  Distribution Date a rate equal to the Pool Tax Cap.  The “Pool
                  Tax Cap” means the weighted average of the Adjusted Net Mortgage Rates of
                  all the Mortgage Loans.

              

      

       

       

      
        	
                (3)

              	
                Prior
                  to the 61st Distribution Date, a rate equal to the lesser of (i)
                  10.90%
                  per annum and (ii) twice the Pool Tax Cap.  On and after the
                  61st Distribution Date, a rate equal to the Pool Tax
                  Cap.

              

      

       

       

      
        	
                (4)

              	
                On
                  the Closing Date and on each Distribution Date, following the allocation
                  of Principal Amounts and Realized Losses, the principal balance
                  in respect
                  of the SWR-Support Interest will equal the excess of the principal
                  balance
                  of the Mortgage Loans (as of the end of the Due Period, reduced
                  by
                  principal prepayments received after the Due Period that are to
                  be
                  distributed on the Distribution Date related to the Due Period)
                  over the
                  principal balance in respect of the remaining Swap-IO REMIC Interests
                  other than the SWR-P and the SWR-A-R
                  Interests.

              

      

       

       

      
        	
                (5)

              	
                A
                  rate equal to the Pool Tax Cap.

              

      

       

       

      
        	
                (6)

              	
                On
                  each Distribution Date the Class SWR-P Interest is entitled to
                  all
                  Prepayment Charges collected with respect to the Mortgage
                  Loans.  It has no principal balance and pays no principal or
                  interest.

              

      

       

       

      
        	
                (7)

              	
                The
                  Class SW-A-R Interest is the sole class of residual interest in
                  the
                  Swap-IO REMIC.  It has no principal balance and pays no
                  principal or interest.

              

      

       

      On
        each
        Distribution Date, the Available Funds shall be payable with respect to the
        Swap-IO REMIC Interests in the following manner:

       

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

       

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

       

      (3)           Prepayment
        Penalties.  All Prepayment Charges are allocated to the SWR-P
        Interest.

       

      

      
        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

      

      

      Subsidiary
        REMIC:

       

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

       

      
        	
                Subsidiary

                REMIC
                  Interests

              	
                Initial
                  Principal Balance

              	
                Pass-Through
                  Rate

              	
                Corresponding
                  Class of Certificates

              
	
                SR-A-1-A

              	
                (1)

              	
                (2)

              	
                Class
                  A-1-A

              
	
                SR-A-1-B

              	
                (1)

              	
                (2)

              	
                Class
                  A-1-B

              
	
                SR-A-2

              	
                (1)

              	
                (2)

              	
                Class
                  A-2

              
	
                SR-A-3

              	
                (1)

              	
                (2)

              	
                Class
                  A-3

              
	
                SR-$100

              	
                $100

              	
                (3)

              	
                Class
                  A-R

              
	
                SR-M-1

              	
                (1)

              	
                (2)

              	
                Class
                  M-1

              
	
                SR-M-2

              	
                (1)

              	
                (2)

              	
                Class
                  M-2

              
	
                SR-M-3

              	
                (1)

              	
                (2)

              	
                Class
                  M-3

              
	
                SR-M-4

              	
                (1)

              	
                (2)

              	
                Class
                  M-4

              
	
                SR-M-5

              	
                (1)

              	
                (2)

              	
                Class
                  M-5

              
	
                SR-M-6

              	
                (1)

              	
                (2)

              	
                Class
                  M-6

              
	
                SR-M-7

              	
                (1)

              	
                (2)

              	
                Class
                  M-7

              
	
                SR-C-Swap-IO

              	
                (4)

              	
                (4)

              	
                N/A

              
	
                SR-Accrual

              	
                (1)

              	
                (2)(5)

              	
                N/A

              
	
                SR-A-R

              	
                (6)

              	
                (6)

              	
                N/A

              

      

      _______________

      
        	
                (1)

              	
                On
                  each Distribution Date, following the allocation of scheduled principal,
                  Principal Prepayments and Realized Losses, the Class SR-A-1-A
                  Interest, Class SR-A-1-B Interest, Class SR-A-2 Interest,
                  Class SR-A-3 Interest, Class SR-$100 Interest, Class SR-M-1
                  Interest, Class SR-M-2 Interest, Class SR-M-3 Interest,
                  Class SR-M-4 Interest, Class SR-M-5 Interest, Class SR-M-6
                  Interest and Class SR-M-7 Interest will each have a principal balance
                  that is equal to 50% of its corresponding Class of Certificates
                  issued by
                  the Master REMIC, and the Class SR-Accrual Interest will have a
                  principal balance that is equal to the sum of (1) 50% of the aggregate
                  stated principal balances of the Mortgage Loans and (2) 50% of
                  the amount
                  of Overcollateralized Amount for such Distribution
                  Date.

              

      

       

      
        	
                (2)

              	
                On
                  each Distribution Date, the pass through rate will equal the “Strip REMIC
                  Cap.”  The Strip REMIC Cap will equal the weighted average of
                  the pass through rates of the Swap-IO REMIC Interests (other than
                  the
                  Class SWR-P and Class SWR-A-R Interests) treating each “B” Interest the
                  cardinal number of which (for example, SWR-1B, SWR-2B, SWR-3B,
                  etc.) is
                  not less than the ordinal number of the Distribution Date (first
                  Distribution Date, second Distribution Date, third Distribution
                  Date,
                  etc., ) as capped at a rate equal to the product of (i) 2 and (ii)
                  LIBOR.

              

      

       

      
        	
                (3)

              	
                The
                  Pass-Through Rate for the SR-$100 Interest and any Interest Accrual
                  Period
                  will be a per annum rate equal to the Weighted Average Adjusted
                  Net
                  Mortgage Rate of the Mortgage
                  Loans.

              

      

       

      
        	
                (4)

              	
                For
                  each Distribution Date, the SR-C-Swap-IO Interest is entitled to
                  receive
                  from each Swap-IO REMIC “B” Interest the cardinal number of which (for
                  example, SW-7B, SW-

              

      

       

      

      
        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

      

      

      
        	
                 

              	
                8B,
                  SW-9B, etc.) is not less than the ordinal number of the Distribution
                  Date
                  (seventh Distribution Date, eighth Distribution Date, ninth Distribution
                  Date, etc.) the interest accruing on such interest in excess of
                  a per
                  annum rate equal to the product of (i) 2 and (ii)
                  LIBOR.

              

      

       

      
        	
                (5)

              	
                The
                  Class SR-Accrual Interest will also be entitled to all amounts
payable
                  with
                  respect to the SWR-P
                  Interest.

              

      

       

      
        	
                (6)

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

              

      

       

      On
        each
        Distribution Date, the Interest Funds, the Principal Distribution Amount
        and the
        Prepayment Charge Amount (other than any Premium) will be payable with respect
        to the Subsidiary REMIC Interests in the following manner:

       

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

       

      (2)           Prepayment
        Charge Amounts.  All Prepayment Charge Amounts (other than any
        Premium) will be allocated to the Class SR-Accrual Interest.

       

      (3)           Principal.  Principal
        (including Subsequent Recoveries) shall be allocated among the Subsidiary
        REMIC
        Interests in the same manner that such items are allocated in Note (1) to
        the
        Subsidiary REMIC above.

       

       

      Master
        REMIC:

       

      The
        Master REMIC Certificates will have the original Certificate Principal Balances
        and Pass-Through Rates as set forth in the following table:

       

      
        	
                Class

              	
                Original
                  Class

                Certificate
                  Balance

              	
                Pass-Through
                  Rate

              
	
                Class
                  A-1-A

              	
                $158,685,000

              	
                (1)

              
	
                Class
                  A-1-B

              	
                $170,000,000

              	
                (1)

              
	
                Class
                  A-2

              	
                $136,952,000

              	
                (1)

              
	
                Class
                  A-3

              	
                $82,172,000

              	
                (1)

              
	
                Class
                  M-1

              	
                $9,987,000

              	
                (1)

              
	
                Class
                  M-2

              	
                $6,462,000

              	
                (1)

              
	
                Class
                  M-3

              	
                $2,938,000

              	
                (1)

              
	
                Class
                  M-4

              	
                $2,937,000

              	
                (1)

              
	
                Class
                  M-5

              	
                $2,937,000

              	
                (1)

              
	
                Class
                  M-6

              	
                $3,525,000

              	
                (1)

              
	
                Class
                  M-7

              	
                $3,231,000

              	
                (1)

              
	
                Class C-P

              	
                (2)

              	
                (3)(4)

              
	
                Class A-R

              	
                $100

              	
                (5)

              

      

      _______________

       

       

      

      
        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

      

      

      
        	
                
                  (1)

                

              	
                
                  Each
                    Class of Certificates will accrue interest at the related Pass-Through
                    Rate.  Solely for federal income tax purposes: (i) the
                    Pass-Through Rate of the Class A-1-B Certificates for each
                    Distribution Date will be the Pass-Through Rate at which such
                    Certificates
                    would have accrued interest in the event that the Class A-1-B
                    Swap
                    Contract had been terminated as of such Distribution Date, and
                    (ii) Net
                    Deferred Interest in respect of the Class A-1-B Certificates
                    for each
                    Distribution Date will be treated in the manner Net Deferred
                    Interest
                    would have been treated in respect of such Certificates if the
                    Class A-1-B
                    Swap Contract had been terminated as of such Distribution
                    Date.

                

              

      

       

      
        	
                (2)

              	
                The
                  Class C-P Certificates will be comprised of two components (the
“PO
                  component” and the “IO component”), each of which is hereby designated as
                  a REMIC regular interest for federal income tax purposes.  On
                  each Distribution Date, following the allocation of scheduled principal,
                  Principal Prepayments and Realized Losses, the PO component will
                  have a
                  principal balance equal to the Overcollateralized Amount for federal
                  income tax purposes.  Distributions on the IO component are
                  described in Note (3) below.

              

      

       

      
        	
                 (3)

              	
                For
                  each Interest Accrual Period the Class C-P Certificates are entitled
                  to the “Class C-P Distributable Amount,” which shall equal the sum of (i)
                  a specified portion of the interest on each of the Subsidiary REMIC
                  Regular Interests (excluding the SR-$100, SR-C-Swap-IO and SR-A-R
                  Interests) in an amount equal to the excess of the  Strip REMIC
                  Cap over the product of two and the weighted average of the pass-through
                  rates of the Subsidiary REMIC interests (other than the SR-$100,
                  SR-C-Swap-IO and SR-A-R Interests), subjecting each such Class
                  (other than
                  the Class SR-Accrual Interest) to a cap equal to the Pass-Through
                  Rate in
                  respect of its corresponding Class of Certificates and the Class
                  SR-Accrual Interest to a cap equal to zero and (ii) the interest
                  payable
                  on the SR-C-Swap-IO Interest.  The Class C-P Distributable
                  Amount for any Distribution Date is payable from current interest
                  on the
                  Mortgage Loans and any related Overcollateralization Reduction
                  Amount for
                  that Distribution Date.

              

      

       

      
        	
                (4)

              	
                For
                  each Distribution Date the Class C-P Certificates are entitled to all
                  Prepayment Charge Amounts (other than any Premium) distributed
                  with
                  respect to the Class SR-C-P
                  Interests.

              

      

       

      
        	
                (5)

              	
                The
                  Class A-R Certificates represent the sole Class of residual interest
                  in each REMIC created hereunder. The Pass-Through Rate for the
                  Class A-R Certificates and any Interest Accrual Period will be a per
                  annum rate equal to the Weighted Average Adjusted Net Mortgage
                  Rate of the
                  Mortgage Loans.

              

      

       

      It
        is not
        intended that the Class A-R Certificates be entitled to any cash flows pursuant
        to this agreement except as provided in Sections 4.02(a) and 4.02(b) hereunder
        (that is, its entitlement to $100.00 and interest thereon).

       

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

       

      

      
        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

      

      

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

      
 

      
        
          	
                  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.

                
	 	 
	
                  Certificate
                    Swap Certificates

                	
                  The
                    LIBOR Certificates.

                
	 	 
	
                  COFI
                    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

                Principal
                  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
                    Class A-2 and Class A-3 Certificates, the Subordinated Certificates,
                    the
                    Residual Certificates and the Class C-P Certificates; and the
                    Class A-1-A
                    and Class A-1-B Certificates if they no longer have a rating
                    of at least
                    AA- or its equivalent from at least one Rating Agency.

                
	 	 
	
                  Inverse
                    Floating Rate

                	 
	
                  Certificates

                	
                  None.

                
	 	 
	
                  LIBOR
                    Certificates

                	
                  The
                    Class A-1-A, Class A-1-B, Class A-2 and Class A-3 Certificates
                    and the
                    Subordinated
                    Certificates.

                

        

      

    

     

     

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                MTA
                  Certificates

              	
                None.

              
	 	 
	
                Non-Delay
                  Certificates

              	
                The
                  LIBOR Certificates.

              
	 	 
	
                Notional
                  Amount

              	 
	
                Certificates

              	
                None.

              
	 	 
	
                Offered
                  Certificates

              	
                All
                  Classes of Certificates other than the Private
                  Certificates.

              
	 	 
	
                Physical
                  Certificates

              	
                The
                  Private Certificates and the Residual Certificates.

              
	 	 
	
                Planned
                  Principal Classes

              	
                None.

              
	 	 
	
                Planned
                  Principal

              	 
	
                Components

              	
                None.

              
	 	 
	
                Principal
                  Only Certificates

              	
                None.

              
	 	 
	
                Private
                  Certificates

              	
                The
                  Class C-P Certificates.

              
	 	 
	
                Rating
                  Agencies

              	
                S&P
                  and Moody’s.

              
	 	 
	
                Regular
                  Certificates

              	
                All
                  Classes of Certificates, other than the Residual
                  Certificates.

              
	 	 
	
                Residual
                  Certificates

              	
                The
                  Class A-R Certificates.

              
	 	 
	
                Scheduled
                  Principal

              	 
	
                Classes

              	
                None.

              
	 	 
	
                Senior
                  Certificates

              	
                The
                  Class A-1-A, Class A-1-B, Class A-2, Class A-3 and Class A-R
                  Certificates.

              
	 	 
	
                Subordinated
                  Certificates

              	
                The
                  Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6
                  and Class
                  M-7 Certificates.

              
	 	 
	
                Targeted
                  Principal

              	 
	
                Classes

              	
                None.

              
	 	 
	
                Underwriter

              	
                Countrywide
                  Securities Corporation.

              

      

    

     

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

     

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    No
      monies
      will be remitted by Countrywide to the Trustee for deposit in the Pre-Funding
      Account. Consequently, all references herein to “Aggregate Supplemental Purchase
      Amount”, “Aggregate Supplemental Transfer Amount”, “Capitalized Interest
      Account”, “Capitalized Interest Deposit”, “Capitalized Interest Release Amount”,
“Capitalized Interest Requirement”, “Funding Period”, “Funding Period
      Distribution Date”, “Pool Characteristics”, “Pre-Funded Amount”, “Pre-Funding
      Account”, “Remaining Pre-Funded Amount”, “Supplemental Cut-off Date”,
“Supplemental Mortgage Loan”, “Supplemental Transfer Agreement” and
“Supplemental Transfer Date” shall be of no force or effect and all provisions
      herein related thereto shall similarly be of no force or effect.

     

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      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:

       

      Acceptable
        Bid Amount:  Either (i) a bid equal to or greater than the Minimum
        Auction Amount or (ii) the highest bid submitted by a Qualified Bidder in
        an
        auction if the Directing Certificateholder agrees to pay the related Auction
        Supplement Amount.

       

      Account:  Any
        Escrow Account, the Certificate Account, the Distribution Account, the
        Pre-Funding Account, the Capitalized Interest Account, the Carryover Reserve
        Fund, the Swap Accounts or any other account related to the Trust Fund or
        the
        Mortgage Loans.

       

      Accretion
        Directed Certificates:  As specified in the Preliminary
        Statement.

       

      Additional
        Designated Information:  As defined in Section 11.02.

       

      Adjusted
        Cap Rate:  For any Distribution Date and any Class of LIBOR
        Certificates, the excess, if any, of the related Net Rate Cap for such
        Distribution Date, over a fraction expressed as a percentage, the numerator
        of
        which is the product of (i) a fraction, the numerator of which is 360 and
        the
        denominator of which is the actual number of days in the related Interest
        Accrual Period and (ii) the amount of Net Deferred Interest for that
        Distribution Date, and the denominator of which is the aggregate Stated
        Principal Balance of the Mortgage Loans as of the Due Date occurring in the
        month preceding the month of that Distribution Date (after giving effect
        to
        Principal Prepayments in the Prepayment Period related that prior Due
        Date).

       

      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 related Expense Fee
        Rate.

       

      Adjusted
        Replacement Upfront Amount:  As defined in Section
        3.19.

       

      Adjustment
        Date:  A date specified in each Mortgage Note as a date on which
        the Mortgage Rate on the related Mortgage Loan will be adjusted.

       

      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 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, together with an amount equivalent to 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, less the aggregate amount of any
        such

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    delinquent
      payments that the Master Servicer has determined would constitute a
      Nonrecoverable Advance if advanced.

     

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

     

    Aggregate
      Supplemental Transfer Amount:  With respect to any Supplemental
      Transfer Date, the aggregate Stated Principal Balance as of the related
      Supplemental Cut-off Date of the Supplemental Mortgage Loans conveyed on such
      Supplemental Transfer Date, as listed on the revised Mortgage Loan Schedule
      delivered pursuant to Section 2.01(f); provided, however, that such amount
      shall
      not exceed the amount on deposit in the Pre-Funding Account.

     

    Agreement:  This
      Pooling and Servicing Agreement and all amendments or supplements to this
      Pooling and Servicing Agreement.

     

    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.

     

    Applied
      Realized Loss Amount:  With respect to any Distribution Date, the
      sum of the Realized Losses which are to be applied in reduction of the Class
      Certificate Balances of the Certificates and the Class A-1-B Swap Principal
      Amount, if any, pursuant to Section 4.02(h), which shall equal the amount,
      if
      any, by which the sum of (i) the aggregate Class Certificate Balance of all
      Senior and Subordinated Certificates and (ii) the Class A-1-B Swap Principal
      Amount, if any, (in each case, after all distributions of principal on such
      Distribution Date) exceeds the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Due Date in the month in which such Distribution Date
      occurs (after giving effect to Principal Prepayments and Liquidation Proceeds
      allocated to principal and Subsequent Recoveries received in the related
      Prepayment Period).

     

    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 sales 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
      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 Property based upon the appraisal made at the time
      of
      the origination of the Original Mortgage Loan and (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 mortgage loan being
      originated is greater than $650,000, the value of the

     

    

    
      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

    

    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.

     

    Auction
      Supplement Amount:  As defined in Section 9.04(c).

     

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

     

    Bid
      Determination Date:  As defined in Section 9.04(b).

     

    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
      Interest Account: The separate Eligible Account designated as such and
      created and maintained by the Trustee pursuant to Section 3.05(h)
      hereof.  The Capitalized Interest Account shall be treated as an
“outside reserve fund” under applicable Treasury regulations and shall not be
      part of the REMIC.  Except as provided in Section 3.05(h) hereof, any
      investment earnings on the amounts on deposit in the Capitalized Interest
      Account shall be treated as owned by the Depositor and will be taxable to the
      Depositor.

     

    Capitalized
      Interest Deposit:  Not applicable.

     

    Capitalized
      Interest Release Amount:  With respect to any Supplemental
      Transfer Date, the amount specified as the “Capitalized Interest Release Amount”
in the related Supplemental Transfer Agreement.

     

    Capitalized
      Interest Requirement:  With respect to each Funding Period
      Distribution Date, the excess, if any, of (a) the sum of (1) Current Interest
      for each Class of Certificates for such Distribution Date, plus (2) the Trustee
      Fee, over (b) with respect to each Mortgage Loan, (1) 1/12 of the product of
      the
      related Adjusted Mortgage Rate and the related Stated Principal Balance as
      of
      the related Due Date (prior to giving effect to any Scheduled Payment due on
      such Mortgage Loan on such Due Date).

     

    Carryover
      Reserve Fund:  The separate Eligible Account created and initially
      maintained by the Trustee pursuant to Section 3.05(i) in the name of the Trustee
      for the benefit of the Holders of the LIBOR Certificates and designated “The
      Bank of New York in trust for registered holders of CWALT, Inc., Alternative
      Loan Trust 2007-OH3, Mortgage Pass-Through Certificates, Series
      2007-OH3.”  Funds in the Carryover Reserve Fund shall be held in trust
      for the Holders of the LIBOR Certificates for the uses and purposes set forth
      in
      this Agreement.

     

    Certificate:  Any
      one of the Certificates executed by the Trustee in substantially the forms
      attached to this Agreement 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, F.S.B., 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

     

    

    
      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

    

    the
      registered holders of Alternative Loan Trust 2007-OH3, Mortgage Pass-Through
      Certificates Series 2007-OH3.”

     

    Certificate
      Balance:  With respect to any Certificate (other than the Class
      C-P Certificates) at any date, the maximum dollar amount of principal to which
      the Holder thereof is then entitled under this Agreement, such amount being
      equal to the Denomination of that Certificate (A) plus any increase to 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 to that Certificate
      and
      (ii) any Applied Realized Loss Amounts allocated to such Certificate on previous
      Distribution Dates pursuant to Section 4.02 without duplication and (C)
increased by the amount of Net Deferred Interest allocated to that
      Certificate pursuant to Section 4.03.

     

    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 under this Agreement, 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.

     

    Certificate
      Swap Account:  The separate Eligible Account created and initially
      maintained by the Swap Trustee pursuant to Section 4.10.

     

    Certificate
      Swap Certificates: As specified in the Preliminary Statement.

     

    Certificate
      Swap Contract:  The transaction evidenced by the confirmation,
      Global Deal ID “3219397” (as assigned to the Swap Contract Administrator
      pursuant to the Certificate Swap Contract Assignment Agreement).

     

    Certificate
      Swap Contract Assignment Agreement:  The assignment agreement
      dated as of the Closing Date among Countrywide, the Swap Contract Administrator
      and the Certificate Swap Counterparty.

     

    Certificate
      Swap Contract Termination Date:  The Distribution Date in July
      2012.

     

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

     

    Certificate
      Swap ISDA Master Agreement:  The 1992 ISDA Master Agreement
      (Multicurrency – Cross Border), including the Schedule and Credit Support Annex
      thereto, dated July 30, 2007, between the Certificate Swap Counterparty and
      the
      Swap Contract Administrator.

     

    Certificate
      Swap Termination Payment:  The payment payable to either the
      Certificate Swap Counterparty or the Swap Contract Administrator under the
      Certificate Swap Contract due to an early termination of the Certificate Swap
      Contract.

     

    

    
      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

    

    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 of this Agreement (other than the
      second sentence of Section 10.01) that requires the consent of the Holders
      of
      Certificates of a particular Class as a condition to the taking of any action
      under this Agreement.  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
      A-1-B Net Swap Payment:  With respect to the Class A-1-B Swap
      Contract, any Distribution Date and payment by the Swap Contract Administrator
      to the Class A-1-B Swap Counterparty, the excess, if any, of the “Floating
      Amount II” (as defined in the Class A-1-B Swap Contract) with respect to such
      Distribution Date over the “Floating Amount I” (as defined in the Class A-1-B
      Swap Contract) with respect to such Distribution Date.  With respect
      to the Class A-1-B Swap Contract, any Distribution Date and payment by the
      Class
      A-1-B Swap Counterparty to the Swap Contract Administrator, the excess, if
      any,
      of the “Floating Amount I” with respect to such Distribution Date over the
“Floating Amount II” with respect to such Distribution Date.

     

    Class
      A-1-B Swap Account:  The separate Eligible Account created and
      initially maintained by the Swap Trustee pursuant to Section 4.10.

     

    Class
      A-1-B Swap Adjustment Rate:  For the Class A-1-B Certificates and
      the Distribution Date prior to the termination of the Class A-1-B Swap Contract,
      a fraction, expressed as a percentage (A) the numerator of which is equal to
      the
      product of (i) the Class A-1-B Swap Fee payable to the Class A-1-B Swap
      Counterparty with respect to such Distribution Date and (ii) a fraction, the
      numerator of which is 360 and the denominator of which is the actual number
      of
      days in the related Interest Accrual Period and (B) the denominator of which
      is
      the Class Certificate Balance of the Class A-1-B Certificates immediately prior
      to such Distribution Date.

     

    Class
      A-1-B Swap Contract:  The transaction evidenced by the
      confirmation, reference number “67140” (as assigned to the Swap Contract
      Administrator pursuant to the Class A-1-B Swap Contract Assignment
      Agreement).

     

    

    
      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

     

    

    Class
      A-1-B Swap Contract Assignment Agreement:  The assignment
      agreement dated as of the Closing Date among Countrywide, the Swap Contract
      Administrator and the Class A-1-B Swap Counterparty.

     

    Class
      A-1-B Swap Contract Termination Date:  With respect to the Class
      A-1-B Swap Contract, the earlier of (i) the date on which the Class Certificate
      Balance of the Class A-1-B Certificates has been reduced to zero and (ii) the
      Distribution Date in September 2047.

     

    Class
      A-1-B Swap Counterparty:  BNP Paribas and its
      successors.

     

    Class
      A-1-B Swap Fee:  With respect to any Distribution Date prior to
      the termination of the Class A-1-B Swap Contract, the lesser of (1) the sum
      of
      (x) the product of (a) either (i) 0.07% for any Distribution Date on or prior
      to
      the Optional Termination Date or (ii) 0.14% for any Distribution Date after
      the
      Optional Termination Date, (b) the Class Certificate Balance of the Class A-1-B
      Certificates immediately prior to such Distribution Date and (c) the actual
      number of days in the related Interest Accrual Period divided by 360, and (y)
      the excess, if any, of the amount calculated pursuant to clause (x) above on
      prior Distribution Dates over the amount actually paid to the Class A-1-B Swap
      Account on account of the Class A-1-B Swap Fee on prior Distribution Dates
      and
      (2) Interest Funds available for the payment thereof in accordance with the
      priority of payments described under Section 4.02(a).

     

    Class
      A-1-B Swap ISDA Master Agreement:  The 1992 ISDA Master Agreement
      (Multicurrency – Cross Border), including the Schedule and Credit Support Annex
      thereto, dated July 30, 2007, between the Class A-1-B Swap Counterparty and
      the
      Swap Contract Administrator.

     

    Class
      A-1-B Swap Principal Amount:  With respect to any Distribution
      Date prior to the termination of the Class A-1-B Swap Contract, the excess,
      if
      any, of (i) the aggregate amount of Net Deferred Interest that would otherwise
      be allocable to the Class A-1-B Certificates in accordance with Section 4.03
      in
      the absence of the Class A-1-B Swap Contract over (ii) distributions in respect
      of the Class A-1-B Swap Principal Amount made to the Class A-1-B Swap Account
      pursuant to Sections 4.02(b), (c) and (d) prior to such Distribution
      Date.  With respect to any Distribution Date after the termination of
      the Class A-1-B Swap Contract, zero.

     

    Class
      A-1-B Swap Termination Payment:  The payment payable to either the
      Class A-1-B Swap Counterparty or the Swap Contract Administrator under the
      Class
      A-1-B Swap Contract due to an early termination of the Class A-1-B Swap
      Contract.

     

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

     

    Class
      Certificate Balance:  With respect to any Class of Certificates
      (other than the Class C-P Certificates) and as to any date of determination,
      the
      aggregate of the Certificate Balances of all Certificates of such Class as
      of
      such date.  With respect to the Class C-P Certificates and any
      Distribution Date, the excess, if any, of the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Due Date in the prior calendar month (after
      giving effect to Principal Prepayments, the principal portion of any Liquidation
      Proceeds and any Subsequent Recoveries received in the Prepayment Period related
      to that prior Due Date) over the sum of (i) the

     

    

    
      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

    

    aggregate
      Class Certificate Balance of the LIBOR Certificates and (ii) the Class A-1-B
      Swap Principal Amount, if any, in each case, immediately prior to that
      Distribution Date.

     

    Closing
      Date:  July 30, 2007.

     

    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.

     

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

     

    Compensating
      Interest:  As to any Distribution Date, an amount equal to the
      product of 50% and the aggregate Master Servicing Fee payable to the Master
      Servicer for that Distribution Date.

     

    Component:  As
      specified in the Preliminary Statement.

     

    Component
      Balance: Not applicable.

     

    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.

     

    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, 4 West, New York,
      New York 10286 (Attn:  Mortgage-Backed Securities Group, CWALT, Inc.
      Series 2007-OH3, facsimile no. (212) 815-3986), and which is the address to
      which notices to and correspondence with the Trustee should be
      directed.

     

    

    
      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

    

    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.

     

    Countrywide
      Servicing: Countrywide Home Loans Servicing LP, a Texas limited partnership
      and its successors and assigns.

     

    Covered
      Certificates:  With respect to the Certificate Swap Contract, the
      LIBOR Certificates.  With respect to the Class A-1-B Swap Contract,
      the Class A-1-B Certificates.

     

    Cumulative
      Loss Trigger Event: With respect to a Distribution Date on or after the
      Stepdown Date, if the aggregate amount of Realized Losses on the Mortgage Loans
      from (and including) the Cut-off Date to (and including) the related Due Date
      (reduced by the aggregate amount of Subsequent Recoveries received from the
      Cut-off Date through the Prepayment Period related to that Due Date) exceeds
      the
      applicable percentage, for such Distribution Date, of the Cut-off Date Pool
      Principal Balance as set forth below:

    
 

    
      	
              Distribution
                Date

            	
              Percentage

            
	 	 
	
              August
                2009 – July 2010

            	
              0.200%
                with respect to August 2009, plus an additional 1/12th of
                0.250% for each month thereafter through July 2010

            
	
              August
                2010 – July 2011

            	
              0.450%
                with respect to August 2010, plus an additional 1/12th of
                0.350%  for each month thereafter through July
                2011

            
	
              August
                2011 – July 2012

            	
              0.800%
                with respect to August 2011, plus an additional 1/12th of
                0.350% for each month thereafter through July 2012

            
	
              August
                2012 – July 2013

            	
              1.150%
                with respect to August 2012, plus an additional 1/12th of
                0.400% for each month thereafter through July 2013

            
	
              August
                2013 – July 2014

            	
              1.550%
                with respect to August 2013, plus an additional 1/12th of
                0.150% for each month thereafter through July 2014

            
	
              August
                2014 and thereafter

            	
              1.700%

            
	 	 

    

     

    
      Current
        Interest:  With respect to each Class of Certificates (other than
        the Class C-P Certificates) and each Distribution Date, the excess, if any,
        of
        (i) interest accrued at the applicable Pass-Through Rate for the applicable
        Interest Accrual Period on the Class Certificate Balance of such Class
        immediately prior to such Distribution Date over (ii) the Net Deferred Interest,
        if any, allocated to that Class for such Distribution Date pursuant to Section
        4.03.  Interest on any Delay Certificates shall be calculated on the
        basis of a 360-day year consisting of twelve 30-day months. Interest on any
        Non-Delay Certificates shall be calculated on the basis of a 360-day year
        and
        the actual number of days elapsed in the applicable Interest Accrual
        Period.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    Cut-off
      Date:  In the case of any Initial Mortgage Loan, the Initial
      Cut-off Date, and in the case of any Supplemental Mortgage Loan, the related
      Supplemental Cut-off Date.

     

    Cut-off
      Date Pool Principal Balance:  An amount equal to the sum of (x)
      the Initial Cut-off Date Pool Principal Balance plus (y) the amount, if any,
      deposited in the Pre-Funding Account on the Closing Date.

     

    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 that 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 that is required to be
      repurchased pursuant to Section 2.02 or 2.03.

     

    Deferred
      Interest:  With respect to each Mortgage Loan and Due Period, the
      amount of interest accrued on such Mortgage Loan at the applicable Mortgage
      Rate
      from the Due Date in the preceding Due Period to the Due Date in such Due Period
      that is greater than the Scheduled Payment due on such Mortgage Loan for such
      Due Period and that is added to the principal balance of such Mortgage Loan
      in
      accordance with the terms of the related Mortgage Note.

     

    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).

     

    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 or Supplemental Transfer Date, as applicable.  The number
      of Delay Delivery Mortgage Loans shall not exceed 50% of the aggregate number
      of
      Initial Mortgage Loans and 90% of the Supplemental Mortgage Loans conveyed
      on
      the related Supplemental Transfer Date.  To the extent that
      Countrywide Servicing 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 Servicing 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).

     

    

    
      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    

    

    Delinquency
      Trigger Event: With respect to a Distribution Date on or after the Stepdown
      Date exists if the Rolling Sixty-Day Delinquency Rate equals or exceeds the
      product of (i) the Senior Enhancement Percentage for such Distribution Date
      and
      (ii) the applicable percentage listed below for the most senior Class of
      Certificates then outstanding.

     

    
      	
              
                Class

              

            	
              
                Percentage

              

            
	
              Senior
                Certificates

            	
              40.00%

            
	
              M-1                           

            	
              53.25%

            
	
              M-2                           

            	
              68.25%

            
	
              M-3                           

            	
              78.25%

            
	
              M-4                           

            	
              91.50%

            
	
              M-5                           

            	
              110.00%

            
	
              M-6                           

            	
              145.75%

            
	
              M-7                           

            	
              207.50%

            

    

    

     

    Denomination:  With
      respect to each Certificate, the amount set forth on the face of that
      Certificate 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 of that Certificate.

     

    Depositor:  CWALT,
      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 that is two Business Days preceding such Distribution
      Date.

     

    Directing
      Certificateholder:  As defined in Section 9.04(a).

     

    Distribution
      Account:  The separate Eligible Account created and maintained by
      the Trustee pursuant to Section 3.05(d) 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 Alternative Loan Trust 2007-OH3, Mortgage Pass-Through
      Certificates, Series 2007-OH3.”  Funds in the Distribution Account
      shall be held in trust for the Certificateholders for the uses and purposes
      set
      forth in this Agreement.

     

    

    
      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

    

    

    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 August
      2007.

     

    Due
      Date:  With respect to a Mortgage Loan, the date on which
      Scheduled Payments are due on that Mortgage Loan.  With respect to any
      Distribution Date, the related Due Date is the first day of the calendar month
      in which that Distribution Date occurs.

     

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

     

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

     

    Eligible
      Account:  Any of (i) an account or accounts maintained with a
      federal or state chartered depository institution or trust company the
      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.

     

    

    
      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

    

    

    Eligible
      EPD Protected Mortgage Loan:  A Mortgage Loan that (i) was
      originated not more than one year prior to the Closing Date, (ii) was purchased
      by a Seller or one of its affiliates pursuant to a purchase agreement containing
      provisions under which the seller thereunder has become obligated to repurchase
      such Mortgage Loan from Countrywide due to a Scheduled Payment due on or prior
      to the first Scheduled Payment owing to the Trust Fund becoming delinquent
      and
      (iii) was not purchased through Countrywide Home Loan Inc.’s Correspondent
      Lending Division.

     

    Eligible
      Repurchase Month:  As defined in Section 3.11.

     

    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).

     

    Event
      of Default:  As defined in Section 7.01.

     

    Excess
      Cashflow:  With respect to any Distribution Date the sum of (i)
      the amount remaining as set forth in Section 4.02(a)(5), and (ii) the amount
      remaining as set forth in Section 4.02(b)(1)(d) or 4.02(b)(2)(c), as applicable,
      in each case for such Distribution Date.

     

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

     

    Excess
      Proceeds:  With respect to any Liquidated Mortgage Loan, the
      amount, if any, by which the sum of any Liquidation Proceeds 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.

     

    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.

     

    

    
      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

    

    

    Expense
      Fee:  As to each Mortgage Loan and any Distribution Date, the
      product of the related Expense Fee Rate and its Stated Principal Balance as
      of
      that Distribution Date.

     

    Expense
      Fee Rate:  As to each Mortgage Loan and any date of determination,
      the sum of (a) the related Master Servicing Fee Rate and (b) the Trustee Fee
      Rate.

     

    Extra
      Principal Distribution Amount:  With respect to any Distribution
      Date, the lesser of (1) the Overcollateralization Deficiency Amount and (2)
      the
      Excess Cashflow available for payment pursuant to Section 4.02(c).

     

    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 to the Federal Home Loan Mortgage
      Corporation.

     

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

     

    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 to the Federal National Mortgage
      Association.

     

    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, any co-trustee,
      the
      Master Servicer or any Subservicer, if such Person has actual knowledge
      thereof.

     

    Form
      10-K Disclosure Item:  With respect to any Person, (a) any Form
      10-D Disclosure Item, and (b) any affiliations or relationships between such
      Person and any Item 1119 Party.

     

    Funding
      Period:  Not applicable.

     

    Funding
      Period Distribution Date:  Each Distribution Date during the
      Funding Period and, if the Funding Period ends after the Distribution Date
      in a
      month, the immediately succeeding Distribution Date.

     

    Gross
      Margin:  With respect to each Mortgage Loan, the fixed percentage
      set forth in the related Mortgage Note that is added to the Mortgage Index
      on
      each Adjustment Date in accordance with the terms of the related Mortgage Note
      used to determine the Mortgage Rate for such Mortgage Loan.

     

    

    
      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

    

    

    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).

     

    Initial
      Component Balance:  As specified in the Preliminary
      Statement.

     

    Initial
      Cut-off Date:  With respect to any Initial Mortgage Loan, the
      later of (i) the date of origination of such Mortgage Loan and (ii) July 1,
      2007.

     

    Initial
      Cut-off Date Pool Principal Balance:  $587,463,192

     

    Initial
      LIBOR Rate: 5.320%.

     

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

     

    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 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 REMIC Regular Interest
      and any Distribution Date, the period commencing on the Distribution Date in
      the
      month preceding the month in which such Distribution Date occurs (other than
      the
      first Distribution Date, for which it is the Closing Date) and ending on the
      day
      preceding such Distribution Date.

     

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

     

    Interest
      Determination Date:  With respect to (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

     

    

    
      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

    

    

    Accrual
      Period.  With respect to the MTA Certificates, the 15th day prior
      to the
      commencement of each Interest Accrual Period or, if such 15th day is
      not a
      Business Day, the next preceding Business Day.

     

    Interest
      Funds:  With respect to any Distribution Date, an amount equal to
      (a) the sum of the Interest Remittance Amount for that Distribution Date and
      the
      lesser of (i) the aggregate Deferred Interest that accrued on the Mortgage
      Loans
      for the related Due Period and (ii) the Principal Prepayment Amount for such
      Distribution Date, minus (b) the Trustee Fee for such Distribution
      Date.

     

    Interest
      Remittance Amount:  With respect to any Distribution Date, (x) the
      sum, without duplication, of (i) all scheduled interest on the Mortgage Loans
      due on the related Due Date and received on or prior to the related
      Determination Date, less the related Master Servicing Fees and any payments
      made
      in respect of premiums on Lender PMI Mortgage Loans, (ii) all interest on
      Principal Prepayments, other than Prepayment Interest Excess, (iii) all Advances
      relating to interest, (iv) all Compensating Interest and (v) all Liquidation
      Proceeds received during the related Prepayment Period (to the extent such
      Liquidation Proceeds relate to interest), less (y) all reimbursements to the
      Master Servicer since the immediately preceding Due Date for Advances of
      interest previously made.

     

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

     

    ISDA
      Master Agreement:  The Class A-1-B Swap ISDA Master Agreement or
      the Certificate Swap ISDA Master Agreement, as applicable.

     

    Item
      1119 Party:  The Depositor, any Seller, the Master Servicer, the
      Trustee, any Subservicer, any originator identified in the Prospectus
      Supplement, the Certificate Swap Counterparty, the Class A-1-B Swap Counterparty
      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 Mortgagor) acquires the Primary Insurance Policy and charges
      the related Mortgagor 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)).

     

    

    
      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

    

    

    Liquidated
      Mortgage Loan:  With respect to any Distribution Date, a defaulted
      Mortgage Loan (including any REO Property) that 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 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 that 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, 0.375%
      per annum.

     

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

     

    

    
      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

    

    

    Maximum
      Negative Amortization:  With respect to each Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the percentage of the
      original principal balance of Mortgage Note, that if exceeded due to Deferred
      Interest, will result in a recalculation of the Scheduled Payment so that the
      then unpaid principal balance of the Mortgage Note will be fully amortized
      over
      the Mortgage Loan’s remaining term to maturity.

     

    Maximum
      Rate: 10% per annum.

     

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

     

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

     

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

     

    MIN:  The
      mortgage identification number for any MERS Mortgage Loan.

     

    Minimum
      Auction Amount:  With respect to any auction of the Mortgage Loans
      and any REO Properties pursuant to Section 9.04, the sum of (i) the Termination
      Price that would be payable by the NIM Insurer if the Optional Termination
      were
      exercised in the following calendar month pursuant to Section 9.01 and (ii)
      all
      reasonable fees and expenses incurred by the Trustee in connection with any
      auction conducted pursuant to Section 9.04.

     

    Minimum
      Mortgage Rate:  With respect to each Mortgage Loan, the minimum
      rate of interest set forth as such in the related Mortgage Note, which, with
      respect to certain Mortgage Loans is equal to the related Gross
      Margin.

     

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

     

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

     

    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., 99 Church 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
      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.

     

    

    
      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

    

    

    Mortgage
      Index:  As to each Mortgage Loan, the index from time to time in
      effect for adjustment of the Mortgage Rate as set forth as such on the related
      Mortgage Note.

     

    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, the addition of any Supplemental Mortgage Loans pursuant to the
      provisions of this Agreement and any Supplemental Transfer Agreement 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 to this Agreement as Schedule I, setting
      forth the following information with respect to each Mortgage Loan:

     

    (i)         the
      loan number;

     

    (ii)        [Reserved];

     

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

     

    (iv)       the
      maturity date;

     

    (v)        the
      original principal balance;

     

    (vi)       the
      Cut-off Date Principal Balance;

     

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

     

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

     

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

     

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

     

    (xi)        a
      code indicating whether the residential dwelling is either (a) a
      detached  or attached 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;

     

    (xii)       the
      Mortgage Rate in effect as of the Cut-off Date;

     

    (xiii)      the
      initial Payment Adjustment Date for each Mortgage Loan;

     

    (xiv)      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;

     

    (xv)       the
      purpose for the Mortgage Loan;

     

    

    
      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

    

    

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

     

    (xvii)     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;

     

    (xviii)    the
      direct servicer of such Mortgage Loan as of the Cut-off Date;

     

    (xix)       a
      code indicating whether the Mortgage Loan is a MERS Mortgage Loan;

     

    (xx)        with
      respect to each Mortgage Loan, the Gross Margin, the Mortgage Index, the Maximum
      Mortgage Rate, the Minimum Mortgage Rate, the first Adjustment Date, the Payment
      Adjustment Date and the Maximum Negative Amortization for such Mortgage
      Loan;

     

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

     

    (xxii)      the
      state of origination of the related Mortgage Loan; and

     

    (xxiii)     the
      related Prepayment Charge Period.

     

    Such
      schedule shall also set forth the total of the amounts described under (v)
      and
      (vi) above for all of the Mortgage Loans.  Countrywide shall update
      the Mortgage Loan Schedule in connection with each Supplemental Transfer
      Agreement within a reasonable period of time after delivery to it of the
      Schedule of Supplemental Mortgage Loans attached to the related Supplemental
      Transfer Agreement as Schedule A thereto.

     

    The
      Mortgage Loan Schedule shall be amended from time to time by the Master Servicer
      in accordance with the provisions of this Agreement and a copy of each amendment
      to the Mortgage Loan Schedule related to clauses (xxi), (xxii) and (xxiii)
      thereof shall be furnished by the Mater Servicer to the Class C-P
      Certificateholders.

     

    Mortgage
      Loans:  Such of the mortgage loans as from time to time are
      transferred and assigned to the Trustee pursuant to the provisions of this
      Agreement 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
      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.

     

    

    
      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

    

    

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

     

    MTA:  The
      twelve-month average monthly yield on U.S. Treasury Securities adjusted to
      a
      constant maturity of one-year, as published by the Federal Reserve Board in
      the
      Federal Reserve Statistical Release “Selected Interest Rates
      (H.15)”.

     

    MTA
      Certificates:  As specified in the Preliminary
      Statement.

     

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

     

    Net
      Deferred Interest:  With respect to each Distribution Date, an
      amount equal to the excess, if any, of the Deferred Interest that accrued on
      the
      Mortgage Loans from the preceding Due Date to the Due Date related to that
      Distribution Date over the Principal Prepayment Amount for that Distribution
      Date.

     

    Net
      Prepayment Interest Shortfalls: As to any Distribution Date, the excess of
      the aggregate Prepayment Interest Shortfalls for such Distribution Date over
      the
      Compensating Interest for such Distribution Date.

     

    Net
      Rate Cap:  For each Distribution Date and each Class of LIBOR
      Certificates (other than the Class A-1-B Certificates for so long as the Class
      A-1-B Swap Contract remains in effect), an amount equal to (a) the product
      of
      (1) the Weighted Average Adjusted Net Mortgage Rate for that Distribution Date
      and (2) a fraction, the numerator of which is 30, and the denominator of which
      is the actual number of days that elapsed in the related Interest Accrual
      Period, minus (b) a fraction, expressed as a percentage, the numerator of which
      is the sum of (1) the Net Certificate Swap Payment payable to the Certificate
      Swap Counterparty with respect to that Distribution Date times a fraction,
      the
      numerator of which is equal to 360 and the denominator of which is equal to
      the
      actual number of days in the related Interest Accrual Period and (2) any
      Certificate Swap Termination Payment payable to the Certificate Swap
      Counterparty for that Distribution Date (other than a Certificate Swap
      Termination Payment due to a Swap Counterparty Trigger Event) and the
      denominator of which is the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Due Date occurring in the month preceding the month of that
      Distribution Date (after giving effect to Principal Prepayments received in
      the
      Prepayment Period related to that prior Due Date).

     

    For
      each
      Distribution Date and the Class A-1-B Certificates for so long as the Class
      A-1-B Swap Contract remains in effect, the excess, if any, of (a) the Net Rate
      Cap calculated pursuant

     

    

    
      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

    

    

    to
      the
      preceding paragraph over (b) the Class A-1-B Swap Adjustment Rate for such
      Distribution Date.

     

    Net
      Rate Carryover:  For any Class of Certificates (other than the
      Class C-P Certificates) and any Distribution Date, the sum of (A) the excess,
      if
      any, of (i) the amount of interest that such Class would otherwise have accrued
      for such Distribution Date had the applicable Pass-Through Rate for such Class
      not been determined based on the related Net Rate Cap (provided that such
      Pass-Through Rate shall still be subject to the Maximum Rate), over (ii) the
      amount of interest accrued on such Class at the related Net Rate Cap for such
      Distribution Date and (B) the Net Rate Carryover for such Class for all previous
      Distribution Dates not previously paid pursuant to Section 4.02, together with
      interest thereon at the then applicable Pass-Through Rate for such Class,
      without giving effect to the related Net Rate Cap but subject to the Maximum
      Rate.

     

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

     

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

     

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

     

    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:  Not applicable.

     

    Notional
      Amount Certificates:  As specified in the Preliminary
      Statement.

     

    OC
      Floor:  With respect to any Distribution Date (i) prior to the
      Distribution Date in August 2027, an amount equal to 0.50% of the Cut-off Date
      Pool Principal Balance and (ii) on or after the Distribution Date in August
      2027, the greater of (a) 0.50% of the Cut-off Date Pool Principal Balance and
      (b) the sum of (x) the aggregate Stated Principal Balance of the Mortgage Loans
      with original terms to maturity of 40 years as of the Due Date in the month
      of
      that Distribution Date (after giving effect to the principal prepayments
      received in the related Prepayment Period) and (y) 0.10% of the Cut-off Date
      Pool Principal Balance.

     

    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

     

    

    
      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

    

    

    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.

     

    Opinion
      of Counsel:  A written opinion of counsel, who may be counsel for
      the Depositor, any Seller 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 the Depositor, any Seller and the Master Servicer,
      (ii) not have any direct financial interest in the Depositor, any Seller or
      the
      Master Servicer or in any affiliate thereof, and (iii) not be connected with
      the
      Depositor, any Seller or the Master Servicer as an officer, employee, promoter,
      underwriter, trustee, partner, director or person performing similar
      functions.

     

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

     

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

     

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

     

    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 the end of the related Prepayment Period and which
      did not become a Liquidated Mortgage Loan prior to the end of the related
      Prepayment Period.

     

    Overcollateralization
      Deficiency Amount:    With respect to any Distribution
      Date, the amount, if any, by which the Overcollateralization Target Amount
      exceeds the Overcollateralized Amount on such Distribution Date (after giving
      effect to distributions in respect of the Principal Remittance Amount on such
      Distribution Date).

     

    

    
      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

    

    

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

     

    Overcollateralization
      Target Amount:  With respect to any Distribution Date (a) initial
      prior to the Stepdown Date, an amount equal to 1.300% of the Cut-off Date Pool
      Principal Balance and (b) on or after the Stepdown Date, the greater of (i)
      (x)
      for any Distribution Date prior to the Distribution Date in August 2013, an
      amount equal to 3.250% of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Due Date in the month of that Distribution Date (after giving
      effect to Principal Prepayments received in the related Prepayment Period)
      and
      (y) for any Distribution Date on or after the Distribution Date in August 2013,
      an amount equal to 2.600% of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Due Date in the month of that Distribution Date (after
      giving effect to Principal Prepayments received in the related Prepayment
      Period) and (ii) the OC Floor; provided, however, that if a Trigger Event is
      in
      effect on any Distribution Date, the Overcollateralization Target Amount will
      be
      the Overcollateralization Target Amount as in effect for the prior Distribution
      Date.

     

    Overcollateralized
      Amount:  For any Distribution Date, the amount, if any, by which
      (x) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      Due
      Date in the month of that Distribution Date (after giving effect to Principal
      Prepayments, the principal portion of any Liquidation Proceeds and any
      Subsequent Recoveries received in the related Prepayment Period) and any amount
      on deposit in the Pre-Funding Account on that Distribution Date exceeds (y)
      the
      sum of (i) the aggregate Class Certificate Balance of the Certificates (other
      than the Class C-P Certificates) as of such Distribution Date and (ii) the
      Class
      A-1-B Swap Principal Amount, if any, as of such Distribution Date (in each
      case,
      after giving effect to distributions of the Principal Remittance Amount to
      be
      made on such Distribution Date and, in the case of the Distribution Date
      immediately following the end of the Funding Period, any amounts to be released
      from the Pre-Funding Account).

     

    Ownership
      Interest:  As to any 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.

     

    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.

     

    

    
      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

    

    

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

     

    Pass-Through
      Margin:  With respect to the Interest Accrual Period for any
      Distribution Date and Class of LIBOR Certificates, the per annum rate indicated
      in the following table:

     

    
      	
              Class
                of Certificates

            	 	
              Pass-Through
                Margin

            
	 	 	
              
                (1)

              

            	 	
              
                (2)

              

            
	
              Class
                A-1-A

            	 	
              0.290%

            	 	
              0.580%

            
	
              Class
                A-1-B

            	 	
                    0.220%
                (3)

            	 	
              0.440%
                (3)

            
	
              Class
                A-2

            	 	
              0.350%

            	 	
              0.700%

            
	
              Class
                A-3

            	 	
              0.500%

            	 	
              1.000%

            
	
              Class
                M-1

            	 	
              0.800%

            	 	
              1.200%

            
	
              Class
                M-2

            	 	
              1.000%

            	 	
              1.500%

            
	
              Class
                M-3

            	 	
              1.250%

            	 	
              1.875%

            
	
              Class
                M-4

            	 	
              1.750%

            	 	
              2.625%

            
	
              Class
                M-5

            	 	
              1.750%

            	 	
              2.625%

            
	
              Class
                M-6

            	 	
              1.750%

            	 	
              2.625%

            
	
              Class
                M-7

            	 	
              1.750%

            	 	
              2.625%

            

    

    __________

    
      	
               

            	
              (1)

            	
              For
                the Interest Accrual Period related to any Distribution Date occurring
                on
                or prior to the Optional Termination
                Date.

            

    

    

    
      	
               

            	
              (2)

            	
              For
                the Interest Accrual Period related to any Distribution Date occurring
                after the Optional Termination
                Date.

            

    

    

    
      	
               

            	
              (3)

            	
              In
                the event that the Class A-1-B Swap Contract is terminated, the
                Pass-Through Margin for the Class A-1-B Certificates will be (i)
                0.290%
                for the Interest Accrual Period related to any Distribution Date
                occurring
                on or prior to the Optional Termination Date and (ii) 0.580% for
                the
                Interest Accrual Period related to any Distribution Date occurring
                after
                the Optional Termination Date.

            

    

    

    

    Pass-Through
      Rate: With respect to each Class of LIBOR Certificates and the Interest
      Accrual Period related to any Distribution Date, a per annum rate equal to
      the
      least of (a) the sum of (i) LIBOR for such Interest Accrual Period and (ii)
      the
      Pass-Through Margin for such Class and Interest Accrual Period, (b) the Net
      Rate
      Cap for such Class for such Distribution Date and (c) the Maximum
      Rate.  With respect to any Interest Accrual Period and the Class A-R
      Certificates, the Net Rate Cap with respect to the LIBOR Certificates (other
      than the Class A-1-B Certificates for so long as the Class A-1-B Swap Contract
      remains in effect) for the related Distribution Date.

     

    Payment
      Adjustment Date:  For each Mortgage Loan, the date specified in
      the related Mortgage Note as the annual date on which the related Scheduled
      Payment will be adjusted.

     

    

    
      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

    

    

    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.  With respect to the Class C-P and Class A-R Certificates, the
      portion of the Class evidenced thereby, expressed as a percentage, as stated
      on
      the face of such Certificate.

     

    Performance
      Certification:  As defined in Section 11.05.

     

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

     

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

     

    

    
      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

    

    

    (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 each Rating Agency, and
      reasonably acceptable to the NIM Insurer, as evidenced by a signed writing
      delivered by the NIM Insurer;

     

    provided,
      that no such instrument shall be a Permitted Investment if such instrument
      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)(1) 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 created under this Agreement 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.

     

    Person:  Any
      individual, corporation, partnership, joint venture, association, 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.

     

    Pool
      Characteristics:  Not applicable.

     

    

    
      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

    

    

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

     

    Pre-Funded
      Amount:  Not applicable.

     

    Pre-Funding
      Account:  The separate Eligible Account created and maintained by
      the Trustee pursuant to Section 3.05 in the name of the Trustee for the benefit
      of the Certificateholders and designated “The Bank of New York, in trust for
      registered holders of Alternative Loan Trust 2007-OH3, Mortgage Pass-Through
      Certificates, Series 2007-OH3.”  Funds in the Pre-Funding Account
      shall be held in trust for the Certificateholders for the uses and purposes
      set
      forth in this Agreement and shall not be a part of any REMIC created hereunder;
      provided, however, that any investment income earned from Permitted Investments
      made with funds in the Pre-Funding Account shall be for the account of the
      Depositor.

     

    Premium:  With
      respect to any Eligible EPD Protected Mortgage Loan purchased by the Master
      Servicer pursuant to Section 3.11, the excess, if any, of (i) the amount
      actually paid by the related seller to Countrywide pursuant to the provisions
      of
      the purchase agreement under which the seller sold the Mortgage Loan to
      Countrywide in connection with the repurchase by such seller of the Mortgage
      Loan over (ii) the Purchase Price paid by the Master Servicer for the Mortgage
      Loan; provided, however that such excess amount will only be considered Premium
      to the extent it was payable by the seller as a result of Countrywide initially
      purchasing such Mortgage Loan from the seller for an amount above
      par.

     

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

     

    Prepayment
      Charge Amount:  As to any Distribution Date, the sum of (i) the
      Prepayment Charges collected on the Mortgage Loans during the related Prepayment
      Period, (ii) any amounts paid pursuant to Section 3.20 with respect to such
      Distribution Date and (iii) the aggregate amount of Premium transferred to
      the
      Certificate Account by the Master Servicer with respect to that Distribution
      Date pursuant to Section 3.11(a) in connection with the purchase by the Master
      Servicer of any Eligible EPD Protected Mortgage Loans.

     

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

     

    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 Initial 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.

     

    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 July 1, 2007) 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 related
      Master

     

    

    
      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

    

    

    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 July 1, 2007) through the 15th day of
      the
      calendar month in which the Distribution Date occurs.

     

    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
      Distribution Amount:  With respect to each Distribution Date, an
      amount equal to (1) the sum of: (a) the Principal Remittance Amount for such
      Distribution Date, minus the sum of (i) any portion of such amount used to
      cover
      any payment due to the Certificate Swap Counterparty with respect to such
      Distribution Date pursuant to Section 4.10 (other than a Certificate Swap
      Termination Payment due to a Swap Counterparty Trigger Event) and (ii) an amount
      equal to the lesser of (A) the aggregate Deferred Interest that accrued on
      the
      Mortgage Loans for the related Due Period and (B) the Principal Prepayment
      Amount for the related Prepayment Period and (b) the Extra Principal
      Distribution Amount for such Distribution Date, minus (2) the amount of any
      Overcollateralization Reduction Amount for such Distribution Date.

     

    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 Amount:  As to any Distribution Date, an amount equal
      to the sum of all voluntary Principal Prepayments received during the related
      Prepayment Period and the amount of any Subsequent Recoveries received in the
      prior calendar month.

     

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

     

    Principal
      Remittance Amount:  As to any Distribution Date, (x) the sum,
      without duplication, of (a) the principal portion of each Scheduled Payment
      (without giving effect to any reductions thereof caused by any Deficient
      Valuations) due on each Mortgage Loan (other than a Liquidated Mortgage Loan)
      on
      the related Due Date, (b) the principal portion of the Purchase Price 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

     

    

    
      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

    

    

    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
      related Prepayment Period, the amount of the Liquidation Proceeds allocable
      to
      principal received during such Prepayment Period with respect to such Mortgage
      Loan, (f) all Principal Prepayments on the Mortgage Loans received during the
      related Prepayment Period, (g) any Subsequent Recoveries on the Mortgage Loans
      received during the related Prepayment Period and (h) with respect to the last
      Funding Period Distribution Date, the related Remaining Pre-Funded Amount
minus (y) all Advances on the Mortgage Loans relating to principal and
      certain expenses reimbursable pursuant to Section 6.03 and reimbursed since
      the
      immediately preceding Due Date.

     

    Principal
      Reserve Fund:  Not applicable.

     

    Priority
      Amount:  Not applicable.

     

    Priority
      Percentage:  Not applicable.

     

    Private
      Certificate:  As specified in the Preliminary
      Statement.

     

    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.

     

    Prospectus
      Supplement:  The prospectus supplement dated July 27, 2007
      relating to the Offered Certificates.

     

    PUD:  Planned
      Unit Development.

     

    Purchase
      Price:  With respect to any Mortgage Loan required to be purchased
      by the applicable Seller pursuant to Section 2.02 or 2.03 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 that arises out of a violation of any
      predatory or abusive lending law with respect to the related Mortgage
      Loan.

     

    Qualified
      Bidder:  With respect to any auction pursuant to Section 9.04, any
      institution that is a regular purchaser and/or seller in the secondary market
      of
      residential mortgage loans as determined by the Trustee (or any advisor on
      its
      behalf), in its sole discretion, and any holder of an interest in the Class
      C-P
      Certificates; provided, however, that neither Countrywide nor any of its
      affiliates shall constitute a Qualified Bidder.

     

    

    
      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

    

    

    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 in this
      Agreement to a given rating category of a Rating Agency shall mean such rating
      category without giving effect to any modifiers.

     

    Realized
      Loss:  With respect to each Liquidated Mortgage Loan, an amount
      (not less than zero or more than the Stated Principal Balance of the Mortgage
      Loan) as of the date of such liquidation, equal to (i) the Stated Principal
      Balance of 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.  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.

     

    To
      the
      extent the Master Servicer receives Subsequent Recoveries with respect to any
      Mortgage Loan, the amount of Realized Losses with respect to that Mortgage
      Loan
      will be reduced by the amount of 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:  With respect to any Distribution Date and the Delay
      Certificates, the last Business Day of the month preceding the month of a
      Distribution Date.  With respect to any Distribution Date and the
      Non-Delay Certificates, the Business Day immediately preceding such Distribution
      Date, or if such Certificates are no longer Book-Entry Certificates, the last
      Business Day of the month preceding the month of such Distribution
      Date.

     

    

    
      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

    

    

    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.

     

    Remaining
      Pre-Funded Amount:  With respect to the last Funding Period
      Distribution Date, any portion of the Pre-Funded Amount remaining in the
      Pre-Funding Account.

     

    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:

     

    (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

     

    

    
      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

    

    

    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, substantially in the form of Exhibits M and N to this
      Agreement, as appropriate.

     

    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.

     

    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.

     

    

    
      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

    

    

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

     

    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.

     

    Sarbanes-Oxley
      Certification:  As defined in Section 11.05.

     

    Scheduled
      Balances:  Not applicable.

     

    Scheduled
      Principal 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 in this Agreement, 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.

     

    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
      Enhancement Percentage:  With respect to a Distribution Date on or
      after the Stepdown Date, the fraction (expressed as a percentage) (1) the
      numerator of which is the excess of (a) the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Due Date occurring in the month preceding the
      month of that Distribution Date (after giving effect to Principal Prepayments
      in
      the Prepayment Period related to that prior Due Date) over (b) (i) before the
      Class Certificate Balances of the Senior Certificates and the Class A-1-B Swap
      Principal Amount, if any, have been reduced to zero, the sum of (x) the
      aggregate Class Certificate Balance of the Senior Certificates and (y) the
      Class
      A-1-B Swap Principal Amount, if any, in each case, immediately prior to such
      Distribution Date, or (ii) after such time, the Class Certificate Balance of
      the
      most senior Class of Subordinated Certificates outstanding immediately prior
      to
      such Distribution Date, and (2) the denominator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Due Date occurring in the
      month preceding the month of that Distribution Date (after giving effect to
      Principal Prepayments in the Prepayment Period related to that prior Due
      Date).

     

    Senior
      Principal Distribution Target Amount:  As to any Distribution
      Date, the excess of (1) the sum of (i) the aggregate Class Certificate Balance
      of the Senior Certificates and (ii) the Class A-1-B Swap Principal Amount,
      if
      any, in each case, immediately prior to such Distribution Date, over (2) the
      lesser of (A) the product of (i) (x) 83.125% on any Distribution Date on or
      after the Stepdown Date and prior to the Distribution Date in August 2013 or
      (y)
      86.500% on any Distribution Date on or after the Stepdown Date and on or after
      the Distribution Date in August

     

    

    
      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

    

    

    2013
      and
      (ii) of the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      Due Date in the month of that Distribution Date (after giving effect to
      Principal Prepayments received in the related Prepayment Period) and (B) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Due Date
      in
      the month of that Distribution Date (after giving effect to Principal
      Prepayments received in the related Prepayment Period) minus the OC
      Floor.

     

    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.

     

    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.

     

    Sixty-Day
      Delinquency Rate:  With respect to any Distribution Date on or
      after the Stepdown Date, a fraction, expressed as a percentage, the numerator
      of
      which is the aggregate Stated Principal Balance of all Mortgage Loans 60 or
      more
      days delinquent as of the close of business on the last day of the calendar
      month preceding such Distribution Date (including Mortgage Loans in foreclosure,
      bankruptcy and REO Properties) and the denominator of which is the aggregate
      Stated Principal Balance for such Distribution Date of the Mortgage Loans as
      of
      the related Due Date (after giving effect to Principal Prepayments, the
      principal portion of any Liquidation Proceeds and any Subsequent Recoveries
      received in the related Prepayment Period).

     

    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), plus any Deferred Interest added to the principal balance of
      that
      Mortgage Loan pursuant to the terms of the related Mortgage Note on or prior
      to
      that Due Date, 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; (iii) Principal Prepayments received
      through the last day of the related Prepayment Period, in each case, with
      respect to that Mortgage Loan and (iv) any Realized Loss previously incurred
      in
      connection with a Deficient Valuation.  The Stated Principal Balance
      of any Mortgage Loan that becomes a Liquidated

     

    

    
      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

    

    

    Mortgage
      Loan will be zero on each date following the Due Period in which such Mortgage
      Loan becomes a Liquidated Mortgage Loan.

     

    Stepdown
      Date:  The
      earlier to occur of: (1) the Distribution Date immediately following the
      Distribution Date on which the sum of the aggregate Class Certificate Balance
      of
      the Senior Certificates and the Class A-1-B Swap Principal Amount, if any,
      are
      reduced to zero, and (2) the later of (x) the Distribution Date in August 2010
      and (y) the first Distribution Date on which the sum of (i) the aggregate Class
      Certificate Balance of the Senior Certificates and (ii) the Class A-1-B Swap
      Principal Amount, if any (in each case, after calculating anticipated
      distributions on such Distribution Date) is less than or equal to the product
      of
      (x) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      Due
      Date in the month of that Distribution Date (after giving effect to Principal
      Prepayments in the related Prepayment Period) and (y) either (i) prior to the
      Distribution Date in August 2013, 83.125% or (ii) on or after the Distribution
      Date in August 2013, 86.500%.

     

    Stepdown
      Target Subordination Percentage:  With respect to any Class of
      Subordinated Certificates, the respective percentage indicated in the following
      table:

     

    
      	 	 	
              Stepdown
                Target

              Subordination

              Percentage
                (1)

            	 	
              Stepdown
                Target

              Subordination

              Percentage
                (2)

            
	 	
              Class
                M-1

            	
              12.625%

            	 	
              10.100%

            
	 	
              Class
                M-2

            	
              9.875%

            	 	
              7.900%

            
	 	
              Class
                M-3

            	
              8.625%

            	 	
              6.900%

            
	 	
              Class
                M-4

            	
              7.375%

            	 	
              5.900%

            
	 	
              Class
                M-5

            	
              6.125%

            	 	
              4.900%

            
	 	
              Class
                M-6

            	
              4.625%

            	 	
              3.700%

            
	 	
              Class
                M-7

            	
              3.250%

            	 	
              2.600%

            

    

    _________

    (1)           For
      any Distribution Date occurring on or after the Distribution Date occurring
      in
      August 2010 and prior to theDistribution Date occurring in August
      2013.

    (2)           For
      any Distribution Date occurring on or after the Distribution Date occurring
      in
      August 2013.

    

    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
      the 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.

     

    

    
      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

    

    

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

     

    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 after the classification of such
      Mortgage Loan as a 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.

     

    Subsidiary
      REMIC:  As defined in the Preliminary Statement.

     

    Substitute
      Mortgage Loan:  A Mortgage Loan substituted by the applicable
      Seller for a Deleted Mortgage Loan which must, on the date of such substitution,
      as confirmed in a Request for Release, substantially in the form of
      Exhibit M, (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) have
      a
      Maximum Mortgage Rate no lower than and not more than 1% per annum higher than
      the Maximum Mortgage Rate of the Deleted Mortgage Loan; (vi) have a Minimum
      Mortgage Rate no lower than and not more than 1% per annum higher than the
      Minimum Mortgage Rate of the Deleted Mortgage Loan; (vii) have the same Mortgage
      Index, reset period, payment cap and recast provisions as the Deleted Mortgage
      Loan and a Gross Margin not more than 1% per annum higher or lower than that
      of
      the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the
      Deleted Mortgage Loan was a Cooperative Loan; and (ix) comply with each
      representation and warranty set forth in Section 2.03.

     

    

    
      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

    

    

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

     

    Successful
      Auction:  An auction held pursuant to Section 9.04 at which at
      least three Qualified Bidders submitted bids and at least one of those bids
      was
      an Acceptable Bid Amount.

     

    Supplemental
      Cut-off Date:  With respect to any Supplemental Mortgage Loan, the
      later of (i) the date of origination of such Mortgage Loan and (ii) the first
      day of the month in which the related Supplemental Transfer Date
      occurs.

     

    Supplemental
      Mortgage Loan:  Any Mortgage Loan other than an Initial Mortgage
      Loan conveyed to the Trust Fund pursuant to Section 2.01 of this Agreement
      and
      to a Supplemental Transfer Agreement, which Mortgage Loan shall be listed on
      the
      revised Mortgage Loan Schedule delivered pursuant to this Agreement and on
      Schedule A to such Supplemental Transfer Agreement.  When used with
      respect to a single Supplemental Transfer Date, Supplemental Mortgage Loan
      shall
      mean a Supplemental Mortgage Loan conveyed to the Trust Fund on that
      Supplemental Transfer Date.

     

    Supplemental
      Transfer Agreement:  A Supplemental Transfer Agreement
      substantially in the form of Exhibit P hereto, executed and delivered by the
      related Seller or Sellers, the Master Servicer, the Depositor and the Trustee
      as
      provided in Section 2.01 hereof.

     

    Supplemental
      Transfer Date:  For any Supplemental Transfer Agreement, the date
      the related Supplemental Mortgage Loans are transferred to the Trust Fund
      pursuant to the related Supplemental Transfer Agreement.

     

    Swap
      Account:  The Class A-1-B Swap Account or Certificate Swap
      Account, as applicable.

     

    Swap
      Contract:  The Class A-1-B Swap Contract or Certificate Swap
      Contract, as applicable.

     

    Swap
      Contract Administration Agreement:  The swap contract
      administration agreement dated as of the Closing Date among Countrywide, the
      Trustee and the Swap Contract Administrator.

     

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

     

    Swap
      Contract Assignment Agreement:  The Class A-1-B Swap Contract
      Assignment Agreement or Certificate Swap Contract Assignment Agreement, as
      applicable.

     

    Swap
      Contracts:  Collectively, the Class A-1-B Swap Contract and
      Certificate Swap Contract.

     

    Swap
      Contract Termination Date:  The Class A-1-B Swap Contract
      Termination Date or the Certificate Swap Contract Termination Date, as
      applicable.

     

    

    
      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

    

    

    Swap
      Counterparty:  The Class A-1-B Swap Counterparty or the
      Certificate Swap Counterparty, as applicable.

     

    Swap
      Counterparty Trigger Event:  Either (i) an “Event of Default”
under the related ISDA Master Agreement with respect to which the related
      Swap
      Counterparty is the sole “Defaulting Party” (as defined in the related ISDA
      Master Agreement) or (ii) a “Termination Event” (other than an Illegality or a
      Tax Event (as such terms are defined in the related ISDA Master Agreement))
      or
“Additional Termination Event” under the related ISDA Master Agreement with
      respect to which the related Swap Counterparty is the sole “Affected Party” (as
      defined in the related ISDA Master Agreement).

     

    Swap
      Termination Payment:  A Certificate Swap Termination Payment or
      Class A-1-B Swap Termination Payment, as applicable.

     

    Swap
      Trust:  The trust fund established by Section 4.10.

     

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

     

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

     

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

     

    Termination
      Price:  As defined in Section 9.01.

     

    Terminator:  As
      defined in Section 9.01.

     

    Transaction
      Documents:  This Agreement, the Swap Contracts, the Swap Contract
      Assignment Agreements, the Swap Contract Administration 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.

     

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

     

    Trust
      Fund:  The corpus of the trust created under this Agreement
      consisting of (i) the Mortgage Loans and all interest and principal
      received on or with respect thereto after the

     

    

    
      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

    

    

    Cut-off
      Date to the extent not applied in computing the Cut-off Date Principal Balance
      of the Mortgage Loans; (ii) the Certificate Account, the Distribution
      Account, the Pre-Funding Account, the Capitalized Interest Account and the
      Carryover Reserve Fund 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.

     

    Trustee:  The
      Bank of New York and its successors and, if a successor trustee is appointed
      under this Agreement, 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 sum of (i) the Pool Stated Principal Balance
      and (ii) any amounts remaining in the Pre-Funding Account (excluding investment
      earnings thereon) with respect to such Distribution Date.

     

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

     

    Underwriter:
      As specified in the Preliminary Statement.

     

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

     

    Unpaid
      Realized Loss Amount:  For any Class of Certificates (other than
      the Class C-P Certificates) or the Class A-1-B Swap Principal Amount, as
      applicable, (x) the portion of the aggregate Applied Realized Loss Amount
      previously allocated to that Class or the Class A-1-B Swap Principal Amount,
      as
      applicable, remaining unpaid from prior Distribution Dates minus (y) any
      increase in the Class Certificate Balance of that Class or the Class A-1-B
      Swap
      Principal Amount, as applicable, due to the receipt of Subsequent Recoveries
      allocated to the Class Certificate Balance of that Class or the Class A-1-B
      Swap
      Principal Amount, as applicable, pursuant to Section 4.02(i).

     

    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 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), (b) 1% of all Voting Rights shall be allocated
      to each of the Class A-R and Class C-P Certificates, and (c) the remaining
      Voting Rights shall be allocated among Holders of the remaining Classes of
      Certificates in proportion to the Certificate Balances of their respective
      Certificates on such date.

     

    Weighted
      Average Adjusted Net Mortgage Rate:  As to any Distribution Date,
      the weighted average of the Adjusted Net Mortgage Rates on the Mortgage Loans,
      weighted on the

     

    

    
      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

    

    

    basis
      of
      the Stated Principal Balance of each such Mortgage Loan as of the Due Date
      occurring in the calendar month preceding the month of that Distribution Date
      (after giving effect to Principal Prepayments received in the Prepayment Period
      related to that prior Due Date).

     

    Winning
      Bidder:  With respect to a Successful Auction, the Qualified
      Bidder that bids the highest price.

     

    
      	
               

            	
              SECTION
                1.02.

            	
              Certain
                Interpretive Principles.

            

    

     

    All
      terms
      defined in this Agreement shall have the defined meanings when used in any
      certificate, agreement or other document delivered pursuant hereto unless
      otherwise defined therein.  For purposes of this Agreement and all
      such certificates and other documents, unless the context otherwise requires:
      (a) accounting terms not otherwise defined in this Agreement, and accounting
      terms partly defined in this Agreement to the extent not defined, shall have
      the
      respective meanings given to them under generally accepted accounting
      principles; (b) the words “hereof,” “herein” and “hereunder” and words of
      similar import refer to this Agreement (or the certificate, agreement or other
      document in which they are used) as a whole and not to any particular provision
      of this Agreement (or such certificate, agreement or document); (c) references
      to any Section, Schedule or Exhibit are references to Sections, Schedules and
      Exhibits in or to this Agreement, and references to any paragraph, subsection,
      clause or other subdivision within any Section or definition refer to such
      paragraph, subsection, clause or other subdivision of such Section or
      definition; (d) the term “including” means “including without limitation”; (e)
      references to any law or regulation refer to that law or regulation as amended
      from time to time and include any successor law or regulation; (f) references
      to
      any agreement refer to that agreement as amended from time to time; (g)
      references to any Person include that Person’s permitted successors and assigns;
      and (h) a Mortgage Loan is “30 days delinquent” if 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.

     

    

    
      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

    

    

    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 of this Agreement, 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 Initial Mortgage Loans, including all interest and principal received
      or
      receivable by such Seller, on or with respect to the applicable Initial Mortgage
      Loans after the Initial Cut-off Date and all interest and principal payments
      on
      the related Initial Mortgage Loans received prior to the Initial 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 Initial
      Mortgage Loans, on or before the Initial 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 or Park Sienna Mortgage Loans), such delivery may take place
      within thirty (30) days following the Closing Date or twenty (20) days following
      the applicable Supplemental Transfer Date, as applicable).  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 Initial Mortgage Loan that does
      not have a first payment date on or before the Due Date in the month of the
      first Distribution Date or any Supplemental Mortgage Loan that does not have
      a
      first payment date on or before the Due Date in the month after the related
      Supplemental Transfer 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.

     

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

     

    (b)           Immediately
      upon the conveyance of the Initial 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 in this Agreement 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 that are Initial Mortgage Loans,
      will
      deliver or cause to be delivered to the Trustee within thirty (30) days
      following the Closing Date and in the case of the Delay 

    

    
      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

    

     

    Delivery
      Mortgage Loans that are Supplemental Mortgage Loans, will
      deliver or cause to be delivered
      to the Trustee within twenty (20) days following the applicable Supplemental
      Transfer 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)  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, (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;

     

    

    
      
        
          
          

        

        
          54

          
            

          

        

        
          
          

        

      

    

    

    (v)  except
      as provided below, the original or a copy of 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 applicable 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).

     

    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 (and
      any Supplemental Transfer Agreement, as applicable) 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

     

    

    
      
        
          
          

        

        
          55

          
            

          

        

        
          
          

        

      

    

    

    assignment
      or a copy of such assignments, 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 twenty (120) days thereafter, the Trustee shall (A)
      as
      the assignee thereof, affix the following language to each assignment of
      Mortgage:  “CWALT, Inc., Series 2007-OH3, 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 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

     

    

    
      
        
          
          

        

        
          56

          
            

          

        

        
          
          

        

      

    

    

    Account
      the portion of such payment that is required to be deposited in the Certificate
      Account pursuant to Section 3.05.

     

    Notwithstanding
      anything to the contrary in this Agreement, within thirty (30) days after the
      Closing Date with respect to the Initial Mortgage Loans, 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)           Subject
      to the execution and delivery of the related Supplemental Transfer Agreement
      as
      provided in Section 2.01(e) of this Agreement and the terms and conditions
      of
      this Agreement, each Seller sells, transfers, assigns, sets over and otherwise
      conveys to the Depositor, without recourse, on each Supplemental Transfer Date,
      with respect to each Supplemental Mortgage Loan sold by such Seller to the
      Depositor, all the right, title and interest of that Seller in and to the
      Supplemental Mortgage Loans sold by it identified in such Supplemental Transfer
      Agreement, including all interest and principal received and receivable by
      such
      Seller on or with respect to the related Supplemental Mortgage Loans on and
      after the related Supplemental Cut-off Date (to the extent not applied in
      computing the Cut-off Date Principal Balance thereof) or deposited into the
      Certificate Account by the related Seller, other than principal and interest
      due
      on such Supplemental Mortgage Loans prior to the related Supplemental Cut-off
      Date.

     

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

     

    Each
      Seller has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans sold by such Seller to the Depositor and has agreed to take
      the
      actions specified herein.  The Depositor, concurrently with the
      execution and delivery of this Agreement, hereby sells, transfers, assigns
      and
      otherwise conveys to the Trustee for the use and benefit of the

     

    

    
      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

    

    

    Certificateholders,
      without recourse, all right title and interest in the portion of the Trust
      Fund
      not otherwise conveyed to the Trust Fund pursuant to Sections 2.01(a) or
      (b).

     

    (e)           Upon
      five (5) Business Days written notice to the Trustee, the Depositor, the Master
      Servicer (if the Master Servicer is not a Seller) and the Rating Agencies,
      on
      any other Business Day during the Funding Period designated by Countrywide,
      Park
      Granada, Park Monaco and Park Sienna, if applicable, the Depositor and the
      Trustee shall complete, execute and deliver a Supplemental Transfer Agreement
      so
      long as no Rating Agency has provided notice that the execution and delivery
      of
      such Supplemental Transfer Agreement will result in a reduction or withdrawal
      of
      the any ratings assigned to the Certificates.  After the execution and
      delivery of such Supplemental Transfer Agreement, on the Supplemental Transfer
      Date, the Trustee shall set aside in the Pre-Funding Account an amount equal
      to
      the Aggregate Supplemental Purchase Amount.

     

    The
      transfer of Supplemental Mortgage Loans and the other property and rights
      relating to them on a Supplemental Transfer Date is subject to the satisfaction
      of each of the following conditions:

     

    (i)      each
      Supplemental Mortgage Loan conveyed on such Supplemental Transfer Date satisfies
      the representations and warranties applicable to it under this Agreement;
      provided, however, that with respect to a breach of a representation and
      warranty with respect to a Supplemental Mortgage Loan, the obligation under
      Section 2.03(c) of this Agreement of Countrywide, Park Granada, Park Monaco
      and
      Park Sienna, if applicable, to cure, repurchase or replace such Supplemental
      Mortgage Loan shall constitute the sole remedy against such Seller respecting
      such breach available to Certificateholders, the Depositor or the
      Trustee;

     

    (ii)     the
      Trustee, the Underwriter and the Rating Agencies are provided with an Opinion
      of
      Counsel or Opinions of Counsel with respect to the tax treatment of the Trust
      Fund, to be delivered as provided pursuant to Section 2.01(f);

     

    (iii)    the
      Rating Agencies and the Underwriter are provided with an Opinion of Counsel
      or
      Opinions of Counsel with respect to the validity of the conveyance of the
      Supplemental Mortgage Loans conveyed on such Supplemental Transfer Date, to
      be
      delivered as provided pursuant to Section 2.01(f);

     

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

     

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

     

    (vi)    no
      Supplemental Mortgage Loan conveyed on such Supplemental Transfer date was
      30 or
      more days delinquent;

     

    

    
      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

    

    

    (vii)   following
      the conveyance of the Supplemental Mortgage Loans on such Supplemental Transfer
      Date to the Trust Fund, the characteristics of the Mortgage Loans will comply
      with the Pool Characteristics (including the permitted variances listed
      therein); provided, that for the purpose of making these calculations, the
      characteristics for any Initial Mortgage Loan made will be taken as of the
      Initial Cut-off Date and the characteristics for any Supplemental Mortgage
      Loan
      will be taken as of the related Supplemental Cut-off Date;

     

    (ix)     none
      of the Sellers or the Depositor shall be insolvent or shall be rendered
      insolvent as a result of such transfer; and

     

    (x)      the
      Depositor shall have delivered to the Trustee an Officer’s Certificate
      confirming the satisfaction of each of these conditions precedent.

     

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

     

    (f)           Within
      seven Business Days after each Supplemental Transfer Date, upon (1) delivery
      to
      the Trustee by the Depositor or Countrywide of the Opinions of Counsel referred
      to in Sections 2.01(e)(ii) and (iii), (2) delivery to the Trustee by Countrywide
      of a revised Mortgage Loan Schedule reflecting the Supplemental Mortgage Loans
      conveyed on such Supplemental Transfer Date and (3) delivery to the Trustee
      by
      the Depositor of an Officer’s Certificate confirming the satisfaction of each of
      the conditions precedent set forth in this Section 2.01(f), the Trustee shall
      pay to each Seller the Aggregate Supplemental Transfer Amount used to purchase
      Supplemental Mortgage Loans from such Seller from those funds that were set
      aside in the Pre-Funding Account pursuant to Section 2.01(e).  The
      positive difference, if any, between the Aggregate Supplemental Transfer Amount
      and the Aggregate Supplemental Purchase Amount shall be reinvested by the
      Trustee in the Pre-Funding Account.

     

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

     

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

     

    (h)           Neither
      the Depositor nor the Trust will acquire or hold any Mortgage Loan that would
      violate the representations made by Countrywide set forth in clauses (50) or
      (51) 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 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

     

    

    
      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

    

    

    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.

     

    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 to this Agreement 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 Initial Mortgage Loans.  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 Initial
      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
      Initial Mortgage Loans in the form annexed hereto as Exhibit H-1, 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 that 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

     

    

    
      
        
          
          

        

        
          60

          
            

          

        

        
          
          

        

      

    

    

    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) that 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, 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 substantially in the form
      of
      Exhibit N.  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 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 an Initial
      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)           Upon
      delivery of the Supplemental Mortgage Loans pursuant to a Supplemental Transfer
      Agreement, the Trustee shall acknowledge receipt of the documents identified
      in
      any Supplemental Certification in the form annexed hereto as Exhibit F-2 and
      declare that it will hold such documents and the other documents delivered
      to it
      constituting the Mortgage Files, and that it 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.

     

    The
      Trustee agrees to execute and deliver on the Supplemental Transfer Date to
      the
      Depositor, the Master Servicer and Countrywide (on its own behalf and on behalf
      of Park Granada, Park Monaco and Park Sienna) a Supplemental Certification
      in
      the form annexed hereto as Exhibit F-2.  Based on its review and
      examination, and only as to the documents identified in such Supplemental
      Certification, the Trustee shall acknowledge that such documents appear regular
      on their face and relate to such Supplemental Mortgage
      Loan.  The

     

    

    
      
        
          
          

        

        
          61

          
            

          

        

        
          
          

        

      

    

    

    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 twentieth (20th) day after the Supplemental Transfer 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 Supplemental Mortgage Loans in the
      form annexed hereto as Exhibit G-2, with any applicable exceptions noted
      thereon.

     

    Not
      later
      than 90 days after the final Supplemental Transfer 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 Supplemental Mortgage Loans in the form
      annexed hereto as Exhibit H-2, with any applicable exceptions noted
      thereon.

     

    (c)           If,
      in the course of such review of the Mortgage Files relating to the Supplemental
      Mortgage Loans, 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)

     

    

    
      
        
          
          

        

        
          62

          
            

          

        

        
          
          

        

      

    

    

    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.  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 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 a 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 Supplemental 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) 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.

     

    (d)           The
      Trustee shall retain possession and custody of each Mortgage File in accordance
      with and subject to the terms and conditions set forth in this
      Agreement.  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.

     

    (e)           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 Initial Cut-off Date with respect to all of the Initial Mortgage Loans
      and as of the related Supplemental Cut-off Date with respect to all of the
      Supplemental 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
      Initial Cut-off Date with respect to the Initial Mortgage Loans that are
      Countrywide Mortgage Loans and as of the related 

     

    

    
      
        
          
          

        

        
          63

          
            

          

        

        
          
          

        

      

    

     

    Supplemental
      Cut-off Date with respect to the Supplemental 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
      Initial Cut-off Date with respect to the Initial Mortgage Loans that are Park
      Granada Mortgage Loans and as of the related Supplemental Cut-off Date with
      respect to the Supplemental 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 Initial Cut-off Date with respect to
      the
      Initial Mortgage Loans that are Park Monaco Mortgage Loans and as of the related
      Supplemental Cut-off Date with respect to the Supplemental 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 herein, to the Depositor, the Master Servicer and the
      Trustee, as of the Closing Date, or if so specified therein, as of the Initial
      Cut-off Date with respect to the Initial Mortgage Loans that are Park Sienna
      Mortgage Loans and as of the related Supplemental Cut-off Date with respect
      to
      the Supplemental 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)
        or a breach of a representation or warranty with respect to a Supplemental
        Mortgage Loan under Section 2.01(e)(i) 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 and the
        NIM
        Insurer.  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) and with respect to a breach of a
        representation and warranty with respect to a Supplemental Mortgage Loan
        sold to
        it under Section 2.01(e)(i) that 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, 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

       

      
        
          
          

        

        
          64

          
            

          

        

        
          
          

        

      

      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.

       

      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 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

       

      
        
          
          

        

        
          65

          
            

          

        

        
          
          

        

      

      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 in the form
        of Exhibit N hereto, 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 of this Agreement or such other date set forth
        in
        this Agreement 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), together with all rights of the Depositor to require a
        Seller to cure any breach thereof or to repurchase or substitute for any
        affected Mortgage Loan in accordance with this Agreement.

       

      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
        and the NIM Insurer.

       

      
        
          
          

        

        
          66

          
            

          

        

        
          
          

        

      

       

      
        	
                 

              	
                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 under this Agreement 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 and the NIM Insurer.  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 to this Section 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.

       

      
        	
                 

              	
                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.

       

      
        
          
          

        

        
          67

          
            

          

        

        
          
          

        

      

      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, subject to the terms of this
        Agreement (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 3.01 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 under
        this
        Agreement 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.

       

      
        
          
          

        

        
          68

          
            

          

        

        
          
          

        

      

      In
        accordance with the standards of the preceding paragraph, the Master Servicer
        shall advance or cause to be advanced funds as necessary for the purpose
        of
        effecting the payment of taxes and assessments on the Mortgaged Properties,
        which advances shall be reimbursable in the first instance from related
        collections from the Mortgagors pursuant to Section 3.06, and further as
        provided in Section 3.08.  The costs incurred by the Master
        Servicer, if any, in effecting the timely payments of taxes and assessments
        on
        the Mortgaged Properties and related insurance premiums shall not, for the
        purpose of calculating monthly distributions to the Certificateholders, be
        added
        to the Stated Principal 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 under this
        Agreement; provided, however, that the NIM Insurer shall have consented to
        such
        subservicing agreements (which consent shall not be unreasonably
        withheld).  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, the NIM Insurer and the Trustee in Respect of
                  the Master
                  Servicer.

              

      

       

      The
        Depositor may, but is not obligated to, enforce the obligations of the Master
        Servicer under this Agreement and may, but is not obligated to, perform,
        or
        cause a designee to perform, any defaulted obligation of the Master Servicer
        under this Agreement and in connection with any such defaulted obligation
        to
        exercise the related rights of the Master Servicer under this Agreement;
        provided that the Master Servicer shall not be relieved of any of its
        obligations under this Agreement by virtue of such performance by the Depositor
        or its designee.  None of the 

       

       

      
        
          
          

        

        
          69

          
            

          

        

        
          
          

        

      

       

      Trustee,
        the NIM Insurer or 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 under this
        Agreement or otherwise.

       

      
        
          	
                   

                	
                  SECTION
                    3.04.

                	
                  Trustee
                    to Act as Master Servicer.

                

        

         

        In
          the
          event that the Master Servicer shall for any reason no longer be the Master
          Servicer under this Agreement (including by reason of an Event of Default
          or
          termination by the Depositor), the Trustee or its successor shall then
          assume
          all of the rights and obligations of the Master Servicer under this Agreement
          arising thereafter (except that the Trustee shall not be (i) liable for
          losses of the Master Servicer pursuant to Section 3.09 or any acts or
          omissions of the predecessor Master Servicer under this Agreement),
          (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 under this Agreement including, but not limited to,
          repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or
          2.03, (iv) responsible for expenses of the Master Servicer pursuant to
          Section 2.03 or (v) deemed to have made any representations and
          warranties of the Master Servicer under this Agreement).  Any such
          assumption shall be subject to Section 7.02.  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; Certificate Account; Distribution
                    Account;
                    Pre-Funding Account; Capitalized Interest Account; Carryover
                    Reserve
                    Fund.

                

        

         

        (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, subject to Section 3.20, any Prepayment Charge or penalty
          interest in connection with the prepayment of a Mortgage Loan and
          (ii) extend the due dates for payments due on a Mortgage Note for a period
          not greater than 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.  In addition, the NIM Insurer’s prior
          written consent shall be 

         

        
          
            
            

          

          
            70

            
              

            

          

          
            
            

          

        

         

        required
          for any waiver of Prepayment Charges or for the extension of the due dates
          for
          payments due on a Mortgage Note, if the aggregate number of outstanding
          Mortgage
          Loans that have been granted such waivers or extensions exceeds 5% of the
          aggregate number of Mortgage Loans.  The Master Servicer shall not be
          required to institute or join in litigation with respect to collection
          of any
          payment (whether under a Mortgage, Mortgage Note or otherwise or against
          any
          public or governmental authority with respect to a taking or condemnation)
          if it
          reasonably believes that enforcing the provision of the Mortgage or other
          instrument pursuant to which such payment is required is prohibited by
          applicable law.

         

        (b)           The
          Master Servicer shall establish and maintain a Certificate Account into
          which
          the Master Servicer shall deposit or cause to be deposited no later than
          two
          Business Days after receipt (or, if (i) the current short-term credit rating
          of
          Countrywide from S&P is reduced 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 reduced below “BBB+”,
          (ii) the current long-term credit rating of Countrywide from Moody’s is reduced
          below “A3” or (iii) the current long-term credit rating of Countrywide from
          Fitch is reduced below “A-”, 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;

         

        (ii)      all
          payments on account of interest on the Mortgage Loans, net of the related
          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 a 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
          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 income from REO Property
          pursuant to Section 3.11;

         

        (vi)     all
          Substitution Adjustment Amounts;

         

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

         

        (viii)   all
          payments on account of Prepayment Charges on the Mortgage Loans;
          and

         

        
          
            
            

          

          
            71

            
              

            

          

          
            
            

          

        

        (ix)      any
          other amounts required to be deposited under this Agreement.

         

        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 related 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 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
          in
          this Agreement 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 in the Distribution Account
          the
          following:

         

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

         

        (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 in this Agreement 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.

         

        
          
            
            

          

          
            72

            
              

            

          

          
            
            

          

        

        (e)           Each
          institution at which the Certificate Account, the Pre-Funding Account,
          the
          Capitalized Interest 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 Pre-Funding Account or the Capitalized Interest
          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 in this Agreement.  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
          amount of any losses in the Pre-Funding Account or the Capitalized Interest
          Account incurred in respect of any such investments shall promptly be deposited
          by the Depositor in the Pre-Funding Account or the Capitalized Interest
          Account,
          as applicable.  All income or gain (net of any losses) realized from
          any such investment of funds on deposit in the Capitalized Interest Account
          shall be credited to the Capitalized Interest Account.  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, the Pre-Funding Account, the Capitalized Interest
          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,
          the Pre-Funding Account, the Capitalized Interest Account or the Carryover
          Reserve Fund prior to any change thereof.

         

        (g)           The
          Trustee shall establish and maintain, on behalf of the Certificateholders,
          the
          Pre-Funding Account.  On the Closing Date Countrywide shall remit the
          Pre-Funded Amount to the Trustee for deposit in the Pre-Funding
          Account.  On each Supplemental Transfer Date, upon satisfaction of the
          conditions for such Supplemental Transfer Date set forth in Section 2.01(e),
          with respect to the related Supplemental Transfer Agreement, the Trustee
          shall
          pay to each Seller selling Supplemental Mortgage Loans to the Depositor
          on such
          Supplemental Transfer Date the portion of the Aggregate Supplemental Transfer
          Amount held in escrow pursuant to Section 2.01(e) as payment of the purchase
          price for the Supplemental Mortgage Loans sold by such Seller.  If at
          any time the Depositor becomes aware that the Cut-off Date Principal Balance
          of
          Supplemental Mortgage Loans reflected on any Supplemental Transfer Agreement
          exceeds the actual Cut-off Date Principal Balance of the relevant Supplemental
          Mortgage Loans, the 

         

        
          
            
            

          

          
            73

            
              

            

          

          
            
            

          

        

         

        Depositor
          may so notify the Trustee and the Trustee shall redeposit into the Pre-Funding
          Account the excess reported to it by the Depositor.

         

        If
          any
          funds remain in the Pre-Funding Account at the end of the Funding Period,
          to the
          extent that they represent earnings on the amounts originally deposited
          into the
          Pre-Funding Account, the Trustee shall distribute them to the order of
          the
          Depositor.  The remaining funds shall be transferred to the
          Distribution Account to be included as part of the Principal Remittance
          Amount.

         

        (h)           The
          Trustee shall establish and maintain, on behalf of the Certificateholders,
          the
          Capitalized Interest Account.  On the Closing Date, Countrywide shall
          remit the Capitalized Interest Deposit to the Trustee for deposit in the
          Capitalized Interest Account.  On each Distribution Account Deposit
          Date related to a Funding Period Distribution Date, the Trustee shall transfer
          from the Capitalized Interest Account to the Distribution Account an amount
          equal to the Capitalized Interest Requirement (which, to the extent required,
          may include investment earnings on amounts on deposit therein) for the
          related
          Distribution Date.

         

        On
          each
          Supplemental Transfer Date, upon satisfaction of the conditions for such
          Supplemental Transfer Date set forth in Section 2.01(e), the Trustee shall
          withdraw from the Capitalized Interest Account the Capitalized Interest
          Release
          Amount for such Supplemental Transfer Date and distribute the amount to
          the
          order of Countrywide.

         

        If
          any
          funds remain in the Capitalized Interest Account at the end of the Distribution
          Account Deposit Date for the last Funding Period Distribution Date, the
          Trustee
          shall distribute any such remaining funds to the order of Countrywide on
          the
          last Funding Period Distribution Date.

         

        (i)           On
          the Closing Date, the Trustee shall establish and maintain in its name,
          in trust
          for the benefit of the Holders of the LIBOR Certificates, the Carryover
          Reserve
          Fund and shall deposit $1,000 therein upon receipt from or on behalf of
          the
          Depositor of such amount.  The Carryover Reserve Fund shall be an
          Eligible Account, and funds on deposit therein shall be held separate and
          apart
          from, and shall not be commingled with, any other moneys, including without
          limitation, other moneys held by the Trustee pursuant to this
          Agreement.

         

        Funds
          in
          the Carryover Reserve Fund may be invested in Permitted Investments at
          the
          direction of the Majority of the Holders of the Class C-P Certificates,
          which
          Permitted Investments shall mature not later than the Business Day immediately
          preceding the first Distribution Date that follows the date of such investment
          (except that if such Permitted Investment is an obligation of the institution
          that maintains the Carryover Reserve Fund, then such Permitted Investment
          shall
          mature not later than such Distribution Date) and shall not be sold or
          disposed
          of prior to maturity.  All such Permitted Investments shall be made in
          the name of the Trustee, for the benefit of the Holders of the Class C-P
          Certificates. In the absence of such written direction, all funds in the
          Carryover Reserve Fund shall be invested by the Trustee in The Bank of
          New York
          cash reserves.  Any net investment earnings on such amounts shall be
          retained therein until withdrawn as provided in Section 3.08.  Any
          losses incurred in the Carryover Reserve Fund in respect of any such investments
          shall be charged against amounts on deposit in the Carryover Reserve Fund
          (or
          such investments) immediately as realized.  The Trustee shall not be
          liable for the amount of any loss incurred in respect of any investment
          or lack
          of investment of funds held in the Carryover Reserve Fund and made in accordance
          with 

         

        
          
            
            

          

          
            74

            
              

            

          

          
            
            

          

        

         

        this
          Section 3.05.  The Carryover Reserve Fund will not constitute an asset
          of any REMIC created hereunder.  The Class C-P Certificates shall
          evidence ownership of the Carryover Reserve Fund for federal tax
          purposes.

         

        
          	
                   

                	
                  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 in this Agreement
          shall require the Master Servicer to compel a Mortgagor to establish an
          Escrow
          Account in violation of applicable law.

         

        (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
          (with respect to taxes and assessments and insurance premiums) and 3.09
          (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.  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, the NIM Insurer
          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 

         

        
          
            
            

          

          
            75

            
              

            

          

          
            
            

          

        

         

        reimbursed
          by each such Certificateholder and/or Certificate Owner for actual expenses
          incurred by the Master Servicer in providing such reports and
          access.  Upon request, the Master Servicer shall furnish to the
          Trustee and the NIM Insurer its most recent publicly available financial
          statements and any other information relating to its capacity to perform
          its
          obligations under this Agreement reasonably requested by the NIM
          Insurer.

         

        
          	
                   

                	
                  SECTION
                    3.08.

                	
                  Permitted
                    Withdrawals from the Certificate Account; the Distribution Account
                    and the
                    Carryover Reserve Fund.

                

        

         

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

         

        (i)       to
          pay to the Master Servicer (to the extent not previously 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;

         

        (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) that 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;

         

        (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 on such Mortgage Loan after the date of such
          purchase;

         

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

         

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

         

        
          
            
            

          

          
            76

            
              

            

          

          
            
            

          

        

        (ix)      on
          or prior to the Distribution Account Deposit Date, to withdraw an amount
          equal
          to the Interest Remittance Amount, Principal Remittance Amount, Prepayment
          Charge Amount 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.

         

        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 and remittance to the Swap Accounts, 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 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 this Agreement
          pursuant to Section 9.01.

         

        (c)           The
          Trustee shall withdraw funds from the Carryover Reserve Fund for distribution
          to
          the LIBOR Certificates in the manner specified in Section 4.02(c)(4) (and
          to
          withhold from the amounts so withdrawn the amount of any taxes that it
          is
          authorized to retain 

         

        
          
            
            

          

          
            77

            
              

            

          

          
            
            

          

        

         

        pursuant
          to the third paragraph of Section 8.11).  In addition, the Trustee may
          from time to time make withdrawals from the Carryover Reserve Fund for
          the
          following purposes:

         

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

         

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

         

        (d)           [Reserved].

         

        
          	
                   

                	
                  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.  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.  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)           [Reserved].

         

        (c)           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 

         

        
          
            
            

          

          
            78

            
              

            

          

          
            
            

          

        

         

        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 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.

         

        (d)           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 

         

        
          
            
            

          

          
            79

            
              

            

          

          
            
            

          

        

         

        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), in any case in which a Mortgaged Property has
          been conveyed to a Person by a Mortgagor, and such Person is to enter into
          an
          assumption agreement or modification agreement or supplement to the Mortgage
          Note or Mortgage that requires the signature of the Trustee, or if an instrument
          of release signed by the Trustee is required releasing the Mortgagor from
          liability on the Mortgage Loan, the Master Servicer shall prepare and deliver
          or
          cause to be prepared and delivered to the Trustee for signature and shall
          direct, in writing, the Trustee to execute the assumption agreement with
          the
          Person to whom the Mortgaged Property is to be conveyed and such modification
          agreement or supplement to the Mortgage Note or Mortgage or other instruments
          as
          are reasonable or necessary to carry out the terms of the Mortgage Note
          or
          Mortgage or otherwise to comply with any applicable laws regarding assumptions
          or the transfer of the Mortgaged Property to such Person.  In
          connection with any such assumption, no material term of the Mortgage Note
          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 

         

        
          
            
            

          

          
            80

            
              

            

          

          
            
            

          

        

         

        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 of such costs and expenses 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 one-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 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 

         

        
          
            
            

          

          
            81

            
              

            

          

          
            
            

          

        

         

        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 Properties,
          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 Loans (with interest accruing as though such Mortgage Loans were
          still
          current) and all such income shall be deemed, for all purposes in this
          Agreement, to be payments on account of principal and interest on the related
          Mortgage Notes and shall be deposited into the Certificate
          Account.  To the extent the 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
          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 

         

        
          
            
            

          

          
            82

            
              

            

          

          
            
            

          

        

         

        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 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 Master Servicer, in its sole
          discretion, shall also have the right to purchase for its own account from
          the
          Trust Fund at a price equal to the Purchase Price any Eligible EPD Protected
          Mortgage Loan.  The Master Servicer’s right to purchase any such
          Eligible EPD Protected Mortgage Loan shall expire on the 270th day
          following the
          date on which the related Mortgage Loan became an Eligible EPD Protected
          Mortgage Loan.  The Purchase Price for any Mortgage Loan purchased
          under this Section 3.11 shall be deposited in the Certificate Account and
          the
          Trustee, upon receipt of a certificate from the Master Servicer in the
          form of
          Exhibit N to this Agreement, 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.  In addition, if the Master
          Servicer receives any Premium in connection with an Eligible EPD Protected
          Mortgage Loan that the Master Servicer has purchased pursuant to this Section
          3.11, the Master Servicer shall transfer such Premium to the Certificate
          Account
          (not later than 1:00 p.m. Pacific time on the Master Servicer Advance Date
          for
          the Distribution Date related to the Due Period in which such Premium is
          received), and such amount shall be distributable as part of the Prepayment
          Charge Amount on the related Distribution Date.

         

        (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 

         

        
          
            
            

          

          
            83

            
              

            

          

          
            
            

          

        

         

        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.

         

        Countrywide
          shall remit to the Master Servicer and the Master Servicer shall deposit
          the
          Purchase Price for any Modified Mortgage Loan in 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” substantially in
          the form of Exhibit N of this Agreement.  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 on the Mortgage
          Note.  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 

         

        
          
            
            

          

          
            84

            
              

            

          

          
            
            

          

        

         

        of
          the
          other documents included in the Mortgage File, the Trustee shall, upon
          delivery
          to the Trustee of a Request for Release in the form of Exhibit M signed by
          a Servicing Officer, release the Mortgage File to the Master
          Servicer.  Subject to the further limitations set forth below, the
          Master Servicer shall cause the Mortgage File or documents so released
          to be
          returned to the 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 in the form of Exhibit N,
          signed by a Servicing Officer.

         

        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.

         

        
          	
                   

                	
                  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, if any, 

         

        
          
            
            

          

          
            85

            
              

            

          

          
            
            

          

        

         

        with
          respect to such Distribution Date, but not by more than the Compensating
          Interest for that 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, assumption fees, late payment charges and all income and gain net
          of any
          losses realized from Permitted Investments shall be retained by the Master
          Servicer to the extent not required to be deposited in the Certificate
          Account
          pursuant to Section 3.05.  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.

         

        
          	
                   

                	
                  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 2008 fiscal year, an Officer’s
          Certificate stating, as to the signer thereof, that (i) a review of the
          activities of the Master Servicer during the preceding calendar year (or
          applicable portion thereof) and of the performance of the Master Servicer
          under
          this Agreement has been made under such officer’s supervision and (ii) to the
          best of such officer’s knowledge, based on such review, the Master Servicer has
          fulfilled all its obligations under this Agreement in all material respects
          throughout such year (or applicable portion thereof), or, if there has
          been a
          failure to fulfill any such obligation in any material respect, specifying
          each
          such failure known to such officer and the nature and status
          thereof.

         

        (b)           The
          Master Servicer shall cause each Subservicer to deliver to the Depositor
          and the
          Trustee on or before March 15 of each year, commencing with its 2008 fiscal
          year, an Officer’s Certificate stating, as to the signer thereof, that (i) a
          review of the activities of such Subservicer during the preceding calendar
          year
          (or applicable portion thereof) and of the performance of the Subservicer
          under
          the applicable Subservicing Agreement or primary servicing agreement, has
          been
          made under such officer’s supervision and (ii) to the best of such officer’s
          knowledge, based on such review, such Subservicer has fulfilled all its
          obligations 

         

        
          
            
            

          

          
            86

            
              

            

          

          
            
            

          

        

         

        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.

         

        
          	
                   

                	
                  SECTION
                    3.18.

                	
                  Notification
                    of Adjustments.

                

        

         

        On
          each
          Adjustment Date, the Master Servicer shall make interest rate and scheduled
          payment adjustments for each Mortgage Loan in compliance with the requirements
          of the related Mortgage and Mortgage Note and applicable
          regulations.  The Master Servicer shall execute and deliver the
          notices required by each Mortgage and Mortgage Note and applicable regulations
          regarding interest rate and/or monthly payment adjustments.  The
          Master Servicer also shall provide timely notification to the Trustee of
          all
          applicable data and information regarding such interest rate or monthly
          payment
          adjustments and the Master Servicer’s methods of implementing such
          adjustments.  Upon the discovery by the Master Servicer or the Trustee
          that the Master Servicer has failed to adjust or has incorrectly adjusted
          a
          Mortgage Rate or a monthly payment pursuant to the terms of the related
          Mortgage
          Note and Mortgage, the Master Servicer shall immediately deposit in the
          Certificate Account from its own funds the amount of any interest and/or
          principal loss caused thereby without reimbursement therefor; provided,
          however,
          the Master Servicer shall be held harmless with respect to any interest
          rate
          and/or monthly payment adjustments made by any servicer prior to the Master
          Servicer.

         

        
          	
                   

                	
                  SECTION
                    3.19.

                	
                  The
                    Swap Contracts.

                

        

         

          The
          Trustee’s rights to receive certain proceeds of each Swap Contract as provided
          in the Swap Contract Administration Agreement shall be rights of the Trustee
          as
          the Swap Trustee hereunder, shall be an asset of the Swap Trust and shall
          not be
          an asset of the Trust Fund or of any REMIC.  The Swap Trustee shall
          deposit any amounts received from time to time from the Swap Contract
          Administrator with respect to each Swap Contract into the related Swap
          Account.

         

        On
          the
          Business Day preceding each Distribution Date, the Swap Trustee shall notify
          the
          Swap Contract Administrator of any amounts distributable to the Certificate
          Swap
          Certificates pursuant to Section 4.02(d)(3) through (8) that will remain
          unpaid
          following all distributions to be made on such Distribution Date pursuant
          to
          Section 4.02(a) through (c).

         

        
          
            
            

          

          
            87

            
              

            

          

          
            
            

          

        

        No
          later
          than two Business Days following each Distribution Date, the Trustee shall
          provide the Swap Contract Administrator with information regarding the
          Class
          Certificate Balance of the Class A-1-B Certificates after all distributions
          on
          such Distribution Date.

         

        Upon
          the
          Swap Contract Administrator obtaining actual knowledge of a Collateral
          Event (as
          defined in the related ISDA Master Agreement), the Swap Trustee shall direct
          the
          Swap Contract Administrator to (i) demand delivery of the Delivery Amount
          (as
          defined in the related ISDA Master Agreement) from the related Swap Counterparty
          on each Valuation Date (as defined in the related ISDA Master Agreement),
          if
          applicable, (ii) deliver to the related Swap Counterparty the Return Amount
          (as
          defined in the related ISDA Master Agreement) on each Valuation Date, if
          applicable, as well as Distributions and the Interest Amount (each as defined
          in
          the related ISDA Master Agreement), to the extent required under that ISDA
          Master Agreement and (iii) take such other action required under the related
          ISDA Master Agreement.  If a Delivery Amount is demanded, the Swap
          Contract Administrator, in accordance with the Swap Contract Administration
          Agreement, shall open and maintain a segregated account meeting the requirements
          set forth in the related ISDA Master Agreement.  Any cash or other
          Eligible Collateral (as defined in the related ISDA Master Agreement) pledged
          under the related ISDA Master Agreement shall not be part of the Distribution
          Account or any Swap Account unless remitted to such accounts by the Swap
          Contract Administrator in accordance with the Swap Contract Administration
          Agreement.  If Eligible Collateral with a Value (as defined in the
          related ISDA Master Agreement) equal to the Delivery Amount is not delivered
          to
          the Swap Contract Administrator by the related Swap Counterparty, the Swap
          Trustee shall direct the Swap Contract Administrator to notify the related
          Swap
          Counterparty and Countrywide of such failure.

         

        Upon
          the
          Swap Trustee obtaining actual knowledge of an Event of Default or Termination
          Event (each as defined in the related ISDA Master Agreement) for which
          the Swap
          Contract Administrator has the right to designate an Early Termination
          Date (as
          defined in the related ISDA Master Agreement), the Swap Trustee shall act
          at the
          written direction of Countrywide as to whether to direct the Swap Contract
          Administrator to designate an Early Termination Date; provided, however,
          that
          following such Event of Default or Termination Event and before directing
          the
          Swap Contract Administrator to designate an Early Termination Date, the
          Swap
          Trustee shall provide written notice to each Rating Agency.  Following
          the designation of an Early Termination Date, (i) the Swap Trustee shall
          use its
          reasonable best efforts to enforce the rights of the Swap Contract Administrator
          under the related ISDA Master Agreement and consistent with the terms hereof,
          (ii) Countrywide shall assist the Swap Contract Administrator in procuring
          a
          replacement swap contract with terms that are substantially the same as
          those of
          the original Swap Contract and (iii) the Swap Trustee shall direct the
          Swap
          Contract Administrator to request the related Swap Counterparty to assist
          in
          procuring a replacement swap contract with terms that are substantially
          the same
          as those of the original Swap Contract.

         

        Any
          Swap
          Termination Payment received from a Swap Counterparty shall be used to
          pay any
          upfront amount required under any replacement swap contract and any excess
          shall
          be distributed to Countrywide and will not be available to make distributions
          in
          respect of any Class of Certificates.  In the event that a replacement
          swap contract cannot be procured, any Swap Termination Payment received
          from a
          Swap Counterparty in respect of the termination of the original Swap Contract
          shall, in accordance with the Swap Contract Administration Agreement,

         

        
          
            
            

          

          
            88

            
              

            

          

          
            
            

          

        

         

        be
          retained by the Swap Contract Administrator and remitted to the Swap Trustee
          on
          subsequent Distribution Dates up to and including the related Swap Contract
          Termination Date (i) in the case of a Certificate Swap Termination Payment,
          to
          pay any amounts distributable to the Certificate Swap Certificates pursuant
          to
          Section 4.02(d)(3) through (8) that will remain unpaid following all
          distributions to be made on such Distribution Date pursuant to Section
          4.02(a)
          through (c) and (ii) in the case of a Class A-1-B Swap Termination Payment,
          to
          pay any amounts distributable to the Class A-1-B Certificates pursuant
          to
          Section 4.02(e) following all distributions to be made on such Distribution
          Date
          pursuant to Section 4.02(a) through (d).  Any portion of such Swap
          Termination Payment remaining after the related Swap Contract Termination
          Date
          shall be distributed to Countrywide and will not be available to make
          distributions in respect of any Class of Certificates.

         

        In
          the
          event that the swap counterparty in respect of a replacement swap contract
          pays
          any upfront amount to the Swap Contract Administrator in connection with
          entering into the replacement swap contract and such upfront amount is
          received
          by the Swap Contract Administrator prior to the Distribution Date on which
          any
          Swap Termination Payment will be payable to the related Swap Counterparty
          in
          respect of the original Swap Contract, a portion of that upfront amount
          equal to
          the lesser of (x) that upfront amount and (y) the amount of the Swap Termination
          Payment due to the related Swap Counterparty in respect of the original
          Swap
          Contract (the “Adjusted Replacement Upfront Amount”) shall be included in
          Interest Funds for that Distribution Date, and any upfront amount in excess
          of
          the Adjusted Replacement Upfront Amount shall be distributed to Countrywide
          and
          will not be available to make distributions in respect of any Class of
          Certificates.  If any upfront amount is paid to the Swap Contract
          Administrator by the swap counterparty in respect of a replacement swap
          contract
          after the Distribution Date on which any Swap Termination Payment will
          be
          payable to the related Swap Counterparty in respect of the original Swap
          Contract, such upfront amount shall be retained by the Swap Contract
          Administrator and remitted to the Swap Trustee on subsequent Distribution
          Dates
          up to and including the related Swap Contract Termination Date (i) in the
          case
          of the Certificate Swap Contract, to pay any amounts distributable to the
          Certificate Swap Certificates pursuant to Section 4.02(d)(3) through (8)
          that
          will remain unpaid following all distributions to be made on such Distribution
          Date pursuant to Section 4.02(a) through (c) and (ii) in the case of the
          Class
          A-1-B Swap Contract, to pay any amounts distributable to the Class A-1-B
          Certificates pursuant to Section 4.02(e) following all distributions to
          be made
          on such Distribution Date pursuant to Section 4.02(a) through (d).

         

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

         

        
          	
                   

                	
                  SECTION
                    3.20.

                	
                  Prepayment
                    Charges.

                

        

         

        (a)           Notwithstanding
          anything in this Agreement to the contrary, in the event of a Principal
          Prepayment in full or in part of a Mortgage Loan, the Master Servicer may
          not
          waive any Prepayment Charge or portion thereof required by the terms of
          the
          related Mortgage Note unless (i) such Mortgage Loan is in default or the
          Master
          Servicer believes that such a default is imminent, and the Master Servicer
          determines that such waiver would maximize recovery of Liquidation Proceeds
          for
          such Mortgage Loan, taking into account the value of such Prepayment

         

        
          
            
            

          

          
            89

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        (c)           Countrywide
          represents and warrants to the Depositor and the Trustee, as of the Closing
          Date, that the information contained in clauses (xxi), (xxii) and (xxiii)
          of the
          Mortgage Loan Schedule is complete and accurate in all material respects
          at the
          dates as of which the information is furnished and each Prepayment Charge
          is
          permissible and enforceable in accordance with its terms under applicable
          state
          law, except as the enforceability thereof is limited due to acceleration
          in
          connection with a foreclosure or other involuntary payment.

         

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

         

        
          
            
            

          

          
            90

            
              

            

          

          
            
            

          

        

        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.

         

        
          
            
            

          

          
            91

            
              

            

          

          
            
            

          

        

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

         

        (1)           to
          the Certificate Swap Account, the amount of any Net Certificate Swap Payment
          and
          any Certificate Swap Termination Payment (other than a Certificate Swap
          Termination Payment due to a Swap Counterparty Trigger Event) payable to
          the
          Certificate Swap Counterparty for that Distribution Date;

         

        (2)           concurrently
          and on a pro rata basis based on their respective entitlements, as
          follows:

         

        
          	
                   

                	
                  (a)

                	
                  prior
                    to the termination of the Class A-1-B Swap Contract, to the Class
                    A-1-B
                    Swap Account, the amount of the Class A-1-B Swap Fee payable
                    to the Class
                    A-1-B Swap Counterparty for that Distribution
                    Date;

                

        

         

        
          	
                   

                	
                  (b)

                	
                  concurrently,
                    to each Class of Senior Certificates, the respective Current
                    Interest and
                    Interest Carry Forward Amounts for that Distribution Date, provided,
                    however, that prior to the termination of the Class A-1-B Swap
                    Contract, any amounts of Current Interest and Interest Carry
                    Forward
                    Amounts that would be distributed to the Class A-1-B Certificates
                    in the
                    absence of the Class A-1-B Swap Contract will instead be distributed
                    to
                    the Class A-1-B Swap Account and, provided further, if a Class
                    A-1-B Swap Termination Payment (other than a Class A-1-B Swap
                    Termination
                    Payment due to a Class A-1-B Swap Counterparty Trigger Event)
                    is due to
                    the Class A-1-B Swap Counterparty, then any amounts of Current
                    Interest
                    and Interest Carry Forward Amount that would be distributed to
                    the Class
                    A-1-B Certificates in the absence of such Class A-1-B Swap Termination
                    Payment will instead be distributed, up to the amount of such
                    Class A-1-B
                    Swap Termination Payment, to the Class A-1-B Swap Account;
                    and;

                

        

         

        
          	
                   

                	
                  (c)

                	
                  prior
                    to the termination of the Class A-1-B Swap Contract, to the Class
                    A-1-B
                    Swap Account, current interest and interest carry forward
                    

                

        

         

         

        
          
            
            

          

          
            92

            
              

            

          

          
            
            

          

        

         

        amounts
          on the Class A-1-B Swap Principal Amount at the
          Pass-Through Rate for the Class A-1-B Certificates for that Distribution
          Date;

         

        (3)           [Reserved]

         

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

         

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

         

        (b)           Distributions
          of Principal Distribution Amount.  On each Distribution Date, the
          Principal Distribution Amount for such Distribution Date shall be distributed
          by
          the Trustee from the Distribution Account in the following order (with
          the
          Principal Distribution Amount exclusive of the portion thereof consisting
          of the
          Extra Principal Distribution Amount being applied first and the Extra Principal
          Distribution Amount being applied thereafter):

         

        (1)           For
          each Distribution Date prior to the Stepdown Date or on which a Trigger
          Event is
          in effect, in the following order:

         

        
          	
                   

                	
                  (a)

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

                

        

         

        
          	
                   

                	
                  (b)

                	
                  concurrently
                    and on a pro rata basis based on (1) the Class A-1-B Swap Principal
                    Amount, if any, immediately prior to such Distribution Date and
                    (2) the
                    aggregate Class Certificate Balance of the Class A-1-A, Class
                    A-1-B, Class
                    A-2 and Class A-3 Certificates immediately prior to such Distribution
                    Date
                    as follows:

                

        

         

        
          	
                   

                	
                  i.

                	
                  to
                    the Class A-1-B Swap Account, an amount up to the Class A-1-B
                    Swap
                    Principal Amount; and

                

        

         

        
          	
                   

                	
                  ii.

                	
                  concurrently,
                    to the Class A-1-A, Class A-1-B, Class A-2 and Class A-3 Certificates,
                    pro
                    rata, until their respective Class Certificate Balances are reduced
                    to
                    zero; and

                

        

         

        
          	
                   

                	
                  (c)

                	
                  sequentially,
                    to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
                    Class M-6
                    and Class M-7 Certificates, in that order, until their respective
                    Class
                    Certificate Balances are reduced to zero;
                    and

                

        

         

        
          	
                   

                	
                  (d)

                	
                  any
                    remainder as part of the Excess Cashflow;
                    and

                

        

         

        (2)           For
          each Distribution Date on or after the Stepdown Date and so long as a Trigger
          Event is not in effect, sequentially:

         

        
          
            
            

          

          
            93

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  (a)

                	
                  in
                    an amount up to the Senior Principal Distribution Target Amount
                    concurrently and on a pro rata basis based on (1) the Class A-1-B
                    Swap
                    Principal Amount, if any, immediately prior to such Distribution
                    Date and
                    (2) the aggregate Class Certificate Balance of the Class A-1-A,
                    Class
                    A-1-B, Class A-2 and Class A-3 Certificates immediately prior
                    to such
                    Distribution Date, as follows:

                

        

         

        
          	
                   

                	
                  i.

                	
                  to
                    the Class A-1-B Swap Account, an amount up to the Class A-1-B
                    Swap
                    Principal Amount; and

                

        

         

        
          	
                   

                	
                  ii.

                	
                  concurrently,
                    to the Class A-1-A, Class A-1-B, Class A-2 and Class A-3 Certificates,
                    pro
                    rata, until their respective Class Certificate Balances are reduced
                    to
                    zero;

                

        

         

        
          	
                   

                	
                  (b)

                	
                  sequentially,
                    to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
                    Class M-6
                    and Class M-7 Certificates, in that order, the Subordinated Class
                    Principal Distribution Target Amount for each such Class, in
                    each case
                    until its Class Certificate Balance is reduced to zero;
                    and

                

        

         

        
          	
                   

                	
                  (c)

                	
                  any
                    remainder as part of the Excess
                    Cashflow.

                

        

         

        (c)           Distributions
          of Excess Cashflow.  With respect to any Distribution Date, any
          Excess Cashflow will be distributed to the Classes of Certificates and
          deposited
          in the Swap Accounts in the following order, in each case to the extent
          of
          remaining Excess Cashflow:

         

        (1)           to
          the Class A-1-B Swap Account (up to the Class A-1-B Swap Principal Amount)
          and
          to the Classes of Certificates then entitled to receive distributions in
          respect
          of principal, in an amount equal to the Extra Principal Distribution Amount,
          payable as part of the Principal Distribution Amount pursuant to Section
          4.02(b)
          hereof;

         

        (2)           to
          the Class A-1-A, Class A-1-B, Class A-2 and Class A-3 Certificates and
          to the
          Class A-1-B Swap Account in the following order:

         

        
          	
                   

                	
                  (a)

                	
                  concurrently,
                    to the Class A-1-A and Class A-1-B Certificates and to the Class
                    A-1-B
                    Swap Account, pro rata based on the Unpaid Realized Loss Amount
                    for each
                    such Class and the Class A-1-B Swap Principal Amount, respectively,
                    in an
                    amount up to the Unpaid Realized Loss Amount for such Class and
                    such Class
                    A-1-B Swap Principal Amount,
                    respectively;

                

        

         

        
          	
                   

                	
                  (b)

                	
                  to
                    the Class A-2 Certificates, in an amount up to the Unpaid Realized
                    Loss
                    Amount for such Class; and

                

        

         

        
          	
                   

                	
                  (c)

                	
                  to
                    the Class A-3 Certificates, in an amount up to the Unpaid Realized
                    Loss
                    Amount for such Class;

                

        

         

        
          
            
            

          

          
            94

            
              

            

          

          
            
            

          

        

         

        (3)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6
          and
          Class M-7 Certificates, in that order, in each case, first, in an amount
          up to
          any remaining Current Interest and Interest Carry Forward Amount for each
          such
          Class and such Distribution Date and then in an amount up to the Unpaid
          Realized
          Loss Amount for each such Class;

         

        (4)           to
          the Carryover Reserve Fund and then from the Carryover Reserve Fund,
          concurrently, to the Classes of LIBOR Certificates, pro rata based on their
          respective Class Certificate Balances to the extent needed to pay any Net
          Rate
          Carryover for each such Class; and then any Excess Cashflow remaining after
          such
          allocation to pay Net Rate Carryover based on Class Certificate Balances
          of the
          LIBOR Certificates will be distributed to each Class of LIBOR Certificates
          with
          respect to which there remains any unpaid Net Rate Carryover, pro rata,
          based on
          the amount of such unpaid Net Rate Carryover; provided, however, that
          prior to the termination the Class A-1-B Swap Contract, any amount of Net
          Rate
          Carryover that would be distributed to the Class A-1-B Certificates in
          the
          absence of the Class A-1-B Swap Contract shall instead be distributed to
          the
          Class A-1-B Swap Account and, provided further, if a Class A-1-B Swap
          Termination Payment (other than a Class A-1-B Swap Termination Payment
          due to a
          Swap Counterparty Trigger Event of the related Swap Counterparty) is due
          to the
          Class A-1-B Swap Counterparty, then any amount of Net Rate Carryover that
          would
          be distributed to the Class A-1-B Certificates in the absence of such Class
          A-1-B Swap Termination Payment will instead be distributed, up to the amount
          of
          such Class A-1-B Swap Termination Payment, to the Class A-1-B Swap
          Account;

         

        (5)           concurrently,
          to the Certificate Swap Account and the Class A-1-B Swap Account, up to
          the
          amount of any unpaid Certificate Swap Termination Payment and unpaid Class
          A-1-B
          Swap Termination Payment due to the Certificate Swap Counterparty and the
          Class
          A-1-B Swap Counterparty, respectively, as a result of a Swap Counterparty
          Trigger Event of the related Swap Counterparty, pro rata, based upon the
          respective amounts of such unpaid payments;

         

        (6)           to
          the Class C-P Certificates, in an amount up to the Class C-P Distributable
          Amount for such Distribution Date; and

         

        (7)           to
          the Class A-R Certificates.

         

        (d)           On
          each Distribution Date on or prior to the Certificate Swap Contract Termination
          Date, following all deposits to the Certificate Swap Account and the
          distributions described under Sections 4.02(a) - (c), the Certificate Swap
          Trustee shall distribute amounts on deposit in the Certificate Swap Account
          in
          the following amounts and order:

         

        (1)           to
          the Swap Contract Administrator for payment to the Certificate Swap
          Counterparty, any Net Certificate Swap Payment payable to the Certificate
          Swap
          Counterparty with respect to that Distribution Date;

         

        (2)           to
          the Swap Contract Administrator for payment to the Certificate Swap
          Counterparty, any Certificate Swap Termination Payment (other than a Certificate
          Swap 

         

         

        
          
            
            

          

          
            95

            
              

            

          

          
            
            

          

        

         

        Termination
          Payment due to a Swap Counterparty Trigger Event of the related Swap
          Counterparty) payable to the Certificate Swap Counterparty with respect
          to that
          Distribution Date;

         

        (3)           concurrently,
          to the Class A-1-A, Class A-1-B, Class A-2 and Class A-3 Certificates,
          any
          remaining Current Interest and Interest Carry Forward Amounts and, prior
          to the
          termination of the Class A-1-B Swap Contract, to the Class A-1-B Swap Account,
          any remaining current interest and interest carry forward amounts on the
          Class
          A-1-B Swap Principal Amount at the Pass-Through Rate for the Class A-1-B
          Certificates for that Distribution Date, pro rata based on their respective
          entitlements; provided, however, that prior to the termination of the Class
          A-1-B Swap Contract, any amounts of remaining Current Interest and Interest
          Carry Forward Amounts that would be distributed to the Class A-1-B Certificates
          in the absence of the Class A-1-B Swap Contract will instead be distributed
          to
          the Class A-1-B Swap Account and, provided further, if a Class A-1-B Swap
          Termination Payment (other than a Class A-1-B Swap Termination Payment
          due to a
          Swap Counterparty Trigger Event of the related Swap Counterparty) is due
          to the
          Class A-1-B Swap Counterparty, then any amounts of remaining Current Interest
          and Interest Carry Forward Amount that would be distributed to the Class
          A-1-B
          Certificates in the absence of such Class A-1-B Swap Termination Payment
          will
          instead be distributed, up to the amount of such Class A-1-B Swap Termination
          Payment, to the Class A-1-B Swap Account;

         

        (4)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6
          and
          Class M-7 Certificates, in that order, in each case in an amount equal
          to any
          remaining Current Interest and Interest Carry Forward Amount for the
          Class;

         

        (5)           to
          the Class A-1-B Swap Account (up to the Class A-1-B Swap Principal Amount)
          and
          to the Classes of Certificates then entitled to receive distributions in
          respect
          of principal, in an aggregate amount equal to the Overcollateralization
          Deficiency Amount remaining unpaid following the distribution of Excess
          Cashflow
          payable in the same manner in which the Extra Principal Distribution Amount
          would be distributed;

         

        (6)           concurrently,
          to each Class of LIBOR Certificates, pro rata based on their respective
          amounts
          of unpaid Net Rate Carryover, to the extent needed to pay any remaining
          Net Rate
          Carryover for each such Class; provided, however, that prior to the termination
          of the Class A-1-B Swap Contract, any amount of remaining Net Rate Carryover
          that would be distributed to the Class A-1-B Certificates in the absence
          of the
          Class A-1-B Swap Contract will instead be distributed to the Class A-1-B
          Swap
          Account and, provided further, if a Class A-1-B Swap Termination Payment
          (other
          than a Class A-1-B Swap Termination Payment due to a Swap Counterparty
          Trigger
          Event of the related Swap Counterparty) is due to the Class A-1-B Swap
          Counterparty, then any amount of remaining Net Rate Carryover that would
          be
          distributed to the Class A-1-B Certificates in the absence of such Class
          A-1-B
          Swap Termination Payment will instead be distributed, up to the amount
          of such
          Class A-1-B Swap Termination Payment, to the Class A-1-B Swap
          Account;

         

        
          
            
            

          

          
            96

            
              

            

          

          
            
            

          

        

        (7)           to
          the Class A-1-A, Class A-1-B, Class A-2 and Class A-3 Certificates and
          to the
          Class A-1-B Swap Account in the following order:

         

        
          	
                   

                	
                  (a)

                	
                  concurrently,
                    to the Class A-1-A and Class A-1-B Certificates and to the Class
                    A-1-B
                    Swap Account, pro rata based on the remaining Unpaid Realized
                    Loss Amount
                    for each such Class and the Class A-1-B Swap Principal Amount,
                    respectively, in an amount up to the remaining Unpaid Realized
                    Loss Amount
                    for such Class and such Swap Principal Amount,
                    respectively;

                

        

         

        
          	
                   

                	
                  (b)

                	
                  to
                    the Class A-2 Certificates, in an amount up to the remaining
                    Unpaid
                    Realized Loss Amount for such Class;
                    and

                

        

         

        
          	
                   

                	
                  (c)

                	
                  to
                    the Class A-3 Certificates, in an amount up to the remaining
                    Unpaid
                    Realized Loss Amount for such
                    Class;

                

        

         

        (8)           sequentially,
          to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6
          and
          Class M-7 Certificates, in that order, in each case, in an amount up to
          the
          remaining Unpaid Realized Loss Amount for such Class; and

         

        (9)           to
          the Swap Contract Administrator for payment to the Certificate Swap
          Counterparty, only to the extent necessary to cover any Certificate Swap
          Termination Payment due to a Swap Counterparty Trigger Event of the related
          Swap
          Counterparty payable to the Certificate Swap Counterparty with respect
          to that
          Distribution Date.

         

        (e)           On
          each Distribution Date with respect to the Class A-1-B Swap Contract on
          or prior
          to the Class A-1-B Swap Contract Termination Date, following all deposits
          to the
          Class A-1-B Swap Account and the distributions described under Sections
          4.02(a)
          - (d), the Class A-1-B Swap Trustee shall distribute amounts on deposit
          in each
          Class A-1-B Swap Account in the following amounts and order:

         

        (1)           to
          the Swap Contract Administrator for payment to the Class A-1-B Swap
          Counterparty, any Class A-1-B Net Swap Payment payable to the Class A-1-B
          Swap
          Counterparty with respect to such Distribution Date;

         

        (2)           to
          the Swap Contract Administrator for payment to the Class A-1-B Swap
          Counterparty, any Class A-1-B Swap Termination Payment (other than a Class
          A-1-B
          Swap Termination Payment due to a Swap Counterparty Trigger Event of the
          related
          Swap Counterparty) payable to the Class A-1-B Swap Counterparty with respect
          to
          such Distribution Date;

         

        (3)           to
          the Class A-1-B Certificates, an amount equal to the product of (i) the
          sum of
          (a) LIBOR and (b) the Pass-Through Margin for the Class A-1-B Certificates
          for
          such Distribution Date, (ii) the Class Certificate Balance of the Class
          A-1-B
          Certificates immediately prior to such Distribution Date and (iii) the
          actual
          number of days in the related Interest Accrual Period divided by 360;
          and

         

        
          
            
            

          

          
            97

            
              

            

          

          
            
            

          

        

        (4)           to
          the Swap Contract Administrator for payment to the Class A-1-B Swap
          Counterparty, any Class A-1-B Swap Termination Payment due to a Swap
          Counterparty Trigger Event of the related Swap Counterparty payable to
          the Class
          A-1-B Swap Counterparty with respect to such Distribution Date.

         

        (f)           To
          the extent that a Class of LIBOR Certificates receives interest in excess
          of the
          related Net Rate Cap, if such interest is paid pursuant to Section 4.02(c),
          then
          it shall be deemed to have been paid to the Carryover Reserve Fund and
          then paid
          by the Carryover Reserve Fund to those Certificateholders, and if such
          interest
          is paid pursuant to Section 4.02(d), then such interest shall be deemed
          to have
          been paid to the Certificate Swap Account and then paid by the Certificate
          Swap
          Account to those Certificateholders.  For purposes of the Code,
          amounts deemed deposited in the Carryover Reserve Fund shall be deemed
          to have
          first been distributed to the Class C-P Certificates.

         

        (g)           On
          each Distribution Date, the Prepayment Charge Amount shall be distributed
          to the
          Class C-P Certificates.

         

        (h)           Application
          of Applied Realized Loss Amounts.  On each Distribution Date, the
          Trustee shall allocate the Applied Realized Loss Amount to reduce the applicable
          Class Certificate Balances or the Class A-1-B Swap Principal Amount, as
          applicable, in the following order of priority: (1) sequentially, to the
          Class
          M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1
          Certificates, in that order, until their respective Class Certificate Balances
          are reduced to zero; (2) to the Class A-3 Certificates, until its Class
          Certificate Balance is reduced to zero; (3) to the Class A-2 Certificates,
          until
          its Class Certificate Balance is reduced to zero; and (4) concurrently,
          to the
          Class A-1-A and Class A-1-B Certificates and the Class A-1-B Swap Principal
          Amount, pro rata, based on the Class Certificate Balance or Class A-1-B
          Swap
          Principal Amount, as applicable, until each Class Certificate Balance or
          Class
          A-1-B Swap Principal Amount is reduced to zero.

         

        (i)           Application
          of Subsequent Recoveries.  If Subsequent Recoveries have been
          received with respect to a Liquidated Mortgage Loan, the amount of such
          Subsequent Recoveries will be applied to increase the applicable Class
          Certificate Balances or the Class A-1-B Swap Principal Amount, as applicable,
          in
          the following order of priority: (1) concurrently, to the Class A-1-A and
          Class
          A-1-B Certificates and the Class A-1-B Swap Principal Amount, if any, pro
          rata
          based on their respective Unpaid Realized Loss Amounts, in an amount up
          to their
          respective Unpaid Realized Loss Amounts; (2) to the Class A-2 Certificates
          in an
          amount up to its respective Unpaid Realized Loss Amount; (3) to the Class
          A-3
          Certificates, in an amount up to its respective Unpaid Realized Loss Amount;
          and
          (4) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class
          M-5,
          Class M-6 and Class M-7 Certificates, in that order, in an amount up to
          their
          respective Unpaid Realized Loss Amounts.

         

        Holders
          of such Certificates will not be entitled to any payment in respect of
          Current
          Interest 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.

         

        
          
            
            

          

          
            98

            
              

            

          

          
            
            

          

        

        The
          Swap
          Counterparty will not be entitled to any payment in respect of interest
          on the
          Class A-1-B Swap Principal Amount at the related Pass-Through Rate on the
          amount
          of such increases for any Interest Accrual Period preceding the Distribution
          Date on which such increase occurs.

         

        SECTION
          4.03.                                           Allocation
          of Net Deferred Interest.

         

        (a)           For
          any Distribution Date, Net Deferred Interest will be allocated among the
          Classes
          of interest bearing Certificates in an amount equal to the excess, if any,
          of:
          (i) the amount of interest that accrued on such Class of Certificates at
          its
          respective Pass-Through Rate during the Interest Accrual Period related
          to that
          Distribution Date over (ii) the amount of interest that accrued on such
          Class of
          Certificates at its respective Adjusted Cap Rate during the Interest Accrual
          Period related to that Distribution Date.

         

        (b)           Any
          Net Deferred Interest allocated to a Class of Certificates will be added
          to the
          Class Certificate Balance of such Class of Certificates; provided, however,
          that
          for so long as the Class A-1-B Swap Contract is in effect, any Net Deferred
          Interest allocated to the Class A-1-B Certificates will not increase the
          Class
          Certificate Balance of the Class A-1-B Certificates but will instead increase
          the Class A-1-B Swap Principal Amount.

         

        
          	
                   

                	
                  SECTION
                    4.04.

                	
                  [Reserved].

                

        

         

        
          	
                   

                	
                  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 mail
          to each Rating Agency and make available to Certificateholders on the Trustee’s
          website (http://www.bnyinvestorreporting.com) a statement generally setting
          forth the information contained in Exhibit U.

         

        (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 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.

         

        
          
            
            

          

          
            99

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  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 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.

         

        
          
            
            

          

          
            100

            
              

            

          

          
            
            

          

        

        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 LIBOR Certificates or
          Swap
          Certificates are Outstanding, 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 “BBAM” page of the Bloomberg
          Terminal.

         

        (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 a Class of LIBOR Certificates 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 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 Interest 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.

         

        
          
            
            

          

          
            101

            
              

            

          

          
            
            

          

        

        Until
          all
          of the LIBOR Certificates and the Swap 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.  For purposes of this Section 4.08, 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 LIBOR Certificates for each Interest
          Accrual
          Period shall be determined by the Trustee on each Interest Determination
          Date so
          long as the Class Certificate Balance of a Class of LIBOR Certificates
          is
          greater than zero, 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, the Swap Counterparty and the
          Trustee.

         

        
          	
                   

                	
                  SECTION
                    4.09.

                	
                  Determination
                    of Pass-Through Rates for MTA
                    Certificates.

                

        

         

        [Reserved].

         

        
          	
                   

                	
                  SECTION
                    4.10.

                	
                  The
                    Swap Trust and Swap Accounts.

                

        

         

        On
          the
          Closing Date, there is hereby established a separate trust (the “Swap Trust”),
          the assets of which shall consist of the Trustee’s rights and obligations under
          the Swap Contract Administration Agreement with respect to each Swap
          Contract.  The Swap Trust shall be maintained by the Swap Trustee, who
          initially shall be the Trustee.  The Swap Trustee shall hold the
          assets of the Swap Trust in trust for the benefit of the Holders of the
          related
          Classes of Certificates and the related Swap Counterparty.  No later
          than the Closing Date, the Swap 

         

        
          
            
            

          

          
            102

            
              

            

          

          
            
            

          

        

         

        Trustee
          shall establish and maintain two segregated trust accounts to be held in
          the
          Swap Trust, titled:

         

        (i)           “Class
          A-1-B Swap Account, The Bank of New York, as Swap Trustee, in trust for
          the
          Class A-1-B Swap Counterparty and the registered holders of the Class A-1-B
          Certificates of CWALT, Inc., Mortgage Pass-Through Certificates, Series
          2007-OH3”; and

         

        (ii)           “Certificate  Swap
          Account, The Bank of New York, as Swap Trustee, in trust for the Certificate
          Swap Counterparty and the registered holders of the Certificate Swap
          Certificates of CWALT, Inc., Mortgage Pass-Through Certificates, Series
          2007-OH3.”

         

        Each
          account shall be an Eligible Account and funds on deposit therein shall
          be held
          separate and apart from, and shall not be commingled with, any other moneys,
          including, without limitation, other moneys of the Trustee held pursuant
          to this
          Agreement. Amounts therein shall be held uninvested.  Funds on deposit
          in a Swap Account shall be distributed in the amounts and in the order
          of
          priority described under Section 4.02(d) or Section 4.02(e), as
          applicable.  For federal income tax purposes, the Certificate Swap
          Account shall be owned by the Class C-P Certificates, and the Class A-1-B
          Swap
          Account shall be owned by the Class A-1-B Swap Counterparty.

         

        On
          each
          Distribution Date, the Trustee shall make the deposits to the Class A-1-B
          Swap
          Account required by Section 4.02.  On each Distribution Date, the
          Trustee shall make a deposit to the Certificate Swap Account pursuant to
          Section
          4.02(a)(1), and to the extent that the amount of such deposit is insufficient
          to
          pay any Net Certificate Swap Payment and/or Certificate Swap Termination
          Payment
          (other than a Certificate Swap Termination Payment due to a Swap Counterparty
          Trigger Event) due to the Certificate Swap Counterparty with respect to
          such
          Distribution Date, the Trustee shall withdraw, out of amounts on deposit
          in the
          Distribution Account in respect of the Principal Remittance Amount such
          additional amount as is necessary to cover the remaining portion of any
          such Net
          Certificate Swap Payment and/or Certificate Swap Termination Payment (other
          than
          a Certificate Swap Termination Payment due to a Swap Counterparty Trigger
          Event)
          due to the Certificate Swap Counterparty with respect to such Distribution
          Date.  Notwithstanding anything to the contrary in this Agreement, the
          Swap Trustee shall be allowed to transfer funds in the related Swap Account
          to
          the Trustee to facilitate, for administrative purposes, distribution of
          such
          funds to Certificateholders through the Distribution Account.

         

        
          
            
            

          

          
            103

            
              

            

          

          
            
            

          

        

        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 dollar denominations, integral dollar multiples in excess thereof
          and aggregate dollar denominations as set forth in the following
          table:

         

        
          	
                  Class

                	
                  Minimum
                    Denomination

                	
                  Integral
                    Multiples in Excess of Minimum

                	
                  Original
                    Class Certificate Balance

                
	
                  Class
                    A-1-A

                	
                  $25,000

                	
                  $1

                	
                  $158,685,000

                
	
                  Class
                    A-1-B

                	
                  $25,000

                	
                  $1

                	
                  $170,000,000

                
	
                  Class
                    A-2

                	
                  $25,000

                	
                  $1

                	
                  $136,952,000

                
	
                  Class
                    A-3

                	
                  $25,000

                	
                  $1

                	
                  $
                    82,172,000

                
	
                  Class
                    M-1

                	
                  $25,000

                	
                  $1

                	
                  $   9,987,000

                
	
                  Class
                    M-2

                	
                  $25,000

                	
                  $1

                	
                  $   6,462,000

                
	
                  Class
                    M-3

                	
                  $25,000

                	
                  $1

                	
                  $   2,938,000

                
	
                  Class
                    M-4

                	
                  $25,000

                	
                  $1

                	
                  $   2,937,000

                
	
                  Class
                    M-5

                	
                  $25,000

                	
                  $1

                	
                  $   2,937,000

                
	
                  Class
                    M-6

                	
                  $25,000

                	
                  $1

                	
                  $   3,525,000

                
	
                  Class
                    M-7

                	
                  $25,000

                	
                  $1

                	
                  $   3,231,000

                
	
                  Class A-R

                	
                  $99.99(1)

                	
                  $1

                	
                  $100

                
	
                  Class C-P

                	
                  N/A

                	
                  N/A

                	
                  N/A

                

        

        
        

        

        
          	
                  (1)

                	
                  The
                    Tax Matters Person Certificate may be issued in a denomination
                    of
                    $0.01.

                

        

         

        Subject
          to Section 9.02 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 

         

        
          
            
            

          

          
            104

            
              

            

          

          
            
            

          

        

         

        Date,
          the
          Trustee shall countersign the Certificates to be issued at the direction
          of the
          Depositor, or any affiliate of the Depositor.

         

        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, 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 provided in this Agreement.  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
          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 (i) such transfer
          is made
          more than 90 days after the Closing Date and (ii) 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 form 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 

         

        
          
            
            

          

          
            105

            
              

            

          

          
            
            

          

        

         

        Securities
          Act; provided, however, that in the case of the delivery of an Investment
          Letter
          in connection with the transfer of any Class C-P Certificate to a transferee
          that is formed with the purpose of issuing notes backed by such Class C-P
          Certificate, as the case may be, clause (b) and (c) of the form of Investment
          Letter shall not be applicable and shall be deleted by such
          transferee.  The Depositor shall provide to any Holder of a Private
          Certificate and any prospective transferee designated by any such Holder,
          information regarding the related Certificates and the Mortgage Loans and
          such
          other information as shall be necessary to satisfy the condition to eligibility
          set forth in Rule 144A(d)(4) for transfer of any such Certificate without
          registration thereof under the Securities Act pursuant to the registration
          exemption provided by Rule 144A.  The Trustee 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, the NIM
          Insurer
          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 an employee benefit plan or arrangement subject to Section 406 of
          ERISA
          or a plan or arrangement subject to Section 4975 of the Code, nor a person
          acting on behalf of any such plan or arrangement or using the assets of
          any such
          plan or arrangement to effect such transfer 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 purchaser is an
          insurance company which is purchasing such Certificate with funds contained
          in
          an “insurance company general account” (as such term is defined in Section V(e)
          of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that
          the purchase and holding of such Certificate satisfy the requirements for
          exemptive relief under Sections I and III of PTCE 95-60 or (ii) in the
          case of
          any ERISA-Restricted Certificate presented for registration in the name
          of an
          employee benefit plan or arrangement subject to ERISA or a plan or arrangement
          subject to Section 4975 of the Code (or comparable provisions of any subsequent
          enactments), or a trustee or any other person acting on behalf of any such
          plan
          or arrangement, or using such plan’s or arrangement’s assets, an Opinion of
          Counsel satisfactory to the Trustee, which Opinion of Counsel shall not
          be an
          expense of the Trustee, the Master Servicer or the Trust Fund, addressed
          to the
          Trustee and the Master Servicer to the effect that the purchase and holding
          of
          such ERISA-Restricted Certificate will not result in a non-exempt prohibited
          transaction under 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 (such
          Opinion
          of Counsel, a “Benefit Plan Opinion”).  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 Benefit Plan Opinion
          referred to in the preceding sentence is not 

         

        
          
            
            

          

          
            106

            
              

            

          

          
            
            

          

        

         

        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 acquirer’s) acceptance of the ERISA-Restricted
          Certificates.  Notwithstanding anything else to the contrary in this
          Agreement, any purported transfer of an ERISA-Restricted Certificate to
          or on
          behalf of an employee benefit plan or arrangement subject to ERISA or to
          Section
          4975 of the Code without the delivery to the Trustee of a Benefit Plan
          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
          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.

         

        Until
          the
          related Swap Contract is terminated, no transfer of any Class A-1-A or
          Class
          A-1-B Certificate (other than a transfer of a Class A-1-A or Class A-1-B
          Certificate to an affiliate of the Depositor (either directly or through
          a
          nominee) in connection with the initial issuance of the Certificates) shall
          be
          made unless the Trustee shall have received a representation letter from
          the
          transferee of such Class A-1-A or Class A-1-B Certificate substantially
          in the
          form of Exhibit L-2 to the effect that (i) such transferee is not a Plan,
          or
          (ii) the purchase and holding of the Class A-1-A or Class A-1-B Certificate
          satisfies the requirements for exemptive relief under PTCE 84-14, PTCE
          90-1,
          PTCE 91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided
          under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or
          a
          similar exemption.  In the event that such representation letter is
          not delivered, one of the foregoing representations, as appropriate, shall
          be
          deemed to have been made by the transferee’s (including an initial acquirer’s)
          acceptance of the Class A-1-A or Class A-1-B Certificate.  In the
          event that such representation is violated, such transfer or acquisition
          shall
          be void and of no effect.

         

        (c)           Each
          Person who has or who acquires any Ownership Interest in a 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 to this Agreement as
          Exhibit I.

         

        
          
            
            

          

          
            107

            
              

            

          

          
            
            

          

        

        (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 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 

         

        
          
            
            

          

          
            108

            
              

            

          

          
            
            

          

        

         

        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.

         

        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 

         

        
          
            
            

          

          
            109

            
              

            

          

          
            
            

          

        

         

        references
          in this Agreement 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 NIM Insurer, the Trustee and any agent of the Master
          Servicer, the NIM Insurer 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 NIM Insurer, the Trustee
          nor
          any agent of the Master Servicer, the NIM Insurer or the Trustee shall
          be
          affected by any notice to the contrary.

         

        
          	
                   

                	
                  SECTION
                    5.05.

                	
                  Access
                    to List of Certificateholders’ Names and
                    Addresses.

                

        

         

        If
          three
          or more Certificateholders 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 

         

        
          
            
            

          

          
            110

            
              

            

          

          
            
            

          

        

         

        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.

         

        
          
            
            

          

          
            111

            
              

            

          

          
            
            

          

        

        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 with
          this
          Agreement only to the extent of the obligations specifically and respectively
          imposed upon and undertaken by them in this Agreement.

         

        
          	
                   

                	
                  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 in this Agreement 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,
                    the NIM
                    Insurer and Others.

                

        

         

        None
          of
          the Depositor, the Master Servicer, the NIM Insurer or any Seller or any
          of the
          directors, officers, employees or agents of the Depositor, the Master Servicer,
          the NIM Insurer 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 

         

        
          
            
            

          

          
            112

            
              

            

          

          
            
            

          

        

         

        by
          it in
          this Agreement 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, the NIM Insurer, each
          Seller and any director, officer, employee or agent of the Depositor, the
          Master
          Servicer, the  NIM Insurer or each Seller may rely in good faith on
          any document of any kind primafacie properly executed and
          submitted by any Person respecting any matters arising under this
          Agreement.  The Depositor, the Master Servicer, the NIM Insurer, each
          Seller and any director, officer, employee or agent of the Depositor, the
          Master
          Servicer, the NIM Insurer 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, the NIM Insurer 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, the NIM Insurer 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, the NIM Insurer 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 that is
          reasonably acceptable to the Trustee and the NIM Insurer and the written
          confirmation from each Rating Agency (which confirmation shall be furnished
          to
          the Depositor, the Trustee and the NIM Insurer) that such resignation will
          not
          cause such Rating Agency to reduce the then-current rating of the Certificates
          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 under
          this
          Agreement and the Depositor shall have received the information described
          in the
          following sentence.  As a condition to the effectiveness of any such
          resignation, at least 15 calendar days prior to the effective date of such
          resignation, the Master Servicer shall provide (x) written notice to the
          Depositor of any successor pursuant to this Section and (y) in writing
          and in
          form and substance reasonably satisfactory to the Depositor, all information
          reasonably requested by the Depositor in order to comply with its reporting
          obligation under Item 6.02 of Form 8-K with respect to the resignation
          of the
          Master Servicer.

         

        
          
            
            

          

          
            113

            
              

            

          

          
            
            

          

        

        ARTICLE
          VII

        DEFAULT

         

        
          	
                   

                	
                  SECTION
                    7.01.

                	
                  Events
                    of Default.

                

        

         

        “Event
          of Default,” wherever used in this Agreement, 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, the NIM Insurer or the Depositor or to the Master Servicer,
          the NIM
          Insurer 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, the NIM Insurer 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

         

        
          
            
            

          

          
            114

            
              

            

          

          
            
            

          

        

        (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 either the NIM Insurer or the Holders of Certificates evidencing
          not less than 66-2/3% of the Voting Rights, evidenced by the 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 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 

         

        
          
            
            

          

          
            115

            
              

            

          

          
            
            

          

        

        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 under this Agreement.

         

        If
          the
          Master Servicer is terminated, the Trustee shall provide the Depositor
          in
          writing and in form and substance reasonably satisfactory to the Depositor,
          all
          information reasonably requested by the Depositor in order to comply with
          its
          reporting obligation under Item 6.02 of Form 8-K with respect to a successor
          master servicer in the event the Trustee should succeed to the duties of
          the
          Master Servicer as set forth herein.

         

        
          	
                   

                	
                  SECTION
                    7.02.

                	
                  Trustee
                    to Act; Appointment of
                    Successor.

                

        

         

        On
          and
          after the time the Master Servicer receives a notice of termination pursuant
          to
          Section 7.01, 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 in this Agreement and shall be subject to all the responsibilities,
          duties
          and liabilities relating thereto placed on the Master Servicer by the terms
          and
          provisions of this Agreement 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, 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 or if it is
          otherwise unable to so act, (i) appoint any established mortgage loan servicing
          institution reasonably acceptable to the NIM Insurer (as evidenced by the
          prior
          written consent of the NIM Insurer), or (ii) if it is unable for 60 days
          to
          appoint a successor servicer reasonably acceptable to the NIM Insurer,
          petition
          a court of competent jurisdiction to appoint any established mortgage loan
          servicing institution, the appointment of which does not adversely affect
          the
          then-current rating of the Certificates and the NIM Insurer guaranteed
          notes
          (without giving any effect to any policy or guaranty provided by the NIM
          Insurer) by each Rating Agency as the successor to the Master Servicer
          hereunder
          in the assumption of all or any part of the responsibilities, duties or
          liabilities of the Master Servicer hereunder.  Any successor 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 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 (15) 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 

         

        
          
            
            

          

          
            116

            
              

            

          

          
            
            

          

        

         

        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, 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 the 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
          NIM Insurer and 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 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 the 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.

         

         

         

        
          
             

          

          
            117

            
              

            

          

          
             

          

        

         

         

        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 evidencing not less than 25% of the Voting Rights
          of
          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,
          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 

         

         

        
          
             

          

          
            118

            
              

            

          

          
             

          

        

         

         

        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 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.

         

            The
          Trustee
          hereby represents, warrants, covenants and agrees that, except as permitted
          by
          Article IX hereof, it shall not cause the Trust Fund to consolidate or
          amalgamate with, or merge with or into, or transfer all or substantially
          all of
          the Trust Fund to, another Person.

         

        
          	
                   

                	
                  SECTION
                    8.02.

                	
                  Certain
                    Matters Affecting the Trustee.

                

        

         

        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 of
          its
          selection 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 the NIM Insurer or Holders of
          Certificates evidencing not less than 25% of the Voting Rights allocated
          to each
          Class of 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;

         

         

         

        
          
             

          

          
            119

            
              

            

          

          
             

          

        

        (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
          the NIM Insurer or any of the Certificateholders, pursuant to the provisions
          of
          this Agreement, unless the NIM Insurer or 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.

         

        The
          Depositor hereby directs the Trustee to execute, deliver and perform its
          obligations under the Swap Contract Administration Agreement (in its capacity
          as
          Swap Trustee).  The Sellers, the Depositor, the Master Servicer and
          the Holders of the Covered Certificates by their acceptance of such Certificates
          acknowledge and agree that the Trustee shall execute, deliver and perform
          its
          obligations under the Swap Contract Administration Agreement and shall
          do so
          solely in its capacity as Swap Trustee and not in its individual
          capacity.  Every provision of this Agreement relating to the conduct
          or affecting the liability of or affording protection to the Trustee shall
          apply
          to the Trustee’s execution of the Swap Contract Administration Agreement in its
          capacity as Swap Trustee, and the performance of its duties and satisfaction
          of
          its obligations thereunder.

         

        
          	
                   

                	
                  SECTION
                    8.03.

                	
                  Trustee
                    Not Liable for Certificates or Mortgage
                    Loans.

                

        

         

        The
          recitals contained in this Agreement 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 

         

         

        
          
             

          

          
            120

            
              

            

          

          
             

          

        

         

        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 in this
          Agreement, 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 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.  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 

         

         

        
          
             

          

          
            121

            
              

            

          

          
             

          

        

         

         

        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 NIM Insurer or the Depositor, (ii) the Trustee shall become
          incapable of acting, or shall be adjudged as bankrupt or insolvent, or
          a
          receiver of the Trustee or of its property shall be appointed, or any public
          officer shall take charge or control of the Trustee or of its property
          or
          affairs for the purpose of rehabilitation, conservation or liquidation,
          (iii)(A)
          a tax is imposed with respect to the Trust Fund by any state in which the
          Trustee or the Trust Fund is located and (B) 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, in the preceding paragraph, Section 8.09 or Article
          XI
          and such failure is not remedied within the lesser of 10 calendar days
          or such
          period in which the applicable Exchange Act Report can be filed timely
          (without
          taking into account any extensions), then, in the case of clauses (i) through
          (iii), the Depositor, the NIM Insurer or the Master Servicer, and in the
          case of
          clause (iv), the Depositor, may remove the Trustee and appoint a successor
          trustee, reasonably acceptable to the NIM Insurer, by written instrument,
          in
          triplicate, one copy of which instrument shall be delivered to the Trustee,
          one
          copy of which shall be delivered to the Master Servicer, one copy of which
          shall
          be delivered to the NIM Insurer 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 may
          at any
          time remove the Trustee and appoint a successor trustee by written instrument
          or
          instruments 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 NIM Insurer and one complete set to the successor so
          appointed.  Notice of any removal of the Trustee shall be given to
          each Rating Agency by the successor trustee.

         

        Any
          resignation or removal of the Trustee and appointment of a successor trustee
          pursuant to any of the provisions of this Section 8.07 shall become
          effective upon acceptance of appointment by the successor trustee as provided
          in
          Section 8.08.

         

         

         

        
          
             

          

          
            122

            
              

            

          

          
             

          

        

        
          	
                   

                	
                  SECTION
                    8.08.

                	
                  Successor
                    Trustee.

                

        

         

            Any
          successor trustee appointed
          as provided in Section 8.07 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 in this Agreement. 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. In addition, if a Swap Contract
          is
          still outstanding, the Person appointed as successor trustee shall execute,
          acknowledge and deliver to the predecessor trustee, Countrywide and the
          Master
          Servicer an instrument accepting the appointment as successor Swap Contract
          Administrator under the Swap Contract Administration Agreement and as successor
          Swap Trustee.

         

        No
          successor trustee shall accept appointment as provided in this Section
          8.08
          unless at the time of such acceptance such successor trustee shall be eligible
          under the provisions of Section 8.06 hereof, is reasonably acceptable to
          the NIM
          Insurer, its appointment shall not adversely affect the then-current ratings
          of
          the Certificates and has provided to the Depositor in writing and in form
          and
          substance reasonably satisfactory to the Depositor, all information reasonably
          requested by the Depositor in order to comply with its reporting obligation
          under Item 6.02 of Form 8-K with respect to a replacement Trustee.

         

        Upon
          acceptance of appointment by a successor trustee as provided in this
          Section 8.08, the Depositor shall mail notice of the succession of such
          trustee hereunder to the NIM Insurer and all Holders of
          Certificates.  If the Depositor fails to mail such notice within 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 without the execution or filing of any paper or further act
          on the part of any of the parties hereto, anything in this Agreement 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.

         

         

        
          
             

          

          
            123

            
              

            

          

          
             

          

        

         

         

        
          	
                   

                	
                  SECTION
                    8.10.

                	
                  Appointment
                    of Co-Trustee or Separate
                    Trustee.

                

        

         

        Notwithstanding
          any other provisions of this Agreement, at any time, for the purpose of
          meeting
          any legal requirements of any jurisdiction in which any part of the Trust
          Fund
          or property securing any Mortgage Note may at the time be located, the
          Master
          Servicer and the Trustee acting jointly shall have the power and shall
          execute
          and deliver all instruments to appoint one or more Persons approved by
          the
          Trustee and reasonably acceptable to the NIM Insurer to act as co-trustee
          or
          co-trustees jointly with the Trustee, or separate trustee or separate trustees,
          of all or any part of the Trust Fund, and to vest in such Person or Persons,
          in
          such capacity and for the benefit of the Certificateholders, such title
          to the
          Trust Fund or any part thereof, whichever is applicable, and, subject to
          the
          other provisions of this Section 8.10, such powers, duties, obligations,
          rights and trusts as the Master Servicer and the Trustee may consider necessary
          or desirable.  If the Master Servicer shall not have joined in such
          appointment 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.

         

         

        
          
             

          

          
            124

            
              

            

          

          
             

          

        

         

         

        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.

         

        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

         

         

        
          
             

          

          
            125

            
              

            

          

          
             

          

        

         

         (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, 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 in this Agreement,
          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 in this
          Agreement.  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 

         

         

         

        
          
             

          

          
            126

            
              

            

          

          
             

          

        

         

        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).

         

        For
          federal income tax purposes, the Trustee shall treat the following items
          as
          specified.  The Trustee shall treat the Carryover Reserve Fund and the
          Swap Trust (including the Swap Accounts) as an outside reserve fund within
          the
          meaning of Treasury Regulation 1.860G-2(h), neither of which is an asset
          of any
          REMIC created hereunder.  The Carryover Reserve Fund shall be treated
          as owned by the Holders of the Class C-P Certificates.  The
          Certificate Swap Account shall be treated as owned by the Holders of the
          Class
          C-P Certificates.  The Class A-1-B Swap Account shall be treated as
          owned by the Class A-1-B Swap Counterparty.  The Trustee shall treat
          the rights and deemed obligations of the Holders of the LIBOR Certificates
          and
          the Class C-P Certificates with respect the Carryover Reserve Fund and
          the
          Certificate Swap Account as rights and obligations with respect to a notional
          principal contract written by (i) the  Class A-1-B Swap Counterparty
          in respect of any Net Rate Carryover distributed pursuant to Section 4.02(c)(4)
          herein and (ii) the Holders of the Class C-P Certificates in respect of
          any Net
          Rate Carryover funded by the Certificate Swap Contract and in respect of
          any
          residual payments from such Certificate Swap Contract received by the Class
          C-P
          Certificates.  The Trustee shall treat the rights of the Holders of
          the Class C-P Certificates with respect to any Premium as an interest in
          the
          payments made pursuant to a mortgage loan purchase agreement under which
          the
          mortgage loan seller becomes obligated to repurchase the related Mortgage
          Loan
          from Countrywide (in its own capacity and not as the representative of
          any
          REMIC) under certain conditions.  The Trustee shall treat the rights
          and deemed obligations of the Holders of the Class A-1-B Certificates with
          respect to the Class A-1-B Swap Contract as (i) the right to receive LIBOR
          plus
          the related Pass-Through Margin on a notional amount equal to the principal
          balance of the related Master REMIC Interests, advances of unpaid Net Deferred
          Interest and unpaid Net Rate Carryover from the Class A-1-B Swap Counterparty
          and as (ii) the deemed obligation to (A) pay LIBOR plus the related margin
          on a
          notional amount equal to the principal balance of the related Master REMIC
          Interest, (B) return the amounts of any advances to the Class A-1-B Swap
          Counterparty and (C) compensate the Class A-1-B Swap Counterparty for standing
          ready to make, and forebear the return of, any advances.  Thus, the
          LIBOR Certificates and the Class C-P Certificates shall be treated as
          representing ownership of Master REMIC regular interests coupled with
          contractual rights and obligations within the meaning of Treasury Regulation
          1.860G-2(i).  For purposes of determining the issue price of the Class
          A-1-B Certificates, the Trustee shall assume that the Class A-1-B Swap
          Contract
          was acquired without either the Holders of the Class A-1-B Certificates
          or the
          Class A-1-B Swap Counterparty making any lump sum payment to the other.
          The
          Trustee shall treat any amount of Net Rate Carryover payable from Excess
          Cashflow as first paid to the Class C-P Certificateholder and as then deposited
          in the Carryover Reserve Fund.  In addition, to the extent any amount
          payable with respect to the Class A-1-B Certificates (as described in the
          Preliminary Statement) is used to make payments to the Class A-1-B Swap
          Counterparty, the Trustee shall treat the amount as first payable to the
          Holders
          of the Class A-1-B Certificates and as then paid by the Holders of the
          

         

         

        
          
             

          

          
            127

            
              

            

          

          
             

          

        

         

         

        related
          Certificates with respect to their deemed obligations to the Class A-1-B
          Swap
          Counterparty as described above.

         

        The
          Trustee shall also treat any amount payable to a Class C-P Certificate
          with
          respect to the STR-C-OC Interest as deposited into the Carryover Reserve
          Fund.  To the extent the amount payable with respect to the
          Certificate Swap Contract exceeds the amount payable with respect to the
          Class
          C-P Certificates, the Trustee, for federal income tax purposes, shall treat
          such
          excess as Realized Losses from Mortgage Loans and to the extent such Realized
          Losses (if they had occurred) would have been allocated to a particular
          class
          (or classes) of Certificateholders, the Trustee shall treat such amount
          as first
          payable to the Certificateholders of such particular class (or classes)
          as
          principal and as then payable by such Certificateholders with respect to
          a
          notional principal contract

         

        
          	
                   

                	
                  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 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.

         

         

         

        
          
             

          

          
            128

            
              

            

          

          
             

          

        

         

        ARTICLE
          IX

        TERMINATION

         

        
          	
                   

                	
                  SECTION
                    9.01.

                	
                  Termination
                    upon Liquidation or Purchase of all Mortgage
                    Loans.

                

        

         

        Subject
          to Section 9.03 and Section 9.04, 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 earliest of (a) the
          purchase
          by the Master Servicer or NIM Insurer (the party exercising such purchase
          option, the “Terminator”) of all of the Mortgage Loans (and REO Properties) at a
          price (the “Termination Price”) equal to the sum of (i) 100% of the Stated
          Principal Balance of each Mortgage Loan (other than in respect of an REO
          Property), (ii) accrued interest thereon at the applicable Mortgage Rate
          (or, if
          such repurchase is effected by the Master Servicer, at the applicable Adjusted
          Mortgage Rate), (iii) the appraised value of any REO Property (up to the
          Stated
          Principal Balance of the related Mortgage Loan), such appraisal to be conducted
          by an appraiser mutually agreed upon by the Terminator and the Trustee,
          (iv) any
          remaining unpaid costs and damages incurred by the Trust Fund that arises
          out of
          a violation of any predatory or abusive lending law that also constitutes
          an
          actual breach of clause (46) on Schedule III-A, in all cases plus accrued
          and
          unpaid interest thereon at the applicable Adjusted Mortgage Rate and (v)
          plus,
          if the Terminator is the NIM Insurer, any unreimbursed Servicing Advances,
          and
          the principal portion of any unreimbursed Advances, made on the Mortgage
          Loans
          prior to the exercise of such repurchase, (b) the purchase by the Winning
          Bidder
          of all of the Mortgage Loans (and REO Properties) remaining in the Trust
          Fund
          after a Successful Auction is conducted pursuant to Section 9.04 and the
          related
          auction proceeds are distributed pursuant to Section 9.02(c) and (c) the
          later
          of (i) the maturity or other liquidation (or any Advance with respect thereto)
          of the last Mortgage Loan remaining in the Trust Fund and the disposition
          of all
          REO Property and (ii) the distribution to the Certificateholders of all
          amounts
          required to be distributed to them pursuant to this Agreement, as
          applicable.  In no event shall the trusts created hereby continue
          beyond the earlier of (i) the expiration of 21 years from the death of
          the last
          survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
          the
          United States to the Court of St. James’s, living on the date hereof and (ii)
          the Latest Possible Maturity Date.

         

        The
          right
          to purchase all Mortgage Loans and REO Properties by the Terminator pursuant
          to
          clause (a) of the immediately preceding paragraph of this Section 9.01
          shall be conditioned upon (1) 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 and (2) unless the NIM Insurer otherwise consents,
          the purchase price for such Mortgage Loans and REO Properties shall result
          in a
          final distribution on any NIM Insurer guaranteed notes that is sufficient
          (x) to
          pay such notes in full and (y) to pay any amounts due and payable to the
          NIM
          Insurer pursuant to the indenture related to such notes.

         

        The
          preceding notwithstanding, on any Distribution Date on which each of the
          Master
          Servicer and the NIM Insurer shall have the option to purchase all the
          Mortgage
          Loans (and REO Properties) remaining in the Trust Fund pursuant to this
          Section
          9.01, the NIM Insurer’s purchase option shall require the prior written consent
          of the Master Servicer.

         

         

         

        
          
             

          

          
            129

            
              

            

          

          
             

          

        

        The
          Swap
          Trust shall terminate on the earliest of (i) the Swap Contract Termination
          Date
          of the last outstanding Swap Contract and (ii) the termination of this
          Agreement.

         

        
          	
                   

                	
                  SECTION
                    9.02.

                	
                  Final
                    Distribution on the
                    Certificates.

                

        

         

        (a)           Timing
          of Notice of Final Distribution, Auction or Optional
          Termination.

         

        (i)           If
          on any Determination Date, the Master Servicer determines that there are
          no
          Outstanding Mortgage Loans and no other funds or assets in the Trust Fund
          other
          than the funds in the Certificate Account, then the Master Servicer shall
          direct
          the Trustee promptly to send a final distribution notice to each
          Certificateholder in accordance with Section 9.02(b).  In the event
          such notice is given, the Master Servicer shall cause all funds in the
          Certificate Account to be remitted to the Trustee for deposit in the
          Distribution Account on or before the Business Day prior to the applicable
          Distribution Date , net of any amounts permitted to be withdrawn pursuant
          to
          Section 3.08(a).  Upon such final deposit with respect to the Trust
          Fund and the receipt by the Trustee of a Request for Release therefor,
          the
          Trustee shall promptly release to the Master Servicer the Mortgage Files
          for the
          Mortgage Loans.

         

        (ii)           If
          the Directing Certificateholder chooses to exercise its right to cause
          an
          auction pursuant to Section 9.04, then the Directing Certificateholder
          shall
          provide written notice to the Master Servicer no later than the 1st day
          of the
          calendar month in which such auction is to be conducted.  If a
          Successful Auction is held pursuant to the requirements of Section 9.04,
          then
          the Trustee shall distribute the proceeds of the Successful Auction that
          have
          been remitted to the Distribution Account to the Certificateholders pursuant
          to
          Sections 4.02 and 9.04 hereof on the Distribution Date in the calendar
          month
          immediately following the calendar month in which the Successful Auction
          occurs.

         

        (iii)           If
          the Directing Certificateholder does not exercise its right to cause an
          auction
          pursuant to Section 9.04 and the Terminator (after prior written notice
          to the
          Master Servicer if the Terminator is the NIM Insurer) elects to terminate
          the
          Trust Fund pursuant to Section 9.01, then at least 20 days prior to the
          date
          notice is to be mailed to Certificateholders in accordance with Section
          9.02(b),
          the Terminator shall notify the Depositor and the Trustee of (a) its election
          to
          terminate the Trust Fund, (b) the Distribution Date on which it intends
          to
          terminate the Trust Fund pursuant to Section 9.01 and (c) the applicable
          purchase price of the Mortgage Loans and REO Properties.  In the event
          such notice is given, the Terminator shall remit to the Master Servicer,
          on or
          before the Business Day prior to the final Distribution Date, for deposit
          into
          the Certificate Account, the Termination Price.  The Master Servicer
          shall cause all funds in the Certificate Account, including the Termination
          Price, net of any amounts permitted to be withdrawn pursuant to Section
          3.08(a),
          be remitted to the Trustee for deposit in the Distribution Account on or
          before
          the Business Day prior to the applicable Distribution Date.  Upon such
          final deposit with respect to the Trust Fund and the receipt by the Trustee
          of a
          Request for Release therefor, the Trustee shall promptly release to the
          Master
          Servicer the Mortgage Files for the Mortgage Loans..

         

         

        
          
             

          

          
            130

            
              

            

          

          
             

          

        

         

        (b)           Timing
          of Notice to Certificateholders of Termination. Notice of any termination
          of the Trust Fund (whether because of a Successful Auction, Optional Termination
          or otherwise), specifying the Distribution Date on which Certificateholders
          may
          surrender their Certificates for payment of the final distribution and
          cancellation, shall be given promptly by the Trustee by letter to
          Certificateholders mailed not earlier than the 10th day and no later than
          the
          15th day of the month next preceding the month of such final
          distribution.  Any such notice shall specify (i) the Distribution Date
          upon which final distribution on the Certificates will be made upon presentation
          and surrender of the Certificates at the office therein designated, (ii)
          the
          amount of such final distribution, (iii) the location of the office or
          agency at
          which such presentation and surrender must be made, and (iv) that the Record
          Date otherwise applicable to such Distribution Date is not applicable,
          distributions being made only upon presentation and surrender of 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.

         

        (c)           Upon
          presentation and surrender of the Certificates, the Trustee shall cause
          to be
          distributed to the Certificateholders of each Class, in each case on the
          final
          Distribution Date and in the order set forth in Section 4.02 (and with
          respect
          to the Class C-P Certificates after a Successful Auction, Section 9.04(g)
          and
          (k)), 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 accrued interest
          thereon (or on its Notional Amount, if applicable) in the case of an interest
          bearing Certificate 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.

         

        (d)           In
          the event that any affected Certificateholders shall not surrender their
          respective Certificates for cancellation within six months after the date
          specified in the above mentioned written notice, the Trustee shall give
          a second
          written notice to the remaining Certificateholders to surrender their
          Certificates for cancellation and receive the final distribution with respect
          thereto.  If within six months after the second notice all the
          applicable Certificates shall not have been surrendered for cancellation,
          the
          Trustee may take appropriate steps, or may appoint an agent to take appropriate
          steps, to contact the remaining Certificateholders concerning surrender
          of their
          Certificates, and the cost thereof shall be paid out of the funds and other
          assets 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, then the Class A-R Certificateholders shall be entitled to
          all
          unclaimed funds and other assets of the Trust Fund which remain subject
          to this
          Agreement.

         

        
          	
                   

                	
                  SECTION
                    9.03.

                	
                  Additional
                    Termination Requirements.

                

        

         

        (a)           In
          the event the Terminator exercises its purchase option as provided in Section
          9.01 or there is a Successful Auction pursuant to Section 9.04, the Trust
          Fund
          shall be terminated in accordance with the following additional requirements,
          unless the Trustee has been supplied 

         

         

        
          
             

          

          
            131

            
              

            

          

          
             

          

        

         

        with
          an
          Opinion of Counsel, at the expense of the Terminator (or the Directing
          Certificateholder, in the case of a Successful Auction), to the effect
          that the
          failure to comply with the requirements of this Section 9.03 will not (i)
          result
          in the imposition of taxes on “prohibited transactions” on any REMIC as defined
          in section 860F of the Code, or (ii) cause any REMIC created hereunder
          to fail
          to qualify as a REMIC at any time that any Certificates are
          outstanding:

         

        (1)           The
          Master Servicer shall establish a 90-day liquidation period and notify
          the
          Trustee thereof, which shall in turn specify the first day of such period
          in a
          statement attached to the Trust Fund’s final Tax Return pursuant to Treasury
          Regulation Section 1.860F-1.  The Master Servicer shall prepare a plan
          of complete liquidation and shall otherwise satisfy all the requirements
          of a
          qualified liquidation under Section 860F of the Code and any regulations
          thereunder, as evidenced by an Opinion of Counsel delivered to the Trustee
          and
          the Depositor obtained at the expense of the Terminator (or the Directing
          Certificateholder, in the case of a Successful Auction); and

         

        (2)           Within
          90 days after the time of adoption of such a plan of complete liquidation,
          the
          Trustee shall sell all of the assets of the Trust Fund to the Terminator
          (or the
          Winning Bidder in the case of a Successful Auction) for cash in accordance
          with
          Section 9.01 and, if applicable, Section 9.04.

         

        (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 Terminator or the Directing Certificateholder,
          as
          applicable.

         

        (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.

         

        
          	
                   

                	
                  SECTION
                    9.04.

                	
                  Auction
                    of the Mortgage Loans and REO
                    Properties.

                

        

         

        (a)           On
          or after the Optional Termination Date, the Holder of the largest Percentage
          Interest of the Class C-P Certificates (the “Directing Certificateholder”), at
          its option, may by written instruction direct the Trustee to solicit bids
          in a
          commercially reasonable manner from Qualified Bidders for the purchase
          of the
          Mortgage Loans and any REO Properties owned by the Trust Fund.  The
          Directing Certificateholder shall provide written notice to the Master
          Servicer
          as provided in Section 9.02(a)(ii).  Any such direction by the
          Directing Certificateholder shall (i) be made in writing and (ii) include
          contact information for the Directing Certificateholder.  Upon receipt
          of any direction from the Directing Certificateholder meeting the requirements
          of the immediately preceding sentence, the Trustee shall commence the auction
          process described in this Section 9.04.  The Trustee may engage a
          financial advisor, which financial advisor may be Countrywide or one of
          its
          affiliates, in order to perform any of the duties of the Trustee specified
          in
          Section 9.04.  To effectuate such sale, the Trustee (or such financial
          advisor) shall follow the procedures specified in Section 9.04(b)
          below.  The Trustee shall facilitate the sale of the assets in the
          Trust Fund to the Winning Bidder so long as the Trustee (or any financial
          advisor on its behalf) has received at least three bids from Qualified
          Bidders
          and at least one such bid is at least equal to the Acceptable Bid
          Amount.  In the event the auction is not a Successful Auction, the

         

         

        
          
             

          

          
            132

            
              

            

          

          
             

          

        

         

        Trustee
          may repeat this process periodically, at the direction of the Directing
          Certificateholder until a Successful Auction is conducted or the Terminator
          purchases all of the Mortgage Loans and REO Properties pursuant to Section
          9.01.  The Trustee shall be reimbursed for its reasonable costs,
          including expenses associated with engaging any financial advisor, from
          the
          Directing Certificateholder if the auction is not a Successful Auction,
          and, if
          the auction is a Successful Auction, from the proceeds of the auction before
          the
          proceeds are distributed to Certificateholders.

         

        The
          Trustee, upon inquiry from the Master Servicer, agrees to provide the Master
          Servicer with the Percentage Interest of Class C-P Certificates held by
          the
          Directing Certificateholder.

         

        If
          Countrywide or any of its affiliates is the Directing Certificateholder,
          such
          Directing Certificateholder shall not have the right to direct the Trustee
          to
          solicit bids for the purchase of the Mortgage Loans and any REO Properties
          owned
          by the Trust Fund.

         

        (b)           The
          Trustee (or any financial advisor on its behalf) shall solicit bids for
          the
          purchase of assets owned by the Trust Fund as provided in Section 9.04(a)
          not
          later than two Business Days following receipt of the Directing
          Certificateholder’s written instruction by contacting by telephone or in writing
          at least three Qualified Bidders and requesting that each Qualified Bidder
          bid
          on the Mortgage Loans and REO Properties owned by the Trust Fund (on a
          non-recourse basis with no representations or warranties of any nature
          whatsoever made by the Trustee (or such financial advisor)) and providing
          to the
          Qualified Bidder any information relating to the Mortgage Loans and REO
          Properties owned by the Trust Fund reasonably requested by such Qualified
          Bidder, subject to the Qualified Bidder’s written agreement not to use such
          information in the purchase or sale of Certificates (it being understood
          no
          Qualified Bidder shall be obligated to submit a bid or take any other action
          in
          connection with any auction).  The Master Servicer shall cooperate
          with the Trustee (and any financial advisor on its behalf) during the auction
          process.  At 1:00 p.m. New York time on the second Business Day after
          the date on which bids are last solicited (such second day, the “Bid
          Determination Date”), the Trustee (or any financial advisor on its behalf) shall
          determine the highest bid based on the bids received by the Trustee (or
          any
          financial advisor on its behalf) on or before such time.

         

        (c)           If
          the highest of the bids that are submitted by Qualified Bidders is less
          than the
          Minimum Auction Amount, then the Trustee shall promptly inform the Directing
          Certificateholder of the amount of the shortfall and indicate that the
          Directing
          Certificateholder must notify the Trustee within 24 hours whether it will
          contribute the amount of such difference (such difference being the “Auction
          Supplement Amount”) so that the auction will be a Successful
          Auction.  If the highest of the bids that are submitted by Qualified
          Bidders is equal to or greater than the Minimum Auction Amount, or if the
          Directing Certificateholder notifies the Trustee within 24 hours of its
          receipt
          of notice as described in the previous sentence that it will contribute
          the
          Auction Supplement Amount, then the Trustee (or any financial advisor on
          its
          behalf) shall notify promptly (but in any event no later than 3:00 p.m.
          New York
          time on the Business Day following the Bid Determination Date) the Winning
          Bidder that its bid was the highest bid and shall provide wiring instructions
          for payment of the bid amount into the Certificate Account by 12:00 p.m.
          New
          York time on the second Business Day following the Bid Determination Date
          and,
          if applicable, provide the Directing Certificateholder with wiring 

         

         

        
          
             

          

          
            133

            
              

            

          

          
             

          

        

         

        instructions
          for payment of the Auction Supplement Amount into the Certificate Account
          by
          such time.

         

        (d)           If
          such Winning Bidder does not wire the bid amount so that it is received
          in the
          Certificate Account in immediately available funds by 12:00 p.m. New York
          time
          on the second Business Day following the Bid Determination Date, the Trustee
          shall repeat the process specified in the preceding paragraph with respect
          to
          the second highest bid, but only if such bid is at least the Minimum Auction
          Amount or the Directing Certificateholder agrees to pay the new Auction
          Supplement Amount.  If no other bids are available to be accepted
          pursuant to the preceding sentence, or if the amount remitted by the Winning
          Bidder plus any Auction Supplement Amount remitted by the Directing
          Certificateholder is less than the Minimum Auction Amount, then the auction
          shall be considered to have failed for all purposes.

         

        (e)           The
          Trustee shall not be liable with regard to the selection or engagement
          of, or
          for any act or omission of, a financial advisor pursuant to this Section
          9.04 if
          the Trustee engages Countrywide to be such financial advisor.

         

        (f)           In
          the event of a Successful Auction and so long as the Winning Bidder has
          wired
          its bid amount (and the Directing Certificateholder has wired any Auction
          Supplement Amount, if applicable) to the Certificate Account as provided
          above,
          then the Trustee shall promptly convey to the Winning Bidder the Mortgage
          Loans
          and REO Properties owned by the Trust Fund.  The Master Servicer shall
          take all reasonable actions requested by the Trustee to effect such conveyance,
          including remitting to the Distribution Account from the Certificate Account,
          on
          the Business Day prior to the Distribution Date on which final distribution
          on
          the Certificates is required to be paid under this Agreement, all amounts
          on
          deposit in the Certificate Account, net of any amounts permitted to be
          withdrawn
          pursuant to Section 3.08(a) and amounts owing to the Trustee in reimbursement
          of
          its reasonable costs, including expenses associated with engaging any financial
          advisor, incurred in connection with the auction process.  Such
          amounts owed to the Trustee shall be withdrawn from the Certificate Account
          by
          the Master Servicer and paid to the Trustee.

         

        (g)           Any
          amount paid by the Winning Bidder in excess of the Minimum Auction Amount
          shall
          be distributed by the Trustee pro rata to the Class C-P Certificates on
          the
          Distribution Date on which the final distribution on the Certificates is
          made.

         

        (h)           In
          the event of a Successful Auction and to the extent the Certificate Swap
          Contract is still outstanding, the Directing Certificateholder shall
          either:

         

        (i)           if
          any Certificate Swap Termination Payment would be payable by the Swap Contract
          Administrator to the Certificate Swap Counterparty were the Certificate
          Swap
          Contract to be terminated following final distribution on the Certificates,
          either:

         

        (A)           pay
          to the Swap Contract Administrator any such Swap Termination Payment;
          or

         

        (B)           accept
          assignment of the Certificate Swap Contract to the extent that the Directing
          Certificateholder is an acceptable counterparty for the Certificate Swap
          Counterparty;

         

        
          
             

          

          
            134

            
              

            

          

          
             

          

        

        (ii)           if
          any Certificate Swap Termination Payment would be payable by the Certificate
          Swap Counterparty to the Swap Contract Administrator were the Certificate
          Swap
          Contract to be terminated following final distribution on the Certificates,
          either

         

        (A)           (i)
          if the Directing Certificateholder does not own 100% of the Class C-P
          Certificates, accept assignment of the Certificate Swap Contract to the
          extent
          that the Directing Certificateholder is an acceptable counterparty for
          the
          Certificate Swap Counterparty and pay to the Swap Contract Administrator
          the
          Certificate Swap Termination Payment that would be owed to the Swap Contact
          Administrator by the Certificate Swap Counterparty if the Certificate Swap
          Contract were terminated by the Swap Contract Administrator following
          distribution on the Certificates or (ii) if the Directing Certificateholder
          owns
          100% of the Class C-P Certificates, accept assignment of the Certificate
          Swap
          Contract to the extent that the Directing Certificateholder is an acceptable
          counterparty for the Certificate Swap Counterparty; or

         

        (B)           instruct
          the Swap Contract Administrator to accept from the Certificate Swap Counterparty
          any Swap Termination Payment that would be owed to the Swap Contract
          Administrator.

         

        (i)           Any
          amounts paid to the Swap Contract Administrator pursuant to subsection
          (h)(ii)
          above shall be distributed to the Class C-P Certificates, pro rata, based
          on
          entitlement, by the Swap Contract Administrator.

         

        (j)           The
          Master Servicer may purchase the Mortgage Loans and REO Properties owned
          by the
          Trust Fund for its own account pursuant to Section 9.01 or consent to the
          NIM
          Insurer’s purchase of the Mortgage Loans and REO Properties owned by the Trust
          Fund pursuant to Section 9.01 only if (1) the Directing Certificateholder
          chooses not to request an auction as described above or if the immediately
          preceding auction is unsuccessful or (2) the Master Servicer notifies the
          Directing Certificateholder no later than 30 days prior to the date on
          which the
          Master Servicer or the NIM Insurer, as applicable, intends to effect the
          purchase of the Mortgage Loans and REO Properties owned by the Trust Fund
          and
          the Directing Certificateholder does not direct the Trustee to conduct
          an
          auction prior to the end of that 30-day period.

         

        (k)           If
          the Directing Certificateholder pays any Auction Supplement Amount pursuant
          to
          Section 9.04(c), on the final Distribution Date any amounts to be distributed
          to
          the Class C-P Certificates pursuant to Section 4.02 will be distributed
          as
          follows, first to the Directing Certificateholder, in an amount up to such
          Auction Supplement Amount and second to the Class C-P Certificates, pro
          rata.  For federal income tax purposes, such Auction Supplement Amount
          so distributed shall be deemed paid pro rata to the Class C-P Certificates,
          and
          the portion of such amounts deemed distributed to holders of the Class
          C-P
          Certificates other than the Directing Certificateholder shall be deemed
          paid
          from such other holders to the Directing Certificateholder.

         

         

        
          
             

          

          
            135

            
              

            

          

          
             

          

        

         

        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 in this Agreement or to supplement any provision in
          this
          Agreement which may be inconsistent with any other provision in this Agreement,
          (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 such Certificates; provided, however, that no such
          amendment shall (i) reduce in any manner the amount of, or delay the timing
          of, payments 

         

        
          
             

          

          
            136

            
              

            

          

          
             

          

        

         

        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.

         

        Notwithstanding
          any contrary provision of this Agreement, no amendment shall adversely
          affect in
          any material respect a Swap Counterparty without the prior written consent
          of
          such Swap Counterparty, which consent shall not be unreasonably
          withheld.  Countrywide shall provide each Swap Counterparty with prior
          written notice of any proposed material amendment of this
          Agreement.

         

        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, each Swap
          Counterparty 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.

         

         

         

        
          
             

          

          
            137

            
              

            

          

          
             

          

        

         

        For
          the
          purpose of facilitating the recordation of this Agreement as in this Agreement
          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 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 (a) by each
          Seller to the Depositor or (b) by the Depositor to the Trustee, for the
          benefit of the Certificateholders and each Swap Counterparty, 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 and
          each Swap
          Counterparty shall, to the extent consistent with this Agreement, take
          such
          actions as may be necessary to ensure that, if this Agreement were deemed
          to
          create a security interest in the Trust Fund, such security interest would
          be
          deemed to be a perfected security interest of first priority under applicable
          law and will be maintained as such throughout the term of the
          Agreement.  The Depositor shall arrange for filing any Uniform
          Commercial Code continuation statements in connection with any security
          interest
          granted or assigned to the Trustee for the benefit of the Certificateholders
          and
          each Swap Counterparty.

         

        (b)           The
          Depositor hereby represents that:

         

        (i)           This
          Agreement creates a valid and continuing security interest (as defined
          in the
          Uniform Commercial Code as enacted in the State of New York (the “NY UCC”)) in
          the Mortgage Notes in favor of the Trustee, which security interest is
          prior to
          all other 

        
          
             

          

          
            138

            
              

            

          

          
             

          

        

         

        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, 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;

         

         

        
          
             

          

          
            139

            
              

            

          

          
             

          

        

        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 of such a rating action.

         

        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.

         

        All
          directions, demands and notices under this Agreement 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,
          CWALT,
          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 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,
          4
          West, New York, New York 10286, facsimile number:  (212) 815-3986,
          Attention: Mortgage-Backed Securities Group, CWALT, Inc. Series 2007-OH3,
          or
          such 

         

         

         

        
          
             

          

          
            140

            
              

            

          

          
             

          

        

         

        other
          address as the Trustee may hereafter furnish to the Depositor or Master
          Servicer, (8) in the case of the Rating Agencies, the address specified
          therefor
          in the definition corresponding to the name of such Rating Agency, (9)
          in the
          case of the Certificate Swap Counterparty, Lehman Brothers Special Financing
          Inc., c/o Lehman Brothers Inc., Corporate Advisory Division Transaction
          Management Group, 745 Seventh Avenue, New York, New York 10019, facsimile
          number: (212) 526-7672, Attention: Documentation Manager, or such other
          address
          as the Certificate Swap Counterparty may hereafter furnish to the Depositor
          or
          Master Servicer, and (10) in the case of the Class A-1-B Swap Counterparty,
          BNP
          Paribas, 787 Seventh Avenue, New York, New York 10019, facsimile number:
          (212)
          841-3561, Attention: Legal and Transaction Management Group – ISDA, or such
          other address as the Class A-1-B Swap Counterparty may hereafter furnish
          to the
          Depositor or Master Servicer.  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 of the
          Certificates.

         

        
          	
                   

                	
                  SECTION
                    10.07.

                	
                  Assignment.

                

        

         

        Notwithstanding
          anything to the contrary contained in this Agreement, 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 the Depositor.

         

        
          	
                   

                	
                  SECTION
                    10.08.

                	
                  Limitation
                    on Rights of
                    Certificateholders.

                

        

         

        The
          death
          or incapacity of any Certificateholder shall not operate to terminate this
          Agreement or the trust 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 by this Agreement, 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 in this
          Agreement) or in any manner otherwise control the operation and management
          of
          the Trust Fund, or the obligations of the parties hereto, nor shall anything
          set
          forth in this Agreement 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 of this Agreement.

         

        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 provided in this 

         

         

        
          
             

          

          
            141

            
              

            

          

          
             

          

        

         

        Agreement,
          and unless the Holders of Certificates evidencing not less than 25% of
          the
          Voting Rights evidenced by the 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 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 provided in this Agreement
          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.

                

        

         

         

        
          
             

          

          
            142

            
              

            

          

          
             

          

        

         

        (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.

         

        
          	
                   

                	
                  SECTION
                    10.13.

                	
                  Rights
                    of NIM Insurer

                

        

         

        (a)           The
          rights of the NIM Insurer under this Agreement shall exist only so long
          as
          either:

         

        (1)           the
          notes certain, payments on which are guaranteed by the NIM Insurer, remain
          outstanding or

         

        (2)           the
          NIM Insurer is owed amounts paid by it with respect to that
          guaranty.

         

        (b)           The
          rights of the NIM Insurer under this Agreement are exercisable by the NIM
          Insurer only so long as no default by the NIM Insurer under its guaranty
          of
          certain payments under notes backed or secured by the Class C-P Certificates
          has
          occurred and is continuing. If the NIM Insurer is the subject of any insolvency
          proceeding, the rights of the NIM Insurer under this Agreement will be
          exercisable by the NIM Insurer only so long as:

         

        (1)           the
          obligations of the NIM Insurer under its guaranty of notes backed or secured
          by
          the Class C-P Certificates have not been disavowed and

         

        (2)           Countrywide
          and the Trustee have received reasonable assurances that the NIM Insurer
          will be
          able to satisfy its obligations under its guaranty of notes backed or secured
          by
          the Class C-P Certificates.

         

        (c)           The
          NIM Insurer is a third party beneficiary of this Agreement to the same
          extent as
          if it were a party to this Agreement and may enforce any of those rights
          under
          this Agreement.

         

        (d)           A
          copy of any documents of any nature required by this Agreement to be delivered
          by the Trustee, or to the Trustee or the Rating Agencies, shall in each
          case at
          the same time also be delivered to the NIM Insurer. Any notices required
          to be
          given by the Trustee, or to the Trustee or the Rating Agencies, shall in
          each
          case at the same time also be given to the NIM Insurer.   If the
          Trustee receives a notice or document that is required hereunder to be
          delivered
          to the NIM Insurer, and if such notice or document does not indicate that
          a copy
          thereof has been previously sent to the NIM Insurer, the Trustee shall
          send the
          NIM Insurer a copy of such notice or document.  If such document is an
          Opinion of Counsel, the NIM Insurer shall be an addressee 

         

         

        
          
             

          

          
            143

            
              

            

          

          
             

          

        

         

        thereof
          or such Opinion of Counsel shall contain language permitting the NIM Insurer
          to
          rely thereon as if the NIM Insurer were an addressee thereof.

         

        (e)           Anything
          in this Agreement that is conditioned on not resulting in the downgrading
          or
          withdrawal of the ratings then assigned to the Certificates by the Rating
          Agencies shall also be conditioned on not resulting in the downgrading
          or
          withdrawal of the ratings then assigned by the Rating Agencies to the notes
          backed or secured by the Class C-P Certificates (without giving effect
          to any
          policy or guaranty provided by the NIM Insurer).

         

         

         

        
          
             

          

          
            144

            
              

            

          

          
             

          

        

         

        ARTICLE
          XI

        EXCHANGE
          ACT REPORTING

         

        
          	
                   

                	
                  SECTION
                    11.01.

                	
                  Filing
                    Obligations.

                

        

         

        The
          Master Servicer, the Trustee and each Seller shall reasonably cooperate
          with the
          Depositor in connection with the satisfaction of the Depositor’s reporting
          requirements under the Exchange Act with respect to the Trust
          Fund.  In addition to the information specified below, if so requested
          by the Depositor for the purpose of satisfying its reporting obligation
          under
          the Exchange Act, the Master Servicer, the Trustee and each Seller shall
          (and
          the Master Servicer shall cause each Subservicer to) provide the Depositor
          with
          (a) such information which is available to such Person without unreasonable
          effort or expense and within such timeframe as may be reasonably requested
          by
          the Depositor to comply with the Depositor’s reporting obligations under the
          Exchange Act and (b) to the extent such Person is a party (and the Depositor
          is
          not a party) to any agreement or amendment required to be filed, copies
          of such
          agreement or amendment in EDGAR-compatible form.

         

        
          	
                   

                	
                  SECTION
                    11.02.

                	
                  Form
                    10-D Filings.

                

        

         

        (a)           In
          accordance with the Exchange Act, the Trustee shall prepare for filing
          and file
          within 15 days after each Distribution Date (subject to permitted extensions
          under the Exchange Act) with the Commission with respect to the Trust Fund,
          a
          Form 10-D with copies of the Monthly Statement and, to the extent delivered
          to
          the Trustee, no later than 10 days following the Distribution Date, such
          other
          information identified by the Depositor or the Master Servicer, in writing,
          to
          be filed with the Commission (such other information, the “Additional Designated
          Information”).  If the Depositor or Master Servicer directs that any
          Additional Designated Information is to be filed with any Form 10-D, the
          Depositor or Master Servicer, as the case may be, shall specify the Item
          on Form
          10-D to which such information is responsive and, with respect to any Exhibit
          to
          be filed on Form 10-D, the Exhibit number.  Any information to be
          filed on Form 10-D shall be delivered to the Trustee in EDGAR-compatible
          form or
          as otherwise agreed upon by the Trustee and the Depositor or the Master
          Servicer, as the case may be, at the Depositor’s expense, and any necessary
          conversion to EDGAR-compatible format will be at the Depositor’s
          expense.  At the reasonable request of, and in accordance with the
          reasonable directions of, the Depositor or the Master Servicer, subject
          to the
          two preceding sentences, the Trustee shall prepare for filing and file
          an
          amendment to any Form 10-D previously filed with the Commission with respect
          to
          the Trust Fund.  The Master Servicer shall sign the Form 10-D filed on
          behalf of the Trust Fund.

         

        (b)           No
          later than each Distribution Date, each of the Master Servicer and the
          Trustee
          shall notify (and the Master Servicer shall cause any Subservicer to notify)
          the
          Depositor and the Master Servicer of any Form 10-D Disclosure Item, together
          with a description of any such Form 10-D Disclosure Item in form and substance
          reasonably acceptable to the Depositor.  In addition to such
          information as the Master Servicer and the Trustee are obligated to provide
          pursuant to other provisions of this Agreement, if so requested by the
          Depositor, each of the Master Servicer and the Trustee shall provide such
          information which is available to the Master Servicer and the Trustee,
          as
          applicable, without unreasonable effort or expense regarding the performance
          or
          servicing of the Mortgage Loans (in the case of the Trustee, based on the
          information provided 

         

         

        
          
             

          

          
            145

            
              

            

          

          
             

          

        

         

        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 such items to such
          format
          (other than those items generated by it or that are readily convertible
          to such
          format).  The Trustee shall have no liability to the
          Certificateholders, the Trust Fund, the Master Servicer, the Depositor
          or the
          NIM Insurer with respect to any failure to properly prepare or file any
          of Form
          10-D to the extent that such failure is not the result of any negligence,
          bad
          faith or willful misconduct on its part.

         

        
          	
                   

                	
                  SECTION
                    11.03.

                	
                  Form
                    8-K Filings.

                

        

         

        The
          Master Servicer shall prepare and file on behalf of the Trust Fund any
          Form 8-K
          required by the Exchange Act.  Each Form 8-K must be signed by the
          Master Servicer.  Each of the Master Servicer (and the Master Servicer
          shall cause any Subservicer to promptly notify), and the Trustee shall
          promptly
          notify the Depositor and the Master Servicer (if the notifying party is
          not the
          Master Servicer), but in no event later than one (1) Business Day after
          its
          occurrence, of any Reportable Event of which it has actual
          knowledge.  Each Person shall be deemed to have actual knowledge of
          any such event to the extent that it relates to such Person or any action
          or
          failure to act by such Person.  Concurrently with any transfer of
          Supplemental Mortgage Loans, 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 2008 (or such earlier date as may
          be
          required by the Exchange Act), the Depositor shall prepare and file on
          behalf of
          the Trust Fund a Form 10-K, in form and substance as required by the Exchange
          Act.  A senior officer in charge of the servicing function of the
          Master Servicer shall sign each Form 10-K filed on behalf of the Trust
          Fund.  Such Form 10-K shall include as exhibits each (i) annual
          compliance statement described under Section 3.16, (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 2008, the
          Master Servicer and the Trustee shall notify (and the Master Servicer shall
          cause any Subservicer

         

         

        
          
             

          

          
            146

            
              

            

          

          
             

          

        

         

         to
          notify) the Depositor and the Master Servicer of any Form 10-K Disclosure
          Item,
          together with a description of any such Form 10-K Disclosure Item in form
          and
          substance reasonably acceptable to the Depositor.  Additionally, each
          of the Master Servicer and the Trustee shall provide, and shall cause each
          Reporting Subcontractor retained by the Master Servicer or the Trustee,
          as
          applicable, and in the case of the Master Servicer shall cause each Subservicer,
          to provide, the following information no later than March 15 of each year
          in
          which a Form 10-K is required to be filed on behalf of the Trust Fund:
          (i) if
          such Person’s report on assessment of compliance with servicing criteria
          described under Section 11.07 or related registered public accounting firm
          attestation report described under Section 11.07 identifies any material
          instance of noncompliance, notification of such instance of noncompliance
          and
          (ii) if any such Person’s report on assessment of compliance with servicing
          criteria or related registered public accounting firm attestation report
          is not
          provided to be filed as an exhibit to such Form 10-K, information detailing
          the
          explanation why such report is not included. 

         

        
          	
                   

                	
                  SECTION
                    11.05.

                	
                  Sarbanes-Oxley
                    Certification.

                

        

         

        Each
          Form
          10-K shall include a certification (the “Sarbanes-Oxley Certification”) required
          by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section
          302
          of the Sarbanes-Oxley Act of 2002 and the rules and regulations of the
          Commission promulgated thereunder (including any interpretations thereof
          by the
          Commission’s staff)).  No later than March 15 of each year, beginning
          in 2008, the Master Servicer and the Trustee shall (unless such person
          is the
          Certifying Person), and the Master Servicer shall cause each Subservicer
          and
          each Reporting Subcontractor and the Trustee shall cause each Reporting
          Subcontractor to, provide to the Person who signs the Sarbanes-Oxley
          Certification (the “Certifying Person”) a certification (each, a “Performance
          Certification”), in the form attached hereto as Exhibit 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.

         

         

         

        
          
             

          

          
            147

            
              

            

          

          
             

          

        

         

        
          	
                   

                	
                  SECTION
                    11.07.

                	
                  Report
                    on Assessment of Compliance and
                    Attestation.

                

        

         

        (a)           On
          or before March 15 of each calendar year, commencing in 2008:

         

        (1)           Each
          of the Master Servicer and the Trustee shall deliver to the Depositor and
          the
          Master Servicer a report (in form and substance reasonably satisfactory
          to the
          Depositor) regarding the Master Servicer’s or the Trustee’s, as applicable,
          assessment of compliance with the Servicing Criteria during the immediately
          preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
          Exchange Act and Item 1122 of Regulation AB.  Such report shall be
          signed by an authorized officer of such Person and shall address each of
          the
          Servicing Criteria specified on a certification substantially in the form
          of
          Exhibit 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 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 to 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 

         

         

        
          
             

          

          
            148

            
              

            

          

          
             

          

        

         

        to
          render
          the certifications 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 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 

         

         

        
          
             

          

          
            149

            
              

            

          

          
             

          

        

         

        Servicer,
          any Subservicer), specifying (i) the identity of each such Subcontractor,
          (ii)
          which (if any) of such Subcontractors are “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, and (iii) which
          elements of the Servicing Criteria will be addressed in assessments of
          compliance provided by each Subcontractor identified pursuant to clause
          (ii) of
          this paragraph.

         

        As
          a
          condition to the utilization of any Subcontractor determined to be a Reporting
          Subcontractor, the Master Servicer or the Trustee, as applicable, shall
          cause
          any such Subcontractor used by such Person (or in the case of the Master
          Servicer, any Subservicer) for the benefit of the Depositor to comply with
          the
          provisions of Sections 11.07 and 11.09 of this Agreement to the same extent
          as
          if such Subcontractor were the Master Servicer (except with respect to
          the
          Master Servicer’s duties with respect to preparing and filing any Exchange Act
          Reports or as the Certifying Person) or the Trustee, as
          applicable.  The Master Servicer or the Trustee, as applicable, shall
          be responsible for obtaining from each Subcontractor and delivering to
          the
          Depositor and the Master Servicer, any assessment of compliance and attestation
          required to be delivered by such Subcontractor under Section 11.05 and
          Section
          11.07, in each case as and when required to be delivered.

         

        
          	
                   

                	
                  SECTION
                    11.09.

                	
                  Amendments.

                

        

         

        In
          the
          event the parties to this Agreement desire to further clarify or amend
          any
          provision of this Article XI, this Agreement shall be amended to reflect
          the new
          agreement between the parties covering matters in this Article XI pursuant
          to
          Section 10.01, which amendment shall not require any Opinion of Counsel
          or
          Rating Agency confirmations or the consent of any Certificateholder or
          the NIM
          Insurer.  If, during the period that the Depositor is required to file
          Exchange Act Reports with respect to the Trust Fund, the Master Servicer
          is no
          longer an Affiliate of the Depositor, the Depositor shall assume the obligations
          and responsibilities of the Master Servicer in this Article XI with respect
          to
          the preparation and filing of the Exchange Act Reports and/or acting as
          the
          Certifying Person, if the Depositor has received indemnity from such successor
          Master Servicer satisfactory to the Depositor, and such Master Servicer
          has
          agreed to provide a Sarbanes-Oxley Certification to the Depositor substantially
          in the form of Exhibit 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.

         

        [SIGNATURE
          PAGES FOLLOW]

         

         

         

        
          
             

          

          
            150

            
              

            

          

          
             

          

        

         

        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.

         

        
          	
                   

                	
                  CWALT,
                    INC.,

                

        

        
          	
                   

                	
                   
                    as Depositor

                

        

        

        

        
          	
                   

                	
                  By:  __/s/
                    Michael Schloessmann_____

                

        

        Name:
          Michael
          Schloessmann

        Title:
          Managing Director

         

        
          	
                   

                	
                  THE
                    BANK OF NEW YORK,

                

        

        
          	
                   

                	
                   
                    as Trustee

                

        

        

        

        

        
          	
                   

                	By:
                  /s/ Michael Cerchio

        

        Name:
          Michael Cerchio

        Title:
          Assistant
          Treasurer

         

        
          	
                   

                	
                  COUNTRYWIDE
                    HOME LOANS, INC.,

                

        

        
          	
                   

                	
                    as
                    a Seller

                

        

        

        

        
          	
                   

                	
                  By:  __/s/
                    Michael Schloessmann_____

                

        

        Name:
          Michael
          Schloessmann

        Title:
          Managing Director

         

        
          	
                   

                	
                  PARK
                    GRANADA LLC,

                

        

        
          	
                   

                	
                     as
                    a Seller

                

        

        

        

        
          	
                   

                	
                  By:  __/s/
                    Michael Schloessmann_____

                

        

        Name:
          Michael
          Schloessmann

        Title:
          Managing Director

         

        
          	
                   

                	
                  PARK
                    MONACO INC.,

                

        

        
          	
                   

                	
                    as
                    a Seller

                

        

        

        
          	
                   

                	
                  By:  __/s/
                    Michael Schloessmann_____

                

        

        Name:
          Michael
          Schloessmann

        Title:
          Managing Director

         

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        

         

         

        PARK
          SIENNA LLC,

          as
          a Seller

         

        

         

        
          	
                   

                	
                  By:  __/s/
                    Michael Schloessmann_____

                

        

        Name:
          Michael
          Schloessmann

        Title:
          Managing Director

         

        

         

        COUNTRYWIDE
          HOME LOANS SERVICING LP,

        
          	
                   

                	
                    
                    as Master Servicer

                

        

         

        
          	
                   

                	
                  By:  COUNTRYWIDE
                    GP, INC.

                

        

        

        

        
          	
                   

                	
                  By:  __/s/
                    Michael Schloessmann_____

                

        

        Name:
          Michael
          Schloessmann

        Title:
          Managing Director

         

        

         

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        

         

        Acknowledged
          solely with respect to its 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

        CWALT,
          Inc.

        Mortgage
          Pass-Through Certificates

        Series
          2007-OH3

        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, CWALT,
          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 each
          Supplemental Transfer 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 each Supplemental
          Transfer Agreement; and the Pooling and Servicing Agreement and each
          Supplemental Transfer 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 and each
          Supplemental Transfer Agreement by Countrywide, the sale of the Countrywide
          Mortgage Loans by Countrywide under the Pooling and Servicing Agreement
          and each
          Supplemental Transfer 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

         

         

        
          
             

          

          
            S-II-A-1

            
              

            

          

          
             

          

        

         

         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
          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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, 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, CWALT, 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 each Supplemental Transfer 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 each Supplemental
          Transfer Agreement; and the Pooling and Servicing Agreement and each
          Supplemental Transfer 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 and each
          Supplemental Transfer Agreement by Park Granada, the sale of the Park Granada
          Mortgage Loans by Park Granada under the Pooling and Servicing Agreement
          and
          each Supplemental Transfer 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, 

         

         

        
          
             

          

          
            S-II-B-1

            
              

            

          

          
             

          

        

         

        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.

         

        (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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, CWALT, 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 each Supplemental Transfer 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 each Supplemental
          Transfer Agreement; and the Pooling and Servicing Agreement and each
          Supplemental Transfer 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 and each
          Supplemental Transfer Agreement by Park Monaco, the sale of the Park Monaco
          Mortgage Loans by Park Monaco under the Pooling and Servicing Agreement
          and each
          Supplemental Transfer 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,

         

         

        
          
             

          

          
            S-II-C-1

            
              

            

          

          
             

          

        

         

        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.

         

        (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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, CWALT, 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 each Supplemental Transfer 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 each Supplemental
          Transfer Agreement; and the Pooling and Servicing Agreement and each
          Supplemental Transfer 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 and each
          Supplemental Transfer Agreement by Park Sienna, the sale of the Park Sienna
          Mortgage Loans by Park Sienna under the Pooling and Servicing Agreement
          and each
          Supplemental Transfer 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 

         

         

        
          
             

          

          
            S-II-D-1

            
              

            

          

          
             

          

        

         

        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.

         

        (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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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 Initial Mortgage Loans as of the Closing
          Date, and with respect to all of the Supplemental Mortgage Loans as of
          the
          related Supplemental Transfer Date or if so specified herein, as of the
          related
          Supplemental 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, CWALT, 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 Initial Mortgage Loan (other than the information contained
          in
          clauses (xxi), (xxii) and (xxiii) of the Mortgage Loan Schedule) is true
          and
          correct in all material respects as of the Closing Date and with respect
          to each
          Supplemental Mortgage Loan is true and correct in all material respects
          as of
          the related Supplemental Transfer Date.

         

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

         

        (3)           No
          Initial 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.

         

         

         

        
          
             

          

          
            S-III-A-1

            
              

            

          

          
             

          

        

         

        (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 with respect to the Initial Mortgage Loans and as of
          the
          related Supplemental Transfer Date with respect to the Supplemental Mortgage
          Loans, to the best of Countrywide’s knowledge, each Mortgaged Property is free
          of material damage and in good repair.

         

        (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 Initial Mortgage Loans and as
          of the
          related Supplemental Transfer Date with respect to the Supplemental 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,
          adjustable rate rider, negative amortization 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 and against any loss by reason
          of
          the invalidity or the unenforceability of the lien resulting from the provisions
          of the Mortgage providing for adjustment of the mortgage interest rate
          and/or
          the monthly payment including any negative amortization
          thereunder.  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.

         

         

        
          
             

          

          
            S-III-A-2

            
              

            

          

          
             

          

        

         

        (13)           With
          respect to each Mortgage Loan, all mortgage rate and payment adjustments,
          if
          any, made on or prior to the Cut-off Date have been made in accordance
          with the
          terms of the related Mortgage Note or subsequent modifications, if any,
          and
          applicable law.

         

        (14)           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.

         

        (15)           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.

         

        (16)           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.

         

        (17)           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 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.

         

        (18)           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.

         

        (19)           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.

         

        (20)           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.

         

         

        
          
             

          

          
            S-III-A-3

            
              

            

          

          
             

          

        

         

        (21)           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.

         

        (22)           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.

         

        (23)           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.

         

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

         

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

         

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

         

        (27)           Approximately
          51.67% of the Initial Mortgage Loans, by aggregate Stated Principal Balance
          of
          the Initial Mortgage Loans as of the Initial Cut-off Date, provide for
          a
          Prepayment Charge.

         

        (28)           Each
          Mortgage Loan that had a Loan-to-Value Ratio at origination in excess of
          80% 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 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 ranges from 6% to 12% for Loan-to-Value Ratios between 80.01%
          and
          85.00%, from 12% to 20% for Loan-to-Value Ratios between 85.01% and 90.00%
          and
          20% to 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 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.

         

        (29)           As
          of the Closing Date or the related Supplemental Transfer 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 

         

         

        
          
             

          

          
            S-III-A-4

            
              

            

          

          
             

          

        

         

        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 (30) 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.

         

        (30)           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.

         

        (31)           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.

         

        (32)           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.

         

        (33)           Each
          Mortgaged Property is improved by a one- to four-family residential dwelling
          including condominium units and dwelling units in PUDs, which, to the best
          of
          Countrywide’s knowledge, does not include cooperatives or mobile homes and does
          not constitute other than real property under state law.

         

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

         

        (35)           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-5

            
              

            

          

          
             

          

        

         

        (36)           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.

         

        (37)           Each
          Mortgage Loan was underwritten in all material respects in accordance with
          the
          underwriting guidelines described in the Prospectus Supplement.

         

        (38)           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.

         

        (39)           None
          of the Initial Mortgage Loans is a graduated payment mortgage loan or a
          growing
          equity mortgage loan, and none of the Initial Mortgage Loans is subject
          to a
          buydown or similar arrangement.

         

        (40)           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.

         

        (41)           The
          Mortgage Loans were selected from among the outstanding adjustable-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.

         

        (42)           Except
          for 5.82% of the Initial Mortgage Loans, by aggregate Stated Principal
          Balance
          of the Mortgage Loans as of the Initial Cut-off Date, each Mortgage Loan
          transferred and assigned to the Trustee on the Closing Date has a payment
          date
          on or before August 1, 2007.

         

        (43)           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 

         

         

        
          
             

          

          
            S-III-A-6

            
              

            

          

          
             

          

        

        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.

         

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

         

        (45)           No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governedby the Georgia Fair Lending Act.

         

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

         

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

         

        (48)           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.).

         

        (49)           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.).

         

        (50)           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.

         

        (51)           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 Standard & Poor’s LEVELS® Version 6.0 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-7

            
              

            

          

          
             

          

        

         

         

        SCHEDULE
          III-B

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, or if so specified herein, as of the Cut-off
          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, CWALT, 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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, or if so specified herein, as of the Cut-off
          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, CWALT,
          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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, or if so specified herein, as of the Cut-off
          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, CWALT,
          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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, or if so specified herein, as of the Cut-off
          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, CWALT,
          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

         

        CWALT,
          Inc.

         

        Mortgage
          Pass-Through Certificates

         

        Series
          2007-OH3

         

        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, CWALT, 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 

         

         

        
          
             

          

          
            S-V-1

            
              

            

          

          
             

          

        

         

        (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 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
          Balances Schedule

         

        

        *[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]

     

    [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                                    
:

       

    

    CWALT,
      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

     

    CWALT,
      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 Loans
      deposited by CWALT, 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

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    

    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

        
          

        

      

      
        
        

      

    

    

    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-4

          
            

          

        

        
          
          

        

      

       

    

    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 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

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    

    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                                    
:

         

      

    

    CWALT,
      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

     

    CWALT,
      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
      Loans deposited by CWALT, 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

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    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 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.]

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    

    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

        
          

        

      

      
        
        

      

    

    
      
         

        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                                    
:

         

      
CWALT, 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

     

    CWALT,
      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 CWALT, 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

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    

    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 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

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    

    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-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-5

          
            

          

        

        
          
          

        

         

      

    

    EXHIBIT
      C-2

     

    [FORM
      OF
      CLASS C-P CERTIFICATE]

     

    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
      (THE “CODE”).

     

    THIS
      CLASS C-P CERTIFICATE WILL NOT BE ENTITLED TO PAYMENTS UNTIL SUCH TIME AS
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CLASS C-P CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY
      STATE.  ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
      WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION
      THAT DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE
      WITH
      THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING 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.

     

    
      
        
        

      

      
        C-2-1

        
          

        

      

      
        
        

      

    

    

    Certificate
      No.                                   :

     

    Cut-off
      Date                                       :

     

    First
      Distribution
      Date                      :

     

    Initial
      Notional Amount

    of
      this
      Certificate                              :           $

     

    Initial
      Notional Amount

    of
      all
      Certificates of

    this
      Class                                            :           $

     

    Initial
      Certificate Balance

    of
      this
      Certificate

    (“Denomination”)                              :           $

     

    Initial
      Certificate Balance

    of
      all
      Certificates of

    this
      Class                                            :           $

     

    CUSIP                                                 :

     

    ISIN                                                     :

     

    Interest
      Rate                                       :

     

    Maturity
      Date                                     :

     

    CWALT,
      INC.

    Alternative
      Loan Trust 200____-___

    Mortgage
      Pass-Through Certificates, Series 200____-____

    Class
      C-P

     

    evidencing
      a percentage interest in the distributions allocable to the Class C-P
      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

     

    CWALT,
      Inc., as Depositor

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, 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 Initial
      Notional Amount of this

     

    
      
        
        

      

      
        C-2-2

        
          

        

      

      
        
        

      

    

    

    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 CWALT,
      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 Class C-P Certificate shall be made unless such transfer is made
      pursuant to an effective registration statement under the Act and any applicable
      state securities laws or is exempt from the registration requirements under
      the
      Act and such laws.  In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the 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 two
      years from the date of the initial issuance of Certificates, there shall also
      be
      delivered (except in the case of a transfer pursuant to Rule 144A of the
      Regulations promulgated pursuant to the Act) to the Trustee an Opinion of
      Counsel that such transfer may be made pursuant to an exemption from the Act
      and
      such state securities laws, which Opinion of Counsel shall not be obtained
      at
      the expense of the Trustee, the Master Servicer or the Depositor.  The
      Holder hereof desiring to effect such transfer shall, and does hereby agree
      to,
      indemnify the Trustee, the Certificate 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 Class C-P Certificate shall be made unless the Trustee shall
      have
      received either (i) a representation letter from the transferee of a Class
      C-P
      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
      Class C-P 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 Class C-P 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 Class C-P Certificate satisfy the requirements for exemptive
      relief under Sections I and III of PTCE 95-60, or (iii) in the case of a Class
      C-P 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

     

    
      
        
        

      

      
        C-2-3

        
          

        

      

      
        
        

      

    

    

    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 C-P 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
      Class C-P Certificate may not be pledged or used as collateral for any other
      obligation if it would cause any portion of the Trust Fund to be treated as
      a
      taxable mortgage pool under Section 7701(i) of the Code.

     

    Each
      Holder of this Class C-P Certificate will be deemed to have agreed to be bound
      by the transfer restrictions set forth in the Agreement and all other terms
      and
      provisions of the Agreement.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless the certificate of authentication hereon has been
      manually executed by an authorized officer of the Trustee.

     

    *            *           *

     

    
      
        
        

      

      
        C-2-4

        
          

        

      

      
        
        

      

    

    

    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-2-5

          
            

          

        

        
          
          

        

         

      

    

    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
          Certificate Balance

        of
          this
          Certificate

        (“Denomination”)                             
          :           $

         

        Initial
          Certificate Balance

        of
          all
          Certificates of

        this
          Class                                           
:           $

         

        CUSIP                                                 :

         

        Interest
          Rate                                      
:           Interest
          Only

         

        Maturity
          Date                                    
:

      

       

    

    CWALT,
      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

     

    CWALT,
      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
      CWALT, 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

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    

    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

     

    CWALT,
      INC.

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      CWALT, 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 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

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    

    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 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-2

        
          

        

      

      
        
        

      

    

     

    
      
        
          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-3

                
                  

                

              

              
                
                

              

            

          

        

        
           

          
            
              	 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-4

          
            

          

        

        
          
          

        

      

    

    
       

      EXHIBIT
        F-1

    

     

    [FORM
      OF]
      INITIAL CERTIFICATION OF TRUSTEE

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

    
       

      [Depositor]

       

      [Master
        Servicer]

       

      [Countrywide]
        
         

        ___________________

        ___________________

         

      

    

    
       

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement among CWALT, 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.  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-1-1

          
            

          

        

        
          
          

        

      

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

      
         

        
          	 	 	 THE
                  BANK OF NEW YORK,
	 	 	
                   as
                    Trustee

                
	 	 	 
	 	 	 
	 	 	 By:                                            
                  
	 	 	 Name:
	 	 	 Title:
	 	 	 

        

            

        
          
            
            

          

          
            F-1-2

            
              

            

          

          
            
            

          

        

         
EXHIBIT
        F-2

    

     

    [FORM
      OF]
      INITIAL CERTIFICATION OF TRUSTEE

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    [date]

    
       

      [Depositor]

       

      [Master
        Servicer]

       

      [Countrywide]
        
         

        ___________________

        ___________________

         

         

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement among CWALT, Inc., as Depositor, 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 The Bank of New
                  York, as
                  Trustee, 

                Mortgage
                  Pass-Through Certificates, Series 20__-__ and the Supplemental
                  Transfer
                  Agreement dated
                  as of [month] ____, 200_ among CWALT, Inc., as Depositor, 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, 

                and
                  The Bank of New York, as Trustee 

              

      

       

    

    Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”) and the Supplemental Transfer
      Agreement, dated as of [month] ____, 200_, the undersigned, as Trustee, hereby
      certifies that, as to each Supplemental Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Supplemental 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 the Seller 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.

     

    
      
        
        

      

      
        F-2-1

        
          

        

      

      
        
        

      

    

    

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement.  The Trustee makes no representations as
      to:  (i) the validity, legality, sufficiency, enforceability or
      genuineness of any of the documents contained in each Mortgage File of any
      of
      the Supplemental  Mortgage Loans identified on the Mortgage Loan
      Schedule, or (ii) the collectability, insurability, effectiveness or suitability
      of any such Supplemental Mortgage Loan.

     

    
      
        
        

      

      
        F-2-2

        
          

        

      

      
        
        

      

    

    

    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-2-3

          
            

          

        

        
          
          

        

      

    EXHIBIT
      G-1

     

    [FORM
      OF]
      DELAY DELIVERY CERTIFICATION

    (INITIAL
      MORTGAGE LOANS)

     

    [date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Countrywide]

     

    _____________________

     

    _____________________

     

    
       

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement among CWALT, 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 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,

            

    

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              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,
                  2004, 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 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

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

    

    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

      

    

     

    [FORM
      OF]
      DELAY DELIVERY CERTIFICATION

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    [date]

    
       
[Depositor]
      
       

      [Master
        Servicer]

       

      [Countrywide]

       

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement among CWALT, Inc., as Depositor, 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 The
                  Bank of
                  New York, as Trustee,
                  Mortgage Pass-Through Certificates, Series 20__-__ and the Supplemental
                  Transfer Agreement
                  dated as of [month] ____, 200_ among CWALT, Inc., as Depositor,
                  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, and The Bank of New York, as
                  Trustee

              

      

       

    

    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 [month] __, 200_ (such date being
      the related “Supplemental Transfer 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 Supplemental Mortgage Loan listed on Schedule A attached hereto (other
      than any Supplemental Mortgage Loan paid in full or listed on Schedule B
      attached hereto) it has received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by the Seller 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 the Seller, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                the
                Seller, 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 Supplemental Mortgage Loan that is not a MERS Mortgage
                Loan, the original recorded Mortgage, [and in the case of each
                Supplemental Mortgage Loan that is a MERS Mortgage Loan, the original
                Mortgage, noting thereon the presence of the MIN of the Supplemental
                Mortgage Loan and

            

    

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              language
                indicating that the Supplemental Mortgage Loan is a MOM Loan if the
                Supplemental 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 Supplemental 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, 2004, without recourse”, or, in the case of each Supplemental 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
      the Seller cannot deliver the original recorded Mortgage or all interim recorded
      assignments of the Mortgage satisfying the requirements of clause (ii), (iii)
      or
      (iv), as applicable, the Trustee has received, in lieu thereof, a true and
      complete copy of such Mortgage and/or such assignment or assignments of the
      Mortgage, as applicable, each certified by the Seller, the applicable title
      company, escrow agent or attorney, or the originator of such Supplemental
      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 Supplemental 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 Section 1.01
      of the Pooling and Servicing Agreement accurately reflects information set
      forth
      in the Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and

     

    
      
        
        

      

      
        G-2-2

        
          

        

      

      
        
        

      

    

    

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

     

    
      
        
        

      

      
        G-2-3

        
          

        

      

      
        
        

      

    

    
      
         

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

      
         

        
          	 	 	 THE
                  BANK OF NEW YORK,
	 	 	
                   as
                    Trustee

                
	 	 	 
	 	 	 
	 	 	 By:                                   
                     
	 	 	 Name:
	 	 	 Title:

        

         

        
          
            
            

          

          
            G-2-4

            
              

            

          

          
            
            

          

           

        

      

    

    EXHIBIT
      H-1

     

    [FORM
      OF]
      FINAL CERTIFICATION OF TRUSTEE

    (INITIAL
      MORTGAGE LOANS)

    
       

      [date]

       
[Depositor]

    
       

      [Master
        Servicer]

       

      
        [Countrywide]
          
           

          ___________________

           

          ___________________

           

           

        

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement among CWALT, 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 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];

              

      

       

      
         

        
          
            
            

          

          
            H-1-1

            
              

            

          

          
            
            

          

        

         

        
          	
                   

                	
                  (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,
                    2004, 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 “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-1-2

        
          

        

      

      
        
        

      

    

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      	 	 	 THE
              BANK OF NEW YORK,
	 	 	
               as
                Trustee

            
	 	 	 
	 	 	 
	 	 	 By:                                   
                 
	 	 	 Name:
	 	 	 Title:

    

     

    
      
        
        

      

      
        H-1-3

        
          

        

      

      
        
        

    

    EXHIBIT
      H-2

     

    [FORM
      OF]
      FINAL CERTIFICATION OF TRUSTEE

    (SUPPLEMENTAL
      MORTGAGE LOANS)

     

    [date]

    
       

      [Depositor]

       

      [Master
        Servicer]

       

      [Countrywide]

       

      ___________________

       

      ___________________

       

       

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement among CWALT, Inc., as Depositor, 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 The
                  Bank of New York,
                  as Trustee, Mortgage Pass-Through Certificates, Series 20__-__
                  and the
                  Supplemental Transfer
                  Agreement dated as of [month] ____, 200_ among CWALT, Inc., as
                  Depositor,
                  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, and The Bank of New York,
                  as
                  Trustee

              

      

       

    

    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 Supplemental Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Supplemental Mortgage Loan paid in full
      or listed on the attached Document Exception Report) it has
      received:

     

    
      	
               

            	
              (i)

            	
              the
                original Mortgage Note, endorsed by the Seller 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 the Seller, or, if the original Mortgage Note has been lost or
                destroyed and not replaced, an original lost note affidavit from
                the
                Seller, 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 Supplemental Mortgage Loan that is not a MERS Mortgage
                Loan, the original recorded Mortgage, [and in the case of each
                Supplemental Mortgage Loan that is a MERS Mortgage Loan, the original
                Mortgage, noting

            

    

     

    
      
        
        

      

      
        H-2-1

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              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 Supplemental 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, 2004, without recourse”, or, in the case of each Supplemental 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 Supplemental 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 Supplemental Mortgage Loan that is not a
      MERS
      Mortgage Loan the Seller cannot deliver the original recorded Mortgage or all
      interim recorded assignments of the Mortgage satisfying the requirements of
      clause (ii), (iii) or (iv), as applicable, the Trustee has received, in lieu
      thereof, a true and complete copy of such Mortgage and/or such assignment or
      assignments of the Mortgage, as applicable, each certified by the Seller, the
      applicable title company, escrow agent or attorney, or the originator of such
      Supplemental 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 Supplemental 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 Section 1.01
      of the Pooling and Servicing Agreement accurately reflects information set
      forth
      in the Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and

    
      
        
        

      

      
        H-2-2

        
          

        

      

      
        
        

      

    

    

    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 Supplemental 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 Supplemental Mortgage
      Loan.

     

    
      
        
        

      

      
        H-2-3

        
          

        

      

      
        
        

      

    

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

    
       

      
        	 	 	 THE
                BANK OF NEW YORK,
	 	 	
                 as
                  Trustee

              
	 	 	 
	 	 	 
	 	 	 By:                                   
                   
	 	 	 Name:
	 	 	 Title:

      

       

      
        
          
          

        

        
          H-2-4

          
            

          

        

        
          
          

        

      

    EXHIBIT
      I

     

    [FORM
      OF]
      TRANSFER AFFIDAVIT

     

    CWALT,
      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 CWALT, 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 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

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    

    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 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 

     

    
      
        
        

      

      
        I-2

        
          

        

      

      
        
        

      

    

    

    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).

    
       

      
        	 	 	 CWALT,
                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 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.

     

    
      
        
        

      

      
        I-6

        
          

        

      

      
        
        

      

    

    

    “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 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

    
      
        
        

      

      
        I-8

        
          

        

      

      
        
        

      

    

    

    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

      

      
         

        CWALT,
          Inc.

        4500
          Park
          Granada

        Calabasas,
          California  91302

        Attention:  Josh
          Adler

         

        The
          Bank
          of New York

        101
          Barclay Street – 8W

        New
          York,
          New York  10286

         

        
          
            	
                    Attention:

                  	
                    Mortgage-Backed
                      Securities Group

                    Series
                      200_-_

                  

          

           

          
            	
                     

                  	
                    Re:

                  	
                    CWALT,
                      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

      

      
        
           

          CWALT,
            Inc.

          4500
            Park
            Granada

          Calabasas,
            California  91302

          Attention:  Josh
            Adler

           

          The
            Bank
            of New York

          101
            Barclay Street – 8W

          New
            York,
            New York  10286

          
             

            
              
                	
                        Attention:

                      	
                        Mortgage-Backed
                          Securities Group

                        Series
                          200_-_

                      

              

               

              
                	
                         

                      	
                        Re:

                      	
                        CWALT,
                          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

        

        
          
             

            CWALT,
              Inc.

            4500
              Park
              Granada

            Calabasas,
              California  91302

            Attention:  Josh
              Adler

             

            The
              Bank
              of New York

            101
              Barclay Street – 8W

            New
              York,
              New York  10286

            
               

              
                
                  	
                          Attention:

                        	
                          Mortgage-Backed
                            Securities Group

                          Series
                            200_-_

                        

                

                 

                
                  	
                           

                        	
                          Re:

                        	
                          CWALT,
                            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, (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

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    

    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

          

          
            
               

              CWALT,
                Inc.

              4500
                Park
                Granada

              Calabasas,
                California  91302

              Attention:  Josh
                Adler

               

              The
                Bank
                of New York

              101
                Barclay Street – 8W

              New
                York,
                New York  10286

              
                 

                
                  
                    	
                            Attention:

                          	
                            Mortgage-Backed
                              Securities Group

                            Series
                              200_-_

                          

                  

                   

                  
                    	
                             

                          	
                            Re:

                          	
                            CWALT,
                              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 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

     

    
      
        
        

      

      
        L-1-1

        
          

        

      

      
        
        

      

    

    

    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.

            

    

     

    
      	
               

            	
              ___

            	
              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

            

    

     

    
      
        
        

      

      
        L-1-3

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              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, 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.

     

    
      
        
        

      

      
        L-1-4

        
          

        

      

      
        
        

      

    

    

    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).

     

    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.

     

    
      
        
        

      

      
        L-1-6

        
          

        

      

      
        
        

      

    

    

    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

     

    [FORM
      OF]
      ERISA LETTER (COVERED CERTIFICATES)

    
      
        	 	 	 ________________________
	 	 	 Date

      

       

      CWALT,
        Inc.

      4500
        Park
        Granada

      Calabasas,
        California  91302

      Attention:   Josh
        Adler

       

      The
        Bank
        of New York

      101
        Barclay Street – 8W

      New
        York,
        New York  10286

      
        
           

          
            
              	
                      Attention:

                    	
                      Mortgage-Backed
                        Securities Group

                      Series
                        200_-_

                    

            

             

            
              	
                       

                    	
                      Re:

                    	
                      CWALT,
                        Inc. Mortgage Pass-Through Certificates,

                      Series
                        200_-_,
                        Class                                          

                    

            

          

        

      

       

    

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates, we certify that
      we
      are not, and are not acquiring the Certificates on behalf of or with plan assets
      of 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, or (ii) the purchase and
      holding of the Certificates satisfy the requirements for exemptive relief under
      PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar
      exemption.  We understand that, in the event that such representation
      is violated, such transfer or acquisition shall be void and of no
      effect.

    
       

      
        	 	 	 Very
                truly yours,
	 	 	 
	 	 	 __________________________
	 	 	 Print
                Name of Transferee
	 	 	 
	 	 	 
	 	 	 By: _____________________________
	 	 	
                 Authorized
                  Officer

              

      

       

    

     

    
      
        
        

      

      
        L-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    [FORM
      OF]
      REQUEST FOR RELEASE

    (for
      Trustee)

     

    CWALT,
      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 acknowledges that it has received from The
      Bank of New York, as Trustee for the Holders of Mortgage Pass-Through
      Certificates, of the above-referenced Series, the documents referred to below
      (the “Documents”).  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 CWALT, 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
                _______________________________.

            

    

     

    
      	
              ( )

            	
              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
                ____________________________.

            

    

    
       

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

         

      

    

    
      	
              ( )

            	
              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 previously requested from
      the Mortgage File to the Trustee when the need therefor no longer exists, unless
      the Mortgage Loan relating to the Documents has been liquidated and the proceeds
      thereof have been remitted to the Certificate Account and except as expressly
      provided in the 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 DOCUMENTS

    
       

      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, CWALT, 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 CWALT, Inc., we request the release of the Mortgage Loan 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

     

    [FORM
      OF]
      SUPPLEMENTAL TRANSFER AGREEMENT

     

    THIS
      SUPPLEMENTAL TRANSFER AGREEMENT,  dated as of ____________, 200_ (this
“Supplemental Transfer Agreement”), among CWALT, INC., a Delaware corporation,
      as depositor (the “Depositor”), COUNTRYWIDE HOME LOANS, INC. (“CHL”), 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 limited liability corporation, as a seller (a
“Seller”), PARK SIENNA LLC (“Park Sienna”), a Delaware limited liability
      company, as a seller (a “Seller” and together with CHL, Park Granada and Park
      Monaco, the “Sellers”) under the Pooling and Servicing Agreement referred to
      below, and THE BANK OF NEW YORK, a New York banking corporation, as trustee
      (the
“Trustee”);

     

    WHEREAS,
      the Depositor, the Sellers, the Trustee and Countrywide Home Loans Servicing
      LP,
      as Master Servicer, have entered in the Pooling and Servicing Agreement, dated
      as of [month] 1, 2003 (the “Pooling and Servicing Agreement”), in relation to
      the Alternative Loan Trust 200_-_, Mortgage Pass-Through Certificates, Series
      200_-_;

     

    WHEREAS,
      Section 2.01(e) of the Pooling and Servicing Agreement provides for the parties
      hereto to enter into this Supplemental Transfer Agreement in accordance with
      the
      terms and conditions of the Pooling and Servicing Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration the receipt and adequacy of which are hereby acknowledged the
      parties hereto agree as follows:

     

    (a)           The
      “Supplemental Transfer Date” with respect to this Supplemental Transfer
      Agreement shall be ________, 200_.

     

    (b)           The
      “Aggregate Supplemental Purchase Amount” with respect to this Supplemental
      Transfer Agreement shall be $________; provided, however, that such amount
      shall
      not exceed the amount on deposit in the Supplemental Loan Account.

     

    (c)           The
      “Capitalized Interest Requirement” with respect to this Supplemental Transfer
      Agreement shall be $________; provided, however, that such amount shall not
      exceed the amount on deposit in the Capitalized Interest Account.

     

    (d)           [Reserved]

     

    (e)           In
      case any provision of this Supplemental Transfer Agreement shall be invalid,
      illegal or unenforceable, the validity, legality and enforceability of the
      remaining provisions or obligations shall not in any way be affected or impaired
      thereby.

     

    (f)           In
      the event of any conflict between the provisions of this Supplemental Transfer
      Agreement and the Pooling and Servicing Agreement, the provisions of the Pooling
      and Servicing Agreement shall prevail.

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    

    (g)           This
      Supplemental Transfer Agreement shall be governed by, and shall be construed
      and
      enforced in accordance with the laws of the State of New York.

     

    (h)           The
      Supplemental Transfer Agreement may be executed in one or more counterparts,
      each of which so executed and delivered shall be deemed an original, but all
      such counterparts together shall constitute but one and the same
      instrument.

     

    
      
        
        

      

      
        P-2

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties to this Supplemental Transfer Agreement have caused
      their names to be signed hereto by their respective officers thereunto duly
      authorized as of the day and year first above written.

    
       

      
        	 	
                CWALT,
                  INC.,

                  as
                  Depositor

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

       

      
        	 	
                COUNTRYWIDE
                  HOME LOANS, INC.,

                 as
                  Seller

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

       

      
        	 	
                PARK
                  GRANADA LLC,

                as
                  a Seller

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

       

      
        	 	
                PARK
                  MONACO, INC.,

                as
                  a Seller

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

       

      
 

      
        
          
          

        

        
          P-3

          
            

          

        

        
          
          

        

      

      
      

      
        	 	
                PARK
                  SIENNA LLC,

                as
                  a Seller

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

       

      
        	 	
                THE
                  BANK OF NEW YORK,

                not
                  in its individual capacity,

                but
                  solely as Trustee

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      Acknowledged
        and Agreed:

       

      COUNTRYWIDE
        HOME LOANS SERVICING LP,

        as
        Master Servicer

       

      By:  COUNTRYWIDE
        GP, INC.

       

      By:  _____________________________

              Name:

              Title:

       

      
        
          
          

        

        
          P-4

          
            

          

        

        
          
          

        

      

       
EXHIBIT
      Q

     

    GLOSSARY
      of TERMS for STANDARD & POOR’S LEVELS® VERSION 5.7 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

                
	
                  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

                
	
                  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

                
	
                  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

                

        

      

       

      

      
        
          
          

        

        
          Q-1

          
            

          

        

        
          
          

        

      

       

      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

                

        

      

       

       

      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-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R-1

      

      [FORM
        OF]
        CLASS A-1-A SWAP CONTRACT

      

      Delivered
        to the Trustee at closing and on file with the Trustee.

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          R-1-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R-2

      

      [FORM
        OF]
        CLASS A-1-B SWAP CONTRACT

      

      Delivered
        to the Trustee at closing and on file with the Trustee.

       

       

      
        
          
          

        

        
          R-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-3

      

      [FORM
        OF]
        CLASS A-2-A SWAP CONTRACT

      

      Delivered
        to the Trustee at closing and on file with the Trustee.

      
         

        
          
          

        

        
          R-3-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R-4

      

      [FORM
        OF]
        CLASS A-3 SWAP CONTRACT

      

      Delivered
        to the Trustee at closing and on file with the Trustee.

       

      
        
          
          

        

        
          R-4-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        S-1

      

      [FORM
        OF]
        SWAP CONTRACT ASSIGNMENT AGREEMENT

      

      Delivered
        to the Trustee at closing and on file with the Trustee.
 

      
        
          
          

        

        
          S-1-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        S-2

      

      [FORM
        OF]
        SWAP CONTRACT ADMINISTRATION AGREEMENT

      

      Delivered
        to the Trustee at closing and on file with the Trustee.

       

      
        
          
          

        

        
          S-2-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        T

       

      [FORM
        OF]
        OFFICER’S CERTIFICATE WITH RESPECT TO PREPAYMENTS

       

      MORTGAGE
        BACKED CERTIFICATES,

      Series
        200_-__

       

      [Date]

      

      Via
        Facsimile

      

      __________________,

      as
        Trustee

      _______________

      _______________________

       

      

      Dear
        Sir
        or Madam:

       

    

    Reference
      is made to the Pooling and Servicing Agreement, dated as of _________, 200_,
      (the “Pooling and Servicing Agreement”) among [CWALT, Inc.], as Depositor,
      [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 __________________, as
      Trustee.  Capitalized terms used herein shall have the meanings
      ascribed to such terms in the Pooling and Servicing Agreement.

     

    __________________
      hereby certifies that he/she is a Servicing Officer, holding the office set
      forth beneath his/her name and hereby further certifies as follows:

     

    With
      respect to the Distribution Date in _________ 200_ and each Mortgage Loan set
      forth in the attached schedule:

     

    1.           A
      Principal Prepayment in full or in part was received during the related
      Prepayment Period;

     

    2.           Any
      Prepayment Charge due under the terms of the Mortgage Note with respect to
      such
      Principal Prepayment was or was not, as indicated on the attached schedule
      using
“Yes” or “No”, received from the Mortgagor and deposited in the Certificate
      Account;

     

    3.           As
      to each Mortgage Loan set forth on the attached schedule for which all or part
      of the Prepayment Charge required in connection with the Principal Prepayment
      was waived by the Master Servicer, such waiver was, as indicated on the attached
      schedule, based upon:

     

    (i)           the
      Master Servicer’s determination that such waiver would maximize recovery of
      Liquidation Proceeds for such Mortgage Loan, taking into account the value
      of
      such Prepayment Charge, or

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (ii)(A)     the
      enforceability thereof is limited (1) by bankruptcy, insolvency, moratorium,
      receivership, or other similar law relating to creditors’ rights generally or
      (2) due to acceleration in connection with a foreclosure or other involuntary
      payment, or (B) the enforceability is otherwise limited or prohibited by
      applicable law; and

     

    4.           We
      certify that all amounts due in connection with the waiver of a Prepayment
      Charge inconsistent with clause 3 above which are required to be deposited
      by
      the Master Servicer pursuant to Section 3.19 of the Pooling and Servicing
      Agreement, have been or will be so deposited.

    
       

      
        	 	 	[COUNTRYWIDE
                HOME LOANS, INC.],
	 	 	
                as
                  Master Servicer

              

      

       

       

      
        
          
          

        

        
          T-2

          
            

          

        

        
          
          

        

      

       

       

       

      SCHEDULE
        OF MORTGAGE LOANS FOR WHICH A PREPAYMENT WAS RECEIVED DURING THE RELATED
        PREPAYMENT PERIOD

       

      
        
          	
                  Loan
                    Number

                	
                  Clause
                    2:  Yes/No

                	
                  Clause
                    3:  (i) or (ii)

                
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

        

      

      

      

      
        
          
          

        

        
          T-3

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        U

       

      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 authorized personnel.

                  	 
	
                    1122(d)(2)(iii)

                  	
                    Advances
                      of funds or guarantees regarding collections, cash flows or
                      distributions,
                      and any interest or other fees charged for such advances, are
                      made,
                      reviewed and approved as specified in the transaction
                      agreements.

                  	 
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	 
	
                    1122(d)(2)(v)

                  	
                    Each
                      custodial account is maintained at a federally insured depository
                      institution as set forth in the transaction agreements. For
                      purposes of
                      this criterion, “federally insured depository institution” with respect to
                      a foreign financial institution means a foreign financial institution
                      that
                      meets the requirements of Rule 13k-1(b)(1) of the Securities
                      Exchange
                      Act.

                  	 
	
                    1122(d)(2)(vi)

                  	
                    Unissued
                      checks are safeguarded so as to prevent unauthorized
                      access.

                  	 
	
                    1122(d)(2)(vii)

                  	
                    Reconciliations
                      are prepared on a monthly basis for all asset-backed securities
                      related
                      bank accounts, including custodial accounts and related bank
                      clearing
                      accounts. These reconciliations are (A) mathematically accurate;
                      (B)
                      prepared within 30 calendar days after the bank statement cutoff
                      date, or
                      such other number of days specified in the transaction agreements;
                      (C)
                      reviewed and approved by someone other than the person who
                      prepared the
                      reconciliation; and (D) contain explanations for reconciling
                      items. These
                      reconciling items are resolved within 90 calendar days of their
                      original
                      identification, or such other number of days specified in the
                      transaction
                      agreements.

                  	 
	 	
                    Investor
                      Remittances and Reporting

                  	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements; (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors’ or the trustee’s records as to the total unpaid principal
                      balance and number of mortgage loans serviced by the
                      Servicer.

                  	 
	
                    1122(d)(3)(ii)

                  	
                    Amounts
                      due to investors are allocated and remitted in accordance with
                      timeframes,
                      distribution priority and other terms set forth in the transaction
                      agreements.

                  	 
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	 
	
                    1122(d)(3)(iv)

                  	
                    Amounts
                      remitted to investors per the investor reports agree with cancelled
                      checks, or other form of payment, or custodial bank
                      statements.

                  	 
	 	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	 
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements.

                  	 
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements.

                  	 
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	 
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	 
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's mortgage
                      loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	 
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements.

                  	 
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	 
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	 
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	 
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                  	 
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	 
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements.

                  	 
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	 
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 
	 	 	 

          

        

      

      

       

      
        
          
          

        

        
          W-1

          
            

          

        

        
          
          

        

      

       

      
        
          	 	 	[NAME
                  OF MASTER SERVICER] [NAME OF TRUSTEE] [NAME OF CO-TRUSTEE] [NAME
                  OF
                  SUBSERVICER]
	 	 	 
	 	 	 
	 	 	Date:
                  _________________________
	 	 	 
	 	 	By:  ________________________________
	 	 	Name:
	 	 	Title:

        

      

       

       

       

      
        
          
          

        

        
          W-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        X

       

      [FORM
        OF]
        LIST OF ITEM 1119 PARTIES

       

      ALTERNATIVE
        LOAN 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)

      

      
        	
              	
                Re:

              	
                Alternative
                  Loan Trust 200[ ]-[  ], Mortgage Pass-Through Certificates,
                  Series 200[ ]-[  ]

              

      

      

      

      The
        undersigned Servicer hereby
        certifies to the Depositor and its officers, directors and Affiliates
        (collectively, the “Certification Parties”) as follows, with the knowledge and
        intent that the Certification Parties will rely on this Certification in
        connection with the certification concerning the Trust Fund to be signed
        by an
        officer of the Depositor and submitted to the Securities and Exchange Commission
        pursuant to the Sarbanes-Oxley Act of 2002:

      

      1.           I
        have reviewed the servicer compliance statement of the Master Servicer provided
        in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
        report on assessment of the Servicer’s compliance with the servicing criteria
        set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided
        in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act
        of
        1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
        report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
        Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
        servicing reports, officer’s certificates and other information relating to the
        servicing of the Mortgage Loans by the Master Servicer during 200[ ] that
        were
        delivered by the Master Servicer to the Trustee pursuant to the Agreement
        (collectively, the “Servicing Information”);

      

      2.           Based
        on my knowledge, the Servicing Information, taken as a whole, does not contain
        any untrue statement of a material fact or omit to state a material fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Servicing Information;

      

      3.           Based
        on my knowledge, all of the Servicing Information required to be provided
        by the
        Master Servicer under the Agreement has been provided to the Depositor or
        the
        Trustee, as applicable;

      

      4.           I
        am responsible for reviewing the activities performed by the Master Servicer
        as
        servicer under the 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 Sienna LLC, as a seller, Park
        Monaco Inc., as a seller,
        [            ], as
        master servicer, CWALT, Inc., as depositor, and The Bank of New York, as
        trustee, and based on my knowledge and the compliance review conducted in
        preparing the Compliance Statement and except as disclosed in the Compliance
        Statement, the Pooling and Servicing Assessment or the Attestation Report,
        the
        Master Servicer has fulfilled its obligations under the Agreement in all
        material respects; and

      

      
        
          
          

        

        
          Y-1

          
            

          

        

        
          
          

        

      

      5.           The
        Compliance Statement required to be delivered by the Master Servicer pursuant
        to
        the Pooling and Agreement, and the Servicing Assessment and Attestation Report
        required to be provided by the Master Servicer and by any Subservicer or
        Reporting Subcontractor pursuant to the Agreement, have been provided to
        the
        Depositor.  Any material instances of noncompliance described in such
        reports have been disclosed to the Depositor.  Any material instance
        of noncompliance with the Servicing Criteria has been disclosed in such
        reports.

       

       

      
        	 	 	 [MASTER
                SERVICER]
	 	 	 
	 	 	 By:________________________________
	 	 	
                 Name:

              
	 	 	
                 Title:

              
	 	 	 Date: _________________________
	 	 	 
	 	 	 

      

      
 

       

      

      
        Y-2EXHIBIT 4.1

       -------------------------------------------------------------------

                    WELLS FARGO ASSET SECURITIES CORPORATION

                                   (Depositor)

                                       and

                             WELLS FARGO BANK, N.A.

                                (Master Servicer)

                                       and

                       HSBC BANK USA, NATIONAL ASSOCIATION

                                    (Trustee)

                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 30, 2007

                                 $421,914,996.00

                       Mortgage Pass-Through Certificates
                                 Series 2007-AR4

        -----------------------------------------------------------------

<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01  Definitions..............................................
Section 1.02  Acts of Holders..........................................
Section 1.03  Effect of Headings and Table of Contents.................
Section 1.04  Benefits of Agreement....................................

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                      ORIGINAL ISSUANCE OF THE CERTIFICATES

Section 2.01  Conveyance of Mortgage Loans.............................
Section 2.02  Acceptance by Custodian..................................
Section 2.03  Representations and Warranties of the Master Servicer and
               the Depositor...........................................
Section 2.04  Execution and Delivery of Certificates...................
Section 2.05  Designation of Certificates; Designation of Startup Day
               and Latest Possible Maturity Date.......................

                                   ARTICLE III

                  ADMINISTRATION OF THE TRUST ESTATE; SERVICING
                              OF THE MORTGAGE LOANS

Section 3.01  Certificate Account......................................
Section 3.02  Permitted Withdrawals from the Certificate Account.......
Section 3.03  Advances by Master Servicer and Trustee..................
Section 3.04  Custodian to Cooperate;
               Release of Owner Mortgage Loan Files and Retained
               Mortgage Loan Files.....................................
Section 3.05  Annual Compliance Statements.............................
Section 3.06  Title, Management and Disposition of Any REO Mortgage
               Loan....................................................
Section 3.07  Amendments to Servicing Agreements,
               Modification of Standard Provisions.....................
Section 3.08  Oversight of Servicing...................................
Section 3.09  Termination and Substitution of Servicing Agreements.....
Section 3.10  Application of Net Liquidation Proceeds..................
Section 3.11  Assessment of Servicing Compliance; Registered Public
               Accounting Firm Attestation Reports.....................
Section 3.12  Exchange Act Reports.....................................

                                   ARTICLE IV

                    DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
                         PAYMENTS TO CERTIFICATEHOLDERS;
                             STATEMENTS AND REPORTS

Section 4.01  Distributions............................................
Section 4.02  Allocation of Realized Losses............................
Section 4.03  Paying Agent.............................................
Section 4.04  Statements to Certificateholders; Reports to the Trustee
               and the Depositor.......................................
Section 4.05  Reserved.................................................
Section 4.06  Calculation of Amounts; Binding Effect of Interpretations
               and Actions of Master Servicer..........................

                                    ARTICLE V

                                THE CERTIFICATES

Section 5.01  The Certificates.........................................
Section 5.02  Registration of Certificates.............................
Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates........
Section 5.04  Persons Deemed Owners....................................
Section 5.05  Access to List of Certificateholders' Names and Addresses
Section 5.06  Maintenance of Office or Agency..........................
Section 5.07  Definitive Certificates..................................
Section 5.08  Notices to Clearing Agency...............................

                                   ARTICLE VI

                      THE DEPOSITOR AND THE MASTER SERVICER

Section 6.01  Liability of the Depositor and the Master Servicer.......
Section 6.02  Merger or Consolidation of the Depositor or the Master
               Servicer................................................
Section 6.03  Limitation on Liability of the Depositor, the Master
               Servicer and Others.....................................
Section 6.04  Resignation of the Master Servicer.......................
Section 6.05  Compensation to the Master Servicer......................
Section 6.06  Assignment or Delegation of Duties by Master Servicer....
Section 6.07  Indemnification of Trustee and Depositor by Master
               Servicer................................................
Section 6.08  Master Servicer Errors and Omissions Policy..............

                                   ARTICLE VII

                                     DEFAULT

Section 7.01  Events of Default........................................
Section 7.02  Other Remedies of Trustee................................
Section 7.03  Directions by Certificateholders and
               Duties of Trustee During Event of Default...............
Section 7.04  Action upon Certain Failures of the
               Master Servicer and upon Event of Default...............
Section 7.05  Trustee to Act; Appointment of Successor.................
Section 7.06  Notification to Certificateholders.......................

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01  Duties of Trustee........................................
Section 8.02  Certain Matters Affecting the Trustee....................
Section 8.03  Trustee Not Required to Make Investigation...............
Section 8.04  Trustee Not Liable for Certificates or Mortgage Loans....
Section 8.05  Trustee May Own Certificates.............................
Section 8.06  The Master Servicer to Pay Fees; Limitation on Liability.
Section 8.07  Eligibility Requirements.................................
Section 8.08  Resignation and Removal..................................
Section 8.09  Successor................................................
Section 8.10  Merger or Consolidation..................................
Section 8.11  Authenticating Agent.....................................
Section 8.12  Separate Trustees and Co-Trustees........................
Section 8.13  Tax Matters; Compliance with REMIC Provisions............
Section 8.14  Monthly Advances.........................................
Section 8.15  Indemnification of the Master Servicer and Depositor by
               the Trustee.............................................
Section 8.16  Trustee Errors and Omissions Policy......................

                                   ARTICLE IX

                                   TERMINATION

Section 9.01  Termination upon Purchase by the
               Depositor or Liquidation of All Mortgage Loans..........
Section 9.02  Additional Termination Requirements......................

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

Section 10.01 Amendment................................................
Section 10.02 Recordation of Agreement.................................
Section 10.03 Limitation on Rights of Certificateholders...............
Section 10.04 Governing Law; Jurisdiction..............................
Section 10.05 Notices..................................................
Section 10.06 Severability of Provisions...............................
Section 10.07 Special Notices to Rating Agencies.......................
Section 10.08 Covenant of Depositor....................................
Section 10.09 Recharacterization.......................................
Section 10.10 Regulation AB Compliance; Intent of Parties;
               Reasonableness..........................................

                                   ARTICLE XI

                             TERMS FOR CERTIFICATES

Section 11.01 Cut-Off Date.............................................
Section 11.02 Cut-Off Date Aggregate Principal Balance.................
Section 11.03 Original Class A Percentage..............................
Section 11.04 Original Principal Balances of the Classes of Class A
               Certificates............................................
Section 11.05 Original Subordinated Percentage.........................
Section 11.06 Original Class B Principal Balance.......................
Section 11.07 Original Principal Balances of the Classes of Class B
               Certificates............................................
Section 11.08 Original Class B-1 Fractional Interest...................
Section 11.09 Original Class B-2 Fractional Interest...................
Section 11.10 Original Class B-3 Fractional Interest...................
Section 11.11 Original Class B-4 Fractional Interest...................
Section 11.12 Original Class B-5 Fractional Interest...................
Section 11.13 Original Class B-1 Percentage............................
Section 11.14 Original Class B-2 Percentage............................
Section 11.15 Original Class B-3 Percentage............................
Section 11.16 Original Class B-4 Percentage............................
Section 11.17 Original Class B-5 Percentage............................
Section 11.18 Original Class B-6 Percentage............................
Section 11.19 Closing Date.............................................
Section 11.20 Right to Purchase........................................
Section 11.21 Single Certificate.......................................
Section 11.22 Servicing Fee Rate.......................................
Section 11.23 Master Servicing Fee Rate................................

SCHEDULE I    Applicable Unscheduled Principal Receipt Period

<PAGE>

                                    EXHIBITS
                                    --------

EXHIBIT A-1             -     Form of Face of Class A-1 Certificate
EXHIBIT A-2             -     Form of Face of Class A-2 Certificate
EXHIBIT A-R             -     Form of Face of Class A-R Certificate
EXHIBIT B-1             -     Form of Face of Class B-1 Certificate
EXHIBIT B-2             -     Form of Face of Class B-2 Certificate
EXHIBIT B-3             -     Form of Face of Class B-3 Certificate
EXHIBIT B-4             -     Form of Face of Class B-4 Certificate
EXHIBIT B-5             -     Form of Face of Class B-5 Certificate
EXHIBIT B-6             -     Form of Face of Class B-6 Certificate
EXHIBIT C               -     Form of Reverse of Series 2007-AR4 Certificates
EXHIBIT D               -     Reserved
EXHIBIT E               -     Custodial Agreement
EXHIBIT F               -     Addresses for Requesting Mortgage Loan Schedule
EXHIBIT G               -     Request for Release of Documents
EXHIBIT H               -     Affidavit Pursuant to Section 860E(e)(4) of the
                              Internal Revenue Code of 1986, as amended, and
                              for Non-ERISA Investors
EXHIBIT I               -     Letter from Transferor of Residual Certificate
EXHIBIT J               -     Transferee's Letter (Class [B-4] [B-5] [B-6]
                              Certificates)
EXHIBIT K               -     List of Recordation States
EXHIBIT L               -     Servicing Agreements
EXHIBIT M               -     Form of Special Servicing Agreement
EXHIBIT N               -     Form of Initial Certification of the Custodian
EXHIBIT O               -     Form of Final Certification of the Custodian
EXHIBIT P               -     Form of Sarbanes Oxley Certification
EXHIBIT Q               -     Reserved
EXHIBIT R               -     Servicing Criteria to be Addressed in
                              Assessment of Compliance
EXHIBIT S               -     Additional Form 10-D Disclosure
EXHIBIT T               -     Additional Form 10-K Disclosure
EXHIBIT U               -     Form 8-K Disclosure Information
EXHIBIT V               -     Additional Disclosure Notification

<PAGE>

            This Pooling and Servicing Agreement, dated as of August 30, 2007
executed by WELLS FARGO ASSET SECURITIES CORPORATION, as Depositor, WELLS FARGO
BANK, N.A., as Master Servicer, and HSBC BANK USA, NATIONAL ASSOCIATION, as
Trustee.

                          W I T N E S S E T H  T H A T:

            In consideration of the mutual agreements herein contained, the
Depositor, the Master Servicer and the Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

            Section 1.01 Definitions.

            Whenever used herein, the following words and phrases, unless the
context otherwise requires, shall have the meanings specified in this Article.

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

            Accepted Master Servicing Practices: Accepted Master Servicing
Practices shall consist of the customary and usual master servicing practices of
prudent master servicing institutions which master service mortgage loans of the
same type as the Mortgage Loans in the jurisdictions in which the related
Mortgaged Properties are located, regardless of the date upon which the related
Mortgage Loans were originated.

            Additional Form 10-D Disclosure: As defined in Section 3.12(a).

            Additional Form 10-K Disclosure: As defined in Section 3.12(b).

            Additional Master Servicer: As defined in Section 6.06(b).

            Adjusted Pool Amount: With respect to any Distribution Date, the
Cut-Off Date Aggregate Principal Balance of the Mortgage Loans minus the sum of
(i) all amounts in respect of principal received in respect of the Mortgage
Loans (including, without limitation, amounts received as Monthly Payments,
Periodic Advances, Unscheduled Principal Receipts and Substitution Principal
Amounts) and distributed to Holders of the Certificates on such Distribution
Date and all prior Distribution Dates, (ii) the principal portion of all
Liquidated Loan Losses incurred on such Mortgage Loans for which the Liquidation
Proceeds were received from the Cut-Off Date through the end of the Applicable
Unscheduled Principal Receipt Period with respect to Full Unscheduled Principal
Receipts for such Distribution Date and (iii) the principal portion of all
Bankruptcy Losses (other than Debt Service Reductions) incurred on the Mortgage
Loans from the Cut-Off Date through the end of the period corresponding to the
Applicable Unscheduled Principal Receipt Period with respect to Full Unscheduled
Principal Receipts for such Distribution Date.

            Adjusted Principal Balance: As to any Distribution Date and any
Class of Class B Certificates, the greater of (A) zero and (B) (i) the Principal
Balance of such Class with respect to such Distribution Date minus (ii) the
Adjustment Amount for such Distribution Date less the Principal Balances for any
Classes of Class B Certificates with higher numerical designations.

            Adjustment Amount: For any Distribution Date, the difference between
(A) the sum of the Class A Principal Balance and the Class B Principal Balance
as of the related Determination Date and (B) the sum of (i) the sum of the Class
A Principal Balance and the Class B Principal Balance as of the Determination
Date succeeding such Distribution Date and (ii) the aggregate amount that would
have been distributed to all Classes as principal in accordance with Section
4.01(a) for such Distribution Date without regard to the provisos in the
definitions of Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal
Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount,
Class B-5 Optimal Principal Amount and Class B-6 Optimal Principal Amount.

            Adjustment Date: As to each Mortgage Loan, the Due Date on which
date an adjustment to the Mortgage Interest Rate of such Mortgage Loan becomes
effective under the related Mortgage Note, which Due Date is the date set forth
in the Mortgage Loan Schedule as the first Adjustment Date and each subsequent
anniversary thereof.

            Aggregate Class A Distribution Amount: As to any Distribution Date,
the aggregate amount distributable to the Classes of Class A Certificates
pursuant to Paragraphs first, second and third of Section 4.01(a) on such
Distribution Date.

            Aggregate Class A Unpaid Interest Shortfall: As to any Distribution
Date, an amount equal to the sum of the Class A Unpaid Interest Shortfalls for
the Class A Certificates.

            Aggregate Principal Balance: As of any Determination Date, the sum
of the Class A Principal Balance and the Class B Principal Balance as of such
date.

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

            Applicable Unscheduled Principal Receipt Period: With respect to the
Mortgage Loans serviced by each Servicer and each of the Full Unscheduled
Principal Receipts and Partial Unscheduled Principal Receipts, the Unscheduled
Principal Receipt Period specified on Schedule I hereto, as amended by the
Master Servicer pursuant to Section 10.01(b) hereof.

            Authenticating Agent: Any authenticating agent appointed by the
Trustee pursuant to Section 8.11. Initially, the Master Servicer shall be the
Authenticating Agent for the Certificates.

            Available Master Servicer Compensation: With respect to any
Distribution Date, the sum of (a) the Master Servicing Fee for such Distribution
Date, (b) interest earned through the business day preceding the applicable
Distribution Date on any Prepayments in Full remitted to the Master Servicer and
(c) the aggregate amount of Month End Interest remitted by the Servicers to the
Master Servicer pursuant to the related Servicing Agreements.

            Bankruptcy Code: The Bankruptcy Code of 1978, as amended.

            Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that a Bankruptcy Loss
shall not be deemed a Bankruptcy Loss hereunder so long as the applicable
Servicer has notified the Master Servicer and the Trustee in writing that such
Servicer is diligently pursuing any remedies that may exist in connection with
the representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by such Servicer without giving
effect to any Debt Service Reduction.

            Beneficial Owner: With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Book-Entry Certificate, as reflected
on the books of the Clearing Agency, or on the books of a Person maintaining an
account with such Clearing Agency (directly or as an indirect participant, in
accordance with the rules of such Clearing Agency), as the case may be.

            Book-Entry Certificate: Any one of the Class A-1, Class A-2 and
Class B Certificates, beneficial ownership and transfers of which shall be
evidenced by, and made through, book entries by the Clearing Agency as described
in Section 5.01(b).

            Business Day: Any day other than (i) a Saturday or a Sunday, or (ii)
a legal holiday in the City of New York, State of Iowa, State of Maryland or
State of Minnesota or (iii) a day on which banking institutions in the City of
New York, or the State of Iowa, State of Maryland or State of Minnesota are
authorized or obligated by law or executive order to be closed.

            Certificate: Any one of the Class A Certificates or Class B
Certificates.

            Certificate Account: The separate trust account established and
maintained by the Master Servicer pursuant to Section 3.01 which shall be
entitled "Certificate Account, Wells Fargo Bank, N.A., as Master Servicer on
behalf of the Trustee, in trust for the Holders of the Certificates of the Wells
Fargo Mortgage Backed Securities 2007-AR4 Trust." The Certificate Account shall
be an Eligible Account.

            Certificate Custodian: Initially, Wells Fargo Bank; thereafter any
other Certificate Custodian acceptable to The Depository Trust Company and
selected by the Trustee.

            Certificate Register and Certificate Registrar: Respectively, the
register maintained pursuant to and the registrar provided for in Section 5.02.
Initially the Certificate Registrar shall be the Master Servicer.

            Certificateholder or Holder: The Person in whose name a Certificate
is registered in the Certificate Register, except that, solely for the purposes
of the taking of any action under Articles VII or VIII, any Certificate
registered in the name of the Master Servicer, a Servicer or any affiliate
thereof shall be deemed not to be outstanding and the Voting Interest evidenced
thereby shall not be taken into account in determining whether the requisite
percentage of Certificates necessary to effect any such action has been
obtained.

            Class: All certificates whose form is identical except for
variations in the Percentage Interest evidenced thereby.

            Class A Certificate: Any of the Class A-1, Class A-2 or Class A-R
Certificates.

            Class A Certificateholder: The registered holder of a Class A
Certificate.

            Class A Distribution Amount: As to any Distribution Date and any
Class of Class A Certificates, the amount distributable to such Class of Class A
Certificates pursuant to Paragraphs first, second and third of Section 4.01(a).

            Class A Interest Accrual Amount: As to any Distribution Date, the
sum of the Interest Accrual Amounts for the Class A Certificates with respect to
such Distribution Date.

            Class A Interest Percentage: As to any Distribution Date and any
Class of Class A Certificates, the percentage calculated by dividing the
Interest Accrual Amount of such Class (determined without regard to clause (ii)
of the definition thereof) by the Class A Interest Accrual Amount (determined
without regard to clause (ii) of the definition of each Interest Accrual
Amount).

            Class A Interest Shortfall Amount: As to any Distribution Date and
any Class of Class A Certificates, any amount by which the Interest Accrual
Amount of such Class with respect to such Distribution Date exceeds the amount
distributed in respect of such Class on such Distribution Date pursuant to
Paragraph first of Section 4.01(a).

            Class A Loss Denominator: As to any Determination Date, an amount
equal to the Class A Principal Balance.

            Class A Loss Percentage: As to any Determination Date and any Class
of Class A Certificates, the percentage calculated by dividing the Principal
Balance of such Class by the Class A Loss Denominator (determined without regard
to any such Principal Balance of any Class of Class A Certificates not then
outstanding), in each case determined as of the preceding Determination Date.

            Class A Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class A Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class A Prepayment Percentage of all Unscheduled Principal
      Receipts (other than Recoveries) that were received by a Servicer with
      respect to such Mortgage Loan during the Applicable Unscheduled Principal
      Receipt Period relating to such Distribution Date for each applicable type
      of Unscheduled Principal Receipt;

            (iii) the Class A Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class A Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class A Prepayment Percentage of the Recovery for such Distribution
Date.

            Class A Pass-Through Rate: As to any Distribution Date and the Class
A-1, Class A-2 or Class A-R Certificate, the Class A Pass-Through Rate will be a
per annum rate equal to the Net WAC for such Distribution Date.

            Class A Percentage: As to any Distribution Date occurring on or
prior to the Subordination Depletion Date, the lesser of (i) 100% and (ii) the
percentage obtained by dividing the Class A Principal Balance (determined as of
the Determination Date preceding such Distribution Date) by the Pool Balance. As
to any Distribution Date occurring subsequent to the Subordination Depletion
Date, 100% or such lesser percentage which will cause the Class A Principal
Balance to decline to zero following the distribution made on such Distribution
Date.

            Class A Prepayment Percentage: As to any Distribution Date to and
including the Distribution Date in August 2014, 100%. As to any Distribution
Date subsequent to August 2014 to and including the Distribution Date in August
2015, the Class A Percentage as of such Distribution Date plus 70% of the
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to August 2015 to and including the Distribution Date in August
2016, the Class A Percentage as of such Distribution Date plus 60% of the
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to August 2016 to and including the Distribution Date in August
2017, the Class A Percentage as of such Distribution Date plus 40% of the
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to August 2017 to and including the Distribution Date in August
2018, the Class A Percentage as of such Distribution Date plus 20% of the
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to August 2018, the Class A Percentage as of such Distribution
Date. The foregoing is subject to the following: (i) if the aggregate
distribution to the Class A Certificates on any Distribution Date of the Class A
Prepayment Percentage provided above of Unscheduled Principal Receipts
distributable on such Distribution Date would reduce the Class A Principal
Balance below zero, the Class A Prepayment Percentage for such Distribution Date
shall be the percentage necessary to bring the Class A Principal Balance to zero
and thereafter the Class A Prepayment Percentage shall be zero and (ii) if the
Class A Percentage as of any Distribution Date is greater than the Original
Class A Percentage, the Class A Prepayment Percentage for such Distribution Date
shall be 100%. Notwithstanding the foregoing, with respect to any Distribution
Date on which the following criteria are not met, the reduction of the Class A
Prepayment Percentage described in the second through sixth sentences of this
definition of Class A Prepayment Percentage shall not be applicable with respect
to such Distribution Date. In such event, the Class A Prepayment Percentage for
such Distribution Date will be determined in accordance with the applicable
provision, as set forth in the first through fifth sentences above, which was
actually used to determine the Class A Prepayment Percentage for the
Distribution Date occurring in the August preceding such Distribution Date (it
being understood that for the purposes of the determination of the Class A
Prepayment Percentage for the current Distribution Date, the current Class A
Percentage and Subordinated Percentage shall be utilized). In addition, if on
any Distribution Date, prior to giving effect to any distributions on such
Distribution Date, (i) the Subordinated Percentage is equal to or greater than
twice the Subordinated Percentage as of the Cut-Off Date, (ii) the average
outstanding principal balance on such Distribution Date and for the preceding
five Distribution Dates of the Mortgage Loans that were delinquent 60 days or
more (including for this purpose any Mortgage Loans in foreclosure and Mortgage
Loans with respect to which the related Mortgaged Property has been acquired by
the Trust Estate) does not exceed 50% of the Class B Principal Balance and
(iii)(A) prior to the Distribution Date in September 2010, cumulative Realized
Losses on the Mortgage Loans do not exceed 20% of the Original Class B Principal
Balance, then the Class A Prepayment Percentage for such Distribution Date will
equal the Class A Percentage for such Distribution Date plus 50% of the
Subordinated Percentage for such Distribution Date or (B) on or after the
Distribution Date in September 2010, cumulative Realized Losses on the Mortgage
Loans do not exceed 30% of the Original Class B Principal Balance, then the
Class A Prepayment Percentage for such Distribution Date will equal the Class A
Percentage for such Distribution Date. No reduction in the Class A Prepayment
Percentage referred to in the second through sixth sentences hereof shall be
applicable, with respect to any Distribution Date if (a) the average outstanding
principal balance on such Distribution Date and for the preceding five
Distribution Dates on the Mortgage Loans that were delinquent 60 days or more
(including for this purpose any payments due with respect to Mortgage Loans in
foreclosure and REO Mortgage Loans) were greater than or equal to 50% of the
current Class B Principal Balance or (b) cumulative Realized Losses on the
Mortgage Loans exceed (1) 30% of the Original Class B Principal Balance if such
Distribution Date occurs between and including September 2014 and August 2015,
(2) 35% of the Original Class B Principal Balance if such Distribution Date
occurs between and including September 2015 and August 2016, (3) 40% of the
Original Class B Principal Balance if such Distribution Date occurs between and
including September 2016 and August 2017, (4) 45% of the Original Class B
Principal Balance if such Distribution Date occurs between and including
September 2017 and August 2018, and (5) 50% of the Original Class B Principal
Balance, if such Distribution Date occurs during or after September 2018. With
respect to any Distribution Date on which the Class A Prepayment Percentage is
reduced below the Class A Prepayment Percentage for the prior Distribution Date,
the Master Servicer shall certify to the Trustee, based upon information
provided by each Servicer as to the Mortgage Loans serviced by it that the
criteria set forth in the preceding sentence are met.

            Class A Principal Balance: As of any date, an amount equal to the
sum of the Principal Balances for the Class A-1, Class A-2 and Class A-R
Certificates.

            Class A Principal Distribution Amount: As to any Distribution Date,
the aggregate amount distributed in respect of the Class A Certificates pursuant
to Paragraph third of Section 4.01(a).

            Class A Unpaid Interest Shortfall: As to any Distribution Date and
any Class of Class A Certificates, the amount, if any, by which the aggregate of
the Class A Interest Shortfall Amounts for such Class for prior Distribution
Dates is in excess of the amounts distributed in respect of such Class on prior
Distribution Dates pursuant to Paragraph second of Section 4.01(a).

            Class A-1 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit A-1 and Exhibit C hereto.

            Class A-1 Certificateholder: The registered holder of a Class A-1
Certificate.

            Class A-1 Loss Amount: With respect to any Determination Date after
the Subordination Depletion Date, the amount, if any, by which the Principal
Balance of the Class A-1 Certificates would be reduced as a result of the
application of the third sentence of the definition of Principal Balance.

            Class A-2 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit A-2 and Exhibit C hereto.

            Class A-2 Certificateholder: The registered holder of a Class A-2
Certificate.

            Class A-2 Loss Allocation Amount: With respect to any Determination
Date after the Subordination Depletion Date the lesser of (a) the Principal
Balance of the Class A-2 Certificates with respect to such Determination Date
prior to any reduction for the Class A-2 Loss Allocation Amount and (b) the
Class A-1 Loss Amount.

            Class A-R Certificate: The Certificate executed by the Paying Agent
and countersigned by the Authenticating Agent in substantially the form set
forth in Exhibit A-R and Exhibit C hereto.

            Class A-R Certificateholder: The registered holder of the Class A-R
Certificate.

            Class B Certificate: Any one of the Class B-1 Certificates, Class
B-2 Certificates, Class B-3 Certificates, Class B-4 Certificates, Class B-5
Certificates or Class B-6 Certificates.

            Class B Certificateholder: The registered holder of a Class B
Certificate.

            Class B Distribution Amount: Any of the Class B-1 Distribution
Amount, Class B-2 Distribution Amount, Class B-3 Distribution Amount, Class B-4
Distribution Amount, Class B-5 Distribution Amount or Class B-6 Distribution
Amount.

            Class B Interest Accrual Amount: With respect to any Distribution
Date, the sum of the Interest Accrual Amounts for the Classes of Class B
Certificates with respect to such Distribution Date.

            Class B Interest Percentage: With respect to any Distribution Date
and any Class of Class B Certificates, the percentage calculated by dividing the
Interest Accrual Amount of such Class (determined without regard to clause (ii)
of the definition thereof) by the Class B Interest Accrual Amount (determined
without regard to clause (ii) of the definition of each Interest Accrual
Amount).

            Class B Interest Shortfall Amount: Any of the Class B-1 Interest
Shortfall Amount, Class B-2 Interest Shortfall Amount, Class B-3 Interest
Shortfall Amount, Class B-4 Interest Shortfall Amount, Class B-5 Interest
Shortfall Amount or Class B-6 Interest Shortfall Amount.

            Class B Loss Percentage: With respect to any Determination Date and
any Class of Class B Certificates then outstanding, the percentage calculated by
dividing the Principal Balance of such Class by the Class B Principal Balance
(determined without regard to any Principal Balance of any Class of Class B
Certificates not then outstanding), in each case determined as of the preceding
Determination Date.

            Class B Optimal Principal Amount: Any of the Class B-1 Optimal
Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal
Principal Amount or Class B-6 Optimal Principal Amount.

            Class B Pass-Through Rate: As to any Distribution Date, the Class B
Pass-Through Rate will be a per annum rate equal to the Net WAC for such
Distribution Date.

            Class B Percentage: Any one of the Class B-1 Percentage, Class B-2
Percentage, Class B-3 Percentage, Class B-4 Percentage, Class B-5 Percentage or
Class B-6 Percentage.

            Class B Prepayment Percentage: Any of the Class B-1 Prepayment
Percentage, Class B-2 Prepayment Percentage, Class B-3 Prepayment Percentage,
Class B-4 Prepayment Percentage, Class B-5 Prepayment Percentage or Class B-6
Prepayment Percentage.

            Class B Principal Balance: As of any date, an amount equal to the
sum of the Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3
Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance and
Class B-6 Principal Balance.

            Class B Unpaid Interest Shortfall: Any of the Class B-1 Unpaid
Interest Shortfall, Class B-2 Unpaid Interest Shortfall, Class B-3 Unpaid
Interest Shortfall, Class B-4 Unpaid Interest Shortfall, Class B-5 Unpaid
Interest Shortfall or Class B-6 Unpaid Interest Shortfall.

            Class B-1 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-1 and Exhibit C hereto.

            Class B-1 Certificateholder: The registered holder of a Class B-1
Certificate.

            Class B-1 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-1 Certificates pursuant to
Paragraphs fourth, fifth and sixth of Section 4.01(a).

            Class B-1 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-1 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-1 Certificates on such Distribution Date pursuant to Paragraph
fourth of Section 4.01(a).

            Class B-1 Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-1 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-1 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-1 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-1 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-1 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-1 Optimal Principal Amount
will equal the lesser of (A) the Class B-1 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-1 Certificates.

            Class B-1 Percentage: As to any Distribution Date, the percentage
calculated by multiplying the Subordinated Percentage by a fraction, the
numerator of which is the Class B-1 Principal Balance (determined as of the
Determination Date preceding such Distribution Date) and the denominator of
which is the Class B Principal Balance.

            Class B-1 Prepayment Percentage: As to any Distribution Date, the
percentage calculated by multiplying the Subordinated Prepayment Percentage by
either (a) for the purpose of allocating Liquidation Proceeds (other than
Partial Liquidation Proceeds), a fraction, the numerator of which is the Class
B-1 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal Balance
or (b) for the purpose of allocating all other unscheduled principal
distributions (i) if any Class B Certificates (other than the Class B-1
Certificates) are eligible to receive such unscheduled principal distributions
for such Distribution Date in accordance with Section 4.01(d), a fraction, the
numerator of which is the Class B-1 Principal Balance (determined as of the
Determination Date preceding such Distribution Date) and the denominator of
which is the sum of the Principal Balances of the Classes of Class B
Certificates eligible to receive such unscheduled principal distributions for
such Distribution Date in accordance with the provisions of Section 4.01(d) or
(ii) except as set forth in Section 4.01(d)(ii), in the event that the Class B
Certificates (other than the Class B-1 Certificates) are not eligible to receive
such unscheduled principal distributions in accordance with Section 4.01(d)(i),
one.

            Class B-1 Principal Balance: As to the first Determination Date, the
Original Class B-1 Principal Balance. As of any subsequent Determination Date,
the Original Class B-1 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-1 Certificates on prior Distribution Dates
(A) pursuant to Paragraph sixth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-1 Certificates are the
most subordinate Certificates outstanding, the Class B-1 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the Class A Principal Balance as of such
Determination Date.

            Class B-1 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-1 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-1 Certificates on prior Distribution Dates pursuant to
Paragraph fifth of Section 4.01(a).

            Class B-2 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-2 and Exhibit C hereto.

            Class B-2 Certificateholder: The registered holder of a Class B-2
Certificate.

            Class B-2 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-2 Certificates pursuant to
Paragraphs seventh, eighth and ninth of Section 4.01(a).

            Class B-2 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-2 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-2 Certificates on such Distribution Date pursuant to Paragraph
seventh of Section 4.01(a).

            Class B-2 Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-2 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-2 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-2 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-2 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-2 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-2 Optimal Principal Amount
will equal the lesser of (A) the Class B-2 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-2 Certificates.

            Class B-2 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-2 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-2 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-2 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-2 Certificates are not eligible to receive such
unscheduled principal distributions in accordance with Section 4.01(d)(i), the
Class B-2 Prepayment Percentage for such unscheduled principal distributions for
such Distribution Date will be zero.

            Class B-2 Principal Balance: As to the first Determination Date, the
Original Class B-2 Principal Balance. As of any subsequent Determination Date,
the Original Class B-2 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-2 Certificates on prior Distribution Dates
(A) pursuant to Paragraph ninth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-2 Certificates are the
most subordinate Certificates outstanding, the Class B-2 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance and
the Class B-1 Principal Balance as of such Determination Date.

            Class B-2 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-2 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-2 Certificates on prior Distribution Dates pursuant to
Paragraph eighth of Section 4.01(a).

            Class B-3 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-3 and Exhibit C hereto.

            Class B-3 Certificateholder: The registered holder of a Class B-3
Certificate.

            Class B-3 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-3 Certificates pursuant to
Paragraphs tenth, eleventh and twelfth of Section 4.01(a).

            Class B-3 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-3 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-3 Certificates on such Distribution Date pursuant to Paragraph
tenth of Section 4.01(a).

            Class B-3 Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-3 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-3 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-3 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-3 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-3 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-3 Optimal Principal Amount
will equal the lesser of (A) the Class B-3 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-3 Certificates.

            Class B-3 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-3 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-3 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-3 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-3 Certificates are not eligible to receive such
unscheduled principal in accordance with Section 4.01(d)(i), the Class B-3
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be zero.

            Class B-3 Principal Balance: As to the first Determination Date, the
Original Class B-3 Principal Balance. As of any subsequent Determination Date,
the Original Class B-3 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-3 Certificates on prior Distribution Dates
(A) pursuant to Paragraph twelfth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-3 Certificates are the
most subordinate Certificates outstanding, the Class B-3 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance and the Class B-2 Principal Balance as of such
Determination Date.

            Class B-3 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-3 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-3 Certificates on prior Distribution Dates pursuant to
Paragraph eleventh of Section 4.01(a).

            Class B-4 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-4 and Exhibit C hereto.

            Class B-4 Certificateholder: The registered holder of a Class B-4
Certificate.

            Class B-4 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-4 Certificates pursuant to
Paragraphs thirteenth, fourteenth and fifteenth of Section 4.01(a).

            Class B-4 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-4 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-4 Certificates on such Distribution Date pursuant to Paragraph
thirteenth of Section 4.01(a).

            Class B-4 Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-4 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-4 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-4 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-4 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-4 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-4 Optimal Principal Amount
will equal the lesser of (A) the Class B-4 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-4 Certificates.

            Class B-4 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-4 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-4 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-4 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-4 Certificates are not eligible to receive such
unscheduled principal in accordance with Section 4.01(d)(i), the Class B-4
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be zero.

            Class B-4 Principal Balance: As to the first Determination Date, the
Original Class B-4 Principal Balance. As of any subsequent Determination Date,
the Original Class B-4 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-4 Certificates on prior Distribution Dates
(A) pursuant to Paragraph fifteenth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-4 Certificates are the
most subordinate Certificates outstanding, the Class B-4 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance, the Class B-2 Principal Balance and the Class B-3
Principal Balance as of such Determination Date.

            Class B-4 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-4 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-4 Certificates on prior Distribution Dates pursuant to
Paragraph fourteenth of Section 4.01(a).

            Class B-5 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-5 and Exhibit C hereto.

            Class B-5 Certificateholder: The registered holder of a Class B-5
Certificate.

            Class B-5 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-5 Certificates pursuant to
Paragraphs sixteenth, seventeenth and eighteenth of Section 4.01(a).

            Class B-5 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-5 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-5 Certificates on such Distribution Date pursuant to Paragraph
sixteenth of Section 4.01(a).

            Class B-5 Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-5 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-5 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-5 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-5 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-5 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-5 Optimal Principal Amount
will equal the lesser of (A) the Class B-5 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-5 Certificates.

            Class B-5 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-5 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-5 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-5 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-5 Certificates are not eligible to receive
unscheduled principal distributions in accordance with Section 4.01(d)(i), the
Class B-5 Prepayment Percentage for such unscheduled principal distributions for
such Distribution Date will be zero.

            Class B-5 Principal Balance: As to the first Determination Date, the
Original Class B-5 Principal Balance. As of any subsequent Determination Date,
the Original Class B-5 Principal Balance less the sum of all amounts previously
distributed in respect of the Class B-5 Certificates on prior Distribution Dates
(A) pursuant to Paragraph eighteenth of Section 4.01(a) and (B) as a result of a
Principal Adjustment; provided, however, if the Class B-5 Certificates are the
most subordinate Certificates outstanding, the Class B-5 Principal Balance will
equal the difference, if any, between the Adjusted Pool Amount as of the
preceding Distribution Date less the sum of the Class A Principal Balance, the
Class B-1 Principal Balance, the Class B-2 Principal Balance, the Class B-3
Principal Balance and the Class B-4 Principal Balance as of such Determination
Date.

            Class B-5 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-5 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-5 Certificates on prior Distribution Dates pursuant to
Paragraph seventeenth of Section 4.01(a).

            Class B-6 Certificate: Any one of the Certificates executed by the
Paying Agent and countersigned by the Authenticating Agent in substantially the
form set forth in Exhibit B-6 and Exhibit C hereto.

            Class B-6 Certificateholder: The registered holder of a Class B-6
Certificate.

            Class B-6 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-6 Certificates pursuant to
Paragraphs nineteenth, twentieth and twenty-first of Section 4.01(a).

            Class B-6 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-6 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-6 Certificates on such Distribution Date pursuant to Paragraph
nineteenth of Section 4.01(a).

            Class B-6 Optimal Principal Amount: As to any Distribution Date and
each Outstanding Mortgage Loan, an amount equal to the sum of

(I) the sum of:

            (i) the Class B-6 Percentage of the principal portion of the Monthly
      Payment due on the Due Date occurring in the month of such Distribution
      Date on such Mortgage Loan;

            (ii) the Class B-6 Prepayment Percentage of all Unscheduled
      Principal Receipts (other than Recoveries) that were received by a
      Servicer with respect to such Mortgage Loan during the Applicable
      Unscheduled Principal Receipt Period relating to such Distribution Date
      for each applicable type of Unscheduled Principal Receipt;

            (iii) the Class B-6 Prepayment Percentage of the Scheduled Principal
      Balance of such Mortgage Loan which, during the one month period ending on
      the day preceding the Determination Date for such Distribution Date, was
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08; and

            (iv) the Class B-6 Percentage of the Substitution Principal Amount
      with respect to each Mortgage Loan for which a Mortgage Loan was
      substituted during the one month period ending on the day preceding the
      Determination Date for such Distribution Date, less the amount allocable
      to the principal portion of any unreimbursed Periodic Advances previously
      made by the applicable Servicer, the Master Servicer or the Trustee in
      respect of such Mortgage Loan for which a Mortgage Loan was substituted;
      and

(II) the Class B-6 Prepayment Percentage of the Recovery for such Distribution
Date;

provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class B-6 Optimal Principal Amount
will equal the lesser of (A) the Class B-6 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-6 Certificates.

            Class B-6 Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Percentage by (ii) a fraction, the numerator of which is the Class
B-6 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the Class B Principal
Balance.

            Class B-6 Prepayment Percentage: As to any Distribution Date, except
as set forth in the next sentence, the percentage calculated by multiplying (i)
the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of
which is the Class B-6 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is (a) for
the purpose of allocating Liquidation Proceeds (other than Partial Liquidation
Proceeds) the Class B Principal Balance and (b) for the purpose of allocating
all other unscheduled principal distributions, the sum of the Principal Balances
of the Classes of Class B Certificates eligible to receive such unscheduled
principal distributions for such Distribution Date in accordance with the
provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in
the event that the Class B-6 Certificates are not eligible to receive such
unscheduled principal in accordance with Section 4.01(d)(i), the Class B-6
Prepayment Percentage for such unscheduled principal distributions for such
Distribution Date will be zero.

            Class B-6 Principal Balance: As to the first Determination Date, the
Original Class B-6 Principal Balance. As of any subsequent Determination Date,
for so long as the Class B-6 Certificates are outstanding, the Class B-6
Principal Balance will equal the difference, if any, between the Adjusted Pool
Amount as of the preceding Distribution Date less the sum of the Class A
Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal
Balance, the Class B-3 Principal Balance, the Class B-4 Principal Balance and
the Class B-5 Principal Balance as of such Determination Date.

            Class B-6 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-6 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-6 Certificates on prior Distribution Dates pursuant to
Paragraph twentieth of Section 4.01(a).

            Clearing Agency: An organization registered as a "clearing agency"
pursuant to Section 17A of the Exchange Act. The initial Clearing Agency shall
be The Depository Trust Company.

            Clearing Agency Participant: A broker, dealer, bank, financial
institution or other Person for whom a Clearing Agency effects book-entry
transfers of securities deposited with the Clearing Agency.

            Closing Date: The date of initial issuance of the Certificates, as
set forth in Section 11.19.

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

            Commission: The United States Securities and Exchange Commission.

            Compensating Interest: With respect to any Distribution Date, the
least of (a) the aggregate Prepayment Interest Shortfall on the Mortgage Loans
for such Distribution Date, (b) the product of (i) 1/12th of 0.20% and (ii) the
Pool Scheduled Principal Balance for such Distribution Date and (c) the
Available Master Servicing Compensation for such Distribution Date.

            Co-op Shares: Shares issued by private non-profit housing
corporations.

            Corporate Trust Office: With respect to (a) the Trustee, the office
of the Trustee at which at any particular time its duties under this Agreement
shall be administered, which office, at the date of the execution of this
instrument, is located at 452 Fifth Avenue, New York, New York 10018, Attention:
CTLA--Structured Finance, WFMBS 2007-AR4 and (b) the Paying Agent, Certificate
Registrar and Authenticating Agent, for Certificate transfer purposes at Wells
Fargo Center, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479
Attn: Corporate Trust Services--WFMBS 2007-AR4, and for all other purposes at
9062 Old Annapolis Road, Columbia, Maryland 21045 Attn: Corporate Trust
Services--WFMBS 2007-AR4.

            Current Class A Interest Distribution Amount: As to any Distribution
Date, the amount distributed in respect of the Classes of Class A Certificates
pursuant to Paragraph first of Section 4.01(a) on such Distribution Date.

            Current Class B Interest Distribution Amount: As to any Distribution
Date, the amount distributed in respect of the Classes of Class B Certificates
pursuant to Paragraphs fourth, seventh, tenth, thirteenth, sixteenth and
nineteenth of Section 4.01(a) on such Distribution Date.

            Current Class B-1 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-2, Class B-3, Class B-4, Class
B-5 and Class B-6 Certificates by the Aggregate Principal Balance. As to the
first Distribution Date, the Original Class B-1 Fractional Interest.

            Current Class B-2 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-3, Class B-4, Class B-5 and
Class B-6 Certificates by the Aggregate Principal Balance. As to the first
Distribution Date, the Original Class B-2 Fractional Interest.

            Current Class B-3 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-4, Class B-5 and Class B-6
Certificates by the Aggregate Principal Balance. As to the first Distribution
Date, the Original Class B-3 Fractional Interest.

            Current Class B-4 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Principal Balances of the Class B-5 and Class B-6 Certificates by
the Aggregate Principal Balance. As to the first Distribution Date, the Original
Class B-4 Fractional Interest.

            Current Class B-5 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the Principal Balance of the Class B-6 Certificates by the Aggregate Principal
Balance. As to the first Distribution Date, the Original Class B-5 Fractional
Interest.

            Curtailment: Any Principal Prepayment made by a Mortgagor which is
not a Prepayment in Full.

            Curtailment Interest Shortfall: On any Distribution Date with
respect to a Mortgage Loan which was the subject of a Curtailment:

            (A)   in the case where the Applicable Unscheduled Principal Receipt
                  Period is the Mid-Month Receipt Period and such Curtailment is
                  received by the applicable Servicer on or after the
                  Determination Date in the month preceding the month of such
                  Distribution Date but prior to the first day of the month of
                  such Distribution Date, the amount of interest that would have
                  accrued at the Net Mortgage Interest Rate on the amount of
                  such Curtailment from the day of its receipt or, if earlier,
                  its application by such Servicer through the last day of the
                  month preceding the month of such Distribution Date; and

            (B)   in the case where the Applicable Unscheduled Principal Receipt
                  Period is the Prior Month Receipt Period and such Curtailment
                  is received by the applicable Servicer during the month
                  preceding the month of such Distribution Date, the amount of
                  interest that would have accrued at the Net Mortgage Interest
                  Rate on the amount of such Curtailment from the day of its
                  receipt or, if earlier, its application by such Servicer
                  through the last day of the month in which such Curtailment is
                  received.

            Custodial Agreement: The Custodial Agreement, dated as of August 30,
2007, among the Custodian, the Depositor, the Master Servicer and the Trustee,
which agreement is attached hereto as Exhibit E, as the same may be amended or
modified from time to time in accordance with the terms thereof.

            Custodial P&I Account: The Custodial P&I Account, as defined in each
of the Servicing Agreements, with respect to the Mortgage Loans. In determining
whether the Custodial P&I Account under any Servicing Agreement is "acceptable"
to the Master Servicer (as may be required by the definition of "Eligible
Account" contained in the Servicing Agreements), the Master Servicer shall
require that any such account shall be acceptable to each of the Rating
Agencies.

            Custodian: Wells Fargo Bank, or its successor in interest under the
Custodial Agreement. Initially, the custodial functions shall be performed by
the Corporate Trust Services division of Wells Fargo Bank.

            Cut-Off Date: The first day of the month of initial issuance of the
Certificates as set forth in Section 11.01.

            Cut-Off Date Aggregate Principal Balance: The aggregate of the
Cut-Off Date Principal Balances of the Mortgage Loans as set forth in Section
11.02.

            Cut-Off Date Principal Balance: As to each Mortgage Loan, its unpaid
principal balance as of the close of business on the Cut-Off Date (but without
giving effect to any Unscheduled Principal Receipts received or applied on the
Cut-Off Date), reduced by all payments of principal due on or before the Cut-Off
Date and not paid, and increased by scheduled monthly payments of principal due
after the Cut-Off Date but received by the related Servicer on or before the
Cut-Off Date.

            Debt Service Reduction: With respect to any Mortgage Loan, a
reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a proceeding under the Bankruptcy Code, except such a
reduction constituting a Deficient Valuation.

            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 Monthly
Payment that results in a permanent forgiveness of principal, which valuation or
reduction results from a proceeding under the Bankruptcy Code.

            Definitive Certificates: As defined in Section 5.01(b).

            Denomination: The amount, if any, specified on the face of each
Certificate representing the principal portion of the Original Principal Balance
evidenced by such Certificate.

            Depositor: Wells Fargo Asset Securities Corporation, or its
successor in interest.

            Determination Date: The 17th day of the month in which the related
Distribution Date occurs, or if such 17th day is not a Business Day, the
Business Day preceding such 17th day.

            Distribution Date: The 25th day of any month, beginning in the month
following the month of initial issuance of the Certificates, or if such 25th day
is not a Business Day, the Business Day following such 25th day.

            Distribution Date Statement: As defined in Section 4.04(a).

            Document Transfer Date: The 60th day following the occurrence of a
Document Transfer Event.

            Document Transfer Event: The occurrence of either of the following:
(i) Wells Fargo Bank is no longer the Servicer of any of the Mortgage Loans or
(ii) the senior, unsecured long-term debt rating of Wells Fargo & Company is
less than "BBB-" by Fitch.

            Due Date: With respect to any Mortgage Loan, the day of the month in
which the Monthly Payment on such Mortgage Loan is scheduled to be paid.

            Eligible Account: One or more accounts (i) that are maintained with
a depository institution (which may be the Master Servicer) whose long-term debt
obligations (or, in the case of a depository institution which is part of a
holding company structure, the long-term debt obligations of such parent holding
company) at the time of deposit therein are rated at least "AA" (or the
equivalent) by each Rating Agency, (ii) that are trust accounts maintained with
the trust department of a federal or state chartered depository institution or
trust company acting in its fiduciary capacity or (iii) such other account that
is acceptable to each of the Rating Agencies and would not cause the Trust
Estate to fail to qualify as a REMIC or result in the imposition of any federal
tax on the REMIC. If an account ceases to be an Eligible Account under clause
(i) and does not otherwise qualify under clause (ii) or (iii) the account will
be moved within 30 days to a depository meeting the ratings criteria.

            Eligible Investments: At any time, any one or more of the following
obligations and securities which shall mature not later than the Business Day
preceding the Distribution Date next succeeding the date of such investment,
provided that such investments continue to qualify as "cash flow investments" as
defined in Code Section 860G(a)(6):

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

            (ii) general obligations of or obligations guaranteed by any state
      of the United States of America or the District of Columbia receiving the
      highest short-term or highest long-term rating of each Rating Agency, or
      such lower rating as would not result in the downgrading or withdrawal of
      the rating then assigned to any of the Certificates by any Rating Agency
      or result in any of such rated Certificates being placed on credit review
      status (other than for possible upgrading) by any Rating Agency;

            (iii) commercial or finance company paper which is then rated in the
      highest long-term commercial or finance company paper rating category of
      each Rating Agency or the highest short-term rating category of each
      Rating Agency, or such lower rating category as would not result in the
      downgrading or withdrawal of the rating then assigned to any of the
      Certificates by any Rating Agency or result in any of such rated
      Certificates being placed on credit review status (other than for possible
      upgrading) by any Rating Agency;

            (iv) certificates of deposit, demand or time deposits, federal funds
      or banker's 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 debt
      obligations of such depository institution or trust company (or in the
      case of the principal depository institution in a holding company system,
      the commercial paper or debt obligations of such holding company) are then
      rated in the highest short-term or the highest long-term rating category
      for such securities of each of the Rating Agencies, or such lower rating
      categories as would not result in the downgrading or withdrawal of the
      rating then assigned to any of the Certificates by any Rating Agency or
      result in any of such rated Certificates being placed on credit review
      status (other than for possible upgrading) by any Rating Agency;

            (v) guaranteed reinvestment agreements issued by any bank, insurance
      company or other corporation acceptable to each Rating Agency at the time
      of the issuance of such agreements;

            (vi) repurchase agreements on obligations with respect to any
      security described in clauses (i) or (ii) above or any other security
      issued or guaranteed by an agency or instrumentality of the United States
      of America, in either case entered into with a depository institution or
      trust company (acting as principal) described in (iv) above;

            (vii) securities (other than stripped bonds or stripped coupon
      securities) bearing interest or sold at a discount issued by any
      corporation incorporated under the laws of the United States of America or
      any state thereof which, at the time of such investment or contractual
      commitment providing for such investment, are then rated in the highest
      short-term or the highest long-term rating category by each Rating Agency,
      or in such lower rating category as would not result in the downgrading or
      withdrawal of the rating then assigned to any of the Certificates by any
      Rating Agency or result in any of such rated Certificates being placed on
      credit review status (other than for possible upgrading) by any Rating
      Agency;

            (viii) such other investments acceptable to each Rating Agency as
      would not result in the downgrading of the rating then assigned to the
      Certificates by any Rating Agency or result in any of such rated
      Certificates being placed on credit review status (other than for possible
      upgrading) by any Rating Agency; and

            (ix) any mutual fund, money market fund, common trust fund or other
      pooled investment vehicle, the assets of which are limited to instruments
      that otherwise would constitute Eligible Investments hereunder, including
      any such fund that is managed by the Trustee or Master Servicer or any
      affiliate of the Trustee or Master Servicer or for which the Trustee or
      Master Servicer or any of its affiliates acts as an adviser as long as
      such fund is rated in at least the highest rating category by each Rating
      Agency rating such fund.

            In no event shall an instrument be an Eligible Investment if such
instrument evidences either (i) a right to receive only interest payments with
respect to the obligations underlying such instrument, or (ii) both principal
and interest payments derived from obligations underlying such instrument and
the interest and principal payments with respect to such instrument provide a
yield to maturity at the date of investment of greater than 120% of the yield to
maturity at par of such underlying obligations.

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

            ERISA Prohibited Holder: As defined in Section 5.02(d).

            Errors and Omissions Policy: As defined in each of the Servicing
Agreements.

            Event of Default: Any of the events specified in Section 7.01.

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

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

            Fidelity Bond: As defined in each of the Servicing Agreements.

            Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates is made pursuant to Section 9.01.

            Final Scheduled Maturity Date: The Final Scheduled Maturity Date for
each Class of Class A Certificates and Class B Certificates is August 25, 2037,
which corresponds to the "latest possible maturity date" for purposes of Section
860G(a)(1) of the Internal Revenue Code of 1986, as amended.

            Fitch: Fitch Ratings, or its successor in interest.

            Form 8-K: A Current Report on Form 8-K under the Exchange Act.

            Form 8-K Disclosure Information: As defined in Section 3.12(c).

            Form 10-D: An Asset-Backed Issuer Distribution Report on Form 10-D
under the Exchange Act.

            Form 10-K: An Annual Report on Form 10-K under the Exchange Act.

            Form 15: A Form 15 Suspension Notification under the Exchange Act.

            Full Unscheduled Principal Receipt: Any Unscheduled Principal
Receipt with respect to a Mortgage Loan (i) in the amount of the outstanding
principal balance of such Mortgage Loan and resulting in the full satisfaction
of such Mortgage Loan or (ii) representing Liquidation Proceeds other than
Partial Liquidation Proceeds.

            Gross Margin: As to each Mortgage Loan, the fixed percentage set
forth in the related Mortgage Note and indicated in the Mortgage Loan Schedule
as the "Gross Margin," which percentage is added to the Index on each Adjustment
Date to determine (subject to rounding, the Periodic Cap and the Rate Ceiling)
the Mortgage Interest Rate on such Mortgage Loan until the next Adjustment Date.

            Holder: See "Certificateholder."

            Independent: When used with respect to any specified Person, such
Person who (i) is in fact independent of the Depositor, the Master Servicer and
any Servicer, (ii) does not have any direct financial interest or any material
indirect financial interest in the Depositor or the Master Servicer or any
Servicer or in an affiliate of either and (iii) is not connected with the
Depositor, the Master Servicer or any Servicer as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.

            Index: Either the One-Year CMT Index or the One-Year LIBOR Index. In
the event that either such Index is no longer available, the applicable Servicer
will select a substitute Index in accordance with the terms of the related
Mortgage Note and in compliance with federal and state law.

            Insurance Policy: Any insurance or performance bond relating to a
Mortgage Loan or the Mortgage Loans, including any hazard insurance, special
hazard insurance, flood insurance, primary mortgage insurance, mortgagor
bankruptcy bond or title insurance.

            Insurance Proceeds: Proceeds paid by any insurer pursuant to any
Insurance Policy covering a Mortgage Loan.

            Insured Expenses: Expenses covered by any Insurance Policy covering
a Mortgage Loan.

            Interest Accrual Amount: As to any Distribution Date and any Class
of Class A Certificates, (i) the product of (a) 1/12th of the Class A
Pass-Through Rate for such Class and (b) the Principal Balance of such Class as
of the Determination Date immediately preceding such Distribution Date minus
(ii) the Class A Interest Percentage of such Class of (a) any Non-Supported
Interest Shortfall allocated to the Class A Certificates with respect to such
Distribution Date, (b) any Relief Act Shortfall allocated to such Class and (c)
the interest portion of any Realized Losses allocated to the Class A
Certificates on or after the Subordination Depletion Date pursuant to Section
4.02(c).

            As to any Distribution Date and any Class of Class B Certificates,
an amount equal to (i) the product of 1/12th of the Class B Pass-Through Rate
and the Principal Balance of such Class as of the Determination Date preceding
such Distribution Date minus (ii) the Class B Interest Percentage of such Class
of the sum of any Non-Supported Interest Shortfall and any Relief Act Shortfall
allocated to the Class B Certificates with respect to such Distribution Date.

            Liquidated Loan: A Mortgage Loan with respect to which the related
Mortgaged Property has been acquired, liquidated or foreclosed and with respect
to which the applicable Servicer determines that all Liquidation Proceeds which
it expects to recover have been recovered.

            Liquidated Loan Loss: With respect to any Distribution Date, the
aggregate of the amount of losses with respect to each Mortgage Loan which
became a Liquidated Loan during the Applicable Unscheduled Principal Receipt
Period with respect to Full Unscheduled Principal Receipts for such Distribution
Date, equal to the excess of (i) the unpaid principal balance of each such
Liquidated Loan, plus accrued interest thereon in accordance with the
amortization schedule at the time applicable thereto at the applicable Net
Mortgage Interest Rate from the Due Date as to which interest was last paid with
respect thereto through the last day of the month preceding the month in which
such Distribution Date occurs, over (ii) Net Liquidation Proceeds with respect
to such Liquidated Loan.

            Liquidation Expenses: Expenses incurred by a Servicer in connection
with the liquidation of any defaulted Mortgage Loan or property acquired in
respect thereof (including, without limitation, legal fees and expenses,
committee or referee fees, and, if applicable, brokerage commissions and
conveyance taxes), any unreimbursed advances (including Periodic Advances)
expended by such Servicer pursuant to its Servicing Agreement or the Master
Servicer or Trustee pursuant hereto respecting the related Mortgage Loan,
including any unreimbursed advances for real property taxes or for property
restoration or preservation of the related Mortgaged Property. Liquidation
Expenses shall not include any previously incurred expenses in respect of an REO
Mortgage Loan which have been netted against related REO Proceeds.

            Liquidation Proceeds: Amounts received by a Servicer (including
Insurance Proceeds) or PMI Advances made by a Servicer in connection with the
liquidation of defaulted Mortgage Loans or property acquired in respect thereof,
whether through foreclosure, sale or otherwise, including payments in connection
with such Mortgage Loans received from the Mortgagor, other than amounts
required to be paid to the Mortgagor pursuant to the terms of the applicable
Mortgage or to be applied otherwise pursuant to law.

            Liquidation Profits: As to any Distribution Date and any Mortgage
Loan that became a Liquidated Loan during the Applicable Unscheduled Principal
Receipt Period with respect to Full Unscheduled Principal Receipts for such
Distribution Date, the excess, if any, of (i) Net Liquidation Proceeds in
respect of such Liquidated Loan over (ii) the unpaid principal balance of such
Liquidated Loan plus accrued interest thereon in accordance with the
amortization schedule at the time applicable thereto at the applicable Net
Mortgage Interest Rate from the Due Date to which interest was last paid with
respect thereto through the last day of the month preceding the month in which
such Distribution Date occurs.

            Loan-to-Value Ratio: The ratio, expressed as a percentage, the
numerator of which is the principal balance of a particular Mortgage Loan at
origination and the denominator of which is the lesser of (x) the appraised
value of the related Mortgaged Property determined in the appraisal used by the
originator at the time of origination of such Mortgage Loan, and (y) if the
Mortgage is originated in connection with a sale of the Mortgaged Property, the
sale price for such Mortgaged Property.

            Master Servicer: Wells Fargo Bank, or its successor in interest.
Initially, the Master Servicer functions shall be performed by the Corporate
Trust Services division of Wells Fargo Bank.

            Master Servicer Errors and Omissions Policy: An insurance policy
covering losses caused by errors or omissions of the Master Servicer and its
personnel.

            Master Servicing Fee: With respect to any Mortgage Loan and any
Distribution Date, the fee payable monthly to the Master Servicer pursuant to
Section 6.05 equal to the Master Servicing Fee Rate of the unpaid principal
balance of such Mortgage Loan.

            Master Servicing Fee Rate: As set forth in Section 11.23.

            Master Servicing Officer: Any officer of the Master Servicer
involved in, or responsible for, the administration and master servicing of the
Mortgage Loans.

            MERS: The Mortgage Electronic Registration Systems, Inc.

            MERS Mortgage Loan: Any MOM Mortgage Loan or any other Mortgage Loan
as to which MERS is (or is intended to be) the mortgagee of record and as to
which a MIN has been assigned.

            Mid-Month Receipt Period: With respect to each Distribution Date,
the one month period beginning on the Determination Date (or, in the case of the
first Distribution Date, from and including the Cut-Off Date) occurring in the
calendar month preceding the month in which such Distribution Date occurs and
ending on the day preceding the Determination Date immediately preceding such
Distribution Date.

            MIN: A MERS Mortgage Identification Number assigned to a Mortgage
Loan registered under MERS.

            MOM: A Mortgage Loan where the related Mortgage names MERS as the
original mortgagee thereof, as to which a MIN has been assigned, and which
Mortgage has not been assigned to any other person.

            Month End Interest: As defined in each Servicing Agreement.

            Monthly Payment: As to any Mortgage Loan (including any REO Mortgage
Loan) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment for any Curtailments and Deficient Valuations occurring prior to such
Due Date but before any adjustment to such amortization schedule, other than for
Deficient Valuations, by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period).

            Mortgage: The mortgage, deed of trust or other instrument creating a
first lien on Mortgaged Property securing a Mortgage Note together with any
Mortgage Loan Rider, if applicable.

            Mortgage Interest Rate: As to any Mortgage Loan, the per annum rate
at which interest accrues on the unpaid principal balance thereof as set forth
in the related Mortgage Note, which rate is as indicated on the Mortgage Loan
Schedule.

            Mortgage Loan Purchase Agreement: The mortgage loan purchase
agreement dated as of August 30, 2007 between Wells Fargo Bank, as seller, and
the Depositor, as purchaser.

            Mortgage Loan Rider: The standard Fannie Mae/Freddie Mac riders to
the Mortgage Note and/or Mortgage riders required when the Mortgaged Property is
a condominium unit or a unit in a planned unit development.

            Mortgage Loan Schedule: The list delivered by the Depositor to the
Trustee, the Master Servicer and the Custodian of the Mortgage Loans transferred
to the Trustee on the Closing Date as part of the Trust Estate, which list may
be amended following the Closing Date upon conveyance of a Substitute Mortgage
Loan pursuant to Section 2.02 or 2.03 and which list shall set forth at a
minimum the following information as of the close of business on the Cut-Off
Date (or, with respect to Substitute Mortgage Loans, as of the close of business
on the day of substitution) as to each Mortgage Loan:

            (i)     the Mortgage Loan identifying number;

            (ii)    the city, state and zip code of the Mortgaged Property;

            (iii)   the type of property;

            (iv)    the Mortgage Interest Rate;

            (v)     the Net Mortgage Interest Rate;

            (vi)    the Monthly Payment;

            (vii)   the original number of months to maturity;

            (viii)  the scheduled maturity date;

            (ix)    the Cut-Off Date Principal Balance;

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

            (xi)    whether such Mortgage Loan is a Subsidy Loan;

            (xii)   whether such Mortgage Loan is covered by primary mortgage
                    insurance;

            (xiii)  the applicable Servicing Fee Rate;

            (xiv)   the Master Servicing Fee Rate;

            (xv)    the applicable Index;

            (xvi)   the Gross Margin;

            (xvii)  the Periodic Cap;

            (xviii) the first Adjustment Date following the Closing Date;

            (xix)   the Rate Ceiling;

            (xx)    in the case of any Mortgage Loan initially serviced by Wells
                    Fargo Bank, whether such Mortgage Loan is a Type 1 Mortgage
                    Loan or a Type 2 Mortgage Loan; and

            (xxi)   the name of the Servicer.

            Such schedule may consist of multiple reports that collectively set
forth all of the information required.

            Mortgage Loans: Each of the mortgage loans transferred and assigned
to the Trustee on the Closing Date pursuant to Section 2.01(a) and any mortgage
loans substituted therefor pursuant to Section 2.02 or 2.03, in each case as
from time to time are included in the Trust Estate as identified in the Mortgage
Loan Schedule.

            Mortgage Note: The note or other evidence of indebtedness evidencing
the indebtedness of a Mortgagor under a Mortgage Loan together with any related
Mortgage Loan Riders, if applicable.

            Mortgaged Property: The property subject to a Mortgage, which may
include Co-op Shares or residential long-term leases.

            Mortgagor: The obligor on a Mortgage Note.

            Net Liquidation Proceeds: As to any defaulted Mortgage Loan,
Liquidation Proceeds net of Liquidation Expenses.

            Net Mortgage Interest Rate: With respect to each Mortgage Loan, a
rate equal to (i) the Mortgage Interest Rate on such Mortgage Loan minus (ii)
the sum of (a) the applicable Servicing Fee Rate, as set forth in Section 11.22
with respect to such Mortgage Loan and (b) the Master Servicing Fee Rate, as set
forth in Section 11.23 with respect to such Mortgage Loan. Any regular monthly
computation of interest at such rate shall be based upon annual interest at such
rate on the applicable amount divided by twelve.

            Net REO Proceeds: As to any REO Mortgage Loan, REO Proceeds net of
any related expenses of the applicable Servicer.

            Net WAC: As to any Distribution Date, a per annum rate equal to the
weighted average of the Net Mortgage Interest Rates of the Mortgage Loans (based
on the Scheduled Principal Balances of the Mortgage Loans on the first day of
the month preceding the month in which such Distribution Date occurs).

            Non-permitted Foreign Holder: As defined in Section 5.02(d).

            Nonrecoverable Advance: Any portion of a Periodic Advance previously
made or proposed to be made in respect of a Mortgage Loan which has not been
previously reimbursed to the applicable Servicer, the Master Servicer or the
Trustee, as the case may be, and which the applicable Servicer, the Master
Servicer or the Trustee determines will not, or in the case of a proposed
Periodic Advance would not, be ultimately recoverable from Liquidation Proceeds
or other recoveries in respect of the related Mortgage Loan. The determination
by the applicable Servicer, the Master Servicer or the Trustee (i) that it has
made a Nonrecoverable Advance or (ii) that any proposed Periodic Advance, if
made, would constitute a Nonrecoverable Advance, shall be evidenced by an
Officer's Certificate of such Servicer delivered to the Master Servicer for
redelivery to the Trustee or, in the case of a Master Servicer determination, an
Officer's Certificate of the Master Servicer delivered to the Trustee, in each
case detailing the reasons for such determination.

            Non-Supported Interest Shortfall: With respect to any Distribution
Date, the sum of (i) the excess, if any, of the aggregate Prepayment Interest
Shortfall on the Mortgage Loans over the aggregate Compensating Interest with
respect to such Distribution Date and (ii) Curtailment Interest Shortfalls with
respect to such Distribution Date. With respect to each Distribution Date
occurring on or after the Subordination Depletion Date, the Non-Supported
Interest Shortfall determined pursuant to the preceding sentence will be
increased by the amount of any Subordination Depletion Date Interest Shortfall
for such Distribution Date. Any Non-Supported Interest Shortfall will be
allocated to (a) the Class A Certificates according to the percentage obtained
by dividing the Class A Principal Balance by the Aggregate Principal Balance and
(b) the Class B Certificates according to the percentage obtained by dividing
the Class B Principal Balance by the Aggregate Principal Balance.

            Non-U.S. Person: As defined in Section 4.01(f).

            NYCEMA: A New York Consolidation, Extension and Modification
Agreement.

            Officer's Certificate: With respect to any Person, a certificate
signed by the Chairman of the Board, the President or a Vice President, and by
the Treasurer, the Secretary or one of the Assistant Treasurers, Assistant
Secretaries or any other duly authorized officer of such Person (or, in the case
of a Person which is not a corporation, signed by the person or persons having
like responsibilities).

            One-Year CMT Index: As to any Mortgage Loan and Adjustment Date, a
rate per annum that is defined to be the weekly average yield on United States
Treasury Securities adjusted to a constant maturity of one year, as made
available by the Federal Reserve Board, published in Federal Reserve Statistical
Release H.15 (519) and most recently available as of the date up to 45 days
before the applicable Adjustment Date. In the event that such Index is no longer
available, the applicable Servicer will select a substitute Index in accordance
with the terms of the related Mortgage Note and in compliance with federal and
state law.

            One-Year LIBOR Index: As to any Mortgage Loan and Adjustment Date, a
rate per annum that is defined to be the average of interbank offered rates for
one-year U.S. dollar-denominated deposits in the London market, as published in
The Wall Street Journal and most recently available as of the date up to 45 days
before the applicable Adjustment Date.

            Opinion of Counsel: A written opinion of counsel, who may be outside
or salaried counsel for the Depositor, a Servicer or the Master Servicer, or any
affiliate of the Depositor, a Servicer or the Master Servicer, acceptable to the
Trustee if such opinion is to be delivered to the Trustee; provided, however,
that with respect to REMIC matters, matters relating to the determination of
Eligible Accounts or matters relating to transfers of Certificates, such counsel
shall be Independent.

            Optimal Adjustment Event: With respect to any Class of Class B
Certificates and any Distribution Date, an Optimal Adjustment Event will occur
with respect to such Class if: (i) the Principal Balance of such Class on the
Determination Date succeeding such Distribution Date would have been reduced to
zero (regardless of whether such Principal Balance was reduced to zero as a
result of principal distribution or the allocation of Realized Losses) and (ii)
(a) the Principal Balance of any Class of Class A Certificates would be subject
to further reduction as a result of the third sentence of the definition of
Principal Balance or (b) the Principal Balance of a Class of Class B
Certificates with a lower numerical designation would be reduced with respect to
such Distribution Date as a result of the application of the proviso in the
definition of Class B-1 Principal Balance, Class B-2 Principal Balance, Class
B-3 Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance
or Class B-6 Principal Balance.

            Original Class A Percentage: The Class A Percentage as of the
Cut-Off Date, as set forth in Section 11.03.

            Original Class A Principal Balance: The sum of the Original
Principal Balances of the Class A-1, Class A-2 and Class A-R Certificates, as
set forth in Section 11.04.

            Original Class B Principal Balance: The sum of the Original Class
B-1 Principal Balance, Original Class B-2 Principal Balance, Original Class B-3
Principal Balance, Original Class B-4 Principal Balance, Original Class B-5
Principal Balance and Original Class B-6 Principal Balance, as set forth in
Section 11.06.

            Original Class B-1 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-2
Principal Balance, the Original Class B-3 Principal Balance, the Original Class
B-4 Principal Balance, the Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the Aggregate Principal Balance as of the Cut-Off
Date. The Original Class B-1 Fractional Interest is specified in Section 11.08.

            Original Class B-2 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-3
Principal Balance, the Original Class B-4 Principal Balance, the Original Class
B-5 Principal Balance and the Original Class B-6 Principal Balance by the
Aggregate Principal Balance as of the Cut-Off Date. The Original Class B-2
Fractional Interest is specified in Section 11.09.

            Original Class B-3 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-4
Principal Balance, the Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the Aggregate Principal Balance as of the Cut-Off
Date. The Original Class B-3 Fractional Interest is specified in Section 11.10.

            Original Class B-4 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-5
Principal Balance and the Original Class B-6 Principal Balance by the Aggregate
Principal Balance as of the Cut-Off Date. The Original Class B-4 Fractional
Interest is specified in Section 11.11.

            Original Class B-5 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the Original Class B-6 Principal
Balance by the Aggregate Principal Balance as of the Cut-Off Date. The Original
Class B-5 Fractional Interest is specified in Section 11.12.

            Original Class B-1 Percentage: The Class B-1 Percentage as of the
Cut-Off Date, as set forth in Section 11.13.

            Original Class B-2 Percentage: The Class B-2 Percentage as of the
Cut-Off Date, as set forth in Section 11.14.

            Original Class B-3 Percentage: The Class B-3 Percentage as of the
Cut-Off Date, as set forth in Section 11.15.

            Original Class B-4 Percentage: The Class B-4 Percentage as of the
Cut-Off Date, as set forth in Section 11.16.

            Original Class B-5 Percentage: The Class B-5 Percentage as of the
Cut-Off Date, as set forth in Section 11.17.

            Original Class B-6 Percentage: The Class B-6 Percentage as of the
Cut-Off Date, as set forth in Section 11.18.

            Original Class B-1 Principal Balance: The Class B-1 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.07.

            Original Class B-2 Principal Balance: The Class B-2 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.07.

            Original Class B-3 Principal Balance: The Class B-3 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.07.

            Original Class B-4 Principal Balance: The Class B-4 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.07.

            Original Class B-5 Principal Balance: The Class B-5 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.07.

            Original Class B-6 Principal Balance: The Class B-6 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.07.

            Original Principal Balance: Any of the Original Principal Balances
of the Classes of Class A Certificates as set forth in Section 11.04; the
Original Class B-1 Principal Balance, Original Class B-2 Principal Balance,
Original Class B-3 Principal Balance, Original Class B-4 Principal Balance,
Original Class B-5 Principal Balance or Original Class B-6 Principal Balance as
set forth in Section 11.07.

            Original Subordinated Percentage: The Subordinated Percentage as of
the Cut-Off Date, as set forth in Section 11.05.

            Other Servicer: Any of the Servicers other than Wells Fargo Bank.

            Other Servicer Mortgage Loan: Any of the Mortgage Loans, if any,
identified on the Mortgage Loan Schedule as serviced by an Other Servicer, as
such Mortgage Loan Schedule may be amended from time to time in connection with
a substitution pursuant to Section 2.02 or 2.03, which Mortgage Loan is serviced
under an Other Servicing Agreement.

            Other Servicing Agreements: The Servicing Agreements other than the
Wells Fargo Bank Servicing Agreement.

            Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Mortgage Loan) which was not the subject of a Full Unscheduled
Principal Receipt prior to such Due Date and which was not repurchased by the
Depositor prior to such Due Date pursuant to Section 2.02, 2.03 or 3.08.

            Owner Mortgage Loan File: A file maintained by the Custodian for
each Mortgage Loan that contains the documents specified in Section 2.01(a) and
any additional documents required to be added to the Owner Mortgage Loan File
pursuant to this Agreement.

            Partial Liquidation Proceeds: Liquidation Proceeds received by a
Servicer prior to the Unscheduled Principal Receipt Period in which the related
Mortgage Loan became a Liquidated Loan.

            Partial Unscheduled Principal Receipt: An Unscheduled Principal
Receipt which is not a Full Unscheduled Principal Receipt.

            Paying Agent: The Person authorized to make distributions to
Certificateholders with respect to the Certificates and to forward to
Certificateholders the periodic and annual statements required by Section 4.04.
The Paying Agent may be the Trustee. The initial Paying Agent is appointed in
Section 4.03(b).

            Paying Agent Agreement: As defined in Section 4.03(b).

            Payment Account: The account maintained pursuant to Section 4.03(a).

            Percentage Interest: With respect to a Class A Certificate of a
Class, the undivided percentage interest obtained by dividing the Denomination
of such Certificate by the Original Principal Balance of such Class of Class A
Certificates. With respect to a Class B Certificate of a Class, the undivided
percentage interest obtained by dividing the Denomination of such Certificate by
the Original Principal Balance of such Class of Class B Certificates.

            Periodic Advance: The aggregate of the advances required to be made
by a Servicer on any Remittance Date pursuant to its Servicing Agreement or by
the Master Servicer or the Trustee hereunder on any Distribution Date, the
amount of any such advances being equal to the total of all Monthly Payments
(adjusted, in each case (i) in respect of interest, to the applicable Mortgage
Interest Rate less the applicable Servicing Fee in the case of Periodic Advances
made by a Servicer and to the applicable Net Mortgage Interest Rate in the case
of Periodic Advances made by the Master Servicer or Trustee and (ii) by the
amount of any related Debt Service Reductions or reductions in the amount of
interest collectable from the Mortgagor pursuant to the Servicemembers Civil
Relief Act, as it may be amended from time to time, or similar legislation or
regulations then in effect) on the Mortgage Loans, that (x) were delinquent as
of the close of business on the related Determination Date, (y) were not the
subject of a previous Periodic Advance by such Servicer or of a Periodic Advance
by the Master Servicer or the Trustee, as the case may be and (z) have not been
determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable
Advances.

            Periodic Cap: For each Mortgage Loan, the applicable limit on
adjustment of the Mortgage Interest Rate for each Adjustment Date specified in
the applicable Mortgage Note and designated as such in the Mortgage Loan
Schedule.

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

            Plan: As defined in Section 5.02(c).

            PMI Advance: As defined in the related Servicing Agreement, if
applicable.

            Pool Balance: As of any Distribution Date, the sum of the Scheduled
Principal Balances for each Mortgage Loan that is an Outstanding Mortgage Loan.

            Pool Distribution Amount: As of any Distribution Date, the funds
eligible for distribution to the Class A Certificates and Class B Certificates
on such Distribution Date, which shall be the sum of (i) all previously
undistributed payments or other receipts on account of principal and interest on
or in respect of the Mortgage Loans (including, without limitation, the proceeds
of any repurchase of a Mortgage Loan by the Depositor and any Substitution
Principal Amount) received by the Master Servicer with respect to the applicable
Remittance Date in the month of such Distribution Date and any Unscheduled
Principal Receipts received by the Master Servicer on or prior to the Business
Day preceding such Distribution Date, (ii) all Periodic Advances made by a
Servicer pursuant to the related Servicing Agreement or Periodic Advances made
by the Master Servicer or the Trustee pursuant to Section 3.03, (iii) any
remaining Reimbursement Amount as provided in Section 4.01(a) and (iv) all other
amounts (including any Insurance Proceeds and Compensating Interest) required to
be placed in the Certificate Account by the Servicers on or before the
applicable Remittance Date or by the Master Servicer or the Trustee on or prior
to the Distribution Date, but excluding the following:

            (a) amounts received as late payments of principal or interest and
      respecting which the Master Servicer or the Trustee has made one or more
      unreimbursed Periodic Advances;

            (b) the portion of Liquidation Proceeds used to reimburse any
      unreimbursed Periodic Advances by the Master Servicer or the Trustee;

            (c) that portion of each payment of interest on a particular
      Mortgage Loan which represents (i) the Servicing Fee and (ii) the Master
      Servicing Fee;

            (d) all amounts representing scheduled payments of principal and
      interest due after the Due Date occurring in the month in which such
      Distribution Date occurs;

            (e) all Unscheduled Principal Receipts received by the Servicers
      after the Applicable Unscheduled Principal Receipt Period relating to the
      Distribution Date for the applicable type of Unscheduled Principal
      Receipt, and all related payments of interest on such amounts;

            (f) all repurchase proceeds with respect to Mortgage Loans
      repurchased by the Depositor pursuant to Section 2.02, 2.03 or 3.08 on or
      following the Determination Date in the month in which such Distribution
      Date occurs and the Substitution Principal Amounts with respect to any
      Mortgage Loans for which Mortgage Loans were substituted on or following
      the Determination Date in the month in which such Distribution Date
      occurs;

            (g) that portion of Liquidation Proceeds and REO Proceeds which
      represents any unpaid Servicing Fee or Master Servicing Fee;

            (h) all income from Eligible Investments that is held in the
      Certificate Account for the account of the Master Servicer;

            (i) Liquidation Profits;

            (j) Month End Interest;

            (k) all amounts reimbursable to a Servicer for PMI Advances; and

            (l) all other amounts permitted to be withdrawn from the Certificate
      Account, to the extent not covered by clauses (a) through (k) above, or
      not required to be deposited in the Certificate Account under this
      Agreement.

            Pool Scheduled Principal Balance: As to any Distribution Date, the
aggregate Scheduled Principal Balance of all Mortgage Loans that were
Outstanding Mortgage Loans on the Due Date in the month preceding the month of
such Distribution Date.

            Prepayment In Full: With respect to any Mortgage Loan, a Mortgagor
payment consisting of a Principal Prepayment in the amount of the outstanding
principal balance of such loan and resulting in the full satisfaction of such
obligation.

            Prepayment Interest Shortfall: On any Distribution Date, the amount
of interest, if any, that would have accrued on any Mortgage Loan which was the
subject of a Prepayment in Full at the Net Mortgage Interest Rate for such
Mortgage Loan from the date of its Prepayment in Full (but in the case of a
Prepayment in Full where the Applicable Unscheduled Principal Receipt Period is
the Mid-Month Receipt Period, only if the date of the Prepayment in Full is on
or after the Determination Date in the month prior to the month of such
Distribution Date and prior to the first day of the month of such Distribution
Date) through the last day of the month prior to the month of such Distribution
Date.

            Principal Adjustment: In the event that the Class B-1 Optimal
Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal
Principal Amount or Class B-6 Optimal Principal Amount is calculated in
accordance with the proviso in such definition with respect to any Distribution
Date, the Principal Adjustment for such Class of Class B Certificates shall
equal the difference between (i) the amount that would have been distributed to
such Class as principal in accordance with Section 4.01(a) for such Distribution
Date, calculated without regard to such proviso and assuming there are no
Principal Adjustments for such Distribution Date and (ii) the Adjusted Principal
Balance for such Class.

            Principal Balance: As of the first Determination Date and as to any
Class of Class A Certificates, the Original Principal Balance of such Class. As
of any subsequent Determination Date prior to the Subordination Depletion Date
and as to any Class of Class A Certificates, the Original Principal Balance of
such Class less the sum of all amounts previously distributed in respect of such
Class on prior Distribution Dates (i) pursuant to Paragraph third of Section
4.01(a) and (ii) as a result of a Principal Adjustment. After the Subordination
Depletion Date, the Principal Balance of each Class of Class A Certificates will
be reduced (if clause (a) is greater than clause (b)) or increased (if clause
(a) is less than clause (b)) on each Determination Date by an amount equal to
the product of the Class A Loss Percentage of such Class and the difference, if
any, between (a) the Class A Principal Balance as of such Determination Date
without regard to this sentence and (b) the Adjusted Pool Amount for the
preceding Distribution Date; provided, however, that the amount of any such
reduction for the Class A-1 Certificates will be decreased by the Class A-2 Loss
Allocation Amount and the Principal Balance for the Class A-2 Certificates will
additionally be reduced by the Class A-2 Loss Allocation Amount. In addition,
any increase allocated to the Class A-1 Certificates pursuant to the third
sentence above will instead increase the Principal Balance of the Class A-2
Certificates.

            As to the Class B Certificates, the Class B-1 Principal Balance,
Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal
Balance, Class B-5 Principal Balance and Class B-6 Principal Balance,
respectively.

            Notwithstanding the foregoing, no Principal Balance of a Class will
be increased on any Determination Date such that the Principal Balance of such
Class exceeds its Original Principal Balance less all amounts previously
distributed in respect of such Class on prior Distribution Dates pursuant to
Paragraph third of Section 4.01(a) or Paragraphs sixth, ninth, twelfth,
fifteenth, eighteenth or twenty-first of Section 4.01(a).

            Principal Prepayment: Any Mortgagor payment on a Mortgage Loan which
is received in advance of its Due Date and is not accompanied by an amount
representing scheduled interest for any period subsequent to the date of
prepayment.

            Prior Month Receipt Period: With respect to each Distribution Date,
the calendar month preceding the month in which such Distribution Date occurs.

            Prohibited Transaction Tax: Any tax imposed under Section 860F of
the Code.

            Prospectus: The prospectus dated August 27, 2007 as supplemented by
the prospectus supplement dated August 27, 2007, relating to the Class A, Class
B-1, Class B-2 and Class B-3 Certificates.

            Prudent Servicing Practices: The standard of care set forth in each
Servicing Agreement.

            Rate Ceiling: The maximum per annum Mortgage Interest Rate permitted
under the related Mortgage Note.

            Rating Agency: Any nationally recognized statistical credit rating
agency, or its successor, that rated one or more Classes of the Certificates at
the request of the Depositor at the time of the initial issuance of the
Certificates. The Rating Agencies for the Class A Certificates are Fitch and
S&P. The Rating Agency for the Class B-1, Class B-2, Class B-3, Class B-4 and
Class B-5 Certificates is Fitch. If any such agency or a successor is no longer
in existence, "Rating Agency" shall be such statistical credit rating agency, or
other comparable Person, designated by the Depositor, notice of which
designation shall be given to the Trustee and the Master Servicer. References
herein to the highest short-term rating category of a Rating Agency shall mean
F-1+ in the case of Fitch and A-1 in the case of S&P and in the case of any
other Rating Agency shall mean its equivalent of such ratings. References herein
to the highest long-term rating categories of a Rating Agency shall mean AAA in
the case of Fitch and S&P, and in the case of any other Rating Agency shall mean
its equivalent of such ratings without any plus or minus.

            Realized Losses: With respect to any Distribution Date, (i)
Liquidated Loan Losses incurred on Liquidated Loans for which the Liquidation
Proceeds were received during the Applicable Unscheduled Principal Receipt
Period with respect to Full Unscheduled Principal Receipts with respect to such
Distribution Date and (ii) Bankruptcy Losses incurred during the period
corresponding to the Applicable Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal Receipts for such Distribution Date.

            Record Date: The last Business Day of the month preceding the month
of the related Distribution Date.

            Recovery: Any amount received (net of any reimbursable expenses) on
a Mortgage Loan subsequent to such Mortgage Loan being determined to be a
Liquidated Loan.

            Regulation AB: Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from
time to time, and subject to such clarification and interpretation as have been
publicly provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506 (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.

            Reimbursement Amount: As defined in Section 2.03(c).

            Relevant Servicing Criteria: The Servicing Criteria applicable to
the Master Servicer, the Trustee, the Custodian or the Servicers, as set forth
on Exhibit R attached hereto and the Servicing Criteria applicable to any
Special Servicer as set forth in the applicable Special Servicing Agreement. For
clarification purposes, multiple parties can have responsibility for the same
Relevant Servicing Criteria. With respect to a Servicing Function Participant
engaged by the Master Servicer, the Trustee, the Custodian, the Special Servicer
(if applicable) or a Servicer, the term "Relevant Servicing Criteria" refers to
the portion of the Relevant Servicing Criteria applicable to the party engaging
such Servicing Function Participant insofar as the functions required to be
performed by such party are to be performed by the Servicing Function
Participant.

            Relief Act Shortfall: Any interest shortfalls arising as a result of
the reduction in the amount of monthly interest payments on any Mortgage Loans
as a result of the application of the Servicemembers Civil Relief Act, as it may
be amended from time to time, or comparable state legislation. Any Relief Act
Shortfall will be allocated to (a) the Class A Certificates according to the
percentage obtained by dividing the Class A Principal Balance by the Aggregate
Principal Balance and (b) the Class B Certificates according to the percentage
obtained by dividing the Class B Principal Balance by the Aggregate Principal
Balance.

            REMIC: A "real estate mortgage investment conduit" as defined in
Code Section 860D. "The REMIC" means the REMIC constituted by the Trust Estate.

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

            Remittance Date: As defined in each of the Servicing Agreements.

            REO Mortgage Loan: Any Mortgage Loan which is not a Liquidated Loan
and as to which the indebtedness evidenced by the related Mortgage Note is
discharged and the related Mortgaged Property is held as part of the Trust
Estate.

            REO Proceeds: Proceeds received in respect of any REO Mortgage Loan
(including, without limitation, proceeds from the rental of the related
Mortgaged Property).

            Reportable Event: As defined in Section 3.12(c).

            Repurchase Price: With respect to any Mortgage Loan repurchased
pursuant to Section 2.02, 2.03 or 3.08 hereof, the sum of (a) 100% of the unpaid
principal balance of such Mortgage Loan plus (b) accrued interest at the
Mortgage Interest Rate, through the last day of the month in which such
repurchase takes place.

            Request for Release: A request for release (which may be in
electronic form) in substantially the form attached as Exhibit G hereto.

            Residual Certificate: The Class A-R Certificate.

            Responsible Officer: When used with respect to the Trustee, the
Master Servicer, the Custodian, the Paying Agent or the Authenticating Agent,
any officer of the Corporate Trust Department of the Trustee, the Master
Servicer, the Custodian, the Paying Agent or the Authenticating Agent having
direct responsibility for the administration of this Agreement, including any
Senior Vice President, any Vice President, any Assistant Vice President, any
Assistant Secretary, any Trust Officer or Assistant Trust Officer, or any other
employee of the Trustee, the Master Servicer, the Custodian, the Paying Agent or
the Authenticating Agent customarily performing functions similar to those
performed by any of the above designated officers. When used with respect to a
Servicer, a Servicing Officer.

            Retained Mortgage Loan File: A file maintained by Wells Fargo Bank
prior to any Document Transfer Date for each Mortgage Loan that contains the
documents specified in Section 2.01(b) and any additional documents required to
be added to the Retained Mortgage Loan File pursuant to this Agreement.

            Rule 144A: Rule 144A promulgated under the 1933 Act.

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

            Sarbanes-Oxley Certification: As defined in Section 3.12(b).

            Scheduled Principal Balance: As to any Mortgage Loan and
Distribution Date, the principal balance of such Mortgage Loan as of the Due
Date in the month preceding the month of such Distribution Date as specified in
the amortization schedule at the time relating thereto (before any adjustment to
such amortization schedule by reason of any bankruptcy (other than Deficient
Valuations) or similar proceeding or any moratorium or similar waiver or grace
period) after giving effect to (A) Unscheduled Principal Receipts received or
applied by the applicable Servicer during the related Unscheduled Principal
Receipt Period for each applicable type of Unscheduled Principal Receipt related
to the Distribution Date occurring in the month preceding such Distribution
Date, (B) Deficient Valuations incurred prior to such Due Date and (C) the
payment of principal due on such Due Date and irrespective of any delinquency in
payment by the related Mortgagor. Accordingly, the Scheduled Principal Balance
of a Mortgage Loan which becomes a Liquidated Loan at any time through the last
day of such related Unscheduled Principal Receipt Period shall be zero.

            Servicer Mortgage Loan File: As defined in each of the Servicing
Agreements.

            Servicers: Wells Fargo Bank, as a Servicer under the related
Servicing Agreement. Initially the servicing functions performed by Wells Fargo
Bank shall be performed by the Wells Fargo Home Mortgage division of Wells Fargo
Bank.

            Servicing Agreements: Each of the Servicing Agreements executed with
respect to a portion of the Mortgage Loans by one of the Servicers, which
agreements are attached hereto, collectively, as Exhibit L.

            Servicing Criteria: The "servicing criteria" set forth in Item
1122(d) of Regulation AB, as such may be amended from time to time.

            Servicing Fee: With respect to any Servicer, as defined in its
Servicing Agreement.

            Servicing Fee Rate: With respect to a Mortgage Loan, as set forth in
Section 11.22.

            Servicing Function Participant: Any Subservicer, Subcontractor or
any other Person, other than the Master Servicer, the Trustee, the Custodian,
the Special Servicer (if applicable) and the Servicers, that is performing
activities addressed by the Servicing Criteria.

            Servicing Officer: Any officer of a Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans.

            Similar Law: As defined in Section 5.02(c).

            Special Servicer: As defined in Section 3.08.

            Special Servicing Agreement: As defined in Section 3.08.

            Single Certificate: A Certificate of any Class that evidences the
smallest permissible Denomination for such Class, as set forth in Section 11.21.

            Startup Day: As defined in Section 2.05.

            Subcontractor: Any vendor, subcontractor or other Person that is not
responsible for the overall servicing 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 any Servicer (or a
Subservicer of any Servicer), the Master Servicer, the Trustee or the Custodian.

            Subordinated Percentage: As to any Distribution Date, the percentage
which is the difference between 100% and the Class A Percentage for such date.

            Subordinated Prepayment Percentage: As to any Distribution Date, the
percentage which is the difference between 100% and the Class A Prepayment
Percentage for such date.

            Subordination Depletion Date: The Distribution Date preceding the
first Distribution Date on which the Class A Percentage (determined pursuant to
clause (ii) of the definition thereof) equals or exceeds 100%.

            Subordination Depletion Date Interest Shortfall: With respect to any
Distribution Date that occurs on or after the Subordination Depletion Date with
respect to any Unscheduled Principal Receipt (other than a Prepayment in Full or
Curtailment):

            (A)   in the case where the Applicable Unscheduled Principal Receipt
                  Period is the Mid-Month Receipt Period and such Unscheduled
                  Principal Receipt is received by the applicable Servicer on or
                  after the Determination Date in the month preceding the month
                  of such Distribution Date but prior to the first day of the
                  month of such Distribution Date, the amount of interest that
                  would have accrued at the Net Mortgage Interest Rate on the
                  amount of such Unscheduled Principal Receipt from the day of
                  its receipt or, if earlier, its application by such Servicer
                  through the last day of the month preceding the month of such
                  Distribution Date; and

            (B)   in the case where the Applicable Unscheduled Principal Receipt
                  Period is the Prior Month Receipt Period and such Unscheduled
                  Principal Receipt is received by the applicable Servicer
                  during the month preceding the month of such Distribution
                  Date, the amount of interest that would have accrued at the
                  Net Mortgage Interest Rate on the amount of such Unscheduled
                  Principal Receipt from the day of its receipt or, if earlier,
                  its application by such Servicer through the last day of the
                  month in which such Unscheduled Principal Receipt is received.

            Subservicer: Any Person that (i) services Mortgage Loans on behalf
of any Servicer, and (ii) is responsible for the performance (whether directly
or through Subservicers or Subcontractors) of a substantial portion of the
material servicing functions required to be performed under this Agreement, any
related Servicing Agreement or any sub-servicing agreement that are identified
in Item 1122(d) of Regulation AB.

            Subsidy Account: If the Trust Estate contains any Subsidy Loans, the
deposit account or accounts created and maintained by the applicable Servicer
for deposit of Subsidy Funds and amounts payable under interest subsidy
agreements relating to mortgage loans other than the Mortgage Loans.

            Subsidy Funds: If the Trust Estate contains any Subsidy Loans, funds
contributed by the employer of a Mortgagor in order to reduce the payments
required from the Mortgagor for a specified period in specified amounts.

            Subsidy Loan: Any Mortgage Loan subject to a temporary interest
subsidy agreement pursuant to which the monthly interest payments made by the
related Mortgagor will be less than the scheduled monthly interest payments on
such Mortgage Loan, with the resulting difference in interest payments being
provided by the employer of the Mortgagor.

            Substitute Mortgage Loan: As defined in Section 2.02.

            Substitution Principal Amount: With respect to any Mortgage Loan
substituted in accordance with Section 2.02 or pursuant to Section 2.03, the
excess of (x) the unpaid principal balance of the Mortgage Loan which is
substituted for over (y) the unpaid principal balance of the Substitute Mortgage
Loan, each balance being determined as of the date of substitution.

            Trust: The New York common law trust created by this Agreement which
shall be entitled "Wells Fargo Mortgage Backed Securities 2007-AR4 Trust."

            Trust Estate: The corpus of the Trust, consisting of the Mortgage
Loans, such amounts as may be held from time to time in the Certificate Account,
the rights of the Trustee to receive the proceeds of all insurance policies and
performance bonds, if any, required to be maintained hereunder or under the
related Servicing Agreement, property which secured a Mortgage Loan and which
has been acquired by foreclosure or deed in lieu of foreclosure and all other
property and rights described in the first paragraph of Section 2.01(a).

            Trustee: HSBC Bank USA, National Association, a national banking
association, or any successor trustee appointed as herein provided.

            Trustee Errors and Omissions Policy: An insurance policy covering
losses caused by errors or omissions of the Trustee and its personnel.

            Type 1 Mortgage Loan: The Mortgage Loans, if any, identified as such
in the Mortgage Loan Schedule as such Mortgage Loan Schedule may be amended from
time to time in connection with a substitution pursuant to Section 2.02 or 2.03,
serviced under the Wells Fargo Bank Servicing Agreement and having a Mid-Month
Receipt Period with respect to all types of Unscheduled Principal Receipts.

            Type 2 Mortgage Loan: The Mortgage Loans, if any, identified as such
in the Mortgage Loan Schedule as such Mortgage Loan Schedule may be amended from
time to time in connection with a substitution pursuant to Section 2.02 or 2.03,
serviced under the Wells Fargo Bank Servicing Agreement and having a Prior Month
Receipt Period with respect to all types of Unscheduled Principal Receipts.

            Unpaid Interest Shortfalls: Each of the Class A Unpaid Interest
Shortfalls, the Class B-1 Unpaid Interest Shortfall, the Class B-2 Unpaid
Interest Shortfall, the Class B-3 Unpaid Interest Shortfall, the Class B-4
Unpaid Interest Shortfall, the Class B-5 Unpaid Interest Shortfall and the Class
B-6 Unpaid Interest Shortfall.

            Unscheduled Principal Receipt: Any Principal Prepayment or other
recovery of principal on a Mortgage Loan, including, without limitation, the
principal portion of Net Liquidation Proceeds, the principal portion of Net REO
Proceeds, Recoveries and proceeds received from any condemnation award or
proceeds in lieu of condemnation other than that portion of such proceeds
released to the Mortgagor in accordance with the terms of the Mortgage or
Prudent Servicing Practices, but excluding any Liquidation Profits and proceeds
of a repurchase of a Mortgage Loan by the Depositor and any Substitution
Principal Amounts.

            Unscheduled Principal Receipt Period: Either a Mid-Month Receipt
Period or a Prior Month Receipt Period.

            U.S. Person: As defined in Section 4.01(f).

            Voting Interest: With respect to any provisions hereof providing for
the action, consent or approval of the Holders of all Certificates evidencing
specified Voting Interests in the Trust Estate, each Class of Certificates will
be entitled to a pro rata portion of the aggregate Voting Interest equal to the
ratio obtained by dividing the Principal Balance of such Class by the Aggregate
Principal Balance. Each Certificateholder of a Class will have a Voting Interest
equal to the product of the Voting Interest to which such Class is collectively
entitled and the Percentage Interest in such Class represented by such Holder's
Certificates. With respect to any provisions hereof providing for action,
consent or approval of each Class of Certificates or specified Classes of
Certificates, each Certificateholder of a Class will have a Voting Interest in
such Class equal to such Holder's Percentage Interest in such Class.

            Wells Fargo Bank: Wells Fargo Bank, N.A., or its successor in
interest.

            Wells Fargo Bank Correspondents: The entities identified on a list
provided by Wells Fargo Bank to the Master Servicer, from which Wells Fargo Bank
purchased the Mortgage Loans.

            Wells Fargo Bank Servicing Agreement: The Servicing Agreement
providing for the servicing of those Mortgage Loans that are initially serviced
by Wells Fargo Bank.

            Section 1.02 Acts of Holders.

            (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. Except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the
Trustee. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and
conclusive in favor of the Trustee, if made in the manner provided in this
Section 1.02. The Trustee shall promptly notify the Master Servicer in writing
of the receipt of any such instrument or writing.

            (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. When such
execution is by a signer acting in a capacity other than his or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his or her authority. The fact and date of the execution of any such
instrument or writing, or the authority of the individual executing the same,
may also be proved in any other manner which the Trustee deems sufficient.

            (c) The ownership of Certificates (whether or not such Certificates
shall be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee and the Authenticating Agent)
shall be proved by the Certificate Register, and none of the Trustee, the
Depositor or the Master Servicer shall be affected by any notice to the
contrary.

            (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action of the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee, the
Depositor or the Master Servicer in reliance thereon, whether or not notation of
such action is made upon such Certificate.

            Section 1.03 Effect of Headings and Table of Contents.

            The Article and Section headings in this Agreement and the Table of
Contents are for convenience of reference only and shall not affect the
interpretation or construction of this Agreement.

            Section 1.04 Benefits of Agreement.

            Nothing in this Agreement or in the Certificates, express or
implied, shall give to any Person, other than the parties to this Agreement and
their successors hereunder and the Holders of the Certificates any benefit or
any legal or equitable right, power, remedy or claim under this Agreement.

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                      ORIGINAL ISSUANCE OF THE CERTIFICATES

            Section 2.01 Conveyance of Mortgage Loans.

            (a) The Depositor, concurrently with the execution and delivery
hereof, does hereby assign to the Trustee, without recourse all the right, title
and interest of the Depositor in and to (a) the Trust Estate, including all
interest and principal received by the Depositor on or with respect to the
Mortgage Loans after the Cut-Off Date (and including scheduled payments of
principal and interest due after the Cut-Off Date but received by the Depositor
on or before the Cut-Off Date and Unscheduled Principal Receipts received or
applied on the Cut-Off Date, but not including payments of principal and
interest due on the Mortgage Loans on or before the Cut-Off Date), (b) the
Insurance Policies, (c) the obligations of the Servicers under the Servicing
Agreements with respect to the Mortgage Loans, (d) the right to receive amounts,
if any, payable on behalf of any Mortgagor from the Subsidy Account relating to
any Subsidy Loan and (e) proceeds of all the foregoing. It is agreed and
understood by the Depositor and the Trustee that it is not intended that any
mortgage loan be included in the Trust Estate that is a "High-Cost Home Loan" as
defined in any of (i) the New Jersey Home Ownership Act, effective November 27,
2003, (ii) the New Mexico Home Loan Protection Act, effective January 1, 2004,
(iii) the Massachusetts Predatory Home Loan Practices Act, effective November 7,
2004 or (iv) the Indiana Home Loan Practices Act, effective January 1, 2005.

            In connection with such assignment, the Depositor shall, with
respect to each Mortgage Loan, deliver, or cause to be delivered, to the
Custodian, on or before the Closing Date the following documents or instruments
with respect to each Mortgage Loan:

            (i) The original Mortgage Note either (A) endorsed in blank or (B)
      endorsed as provided in Section 2.01(d), with all prior and intervening
      endorsements as may be necessary to show a complete chain of endorsements
      or with respect to any Mortgage Loan as to which the original Mortgage
      Note has been permanently lost or destroyed and has not been replaced, a
      lost note affidavit with a copy of the Mortgage Note and, in the case of
      any Mortgage Loan originated in the State of New York documented by a
      NYCEMA, the NYCEMA, the new Mortgage Note, if applicable, the consolidated
      Mortgage Note and the consolidated Mortgage;

            (ii) A recorded original assignment of the related Mortgage from
      Wells Fargo Bank assigning the related Mortgage to the Trustee (which may
      be assigned in blank), certified by the recording office, or, if such
      assignment is in the process of being recorded, a copy of the related
      Mortgage transmitted for recordation certified by an officer of Wells
      Fargo Bank or applicable Wells Fargo Bank Correspondent to be a true and
      correct copy of such assignment submitted for recordation; provided,
      however, if recordation is not required as described below, an assignment
      in recordable form (which may be assigned in blank) with respect to the
      related Mortgage;

            (iii) The original of each assumption agreement, modification,
      written assurance or substitution agreement pertaining to such Mortgage
      Note, if any; and

            (iv) For each Mortgage Loan secured by Co-op Shares, the originals
      of the following documents or instruments:

                  (a)   The loan security agreement;

                  (b)   The stock certificate;

                  (c)   The stock power, executed in blank;

                  (d)   The executed proprietary lease;

                  (e)   The executed recognition agreement;

                  (f)   The executed UCC-1 financing statement with evidence of
                        recording thereon; and

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

            (b) The Master Servicer shall promptly notify the Depositor, the
Trustee and the Custodian of the occurrence of any Document Transfer Event of
which the Master Servicer had knowledge. Following the receipt of such notice,
the Depositor shall, with respect to each Mortgage Loan, deliver, or cause to be
delivered, to the Custodian, no later than the Document Transfer Date, copies
(which may be in electronic form mutually agreed upon by the Depositor and the
Custodian) of the following additional documents or instruments with respect to
each Mortgage Loan; provided, however, that originals of such documents or
instruments shall be delivered to the Custodian if originals are required under
the law in which the related Mortgaged Property is located in order to exercise
all remedies available to the Trust under applicable law following default by
the related Mortgagor:

            (i) The original recorded Mortgage with evidence of recordation
      noted thereon or attached thereto, together with any addenda or riders
      thereto, or a copy of such recorded Mortgage with such evidence of
      recordation certified to be true and correct by the appropriate
      governmental recording office; or a copy of such recorded Mortgage with
      such evidence of recordation, or if the original Mortgage has been
      submitted for recordation but has not been returned from the applicable
      public recording office, a copy of the Mortgage certified by an officer of
      Wells Fargo Bank or the applicable Wells Fargo Bank Correspondent to be a
      true and correct copy of the original Mortgage submitted for recordation;

            (ii) The original of each assumption agreement, modification,
      written assurance or substitution agreement pertaining to such Mortgage,
      if any, or, if such document is in the process of being recorded, a copy
      of such document, certified by an officer of Wells Fargo Bank or the
      applicable Wells Fargo Bank Correspondent of such Mortgage Loan or by the
      applicable title insurance company, closing agent, settlement agent,
      escrow agent or closing attorney to be a true and correct copy of such
      document transmitted for recordation, if any;

            (iii) For each MERS Mortgage Loan that is not a MOM Mortgage Loan,
      the original assignment showing MERS as the assignee of the Mortgage, with
      evidence of recording thereon or copies thereof certified by an officer of
      Wells Fargo Bank or the applicable Wells Fargo Bank Correspondent to have
      been submitted for recordation;

            (iv) Each original recorded intervening assignment of the Mortgage
      as may be necessary to show a complete chain of title from the Mortgage
      Loan originator to Wells Fargo Bank or Wells Fargo Home Mortgage, Inc.,
      with evidence of recordation noted thereon or attached thereto, or a copy
      of such assignment with such evidence of recordation to be true and
      correct by the appropriate governmental recording office, or, if any such
      assignment has been submitted for recordation but has not been returned
      from the applicable public recording office or is not otherwise available,
      a copy of such assignment certified by an officer of Wells Fargo Bank or
      the applicable Wells Fargo Bank Correspondent to be a true and correct
      copy of the recorded assignment submitted for recordation; and

            (v) The original policy of the title insurance or certificate of
      title insurance or a written commitment to issue such a title insurance
      policy or certificate of title insurance, or a copy of such title
      insurance certified as true and correct by the applicable insurer or any
      attorney's certificate of title with an Officer's Certificate of Wells
      Fargo Bank or the applicable Wells Fargo Bank Correspondent that such
      attorney's certificate of title is customarily used in lieu of a title
      insurance policy in the jurisdiction in which the related mortgage
      property is located.

            (c) If any assignment of a Mortgage to the Trustee is in the process
of being recorded on the Closing Date, the Depositor shall use its best efforts
to cause each such original recorded document or certified copy thereof to be
delivered to the Custodian promptly following its recordation, but in no event
later than one (1) year following the Closing Date. If any Mortgage has been
recorded in the name of MERS or its designee, no assignment of Mortgage in favor
of the Trustee will be required to be prepared or delivered and instead, the
Master Servicer shall enforce any obligation of the Servicers under the
Servicing Agreements to take all actions as are necessary to cause the Trust
Estate to be shown as the owner of the related Mortgage Loan on the records of
MERS for the purpose of the system of recording transfers of beneficial
ownership of mortgages maintained by MERS. The Depositor shall also cause to be
delivered to the Custodian any other original mortgage loan document included in
the Owner Mortgage Loan File if a copy thereof has been delivered. The Depositor
shall pay from its own funds, without any right of reimbursement therefor, the
amount of any costs, liabilities and expenses incurred by the Trust Estate by
reason of the failure of the Depositor to cause to be delivered to the Custodian
within one (1) year following the Closing Date any assignment of a Mortgage
(except with respect to any Mortgage recorded in the name of MERS) not delivered
to the Custodian on the Closing Date.

            In lieu of recording an assignment of any Mortgage the Depositor
may, deliver or cause to be delivered to the Custodian the assignment of the
Mortgage Loan to the Trustee in a form suitable for recordation, if (i) with
respect to a particular state the Trustee has received an Opinion of Counsel
acceptable to it that such recording is not required to make the assignment
effective against the parties to the Mortgage or subsequent purchasers or
encumbrances of the Mortgaged Property or (ii) the Depositor has been advised by
each Rating Agency that non-recordation in a state will not result in a
reduction of the rating assigned by that Rating Agency at the time of initial
issuance of the Certificates. Set forth on Exhibit K attached hereto is a list
of all states where recordation is required by either Rating Agency to obtain
the initial ratings of the Certificates. The Custodian may rely and shall be
protected in relying upon the information contained in such Exhibit K. In the
event that the Custodian receives notice that recording is required to protect
the right, title and interest of the Trustee in and to any such Mortgage Loan
for which recordation of an assignment has not previously been required, the
Custodian shall promptly notify the Trustee and the Custodian shall, within five
Business Days (or such other reasonable period of time mutually agreed upon by
the Custodian and the Trustee) of its receipt of such notice, deliver each
previously unrecorded assignment to the related Servicer for recordation.

            (d) Except for Mortgage Notes endorsed in blank, endorsements shall
comply with the following format:

                                WITHOUT RECOURSE
                              PAY TO THE ORDER OF:
                     HSBC BANK USA, NATIONAL ASSOCIATION, AS
                     TRUSTEE under the pooling and servicing
                          agreement dated as of [date];
                         and its successors and assigns,

          [Wells Fargo Bank, N.A.] or [Wells Fargo Home Mortgage, Inc.]
                             [Signature of Officer]
                           [Officer's Name and Title]

            Except where assignments in blank are authorized or in the case of
any Mortgage registered in the name of MERS, assignments of any Mortgage shall
comply with the following:

                 HSBC BANK USA, NATIONAL ASSOCIATION, AS TRUSTEE
                         and its successors and assigns

            (e) Concurrently with the execution and delivery of this Agreement,
the Depositor shall deliver the Mortgage Loan Schedule to the Trustee, the
Master Servicer and the Custodian. The Depositor and the Master Servicer shall
provide a copy of the Mortgage Loan Schedule to any Certificateholders upon
written request made to it at the addresses set forth on Exhibit F, as the same
may be amended from time to time by written notice from such party to the other
parties hereto.

            Section 2.02 Acceptance by Custodian.

            Subject to the provisions of the following paragraph, pursuant to
the Custodial Agreement, the Custodian, on behalf of the Trustee, will declare
that it holds and will hold the documents delivered to it pursuant to Section
2.01(a) above and the other documents constituting a part of the Owner Mortgage
Loan Files or Retained Mortgage Loan Files (after the occurrence of a Document
Transfer Event) delivered to it in trust, upon the trusts herein set forth, for
the use and benefit of all present and future Certificateholders. Upon execution
of this Agreement, the Custodian will deliver to the Depositor and the Trustee
an initial certification in the form of Exhibit N hereto, to the effect that,
except as may be specified in a list of exceptions attached thereto, it has
received the original Mortgage Notes relating to each Mortgage Loan on the
Mortgage Loan Schedule.

            The Custodian will review each Owner Mortgage Loan File within 45
days after execution of this Agreement. The Custodian will deliver no later than
30 days after completion of such review to the Depositor and the Trustee a final
certification in the form of Exhibit O hereto to the effect that, except as may
be specified in a list of exceptions attached thereto, all required documents
set forth in Section 2.01(a) have been executed and received and appear regular
on their face, and that such documents relate to the Mortgage Loans identified
in the Mortgage Loan Schedule based on a comparison of the Mortgage Loan
identifying number, Mortgagor name and street address, and in so doing the
Custodian may rely on the purported due execution and genuineness of any such
document and on the purported genuineness of any signature thereon.

            If there are exceptions attached to the final certification, the
Depositor shall have a period of 60 days after the date of receipt of the final
certification within which to correct or cure any such defects. The Depositor
hereby covenants and agrees that, if any material defect is not so corrected or
cured, the Depositor will, not later than 60 days after receipt of the final
certification referred to above respecting such defects, either (i) repurchase
the related Mortgage Loan or any property acquired in respect thereof from the
Trust Estate at a price equal to the Repurchase Price or (ii) if within two
years of the Startup Day, or such other period permitted by the REMIC
Provisions, substitute for any Mortgage Loan to which such material defect
relates, a new mortgage loan (a "Substitute Mortgage Loan") having such
characteristics so that the representations and warranties of the Depositor set
forth in Section 2.03(b) hereof (other than Section 2.03(b)(i)) would not have
been incorrect had such Substitute Mortgage Loan originally been a Mortgage
Loan. In no event shall any Substitute Mortgage Loan have an unpaid principal
balance, as of the date of substitution, greater than the Scheduled Principal
Balance (reduced by the scheduled payment of principal due on the Due Date in
the month of substitution) of the Mortgage Loan for which it is substituted. In
addition, such Substitute Mortgage Loan (i) shall have a Loan-to-Value Ratio
less than or equal to and a Net Mortgage Interest Rate equal to that of the
Mortgage Loan for which it is substituted, (ii) shall have the same Gross Margin
and Index as that of the Mortgage Loan for which it is substituted and (iii)
shall have the same frequency of mortgage rate adjustment as that of the
Mortgage Loan for which it is substituted.

            The Depositor shall determine the Repurchase Price or the
eligibility of any Substitute Mortgage Loan and the Trustee shall be protected
in relying on such determination.

            In the case of a repurchased Mortgage Loan or property, the
Repurchase Price shall be deposited by the Depositor in the Certificate Account
maintained by the Master Servicer pursuant to Section 3.01. In the case of a
Substitute Mortgage Loan, the Owner Mortgage Loan File (and Retained Mortgage
Loan File, if required pursuant to Section 2.01(b) hereof) relating thereto
shall be delivered to the Custodian and the Substitution Principal Amount (if
any), together with (i) interest on such Substitution Principal Amount at the
applicable Net Mortgage Interest Rate to the following Due Date of such Mortgage
Loan which is being substituted for and (ii) an amount equal to the aggregate
amount of unreimbursed Periodic Advances in respect of interest previously made
by the applicable Servicer, the Master Servicer or the Trustee with respect to
such Mortgage Loan, shall be deposited in the Certificate Account. The Monthly
Payment on the Substitute Mortgage Loan for the Due Date in the month of
substitution shall not be part of the Trust Estate. Upon receipt by the
Custodian of a Request for Release signed by an officer of the Depositor, the
Custodian shall release to the Depositor the Owner Mortgage Loan File (and
Retained Mortgage Loan File, if applicable) of the Mortgage Loan being removed.
The Trustee shall execute and deliver such instrument of transfer or assignment
(or, in the case of a Mortgage Loan registered in the name of MERS or its
designee, the Master Servicer shall enforce the obligation of the applicable
Servicer under the related Servicing Agreement to take all necessary action to
reflect such assignment on the records of MERS), in each case without recourse,
as shall be necessary to vest in the Depositor legal and beneficial ownership of
such substituted or repurchased Mortgage Loan or property. It is understood and
agreed that the obligation of the Depositor to substitute a new Mortgage Loan
for or repurchase any Mortgage Loan or property as to which such a material
defect in a constituent document exists shall constitute the sole remedy
respecting such defect available to the Certificateholders or the Trustee on
behalf of the Certificateholders. The failure of the Custodian to give the final
certification or the Trustee to give any notice within the required time periods
shall not affect or relieve the Depositor's obligation to repurchase any
Mortgage Loan pursuant to this Section 2.02.

            The Trustee shall be responsible for enforcing the Depositor's
obligations under this Section 2.02. If the Trustee receives written notice from
the Custodian or the Master Servicer that the defect is not cured by the
Depositor within 60 days after the Trustee's notice, the Trustee shall enforce
the Depositor's obligation to repurchase such Mortgage Loan or substitute for
such Mortgage Loan in accordance with the provisions of this Section 2.02. In
connection with any substitution permitted by this Section 2.02, the Master
Servicer shall verify that the unpaid principal balance and the Loan-to-Value
Ratio of the Substitute Mortgage Loan satisfy the requirements of this Section
2.02.

            Section 2.03 Representations and Warranties of the Master Servicer
                         and the Depositor.

            (a) The Master Servicer hereby represents and warrants to the
Trustee for the benefit of the Certificateholders that, as of the date of
execution of this Agreement:

            (i) The Master Servicer is a national banking association duly
      chartered and validly existing in good standing under the laws of the
      United States;

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

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

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

            (v) Except as otherwise disclosed in the Prospectus, no legal or
      governmental proceedings are pending (or known to be contemplated) against
      the Master Servicer that would be material to Certificateholders;

            (vi) Except as otherwise disclosed in the Prospectus, the Master
      Servicer is not aware and has not received notice that any default, early
      amortization or other performance triggering event has occurred as to any
      other securitization due to any act or failure to act of the Master
      Servicer under such securitization;

            (vii) Except as otherwise disclosed in the Prospectus, the Master
      Servicer has not been terminated as master servicer in a residential
      mortgage loan securitization, either due to a master servicing default or
      to application of a master servicing performance test or trigger;

            (viii) Except as otherwise disclosed in the Prospectus or otherwise
      in writing provided by the Master Servicer to the Depositor, there has
      been no material noncompliance with the applicable servicing criteria with
      respect to other securitizations of residential mortgage loans involving
      the Master Servicer as a master servicer within the past three (3) years;

            (ix) Except as otherwise disclosed in the Prospectus, no material
      changes to the Master Servicer's policies or procedures with respect to
      the master servicing function it will perform under this Agreement for
      mortgage loans of a type similar to the Mortgage Loans have occurred
      during the three-year period immediately preceding the date of this
      Agreement;

            (x) Except as otherwise disclosed in the Prospectus, there is no
      material risk that the Master Servicer's financial condition could affect
      one or more aspects of the performance by the Master Servicer of its
      master servicing obligations under this Agreement in a manner that could
      have a material impact on the performance of the Mortgage Loans or the
      Certificates; and

            (xi) Except as disclosed in the Prospectus, there are no
      affiliations, relationships or transactions relating to the Master
      Servicer and any party identified in Item 1119 of Regulation AB of the
      type described therein.

            It is understood and agreed that the representations and warranties
set forth in this Section 2.03(a) shall survive delivery of the respective Owner
Mortgage Loan Files to the Trustee or the Custodian. Upon discovery by any of
the Depositor, the Master Servicer or the Trustee of a breach of any of the
representations and warranties set forth in this Section 2.03(a), the party
discovering such breach shall give prompt written notice, which shall not exceed
two days, to the other parties. The Master Servicer shall consult with the
Depositor to determine if any such breach is material and any breach determined
by the Depositor to be material shall be included by the Master Servicer on the
next Distribution Date Statement prepared pursuant to Section 4.04.

            (b) The Depositor hereby represents and warrants to the Trustee for
the benefit of Certificateholders that, as of the date of execution of this
Agreement, with respect to the Mortgage Loans, or each Mortgage Loan, as the
case may be:

            (i) The information set forth in the Mortgage Loan Schedule was true
      and correct in all material respects at the date or dates respecting which
      such information is furnished as specified in the Mortgage Loan Schedule;

            (ii) Immediately prior to the transfer and assignment contemplated
      herein, the Depositor was the sole owner and holder of the Mortgage Loan
      free and clear of any and all liens, pledges, charges or security
      interests of any nature and has full right and authority to sell and
      assign the same;

            (iii) The Mortgage is a valid, subsisting and enforceable first lien
      on the property therein described, and the Mortgaged Property is free and
      clear of all encumbrances and liens having priority over the first lien of
      the Mortgage except for liens for real estate taxes and special
      assessments not yet due and payable and liens or interests arising under
      or as a result of any federal, state or local law, regulation or ordinance
      relating to hazardous wastes or hazardous substances, and, if the related
      Mortgaged Property is a condominium unit, any lien for common charges
      permitted by statute or homeowners association fees; and if the Mortgaged
      Property consists of shares of a cooperative housing corporation, any lien
      for amounts due to the cooperative housing corporation for unpaid
      assessments or charges or any lien of any assignment of rents or
      maintenance expenses secured by the real property owned by the cooperative
      housing corporation; and any security agreement, chattel mortgage or
      equivalent document related to, and delivered to the Trustee or to the
      Custodian with, any Mortgage establishes in the Depositor a valid and
      subsisting first lien on the property described therein and the Depositor
      has full right to sell and assign the same to the Trustee;

            (iv) Neither the Depositor nor any prior holder of the Mortgage or
      the related Mortgage Note has modified the Mortgage or the related
      Mortgage Note in any material respect, satisfied, canceled or subordinated
      the Mortgage in whole or in part, released the Mortgaged Property in whole
      or in part from the lien of the Mortgage, or executed any instrument of
      release, cancellation, modification or satisfaction, except in each case
      as is reflected in an agreement delivered to the Trustee or the Custodian
      pursuant to Section 2.01(a);

            (v) All taxes, governmental assessments, insurance premiums, and
      water, sewer and municipal charges, which previously became due and owing
      have been paid, or an escrow of funds has been established, to the extent
      permitted by law, in an amount sufficient to pay for every such item which
      remains unpaid; and the Depositor has not advanced funds, or received any
      advance of funds by a party other than the Mortgagor, directly or
      indirectly (except pursuant to any Subsidy Loan arrangement) for the
      payment of any amount required by the Mortgage, except for interest
      accruing from the date of the Mortgage Note or date of disbursement of the
      Mortgage Loan proceeds, whichever is later, to the day which precedes by
      thirty days the first Due Date under the related Mortgage Note;

            (vi) The Mortgaged Property is undamaged by water, fire, earthquake,
      earth movement other than earthquake, windstorm, flood, tornado or similar
      casualty (excluding casualty from the presence of hazardous wastes or
      hazardous substances, as to which the Depositor makes no representations),
      in a manner which would adversely affect the value of the Mortgaged
      Property as security for the Mortgage Loan or the use for which the
      premises were intended and to the best of the Depositor's knowledge, there
      is no proceeding pending or threatened for the total or partial
      condemnation of the Mortgaged Property;

            (vii) The Mortgaged Property is free and clear of all mechanics' and
      materialmen's liens or liens in the nature thereof; provided, however,
      that this warranty shall be deemed not to have been made at the time of
      the initial issuance of the Certificates if a title policy affording, in
      substance, the same protection afforded by this warranty is furnished to
      the Trustee by the Depositor;

            (viii) Except for Mortgage Loans secured by Co-op Shares and
      Mortgage Loans secured by residential long-term leases, the Mortgaged
      Property consists of a fee simple estate in real property; all of the
      improvements which are 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 (unless insured
      against under the related title insurance policy); and to the best of the
      Depositor's knowledge, the Mortgaged Property and all improvements thereon
      comply with all requirements of any applicable zoning and subdivision laws
      and ordinances;

            (ix) The Mortgage Loan meets, or is exempt from, applicable state,
      federal or local laws, regulations and other requirements, pertaining to
      usury, and the Mortgage Loan is not usurious;

            (x) To the best of the Depositor'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;

            (xi) All payments required to be made up to the Due Date immediately
      preceding the Cut-Off Date for such Mortgage Loan under the terms of the
      related Mortgage Note have been made and no Mortgage Loan had more than
      one delinquency in the 12 months preceding the Cut-Off Date;

            (xii) The Mortgage Note, the related Mortgage and other agreements
      executed in connection therewith are genuine, and each is the legal, valid
      and binding obligation of the maker thereof, enforceable in accordance
      with its terms, except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization or other similar laws affecting the enforcement
      of creditors' rights generally and by general equity principles
      (regardless of whether such enforcement is considered in a proceeding in
      equity or at law); and, to the best of the Depositor's knowledge, all
      parties to the Mortgage Note and the Mortgage had legal capacity to
      execute the Mortgage Note and the Mortgage and each Mortgage Note and
      Mortgage has been duly and properly executed by the Mortgagor;

            (xiii) Each Mortgage Loan at the time it was originated complied in
      all material respects with applicable federal, state and local laws
      including, without limitation, truth-in-lending, real estate settlement
      procedures, consumer credit protection, equal credit opportunity,
      predatory and abusive lending laws and disclosure laws;

            (xiv) 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
      (except for escrow funds for exterior items which could not be completed
      due to weather and escrow funds for the completion of swimming pools); and
      all costs, fees and expenses incurred in making, closing or recording the
      Mortgage Loan have been paid, except recording fees with respect to
      Mortgages not recorded as of the Closing Date;

            (xv) The Mortgage Loan (except any Mortgage Loan secured by a
      Mortgaged Property located in any jurisdiction, as to which an opinion of
      counsel of the type customarily rendered in such jurisdiction in lieu of
      title insurance is instead received) is covered by an American Land Title
      Association mortgagee title insurance policy or other generally acceptable
      form of policy or insurance acceptable to Fannie Mae or Freddie Mac,
      issued by a title insurer acceptable to Fannie Mae or Freddie Mac insuring
      the originator, its successors and assigns, as to the first priority lien
      of the Mortgage in the original principal amount of the Mortgage Loan and
      subject only to (A) the lien of current real property taxes and
      assessments not yet due and payable, (B) covenants, conditions and
      restrictions, rights of way, easements and other matters of public record
      as of the date of recording of such Mortgage acceptable to mortgage
      lending institutions in the area in which the Mortgaged Property is
      located or specifically referred to in the appraisal performed in
      connection with the origination of the related Mortgage Loan, (C) liens
      created pursuant to any federal, state or local law, regulation or
      ordinance affording liens for the costs of clean-up of hazardous
      substances or hazardous wastes or for other environmental protection
      purposes and (D) such other matters to which like properties are commonly
      subject which do not individually, or in the aggregate, materially
      interfere with the benefits of the security intended to be provided by the
      Mortgage; the Depositor is the sole insured of such mortgagee title
      insurance policy, the assignment to the Trustee of the Depositor's
      interest in such mortgagee title insurance policy does not require any
      consent of or notification to the insurer which has not been obtained or
      made, such mortgagee title insurance policy is in full force and effect
      and will be in full force and effect and inure to the benefit of the
      Trustee, no claims have been made under such mortgagee title insurance
      policy, and no prior holder of the related Mortgage, including the
      Depositor, has done, by act or omission, anything which would impair the
      coverage of such mortgagee title insurance policy;

            (xvi) The Mortgaged Property securing each Mortgage Loan is insured
      by an insurer acceptable to Fannie Mae or Freddie Mac against loss by fire
      and such hazards as are covered under a standard extended coverage
      endorsement, in an amount which is not less than the lesser of 100% of the
      insurable value of the Mortgaged Property and the outstanding principal
      balance of the Mortgage Loan, but in no event less than the minimum amount
      necessary to fully compensate for any damage or loss on a replacement cost
      basis; if the Mortgaged Property is a condominium unit, it is included
      under the coverage afforded by a blanket policy for the project; if upon
      origination of the Mortgage Loan, the improvements on the Mortgaged
      Property were in an area identified in the Federal Register by the Federal
      Emergency Management Agency as having special flood hazards, a flood
      insurance policy meeting the requirements of the current guidelines of the
      Federal Insurance Administration is in effect with a generally acceptable
      insurance carrier, in an amount representing coverage not less than the
      least of (A) the outstanding principal balance of the Mortgage Loan, (B)
      the full insurable value of the Mortgaged Property and (C) the maximum
      amount of insurance which was available under the National Flood Insurance
      Act of 1968, as amended; and each Mortgage obligates the Mortgagor
      thereunder to maintain all such insurance at the Mortgagor's cost and
      expense;

            (xvii) To the best of the Depositor's knowledge, there is no
      default, breach, violation or event of acceleration existing under the
      Mortgage or the related Mortgage Note and no event which, with the passage
      of time or with notice and the expiration of any grace or cure period,
      would constitute a default, breach, violation or event of acceleration;
      the Depositor has not waived any default, breach, violation or event of
      acceleration; and no foreclosure action is currently threatened or has
      been commenced with respect to the Mortgage Loan;

            (xviii) No Mortgage Note or Mortgage is subject to any right of
      rescission, set-off, counterclaim or defense, including the defense of
      usury, nor will the operation of any of the terms of the Mortgage Note or
      Mortgage, or the exercise of any right thereunder, render the Mortgage
      Note or Mortgage unenforceable, in whole or in part, or subject it to any
      right of rescission, set-off, counterclaim or defense, including the
      defense of usury, and no such right of rescission, set-off, counterclaim
      or defense has been asserted with respect thereto;

            (xix) Each Mortgage Note is payable in monthly payments, resulting
      in complete amortization of the Mortgage Loan over a term of not more than
      360 months;

            (xx) Each Mortgage contains customary and enforceable provisions
      such as to render the rights and remedies of the holder thereof adequate
      for the realization against the Mortgaged Property of the benefits of the
      security, including realization by judicial foreclosure (subject to any
      limitation arising from any bankruptcy, insolvency or other law for the
      relief of debtors), and there is no homestead or other exemption available
      to the Mortgagor which would interfere with such right of foreclosure;

            (xxi) To the best of the Depositor's knowledge, no Mortgagor is a
      debtor in any state or federal bankruptcy or insolvency proceeding;

            (xxii) Each Mortgaged Property is located in the United States and
      consists of a one- to four-unit residential property, which may include a
      detached home, townhouse, condominium unit or a unit in a planned unit
      development or, in the case of Mortgage Loans secured by Co-op Shares,
      leases or occupancy agreements;

            (xxiii) The Mortgage Loan is a "qualified mortgage" within the
      meaning of Section 860G(a)(3) of the Code;

            (xxiv) With respect to each Mortgage where a lost note affidavit has
      been delivered to the Custodian in place of the related Mortgage Note, the
      related Mortgage Note is no longer in existence;

            (xxv) In the event that the Mortgagor is an inter vivos "living"
      trust, (i) such trust is in compliance with Fannie Mae or Freddie Mac
      standards for inter vivos trusts and (ii) holding title to the Mortgaged
      Property in such trust will not diminish any rights as a creditor
      including the right to full title to the Mortgaged Property in the event
      foreclosure proceedings are initiated;

            (xxvi) If the Mortgage Loan is secured by a long-term residential
      lease, (1) the lessor under the lease holds a fee simple interest in the
      land; (2) the terms of such lease expressly permit the mortgaging of the
      leasehold estate, the assignment of the lease without the lessor's consent
      and the acquisition by the holder of the Mortgage of the rights of the
      lessee upon foreclosure or assignment in lieu of foreclosure or provide
      the holder of the Mortgage with substantially similar protections; (3) the
      terms of such lease do not (a) allow the termination thereof upon the
      lessee's default without the holder of the Mortgage being entitled to
      receive written notice of, and opportunity to cure, such default, (b)
      allow the termination of the lease in the event of damage or destruction
      as long as the Mortgage is in existence, (c) prohibit the holder of the
      Mortgage from being insured (or receiving proceeds of insurance) under the
      hazard insurance policy or policies relating to the Mortgaged Property or
      (d) permit any increase in rent other than pre-established increases set
      forth in the lease; (4) the original term of such lease is not less than
      15 years; (5) the term of such lease does not terminate earlier than five
      years after the maturity date of the Mortgage Note; and (6) the Mortgaged
      Property is located in a jurisdiction in which the use of leasehold
      estates in transferring ownership in residential properties is a widely
      accepted practice;

            (xxvii) No Mortgage Loan is a "high cost" loan as defined under any
      federal, state or local law applicable to such Mortgage Loan at the time
      of its origination;

            (xxviii) No Mortgage Loan is serviced by the Trustee or an affiliate
      of the Trustee; and

            (xxix) No Mortgage Loan (other than a Mortgage Loan that is a New
      Jersey covered purchase loan) is a High Cost Loan or Covered Loan, as
      applicable (as such terms are defined in the then current S&P's LEVELS(R)
      Glossary which is now Version 6.0 Revised, Appendix E) and no Mortgage
      Loan originated on or after October 1, 2002 through March 6, 2003 is
      governed by the Georgia Fair Lending Act.

            Notwithstanding the foregoing, no representations or warranties are
made by the Depositor as to the environmental condition of any Mortgaged
Property; the absence, presence or effect of hazardous wastes or hazardous
substances on any Mortgaged Property; any casualty resulting from the presence
or effect of hazardous wastes or hazardous substances on, near or emanating from
any Mortgaged Property; the impact on Certificateholders of any environmental
condition or presence of any hazardous substance on or near any Mortgaged
Property; or the compliance of any Mortgaged Property with any environmental
laws, nor is any agent, person or entity otherwise affiliated with the Depositor
authorized or able to make any such representation, warranty or assumption of
liability relative to any Mortgaged Property. In addition, no representations or
warranties are made by the Depositor with respect to the absence or effect of
fraud in the origination of any Mortgage Loan.

            It is understood and agreed that the representations and warranties
set forth in this Section 2.03(b) shall survive delivery of the respective Owner
Mortgage Loan Files (and Retained Mortgage Loan Files, if applicable) to the
Custodian and shall inure to the benefit of the Trustee notwithstanding any
restrictive or qualified endorsement or assignment.

            (c) Upon discovery by any of the Depositor, the Master Servicer, the
Trustee or the Custodian that any of the representations and warranties made in
subsection (b) above is not accurate (referred to herein as a "breach") and,
except for a breach of the representation and warranty set forth in subsection
(b)(i), where such breach is a result of the Cut-Off Date Principal Balance of a
Mortgage Loan being greater, by $1,000 or greater, than the Cut-Off Date
Principal Balance of such Mortgage Loan indicated on the Mortgage Loan Schedule,
that such breach materially and adversely affects the interests of the
Certificateholders in the related Mortgage Loan, the party discovering such
breach shall give prompt written notice (not to exceed two days after discovery)
to the other parties to this Agreement and the Custodian (any Custodian being so
obligated under a Custodial Agreement). Within 60 days of the earlier of its
discovery or its receipt of notice of any such breach, the Depositor shall cure
such breach in all material respects or shall either (i) repurchase the Mortgage
Loan or any property acquired in respect thereof from the Trust Estate at a
price equal to the Repurchase Price; provided that if the Depositor elects to
repurchase a Mortgage Loan due to a breach of the representation and warranty
set forth in subsection (b)(i), where such breach is a result of the Cut-Off
Date Principal Balance of a Mortgage Loan being greater, by $1,000 or greater,
than the Cut-Off Date Principal Balance of such Mortgage Loan indicated on the
Mortgage Loan Schedule, such repurchase is only permitted within 90 days of the
Closing Date or (ii) if within two years of the Startup Day, or such other
period permitted by the REMIC Provisions, substitute for such Mortgage Loan in
the manner described in Section 2.02. In addition to the foregoing, if a breach
of the representation set forth in clause (b)(xiii) or (xxix) of this Section
2.03 occurs as a result of a violation of an applicable predatory or abusive
lending law, the Depositor shall reimburse the Trust for all costs and damages
including, but not limited to, reasonable attorneys' fees and costs, incurred by
the Trust as a result of the violation of such law (such amount, the
"Reimbursement Amount"). The Repurchase Price, the Substitution Principal
Amount, if any, plus accrued interest thereon and the other amounts referred to
in Section 2.02, and any Reimbursement Amount shall be deposited in the
Certificate Account. It is understood and agreed, except with respect to the
second preceding sentence, that the obligation of the Depositor to repurchase or
substitute for any Mortgage Loan or property as to which such a breach has
occurred and is continuing shall constitute the sole remedy respecting such
breach available to Certificateholders or the Trustee on behalf of
Certificateholders, and such obligation shall survive until termination of the
Trust Estate hereunder.

            The Trustee shall be responsible for enforcing the Depositor's
obligations under this Section 2.03. If the Trustee receives written notice from
the Master Servicer or the Custodian that such breach is not cured by the
Depositor within 60 days after the Trustee's notice, the Trustee shall enforce
the Depositor's obligation to repurchase such Mortgage Loan or substitute for
such Mortgage Loan in accordance with the provisions of this Section 2.03. In
connection with any substitution permitted by this Section 2.03, the Master
Servicer shall verify that the unpaid principal balance and the Loan-to-Value
Ratio of the Substitute Mortgage Loan satisfy the requirements of this Section
2.03.

            Section 2.04 Execution and Delivery of Certificates.

            The Trustee acknowledges the assignment to it of the Mortgage Loans
and acknowledges the delivery of the Owner Mortgage Loan Files to the Custodian,
on behalf of the Trustee. The Paying Agent, concurrently with such delivery, has
executed and delivered to or upon the order of the Depositor, in exchange for
the Mortgage Loans, together with all other assets included in the definition of
"Trust Estate," receipt of which is hereby acknowledged, Certificates in
authorized denominations which evidence ownership of the entire Trust Estate.

            Section 2.05 Designation of Certificates; Designation of Startup Day
                         and Latest Possible Maturity Date.

            The Depositor hereby designates the Classes of Class A Certificates
(other than the Residual Certificate) and the Classes of Class B Certificates as
classes of "regular interests" and the Residual Certificate as the single class
of "residual interest" in the REMIC for the purposes of Code Sections 860G(a)(1)
and 860G(a)(2), respectively. The Closing Date is hereby designated as the
"Startup Day" of the REMIC within the meaning of Code Section 860G(a)(9). The
"latest possible maturity date" of the regular interests in the REMIC is August
25, 2037 for purposes of Code Section 860G(a)(1).

<PAGE>

                                   ARTICLE III

                  ADMINISTRATION OF THE TRUST ESTATE; SERVICING
                              OF THE MORTGAGE LOANS

            Section 3.01 Certificate Account.

            (a) The Master Servicer shall establish and maintain a Certificate
Account for the deposit of funds received by the Master Servicer with respect to
the Mortgage Loans serviced by each Servicer pursuant to each of the Servicing
Agreements. Such account shall be maintained as an Eligible Account. The Master
Servicer shall give notice to each Servicer and the Depositor of the location of
the Certificate Account and of any change in the location thereof.

            (b) The Master Servicer shall deposit into the Certificate Account
on the day of receipt thereof all amounts received by it from any Servicer
pursuant to any of the Servicing Agreements and shall, in addition, deposit into
the Certificate Account the following amounts, in the case of amounts specified
in clauses (i) and (iii), not later than the Business Day preceding the
Distribution Date on which such amounts are required to be distributed to
Certificateholders and, in the case of the amounts specified in clause (ii), not
later than the Business Day next following the day of receipt and posting by the
Master Servicer:

            (i) Periodic Advances pursuant to Section 3.03(a) made by the Master
      Servicer or the Trustee, if any, and any amounts deemed received by the
      Master Servicer pursuant to Section 3.01(d);

            (ii) in the case of any Mortgage Loan that is repurchased by the
      Depositor pursuant to Section 2.02, 2.03, 3.08 or 9.01 or that is
      auctioned by the Master Servicer pursuant to Section 3.08, the purchase
      price therefor or, where applicable, any Substitution Principal Amount and
      any amounts received in respect of the interest portion of unreimbursed
      Periodic Advances; and

            (iii) any Compensating Interest for such Distribution Date.

            (c) The Master Servicer may cause the funds in the Certificate
Account to be invested in Eligible Investments. No such Eligible Investments
will be sold or disposed of at a gain prior to maturity unless the Master
Servicer has received an Opinion of Counsel or other evidence satisfactory to it
that such sale or disposition will not cause the Trust Estate to be subject to
Prohibited Transactions Tax, otherwise subject the Trust Estate to tax, or cause
the Trust Estate to fail to qualify as a REMIC while any Certificates are
outstanding. Any amounts deposited in the Certificate Account prior to the
Distribution Date may be invested for the account of the Master Servicer and any
investment income thereon shall be additional compensation to the Master
Servicer for services rendered under this Agreement. The amount of any losses
incurred in respect of any such investments shall be deposited in the
Certificate Account by the Master Servicer out of its own funds immediately as
realized, without any right of reimbursement therefor from the Trust Estate.

            (d) For purposes of this Agreement, the Master Servicer will be
deemed to have received from a Servicer on the applicable Remittance Date for
such funds all amounts deposited by such Servicer into the Custodial P&I Account
maintained in accordance with the applicable Servicing Agreement, if such
Custodial P&I Account is not an Eligible Account as defined in this Agreement,
to the extent such amounts are not actually received by the Master Servicer on
such Remittance Date as a result of the bankruptcy, insolvency, receivership or
other financial distress of the depository institution in which such Custodial
P&I Account is being held. To the extent that amounts so deemed to have been
received by the Master Servicer are subsequently remitted to the Master
Servicer, the Master Servicer shall be entitled to retain such amounts.

            Section 3.02 Permitted Withdrawals from the Certificate Account.

            (a) The Master Servicer may, from time to time, make withdrawals
from the Certificate Account for the following purposes (limited, in the case of
Servicer reimbursements, to cases where funds in the respective Custodial P&I
Account are not sufficient therefor):

            (i) to reimburse the Master Servicer, the Trustee or any Servicer
      for Periodic Advances made by the Master Servicer or the Trustee pursuant
      to Section 3.03(a) or any Servicer pursuant to any Servicing Agreement
      with respect to previous Distribution Dates, such right to reimbursement
      pursuant to this subclause (i) being limited to amounts received on or in
      respect of particular Mortgage Loans (including, for this purpose,
      Liquidation Proceeds, REO Proceeds and proceeds from the purchase, sale,
      repurchase or substitution of Mortgage Loans pursuant to Section 2.02,
      2.03, 3.08 or 9.01) with respect to which such Periodic Advances were
      made;

            (ii) to reimburse any Servicer, the Master Servicer or the Trustee
      for any Periodic Advances determined in good faith to have become
      Nonrecoverable Advances;

            (iii) to reimburse the Master Servicer or any Servicer from
      Liquidation Proceeds for Liquidation Expenses and for amounts expended by
      the Master Servicer or any Servicer pursuant hereto or to any Servicing
      Agreement, respectively, in good faith in connection with the restoration
      of damaged property or for foreclosure expenses;

            (iv) from any Mortgagor payment on account of interest or other
      recovery (including Net REO Proceeds) with respect to a particular
      Mortgage Loan, to pay the Master Servicing Fee with respect to such
      Mortgage Loan to the Master Servicer;

            (v) to reimburse the Master Servicer, any Servicer or the Trustee
      (or, in certain cases, the Depositor) for expenses incurred by it
      (including taxes paid on behalf of the Trust Estate) and recoverable by or
      reimbursable to it pursuant to Section 3.03(c), Section 6.03, the second
      or third paragraphs of Section 8.06 or the third sentence of Section
      8.13(a) or pursuant to such Servicer's Servicing Agreement, provided such
      expenses are "unanticipated" within the meaning of the REMIC Provisions;

            (vi) to pay to the Depositor or other purchaser with respect to each
      Mortgage Loan or property acquired in respect thereof that has been
      repurchased or replaced pursuant to Section 2.02, 2.03, 3.08 or 9.01 or
      auctioned pursuant to Section 3.08, all amounts received thereon and not
      required to be distributed as of the date on which the related repurchase
      or purchase price or Scheduled Principal Balance was determined;

            (vii) to remit funds to the Paying Agent in the amounts and in the
      manner provided for herein;

            (viii) to pay to the Master Servicer any interest earned on or
      investment income with respect to funds in the Certificate Account;

            (ix) to pay to the Master Servicer or any Servicer out of
      Liquidation Proceeds allocable to interest the amount of any unpaid Master
      Servicing Fee or Servicing Fee (as adjusted pursuant to the related
      Servicing Agreement) and any unpaid assumption fees, late payment charges
      or other Mortgagor charges on the related Mortgage Loan;

            (x) to pay to the Master Servicer as additional master servicing
      compensation any Liquidation Profits which a Servicer is not entitled to
      pursuant to the applicable Servicing Agreement;

            (xi) to withdraw from the Certificate Account any amount deposited
      in the Certificate Account that was not required to be deposited therein;
      and

            (xii) to clear and terminate the Certificate Account pursuant to
      Section 9.01.

            (b) The Master Servicer shall keep and maintain separate accounting,
on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
payment to and withdrawal from the Certificate Account. The Master Servicer
shall notify the Depositor and the Trustee of the amount, purpose and party paid
pursuant to Section 3.02(a)(v).

            Section 3.03 Advances by Master Servicer and Trustee.

            (a) In the event an Other Servicer fails to make any required
Periodic Advances of principal and interest on a Mortgage Loan as required by
the related Other Servicing Agreement prior to the Business Day preceding the
Distribution Date occurring in the month during which such Periodic Advance is
due, the Master Servicer shall make Periodic Advances to the extent provided
hereby. In the event Wells Fargo Bank in its capacity as Servicer fails to make
any required Periodic Advances of principal and interest on a Mortgage Loan as
required by the Wells Fargo Bank Servicing Agreement prior to the Business Day
preceding the Distribution Date occurring in the month during which such
Periodic Advance is due, the Trustee shall, to the extent required by Section
8.14, make such Periodic Advance to the extent provided hereby, provided that
the Trustee has previously received the certificate of the Master Servicer
described in the following sentence. The Master Servicer shall certify to the
Trustee with respect to any such Distribution Date (i) the amount of Periodic
Advances required of Wells Fargo Bank in its capacity as Servicer or such Other
Servicer, as the case may be, (ii) the amount actually advanced by Wells Fargo
Bank in its capacity as Servicer or such Other Servicer, (iii) the amount that
the Trustee or Master Servicer is required to advance hereunder and (iv) whether
the Master Servicer has determined that it reasonably believes that such
Periodic Advance is a Nonrecoverable Advance. Amounts advanced by the Trustee or
Master Servicer shall be deposited in the Certificate Account on the Business
Day preceding the related Distribution Date. Notwithstanding the foregoing,
neither the Master Servicer nor the Trustee will be obligated to make a Periodic
Advance that it reasonably believes to be a Nonrecoverable Advance. The Trustee
may conclusively rely for any determination to be made by it hereunder upon the
determination of the Master Servicer as set forth in its certificate.

            (b) To the extent an Other Servicer fails to make an advance on
account of the taxes or insurance premiums with respect to a Mortgage Loan
required pursuant to the related Other Servicing Agreement, the Master Servicer
shall, if the Master Servicer has actual knowledge of such failure of the
Servicer, advance such funds and take such steps as are necessary to pay such
taxes or insurance premiums. To the extent Wells Fargo Bank in its capacity as
Servicer fails to make an advance on account of the taxes or insurance premiums
with respect to a Mortgage Loan required pursuant to the Wells Fargo Bank
Servicing Agreement, the Master Servicer shall, if the Master Servicer knows of
such failure of Wells Fargo Bank in its capacity as Servicer, certify to the
Trustee that such failure has occurred. Upon receipt of such certification, the
Trustee shall advance such funds and take such steps as are necessary to pay
such taxes or insurance premiums.

            (c) The Master Servicer and the Trustee shall each be entitled to be
reimbursed from the Certificate Account for any Periodic Advance made by it
under Section 3.03(a) to the extent described in Section 3.02(a)(i) and (a)(ii).
The Master Servicer and the Trustee shall be entitled to be reimbursed pursuant
to Section 3.02(a)(v) for any advance by it pursuant to Section 3.03(b). The
Master Servicer shall diligently pursue restoration of such amount to the
Certificate Account from the related Servicer. The Master Servicer shall, to the
extent it has not already done so, upon the request of the Trustee, withdraw
from the Certificate Account and remit to the Trustee any amounts to which the
Trustee is entitled as reimbursement pursuant to Section 3.02 (a)(i), (ii) and
(v).

            (d) Except as provided in Section 3.03(a) and (b), neither the
Master Servicer nor the Trustee shall be required to pay or advance any amount
which any Servicer was required, but failed, to deposit in the Certificate
Account.

            Section 3.04 Custodian to Cooperate; Release of Owner Mortgage Loan
                         Files and Retained Mortgage Loan Files.

            In connection with the deposit by a Servicer into the Certificate
Account of the proceeds from a Liquidated Loan or of a Prepayment in Full, the
Master Servicer or applicable Servicer shall confirm that all amounts required
to be remitted to the Certificate Account in connection with such Mortgage Loan
have been so deposited, and the Master Servicer or applicable Servicer shall
deliver two copies of any related Request for Release to the Custodian. The
Custodian shall, within five Business Days of its receipt of such a Request for
Release, release the related Owner Mortgage Loan File (and Retained Mortgage
Loan File, if applicable) to the Master Servicer or such Servicer, as requested
by the Master Servicer or such Servicer. No expenses incurred in connection with
any instrument of satisfaction or deed of reconveyance shall be chargeable to
the Certificate Account.

            From time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan, including but not limited to, collection under
any insurance policies, or to effect a partial release of any Mortgaged Property
from the lien of the Mortgage, the Servicer of such Mortgage Loan shall deliver
to the Master Servicer or Custodian two copies of a Request for Release. Upon
the Master Servicer's receipt of any such Request for Release, the Master
Servicer shall promptly forward such request in hard copy or in electronic
format acceptable to the Custodian. The Custodian shall, within five Business
Days, release the related Owner Mortgage Loan File (and Retained Mortgage Loan
File, if applicable) to the Master Servicer or such Servicer. Any such Request
for Release shall obligate the Master Servicer or such Servicer, as the case may
be, to return the Owner Mortgage Loan File (and Retained Mortgage Loan File, if
applicable) to the Custodian by the sixtieth day following the release thereof,
unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds
relating to the Mortgage Loan have been deposited in the Certificate Account or
(ii) the Owner Mortgage Loan File (and Retained Mortgage Loan File, if
applicable) or such document has been delivered to an attorney, or to a public
trustee or other public official as required by law, for purposes of initiating
or pursuing legal action or other proceedings for the foreclosure of the
Mortgaged Property either judicially or non-judicially. Upon receipt of two
copies of a Request for Release stating that such Mortgage Loan was liquidated
and that all amounts received or to be received in connection with such
liquidation which are required to be deposited into the Certificate Account have
been so deposited, or that such Mortgage Loan has become an REO Mortgage Loan,
the Custodian shall amend its records.

            Upon the occurrence of the event specified in clause (ii) of the
preceding paragraph, the Trustee shall execute and deliver to the Master
Servicer or such Servicer, as directed by the Master Servicer, court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or in
equity. Each such certification shall include a request that such pleadings or
documents be executed by the Trustee and a statement as to the reason such
documents or pleadings are required and that the execution and delivery thereof
by the Trustee will not invalidate or otherwise affect the lien of the Mortgage,
except for the termination of such a lien upon completion of the foreclosure
proceeding or trustee's sale.

            Section 3.05 Annual Compliance Statements.

            The Master Servicer shall deliver in electronic form, or otherwise
make available to the Depositor and the Trustee, and the Master Servicer shall
cause each Additional Master Servicer engaged by it and each Servicer to
deliver, in electronic form, or otherwise make available, to the Master
Servicer, the Trustee and each Rating Agency on or before March 5 of each year
or if such day is not a Business Day, the next Business Day (with a 10 calendar
day cure period, but in no event later than March 15), commencing in March 2008,
a copy of a certificate (followed by a hard copy to the party or parties
receiving such certificate within 10 calendar days) in the form required by Item
1123 of Regulation AB, to the effect that (i) an authorized officer of the
Master Servicer, the Additional Master Servicer or the applicable Servicer, as
the case may be, has reviewed (or a review has been made under his or her
supervision of) such party's activities under this Agreement or the applicable
Servicing Agreement, in the case of a Servicer, or such other applicable
agreement in the case of an Additional Master Servicer, during the prior
calendar year or portion thereof and (ii) to the best of such officer's
knowledge, based on such review, such party has fulfilled all of its obligations
under this Agreement or the applicable Servicing Agreement, in the case of a
Servicer, or such other applicable agreement in the case of an Additional Master
Servicer, in all material respects throughout the prior calendar year or 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. If any of the certificates delivered pursuant to this
Section 3.05 disclose that there has been a failure to fulfill any obligation in
any material respect then the Master Servicer shall promptly notify the
Depositor and forward a copy of such certificate to the Depositor, and the
Depositor shall review such certificate and, if applicable, consult with the
Master Servicer as to the nature of any failure to fulfill any obligation under
this Agreement or the applicable Servicing Agreement, in the case of a Servicer,
or such other applicable agreement in the case of an Additional Master Servicer,
in any material respect.

            Section 3.06 Title, Management and Disposition of Any REO Mortgage
                         Loan.

            The Master Servicer shall enforce the obligations of the applicable
Servicer to administer each REO Mortgage Loan at all times so that each REO
Mortgage Loan qualifies as "foreclosure property" under the REMIC Provisions and
that it does not earn any "net income from foreclosure property" which is
subject to tax under the REMIC Provisions. In the event that a Servicer is
unable to dispose of any REO Mortgage Loan within the period mandated by each of
the Servicing Agreements, the Master Servicer shall monitor such Servicer to
verify that such REO Mortgage Loan is auctioned to the highest bidder within the
period so specified. In the event of any such sale of a REO Mortgage Loan, the
Custodian shall, at the written request of the Master Servicer and upon being
supported with appropriate forms therefor, within five Business Days of the
deposit by the Master Servicer of the proceeds of such sale or auction into the
Certificate Account, release or cause to be released to the entity identified by
the Master Servicer the related Owner Mortgage Loan File, Retained Mortgage Loan
File, if applicable, and Servicer Mortgage Loan File and shall execute and
deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary to vest in the auction purchaser title to the
REO Mortgage Loan and the Custodian shall have no further responsibility with
regard to such Owner Mortgage Loan File, Retained Mortgage Loan File, if
applicable, or Servicer Mortgage Loan File. Neither the Trustee, the Master
Servicer nor any Servicer, acting on behalf of the Trust Estate, shall provide
financing from the Trust Estate to any purchaser of an REO Mortgage Loan.

            Section 3.07 Amendments to Servicing Agreements, Modification of
                         Standard Provisions.

            (a) Subject to the prior written consent of the Trustee pursuant to
Section 3.07(b) and the prior written consent of the Depositor, the Master
Servicer may, from time to time, to the extent permitted by the applicable
Servicing Agreement, make such modifications and amendments to such Servicing
Agreement as the Master Servicer deems necessary or appropriate to confirm or
carry out more fully the intent and purpose of such Servicing Agreement and the
duties, responsibilities and obligations to be performed by the Servicer
thereunder. Such modifications may only be made if they are consistent with the
REMIC Provisions, as evidenced by an Opinion of Counsel. Prior to the issuance
of any modification or amendment, the Master Servicer shall deliver to the
Trustee and the Depositor such Opinion of Counsel and an Officer's Certificate
setting forth (i) the provision that is to be modified or amended, (ii) the
modification or amendment that the Master Servicer desires to issue and (iii)
the reason or reasons for such proposed amendment or modification.

            (b) The Trustee shall consent to any amendment or supplement to a
Servicing Agreement proposed by the Master Servicer pursuant to Section 3.07(a),
which consent and amendment shall not require the consent of any
Certificateholder if it is (i) for the purpose of curing any mistake or
ambiguity, to further effect or protect the rights of the Certificateholders or
(ii) for any other purpose, provided such amendment or supplement for such other
purpose cannot reasonably be expected to adversely affect Certificateholders.
The lack of reasonable expectation of an adverse effect on Certificateholders
may be established through the delivery to the Trustee of (i) an Opinion of
Counsel to such effect or (ii) written notification from each Rating Agency to
the effect that such amendment or supplement will not result in reduction of the
current rating assigned by that Rating Agency to the Certificates.
Notwithstanding the two immediately preceding sentences, the Trustee may, in its
discretion, decline to enter into or consent to any such supplement or amendment
if its own rights, duties or immunities shall be adversely affected.

            (c)(i) Notwithstanding anything to the contrary in this Section
3.07, the Master Servicer from time to time may, without the consent of any
Certificateholder or the Trustee, enter into an amendment (A) to an Other
Servicing Agreement for the purpose of (i) eliminating or reducing Month End
Interest and (ii) providing for the remittance of Full Unscheduled Principal
Receipts by the applicable Servicer to the Master Servicer not later than the
24th day of each month (or if such day is not a Business Day, on the previous
Business Day), (B) to the Wells Fargo Bank Servicing Agreement for the purpose
of changing the applicable Remittance Date to the 18th day of each month (or if
such day is not a Business Day, on the previous Business Day) or (C) to a
Servicing Agreement for the purpose of effecting or facilitating compliance by
the applicable Servicer with Regulation AB or to conform a Servicing Agreement
to industry practices relating to Regulation AB.

            (ii) The Master Servicer may direct Wells Fargo Bank in its capacity
      as Servicer to enter into an amendment to the Wells Fargo Bank Servicing
      Agreement for the purposes described in Section 3.07(c)(i)(B) or (C).

            Section 3.08 Oversight of Servicing.

            The Master Servicer shall supervise, monitor and oversee the
servicing of the Mortgage Loans by each Servicer and the performance by each
Servicer of all services, duties, responsibilities and obligations (including
the obligation to maintain an Errors and Omissions Policy and Fidelity Bond)
that are to be observed or performed by the Servicer under its respective
Servicing Agreement. In performing its obligations hereunder, the Master
Servicer shall act in a manner consistent with Accepted Master Servicing
Practices and in a manner consistent with the terms and provisions of any
insurance policy required to be maintained by the Master Servicer or any
Servicer pursuant to this Agreement or any Servicing Agreement. The Master
Servicer acknowledges that prior to taking certain actions required to service
the Mortgage Loans, each Servicing Agreement provides that the Servicer
thereunder must notify, consult with, obtain the consent of, waiver from, or
otherwise follow the instructions of the Master Servicer. In the case of any
request for waiver from a Servicer, the Master Servicer shall promptly instruct
such Servicer or otherwise respond to such Servicer's request. The Master
Servicer shall not waive compliance by a Servicer with those provisions of its
Servicing Agreement which are required to enable the Depositor and the Master
Servicer to satisfy the Trust's ongoing reporting obligations under the Exchange
Act. In addition, in no event will the Master Servicer instruct such Servicer to
take any action, give any consent to action by such Servicer or waive compliance
by such Servicer with any provision of such Servicer's Servicing Agreement if
any resulting action or failure to act would be inconsistent with the
requirements of the Rating Agencies that rated the Certificates, would be
inconsistent with the requirements of Regulation AB or would otherwise have an
adverse effect on the Certificateholders. Any such action or failure to act
shall be deemed to have an adverse effect on the Certificateholders if such
action or failure to act either results in (i) the downgrading of the rating
assigned by either Rating Agency to the Certificates, (ii) the loss by the Trust
Estate of REMIC status for federal income tax purposes or (iii) the imposition
of any Prohibited Transaction Tax or any federal taxes on either the REMIC or
the Trust Estate. The Master Servicer shall have full power and authority in its
sole discretion to take any action with respect to the Trust Estate as may be
necessary or advisable to avoid the circumstances specified including clause
(ii) or (iii) of the preceding sentence.

            For the purposes of determining whether any modification of a
Mortgage Loan shall be permitted by the Master Servicer, such modification shall
be construed as a substitution of the modified Mortgage Loan for the Mortgage
Loan originally deposited in the Trust Estate if it would be a "significant
modification" within the meaning of Section 1.860G-2(b) of the regulations of
the U.S. Department of the Treasury. No modification shall be approved unless
(i) the modified Mortgage Loan would qualify as a Substitute Mortgage Loan under
Section 2.02 and (ii) with respect to any modification that occurs more than
three months after the Closing Date and is not the result of a default or a
reasonably foreseeable default under the Mortgage Loan, there is delivered to
the Trustee an Opinion of Counsel (at the expense of the party seeking to modify
the Mortgage Loan) to the effect that such modification would not be treated as
giving rise to a new debt instrument for federal income tax purposes as
described in the preceding sentence; provided, however, that no such Opinion of
Counsel need be delivered if the sole purpose of the modification is to reduce
the Monthly Payment on a Mortgage Loan as a result of a Curtailment such that
the Mortgage Loan is fully amortized by its original maturity date.

            During the term of this Agreement, the Master Servicer shall consult
fully with each Servicer as may be necessary from time to time to perform and
carry out the Master Servicer's obligations hereunder and otherwise exercise
reasonable efforts to cause such Servicer to perform and observe the covenants,
obligations and conditions to be performed or observed by it under its Servicing
Agreement.

            The relationship of the Master Servicer to the Trustee under this
Agreement is intended by the parties to be that of an independent contractor and
not that of a joint venturer, partner or agent.

            The Master Servicer shall administer the Trust Estate on behalf of
the Trustee and shall have full power and authority, acting alone or (subject to
the requirements of Section 6.06) through one or more Subcontractors, to do any
and all things in connection with such administration which it may deem
necessary or desirable. Upon the execution and delivery of this Agreement, and
from time to time as may be required thereafter, the Trustee shall furnish the
Master Servicer or its Subcontractors with any powers of attorney and such other
documents as may be necessary or appropriate to enable the Master Servicer to
carry out its administrative duties hereunder.

            The Depositor shall have a limited option to repurchase any
defaulted Mortgage Loan or REO Mortgage Loan during the following time periods:
(i) beginning on the first day of the second month following the month in which
the Master Servicer has reported that a Servicer has initiated foreclosure
proceedings with respect to such a defaulted Mortgage Loan, with such repurchase
option expiring on the last day of such second following month; (ii) beginning
on the first day of the second month following the month in which the Master
Servicer has reported that such defaulted Mortgage Loan has become an REO
Mortgage Loan, with such repurchase option expiring on the last day of such
second following month; and (iii) beginning on the day on which a Servicer
accepts a contractual commitment by a third party to purchase the Mortgaged
Property related to the defaulted Mortgage Loan or REO Mortgage Loan, with such
repurchase option expiring on the earlier of the last day of the month in which
such contractual commitment was accepted by the Servicer or the day immediately
prior to the day on which the closing occurs with respect to such third party
purchase of the Mortgaged Property related to the defaulted Mortgage Loan or REO
Mortgage Loan. The Depositor shall be entitled to repurchase at its option any
Mortgage Loan in the Trust Estate which, pursuant to paragraph 5(b) of the
Mortgage Loan Purchase Agreement, Wells Fargo Bank requests the Depositor to
repurchase and to sell to Wells Fargo Bank to facilitate the exercise of Wells
Fargo Bank's rights against the originator or a prior holder of such Mortgage
Loan. The purchase price for any Mortgage Loan repurchased pursuant to this
paragraph shall be the Repurchase Price. Upon the receipt of such Repurchase
Price, the Master Servicer shall provide to the Trustee the certification
required by Section 3.04 and the Trustee and the Custodian, if any, shall
promptly release to the Depositor the Owner Mortgage Loan File and Retained
Mortgage Loan File, if applicable, relating to the Mortgage Loan being
repurchased.

            In the event that (i) the Master Servicer determines at any time
that, notwithstanding the representations and warranties set forth in Section
2.03(b), any Mortgage Loan is not a "qualified mortgage" within the meaning of
Section 860G of the Code and (ii) the Trustee is unable to enforce the
obligation of the Depositor to purchase such Mortgage Loan pursuant to Section
2.02 within two months of such determination, the Master Servicer shall cause
such Mortgage Loan to be auctioned to the highest bidder and sold out of the
Trust Estate no later than the date 90 days after such determination. In the
event of any such sale of a Mortgage Loan, the Custodian shall, at the written
request of the Master Servicer and upon being supported with appropriate forms
therefor, within five Business Days of the deposit by the Master Servicer of the
proceeds of such auction into the Certificate Account, release or cause to be
released to the entity identified by the Master Servicer the related Owner
Mortgage Loan File, Retained Mortgage Loan File, if applicable, and Servicer
Mortgage Loan File and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, as shall be necessary to vest in the
auction purchaser title to the Mortgage Loan and the Custodian shall have no
further responsibility with regard to such Owner Mortgage Loan File, Retained
Mortgage Loan File, if applicable, or Servicer Mortgage Loan File. None of the
Trustee, the Custodian, the Master Servicer or any Servicer, acting on behalf of
the Trustee, shall provide financing from the Trust Estate to any purchaser of a
Mortgage Loan.

            The Master Servicer, on behalf of the Trustee, shall, pursuant to
the Servicing Agreements, object to the foreclosure upon, or other related
conversion of the ownership of, any Mortgaged Property by the related Servicer
if (i) the Master Servicer believes such Mortgaged Property may be contaminated
with or affected by hazardous wastes or hazardous substances or (ii) such
Servicer does not agree to administer such Mortgaged Property, once the related
Mortgage Loan becomes an REO Mortgage Loan, in a manner which would not result
in a federal tax being imposed upon the Trust Estate or the REMIC.

            At the direction of the Depositor, the Master Servicer may enter
into a special servicing agreement with an unaffiliated holder of 100%
Percentage Interest of a Class of Class B Certificates or a holder of a class of
securities representing interests in the Class B Certificates and/or other
subordinated mortgage pass-through certificates (such entity, a "Special
Servicer"), such agreement (a "Special Servicing Agreement") to be substantially
in the form of Exhibit M hereto or subject to each Rating Agency's
acknowledgment that the ratings of the Certificates in effect immediately prior
to the entering into of such agreement would not be qualified, downgraded or
withdrawn and the Certificates would not be placed on credit review status
(except for possible upgrading) as a result of such agreement. Any such
agreement may contain provisions whereby such holder may (a) purchase any
Mortgage Loans that are more than 180 days delinquent and (b) instruct the
Master Servicer to instruct a Servicer to the extent provided in the applicable
Servicing Agreement to commence or delay foreclosure proceedings with respect to
delinquent Mortgage Loans and will contain provisions for the deposit of cash by
the holder that would be available for distribution to Certificateholders if
Liquidation Proceeds are less than they otherwise may have been had the Servicer
acted in accordance with its normal procedures.

            The Master Servicer shall monitor the rating of Wells Fargo &
Company and upon the occurrence of a Document Transfer Event relating to such
rating, shall promptly notify the Depositor, Trustee and Custodian of the
occurrence of such Document Transfer Event.

            Section 3.09 Termination and Substitution of Servicing Agreements.

            Upon the occurrence of any event for which a Servicer may be
terminated pursuant to its Servicing Agreement, the Master Servicer shall
promptly deliver to the Depositor and the Trustee an Officer's Certificate
certifying that an event has occurred which may justify termination of such
Servicing Agreement, describing the circumstances surrounding such event and
recommending what action should be taken by the Trustee with respect to such
Servicer. If the Master Servicer recommends that such Servicing Agreement be
terminated, the Master Servicer's certification must state that the breach is
material and not merely technical in nature. Based upon such certification, the
Master Servicer, or if provided by the applicable Other Servicing Agreement and
upon written direction of the Master Servicer, the Trustee, shall promptly
terminate such Other Servicing Agreement. The Trustee shall terminate the Wells
Fargo Bank Servicing Agreement in accordance with the provisions of Article 19
thereof. The Master Servicer shall indemnify the Trustee and hold it harmless
from and against any and all claims, liabilities, costs and expenses (including,
without limitation, reasonable attorneys' fees) arising out of, or assessed
against the Trustee in connection with termination of a Servicing Agreement at
the direction of the Master Servicer except to the extent that such claims,
liabilities, costs and expenses are incurred as a result of the bad faith,
willful misfeasance or gross negligence of the Trustee in the performance of its
obligations hereunder. To the extent that the costs and expenses (including any
amounts paid by the Master Servicer pursuant to the immediately preceding
sentence) of the Master Servicer related to any termination of an Other
Servicer, appointment of a successor servicer to an Other Servicer or the
transfer and assumption of servicing by the Master Servicer with respect to any
Other Servicing Agreement (including, without limitation, (i) all legal costs
and expenses and all due diligence costs and expenses associated with an
evaluation of the potential termination of an Other Servicer as a result of an
event of default by such Other Servicer, (ii) all costs and expenses associated
with the complete transfer of servicing, including all servicing files and all
servicing data and the completion, correction or manipulation of such servicing
data as may be required by the successor servicer to correct any errors or
insufficiencies in the servicing data or otherwise to enable the successor
servicer to service the Mortgage Loans in accordance with the related Other
Servicing Agreement and (iii) any costs incurred by the Trustee in connection
with a servicing transfer) are not fully and timely reimbursed by the terminated
Other Servicer, the Master Servicer shall be entitled to reimbursement of such
costs and expenses from the Certificate Account. To the extent that the costs
and expenses of the Trustee related to any termination of Wells Fargo Bank, as a
Servicer under the Wells Fargo Bank Servicing Agreement, appointment of a
successor to Wells Fargo Bank as a Servicer or the transfer and assumption of
servicing by the Trustee with respect to the Wells Fargo Bank Servicing
Agreement (including, without limitation, (i) all legal costs and expenses and
all due diligence costs and expenses associated with an evaluation of the
potential termination of Wells Fargo Bank as a Servicer as a result of an event
of default by Wells Fargo Bank as Servicer and (ii) all costs and expenses
associated with the complete transfer of servicing, including all servicing
files and all servicing data and the completion, correction or manipulation of
such servicing data as may be required by the successor servicer to correct any
errors or insufficiencies in the servicing data or otherwise to enable the
successor servicer to service the Mortgage Loans in accordance with the Wells
Fargo Bank Servicing Agreement) are not fully and timely reimbursed by Wells
Fargo Bank as a Servicer, the Trustee shall be entitled to reimbursement of such
costs and expenses from the Certificate Account. If the Master Servicer or
Trustee terminates an Other Servicing Agreement, the Trustee may enter into a
substitute Servicing Agreement with the Master Servicer or, at the Master
Servicer's nomination, with another mortgage loan service company acceptable to
the Trustee, the Master Servicer and each Rating Agency under which the Master
Servicer or such substitute servicer, as the case may be, shall assume, satisfy,
perform and carry out all liabilities, duties, responsibilities and obligations
that are to be, or otherwise were to have been, satisfied, performed and carried
out by such Servicer under such terminated Servicing Agreement. If the Trustee
terminates the Wells Fargo Bank Servicing Agreement, the Trustee shall enter
into a substitute Servicing Agreement with another mortgage loan service company
acceptable to the Trustee and each Rating Agency under which such substitute
servicer shall assume, satisfy, perform and carry out all liabilities, duties,
responsibilities and obligations that are to be, or otherwise were to have been,
satisfied, performed and carried out by Wells Fargo Bank, in its capacity as
Servicer, under such terminated Servicing Agreement. It is understood and
acknowledged by the parties hereto that there will be a period of transition not
to exceed ninety (90) days before the servicing functions can be transferred to
such substitute servicer. Until such time as the Trustee enters into a
substitute servicing agreement with respect to the Mortgage Loans previously
serviced by an Other Servicer and the transition period relating to the transfer
of such servicing expires, the Master Servicer shall assume, satisfy, perform
and carry out all obligations which otherwise were to have been satisfied,
performed and carried out by an Other Servicer under its terminated Servicing
Agreement. However, in no event shall the Master Servicer be deemed to have
assumed the obligations of a Servicer to advance payments of principal and
interest on a delinquent Mortgage Loan in excess of the Master Servicer's
independent Periodic Advance obligation under Section 3.03 of this Agreement. As
compensation for the Master Servicer of any servicing obligations fulfilled or
assumed by the Master Servicer, the Master Servicer shall be entitled to any
servicing compensation to which a Servicer would have been entitled if the
Servicing Agreement with such Servicer had not been terminated.

            Section 3.10 Application of Net Liquidation Proceeds.

            For all purposes under this agreement, Net Liquidation Proceeds
received from a Servicer shall be allocated first to accrued and unpaid interest
on the related Mortgage Loan and then to the unpaid principal balance thereof.

            Section 3.11 Assessment of Servicing Compliance; Registered Public
                         Accounting Firm Attestation Reports.

            (a) The Master Servicer, at its own expense, shall furnish to the
Depositor, and the Trustee, any Special Servicer (if applicable) and the
Custodian, at their own expense, shall furnish, or otherwise make available, and
shall cause any Servicing Function Participant engaged by any such party to
furnish, and the Master Servicer shall use reasonable effort to cause each
Servicer to furnish with respect to such Servicer and each Servicing Function
Participant engaged by such Servicer and identified to the Master Servicer, at
such party's expense, to the Master Servicer, not later than March 5 of each
year, or if such day is not a Business Day, the next Business Day (with a 10 day
cure period, but in no event later than March 15), commencing in March 2008, a
copy of a report, followed by a hard copy to the Master Servicer within 10
calendar days, signed by an authorized officer of the Master Servicer, the
Trustee, the Custodian, the Servicing Function Participant, the Special Servicer
(if applicable) or the applicable Servicer, as applicable, on assessment of
compliance with, at a minimum, the Relevant Servicing Criteria that contains:

            (i) a statement by such party of its responsibility for assessing
      compliance with the Servicing Criteria applicable to it;

            (ii) a statement that such party used the Servicing Criteria
      applicable to it to assess compliance with the Servicing Criteria;

            (iii) such party's assessment of compliance with the Servicing
      Criteria applicable to it as of and for the preceding fiscal year,
      including, if there had been any material instance of noncompliance with
      the Servicing Criteria applicable to it, identifying each such failure and
      the nature and status thereof; and

            (iv) a statement that a registered public accounting firm has issued
      an attestation report on such party's assessment of compliance with the
      Servicing Criteria applicable to it as of and for the preceding fiscal
      year;

provided, however that no such assessment shall be required with respect to any
Servicing Function Participant who would not be considered a separate "party
participating in the servicing function" for purposes of Item 1122 of Regulation
AB, as then interpreted by the Commission. In the event of any disagreement
among any of the parties hereto regarding the application of the Commission's
interpretation to a particular Servicing Function Participant, the determination
of the Master Servicer shall be binding.

            No later than 30 days following the end of each fiscal year, the
Master Servicer shall forward to the Depositor the name of each Servicing
Function Participant engaged by it and what Relevant Servicing Criteria will be
addressed in the report on assessment of compliance prepared by such Servicing
Function Participant. When the Master Servicer submits its assessments to the
Depositor, it will also at such time include the assessment (and attestation
pursuant to Section 3.11(b)) of each Servicing Function Participant engaged by
it.

            No later than 30 days following the end of each fiscal year, each of
the Trustee, any Special Servicer (if applicable) and the Custodian (so long as
the Custodian is not the Master Servicer) shall forward to the Master Servicer
the name of each Servicing Function Participant engaged by it and what Relevant
Servicing Criteria will be addressed in the report on assessment of compliance
prepared by such Servicing Function Participant. When the Trustee, any Special
Servicer (if applicable) and the Custodian (so long as the Custodian is not the
Master Servicer) submit their assessments to the Master Servicer, each such
party will also at such time include the assessment (and attestation pursuant to
Section 3.11(b)) of each Servicing Function Participant engaged by it.

            The Master Servicer shall confirm that the assessments address the
Relevant Servicing Criteria for each party as set forth on Exhibit R or in the
applicable Servicing Agreement or the applicable Special Servicing Agreement and
shall notify the Depositor of any exceptions and deliver the assessment of
compliance containing such exceptions. Promptly after receipt of each such
report on assessment of compliance, the Depositor shall review each such report
and, if applicable, consult with the Master Servicer, the Trustee, the
Custodian, any Special Servicer (if applicable) and any Servicing Function
Participant as to the nature of any material instance of noncompliance with the
Relevant Servicing Criteria by the Master Servicer, the Trustee, the Custodian,
any Servicer, any Special Servicer (if applicable), or any Servicing Function
Participant engaged by such parties.

            (b) The Master Servicer, at its own expense, shall cause a
registered public accounting firm which is a member of the Institute of
Certified Public Accountants to furnish to the Depositor, and each of the
Trustee, the Custodian and any Special Servicer (if applicable) at their own
expense, shall cause, and shall cause any Servicing Function Participant engaged
by any such party from which an assessment of servicing compliance is required
pursuant to Section 3.11 (a), at such party's expense, to cause, and the Master
Servicer shall use reasonable efforts to cause each Servicer, at such Servicer's
expense, with respect to such Servicer and each Servicing Function Participant
engaged by such Servicer and identified to the Master Servicer, to cause a
registered public accounting firm which is a member of the Institute of
Certified Public Accountants to furnish to the Master Servicer, not later than
March 5 of each year, or if such day is not a Business Day, the next Business
Day (with a 10 calendar day cure period, but in no event later than March 15),
commencing in March 2008, an electronic report (with a hard copy to follow
within 10 calendar days) to the effect that (i) it has obtained a representation
regarding certain matters from the management of such party, which includes an
assertion that such party has complied with the Relevant Servicing Criteria, and
(ii) on the basis of an examination conducted by such firm in accordance with
standards for attestation engagements issued or adopted by the Public Company
Accounting Oversight Board, it is expressing an opinion as to whether such
party's assessment of compliance with the Relevant Servicing Criteria was fairly
stated in all material respects, or it cannot express an overall opinion
regarding such party's assessment of compliance with the Relevant Servicing
Criteria. In the event that an overall opinion cannot be expressed, such
registered public accounting firm shall state in such report why it was unable
to express such an opinion. Such report must be available for general use and
not contain restricted use language. If requested by the Master Servicer or the
Depositor, such report shall contain or be accompanied by a consent of such
accounting firm to inclusion or incorporation of such report in the Depositor's
Registration Statement on Form S-3 relating to the Certificates and the Trust's
Form 10-K.

            Promptly after receipt of such report from the Master Servicer, the
Depositor shall review the report and, if applicable, consult with the Master
Servicer if any such report (i) states that the party's assessment of compliance
was not fairly stated in a material respect or (ii) is unable to state an
overall opinion.

            Promptly after receipt of such report from the Trustee, the
Custodian, the applicable Servicer, the Special Servicer (if applicable), or any
Servicing Function Participant engaged by such parties, the Master Servicer
shall review the report and shall promptly notify the Depositor if any such
report (i) states that the party's assessment of compliance was not fairly
stated in a material respect or (ii) is unable to state an overall opinion and
the Depositor shall promptly review each such report and the Depositor and the
Master Servicer shall consult with the parties to which such report relates.

            The Master Servicer shall make available any report from the Master
Servicer, the Trustee, the Custodian, the applicable Servicer, the Special
Servicer (if applicable), or any Servicing Function Participant furnished
pursuant to Section 3.05 and this Section 3.11, as well as any documents
incorporated by reference into the Prospectus (to the extent such documents are
either in its possession or have been filed with the Commission), to any
Certificateholder requesting such information.

            Section 3.12 Exchange Act Reports.

            (a) Within 15 days after each Distribution Date, the Master Servicer
shall prepare, an authorized officer of the Master Servicer shall sign, and the
Master Servicer shall file with the Commission, on behalf of the Trust, any Form
10-D required by the Exchange Act, in form and substance as required by the
Exchange Act. The Master Servicer shall file each Form 10-D with a copy of the
related Distribution Date Statement attached thereto. Any disclosure in addition
to the Distribution Date Statement that is required to be included on Form 10-D
("Additional Form 10-D Disclosure") shall be reported by the parties set forth
on Exhibit S and directed and approved by the Depositor, and the Master Servicer
will have no duty or liability for any failure hereunder to determine or prepare
any Additional Form 10-D Disclosure (other than with respect to itself) absent
such reporting, direction and approval. If a Form 10-D cannot be filed on time
or if a previously filed Form 10-D needs to be amended, the Master Servicer will
follow the procedures set forth in Section 3.12(d). Promptly (but no later than
1 Business Day) after filing with the Commission, the Master Servicer will make
available on its internet website a final executed copy of each Form 10-D.

            For so long as the Trust is subject to the Exchange Act reporting
requirements, within five (5) calendar days (or, solely in the case of Item 7 of
Exhibit S, the greater of five (5) calendar days or three (3) Business Days)
after the related Distribution Date, the parties identified on Exhibit S shall
(i) provide to the Master Servicer and the Depositor, to the extent known by a
Responsible Officer, in EDGAR-compatible format, or in such other format as
otherwise agreed upon by the Master Servicer and such party, the form and
substance of any Additional Form 10-D Disclosure, if applicable and (ii) include
with such Additional Form 10-D Disclosure, an Additional Disclosure Notification
in the form attached hereto as Exhibit V, and the Depositor will approve, as to
form and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-D Disclosure on Form 10-D. The Master Servicer has no duty
under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit S of their duties under this paragraph or proactively solicit or
procure from such parties any Additional Form 10-D Disclosure; except that the
Master Servicer shall enforce the obligations of the Servicers under the
Servicing Agreements. After preparing the Form 10-D, if the Form 10-D contains
any Additional Form 10-D Disclosure, the Master Servicer shall forward
electronically a draft copy of the Form 10-D to the Depositor for review. Each
party to this Agreement acknowledges that the performance by the Master Servicer
of its duties under this Section 3.12(a) relating to the timely preparation and
filing of Form 10-D is contingent upon such parties strictly observing all
applicable deadlines in the performance of their duties under this Section
3.12(a). The Master Servicer shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare
and/or timely file such Form 10-D, where such failure results from the Master
Servicer's inability or failure to receive, on a timely basis, any information
from any other party hereto, any Servicer, the Custodian or any Special Servicer
(if applicable) needed to prepare, arrange for execution or file such Form 10-D,
not resulting from its own negligence, bad faith or willful misconduct. The
Depositor will be responsible for any reasonable fees assessed and expenses
incurred by the Master Servicer in connection with including any Additional Form
10-D Disclosure on Form 10-D pursuant to this paragraph.

            (b) Within 90 days after the end of each fiscal year of the Trust or
such earlier date as may be required by the Exchange Act (it being understood
that the fiscal year for the Trust ends on December 31st of each year),
commencing in March 2008, the Master Servicer shall prepare, a senior officer of
the Master Servicer in charge of the master servicing function shall sign, and
the Master Servicer shall file with the Commission, on behalf of the Trust, a
Form 10-K, in form and substance as required by the Exchange Act. Each such Form
10-K shall include the following items, in each case to the extent they have
been delivered to the Master Servicer within the applicable timeframes set forth
in this Agreement, the related Servicing Agreements, the Custodial Agreement or,
if applicable, the Special Servicing Agreement:

            (i) an annual compliance statement for the Master Servicer, any
      Additional Master Servicer and each Servicer, as described under Section
      3.05;

            (ii) (A) the annual reports on assessment of compliance with
      servicing criteria for the Master Servicer, the Trustee, each Servicer,
      the Custodian, any Special Servicer (if applicable), and each Servicing
      Function Participant, as described under Section 3.11(a), and (B) if any
      party's report on assessment of compliance with Servicing Criteria
      described under Section 3.11(a) identifies any material instance of
      noncompliance, disclosure identifying such instance of noncompliance, or
      if any party's report on assessment of compliance with servicing criteria
      described under Section 3.11(a) is not included as an exhibit to such Form
      10-K, disclosure that such report is not included and an explanation of
      why such report is not included;

            (iii) (A) the registered public accounting firm attestation report
      for each of the Master Servicer, the Trustee, each Servicer, the
      Custodian, any Special Servicer (if applicable), and each Servicing
      Function Participant, as described under Section 3.11(b), and (B) if any
      registered public accounting firm attestation report described under
      Section 3.11(b) identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such
      registered public accounting firm attestation report is not included as an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an explanation of why such report is not included; and

            (iv) a certification, signed by a senior officer of the Master
      Servicer in charge of the master servicing function, in the form attached
      hereto as Exhibit P or in such other form as may be required by Rules
      13a-14 and 15d-14 under the Exchange Act, as applicable, and any
      directives or interpretations thereof by the Commission (the
      "Sarbanes-Oxley Certification").

            Any disclosure or information in addition to (i) through (iv) above
that is required to be included on Form 10-K ("Additional Form 10-K Disclosure")
shall, pursuant to the paragraph immediately below, be reported by the parties
set forth on Exhibit T and directed and approved by the Depositor, and the
Master Servicer will have no duty or liability for any failure hereunder to
determine or prepare any Additional Form 10-K Disclosure (other than with
respect to itself) absent such reporting, direction and approval. If a Form 10-K
cannot be filed on time or if a previously filed Form 10-K needs to be amended,
the Master Servicer will follow the procedures set forth in Section 3.12(d).
Promptly (but no later than 1 Business Day) after filing with the Commission,
the Master Servicer will make available on its internet website a final executed
copy of each Form 10-K.

            No later than March 5 (with a 10 calendar day cure period, but in no
event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 2008, (i) the parties
identified on Exhibit T shall provide to the Master Servicer and the Depositor,
to the extent known by a Responsible Officer, in EDGAR-compatible format, or in
such other format as otherwise agreed upon by the Master Servicer and such
party, the form and substance of any Additional Form 10-K Disclosure, if
applicable, and (ii) the parties identified on Exhibit T shall include with such
Additional Form 10-K Disclosure, an Additional Disclosure Notification in the
form attached hereto as Exhibit V, and the Depositor will approve, as to form
and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-K Disclosure on Form 10-K. The Master Servicer has no duty
under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit T of their duties under this paragraph or proactively solicit or
procure from such parties any Additional Form 10-K Disclosure information;
except that the Master Servicer shall enforce the obligations of the Servicers
under the Servicing Agreements. The Depositor will be responsible for any
reasonable fees and expenses assessed or incurred by the Master Servicer in
connection with including any Additional Form 10-K Disclosure on Form 10-K
pursuant to this paragraph.

            After preparing the Form 10-K, if the Form 10-K contains any
Additional Form 10-K Disclosure, the Master Servicer shall forward
electronically a draft copy of the Form 10-K to the Depositor for review. Each
party to this Agreement acknowledges that the performance by the Master Servicer
of its duties under this Section 3.12(b) relating to the timely preparation and
filing of Form 10-K is contingent upon such parties strictly observing all
applicable timeframes in the performance of their duties under Sections 3.05,
3.11 or this Section 3.12(b). The Master Servicer shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure
to properly prepare and/or timely file such Form 10-K, where such failure
results from the Master Servicer's inability or failure to obtain or receive, on
a timely basis, any information from any other party hereto, any Servicer, any
Special Servicer (if applicable) or the Custodian needed to prepare, arrange for
execution or file such Form 10-K, not resulting from its own negligence, bad
faith or willful misconduct.

            (c) Within four (4) Business Days after the occurrence of an event
requiring disclosure on Form 8-K (each such event, a "Reportable Event"), and if
directed by the Depositor, the Master Servicer shall prepare, an authorized
officer of the Master Servicer shall sign, and the Master Servicer shall file
with the Commission, on behalf of the Trust, any Form 8-K, as required by the
Exchange Act, provided that the Depositor shall prepare and file the initial
Form 8-K in connection with the issuance of the Certificates. Any disclosure or
information related to a Reportable Event or that is otherwise required to be
included on Form 8-K ("Form 8-K Disclosure Information") shall, pursuant to the
paragraph immediately below, be reported by the parties set forth on Exhibit U
and directed and approved by the Depositor, and the Master Servicer will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K
Disclosure Information (other than with respect to itself) absent such
reporting, direction and approval. If a Form 8-K cannot be filed on time or if a
previously filed Form 8-K needs to be amended, the Master Servicer will follow
the procedures set forth in Section 3.12(d). Promptly (but no later than 1
Business Day) after filing with the Commission, the Master Servicer will, make
available on its internet website a final executed copy of each Form 8-K.

            For so long as the Trust is subject to the Exchange Act reporting
requirements, no later than the end of business on the second Business Day after
the occurrence of a Reportable Event (i) the parties identified on Exhibit U
shall provide to the Master Servicer and the Depositor, to the extent known by a
Responsible Officer, in EDGAR-compatible form, or in such other form as
otherwise agreed upon by the Master Servicer and such party, the form and
substance of any Form 8-K Disclosure Information, if applicable, and (ii) the
parties identified on Exhibit U shall include with such Additional Form 8-K
Disclosure, an Additional Disclosure Notification in the form attached hereto as
Exhibit V and the Depositor will approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K. The Master Servicer has no duty under this Agreement to
monitor or enforce the performance by the parties listed on Exhibit U of their
duties under this paragraph or proactively solicit or procure from such parties
any Form 8-K Disclosure Information; except that the Master Servicer shall
enforce the obligations of the Servicers under the Servicing Agreements. The
Depositor will be responsible for any reasonable fees and expenses assessed or
incurred by the Master Servicer in connection with including any Form 8-K
Disclosure Information on Form 8-K pursuant to this paragraph.

            After preparing the Form 8-K, the Master Servicer shall forward
electronically a draft copy of the Form 8-K to the Depositor for review. Each
party to this Agreement acknowledges that the performance by the Master Servicer
of its duties under this Section 3.12(c) relating to the timely preparation and
filing of Form 8-K is contingent upon such party strictly observing all
applicable timeframes in the performance of its duties under this Section
3.12(c). The Master Servicer shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare
and/or timely file such Form 8-K, where such failure results from the Master
Servicer's inability or failure to obtain or receive, on a timely basis, any
information from any other party hereto, any Servicer, the Custodian or any
Special Servicer (if applicable) needed to prepare, arrange for execution or
file such Form 8-K, not resulting from its own negligence, bad faith or willful
misconduct.

            (d) In the event that the Master Servicer is unable to timely file
with the Commission all or any required portion of any Form 8-K, 10-D or 10-K
required to be filed by this Agreement because required disclosure information
was either not delivered to it or delivered to it after the delivery deadlines
set forth in this Agreement or for any other reason, the Master Servicer will
promptly notify the Depositor and, in the case of Form 10-D or 10-K, the Master
Servicer will prepare, sign and file a Form 12b-25 pursuant to Rule 12b-25 of
the Exchange Act not later than the Business Day following the due date of the
applicable report. Within five days following the due date of any Form 10-D as
to which it has filed a Form 12b-25, the Master Servicer shall prepare, sign and
file the related Form 10-D. Within 15 days following the due date of any Form
10-K as to which it has filed a Form 12b-25, the Master Servicer shall prepare,
sign and file the related Form 10-K. In the case of Form 8-K, the Master
Servicer will, upon receipt of all required Form 8-K Disclosure Information and
at the direction of the Depositor, include such disclosure information on the
next Form 10-D. In the event that any previously filed Form 8-K, 10-D or 10-K
needs to be amended, the Master Servicer will notify the Depositor and each
party whose cooperation is required in connection with the preparation of such
amendment; provided however that such notice shall not be required in connection
with an amendment to Form 10-D due to a revision made to any Distribution Date
Statement. The parties to this Agreement acknowledge that the performance by the
Master Servicer of its duties under this Section 3.12(d) related to the timely
preparation and filing of a Form 12b-25 or any amendment to Form 8-K, 10-D or
10-K is contingent upon each such party performing its duties under this
Section. The Master Servicer shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare
and/or timely file any such Form 12b-25 or any amendments to Forms 8-K, 10-D or
10-K, where such failure results from the Master Servicer's inability or failure
to obtain or receive, on a timely basis, any information from any other party
hereto, any Servicer, the Custodian or any Special Servicer (if applicable)
needed to prepare, arrange for execution or file such Form 12b-25 or any
amendments to Forms 8-K, 10-D or 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

            (e) On or prior to January 30 of the first year in which the Master
Servicer is able to do so under applicable law, the Master Servicer shall
prepare, an authorized officer of the Master Servicer shall sign, and the Master
Servicer shall file with the Commission, on behalf of the Trust, a Form 15
relating to the automatic suspension of reporting in respect of the Trust under
the Exchange Act. At the beginning of any year after the filing of a Form 15, if
the number of Certificateholders of record exceeds the number set forth in
Section 15(d) of the Exchange Act or the regulations promulgated pursuant
thereto which would cause the Trust to again become subject to the reporting
requirements of the Exchange Act, the Master Servicer shall recommence preparing
and filing reports on Form 10-D, 10-K and 8-K as required pursuant to this
Section.

            (f) To the extent the Master Servicer is obligated to give any
notice to the Depositor pursuant to this Section 3.12, such notice may,
notwithstanding the provisions of Section 10.05 in this Agreement, be delivered
via facsimile to 301-816-8152 or via electronic mail to
Structuredfinance-frederick@wellsfargo.com.

<PAGE>

                                   ARTICLE IV

                    DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
                         PAYMENTS TO CERTIFICATEHOLDERS;
                             STATEMENTS AND REPORTS

            Section 4.01 Distributions.

            (a) On each Distribution Date, the Pool Distribution Amount will be
applied in the following amounts, to the extent the Pool Distribution Amount is
sufficient therefor, in the manner and in the order of priority as follows:

            first, to the Classes of Class A Certificates, pro rata, based upon
their respective Interest Accrual Amounts, in an aggregate amount up to the
Class A Interest Accrual Amount with respect to such Distribution Date;

            second, to the Classes of Class A Certificates, pro rata, based upon
their respective Class A Unpaid Interest Shortfalls, in an aggregate amount up
to the Aggregate Class A Unpaid Interest Shortfall;

            third, to the Classes of Class A Certificates, in an aggregate
amount up to the Class A Optimal Principal Amount, such distribution to be
allocated among such Classes in accordance with Section 4.01(b) or Section
4.01(c), as applicable;

            fourth, to the Class B-1 Certificates, in an amount up to the
Interest Accrual Amount for the Class B-1 Certificates with respect to such
Distribution Date;

            fifth, to the Class B-1 Certificates in an amount up to the Class
B-1 Unpaid Interest Shortfall;

            sixth, to the Class B-1 Certificates in an amount up to the Class
B-1 Optimal Principal Amount;

            seventh, to the Class B-2 Certificates, in an amount up to the
Interest Accrual Amount for the Class B-2 Certificates with respect to such
Distribution Date;

            eighth, to the Class B-2 Certificates in an amount up to the Class
B-2 Unpaid Interest Shortfall;

            ninth, to the Class B-2 Certificates in an amount up to the Class
B-2 Optimal Principal Amount;

            tenth, to the Class B-3 Certificates, in an amount up to the
Interest Accrual Amount for the Class B-3 Certificates with respect to such
Distribution Date;

            eleventh, to the Class B-3 Certificates in an amount up to the Class
B-3 Unpaid Interest Shortfall;

            twelfth, to the Class B-3 Certificates in an amount up to the Class
B-3 Optimal Principal Amount;

            thirteenth, to the Class B-4 Certificates in an amount up to the
Interest Accrual Amount for the Class B-4 Certificates with respect to such
Distribution Date;

            fourteenth, to the Class B-4 Certificates in an amount up to the
Class B-4 Unpaid Interest Shortfall;

            fifteenth, to the Class B-4 Certificates in an amount up to the
Class B-4 Optimal Principal Amount;

            sixteenth, to the Class B-5 Certificates in an amount up to the
Interest Accrual Amount for the Class B-5 Certificates with respect to such
Distribution Date;

            seventeenth, to the Class B-5 Certificates in an amount up to the
Class B-5 Unpaid Interest Shortfall;

            eighteenth, to the Class B-5 Certificates in an amount up to the
Class B-5 Optimal Principal Amount;

            nineteenth, to the Class B-6 Certificates in an amount up to the
Interest Accrual Amount for the Class B-6 Certificates with respect to such
Distribution Date;

            twentieth, to the Class B-6 Certificates in an amount up to the
Class B-6 Unpaid Interest Shortfall;

            twenty-first, to the Class B-6 Certificates in an amount up to the
Class B-6 Optimal Principal Amount; and

            twenty-second, to the Holder of the Class A-R Certificate, any
amounts remaining in the Payment Account.

            Notwithstanding the foregoing, after the Principal Balance of any
Class has been reduced to zero, such Class will be entitled to no further
distributions of principal or interest (including, without limitation, any
Unpaid Interest Shortfalls).

            On each Distribution Date, any Reimbursement Amount shall be
distributed sequentially to the Classes of Certificates then outstanding which
bore the loss to which such Reimbursement Amount relates beginning with the most
senior of such Class of Certificates, up to, with respect to each Class, the
amount of loss borne by such Class. Any Reimbursement Amount remaining after the
application described in the preceding sentence shall be included in the Pool
Distribution Amount.

            With respect to any Distribution Date, the amount of the Principal
Adjustment, if any, attributable to any Class B Certificates will be allocated
to the Classes of Class A Certificates and any Class of Class B Certificates
with a lower numerical designation pro rata based on their outstanding Principal
Balances.

            (b) On each Distribution Date occurring prior to the Subordination
Depletion Date, the Class A Principal Distribution Amount will be allocated
among and distributed in reduction of the Principal Balances of the Class A
Certificates, sequentially, as follows:

            first, to the Class A-R Certificate; and

            second, concurrently, to the Class A-1 and Class A-2 Certificates,
pro rata.

            (c) Notwithstanding the foregoing, on each Distribution Date
occurring on or subsequent to the Subordination Depletion Date, the Class A
Principal Distribution Amount shall be distributed among the Classes of Class A
Certificates, pro rata, in accordance with their outstanding Principal Balances
without regard to either the proportions or the priorities set forth in Section
4.01(b).

            (d)(i) For purposes of determining whether the Classes of Class B
Certificates are eligible to receive unscheduled principal distributions (other
than Liquidation Proceeds that are not Partial Liquidation Proceeds) with
respect to any Distribution Date, the following tests shall apply:

            (A) if the Current Class B-1 Fractional Interest is less than the
      Original Class B-1 Fractional Interest and the Class B-1 Principal Balance
      is greater than zero, the Class B-2, Class B-3, Class B-4, Class B-5 and
      Class B-6 Certificates shall not be eligible to receive distributions of
      such unscheduled principal; or

            (B) if the Current Class B-2 Fractional Interest is less than the
      Original Class B-2 Fractional Interest and the Class B-2 Principal Balance
      is greater than zero, the Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates shall not be eligible to receive distributions of such
      unscheduled principal; or

            (C) if the Current Class B-3 Fractional Interest is less than the
      Original Class B-3 Fractional Interest and the Class B-3 Principal Balance
      is greater than zero, the Class B-4, Class B-5 and Class B-6 Certificates
      shall not be eligible to receive distributions of such unscheduled
      principal; or

            (D) if the Current Class B-4 Fractional Interest is less than the
      Original Class B-4 Fractional Interest and the Class B-4 Principal Balance
      is greater than zero, the Class B-5 and Class B-6 Certificates shall not
      be eligible to receive distributions of such unscheduled principal; or

            (E) if the Current Class B-5 Fractional Interest is less than the
      Original Class B-5 Fractional Interest and the Class B-5 Principal Balance
      is greater than zero, the Class B-6 Certificates shall not be eligible to
      receive distributions of such unscheduled principal.

            (ii) Notwithstanding the foregoing, if on any Distribution Date the
aggregate principal distributions to Holders of the Classes of Class B
Certificates would reduce the Principal Balances of the Classes of Class B
Certificates below zero, first the Class B Prepayment Percentage of any affected
Class of Class B Certificates for such Distribution Date beginning with the
affected Class with the lowest numerical Class designation and then, if
necessary, the Class B Percentage of such Class of the Class B Certificates for
such Distribution Date shall be reduced to the respective percentages necessary
to bring the Principal Balance of such Class of Class B Certificates to zero.
The Class B Prepayment Percentages and the Class B Percentages of the remaining
Classes of Class B Certificates will be recomputed substituting for the
Subordinated Prepayment Percentage and Subordinated Percentage in such
computations the difference between (A) the Subordinated Prepayment Percentage
or Subordinated Percentage as the case may be, and (B) the percentages
determined in accordance with the preceding sentence necessary to bring the
Principal Balances of the affected Classes of Class B Certificates to zero;
provided, however, that if the Principal Balances of all the Classes of Class B
Certificates eligible to receive distributions of unscheduled principal pursuant
to clause (i) shall be reduced to zero on such Distribution Date, the Class B
Prepayment Percentage of the Class of Class B Certificates with the lowest
numerical Class designation which would otherwise be ineligible to receive such
distributions of unscheduled principal in accordance with this Section shall
equal the remainder of the Subordinated Prepayment Percentage for such
Distribution Date minus the sum of the Class B Prepayment Percentages of the
Classes of Class B Certificates having lower numerical Class designations, if
any. Any entitlement of any Class of Class B Certificates to principal payments
solely pursuant to this clause (ii) shall not cause such Class to be regarded as
being eligible to receive such unscheduled principal distributions for the
purpose of applying the definition of its Class B Prepayment Percentage.

            (e) On each Distribution Date other than the Final Distribution Date
(if such Final Distribution Date is in connection with a purchase of the assets
of the Trust Estate by the Depositor), the Paying Agent shall from funds
remitted to it by the Master Servicer, distribute to each Certificateholder of
record on the preceding Record Date (other than as provided in Section 9.01
respecting the final distribution to Certificateholders or in the last paragraph
of this Section 4.01(e) respecting the final distribution in respect of any
Class) either in immediately available funds by wire transfer to the account of
such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder has so notified the Paying Agent at least
seven Business Days prior to the Distribution Date or, if such Holder has not so
notified the Paying Agent, by check mailed to such Holder at the address of such
Holder appearing in the Certificate Register, such Holder's share of the Class A
Distribution Amount with respect to each Class of Class A Certificates and the
Class B Distribution Amount with respect to each Class of Class B Certificates.

            In the event that, on any Distribution Date prior to the Final
Distribution Date, the Principal Balance of any Class of Class A Certificates
(other than the Residual Certificate) or the Principal Balance of any Class of
Class B Certificates would be reduced to zero, the Master Servicer shall, as
soon as practicable after the Determination Date relating to such Distribution
Date, send notice to the Paying Agent. The Paying Agent shall then send a notice
to each Certificateholder of such Class with a copy to the Certificate
Registrar, specifying that the final distribution with respect to such Class
will be made on such Distribution Date only upon the presentation and surrender
of such Certificateholder's Certificates at the office or agency of the
Certificate Registrar therein specified; provided, however, that the failure to
give such notice will not entitle a Certificateholder to any interest beyond the
interest payable with respect to such Distribution Date in accordance with
Section 4.01(a).

            (f) The Paying Agent shall withhold or cause to be withheld such
amounts as may be required by the Code (giving full effect to any exemptions
from withholding and related certifications required to be furnished by
Certificateholders and any reductions to withholding by virtue of any bilateral
tax treaties and any applicable certification required to be furnished by
Certificateholders with respect thereto) from distributions to be made to
Persons other than U.S. Persons ("Non-U.S. Persons"). Amounts withheld pursuant
to this Section 4.01(f) shall be treated as having been distributed to the
related Certificateholder for all purposes of this Agreement. For the purposes
of this paragraph, a "U.S. Person" is a citizen or resident of the United
States, a corporation or partnership (unless, in the case of a partnership,
Treasury regulations are adopted that provide otherwise) created or organized in
or under the laws of the United States, any state thereof or the District of
Columbia, including an entity treated as a corporation or partnership for
federal income tax purposes, an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable
Treasury regulations, certain trusts in existence on August 20, 1996 which are
eligible to elect to be treated as U.S. Persons).

            Section 4.02 Allocation of Realized Losses.

            (a) With respect to any Distribution Date, the principal portion of
Realized Losses (other than Debt Service Reductions) will be allocated as
follows:

            first, to the Class B-6 Certificates until the Class B-6 Principal
Balance has been reduced to zero;

            second, to the Class B-5 Certificates until the Class B-5 Principal
Balance has been reduced to zero;

            third, to the Class B-4 Certificates until the Class B-4 Principal
Balance has been reduced to zero;

            fourth, to the Class B-3 Certificates until the Class B-3 Principal
Balance has been reduced to zero;

            fifth, to the Class B-2 Certificates until the Class B-2 Principal
Balance has been reduced to zero;

            sixth, to the Class B-1 Certificates until the Class B-1 Principal
Balance has been reduced to zero; and

            seventh, to the Class A Certificates.

            This allocation of Realized Losses will be effected through the
reduction of the applicable Class's Principal Balance through the operation of
the definition of Principal Balance and the provisos in the definitions of Class
B-1 Principal Balance, Class B-2 Principal Balance, Class B-3 Principal Balance,
Class B-4 Principal Balance, Class B-5 Principal Balance and Class B-6 Principal
Balance.

            (b) Any Realized Losses allocated to a Class of Class A Certificates
or Class B Certificates pursuant to Section 4.02(a) shall be allocated among the
Certificates of such Class based on their Percentage Interests.

            (c) With respect to any Distribution Date after the Subordination
Depletion Date, the interest portion of Realized Losses will be allocated among
the outstanding Classes of Class A Certificates based on their Class A Interest
Percentages.

            (d) Realized Losses allocated in accordance with this Section 4.02
will be allocated as follows: (i) Liquidated Loan Losses on Liquidated Loans for
which the Liquidation Proceeds were received during, and Bankruptcy Losses
incurred in a period corresponding to, an Unscheduled Principal Receipt Period
for Full Unscheduled Principal Receipts that is a Mid-Month Receipt Period will
be allocated on the Determination Date in the month following the month in which
such Mid-Month Receipt Period ended and (ii) Liquidated Loan Losses on
Liquidated Loans for which the Liquidation Proceeds were received during, and
Bankruptcy Losses incurred in a period corresponding to, an Unscheduled
Principal Receipt Period for Full Unscheduled Principal Receipts that is a Prior
Month Receipt Period will be allocated on the Determination Date in the second
month following the month which is such Prior Month Receipt Period.

            Section 4.03 Paying Agent.

            (a) The Paying Agent shall establish and maintain a Payment Account,
which shall be a separate trust account (unless the Master Servicer is the
Paying Agent, in which case, the Certificate Account may be the Payment Account)
and an Eligible Account, in which the Master Servicer shall cause to be
deposited from funds in the Certificate Account or, to the extent required
hereunder, from its own funds (i) at or before 10:00 a.m., New York time, on the
Business Day preceding each Distribution Date, by wire transfer of immediately
available funds, any Periodic Advance for such Distribution Date, pursuant to
Section 3.03 and (ii) at or before 10:00 a.m., New York time, on the Business
Day preceding each Distribution Date, by wire transfer of immediately available
funds, an amount equal to the Pool Distribution Amount. The Master Servicer may
cause the Paying Agent to invest the funds in the Payment Account. Any such
investment shall be in Eligible Investments, which shall mature not later than
the Business Day preceding the related Distribution Date (unless the Eligible
Investments are obligations of the institution that maintains such account, in
which case such Eligible Investments shall mature not later than the
Distribution Date), and shall not be sold or disposed of prior to maturity. All
income and gain realized from any such investment shall be for the benefit of
the Master Servicer and shall be subject to its withdrawal or order from time to
time. The amount of any losses incurred in respect of any such investments shall
be deposited in the Payment Account by the Master Servicer out of its own funds
immediately as realized. The Paying Agent may withdraw from the Payment Account
any amount deposited in the Payment Account that was not required to be
deposited therein and may clear and terminate the Payment Account pursuant to
Section 9.01.

            (b) Wells Fargo Bank is hereby appointed as initial Paying Agent to
make distributions to Certificateholders and to make available to
Certificateholders the Distribution Date Statements and the annual statements
required by Section 4.04. The Trustee may, at any time, remove or replace the
Paying Agent, other than Wells Fargo Bank for so long as Wells Fargo Bank is
acting as the Master Servicer. If Wells Fargo Bank is no longer acting as Master
Servicer, the Master Servicer shall pay, from its own funds, the reasonable
compensation of any Paying Agent other than Wells Fargo Bank.

            The Trustee shall cause any Paying Agent that is not HSBC Bank USA,
National Association or Wells Fargo Bank to execute and deliver to the Trustee
an instrument (a "Paying Agent Agreement") in which such Paying Agent agrees
with the Trustee that such Paying Agent shall:

            (i) hold all amounts remitted to it by the Master Servicer for
      distribution to Certificateholders in trust for the benefit of
      Certificateholders until such amounts are distributed to
      Certificateholders or otherwise disposed of as herein provided;

            (ii) give the Trustee notice of any default by the Master Servicer
      in remitting any required amount;

            (iii) at any time during the continuance of any such default, upon
      the written request of the Trustee, forthwith pay to the Trustee all
      amounts held in trust by such Paying Agent; and

            (iv) if the Depositor or Master Servicer determine it necessary in
      order to comply with the requirements of Regulation AB, provide to the
      Master Servicer the assessment of compliance and accountants report
      provided for in Section 3.11 with respect to the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB applicable to the duties of the
      Paying Agent.

            Section 4.04 Statements to Certificateholders; Reports to the
                         Trustee and the Depositor.

            (a) On each Distribution Date, the Master Servicer shall make
available in accordance with subsection (b) of this Section 4.04 to each Holder
of a Certificate, the Trustee, the Paying Agent and the Depositor a statement
(the "Distribution Date Statement") setting forth:

            (i) the applicable Determination Date, the applicable Record Date
      and the actual Distribution Date;

            (ii) the amount of such distribution to Holders of each Class of
      Class A Certificates allocable to principal, separately identifying the
      aggregate amount of any Unscheduled Principal Receipts and Liquidation
      Proceeds included therein and the Principal Balance of each Class of Class
      A Certificates;

            (iii) (A) the amount of such distribution to Holders of each Class
      of Class A Certificates allocable to interest, (B) the amount of the
      Current Class A Interest Distribution Amount allocated to each Class of
      Class A Certificates, (C) any Class A Interest Shortfall Amounts arising
      with respect to such Distribution Date and any remaining Class A Unpaid
      Interest Shortfall with respect to each Class after giving effect to such
      distribution, (D) the amount of any Non-Supported Interest Shortfall
      allocated to each Class of Class A Certificates for such Distribution Date
      and (E) the amount of any Relief Act Shortfall allocated to each Class of
      Class A Certificates for such Distribution Date;

            (iv) the amount of such distribution to Holders of each Class of
      Class B Certificates allocable to principal, separately identifying the
      aggregate amount of any Unscheduled Principal Receipts and Liquidation
      Proceeds included therein and the Principal Balance of each Class of Class
      B Certificates;

            (v) (A) the amount of such distribution to Holders of each Class of
      Class B Certificates allocable to interest, (B) the amount of the Current
      Class B Interest Distribution Amount allocated to each Class of Class B
      Certificates (C) any Class B Interest Shortfall Amounts arising with
      respect to such Distribution Date and any remaining Class B Unpaid
      Interest Shortfall with respect to each Class of Class B Certificates
      after giving effect to such distribution, (D) the amount of any
      Non-Supported Interest Shortfall allocated to each Class of Class B
      Certificates for such Distribution Date and (E) the amount of any Relief
      Act Shortfall allocated to each Class of Class B Certificates for such
      Distribution Date;

            (vi) the amount of any Periodic Advance by or reimbursed to any
      Servicer, the Master Servicer or the Trustee pursuant to the Servicing
      Agreements or this Agreement;

            (vii) the number and aggregate principal balance of Mortgage Loans
      outstanding, the weighted average Mortgage Interest Rate and weighted
      average remaining term to maturity of the Mortgage Loans outstanding and
      the cumulative prepayment amounts, in each case, as of the preceding
      Determination Date;

            (viii) the number and aggregate principal balances of the Mortgage
      Loans by range of current Mortgage Interest Rates;

            (ix) the pool factors for such Distribution Date;

            (x) the beginning and ending balance of the Certificate Account;

            (xi) the Class A Principal Balance, the Principal Balance of each
      Class of Class A Certificates, the Class B Principal Balance and the
      Principal Balance of each Class of Class B Certificates prior to and after
      giving effect to the distributions of principal made, and the principal
      portion of Realized Losses, if any, allocated with respect to such
      Distribution Date;

            (xii) the Adjusted Pool Amount and the Pool Scheduled Principal
      Balance of the Mortgage Loans for such Distribution Date;

            (xiii) the aggregate Scheduled Principal Balances of the Mortgage
      Loans serviced by Wells Fargo Bank in its capacity as Servicer and,
      collectively, by the Other Servicers as of such Distribution Date;

            (xiv) the Class A Percentage for such Distribution Date;

            (xv) the Class A Prepayment Percentage for such Distribution Date;

            (xvi) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and
      Class B-6 Percentages for such Distribution Date;

            (xvii) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and
      Class B-6 Prepayment Percentages for such Distribution Date;

            (xviii) the number and aggregate principal balances of Mortgage
      Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or
      bankruptcy), grouping such delinquent Mortgage Loans in 30 day increments
      up to 180 days delinquent (determined in accordance with the Mortgage
      Bankers' Association delinquency methodology), (B) in foreclosure, as of
      the close of business on the last day of the calendar month preceding the
      Distribution Date and (C) in bankruptcy as of the close of business on the
      last day of the calendar month preceding the Distribution Date;

            (xix) the number and aggregate principal balances of the Mortgage
      Loans that are REO Mortgage Loans as of the Determination Date immediately
      preceding such Distribution Date;

            (xx) the aggregate amount of Realized Losses incurred during the
      preceding calendar month;

            (xxi) any expenses or indemnification amounts paid by the Trust, the
      specific purpose of each payment and the parties to whom the payments were
      made;

            (xxii) the amount by which the Principal Balance of each Class of
      Class B Certificates has been reduced as a result of Realized Losses
      allocated as of such Distribution Date;

            (xxiii) the amount of the aggregate Servicing Fees and Master
      Servicing Fees paid (and not previously reported) with respect to the
      related Distribution Date and the amount by which the aggregate Available
      Master Servicer Compensation has been reduced by the Prepayment Interest
      Shortfall for the related Distribution Date;

            (xxiv) the amount of PMI Advances made by a Servicer, if any;

            (xxv) the Class A Pass-Through Rate for each Class of Class A
      Certificates and the Class B Pass-Through Rate for each Class of Class B
      Certificates;

            (xxvi) any material modifications, extensions or waivers to Mortgage
      Loan terms, fees, penalties or payments since the previous Distribution
      Date;

            (xxvii) any material breaches of representations and warranties
      relating to the Mortgage Loans or material breaches of transaction
      covenants or representations and warranties;

            (xxviii) if any of the Mortgage Loans have prepayment penalties, the
      aggregate amount of any prepayment penalties paid; and

            (xxix) any other customary information as is required to enable
      Certificateholders to prepare their tax returns.

            In the case of information furnished with respect to a Class of
Class A Certificates pursuant to clauses (ii) and (iii) above and with respect
to a Class of Class B Certificates pursuant to clauses (iv) and (v) above, the
amounts shall be expressed as a dollar amount per Class A or Class B Certificate
(other than the Residual Certificate) with a $1,000 Denomination, and as a
dollar amount per Residual Certificate with a $100 Denomination.

            Within a reasonable period of time after the end of each calendar
year, the Paying Agent shall, upon request, furnish or cause to be furnished to
each Person who at any time during the calendar year was the Holder of a
Certificate a statement containing the information set forth in clauses (ii) and
(iii)(A) above in the case of a Class A Certificateholder and the information
set forth in clauses (iv) and (v)(A) above in the case of a Class B
Certificateholder aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of the
Paying Agent shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer or
the Trustee pursuant to any requirements of the Code from time to time in force.

            Unless the Master Servicer is acting as the Paying Agent, prior to
the close of business on the second Business Day preceding each Distribution
Date, the Master Servicer shall furnish a statement to any Paying Agent (the
information in such statement to be made available to Certificateholders by the
Paying Agent on written request) setting forth the Class A Distribution Amount
with respect to each Class of Class A Certificates and the Class B Distribution
Amount with respect to each Class of Class B Certificates. The determination by
the Master Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
and the Paying Agent shall be protected in relying upon the same without any
independent check or verification.

            In addition to the Distribution Date Statements and the annual
statements required pursuant to this Section 4.04(a), the Paying Agent shall
make available upon request to each Holder and each proposed transferee of a
Class B-4, Class B-5 or Class B-6 Certificate such additional information, if
any, as may be required to permit the proposed transfer to be effected pursuant
to Rule 144A, which information shall be provided on a timely basis to the
Paying Agent by the Master Servicer.

            (b) The Master Servicer's responsibility for disbursing the
information set forth in subsection (a) of this Section 4.04 to each Holder of a
Certificate, the Depositor and other interested parties is limited to the
availability, timeliness and the accuracy of the information provided by each
Servicer. The Master Servicer will make a copy of each Distribution Date
Statement provided pursuant to this Section 4.04 (and, at its option, any
additional files containing the same information in an alternative format)
available each month to Certificateholders and other interested parties, and
other parties to this Agreement via the Master Servicer's internet website,
which in the case of Wells Fargo Bank, is located at "www.ctslink.com." In
addition, the Paying Agent shall provide copies of the Distribution Date
Statement and the annual statements required pursuant to Section 4.04(a) to
Persons making written requests therefor at its Corporate Trust Office.
Assistance in using the internet website can be obtained by calling the Master
Servicer's customer service desk, which in the case of Wells Fargo Bank, is at
(866) 846-4526. Parties that are unable to use the above distribution method are
entitled to have a paper copy mailed to them via first class mail by calling the
customer service desk and indicating such. The Master Servicer shall have the
right to change the way the Distribution Date Statement is distributed in order
to make such distribution more convenient and/or more accessible and the Master
Servicer shall provide timely and adequate notification to the
Certificateholders and the parties to this Agreement regarding any such changes.

            The Master Servicer shall also be entitled to rely on but shall not
be responsible for the content or accuracy of any information provided by third
parties for purposes of preparing the Distribution Date Statement and may affix
thereto any disclaimer it deems appropriate in its reasonable discretion
(without suggesting liability on the part of any other party hereto).

            Section 4.05 Reserved.

            Section 4.06 Calculation of Amounts; Binding Effect of
                         Interpretations and Actions of Master Servicer.

            The Master Servicer will compute the amount of all distributions to
be made on the Certificates and all losses to be allocated to the Certificates.
In the event that the Master Servicer concludes that any ambiguity or
uncertainty exists in any provisions of this Agreement relating to distributions
to be made on the Certificates, the allocation of losses to the Certificates or
otherwise, the interpretation of such provisions and any actions taken by the
Master Servicer in good faith to implement such interpretation shall be binding
upon Certificateholders.

<PAGE>

                                    ARTICLE V

                                THE CERTIFICATES

            Section 5.01 The Certificates.

            (a) The Class A and Class B Certificates shall be issued only in
minimum Denominations of a Single Certificate and, except for the Residual
Certificate, integral multiples of $1 in excess thereof, and shall be
substantially in the respective forms set forth as Exhibits A-1, A-2, A-R, B-1,
B-2, B-3, B-4, B-5, B-6 and C (reverse side of Certificates) hereto. On original
issue the Certificates shall be executed and delivered by the Paying Agent to or
upon the order of the Depositor upon receipt by the Trustee or the Custodian of
the documents specified in Section 2.01(a). The aggregate principal portion
evidenced by the Class A and Class B Certificates shall be the sum of the
amounts specifically set forth in the respective Certificates. The Certificates
shall be executed by manual or facsimile signature on behalf of the Paying Agent
by any Responsible Officer thereof. Certificates bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Paying
Agent shall bind the Paying Agent notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the countersigning of such
Certificates and delivery of such Certificates or did not hold such offices at
the date of such Certificates. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless manually countersigned
by a Responsible Officer of the Authenticating Agent, or unless there appears on
such Certificate a certificate of authentication executed by the Authenticating
Agent by manual signature, and such countersignature or certificate upon a
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

            Until such time as Definitive Certificates are issued pursuant to
Section 5.07, each Book-Entry Certificate shall bear the following legend:

            "Unless this certificate is presented by an authorized
representative of [the Clearing Agency] to the Depositor or its agent for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of [the Clearing Agency] or such other name as requested
by an authorized representative of [the Clearing Agency] and any payment is made
to [the Clearing Agency], any transfer, pledge or other use hereof for value or
otherwise by or to any person is wrongful since the registered owner hereof,
[the Clearing Agency], has an interest herein."

            (b) Upon original issuance, the Book-Entry Certificates shall be
issued in the form of one or more typewritten certificates, to be delivered to
The Depository Trust Company, the initial Clearing Agency, by, or on behalf of,
the Depositor or to, and deposited with the Certificate Custodian, on behalf of
The Depository Trust Company, if directed to do so pursuant instructions from
The Depository Trust Company. Such Certificates shall initially be registered in
the Certificate Register in the name of the nominee of the initial Clearing
Agency, and no Beneficial Owner will receive a definitive certificate
representing such Beneficial Owner's interest in the Book-Entry Certificates,
except as provided in Section 5.07. Unless and until definitive, fully
registered certificates ("Definitive Certificates") have been issued to
Beneficial Owners pursuant to Section 5.07:

            (i) the provisions of this Section 5.01(b) shall be in full force
      and effect;

            (ii) the Depositor, the Master Servicer, the Certificate Registrar,
      the Paying Agent and the Trustee may deal with the Clearing Agency for all
      purposes (including the making of distributions on the Book-Entry
      Certificates and the taking of actions by the Holders of Book-Entry
      Certificates) as the authorized representative of the Beneficial Owners;

            (iii) to the extent that the provisions of this Section 5.01(b)
      conflict with any other provisions of this Agreement, the provisions of
      this Section 5.01(b) shall control;

            (iv) the rights of Beneficial Owners shall be exercised only through
      the Clearing Agency and shall be limited to those established by law, the
      rules, regulations and procedures of the Clearing Agency and agreements
      between such Beneficial Owners and the Clearing Agency and/or the Clearing
      Agency Participants, and all references in this Agreement to actions by
      Certificateholders shall, with respect to the Book-Entry Certificates,
      refer to actions taken by the Clearing Agency upon instructions from the
      Clearing Agency Participants, and all references in this Agreement to
      distributions, notices, reports and statements to Certificateholders
      shall, with respect to the Book-Entry Certificates, refer to
      distributions, notices, reports and statements to the Clearing Agency or
      its nominee, as registered holder of the Book-Entry Certificates, as the
      case may be, for distribution to Beneficial Owners in accordance with the
      procedures of the Clearing Agency; and

            (v) the initial Clearing Agency will make book-entry transfers among
      the Clearing Agency Participants and receive and transmit distributions of
      principal and interest on the Certificates to the Clearing Agency
      Participants, for distribution by such Clearing Agency Participants to the
      Beneficial Owners or their nominees.

            For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of
Book-Entry Certificates evidencing specified Voting Interests, such direction or
consent shall be given by Beneficial Owners having the requisite Voting
Interests, acting through the Clearing Agency.

            Unless and until Definitive Certificates have been issued to
Beneficial Owners pursuant to Section 5.07, copies of the Distribution Date
Statements shall be available to Beneficial Owners upon written request to the
Paying Agent at its Corporate Trust Office.

            Section 5.02 Registration of Certificates.

            (a) The Certificate Registrar shall cause to be kept at one of the
offices or agencies to be maintained in accordance with the provisions of
Section 5.06 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Master Servicer shall act as, or shall appoint, a
Certificate Registrar for the purpose of registering Certificates and transfers
and exchanges of Certificates as herein provided.

            Upon surrender for registration of transfer of any Certificate at
any office or agency maintained for such purpose pursuant to Section 5.06 (and
subject to the provisions of this Section 5.02) the Paying Agent shall execute,
and shall date, countersign (or cause the Authenticating Agent to countersign)
and deliver, in the name of the designated transferee or transferees, one or
more new Certificates of a like aggregate principal portion or Percentage
Interest and of the same Class.

            At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized Denominations of a like aggregate
principal portion or Percentage Interest and of the same Class upon surrender of
the Certificates to be exchanged at any such office or agency. Whenever any
Certificates are so surrendered for exchange, the Paying Agent shall execute,
and shall date, countersign (or cause the Authenticating Agent to countersign)
and deliver, the Certificates which the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar or the Paying Agent)
be duly endorsed by, or be accompanied by a written instrument of transfer in
form satisfactory to the Certificate Registrar, duly executed by the Holder
thereof or his attorney duly authorized in writing.

            No service charge shall be made for any transfer or exchange of
Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.

            All Certificates surrendered for transfer and exchange shall be
canceled by the Certificate Registrar, the Paying Agent or the Authenticating
Agent in accordance with their standard procedures.

            (b) No transfer of a Class B-4, Class B-5 or Class B-6 Certificate
shall be made unless the registration requirements of the 1933 Act and any
applicable State securities laws are complied with, or such transfer is exempt
from the registration requirements under said Act and laws. In the event that a
transfer is to be made in reliance upon an exemption from said Act or laws, the
Master Servicer shall require the transferee (other than an affiliate of the
Depositor on the Closing Date) to execute an investment letter in the form of
Exhibit J hereto certifying to the Depositor and the Master Servicer the facts
surrounding such transfer, which investment letter shall not be an expense of
the Depositor or the Master Servicer. The Holder of a Class B-4, Class B-5 or
Class B-6 Certificate desiring to effect such transfer shall, and does hereby
agree to, indemnify the Trustee, the Depositor, the Master Servicer and any
Paying Agent 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. Neither
the Depositor nor the Master Servicer is under an obligation to register the
Class B-4, Class B-5 or Class B-6 Certificates under said Act or any other
securities law. For the purposes of this Section 5.02(b) the representations
required in any investment letter (in substantially the form attached hereto as
Exhibit J for any transfer of a Class B-4, Class B-5 or Class B-6 Certificate)
shall be deemed to have been made in connection with the transfer of any Class
B-4, Class B-5 or Class B-6 Certificate that is a Book-Entry Certificate.

            (c) No transfer of a Class B-4, Class B-5 or Class B-6 Certificate
shall be made unless the Master Servicer and the Depositor shall have received
(i) a representation letter from the transferee in the form of Exhibit J hereto,
to the effect that either (a) such transferee is not an employee benefit plan or
other retirement arrangement subject to Title I of ERISA or Code Section 4975,
or a governmental plan, as defined in Section 3(32) of ERISA, subject to any
federal, state or local law ("Similar Law") which is to a material extent
similar to the foregoing provisions of ERISA or the Code (collectively, a
"Plan") and is not a person acting on behalf of or using the assets of any such
Plan, which representation letter shall not be an expense of the Depositor or
the Master Servicer or (b) if such transferee is an insurance company, (A) the
source of funds used to purchase the Class B-4, Class B-5 or Class B-6
Certificate is an "insurance company general account" (as such term is defined
in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTE 95-60"),
60 Fed. Reg. 35925 (July 12, 1995)), (B) there is no Plan with respect to which
the amount of such general account's reserves and liabilities for the
contract(s) held by or on behalf of such Plan and all other Plans maintained by
the same employer (or affiliate thereof as defined in Section V(a)(1) of PTE
95-60) or by the same employee organization exceeds 10% of the total of all
reserves and liabilities of such general account (as such amounts are determined
under Section I(a) of PTE 95-60) at the date of acquisition and (C) the purchase
and holding of such Class B-4, Class B-5 or Class B-6 Certificate is covered by
Sections I and III of PTE 95-60 or (ii) in the case of any such Class B-4, Class
B-5 or Class B-6 Certificate presented for registration in the name of a Plan,
or a trustee of any such Plan, (A) an Opinion of Counsel satisfactory to the
Master Servicer and the Depositor to the effect that the purchase or holding of
such Class B-4, Class B-5 or Class B-6 Certificate will not constitute or result
in a non-exempt prohibited transaction within the meaning of ERISA, Section 4975
of the Code or Similar Law and will not subject the Depositor or the Master
Servicer to any obligation in addition to those undertaken in this Agreement,
which Opinion of Counsel shall not be an expense of the Depositor or the Master
Servicer and (B) such other opinions of counsel, Officer's Certificates and
agreements as the Depositor or the Master Servicer may require in connection
with such transfer, which opinions of counsel, Officer's Certificates and
agreements shall not be an expense of the Depositor or the Master Servicer. The
applicable representation set forth in clause (i) shall be deemed to have been
made to the Depositor and Master Servicer by the acceptance by a transferee of
the beneficial interest in any such Class B-4, Class B-5 and Class B-6
Certificates, unless the Depositor and Master Servicer shall have received from
the transferee either an alternative representation acceptable in form and
substance to the Depositor and Master Servicer or the Opinion of Counsel and
other documentation set forth in clause (ii). The Class B-4, Class B-5 and Class
B-6 Certificates shall bear a legend referring to the foregoing restrictions
contained in this paragraph.

            (d) No legal or beneficial interest in all or any portion of the
Residual Certificate may be transferred directly or indirectly to a
"disqualified organization" within the meaning of Code Section 860E(e)(5) or an
agent of a disqualified organization (including a broker, nominee, or
middleman), to a Plan or a Person acting on behalf of or investing the assets of
a Plan (such Plan or Person, an "ERISA Prohibited Holder") or to an individual,
corporation, partnership or other person unless such transferee (i) is not a
Non-U.S. Person or (ii) is a Non-U.S. Person that holds the Residual Certificate
in connection with the conduct of a trade or business within the United States
and has furnished the transferor and the Master Servicer with an effective
Internal Revenue Service Form W-8ECI or (iii) is a Non-U.S. Person that has
delivered to both the transferor and the Master Servicer an opinion of a
nationally recognized tax counsel to the effect that the transfer of the
Residual Certificate to it is in accordance with the requirements of the Code
and the regulations promulgated thereunder and that such transfer of the
Residual Certificate will not be disregarded for federal income tax purposes
(any such person who is not covered by clauses (i), (ii) or (iii) above being
referred to herein as a "Non-permitted Foreign Holder"), and any such purported
transfer shall be void and have no effect. The Paying Agent shall not execute,
and shall not countersign (or cause the Authenticating Agent to countersign) and
deliver, a new Residual Certificate in connection with any such transfer to a
disqualified organization or agent thereof (including a broker, nominee or
middleman), an ERISA Prohibited Holder or a Non-permitted Foreign Holder, and
neither the Certificate Registrar nor the Paying Agent shall accept a surrender
for transfer or registration of transfer, or register the transfer of, the
Residual Certificate, unless the transferor shall have provided to the Master
Servicer an affidavit, substantially in the form attached as Exhibit H hereto,
signed by the transferee, to the effect that the transferee is not such a
disqualified organization, an agent (including a broker, nominee, or middleman)
for any entity as to which the transferee has not received a substantially
similar affidavit, an ERISA Prohibited Holder or a Non-permitted Foreign Holder,
which affidavit shall contain the consent of the transferee to any such
amendments of this Agreement as may be required to further effectuate the
foregoing restrictions on transfer of the Residual Certificate to disqualified
organizations, ERISA Prohibited Holders or Non-permitted Foreign Holders. Such
affidavit shall also contain the statement of the transferee that (i) the
transferee has historically paid its debts as they have come due and intends to
do so in the future, (ii) the transferee understands that it may incur
liabilities in excess of cash flows generated by the residual interest, (iii)
the transferee intends to pay taxes associated with holding the residual
interest as they become due (iv) the transferee will not cause income from the
Residual Certificate to be attributable to a foreign permanent establishment or
fixed base, within the meaning of an applicable income tax treaty, of such
transferee or any other Person, and (v) the transferee will not transfer the
Residual Certificate to any Person who does not provide an affidavit
substantially in the form attached as Exhibit H hereto.

            The affidavit described in the preceding paragraph, if not executed
in connection with the initial issuance of the Residual Certificate, shall be
accompanied by a written statement in the form attached as Exhibit I hereto,
signed by the transferor, to the effect that as of the time of the transfer, the
transferor has no actual knowledge that the transferee is a disqualified
organization, ERISA Prohibited Holder or Non-permitted Foreign Holder, and has
no knowledge or reason to know that the statements made by the transferee with
respect to clauses (i) and (iii) of the last sentence of the preceding paragraph
are not true. The Residual Certificate shall bear a legend referring to the
foregoing restrictions contained in this paragraph and the preceding paragraph.

            Upon actual knowledge of a Master Servicing Officer or a Responsible
Officer of the Paying Agent that any legal or beneficial interest in any portion
of the Residual Certificate has been transferred, directly or indirectly, to a
disqualified organization or agent thereof (including a broker, nominee, or
middleman) in contravention of the foregoing restrictions, (i) such transferee
shall be deemed to hold the Residual Certificate in constructive trust for the
last transferor who was not a disqualified organization or agent thereof, and
such transferor shall be restored as the owner of such Residual Certificate as
completely as if such transfer had never occurred, provided that the Master
Servicer may, but is not required to, recover any distributions made to such
transferee with respect to the Residual Certificate, and (ii) the Master
Servicer agrees to furnish to the Internal Revenue Service and to any transferor
of the Residual Certificate or such agent (within 60 days of the request
therefor by the transferor or agent) such information necessary to the
application of Code Section 860E(e) as may be required by the Code, including
but not limited to the present value of the total anticipated excess inclusions
with respect to the Residual Certificate (or portion thereof) for periods after
such transfer. At the election of the Master Servicer, the cost to the Master
Servicer of computing and furnishing such information may be charged to the
transferor or such agent referred to above; however, the Master Servicer shall
in no event be excused from furnishing such information.

            Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.

            If (i) any mutilated Certificate is surrendered to the Paying Agent,
the Certificate Registrar or the Authenticating Agent, or the Paying Agent, the
Certificate Registrar or the Authenticating Agent receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Paying Agent, the Certificate Registrar or the
Authenticating Agent such security or indemnity as may be required by them to
hold each of them harmless, then, in the absence of notice to the Paying Agent,
the Certificate Registrar or the Authenticating Agent that such Certificate has
been acquired by a bona fide purchaser, the Paying Agent shall execute and
countersign (or cause the Authenticating Agent to countersign) and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor and principal portion or Percentage
Interest and of the same Class. Upon the issuance of any new Certificate under
this Section, the Paying Agent or the Certificate Registrar 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 expense (including the fees and
expenses of the Paying Agent or the Authenticating Agent) in connection
therewith. Any duplicate Certificate issued pursuant to this Section shall
constitute complete and indefeasible evidence of ownership in the Trust Estate,
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.

            Prior to the due presentation of a Certificate for registration of
transfer, the Depositor, the Master Servicer, the Trustee, the Paying Agent, the
Certificate Registrar and any agent of the Depositor, the Master Servicer, the
Trustee, the Paying Agent or the Certificate Registrar may treat the Person in
whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions pursuant to Section 4.01, and for all
other purposes whatsoever, and neither the Depositor, the Master Servicer, the
Trustee, the Certificate Registrar, the Paying Agent nor any agent of the
Depositor, the Master Servicer, the Trustee, the Certificate Registrar or the
Paying Agent shall be affected by notice to the contrary.

            Section 5.05 Access to List of Certificateholders' Names and
                         Addresses.

            (a) If the Paying Agent is not acting as Certificate Registrar, the
Certificate Registrar shall furnish or cause to be furnished to the Paying
Agent, within 15 days after receipt by the Certificate Registrar of a request by
the Paying Agent in writing, a list, in such form as the Paying Agent may
reasonably require, of the names and addresses of the Certificateholders of each
Class as of the most recent Record Date.

            (b) If five or more Certificateholders (hereinafter referred to as
"applicants") apply in writing to the Certificate Registrar, and such
application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Certificates and is accompanied by a copy of the communication which such
applicants propose to transmit, then the Certificate Registrar shall, within
five Business Days following the receipt of such application, afford such
applicants access during normal business hours to the most recent list of
Certificateholders held by the Certificate Registrar.

            (c) Every Certificateholder, by receiving and holding a Certificate,
agrees with the Depositor, the Master Servicer, the Certificate Registrar, the
Paying Agent and the Trustee that neither the Depositor, the Master Servicer,
the Certificate Registrar, the Paying Agent nor the Trustee shall be held
accountable by reason of the disclosure of any such information as to the names,
addresses and Percentage Interests of the Certificateholders hereunder,
regardless of the source from which such information was delivered.

            Section 5.06 Maintenance of Office or Agency.

            The Certificate Registrar will maintain, at its expense, an office
or agency where Certificates may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Certificate Registrar in
respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates the Corporate Trust Office of the Certificate
Registrar, if any, as its offices and agencies for said purposes.

            Section 5.07 Definitive Certificates.

            If (A) the Clearing Agency advises the Paying Agent in writing that
the Clearing Agency is no longer willing or able properly to discharge its
responsibilities as depository with respect to the Book-Entry Certificates, and
(B) the Depositor is unable to locate a qualified successor, the Paying Agent
shall notify the Beneficial Owners, through the Clearing Agency, of the
occurrence of any such event and of the availability of Definitive Certificates
to Beneficial Owners requesting the same. Upon surrender to the Paying Agent by
the Clearing Agency of the Certificates held of record by its nominee,
accompanied by reregistration instructions and directions to execute and
authenticate new Certificates from the Depositor, the Paying Agent shall execute
and cause the Authenticating Agent to countersign Definitive Certificates for
delivery at its Corporate Trust Office. The Depositor shall arrange for, and
will bear all costs of, the printing and issuance of such Definitive
Certificates. Except with the consent of the Depositor, the Paying Agent shall
not execute or cause the Authenticating Agent to countersign Definitive
Certificates in exchange for Book-Entry Certificates except as set forth above.
Neither the Depositor, the Master Servicer nor the Paying Agent shall be liable
for any delay in delivery of such instructions by the Clearing Agency and may
conclusively rely on, and shall be protected in relying on, such instructions.

            Section 5.08 Notices to Clearing Agency.

            Whenever notice or other communication to the Holders of Book-Entry
Certificates is required under this Agreement, unless and until Definitive
Certificates shall have been issued to Beneficial Owners pursuant to Section
5.07, the Paying Agent shall give all such notices and communications specified
herein to be given to Holders of Book-Entry Certificates to the Clearing Agency.

<PAGE>

                                   ARTICLE VI

                      THE DEPOSITOR AND THE MASTER SERVICER

            Section 6.01 Liability 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 imposed
by this Agreement and undertaken hereunder by the Depositor and the Master
Servicer.

            Section 6.02 Merger or Consolidation of the Depositor or the Master
                         Servicer.

            Subject to the following paragraph (a) the Depositor will keep in
full effect its existence, rights and franchises as a corporation under the laws
of the jurisdiction of its incorporation, 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, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement and (b) the Master
Servicer will keep in full effect its power and authority as a national banking
association under the laws of the jurisdiction of its organization, and will
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

            The Depositor or the Master Servicer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets to
any Person, in which case any Person resulting from any merger or consolidation
to which the Depositor or Master Servicer shall be a party, or any Person
succeeding to the business of the Depositor or Master Servicer, shall be the
successor of the Depositor or Master Servicer hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding; provided, however,
that, (a) in the case of the Master Servicer, any such successor or resulting
Person shall have a net worth of not less than $15,000,000 and be qualified to
service mortgage loans for Fannie Mae or Freddie Mac and (b) the Master Servicer
and such successor or surviving Person shall notify the Depositor and the
Trustee of any such merger, conversion or consolidation at least two Business
Days prior to the effective date thereof (unless giving such prior notice would
be prohibited by applicable law or by a confidentiality agreement, in which case
notice shall be given by 12 noon Eastern time one Business Day after such merger
or consolidation).

            Section 6.03 Limitation on Liability of the Depositor, the Master
                         Servicer and Others.

            Neither the Depositor nor the Master Servicer nor any subcontractor
nor any of the directors, officers, employees or agents of any of them shall be
under any liability to the Trust Estate or the Certificateholders and all such
Persons shall be held harmless 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 any such
Person against any breach of warranties or representations made herein or
against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. The Depositor,
the Master Servicer, any subcontractor, and any director, officer, employee or
agent of any of them shall be entitled to indemnification by the Trust Estate
and will be held harmless against any loss, liability or expense incurred in
connection with the performance of their duties and obligations, the exercise of
their rights or any legal action (including but not limited to, costs and
expenses of litigation, and of investigation, attorney's fees, damages,
judgments and amounts paid in settlement) under this Agreement, the Certificates
or the Mortgage Loans (except for amounts due by the Depositor in connection
with the breach of a representation or warranty covering the Mortgage Loans),
including, in the case of the Master Servicer, any indemnity amounts paid by the
Master Servicer to a Servicer pursuant to the applicable Servicing Agreement,
other than any loss, liability or expense (including without limitation,
expenses payable by the Master Servicer under Section 8.06) incurred by reason
of willful misfeasance, bad faith or gross negligence in the performance of his
or its duties hereunder or by reason of reckless disregard of his or its
obligations and duties hereunder. The Depositor, the Master Servicer and any of
the directors, officers, employees or agents of either may rely in good faith on
any document of any kind which, prima facie, is properly executed and submitted
by any Person respecting any matters arising hereunder. Neither the Depositor
nor the Master Servicer shall be under any obligation to appear in, prosecute or
defend any legal action unless such action is related to its respective duties
under this Agreement and, in its opinion, does not involve it in any expense or
liability; provided, however, that the Depositor or the Master Servicer may in
its discretion undertake any such action which it may deem necessary or
desirable with respect to this Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder if the
Certificateholders offer to the Depositor or the Master Servicer, as the case
may be, reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby. 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 Estate, and the Depositor or the
Master Servicer shall be entitled to be reimbursed therefor out of the
Certificate Account, and such amounts shall, on the following Distribution Date
or Distribution Dates, be allocated in reduction of distributions on the Class A
Certificates and Class B Certificates in the same manner as Realized Losses are
allocated pursuant to Section 4.02(a).

            Section 6.04 Resignation of the Master Servicer.

            The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except (a) upon appointment of a successor master servicer
and receipt by the Trustee of a letter from each Rating Agency that such a
resignation and appointment will not result in a downgrading of the rating of
any of the Certificates, (b) upon determination that its duties hereunder are no
longer permissible under applicable law, or (c) pursuant to Section 6.06. 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 such resignation shall become effective until the Trustee or a
successor master servicer shall have assumed the Master Servicer's
responsibilities, duties, liabilities and obligations hereunder.

            Section 6.05 Compensation to the Master Servicer.

            The Master Servicer shall be entitled to receive a monthly fee equal
to the Master Servicing Fee, as compensation for services rendered by the Master
Servicer under this Agreement. The Master Servicer also will be entitled to any
late reporting fees paid by a Servicer pursuant to its Servicing Agreement, any
investment income on funds on deposit in the Certificate Account invested in
accordance with Section 3.01(c), any investment income on funds on deposit in
the Payment Account invested in accordance with Section 4.03(a) and any
Liquidation Profits to which a Servicer is not entitled under its Servicing
Agreement.

            Section 6.06 Assignment or Delegation of Duties by Master Servicer.

            (a) The Master Servicer shall not assign or transfer any of its
rights, benefits or privileges under this Agreement to any other Person, or
delegate to or subcontract with, or authorize or appoint any other Person to
perform any of the duties, covenants or obligations to be performed by the
Master Servicer without the prior written consent of the Trustee, and any
agreement, instrument or act purporting to effect any such assignment, transfer,
delegation or appointment shall be void. Notwithstanding the foregoing, subject
to Section 6.06(b), the Master Servicer shall have the right without the prior
written consent of the Trustee (i) to assign its rights and delegate its duties
and obligations hereunder; provided, however, that (a) the purchaser or
transferee accepting such assignment or delegation is qualified to service
mortgage loans for Fannie Mae or Freddie Mac, and executes and delivers to the
Trustee an agreement, in form and substance reasonably satisfactory to the
Trustee, which contains an assumption by such purchaser or transferee of the due
and punctual performance and observance of each covenant and condition to be
performed or observed by the Master Servicer hereunder from and after the date
of such agreement; and (b) each applicable Rating Agency's rating of any
Certificates in effect immediately prior to such assignment, sale or transfer is
not reasonably likely to be qualified, downgraded or withdrawn as a result of
such assignment, sale or transfer and the Certificates are not reasonably likely
to be placed on credit review status by any such Rating Agency; and (ii) to
delegate to, subcontract with, authorize, or appoint an affiliate of the Master
Servicer to perform and carry out any duties, covenants or obligations to be
performed and carried out by the Master Servicer under this Agreement and hereby
agrees so to delegate, subcontract, authorize or appoint to an affiliate of the
Master Servicer any duties, covenants or obligations to be performed and carried
out by the Master Servicer to the extent that such duties, covenants or
obligations are to be performed in any state or states in which the Master
Servicer is not authorized to do business as a foreign corporation but in which
the affiliate is so authorized. In no case, however, shall any permitted
assignment and delegation relieve the Master Servicer of any liability to the
Trustee or the Depositor under this Agreement, incurred by it prior to the time
that the conditions contained in clause (i) above are met.

            (b) Notwithstanding anything contained herein to the contrary, to
the extent the Master Servicer engages any affiliate or third party vendor, in
connection with the performance of any of its duties under this Agreement, the
Master Servicer shall immediately notify the Depositor in writing of such
engagement (to the extent it has not already notified the Depositor pursuant to
clause (a) above); provided however, that prior to engaging any affiliate or
third party vendor in connection with the performance of any of its duties under
this Agreement, the Master Servicer shall determine (i) if such affiliates or
third party vendors would be a Servicing Function Participant and (ii) if such
affiliate or third party vendor would be a "servicer" within the meaning of Item
1101 of Regulation AB (an "Additional Master Servicer") and meets the criteria
in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB. If the Master Servicer
has determined that such affiliates or third party vendors are a Servicing
Function Participant, the Master Servicer shall cause such Servicing Function
Participant to prepare and deliver to the Master Servicer a separate assessment
and attestation report, as contemplated by Section 3.11 of this Agreement. In
addition, if the Master Servicer has determined that any such affiliate or third
party vendor would be an Additional Master Servicer and meets the criteria in
Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, the Master Servicer shall
cause such Additional Master Servicer to prepare and deliver to the Master
Servicer a separate compliance statement as contemplated by Section 3.05 of this
Agreement. In addition, if the Master Servicer determines any such affiliate or
third party vendor would be a "servicer" within the meaning of Item 1101 of
Regulation AB, the Master Servicer shall not engage such affiliate or third
party vendor unless it provides the Master Servicer and the Depositor the
information required by Section 1108(b) and 1108(c) of Regulation AB prior to
such engagement.

            (c) In the event of any assignment of rights or delegation of duties
of the Master Servicer, the Master Servicer shall report such event on Form 8-K
within four Business Days after the effective date thereof.

            Section 6.07 Indemnification of Trustee and Depositor by Master
                         Servicer.

            The Master Servicer shall indemnify and hold harmless the Trustee
and the Depositor and any director, officer or agent thereof against any loss,
liability or expense, including reasonable attorney's fees, arising out of, in
connection with or incurred by reason of (a) willful misfeasance, bad faith or
negligence in the performance of duties of the Master Servicer under this
Agreement or by reason of reckless disregard of its obligations and duties under
this Agreement, including, but not limited to the Master Servicer's obligation
to deliver any information, report, certification, accountants' letter or other
material required to comply with Regulation AB or (b) any material breach by the
Master Servicer of any of the representations and warranties contained in
Section 2.03(a). Any payment pursuant to this Section made by the Master
Servicer to the Trustee or the Depositor shall be from such entity's own funds,
without reimbursement therefor. The provisions of this Section 6.07 shall
survive the termination of this Agreement.

            Section 6.08 Master Servicer Errors and Omissions Policy.

            The Master Servicer shall maintain, at all times and at its own
expense, a Master Servicer Errors and Omissions Policy, which policy shall have
such terms and coverage amounts as are comparable to those of errors and
omissions policies maintained by master servicers of mortgage loans generally.

            The Master Servicer Errors and Omissions Policy shall insure the
Master Servicer, its successors and assigns, against any losses resulting from
negligence, errors or omissions on the part of officers, employees or other
persons acting on behalf of the Master Servicer in the performance of its duties
as Master Servicer pursuant to this Agreement.

            The Master Servicer shall maintain in effect the Master Servicer
Errors and Omissions Policy at all times and the Master Servicer Errors and
Omissions Policy may not be canceled, permitted to lapse or otherwise terminated
without the acquisition of comparable coverage by the Master Servicer.

<PAGE>

                                   ARTICLE VII

                                     DEFAULT

            Section 7.01 Events of Default.

            In case one or more of the following Events of Default by the Master
Servicer shall occur and be continuing, that is to say:

            (i) any failure by the Master Servicer to remit any funds to the
      Paying Agent as required by Section 4.03 continues unremedied for a period
      of three business days after either (a) receipt by the Master Servicer of
      written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Trustee or to the Master
      Servicer and the Trustee by the holders of Certificates evidencing in the
      aggregate not less than 25% of the aggregate Voting Interest represented
      by all Certificates or (b) solely in the case of the failure of the Master
      Servicer to remit any Periodic Advance required to be remitted pursuant to
      Section 3.03, the date upon which the Master Servicer delivered to the
      Trustee the certification required by Section 3.03(a);

            (ii) any failure on the part of the Master Servicer to observe or
      perform in any material respect any of its covenants or agreements under
      Sections 3.05, 3.11 or 3.12 hereof, subject to any cure period set forth
      in such sections;

            (iii) any failure on the part of the Master Servicer duly to observe
      or perform in any material respect any other of the covenants or
      agreements on the part of the Master Servicer in the Certificates or in
      this Agreement, which continues unremedied for a period of 60 days after
      the date on which written notice of such failure, requiring the same to be
      remedied, 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 in the aggregate not less than 25% of the
      aggregate Voting Interest represented by all Certificates;

            (iv) a decree or order of a court or agency or supervisory authority
      having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any bankruptcy, insolvency,
      readjustment of debt, marshaling 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 and unstayed for a period of 60
      days;

            (v) the Master Servicer shall consent to the appointment of a
      trustee, conservator, receiver or liquidator or liquidating committee in
      any bankruptcy, insolvency, readjustment of debt, marshaling of assets and
      liabilities, voluntary liquidation or similar proceedings of or relating
      to the Master Servicer, or of or relating to all or substantially all of
      its property;

            (vi) 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 any applicable insolvency, bankruptcy or reorganization statute, make
      an assignment for the benefit of its creditors or voluntarily suspend
      payment of its obligations;

            (vii) the Master Servicer shall be dissolved, or shall dispose of
      all or substantially all of its assets; or consolidate with or merge into
      another entity or shall permit another entity to consolidate or merge into
      it, such that the resulting entity does not meet the criteria for a
      successor servicer, as specified in Section 6.02 hereof; or

            (viii) the Master Servicer and any Subservicer appointed by it
      becomes ineligible to service for both Fannie Mae and Freddie Mac, which
      ineligibility continues unremedied for a period of 90 days;

then, and in each and every such case, subject to applicable law, so long as an
Event of Default shall not have been remedied, either the Trustee or the holders
of Certificates evidencing in the aggregate not less than 66 2/3% of the
aggregate Voting Interest represented by all Certificates, by notice in writing
to the Master Servicer (and to the Trustee if given by the Certificateholders)
may terminate all of the rights and obligations of the Master Servicer under
this Agreement and in and to the Mortgage Loans, but without prejudice to any
rights which the Master Servicer may have to the aggregate Master Servicing Fees
due prior to the date of transfer of the Master Servicer's responsibilities
hereunder, reimbursement of expenses to the extent permitted by this Agreement,
Periodic Advances and other advances of its own funds. Upon receipt by the
Master Servicer of such written notice, all authority and power of the Master
Servicer under this Agreement, whether with respect to the Certificates or the
Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
to and under this Section, subject to the provisions of Section 7.05; and,
without limitation, 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. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder and shall promptly provide the
Trustee all documents and records reasonably requested by it to enable it to
assume the Master Servicer's functions hereunder and shall promptly also
transfer to the Trustee all amounts which then have been or should have been
deposited in the Certificate Account by the Master Servicer or which are
thereafter received by the Master Servicer with respect to the Mortgage Loans.

            Section 7.02 Other Remedies of Trustee.

            During the continuance of any Event of Default, so long as such
Event of Default shall not have been remedied, the Trustee, in addition to the
rights specified in Section 7.01, shall have the right, in its own name as
trustee of an express trust, to take all actions now or hereafter existing at
law, in equity or by statute to enforce its rights and remedies and to protect
the interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filing of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no remedy
provided for by this Agreement shall be exclusive of any other remedy, and each
and every remedy shall be cumulative and in addition to any other remedy and no
delay or omission to exercise any right or remedy shall impair any such right or
remedy or shall be deemed to be a waiver of any Event of Default.

            Section 7.03 Directions by Certificateholders and Duties of Trustee
                         During Event of Default.

            During the continuance of any Event of Default, Holders of
Certificates evidencing in the aggregate not less than 25% of the aggregate
Voting Interest represented by all Certificates may direct 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;
provided, however, that the Trustee shall be under no obligation to pursue any
such remedy, or to exercise any of the rights or powers vested in it by this
agreement (including, without limitation, (i) the conducting or defending of any
administrative action or litigation hereunder or in relation hereto and (ii) the
terminating of the Master Servicer from its rights and duties as servicer
hereunder) at the request, order or direction of any of the Certificateholders,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the cost, expenses and liabilities which may be
incurred therein or thereby and, provided further, that, subject to the
provisions of Section 8.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee, in accordance with an Opinion of
Counsel, determines that the action or proceeding so directed may not lawfully
be taken or if the Trustee in good faith determines that the action or
proceeding so directed would involve it in personal liability or be unjustly
prejudicial to the nonassenting Certificateholders.

            Section 7.04 Action upon Certain Failures of the Master Servicer and
                         upon Event of Default.

            In the event that the Trustee shall have knowledge of any failure of
the Master Servicer specified in Section 7.01(i), (ii) or (iii) which would
become an Event of Default upon the Master Servicer's failure to remedy the same
after notice, the Trustee may, but need not if the Trustee deems it not in the
Certificateholders' best interest, give notice thereof to the Master Servicer;
provided however that, without limiting any remedy as a result of such failure,
the Trustee shall be required to give notice thereof to the Master Servicer in
the case of the failure by the Master Servicer to observe or perform any of its
covenants under Sections 3.05, 3.11, 3.12, 6.02 or 6.06(b) of this Agreement.
For all purposes of this Agreement, in the absence of actual knowledge by a
Responsible Officer of the Trustee, the Trustee shall not be deemed to have
knowledge of any failure of the Master Servicer as specified in Section 7.01(i),
(ii) and (iii) or any Event of Default unless notified thereof in writing by the
Master Servicer or by a Certificateholder.

            Section 7.05 Trustee to Act; Appointment of Successor.

            When the Master Servicer receives notice of termination pursuant to
Section 7.01 or the Trustee receives the resignation of the Master Servicer
evidenced by an Opinion of Counsel pursuant to Section 6.04, the Trustee shall
be the successor in all respects to the Master Servicer in its capacity as
master servicer under this Agreement and the transactions set forth or provided
for herein and shall have the rights and powers and be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer by the terms and provisions hereof and in its capacity as such
successor shall have the same limitation of liability herein granted to the
Master Servicer. In the event that the Trustee is succeeding to the Master
Servicer as the Master Servicer, as compensation therefor, the Trustee shall be
entitled to receive monthly such portion of the Master Servicing Fee, together
with such other master servicing compensation as is agreed to at such time by
the Trustee and the Master Servicer, but in no event more than 25% thereof until
the date of final cessation of the Master Servicer's master servicing activities
hereunder. Notwithstanding the above, the Trustee may, if it shall be unwilling
to so act, or shall, if it is unable to so act or to obtain a qualifying bid as
described below, appoint, or petition a court of competent jurisdiction to
appoint, any housing and home finance institution, bank or mortgage servicing
institution having a net worth of not less than $10,000,000 and meeting such
other standards for a successor master servicer as are set forth herein, 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;
provided, however, that until such a successor master servicer is appointed and
has assumed the responsibilities, duties and liabilities of the Master Servicer
hereunder, the Trustee shall continue as the successor to the Master Servicer as
provided above. Upon cessation of the Master Servicer's master servicing
activities hereunder, the Trustee or any other successor master servicer shall
be entitled to compensation not to exceed the compensation specified in Section
6.05 hereof, which amount shall include compensation for acting as paying agent.
If the Master Servicer and the Paying Agent are not the same party, the Master
Servicer shall pay the compensation of the Paying Agent. In the event the
Trustee is required to solicit bids as provided above, the Trustee shall
solicit, by public announcement, bids from housing and home finance
institutions, banks and mortgage servicing institutions meeting the
qualifications set forth in the preceding sentence for the purchase of the
master servicing functions. Such public announcement shall specify that the
successor master servicer shall be entitled to the full amount of the Master
Servicing Fee as compensation together with the other master servicing
compensation in the form of late reporting fees or otherwise as provided in
Section 6.05, which amount shall include compensation for acting as paying
agent. Within 30 days after any such public announcement, the Trustee shall
negotiate and effect the sale, transfer and assignment of the master servicing
rights and responsibilities hereunder to the qualified party submitting the
highest qualifying bid. The Trustee shall deduct all costs and expenses of any
public announcement and of any sale, transfer and assignment of the master
servicing rights and responsibilities hereunder from any sum received by the
Trustee from the successor to the Master Servicer in respect of such sale,
transfer and assignment. After such deductions, the remainder of such sum shall
be paid by the Trustee to the Master Servicer at the time of such sale, transfer
and assignment to the Master Servicer's successor. The Trustee and such
successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession. The Master Servicer agrees to
cooperate with the Trustee and any successor master servicer in effecting the
termination of the Master Servicer's servicing responsibilities and rights
hereunder and shall promptly provide the Trustee or such successor master
servicer, as applicable, all documents and records reasonably requested by it to
enable it to assume the Master Servicer's function hereunder and shall promptly
also transfer to the Trustee or such successor master servicer, as applicable,
all amounts which then have been or should have been deposited in the
Certificate Account by the Master Servicer or which are thereafter received by
the Master Servicer with respect to the Mortgage Loans. 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 caused by (i) the failure of the Master
Servicer to deliver, or any delay in delivering, cash, documents or records to
it, or (ii) restrictions imposed by any regulatory authority having jurisdiction
over the Master Servicer. Notwithstanding anything to the contrary contained in
Section 7.01 above or this Section 7.05, the Master Servicer shall retain all of
its rights and responsibilities hereunder, and no successor (including the
Trustee) shall succeed thereto, if the assumption thereof by such successor
would cause the rating assigned to any Certificates to be revoked, downgraded or
placed on credit review status (other than for possible upgrading) by either
Rating Agency and the retention thereof by the Master Servicer would avert such
revocation, downgrading or review.

            All costs associated with the appointment of a successor master
servicer, to the extent not deducted from any sum received by the Trustee from
the successor master servicer, shall be paid to the Person that incurred them by
the predecessor master servicer. Without limiting the predecessor master
servicer's obligation, if the predecessor master servicer fails to pay such
costs, such costs shall be reimbursed by the Trust.

            The predecessor Master Servicer and successor Master Servicer shall
notify the Depositor and Trustee of any such appointment at least two Business
Days prior to the effective date thereof and shall provide the Depositor and the
Trustee with all information required by the Depositor to comply with its
reporting obligation under Item 6.02 of Form 8-K not later than the effective
date of such appointment and the successor Master Servicer shall report such
event on Form 8-K within four business days of the occurrence of such event.

            Section 7.06 Notification to Certificateholders.

            Upon any termination of the Master Servicer or appointment of a
successor master servicer, in each case as provided herein, the Trustee shall
give prompt written notice thereof to Certificateholders at their respective
addresses appearing in the Certificate Register. The Trustee shall also, within
45 days after the occurrence of any Event of Default known to the Trustee, give
written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register, unless such Event of Default shall have
been cured or waived within said 45 day period.

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

            Section 8.01 Duties of Trustee.

            The Trustee, prior to the occurrence of an Event of Default of which
a Responsible Officer of the Trustee shall have actual knowledge and after the
curing of all Events of Default which may have occurred, undertakes to perform
such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default of which a Responsible Officer of the
Trustee shall have actual knowledge has occurred (which has not been cured), the
Trustee, subject to the provisions of Sections 7.01, 7.03, 7.04 and 7.05, shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in its 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, which 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 certificate, statement,
instrument, report, notice or other document furnished by the Master Servicer or
the Servicers hereunder.

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

            (i) Prior to the occurrence of an Event of Default of which a
      Responsible Officer of the Trustee shall have actual knowledge and after
      the curing of all such Events of Default which may have occurred, the
      duties and obligations of the Trustee shall be determined solely by the
      express provisions of this Agreement, the Trustee shall not be liable
      except for the performance of such duties and obligations as are
      specifically set forth in this Agreement, no implied covenants or
      obligations shall be read into this Agreement against the Trustee and, in
      the absence of bad faith on the part of the Trustee, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness
      of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee, and conforming to the requirements of this
      Agreement;

            (ii) The Trustee shall not be personally 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 which evidence in
      the aggregate not less than 25% of the Voting Interest represented by all
      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;

            (iii) The Trustee shall not be liable for any error of judgment made
      in good faith by any of its Responsible Officers, unless it shall be
      proved that the Trustee or such Responsible Officer, as the case may be,
      was negligent in ascertaining the pertinent facts; and

            (iv) The Trustee shall not be required to take notice or be deemed
      to have notice or knowledge of any default or Event of Default unless a
      Responsible Officer of the Trustee shall have received written notice or
      obtained actual knowledge thereof. In absence of such notice or actual
      knowledge, the Trustee may conclusively assume that there is no default or
      Event of Default.

            None of the provisions contained in this Agreement shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if there is reasonable ground for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

            Section 8.02 Certain Matters Affecting the Trustee.

            Except as otherwise provided in Section 8.01:

            (i) The Trustee may request and rely and shall be protected in
      acting or refraining from acting upon any resolution, Officer's
      Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal,
      bond or other paper or document believed by it to be genuine and to have
      been signed or presented by the proper party or parties and the manner of
      obtaining consents and evidencing the authorization of the execution
      thereof shall be subject to such reasonable regulations as the Trustee may
      prescribe;

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

            (iii) The Trustee shall not be personally 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) Subject to Section 7.04, the Trustee shall not be accountable,
      shall have no liability and makes no representation as to any acts or
      omissions hereunder of the Master Servicer until such time as the Trustee
      may be required to act as Master Servicer pursuant to Section 7.05 and
      thereupon only for the acts or omissions of the Trustee as successor
      Master Servicer;

            (v) The Trustee may execute any of the trusts or powers hereunder or
      perform any duties hereunder either directly or by or through agents or
      attorneys and the Trustee shall not be responsible for any misconduct or
      negligence on the part of such agent or attorney appointed by any other
      party to this Agreement, including without limitation, the appointment of
      any custodian;

            (vi) The Trustee shall be under no obligation to exercise any of the
      trusts or powers vested in it by the Agreement, 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 security or indemnity satisfactory to the Trustee against the
      costs, expenses and liabilities which may be incurred therein or herein
      (which in the case of Certificateholders representing in the aggregate not
      less than 66-2/3% of the aggregate Voting Interests will be deemed
      satisfied by a letter agreement with respect to such costs from such
      Certificateholders);

            (vii) The right of the Trustee to perform any discretionary act
      enumerated in this Agreement shall not be construed as a duty, and the
      Trustee shall not be answerable for other than its negligence of willful
      misconduct in the performance of such act; and

            (viii) The Trustee shall not be required to give any bond or surety
      in respect of the execution of the Trust Estate created hereby or the
      powers granted hereunder.

            Section 8.03 Trustee Not Required to Make Investigation.

            Prior to the occurrence of an Event of Default of which a
Responsible Officer of the Trustee shall have actual knowledge hereunder and
after the curing of all Events of Default which may have occurred, the Trustee
shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, appraisal, bond, Mortgage, Mortgage Note or other paper
or document (provided the same appears regular on its face), unless requested in
writing to do so by holders of Certificates evidencing in the aggregate not less
than 51% of the Voting Interest represented by all Certificates; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Agreement, the
Trustee may require indemnity reasonably satisfactory to the Trustee against
such cost, expense or liability as a condition to so proceeding. The reasonable
expense of every such investigation shall be paid by the Master Servicer or, if
paid by the Trustee shall be repaid by the Master Servicer upon demand from the
Master Servicer's own funds.

            Section 8.04 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, and the Trustee assumes no responsibility as
to the correctness of the same. The Trustee makes no representation for the
correctness of the same. The Trustee makes no representation as to the validity
or sufficiency of this Agreement or of the Certificates or of any Mortgage Loan
or related document. Subject to Section 2.04, the Trustee shall not be
accountable for the use or application by the Depositor of any of the
Certificates or of the proceeds of such Certificates, or for the use or
application of any funds paid to the Master Servicer in respect of the Mortgage
Loans deposited in or withdrawn from the Certificate Account by the Master
Servicer or, in its capacity as trustee, for investment of any such amounts.

            Section 8.05 Trustee May Own Certificates.

            The Trustee, and any agent thereof, in its individual or any other
capacity, may become the owner or pledgee of Certificates with the same rights
it would have if it were not Trustee or such agent and may transact banking
and/or trust business with the Depositor, the Master Servicer or their
Affiliates.

            Section 8.06 The Master Servicer to Pay Fees; Limitation on
Liability.

            The Master Servicer covenants and agrees to pay to the Trustee from
time to time, from its own funds, and the Trustee shall be entitled to receive,
reasonable compensation (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust, but which shall not
include the initial acceptance and/or legal fee of the Trustee which shall be
paid by the Depositor) for all services rendered by it in the execution of the
trusts hereby created and in the exercise and performance of any of the powers
and duties hereunder of the Trustee.

            In addition, except as otherwise agreed upon in writing by the
Master Servicer and the Trustee, the Trust shall 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 to the extent
permitted by Treasury Regulations Section 1.860G-1(b)(3), except for (i) any
such expense, disbursement or advance arising from the Trustee's gross
negligence, bad faith or willful misconduct and (ii) any routine ongoing
expenses incurred by the Trustee in the ordinary course of its duties as Trustee
hereunder or for any other expenses.

            The Trustee and any director, officer, employee or agent of the
Trustee shall be entitled to indemnification by the Trust Estate and held
harmless against any loss, liability or expense (including reasonable attorney's
fees) (a) incurred in connection with any claim or legal action relating to (i)
this Agreement, (ii) the Certificates, or (iii) the performance of any of the
Trustee's duties under this Agreement, unless the loss, liability or expense was
incurred by reason of willful misfeasance, bad faith or gross negligence in the
performance of any of the Trustee's duties under this Agreement and (b)
resulting from any tax or information return which was prepared by, or should
have been prepared by, the applicable Servicer or Master Servicer.

            The obligations of the Trust Estate under this Section 8.06 shall
survive the resignation and removal of the Trustee and payment of the
Certificates.

            Section 8.07 Eligibility Requirements.

            The Trustee hereunder shall at all times (i) be a corporation or
association having its principal office in a state and city acceptable to the
Depositor, organized and doing business under the laws of such state or the
United States of America, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, or shall
be a member of a bank holding system, the aggregate combined capital and surplus
of which is at least $50,000,000, provided that its separate capital and surplus
shall at all times be at least the amount specified in Section 310(a)(2) of the
Trust Indenture Act of 1939, (ii) be subject to supervision or examination by
federal or state authority and (iii) have a credit rating or be otherwise
acceptable to the Rating Agencies such that neither of the Rating Agencies would
reduce their respective then current ratings of the Certificates (or have
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 condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section the combined capital and surplus of such
corporation 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, the Trustee shall resign immediately in the manner
and with the effect specified in Section 8.08.

            Section 8.08 Resignation and Removal.

            The Trustee may at any time resign and be discharged from the trust
hereby created by giving written notice of resignation to the Master Servicer,
such resignation to be effective upon the appointment of a successor trustee.
Upon receiving such notice of resignation, the Master Servicer shall promptly
appoint a successor trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning entity and one copy to its
successor. If no successor trustee shall have been appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee.

            If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.07 and shall fail to resign after written
request for its resignation by the Master Servicer, or if at any time the
Trustee shall become incapable of acting, or an order for relief shall have been
entered in any bankruptcy or insolvency proceeding with respect to such entity,
or a receiver of such entity or of its property shall be appointed, or any
public officer shall take charge or control of the Trustee or of the property or
affairs of the Trustee for the purpose of rehabilitation, conversion or
liquidation, or the Master Servicer shall deem it necessary in order to change
the situs of the Trust Estate for state tax reasons, then the Master Servicer
shall remove the Trustee and appoint a successor trustee by written instrument,
in duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee.

            In addition, if (a) the Trustee fails to comply with its obligations
to deliver any assessment of servicing compliance or registered public
accounting firm attestation reports required pursuant to Section 3.11 or (b) any
Servicing Function Participant engaged by the Trustee fails to comply with its
obligations to deliver any assessment of servicing compliance or registered
public accounting firm attestation reports, the Master Servicer, may, after
consultation with the Depositor, remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee.

            The Holders of Certificates evidencing in the aggregate not less
than 51% of the Voting Interests represented by all Certificates (except that
any Certificate registered in the name of the Depositor, the Master Servicer or
any affiliate thereof will not be taken into account in determining whether the
requisite Voting Interests has been obtained) may at any time remove the Trustee
and appoint a successor by written instrument or instruments, in triplicate,
signed by such holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to the Master Servicer, one complete
set of which shall be delivered to the entity or entities so removed and one
complete set of which shall be delivered to the successor so appointed.

            Any resignation or removal of the Trustee and appointment of a
successor pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor as provided in Section
8.09.

            Section 8.09 Successor.

            Any successor trustee appointed as provided in Section 8.08 shall
execute, acknowledge and deliver to the Master Servicer and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective, and
such successor, without any further act, deed or reconveyance, shall become
fully vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as trustee
herein. The predecessor trustee shall deliver to its successor all documents and
statements held by it hereunder, and the Depositor, the Master Servicer and the
predecessor entity 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.

            If the predecessor trustee has resigned, or has been removed for
cause, all costs associated with the appointment of a successor trustee shall be
paid to the Person that incurred them by the predecessor trustee. Without
limiting the predecessor trustee's obligation, if the predecessor trustee fails
to pay such costs, such costs shall be reimbursed by the Trust; provided
however, that if the predecessor trustee has been terminated without cause
pursuant to Section 8.08, all reasonable expenses incurred in complying with
this Section 8.09 shall be reimbursed by the Trust to the Person that incurred
them.

            No successor shall accept appointment as provided in this Section
unless at the time of such acceptance such successor shall be eligible under the
provisions of Section 8.07.

            Upon acceptance of appointment by a successor as provided in this
Section, the successor trustee shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates at their addresses as shown in
the Certificate Register.

            Section 8.10 Merger or Consolidation.

            Any Person into which the Trustee may be merged or converted or with
which it may be consolidated, to which it may sell or transfer its corporate
trust business and assets as a whole or substantially as a whole or any Person
resulting from any merger, sale, transfer, conversion or consolidation to which
the Trustee shall be a party, or any Person succeeding to the business of such
entity, shall be the successor of the Trustee hereunder; provided, however, that
(i) such Person shall be eligible under the provisions of Section 8.07, 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 and (ii) the
Trustee and such successor or surviving Person shall notify the Depositor and
the Master Servicer of any such merger, conversion or consolidation at least two
Business Days prior to the effective date thereof and shall provide the
Depositor and the Master Servicer with all information required by the Depositor
to comply with its reporting obligations under Item 6.02 of Form 8-K not later
than the effective date of such merger, conversion or consolidation and the
Master Servicer shall report such event on Form 8-K within four business days of
the occurrence of such event.

            Section 8.11 Authenticating Agent.

            The Trustee may appoint an Authenticating Agent, which shall be
authorized to act on behalf of the Trustee in authenticating Certificates.
Wherever reference is made in this Agreement to the authentication of
Certificates by the Trustee or the Trustee's countersignature, such reference
shall be deemed to include authentication on behalf of the Trustee by the
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by the Authenticating Agent. The Authenticating Agent must be
acceptable to the Depositor and the Master Servicer and must be a corporation
organized and doing business under the laws of the United States of America or
of any state, having a principal office and place of business in a state and
city acceptable to the Depositor and the Master Servicer, having a combined
capital and surplus of at least $15,000,000, authorized under such laws to do a
trust business and subject to supervision or examination by federal or state
authorities.

            Any corporation into which the Authenticating Agent 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 Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of the Authenticating Agent, shall be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

            The Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee, the Depositor and
the Master Servicer. Except with respect to Wells Fargo Bank, for so long as
Wells Fargo Bank is acting as the Master Servicer, the Trustee may at any time
terminate the agency of the Authenticating Agent by giving written notice
thereof to the Authenticating Agent, the Depositor and the Master Servicer. Upon
receiving a notice of resignation or upon such a termination, or in case at any
time the Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 8.11, the Trustee promptly shall appoint a successor
Authenticating Agent, which shall be acceptable to the Master Servicer, and
shall give written notice of such appointment to the Depositor, and shall mail
notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating
Agent herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 8.11.

            The Authenticating Agent shall have no responsibility or liability
for any action taken by it as such at the direction of the Trustee. Any
reasonable compensation paid to the Authenticating Agent shall be payable by the
Master Servicer.

            Section 8.12 Separate Trustees and Co-Trustees.

            The Trustee shall have the power from time to time to appoint one or
more persons or corporations to act either as co-trustees jointly with the
Trustee, or as separate trustees, for the purpose of holding title to,
foreclosing or otherwise taking action with respect to any Mortgage Loan outside
the state where the Trustee has its principal place of business, where such
separate trustee or co-trustee is necessary or advisable (or the Trustee is
advised by the Master Servicer that such separate trustee or co-trustee is
necessary or advisable) under the laws of any state in which a Mortgaged
Property is located or for the purpose of otherwise conforming to any legal
requirement, restriction or condition in any state in which a Mortgaged Property
is located or in any state in which any portion of the Trust Estate is located.
The Master Servicer shall advise the Trustee when, in its good faith opinion, a
separate trustee or co-trustee is necessary or advisable as aforesaid. The
separate trustees or co-trustees so appointed shall be trustees for the benefit
of all of the Certificateholders and shall have such powers, rights and remedies
as shall be specified in the instrument of appointment; provided, however, that
no such appointment shall, or shall be deemed to, constitute the appointee an
agent of the Trustee. The Depositor and the Master Servicer shall join in any
such appointment, but such joining shall not be necessary for the effectiveness
of such appointment.

            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) all powers, duties, obligations and rights conferred upon the
      Trustee, in respect of the receipt, custody and payment of moneys shall be
      exercised solely by the Trustee;

            (ii) all other rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised
      or performed by the Trustee and such separate trustee or co-trustee
      jointly, except to the extent that under any law of any jurisdiction in
      which any particular act or acts are to be performed (whether as Trustee
      hereunder or as successor to the Master Servicer hereunder) the Trustee
      shall be incompetent or unqualified to perform such act or acts, in which
      event such rights, powers, duties and obligations (including the holding
      of title to the Trust Estate or any portion thereof in any such
      jurisdiction) shall be exercised and performed by such separate trustee or
      co-trustee;

            (iii) no separate trustee or co-trustee hereunder shall be
      personally liable by reason of any act or omission of any other separate
      trustee or co-trustee hereunder; and

            (iv) the Trustee may at any time accept the resignation of or remove
      any separate trustee or co-trustee so appointed by it, if such resignation
      or removal does not violate the other terms of this Agreement.

            Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee, co-trustee, or custodian shall refer to this Agreement and the
conditions of this Article. 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 furnished to the Trustee.

            Any separate trustee, co-trustee, or custodian 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.

            No separate trustee or co-trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 8.07
hereunder and no notice to Certificateholders of the appointment thereof shall
be required under Section 8.09 hereof.

            The Trustee agrees to instruct its co-trustees, if any, to the
extent necessary to fulfill such entity's obligations hereunder.

            The fees of any co-trustee whose appointment is necessary or
advisable for (i) conforming to any legal requirement, restriction or condition
in any state in which any Mortgaged Property or any portion of the Trust Estate
is located, will be paid by the Master Servicer, without reimbursement from the
Trust and (ii) any reason other than contemplated by clause (i), will be paid by
the Trustee, without reimbursement from the Trust. Expenses will be reimbursable
to the co-trustees to the extent, and in accordance with the standards,
specified in Section 8.06 hereof.

            Section 8.13 Tax Matters; Compliance with REMIC Provisions.

            (a) Each of the Trustee and the Master Servicer covenants and agrees
that it shall perform its duties hereunder in a manner consistent with the REMIC
Provisions and shall not knowingly take any action or fail to take any other
action that would (i) affect the determination of the Trust Estate's status as a
REMIC; or (ii) cause the imposition of any federal, state or local income,
prohibited transaction, contribution or other tax on either the REMIC or the
Trust Estate. The Master Servicer, or, in the case of any action required by law
to be performed directly by the Trustee, the Trustee, shall (i) prepare or cause
to be prepared, timely cause to be signed by the Trustee and file or cause to be
filed annual federal and applicable state and local income tax returns for the
REMIC using a calendar year as the taxable year and the accrual method of
accounting; (ii) in the first such federal tax return, make, or cause to be
made, an election satisfying the requirements of the REMIC Provisions, on behalf
of the Trust Estate, to treat the Trust Estate as a REMIC; (iii) prepare,
execute and forward, or cause to be prepared, executed and forwarded, to the
Certificateholders all information reports or tax returns required with respect
to the Trust Estate, as and when required to be provided to the
Certificateholders, and to the Internal Revenue Service and any other relevant
governmental taxing authority in accordance with the REMIC Provisions and any
other applicable federal, state or local laws, including without limitation
information reports relating to "original issue discount" and "market discount"
as defined in the Code based upon the issue prices, prepayment assumption and
cash flows provided by the Depositor to the Master Servicer and calculated on a
monthly basis by using the issue prices of the Certificates; (iv) make available
information necessary for the application of any tax imposed on transferors of
residual interests to "disqualified organizations" (as defined in the REMIC
Provisions); (v) file Form 8811 and apply for an Employee Identification Number
with a Form SS-4 or any other permissible method and respond to inquiries by
Certificateholders or their nominees concerning information returns, reports or
tax returns; (vi) maintain (or cause to be maintained by the Servicers) such
records relating to the REMIC, including but not limited to the income,
expenses, individual Mortgage Loans (including REO Mortgage Loans), other assets
and liabilities of the REMIC, and the fair market value and adjusted basis of
the property of the REMIC determined at such intervals as may be required by the
Code, as may be necessary to prepare the foregoing returns or information
reports; (vii) exercise reasonable care not to allow the creation of any
"interests" in the REMIC within the meaning of Code Section 860D(a)(2) other
than the interests represented by the Class A-1, Class A-2, Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates and the Class
A-R Certificate; (viii) exercise reasonable care not to allow the occurrence of
any "prohibited transactions" within the meaning of Code Section 860F(a), unless
the Master Servicer shall have provided an Opinion of Counsel to the Trustee
that such occurrence would not (a) result in a taxable gain, (b) otherwise
subject either of the REMIC or the Trust Estate to tax or (c) cause the Trust
Estate to fail to qualify as a REMIC; (ix) exercise reasonable care not to allow
the REMIC to receive income from the performance of services or from assets not
permitted under the REMIC Provisions to be held by a REMIC; and (x) pay (on
behalf of the REMIC) the amount of any federal income tax, including, without
limitation, prohibited transaction taxes, taxes on net income from foreclosure
property, and taxes on certain contributions to a REMIC after the Startup Day,
imposed on the REMIC when and as the same shall be due and payable (but such
obligation shall not prevent the Master Servicer or any other appropriate Person
from contesting any such tax in appropriate proceedings and shall not prevent
the Master Servicer from withholding or depositing payment of such tax, if
permitted by law, pending the outcome of such proceedings). The Master Servicer
shall be entitled to be reimbursed pursuant to Section 3.02 for any taxes paid
by it pursuant to clause (x) of the preceding sentence, except to the extent
that such taxes are imposed as a result of the bad faith, willful misfeasance or
gross negligence of the Master Servicer in the performance of its obligations
hereunder.

            In order to enable the Master Servicer or the Trustee, as the case
may be, to perform its duties as set forth above, the Depositor shall provide,
or cause to be provided, to the Master Servicer within ten days after the
Closing Date all information or data that the Master Servicer 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 each Class of Certificates and the
Mortgage Loans in the aggregate. Thereafter, the Depositor shall provide to the
Master Servicer or the Trustee, as the case may be, promptly upon request
therefor, any such additional information or data that the Master Servicer or
the Trustee, as the case may be, may from time to time request in order to
enable the Master Servicer to perform its duties as set forth above. The
Depositor hereby indemnifies the Master Servicer or the Trustee, as the case may
be, for any losses, liabilities, damages, claims or expenses of the Master
Servicer or the Trustee arising from any errors or miscalculations by the Master
Servicer or the Trustee pursuant to this Section that result from any failure of
the Depositor to provide, or to cause to be provided, accurate information or
data to the Master Servicer or the Trustee, as the case may be, on a timely
basis. The Master Servicer hereby indemnifies the Depositor and the Trustee for
any losses, liabilities, damages, claims or expenses of the Depositor or the
Trustee arising from the Master Servicer's willful misfeasance, bad faith or
gross negligence in preparing any of the federal, state and local tax returns of
the REMIC as described above. In the event that the Trustee prepares any of the
federal, state and local tax returns of the REMIC as described above, the
Trustee hereby indemnifies the Depositor and the Master Servicer for any losses,
liabilities, damages, claims or expenses of the Depositor or the Master Servicer
arising from the Trustee's willful misfeasance, bad faith or negligence in
connection with such preparation.

            (b) Notwithstanding anything in this Agreement to the contrary, each
of the Master Servicer and the Trustee shall pay from its own funds, without any
right of reimbursement therefor, the amount of any costs, liabilities and
expenses incurred by the Trust Estate (including, without limitation, any and
all federal, state or local taxes, including taxes imposed on "prohibited
transactions" within the meaning of the REMIC Provisions) if and to the extent
that such costs, liabilities and expenses arise from a failure of the Master
Servicer or the Trustee, respectively, to perform its obligations under this
Section 8.13.

            The Holder of the Residual Certificate is hereby designated as the
"tax matters person" for the REMIC within the meaning of Treasury Regulations
Section 1.860F-4(d). The "tax matters person" shall have the same duties with
respect to the REMIC as those of a "tax matters partner" under Subchapter C of
Chapter 63 of Subtitle F of the Code. By its acceptance of the Residual
Certificate, such Holder irrevocably appoints the Master Servicer (and the
Master Servicer hereby agrees to act) as agent to perform all of the duties of
the "tax matters person."

            Section 8.14 Monthly Advances.

            In the event that Wells Fargo Bank in its capacity as Servicer fails
to make a Periodic Advance required to be made pursuant to the Wells Fargo Bank
Servicing Agreement on or before the Distribution Date, the Trustee shall make a
Periodic Advance as required by Section 3.03 hereof; provided, however, the
Trustee shall not be required to make such Periodic Advances if prohibited by
law or if it determines that such Periodic Advance would be a Nonrecoverable
Advance. With respect to those Periodic Advances which should have been made by
Wells Fargo Bank, the Trustee shall be entitled, pursuant to Section 3.02(a)(i),
(ii) or (v) hereof, to be reimbursed from the Certificate Account for Periodic
Advances and Nonrecoverable Advances made by it.

            Section 8.15 Indemnification of the Master Servicer and Depositor by
                         the Trustee

            The Trustee shall indemnify and hold harmless the Master Servicer
and the Depositor and any director, officer or agent thereof against any loss,
liability or expense, including reasonable attorney's fees, arising out of, in
connection with or incurred by reason of willful misfeasance, bad faith or
negligence in the performance of duties of the Trustee or by reason of reckless
disregard of its obligation to deliver any information, report, certification,
accountants' letter or other material required to comply with Regulation AB. Any
payment pursuant to this Section made by the Trustee to the Master Servicer or
the Depositor shall be from such entity's own funds, without reimbursement
therefor. The provisions of this Section 8.15 shall survive the termination of
this Agreement.

            Notwithstanding anything in this Agreement to the contrary, in no
event shall the Trustee be liable for any special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost
profits) resulting from the Trustee's nonperformance of its duties or
obligations to deliver any information, report, certification, accountants'
letter or other material required to comply with Regulation AB, even if the
Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action.

            Section 8.16 Trustee Errors and Omissions Policy.

            The Trustee shall maintain, at all times and at its own expense, a
Trustee Errors and Omissions Policy, which policy shall have such terms and
coverage amounts as are comparable to those of errors and omissions policies
maintained by trustees generally.

            The Trustee Errors and Omissions Policy shall insure the Trustee,
its successors and assigns, against any losses resulting from negligence, errors
or omissions on the part of officers, employees or other persons acting on
behalf of the Trustee in the performance of its duties as Trustee pursuant to
this Agreement.

            The Trustee shall maintain in effect the Trustee Errors and
Omissions Policy at all times and the Trustee Errors and Omissions Policy may
not be canceled, permitted to lapse or otherwise terminated without thirty
Business Days' prior written notice by registered mail to the Master Servicer
and the Depositor.

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

            Section 9.01 Termination upon Purchase by the Depositor or
                         Liquidation of All Mortgage Loans.

            Subject to Section 9.02, the respective obligations and
responsibilities of the parties to this Agreement created hereby (other than the
obligation of the Paying Agent to make certain payments after the Final
Distribution Date to Certificateholders and the obligation of the Master
Servicer to send certain notices as hereinafter set forth and the tax reporting
obligations under Sections 4.05 and 8.13 hereof) shall terminate upon the last
action required to be taken by the Paying Agent on the Final Distribution Date
pursuant to this Article IX following the earlier of (i) the purchase by the
Depositor of all Mortgage Loans and all property acquired in respect of any
Mortgage Loan remaining in the Trust Estate at a price equal to the sum of (x)
100% of the unpaid principal balance of each Mortgage Loan (other than any REO
Mortgage Loan) as of the Final Distribution Date, (y) the fair market value of
the Mortgaged Property related to any REO Mortgage Loan, plus with respect to
clauses (x) and (y) any accrued and unpaid interest through the last day of the
month preceding the month of such purchase at the applicable Mortgage Interest
Rate and (z) any Reimbursement Amount owed to the Trust pursuant to Section 2.03
and (ii) the final payment or other liquidation (or any advance with respect
thereto) of the last Mortgage Loan remaining in the Trust Estate (including for
this purpose the discharge of any Mortgagor under a defaulted Mortgage Loan on
which a Servicer is not obligated to foreclose due to environmental impairment)
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan; provided, however, that in no event shall the
trust created hereby continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late
ambassador of the United States to the Court of St. James, living on the date
hereof.

            The right of the Depositor to purchase all the assets of the Trust
Estate pursuant to clause (i) of the preceding paragraph is subject to Section
9.02 and conditioned upon (A) the Pool Scheduled Principal Balance of the
Mortgage Loans as of the Final Distribution Date being less than the amount set
forth in Section 11.20 and (B) the sum of clause (i)(x) and (y) of the preceding
paragraph being less than or equal to the aggregate fair market value of the
Mortgage Loans (other than any REO Mortgage Loans) and the Mortgaged Properties
related to the REO Mortgage Loans; provided, however, that this clause (B) shall
not apply to any purchase by the Depositor if, at the time of the purchase, the
Depositor is no longer subject to regulation by the Office of the Comptroller of
the Currency, the FDIC, the Federal Reserve or the Office of Thrift Supervision.
Fair market value for purposes of this paragraph and the preceding paragraph
will be determined by the Master Servicer as of the close of business on the
third Business Day next preceding the date upon which notice of any termination
is furnished to Certificateholders pursuant to the third paragraph of this
Section 9.01. In the case of any purchase by the Depositor pursuant to said
clause (i) of the preceding paragraph, the Depositor shall give the Trustee, the
Paying Agent and the Master Servicer notice of its intent to purchase the assets
of the Trust by the fifth day of the month of the Final Distribution Date or
such later date as shall be acceptable to the Trustee and Master Servicer. The
Depositor or Master Servicer shall in such case provide to the Trustee the
confirmation of deposit of the purchase price required by Section 3.04 and the
Trustee or the Custodian shall, promptly following payment of the purchase price
and upon receipt from the Master Servicer of a Request for Release, release to
the Depositor the Owner Mortgage Loan Files and Retained Mortgage Loan Files, if
applicable, pertaining to the Mortgage Loans being purchased.

            Notice of any termination, specifying the Final Distribution Date
(which shall be a date that would otherwise be a Distribution Date) upon which
the Certificateholders may surrender their Certificates to the Paying Agent for
payment of the final distribution and cancellation, shall be given promptly by
the Paying Agent by letter to Certificateholders and the Trustee mailed not
earlier than the 15th day of the month preceding the month of such final
distribution and not later than the twentieth day of the month of such final
distribution specifying (A) the Final Distribution Date upon which final payment
of the Certificates will be made upon presentation and surrender of Certificates
at the Corporate Trust Office of the Paying Agent therein designated, (B) the
amount of any such final payment and (C) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
(except in the case of any Class A Certificate surrendered on a prior
Distribution Date) pursuant to Section 4.01 only upon presentation and surrender
of the Certificates at the Corporate Trust Office of the Paying Agent therein
specified. If the Depositor is exercising its right to purchase, the Depositor
shall deposit in the Certificate Account on or before the Final Distribution
Date in immediately available funds an amount equal to the purchase price for
the assets of the Trust Estate computed as above provided. Failure to give
notice of termination as described herein shall not entitle a Certificateholder
to any interest beyond the interest payable on the Final Distribution Date.

            Upon presentation and surrender of the Certificates, the Paying
Agent shall distribute to Certificateholders on the Final Distribution Date in
proportion to their respective Percentage Interests an amount equal to (i) as to
the Classes of Class A Certificates, the respective Principal Balance together
with any related Class A Unpaid Interest Shortfall and one month's interest in
an amount equal to the respective Interest Accrual Amount, (ii) as to the
Classes of Class B Certificates, the respective Principal Balance together with
any related Class B Unpaid Interest Shortfall and one month's interest in an
amount equal to the respective Interest Accrual Amount and (iii) as to the
Residual Certificate, the amounts, if any, which remain on deposit in the
Certificate Account (other than amounts retained to meet claims) after
application pursuant to clauses (i) and (ii) above and payment to the Master
Servicer of any amounts it is entitled as reimbursement or otherwise hereunder.
Notwithstanding the foregoing, if the price paid pursuant to clause (i) of the
first paragraph of this Section 9.01, after reimbursement to the Servicers, the
Master Servicer and the Trustee of any Periodic Advances, is insufficient to pay
in full the amounts set forth in clauses (i) and (ii) of this paragraph, then
any shortfall in the amount available for distribution to Certificateholders
shall be allocated in reduction of the amounts otherwise distributable on the
Final Distribution Date in the same manner as Realized Losses are allocated
pursuant to Sections 4.02(a) and (e) hereof. Such distribution on the Final
Distribution Date shall be in lieu of the distribution otherwise required to be
made on such Distribution Date in respect of each Class of Certificates.

            In the event that all of the Certificateholders shall not surrender
their Certificates for final payment and cancellation within three months
following the Final Distribution Date, the Paying Agent shall on such date cause
all funds, if any, in the Payment Account not distributed in final distribution
to Certificateholders to be withdrawn therefrom and credited to the remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders. The Paying Agent shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
three months after the second notice all the Certificates shall not have been
surrendered for cancellation, the Paying Agent 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 on deposit in such escrow account.

            Section 9.02 Additional Termination Requirements.

            In the event of a termination of the Trust Estate upon the exercise
by the Depositor of its purchase option as provided in Section 9.01, the Trust
Estate shall be terminated in accordance with the following additional
requirements, unless the Trustee and the Master Servicer have received an
Opinion of Counsel to the effect that any other manner of termination (i) will
constitute a "qualified liquidation" of the Trust Estate within the meaning of
Code Section 860F(a)(4)(A) and (ii) will not subject the REMIC to federal tax or
cause the Trust Estate to fail to qualify as a REMIC at any time that any
Certificates are outstanding:

            (i) The notice given by the Paying Agent under Section 9.01 shall
      provide that such notice constitutes the adoption of a plan of complete
      liquidation of the REMIC as of the date of such notice (or, if earlier,
      the date on which the first such notice is mailed to Certificateholders).
      The Master Servicer shall also specify such date in a statement attached
      to the final tax return of the REMIC; and

            (ii) At or after the time of adoption of such a plan of complete
      liquidation and at or prior to the Final Distribution Date, the Trustee,
      shall sell all of the assets of the Trust Estate to the Depositor for cash
      at the purchase price specified in Section 9.01 and the Paying Agent shall
      distribute such cash within 90 days of such adoption in the manner
      specified in Section 9.01.

<PAGE>

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

            Section 10.01 Amendment.

            (a) This Agreement or the Custodial Agreement may be amended from
time to time by the Depositor, the Master Servicer and the Trustee without the
consent of any of the Certificateholders, (i) to cure any ambiguity or mistake,
(ii) to correct or supplement any provisions herein or therein which may be
inconsistent with any other provisions herein or therein or in the related
Prospectus, (iii) to modify, eliminate or add to any of its provisions to such
extent as shall be necessary to maintain the qualification of the Trust Estate
as a REMIC at all times that any Certificates are outstanding or to avoid or
minimize the risk of the imposition of any federal tax on the Trust Estate or
the REMIC pursuant to the Code that would be a claim against the Trust Estate,
provided that (a) the Trustee has received an Opinion of Counsel to the effect
that such action is necessary or desirable to maintain such qualification or to
avoid or minimize the risk of the imposition of any such tax and (b) such action
shall not, as evidenced by such Opinion of Counsel, adversely affect in any
material respect the interests of any Certificateholder, (iv) to conform the
obligations of the parties under this Agreement, or to add obligations of the
parties to this Agreement, if necessary, to comply with the requirements of
Regulation AB, (v) to change the timing and/or nature of deposits into the
Certificate Account provided that such change shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Certificateholder, (vi) to modify, eliminate or add to the provisions of
Section 5.02 or any other provisions hereof restricting transfer of the
Certificates, provided that the Depositor for purposes of Section 5.02 has
determined in its sole discretion that any such modifications to this Agreement
will neither adversely affect the rating on the Certificates nor give rise to a
risk that the REMIC or any of the Certificateholders will be subject to a tax
caused by a transfer to a non-permitted transferee, (vii) to make certain
provisions with respect to the denominations of, and the manner of payments on,
certain Classes of Certificates initially retained by the Depositor or an
affiliate of the Depositor and (viii) to make any other provisions with respect
to matters or questions arising under this Agreement or such Custodial Agreement
which shall not be materially inconsistent with the provisions of this
Agreement, provided that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder. Notwithstanding the foregoing, any amendment pursuant to
clause (v) or (viii) shall not be deemed to adversely affect in any material
respect the interest of Certificateholders and no Opinion of Counsel to that
effect shall be required if the person requesting the amendment instead 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.

            This Agreement or the Custodial Agreement may also be amended from
time to time by the Depositor, the Master Servicer and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66-2/3% of the aggregate Voting Interests 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 such Custodial
Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment shall (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interest of the Holders of Certificates of any Class in a
manner other than as described in clause (i) hereof without the consent of
Holders of Certificates of such Class evidencing, as to such Class, Voting
Interests aggregating not less than 66-2/3% or (iii) reduce the aforesaid
percentage of Certificates of any Class the Holders of which are required to
consent to any such amendment, without the consent of the Holders of all
Certificates of such Class then outstanding.

            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 to the effect that such amendment will
not subject the REMIC to tax or cause the Trust Estate to fail to qualify as a
REMIC at any time that any Certificates are outstanding.

            Promptly after the execution of any amendment requiring the consent
of Certificateholders, the Trustee shall furnish written notification of the
substance of such amendment to each Certificateholder.

            It shall not be necessary for the consent of Certificateholders
under this Section 10.01(a) 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.

            The Trustee shall give prompt written notice to the Custodian of any
amendment or supplement to this Agreement and furnish the Custodian with written
copies thereof.

            (b) Notwithstanding any contrary provision of this Agreement, if any
of the Mortgage Loans are Type 2 Mortgage Loans, as indicated on the Mortgage
Loan Schedule, the Master Servicer may, from time to time, amend Schedule I
hereto without the consent of any Certificateholder or the Trustee; provided,
however, (i) that such amendment does not conflict with any provisions of the
related Servicing Agreement, (ii) that the related Servicing Agreement provides
for the remittance of each type of Unscheduled Principal Receipts received by
such Servicer during the Applicable Unscheduled Principal Receipt Period (as so
amended) related to each Distribution Date to the Master Servicer no later than
the 24th day of the month in which such Distribution Date occurs and (iii) that
such amendment is for the purpose of changing the Applicable Unscheduled
Principal Receipt Period for Type 2 Mortgage Loans to a Mid-Month Receipt Period
with respect to all Unscheduled Principal Receipts.

            Section 10.02 Recordation of Agreement.

            This Agreement (or an abstract hereof, if acceptable to the
applicable recording office) is subject to recordation in all appropriate public
offices for real property records in all the towns or other comparable
jurisdictions in which any or all of the Mortgaged Properties are situated, and
in any other appropriate public office or elsewhere, such recordation to be
effected by the Master Servicer and at its expense on direction by the Trustee,
but only upon direction 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 Limitation on Rights of Certificateholders.

            The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Estate, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of the
Trust Estate, nor otherwise affect the rights, obligations and liabilities of
the parties hereto or any of them.

            Except as otherwise expressly provided herein, no Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to
vote or in any manner otherwise control the operation and management of the
Trust Estate, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association, nor shall any Certificateholder be under any liability to any
third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

            No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless the Holders
of Certificates evidencing not less than 25% of the Voting Interest represented
by all Certificates shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may
require against the cost, 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 of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such 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 benefit
of all Certificateholders. For the protection and enforcement of the provisions
of this Section, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

            Section 10.04 Governing Law; Jurisdiction.

            This Agreement shall be construed in accordance with the laws of the
State of New York (without regard to conflicts of laws principles), and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws.

            Section 10.05 Notices.

            Unless otherwise provided in this Agreement, all demands, notices
and communications hereunder shall be in writing and shall be deemed to have
been duly given if personally delivered at or mailed by certified or registered
mail, return receipt requested or by facsimile (i) in the case of the Depositor,
to Wells Fargo Asset Securities Corporation, 7430 New Technology Way, Frederick,
Maryland 21703, Attention: Vice President, Structured Finance or such other
address as may hereafter be furnished to the Master Servicer and the Trustee in
writing by the Depositor, (ii) in the case of the Master Servicer, to Wells
Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045-1951,
Attention: Corporate Trust Services-WFMBS 2007-AR4; facsimile: (410) 715-2380 or
such other address as may hereafter be furnished to the Depositor and the
Trustee in writing by the Master Servicer and (iii) in the case of the Trustee
or the Paying Agent, to the Corporate Trust Office, or such other address as may
hereafter be furnished to the Depositor and the Master Servicer in writing by
the Trustee or the Paying Agent. Any notice required or permitted to be mailed
to a Certificateholder shall be given by first class mail, postage prepaid, at
the address of such Holder as shown in the Certificate Register. Any notice
mailed or transmitted within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the addressee
receives such notice; provided, however, that any demand, notice or
communication to or upon the Depositor, the Master Servicer or the Trustee shall
not be effective until received.

            For all purposes of this Agreement, in the absence of actual
knowledge by an officer of the Master Servicer, the Master Servicer shall not be
deemed to have knowledge of any act or failure to act of any Servicer unless
notified thereof in writing by the Trustee, the applicable Servicer or a
Certificateholder.

            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 Special Notices to Rating Agencies.

            (a) The Trustee shall give prompt notice to each Rating Agency of
the occurrence of any of the following events of which a Responsible Officer has
notice:

            (i) any amendment to this Agreement pursuant to Section 10.01(a);

            (ii) any assignment by the Master Servicer of its rights and
      delegation of its duties pursuant to Section 6.06;

            (iii) any resignation of the Master Servicer pursuant to Section
      6.04;

            (iv) the occurrence of any of the Events of Default described in
      Section 7.01;

            (v) any notice of termination given to the Master Servicer pursuant
      to Section 7.01; or

            (vi) the appointment of any successor to the Master Servicer
      pursuant to Section 7.05.

            (b) The Paying Agent shall give prompt notice to each Rating Agency
of any sale or transfer of the Class B Certificates pursuant to Section 5.02 to
an affiliate of the Depositor.

            (c) The Paying Agent shall give prompt notice to each Rating Agency
of the making of a final payment pursuant to Section 9.01.

            (d) The Master Servicer shall give prompt notice to each Rating
Agency of the occurrence of any of the following events:

            (i) the resignation of the Custodian or the appointment of a
      successor Custodian pursuant to the Custodial Agreement;

            (ii) the resignation or removal of the Trustee pursuant to Section
      8.08;

            (iii) the appointment of a successor trustee pursuant to Section
      8.09; or

            (iv) the sale, transfer or other disposition in a single transaction
      of 50% or more of the equity interests in the Master Servicer.

            (e) The Master Servicer shall deliver to each Rating Agency or
otherwise make available to each Rating Agency in a format acceptable to each
Rating Agency:

            (i) reports prepared pursuant to Section 3.05 and 3.11; and

            (ii) the Distribution Date Statements.

            Section 10.08 Covenant of Depositor.

            The Depositor shall not amend Article Third of its Certificate of
Incorporation without the prior written consent of each Rating Agency rating the
Certificates.

            Section 10.09 Recharacterization.

            The Parties intend the conveyance by the Depositor to the Trustee of
all of its right, title and interest in and to the Trust Estate pursuant to this
Agreement to constitute a purchase and sale and not a loan. Notwithstanding the
foregoing, to the extent that such conveyance is held not to constitute a sale
under applicable law, it is intended that this Agreement shall constitute a
security agreement under applicable law and that the Depositor shall be deemed
to have granted to the Trustee a first priority security interest in all of the
Depositor's right, title and interest in and to the Trust Estate. The Depositor
shall make the initial Uniform Commercial Code filings and take action as shall
be necessary to perfect such security interest. The Master Servicer shall take
all actions, including, without limitation, filing any Uniform Commercial Code
continuation statements, as shall be necessary to maintain the perfection of
such security interest.

            Section 10.10 Regulation AB Compliance; Intent of Parties;
Reasonableness.

            The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor or the Master Servicer in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
parties hereto shall cooperate fully with the Master Servicer and the Depositor
to deliver to the Master Servicer and/or the Depositor, any and all statements,
reports, certifications, records and any other information available to such
party and reasonably necessary in the good faith determination of the Depositor
or the Master Servicer to permit the Depositor or the Master Servicer to comply
with the provisions of Regulation AB, together with such disclosures reasonably
believed by the Depositor or the Master Servicer to be necessary in order to
effect such compliance.

<PAGE>

                                   ARTICLE XI

                             TERMS FOR CERTIFICATES

            Section 11.01 Cut-Off Date.

            The Cut-Off Date for the Certificates is August 1, 2007.

            Section 11.02 Cut-Off Date Aggregate Principal Balance.

            The Cut-Off Date Aggregate Principal Balance is $421,914,996.69.

            Section 11.03 Original Class A Percentage.

            The Original Class A Percentage is 95.49982891%.

            Section 11.04 Original Principal Balances of the Classes of Class A
                          Certificates.

            As to the following Classes of Class A Certificates, the Principal
Balance of such Class as of the Cut-Off Date, as follows:

                                               Original
                Class                     Principal Balance
                -----                     -----------------

            Class A-1                      $383,942,000.00
            Class A-2                      $18,986,000.00
            Class A-R                      $100.00

            Section 11.05 Original Subordinated Percentage.

            The Original Subordinated Percentage is 4.50017109%.

            Section 11.06 Original Class B Principal Balance.

            The Original Class B Principal Balance is $18,986,896.00.

            Section 11.07 Original Principal Balances of the Classes of Class B
                          Certificates.

            As to the following Classes of Class B Certificates, the Principal
Balance of such Class as of the Cut-Off Date, is as follows:

                                               Original
                Class                     Principal Balance
                -----                     -----------------

            Class B-1                        $8,016,000.00
            Class B-2                        $4,219,000.00
            Class B-3                        $1,687,000.00
            Class B-4                        $2,531,000.00
            Class B-5                        $843,000.00
            Class B-6                        $1,690,896.00

            Section 11.08 Original Class B-1 Fractional Interest.

            The Original Class B-1 Fractional Interest is 2.60026232%.

            Section 11.09 Original Class B-2 Fractional Interest.

            The Original Class B-2 Fractional Interest is 1.60029786%.

            Section 11.10 Original Class B-3 Fractional Interest.

            The Original Class B-3 Fractional Interest is 1.20045429%.

            Section 11.11 Original Class B-4 Fractional Interest.

            The Original Class B-4 Fractional Interest is 0.60057042%.

            Section 11.12 Original Class B-5 Fractional Interest.

            The Original Class B-5 Fractional Interest is 0.40076714%.

            Section 11.13 Original Class B-1 Percentage.

            The Original Class B-1 Percentage is 1.89990876%.

            Section 11.14 Original Class B-2 Percentage.

            The Original Class B-2 Percentage is 0.99996446%.

            Section 11.15 Original Class B-3 Percentage.

            The Original Class B-3 Percentage is 0.39984357%.

            Section 11.16 Original Class B-4 Percentage.

            The Original Class B-4 Percentage is 0.59988387%.

            Section 11.17 Original Class B-5 Percentage.

            The Original Class B-5 Percentage is 0.19980328%.

            Section 11.18 Original Class B-6 Percentage.

            The Original Class B-6 Percentage is 0.40076715%.

            Section 11.19 Closing Date.

            The Closing Date is August 30, 2007.

            Section 11.20 Right to Purchase.

            The right of the Depositor to purchase all of the Mortgage Loans
pursuant to Section 9.01 hereof shall be conditioned upon the Pool Scheduled
Principal Balance of the Mortgage Loans being less than $42,191,499.67 (10% of
the Cut-Off Date Aggregate Principal Balance) at the time of any such purchase.

            Section 11.21 Single Certificate.

            A Single Certificate for the Class A-1 Certificates represents a
$25,000 Denomination. A Single Certificate for the Class A-2, Class B-1, Class
B-2 and Class B-3 Certificates represents a $100,000 Denomination. A Single
Certificate for the Class B-4, Class B-5 and Class B-6 Certificates represents a
$250,000 Denomination. A Single Certificate for the Residual Certificate
represents a $100 Denomination.

            Section 11.22 Servicing Fee Rate.

            The rate used to calculate the Servicing Fee is equal to such rate
as is set forth on the Mortgage Loan Schedule with respect to a Mortgage Loan.

            Section 11.23 Master Servicing Fee Rate.

            The rate used to calculate the Master Servicing Fee for each
Mortgage Loan shall be 0.010% per annum.

<PAGE>

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

                                       WELLS FARGO ASSET SECURITIES
                                          CORPORATION
                                            as Depositor

                                       By:   /s/ Bradley A. Davis
                                          --------------------------------------
                                          Name:  Bradley A. Davis
                                          Title: Vice President

                                       WELLS FARGO BANK, N.A.
                                            as Master Servicer

                                       By:   /s/ Christopher Furlow
                                          --------------------------------------
                                          Name:  Christopher Furlow
                                          Title: Assistant Vice President

                                       HSBC BANK USA, NATIONAL ASSOCIATION
                                          as Trustee

                                       By:   /s/ Fernando Acebedo
                                          --------------------------------------
                                          Name:  Fernando Acebedo
                                          Title: Vice President

<PAGE>

STATE OF  MARYLAND      )
                           ss.:
COUNTY OF FREDERICK     )

            On this 30th day of August, 2007, before me, a notary public in and
for the State of Maryland, personally appeared Bradley A. Davis, known to me
who, being by me duly sworn, did depose and say that he resides at Cooksville,
Maryland; that he is a Vice President of Wells Fargo Asset Securities
Corporation, a Delaware corporation, one of the parties that executed the
foregoing instrument; and that he signed his name thereto by order of the Board
of Directors of said corporation.

-------------------------
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF MARYLAND       )
                           ss.:
CITY OF HOWARD          )

            On this 30th day of August, 2007, before me, the undersigned
officer, personally appeared Christopher Furlow, and acknowledged to me to be an
Assistant Vice President of Wells Fargo Bank, National Association, and that as
such officer, being duly authorized to do so pursuant to such entity's by-laws
or a resolution of its board of directors, executed and acknowledged the
foregoing instrument for the purposes therein contained, by signing the name of
such entity by himself/herself as such officer as his/her free and voluntary act
and deed and the free and voluntary act and deed and the free and voluntary act
and deed of said entity.

            IN WITNESS WHEREOF, I hereunto set my hand and official seal.

-------------------------
Notary Public

[NOTARIAL SEAL]

<PAGE>

STATE OF  NEW YORK      )
                           ss.:
COUNTY OF NEW YORK      )

            On this 30th day of August, 2007, before me, a notary public in and
for the State of New York, personally appeared Fernando Acebedo, known to me
who, being by me duly sworn, did depose and say that he resides in Huntington,
New York; that he is a Vice President of HSBC Bank USA, National Association, a
national banking association, one of the parties that executed the foregoing
instrument; and that he signed his name thereto by order of the Board of
Directors of said association.

-------------------------
Notary Public

[NOTARIAL SEAL]

<PAGE>

                                   SCHEDULE I

                    Wells Fargo Asset Securities Corporation,
               Mortgage Pass-Through Certificates, Series 2007-AR4
                 Applicable Unscheduled Principal Receipt Period

                                      Full Unscheduled    Partial Unscheduled
Servicer                             Principal Receipts    Principal Receipts
----------------------------------   ------------------   -------------------

Wells Fargo Bank                         Mid-Month              Mid-Month

<PAGE>

                                   EXHIBIT A-1
                     [FORM OF FACE OF CLASS A-1 CERTIFICATE]

  [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
   DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
 TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
       NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
 REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
 & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
  ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS A-1

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AA2              First Distribution Date: September 25, 2007

ISIN No.: US94986CAA27             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT ___________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of the Class A-1 Certificates with respect to a Trust Estate
consisting of a pool of adjustable interest rate, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans (the "Mortgage
Loans"), formed by Wells Fargo Asset Securities Corporation (hereinafter called
the "Depositor," which term includes any successor entity under the Agreement
referred to below). The Trust Estate was created pursuant to a Pooling and
Servicing Agreement dated as of August 30, 2007 (the "Agreement") among the
Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master Servicer")
and HSBC Bank USA, National Association, as trustee (the "Trustee"), a summary
of certain of the pertinent provisions of which is set forth hereinafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and the
Class A Distribution Amount for the Class A-1 Certificates required to be
distributed to Holders of the Class A-1 Certificates on such Distribution Date,
subject to adjustment in certain events as specified in the Agreement.
Distributions in reduction of the Principal Balance of certain Classes of Class
A Certificates may not commence on the first Distribution Date specified above.
Distributions of principal will be allocated among the Classes of Class A
Certificates in accordance with the provisions of the Agreement. The
pass-through rate on the Class A-1 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and
the interest portion of certain Realized Losses allocated to the Class A-1
Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT A-2
                     [FORM OF FACE OF CLASS A-2 CERTIFICATE]

  [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
   DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
 TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
       NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
 REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
 & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
  ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                                INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS A-2

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      AFTER THE SUBORDINATION DEPLETION DATE, THE PRINCIPAL PORTION OF REALIZED
LOSSES ALLOCATED TO THE CLASS A-1 CERTIFICATES WILL BE BORNE BY THE CLASS A-2
CERTIFICATES AS DESCRIBED IN THE AGREEMENT.

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AB0              First Distribution Date: September 25, 2007

ISIN No.: US94986CAB00             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT ___________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of the Class A-2 Certificates with respect to a Trust Estate
consisting of a pool of adjustable interest rate, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans (the "Mortgage
Loans"), formed by Wells Fargo Asset Securities Corporation (hereinafter called
the "Depositor," which term includes any successor entity under the Agreement
referred to below). The Trust Estate was created pursuant to a Pooling and
Servicing Agreement dated as of August 30, 2007 (the "Agreement") among the
Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master Servicer")
and HSBC Bank USA, National Association, as trustee (the "Trustee"), a summary
of certain of the pertinent provisions of which is set forth hereinafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and the
Class A Distribution Amount for the Class A-2 Certificates required to be
distributed to Holders of the Class A-2 Certificates on such Distribution Date,
subject to adjustment in certain events as specified in the Agreement.
Distributions in reduction of the Principal Balance of certain Classes of Class
A Certificates may not commence on the first Distribution Date specified above.
Distributions of principal will be allocated among the Classes of Class A
Certificates in accordance with the provisions of the Agreement. The
pass-through rate on the Class A-2 Certificates applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and
the interest portion of certain Realized Losses allocated to the Class A-2
Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT A-R
                     [FORM OF FACE OF CLASS A-R CERTIFICATE]

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS THE "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"). A TRANSFEREE OF THIS CERTIFICATE, BY
ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO
CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(d) OF THE
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND
THE MASTER SERVICER TO THE EFFECT THAT, AMONG OTHER THINGS, IT IS NOT A
DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR A DISQUALIFIED
ORGANIZATION OR A NON-PERMITTED FOREIGN HOLDER, AS DEFINED IN SECTION 5.02(d) OF
THE AGREEMENT AND TO HAVE AGREED TO SUCH AMENDMENTS TO THE AGREEMENT AS MAY BE
REQUIRED TO FURTHER EFFECTUATE THE RESTRICTIONS ON TRANSFERS TO DISQUALIFIED
ORGANIZATIONS, AGENTS THEREOF OR NON-PERMITTED FOREIGN HOLDERS.

THE HOLDER OF THIS CLASS A-R CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO
HAVE AGREED TO THE DESIGNATION OF THE MASTER SERVICER AS ITS AGENT TO ACT AS
"TAX MATTERS PERSON" OF THE REMIC TO PERFORM THE FUNCTIONS OF A "TAX MATTERS
PARTNER" FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE,
OR, IF SO REQUESTED BY THE MASTER SERVICER, TO ACT AS TAX MATTERS PERSON OF THE
REMIC.

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON WHICH IS
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A
"PLAN"), OR ANY PERSON ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS A-R

                 evidencing an interest in a pool of adjustable
                           interest rate, monthly pay,
                      fully amortizing, first lien, one- to
                 four-family residential mortgage loans sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AC8              First Distribution Date: September 25, 2007

ISIN No.: US94986CAC82             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT __________________________ is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holder of the Class A-R Certificate with respect to a Trust Estate
consisting of a pool of adjustable interest rate, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans (the "Mortgage
Loans"), formed by Wells Fargo Asset Securities Corporation (hereinafter called
the "Depositor," which term includes any successor entity under the Agreement
referred to below). The Trust Estate was created pursuant to a Pooling and
Servicing Agreement dated as of August 30, 2007 (the "Agreement") among the
Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master Servicer")
and HSBC Bank USA, National Association, as trustee (the "Trustee"), a summary
of certain of the pertinent provisions of which is set forth hereinafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and the
Class A Distribution Amount for the Class A-R Certificate required to be
distributed to the Holder of the Class A-R Certificate on such Distribution
Date, subject to adjustment in certain events as specified in the Agreement.
Distributions in reduction of the Principal Balance of certain Classes of Class
A Certificates may not commence on the first Distribution Date specified above.
Distributions of principal will be allocated among the Classes of Class A
Certificates in accordance with the provisions of the Agreement. The
pass-through rate on the Class A-R Certificate applicable to each Distribution
Date will be a per annum rate equal to the Net WAC. The amount of interest which
accrues on this Certificate in any month will be subject to reduction with
respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and
the interest portion of certain Realized Losses allocated to the Class A-R
Certificate, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution on this Certificate will be made after due notice of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency of the Paying Agent specified for that
purpose in the notice of final distribution.

      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.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-1
                     [FORM OF FACE OF CLASS B-1 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS B-1

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
  fully amortizing, first lien, one- to four-family residential mortgage loans
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AD6              First Distribution Date: September 25, 2007

ISIN No.: US94986CAD65             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT ____________________________ is the registered owner
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-1 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of August 30, 2007 (the "Agreement")
among the Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master
Servicer") and HSBC Bank USA, National Association, as trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinafter. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and,
subject to the prior rights of the Class A Certificates as specified in the
Agreement, any Class B-1 Distribution Amount required to be distributed to
Holders of the Class B-1 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-1 Certificates applicable to each Distribution Date will be
a per annum rate equal to the Net WAC. The amount of interest which accrues on
this Certificate in any month will be subject to reduction with respect to any
Non-Supported Interest Shortfall and any Relief Act Shortfall allocated to the
Class B-1 Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-2
                     [FORM OF FACE OF CLASS B-2 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AND THE CLASS B-1 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS B-2

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
  fully amortizing, first lien, one- to four-family residential mortgage loans
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AE4              First Distribution Date: September 25, 2007

ISIN No.: US94986CAE49             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT ____________________________ is the registered owner
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-2 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of August 30, 2007 (the "Agreement")
among the Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master
Servicer") and HSBC Bank USA, National Association, as trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinafter. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and,
subject to the prior rights of the Class A Certificates and each Class of Class
B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-2 Distribution Amount required to be distributed to
Holders of the Class B-2 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-2 Certificates applicable to each Distribution Date will be
a per annum rate equal to the Net WAC. The amount of interest which accrues on
this Certificate in any month will be subject to reduction with respect to any
Non-Supported Interest Shortfall and any Relief Act Shortfall allocated to the
Class B-2 Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-3

                     [FORM OF FACE OF CLASS B-3 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES AND THE CLASS B-2 CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS B-3

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
  fully amortizing, first lien, one- to four-family residential mortgage loans
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AF1              First Distribution Date: September 25, 2007

ISIN No.: US94986CAF14             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT _______________________________ is the registered
owner of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-3 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of August 30, 2007 (the "Agreement")
among the Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master
Servicer") and HSBC Bank USA, National Association, as trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinafter. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and,
subject to the prior rights of the Class A Certificates and each Class of Class
B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-3 Distribution Amount required to be distributed to
Holders of the Class B-3 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-3 Certificates applicable to each Distribution Date will be
a per annum rate equal to the Net WAC. The amount of interest which accrues on
this Certificate in any month will be subject to reduction with respect to any
Non-Supported Interest Shortfall and any Relief Act Shortfall allocated to the
Class B-3 Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-4
                     [FORM OF FACE OF CLASS B-4 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES AND THE
CLASS B-3 CERTIFICATES AS DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

THE INITIAL PURCHASER IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS
CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO
HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE AGREEMENT REFERRED TO HEREIN, THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT HAS NOT
DELIVERED A REPRESENTATION LETTER STATING EITHER (A) THAT THE TRANSFEREE IS NOT
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON
BEHALF OF OR INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS
SET FORTH IN THE AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS
CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT." EACH PERSON WHO ACQUIRES
THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE DEEMED TO HAVE MADE THE
REPRESENTATIONS REQUIRED BY THE REPRESENTATION LETTER REFERRED TO IN THE
PRECEDING SENTENCE, UNLESS SUCH PERSON SHALL HAVE PROVIDED SUCH REPRESENTATION
LETTER OR THE OPINION OF COUNSEL REFERRED TO IN SECTION 5.02(C) OF THE AGREEMENT
REFERRED TO HEREIN TO THE MASTER SERVICER AND DEPOSITOR.

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS B-4

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
  fully amortizing, first lien, one- to four-family residential mortgage loans
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AG9              First Distribution Date: September 25, 2007

ISIN No.: US94986CAG96             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT ____________________________ is the registered owner
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-4 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of August 30, 2007 (the "Agreement")
among the Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master
Servicer") and HSBC Bank USA, National Association, as trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinafter. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and,
subject to the prior rights of the Class A Certificates and each Class of Class
B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-4 Distribution Amount required to be distributed to
Holders of the Class B-4 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-4 Certificates applicable to each Distribution Date will be
a per annum rate equal to the Net WAC. The amount of interest which accrues on
this Certificate in any month will be subject to reduction with respect to any
Non-Supported Interest Shortfall and any Relief Act Shortfall allocated to the
Class B-4 Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      No transfer of a Class B-4 Certificate will be made unless such transfer
is exempt from the registration requirements of the Securities Act of 1933, as
amended, and any applicable state securities laws or is made in accordance with
said Act and laws. In the event that such a transfer is desired to be made by
the Holder hereof, the transferee will be required to execute an investment
letter in the form described in the Agreement. The Holder hereof desiring to
effect such transfer shall, and does hereby agree to, indemnify the Trustee, the
Depositor, the Master Servicer, and any Paying Agent 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. The representations required in any investment
letter shall be deemed to have been made in connection with a transfer of a
Class B-4 Certificate that is a Book-Entry Certificate. In connection with any
such transfer, the Master Servicer will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Master Servicer and the Depositor with respect to
certain matters and (b) such other documentation as the Depositor or the Master
Servicer may require, as described in the Agreement. For purposes of clause (i)
of this paragraph, each person who acquires this certificate or any interest
therein shall be deemed to have made the representations required by the
representation letter referred to in the preceding sentence, unless such person
shall have provided such representation letter or the opinion of counsel
referred to in the preceding sentence to the Depositor and Master Servicer.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-5
                     [FORM OF FACE OF CLASS B-5 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES AND THE CLASS B-4 CERTIFICATES AS DESCRIBED IN THE AGREEMENT
REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

THE INITIAL PURCHASER IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS
CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO
HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE AGREEMENT REFERRED TO HEREIN, THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT HAS NOT
DELIVERED A REPRESENTATION LETTER STATING EITHER (A) THAT THE TRANSFEREE IS NOT
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON
BEHALF OF OR INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS
SET FORTH IN THE AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS
CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT." EACH PERSON WHO ACQUIRES
THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE DEEMED TO HAVE MADE THE
REPRESENTATIONS REQUIRED BY THE REPRESENTATION LETTER REFERRED TO IN THE
PRECEDING SENTENCE, UNLESS SUCH PERSON SHALL HAVE PROVIDED SUCH REPRESENTATION
LETTER OR THE OPINION OF COUNSEL REFERRED TO IN SECTION 5.02(C) OF THE AGREEMENT
REFERRED TO HEREIN TO THE MASTER SERVICER AND DEPOSITOR.

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS B-5

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
  fully amortizing, first lien, one- to four-family residential mortgage loans
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AH7              First Distribution Date: September 25, 2007

ISIN No.: US94986CAH79             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT ____________________________ is the registered owner
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-5 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of August 30, 2007 (the "Agreement")
among the Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master
Servicer") and HSBC Bank USA, National Association, as trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinafter. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and,
subject to the prior rights of the Class A Certificates and each Class of Class
B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-5 Distribution Amount required to be distributed to
Holders of the Class B-5 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-5 Certificates applicable to each Distribution Date will be
a per annum rate equal to the Net WAC. The amount of interest which accrues on
this Certificate in any month will be subject to reduction with respect to any
Non-Supported Interest Shortfall and any Relief Act Shortfall allocated to the
Class B-5 Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      No transfer of a Class B-5 Certificate will be made unless such transfer
is exempt from the registration requirements of the Securities Act of 1933, as
amended, and any applicable state securities laws or is made in accordance with
said Act and laws. In the event that such a transfer is desired to be made by
the Holder hereof, the transferee will be required to execute an investment
letter in the form described in the Agreement. The Holder hereof desiring to
effect such transfer shall, and does hereby agree to, indemnify the Trustee, the
Depositor, the Master Servicer, and any Paying Agent 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. The representations required in any investment
letter shall be deemed to have been made in connection with a transfer of a
Class B-5 Certificate that is a Book-Entry Certificate. In connection with any
such transfer, the Master Servicer will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Master Servicer and the Depositor with respect to
certain matters and (b) such other documentation as the Depositor or the Master
Servicer may require, as described in the Agreement. For purposes of clause (i)
of this paragraph, each person who acquires this certificate or any interest
therein shall be deemed to have made the representations required by the
representation letter referred to in the preceding sentence, unless such person
shall have provided such representation letter or the opinion of counsel
referred to in the preceding sentence to the Depositor and Master Servicer.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT B-6
                     [FORM OF FACE OF CLASS B-6 CERTIFICATE]

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES, THE CLASS B-4 CERTIFICATES AND THE CLASS B-5 CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED TO HEREIN.

THE INITIAL PURCHASER IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS
CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO
HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE AGREEMENT REFERRED TO HEREIN, THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT HAS NOT
DELIVERED A REPRESENTATION LETTER STATING EITHER (A) THAT THE TRANSFEREE IS NOT
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN"), AND IS NOT ACTING ON
BEHALF OF OR INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO CERTAIN CONDITIONS
SET FORTH IN THE AGREEMENT, THAT THE SOURCE OF FUNDS USED TO PURCHASE THIS
CERTIFICATE IS AN "INSURANCE COMPANY GENERAL ACCOUNT." EACH PERSON WHO ACQUIRES
THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE DEEMED TO HAVE MADE THE
REPRESENTATIONS REQUIRED BY THE REPRESENTATION LETTER REFERRED TO IN THE
PRECEDING SENTENCE, UNLESS SUCH PERSON SHALL HAVE PROVIDED SUCH REPRESENTATION
LETTER OR THE OPINION OF COUNSEL REFERRED TO IN SECTION 5.02(C) OF THE AGREEMENT
REFERRED TO HEREIN TO THE MASTER SERVICER AND DEPOSITOR.

<PAGE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                           SERIES 2007-AR4, CLASS B-6

   evidencing an interest in a pool of adjustable interest rate, monthly pay,
  fully amortizing, first lien, one- to four-family residential mortgage loans
                                     sold by

                    WELLS FARGO ASSET SECURITIES CORPORATION
               (Not an interest in or obligation of the Depositor)

      THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN,
THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND
IS NOT INSURED OR GUARANTEED BY THE DEPOSITOR, THE MASTER SERVICER, THE TRUSTEE
OR ANY OF THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.

      DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN
THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.

Certificate No.                    Cut-Off Date: August 1, 2007

CUSIP No.: 94986C AJ3              First Distribution Date: September 25, 2007

ISIN No.: US94986CAJ36             Denomination: $

Percentage Interest evidenced      Final Scheduled Maturity Date: August 25,
by this Certificate: %             2037

<PAGE>

      THIS CERTIFIES THAT ____________________________ is the registered owner
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of the Class B-6 Certificates with respect to a
Trust Estate consisting of a pool of adjustable interest rate, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans
(the "Mortgage Loans") formed by Wells Fargo Asset Securities Corporation
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Estate was created pursuant to
a Pooling and Servicing Agreement dated as of August 30, 2007 (the "Agreement")
among the Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master
Servicer") and HSBC Bank USA, National Association, as trustee (the "Trustee"),
a summary of certain of the pertinent provisions of which is set forth
hereinafter. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to such terms 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.

      Pursuant to the terms of the Agreement, a distribution will be made on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing on the first
Distribution Date specified above, to the Person in whose name this Certificate
is registered at the close of business on the Record Date, in an amount equal to
the product of the Percentage Interest evidenced by this Certificate and,
subject to the prior rights of the Class A Certificates and each Class of Class
B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-6 Distribution Amount required to be distributed to
Holders of the Class B-6 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-6 Certificates applicable to each Distribution Date will be
a per annum rate equal to the Net WAC. The amount of interest which accrues on
this Certificate in any month will be subject to reduction with respect to any
Non-Supported Interest Shortfall and any Relief Act Shortfall allocated to the
Class B-6 Certificates, as described in the Agreement.

      Distributions on this Certificate will be made by the Paying Agent by
check mailed to the address of the Person entitled thereto, as such name and
address shall appear on the Certificate Register, unless such Person has
notified the Paying Agent pursuant to the Agreement that such payments are to be
made by wire transfer of immediately available funds. Notwithstanding the above,
the final distribution in reduction of the Principal Balance of this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency of the
Paying Agent specified for that purpose in the notice of final distribution.

      No transfer of a Class B-6 Certificate will be made unless such transfer
is exempt from the registration requirements of the Securities Act of 1933, as
amended, and any applicable state securities laws or is made in accordance with
said Act and laws. In the event that such a transfer is desired to be made by
the Holder hereof, the transferee will be required to execute an investment
letter in the form described in the Agreement. The Holder hereof desiring to
effect such transfer shall, and does hereby agree to, indemnify the Trustee, the
Depositor, the Master Servicer, and any Paying Agent 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. The representations required in any investment
letter shall be deemed to have been made in connection with a transfer of a
Class B-6 Certificate that is a Book-Entry Certificate. In connection with any
such transfer, the Master Servicer will also require (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Master Servicer and the Depositor with respect to
certain matters and (b) such other documentation as the Depositor or the Master
Servicer may require, as described in the Agreement. For purposes of clause (i)
of this paragraph, each person who acquires this certificate or any interest
therein shall be deemed to have made the representations required by the
representation letter referred to in the preceding sentence, unless such person
shall have provided such representation letter or the opinion of counsel
referred to in the preceding sentence to the Depositor and Master Servicer.

      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 constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.

      Unless this Certificate has been countersigned by an authorized officer of
the Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Paying Agent has caused this Certificate to be
duly executed as of the date set forth below.

Dated:

                                       Wells Fargo Bank, N.A.,
                                            Paying Agent

                                       By____________________________
                                            Authorized Officer

Countersigned:

Wells Fargo Bank, N.A.,
  Authenticating Agent

By ________________________
   Authorized Officer

<PAGE>

                                   EXHIBIT C

               [Form of Reverse of Series 2007-AR4 Certificates]

                    WELLS FARGO ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 2007-AR4

      This Certificate is one of a duly authorized issue of Certificates issued
in several Classes designated as Mortgage Pass-Through Certificates of the
Series specified hereon (herein collectively called the "Certificates").

      The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event funds are advanced with respect to any
Mortgage Loan by a Servicer, the Master Servicer or the Trustee, such advances
are reimbursable to such Servicer, the Master Servicer or the Trustee to the
extent provided in the Agreement, from related recoveries on such Mortgage Loan
or from other cash that would have been distributable to Certificateholders.

      As provided in the Agreement, withdrawals from the Certificate Account
created for the benefit of Certificateholders may be made by the Master Servicer
from time to time for purposes other than distributions to Certificateholders,
such purposes including reimbursement to a Servicer, the Master Servicer or the
Trustee, as applicable, of advances made by such Servicer, the Master Servicer
or the Trustee.

      The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Voting Interests of
each Class of Certificates affected thereby. 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 hereof or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain 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 upon surrender of this Certificate for registration of transfer at the
office or agency maintained by the Certificate Registrar, duly endorsed by, or
accompanied by an assignment in the form below or other written instrument of
transfer in form satisfactory to 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 authorized Denominations evidencing
the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.

      The Certificates are issuable only as registered Certificates without
coupons in Classes and 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 authorized Denominations evidencing the
same Class and 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 Certificate Registrar 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 Trustee, the Paying Agent and the
Certificate Registrar, and any agent of the Depositor, the Master Servicer, the
Trustee, the Paying Agent or the Certificate Registrar, may treat the Person in
whose name this Certificate is registered as the owner hereof for all purposes,
and neither the Depositor, the Master Servicer, the Trustee, the Certificate
Registrar nor any such agent shall be affected by notice to the contrary.

      The obligations created by the Agreement in respect of the Certificates
and the Trust Estate created thereby shall terminate upon the last action
required to be taken by the Paying Agent on the Final Distribution Date pursuant
to the Agreement following the earlier of (i) the payment or other liquidation
(or advance with respect thereto) of the last Mortgage Loan subject thereto or
the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan, and (ii) the purchase by the Depositor from
the Trust Estate of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans; provided, however, that the Trust Estate will in
no event continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Agreement.
The Agreement permits, but does not require, the Depositor to purchase all
remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan at a price determined as provided in the Agreement. The exercise of such
option will effect early retirement of the Certificates, the Depositor's right
to exercise such option being subject to the Pool Scheduled Principal Balance of
the Mortgage Loans as of the Distribution Date upon which the proceeds of such
repurchase are distributed being less than ten percent of the Cut-Off Date
Aggregate Principal Balance.
<PAGE>

                                   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 beneficial interest evidenced by the within Mortgage Pass-Through
Certificate and hereby authorizes the transfer of registration of such interest
to assignee on the Certificate Register of the Trust Estate.

      I (We) further direct the Certificate Registrar to issue a new Certificate
of a like Denomination or Percentage Interest and Class, to the above named
assignee and deliver such Certificate to the following address:

________________________________________________________________________________
________________________________________________________________________________

Social Security or other Identifying Number of Assignee:

Dated:

                                       _________________________________________
                                         Signature by or on behalf of assignor

                                       _________________________________________
                                          Signature Guaranteed

<PAGE>

                            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.

<PAGE>

                                    EXHIBIT D

                                    RESERVED

<PAGE>

                                    EXHIBIT E

                               CUSTODIAL AGREEMENT

            THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to
time, the "Agreement"), dated as of August 30, 2007, by and among HSBC BANK USA,
NATIONAL ASSOCIATION, not individually, but solely as Trustee (including its
successors under the Pooling and Servicing Agreement defined below, the
"Trustee"), WELLS FARGO ASSET SECURITIES CORPORATION (together with any
successor in interest, the "Depositor"), WELLS FARGO BANK, N.A. (together with
any successor in interest or successor under the Pooling and Servicing Agreement
referred to below, the "Master Servicer") and WELLS FARGO BANK, N.A. (together
with any successor in interest or any successor appointed hereunder, the
"Custodian").

                           W I T N E S S E T H  T H A T
                           - - - - - - - - - -  - - - -

            WHEREAS, the Depositor, the Master Servicer, and the Trustee, have
entered into a Pooling and Servicing Agreement dated as of August 30, 2007
relating to the issuance of Mortgage Pass-Through Certificates, Series 2007-AR4
(as amended and supplemented from time to time, the "Pooling and Servicing
Agreement"); and

            WHEREAS, the Custodian has agreed to act as agent for the Trustee
for the purposes of receiving and holding certain documents and other
instruments delivered by the Depositor under the Pooling and Servicing
Agreement, all upon the terms and conditions and subject to the limitations
hereinafter set forth;

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the Trustee, the Depositor, the
Master Servicer and the Custodian hereby agree as follows:

                                    ARTICLE I

                                   Definitions

            Capitalized terms used in this Agreement and not defined herein
shall have the meanings assigned in the Pooling and Servicing Agreement, unless
otherwise required by the context herein.

                                   ARTICLE II

                          Custody of Mortgage Documents

            Section 2.1. Custodian to Act as Agent; Acceptance of Custodial
Files. Subject to Section 2.3 hereof, the Custodian, as the duly appointed agent
of the Trustee for these purposes, declares that it holds and will hold the
documents delivered to it pursuant to Section 2.01 of the Pooling and Servicing
Agreement and any other documents constituting part of the Owner Mortgage Loan
File or Retained Mortgage Loan File received on or subsequent to the date hereof
(the "Custodial Files") as agent for the Trustee, in trust, for the use and
benefit of all present and future Certificateholders. The Depositor shall give
written notice to the Custodian within 10 business days of the occurrence of a
Document Transfer Event.

            Section 2.2. Recordation of Assignments. Unless an assignment of a
Mortgage is not required to be recorded in accordance with Section 2.01 of the
Pooling and Servicing Agreement, if any Custodial File includes one or more
assignments to the Trustee of Mortgage Notes that have not been recorded, each
such assignment shall be delivered by the Custodian to the Depositor for the
purpose of recording it in the appropriate public office for real property
records, and the Depositor, at no expense to the Custodian, shall promptly cause
to be recorded in the appropriate public office for real property records each
such assignment and, upon receipt thereof from such public office, shall return
each such assignment to the Custodian.

            Section 2.3. Review of Custodial Files. The Custodian agrees, for
the benefit of Certificateholders, to review, in accordance with the provisions
of Section 2.02 of the Pooling and Servicing Agreement, each Custodial File and
to provide the initial and final certifications in the forms of Exhibits N and O
to the Pooling and Servicing Agreement in accordance with the provisions
thereof. If in performing the review required by this Section 2.3 the Custodian
finds any document or documents constituting a part of a Custodial File to be
missing or defective, the Custodian shall follow the procedures specified in the
Pooling and Servicing Agreement.

            Section 2.4. Notification of Breaches of Representations and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Depositor or the Master Servicer as set forth in the
Pooling and Servicing Agreement, the Custodian shall follow the procedures
specified in the Pooling and Servicing Agreement.

            Section 2.5. Custodian to Cooperate; Release of Custodial 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 or applicable Servicer shall
immediately deliver to the Custodian two copies of a Request for Release or such
request in an electronic format acceptable to the Custodian and shall request
delivery to it of the Custodial File. The Custodian agrees, within five business
days of receipt of such Request for Release, to release the related Custodial
File to the Master Servicer or applicable Servicer.

            From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer or applicable Servicer shall deliver
to the Custodian two copies of a Request for Release of a Servicing Officer
requesting that possession of the Custodial File be released to the Servicer or
Master Servicer and certifying as to the reason for such release. Upon receipt
of the foregoing, the Custodian shall deliver the Custodial File to the Master
Servicer or applicable Servicer. The Master Servicer or applicable Servicer
shall cause each Custodial File therein so released to be returned to the
Custodian when the need therefor by the Master Servicer or applicable Servicer
no longer exists, unless (i) the Mortgage Loan has been liquidated and the
Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
Certificate Account to the extent required by the Pooling and Servicing
Agreement or (ii) the Custodial File or such document has been delivered to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially. In
the event of the liquidation of a Mortgage Loan, the Master Servicer or
applicable Servicer shall deliver two copies of a Request for Release with
respect thereto to the Custodian upon deposit of the related Liquidation
Proceeds in the Certificate Account to the extent required by the Pooling and
Servicing Agreement.

            The Custodian shall maintain records (i) identifying all requests
made by Servicers or the Master Servicer (other than requests relating to
Custodial Files already released by the Custodian) for the release by the
Custodian of Custodial Files with respect to the Mortgage Loans and (ii) all
Custodial Files released by the Custodian.

            Section 2.6. Assumption Agreements. In the event that any assumption
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling and Servicing Agreement, the Master Servicer shall
notify the Custodian that such assumption or substitution agreement has been
completed by forwarding to the Custodian the original of such assumption or
substitution agreement, which copy shall be added to the related Custodial File
and, for all purposes, shall be considered a part of such Custodial File to the
same extent as all other documents and instruments constituting parts thereof.

                                   ARTICLE III

                            Concerning the Custodian

            Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note, Mortgage and other documents constituting each
Custodial File which are delivered to the Custodian, the Custodian is
exclusively the bailee and agent of the Trustee, holds such documents for the
benefit of Certificateholders and undertakes to perform such duties and only
such duties as are specifically set forth in this Agreement and in the Pooling
and Servicing Agreement. All provisions of the Pooling and Servicing Agreement
setting forth duties of the Custodian in more detail are hereby incorporated by
reference into this Agreement. Except upon compliance with the provisions of
Section 2.5 of this Agreement and the provisions of the Pooling and Servicing
Agreement, no Mortgage Note or other document constituting a part of a Custodial
File shall be delivered by the Custodian to the Depositor or the Master Servicer
or otherwise released from the possession of the Custodian.

            Section 3.2. Indemnification. The Depositor hereby agrees to
indemnify and hold the Custodian harmless from and against all claims,
liabilities, losses, actions, suits or proceedings at law or in equity, or any
other expenses, fees or charges of any character or nature, which the Custodian
may incur or with which the Custodian may be threatened by reasons of its acting
as custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Depositor, and the cost of defending any
action, suit or proceedings or resisting any claim. Notwithstanding the
foregoing, it is specifically understood and agreed that in the event any such
claim, liability, loss, action, suit or proceeding or other expense, fees, or
charge shall have been caused by reason of any negligent act, negligent failure
to act, or willful misconduct on the part of the Custodian, or which shall
constitute a willful breach of its duties hereunder, the indemnification
provisions of this Agreement shall not apply.

            Section 3.3. Custodian May Own Certificates. The Custodian in its
individual or any other capacity may become the owner or pledgee of Certificates
with the same rights it would have if it were not Custodian.

            Section 3.4. Master Servicer to Pay Custodian's Fees and Expenses.
The Master Servicer covenants and agrees to pay to the Custodian from time to
time, and the Custodian shall be entitled to, reasonable compensation for all
services rendered by it in the exercise and performance of any of the powers and
duties hereunder of the Custodian, and the Master Servicer will pay or reimburse
the Custodian upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Custodian in accordance with any of the
provisions of this Agreement (including the reasonable compensation and the
expenses and disbursements of its counsel and of all persons not regularly in
its employ), except any such expense, disbursement or advance as may arise from
its negligence or bad faith. The Master Servicer's obligations regarding
payments due to the Custodian pursuant to this Section 3.4 shall survive the
termination of this Agreement with respect to any fees and expenses due
hereunder.

            Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
Custodian, upon 30 days written notice to the Depositor, the Master Servicer and
the Trustee, may resign from the obligations and duties hereby imposed upon it
as such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation, the Trustee shall either take
custody of the Custodial Files itself and give prompt notice thereof to the
Depositor, the Master Servicer and the Custodian or promptly appoint a successor
Custodian by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Custodian and one copy to the successor
Custodian. If the Trustee shall not have taken custody of the Custodial Files
and no successor Custodian shall have been so appointed and have accepted
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.

            The Trustee, upon 60 days written notice to the Depositor, the
Master Servicer and the Custodian, may remove the Custodian. In such event, the
Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
a successor Custodian hereunder. Any successor Custodian shall be a depository
institution subject to supervision or examination by federal or state authority
and shall be able to satisfy the other requirements contained in Section 3.7.

            Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Depositor and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall have been
appointed and accepted appointment by the Trustee without the prior approval of
the Depositor and the Master Servicer.

            Section 3.6. Merger or Consolidation of Custodian. Any Person into
which the Custodian may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Custodian shall be a party, or any Person succeeding
to the business of the Custodian, shall be the successor of the Custodian
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.

            The Custodian and such successor or surviving Person shall notify
the Depositor, the Master Servicer and the Trustee of any such merger,
conversion or consolidation at least two Business Days prior to the effective
date thereof and shall provide the Depositor and the Master Servicer with all
information required by the Depositor to comply with its reporting obligations
not later than the effective date of such merger, conversion or consolidation
(unless giving prior notice would be prohibited by applicable law or by a
confidentiality agreement, in which case notice shall be given by 12 noon
eastern time one Business Day after such merger or consolidation).

            Section 3.7. Representations of the Custodian. The Custodian hereby
represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $10,000,000 and is qualified to do business in the jurisdiction in
which it will hold any Custodial File.

            Section 3.8. Limitations on the Responsibilities of the Custodian.

            (a) Neither the Custodian nor any of its Affiliates, directors,
officers, agents, counsel, attorneys-in-fact, and employees shall be liable for
any action or omission to act hereunder except for its own or such person's
gross negligence or willful misconduct. Notwithstanding the foregoing sentence,
in no event shall the Custodian or its Affiliates, directors, officers, agents,
counsel, attorneys-in-fact, and employees be held liable for any special,
indirect, punitive or consequential damages resulting from any action taken or
omitted to be taken by it or them hereunder or in connection herewith even if
advised of the possibility of such damages. The provisions of this Section 3.8
shall survive the resignation or removal of the Custodian and the termination of
this Agreement.

            (b) The Custodian shall not be responsible for preparing or filing
any reports or returns relating to federal, state or local income taxes with
respect to this Agreement, other than for the Custodian's compensation or for
reimbursement of expenses.

            (c) The Custodian shall not be responsible or liable for, and makes
no representation or warranty with respect to, the validity, adequacy or
perfection of any lien upon or security interest in any Mortgage File.

            (d) The Custodian shall not be responsible for delays or failures in
performance resulting from acts beyond its control. Such acts shall include, but
not be limited to, acts of God, strikes, lockouts, riots, acts of war or
terrorism, epidemics, nationalization, expropriation, currency restrictions,
governmental regulations superimposed after the fact, fire, communication line
failures, computer viruses, power failures, earthquakes or other disasters.

            (e) The duties and obligations of the Custodian shall only be such
as are expressly set forth in this Agreement and the Pooling and Servicing
Agreement or as set forth in a written amendment to this Agreement or the
Pooling and Servicing Agreement executed by the parties hereto or their
successors and assigns. In the event that any provision of this Agreement
implies or requires that action or forbearance be taken by a party, but is
silent as to which party has the duty to act or refrain from acting, the parties
agree that the Custodian shall not be the party required to take the action or
refrain from acting. In no event shall the Custodian have any responsibility to
ascertain or take action except as expressly provided herein.

            (f) Nothing in this Agreement shall be deemed to impose on the
Custodian any duty to qualify to do business in any jurisdiction, other than (i)
any jurisdiction where any Mortgage File is or may be held by the Custodian from
time to time hereunder, and (ii) any jurisdiction where its ownership of
property or conduct of business requires such qualification and where failure to
qualify could have a material adverse effect on the Custodian or its property or
business or on the ability of the Custodian to perform it duties hereunder.

            (g) The Custodian shall have no duty to ascertain whether or not any
cash amount or payment has been received by the Trustee, the Depositor, the
Master Servicer, or any third person.

                                   ARTICLE IV

           Documents and Notices Required to be Delivered by Custodian

            Section 4.1 Assessment of Servicing Compliance; Registered Public
Accounting Firm Attestation Reports; Exchange Act Reporting. (a) The Custodian
shall furnish, or cause to be furnished in the case of clause (iii), to the
Master Servicer, no later than March 5 of each year or if such day is not a
Business Day, the next Business Day (with a 10 calendar day cure period, but in
no event later than March 15), commencing in March 2008, the following:

            (i) a report (in form and substance reasonably satisfactory to the
      Master Servicer and the Depositor) regarding the Custodian's assessment of
      compliance with the Servicing Criteria applicable to it 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 addressed to the Master Servicer and signed by an authorized
      officer of the Custodian, and shall address, at a minimum, each of the
      Servicing Criteria applicable to the Custodian, as specified in the table
      in Exhibit R to the Pooling and Servicing Agreement;

            (ii) a report of a registered public accounting firm reasonably
      acceptable to the Master Servicer and the Depositor that attests to, and
      reports on, the assessment of compliance made by the Custodian and
      delivered pursuant to the preceding paragraph. 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. If requested by the Master
      Servicer or the Depositor, such report shall contain or be accompanied by
      a consent of such accounting firm to inclusion or incorporation of such
      report in the Depositor's Registration Statement on Form S-3 relating to
      the Certificates and the Trust's Form 10-K; and

            (iii) an assessment of compliance and accountants' attestation as
      described in paragraphs (i) and (ii) of this Section 4.1(a) with respect
      to each Subcontractor determined by the Custodian pursuant to Section 4.2
      to be "participating in the servicing function" within the meaning of Item
      1122 of Regulation AB.

            An assessment of compliance provided by a Subcontractor pursuant to
Section 4.1(a)(iii) need not address any elements of the Servicing Criteria
applicable to it other than those specified by the Custodian pursuant to Section
4.2.

            No later than 30 days following the end of each fiscal year for the
Trust for which a Form 10-K is required to be filed, the Custodian shall forward
to the Master Servicer the name of each Subcontractor engaged by it and what
Relevant Servicing Criteria will be addressed in the report on assessment of
compliance prepared by such Subcontractor. When the Custodian submits its
assessment to the Master Servicer, it will also at such time include the
assessment (and attestation pursuant to Section 4.1(a)(ii) hereof) of each
Subcontractor engaged by it.

            (b) Within five (5) calendar days after a Distribution Date, the
Custodian shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Custodian, the form and substance of any Additional Form
10-D Disclosure applicable to the Custodian, as indicated in the table in
Exhibit S to the Pooling and Servicing Agreement. The Custodian acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(a)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 10-D is contingent upon the Custodian strictly observing all
applicable deadlines in the performance of its duties under this Section 4.1(b).

            (c) No later than March 5 (with a 10 calendar day cure period, but
in no event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 2008, the Custodian
shall provide to the Master Servicer, to the extent known, in EDGAR-compatible
format, or in such other form as otherwise agreed upon by the Master Servicer
and the Custodian, the form and substance of any Additional Form 10-K Disclosure
applicable to the Custodian, as indicated in the table in Exhibit T to the
Pooling and Servicing Agreement. The Custodian acknowledges that the performance
by the Master Servicer of its duties under Section 3.12(b) of the Pooling and
Servicing Agreement relating to the timely preparation and filing of Form 10-K
is contingent upon the Custodian strictly observing all applicable deadlines in
the performance of its duties under this Section 4.1(c).

            (d) For so long as the Trust is subject to the Exchange Act
reporting requirements, no later than the end of business on the second Business
Day after the occurrence of a Reportable Event applicable to the Custodian, the
Custodian shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Custodian, the form and substance of any Form 8-K
Disclosure Information applicable to the Custodian, as indicated in the table in
Exhibit U to the Pooling and Servicing Agreement. The Custodian acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(c)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 8-K is contingent upon the Custodian strictly observing all
applicable deadlines in the performance of its duties under this Section 4.1(d).

            (e) The Custodian shall indemnify the Master Servicer, each
affiliate of the Master Servicer, the Trust, each broker dealer acting as
underwriter or initial purchaser of the Certificates, each Person who controls
any of such parties and the Depositor (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act); and the respective present
and former directors, officers, employees and agents of each of the foregoing
and of the Depositor (each such entity, an "Indemnified Party"), and shall hold
each of them harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments, and any other
costs, fees and expenses that any of them may sustain arising out of or based
upon:

                  (i) (A) any untrue statement of a material fact contained or
            alleged to be contained in any information, report, certification,
            accountants' letter or other material provided in written or
            electronic form under this Section 4.1 or Section 4.2 hereof by or
            on behalf of the Custodian, or provided under Sections 4.1 or 4.2 by
            or on behalf of any Subcontractor (collectively, the "Custodian
            Information"), or (B) the omission or alleged omission to state in
            the Custodian Information a material fact required to be stated in
            the Custodian Information or necessary in order to make the
            statements therein, in the light of the circumstances under which
            they were made, not misleading; provided, by way of clarification,
            that clause (B) of this paragraph shall be construed solely by
            reference to the Custodian Information and not to any other
            information communicated in connection with a sale or purchase of
            securities, without regard to whether the Custodian Information or
            any portion thereof is presented together with or separately from
            such other information; or

                  (ii) any failure by the Custodian or any Subcontractor engaged
            by the Custodian to deliver any information, report, certification,
            accountants' letter or other material when and as required under
            Sections 4.1 or 4.2, including any failure by the Custodian to
            identify pursuant to Section 4.2 any Subcontractor "participating in
            the servicing function" within the meaning of Item 1122 of
            Regulation AB.

      In the case of any failure of performance described in clause (ii) of this
Section, the Custodian shall promptly reimburse the Master Servicer and the
Depositor, as applicable, for all costs reasonably incurred by each such party
in order to obtain the information, report, certification, accountants' letter
or other material not delivered as required by the Custodian or any
Subcontractor. If the indemnification provided for herein is unavailable to hold
harmless any Indemnified Party, then the Custodian agrees that it shall
contribute to the amount paid or payable by such Indemnified Party as a result
of the losses, claims, damages or liabilities of such Indemnified Party in such
proportion as is appropriate to reflect the relative fault of such Indemnified
Party on the one hand and the Custodian on the other in connection with a breach
of the Custodian's obligations under this Section 4.1 or the Custodian's
negligence, bad faith or willful misconduct in connection therewith.

            4.2 Engagement of Affiliates or Third-Parties. The Custodian shall
not hire or otherwise utilize the services of any Subcontractor to fulfill any
of the obligations of the Custodian as servicer under this Agreement unless the
Custodian complies with the provisions of this Section.

            It shall not be necessary for the Custodian to seek the consent of
the Master Servicer or the Depositor to the utilization of any Subcontractor.
The Custodian shall promptly upon request provide to the Master Servicer (or any
designee of Master Servicer) a written description (in form and substance
satisfactory to the Master Servicer and the Depositor) of the role and function
of each Subcontractor utilized by the Custodian, 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 "participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, the Custodian shall cause any such Subcontractor used by the
Custodian, for the benefit of the Master Servicer and the Depositor to comply
with the provisions of Section 4.1 of this Agreement to the same extent as if
such Subcontractor were the Custodian. The Custodian shall be responsible for
obtaining from each Subcontractor and delivering to the Master Servicer any
assessment of compliance and attestation required to be delivered by such
Subcontractor under Section 4.1, in each case as and when required to be
delivered.

            4.3 Errors and Omissions Policy. The Custodian shall maintain, at
all times and at its own expense, an insurance policy covering losses caused by
errors or omissions of the Custodian and its personnel (such policy, an "Errors
and Omissions Policy"), which policy shall have such terms and coverage amounts
as are comparable to those of errors and omissions policies maintained by
custodians of mortgage loans generally.

            The Errors and Omissions Policy shall insure the Custodian, its
successors and assigns, against any losses resulting from negligence, errors or
omissions on the part of officers, employees or other persons acting on behalf
of the Custodian in the performance of its duties as Custodian pursuant to this
Agreement.

            The Custodian shall maintain in effect the Errors and Omissions
Policy at all times and the Errors and Omissions Policy may not be canceled,
permitted to lapse or otherwise terminated without the acquisition of comparable
coverage by the Custodian.

            4.4 Compliance with Article IV. If (a) the Custodian fails to comply
with its obligations to deliver any assessment of servicing compliance or
registered public accounting firm attestation reports required pursuant to this
Article IV or (b) any Subcontractor engaged by the Custodian fails to comply
with its obligations to deliver any assessment of servicing compliance or
registered public accounting firm attestation reports, the Master Servicer, may,
after consultation with the Depositor, remove the Custodian and appoint a
successor custodian by written instrument, in duplicate, one copy of which
instrument shall be delivered to the Custodian so removed and one copy to the
successor custodian.

                                    ARTICLE V

                            Miscellaneous Provisions

            Section 5.1. Notices. All notices, requests, consents and demands
and other communications required under this Agreement, or pursuant to any other
instrument or document delivered hereunder shall be in writing and, unless
otherwise specifically provided, may be delivered personally, by telegram or
telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.

            Section 5.2. Amendments. No modification or amendment of or
supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by all parties hereto, and neither the Depositor, the Master
Servicer nor the Trustee shall enter into any amendment hereof except as
permitted by the Pooling and Servicing Agreement. The Trustee shall give prompt
written notice to the Custodian of any amendment or supplement to the Pooling
and Servicing Agreement and furnish the Custodian with written copies thereof.

            Section 5.3. Governing Law. This Agreement shall be deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.

            Section 5.4. Recordation of Agreement. To the extent permitted by
applicable law, 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 and at its expense on
direction by the Trustee, but only upon direction 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 5.5. 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 5.6. Regulation AB Compliance; Intent of Parties;
Reasonableness. The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor or the Master Servicer in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
parties hereto shall cooperate fully with the Master Servicer and the Depositor
to deliver to the Master Servicer and/or the Depositor (including its assignees
or designees), any and all statements, reports, certifications, records and any
other information available to such party and reasonably necessary in the good
faith determination of the Depositor or the Master Servicer to permit the
Depositor or the Master Servicer to comply with the provisions of Regulation AB,
together with such disclosures reasonably believed by the Depositor or the
Master Servicer to be necessary in order to effect such compliance.
<PAGE>

            IN WITNESS WHEREOF, this Agreement is executed as of the date first
above written.

Address:                              HSBC BANK USA, NATIONAL ASSOCIATION,
                                         as Trustee

452 Fifth Avenue
New York, New York 10018              By:__________________________________
                                      Name:  Fernando Acebedo
                                      Title: Vice President

Address:                              WELLS FARGO ASSET SECURITIES CORPORATION,
                                         as Depositor

7430 New Technology Way
Frederick, Maryland 21703             By:__________________________________
                                      Name:  Bradley A. Davis
                                      Title: Vice President

Address:                              WELLS FARGO BANK, N.A.,
                                         as Master Servicer

9062 Old Annapolis Road
Columbia, Maryland 21045              By:__________________________________
                                      Name:
                                     Title:

Address:                              WELLS FARGO BANK, N.A.,
                                         as Custodian

1015 10th Avenue South East
Minneapolis, Minnesota 55414          By:__________________________________
                                         Name:  Mary B. Hogan
                                         Title: Vice President
<PAGE>

STATE OF MARYLAND       )
                        ss.:
COUNTY OF FREDERICK     )

            On this 30th day of August, 2007, before me, a notary public in and
for the State of Maryland, personally appeared Bradley A. Davis, known to me
who, being by me duly sworn, did depose and say that he is a Vice President of
Wells Fargo Asset Securities Corporation, a Delaware corporation, one of the
parties that executed the foregoing instrument; and that he signed his name
thereto by order of the Board of Directors of said corporation.

_________________________
Notary Public

[NOTARIAL SEAL]
<PAGE>

STATE OF MARYLAND          )
                           ss.:
CITY OF HOWARD             )

            On this 30th day of August, 2007, before me, the undersigned
officer, personally appeared Christopher Furlow, and acknowledged to me to be an
Assistant Vice President of Wells Fargo Bank, National Association, and that as
such officer, being duly authorized to do so pursuant to such entity's by-laws
or a resolution of its board of directors, executed and acknowledged the
foregoing instrument for the purposes therein contained, by signing the name of
such entity by himself/herself as such officer as his/her free and voluntary act
and deed and the free and voluntary act and deed and the free and voluntary act
and deed of said entity.

            IN WITNESS WHEREOF, I hereunto set my hand and official seal.

_________________________
Notary Public

[NOTARIAL SEAL]
<PAGE>

STATE OF NEW YORK             )
                              ss.:
COUNTY OF NEW YORK            )

            On this 30th day of August, 2007, before me, a notary public in and
for the State of New York, personally appeared Fernando Acebedo, known to me
who, being by me duly sworn, did depose and say that he resides in Huntington,
New York; that he is a Vice President of HSBC Bank USA, National Association, a
national banking association, one of the parties that executed the foregoing
instrument; and that he signed his name thereto by order of the Board of
Directors of said association.

_________________________
Notary Public

[NOTARIAL SEAL]
<PAGE>

STATE OF MINNESOTA      )
                        ss.:
COUNTY OF HENNEPIN      )

            On this 30th day of August, 2007, before me, a notary public in and
for the State of Minnesota, personally appeared Mary B. Hogan, known to me who,
being by me duly sworn, did depose and say that she is a Vice President of Wells
Fargo Bank, N.A., a national banking association, one of the parties that
executed the foregoing instrument; and that she signed her name thereto by order
of the Board of Directors of said association.

_________________________
Notary Public

[NOTARIAL SEAL]

<PAGE>

                                    EXHIBIT F

                 Addresses for Requesting Mortgage Loan Schedule

In the case of the Depositor:

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland 21703
Attention: Vice President - Structured Finance

In the case of the Master Servicer:

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attention: Corporate Trust Services - WFMBS 2007-AR4

<PAGE>

                                    EXHIBIT G

                        REQUEST FOR RELEASE OF DOCUMENTS

To:   Wells Fargo Bank, N.A.
      1015 10th Avenue S.E.
      Minneapolis., MN  55414
      Attn: ________________

      Re:   Custodial Agreement, dated as of August 30, 2007, among HSBC
            Bank USA, National Association, as Trustee, Wells Fargo Asset
            Securities Corporation, as Depositor, Wells Fargo Bank, N.A.,
            as Master Servicer, and Wells Fargo Bank, N.A., as Custodian,
            relating to the Wells Fargo Asset Securities Corporation;
            Mortgage Pass-Through Certificates, Series 2007-AR4.

      In connection with the administration of the Mortgage Loans held by you as
Custodian for the Trust Estate pursuant to the above-captioned Custodial
Agreement, we request the release, and hereby acknowledge receipt, of the
Custodian's Owner Mortgage Loan File for the Mortgage Loan described below, for
the reason indicated.

                              Mortgage Loan Number:

                       Mortgagor Name, Address & Zip Code:

            Reason for Requesting Documents (check one):

            _______           1.    Mortgage Paid in Full

            _______           2.    Foreclosure

            _______           3.    Substitution

            _______           4.    Other Liquidation (Repurchases, etc.)

            _______           5.    Nonliquidation

            Reason: __________________________________

            By:_______________________________________
                 (authorized signer)

            Issuer:_____________________________________

            Address:___________________________________

                    ___________________________________

            Date:_______________________________________

                                    Custodian

Wells Fargo Bank, N.A.

            Please acknowledge the execution of the above request by your
signature and date below:

____________________________________            _________________
Signature                                       Date

Documents returned to Custodian:

____________________________________            _________________
Custodian                                       Date

<PAGE>

                                    EXHIBIT H

                                            AFFIDAVIT PURSUANT TO SECTION
                                            860E(e)(4) OF THE INTERNAL REVENUE
                                            CODE OF 1986, AS AMENDED, AND FOR
                                            NON-ERISA INVESTORS

STATE OF                )
                        )  ss.:
COUNTY OF               )

       [NAME OF OFFICER], being first duly sworn, deposes and says:

      1. That he is [Title of Officer] of [Name of Purchaser] (the "Purchaser"),
a [description of type of entity] duly organized and existing under the laws of
the [State of ______ ] [United States], on behalf of which he makes this
affidavit.

      2. That the Purchaser's Taxpayer Identification Number is [        ].

      3. That the Purchaser is not a "disqualified organization" within the
meaning of Section 860E(e)(5),of the Internal Revenue Code of 1986, as amended
(the "Code"), or an ERISA Prohibited Holder, and will not be a "disqualified
organization" or an ERISA Prohibited Holder, as of [date of transfer], and that
the Purchaser is not acquiring Wells Fargo Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2007-AR4, Class A-R Certificate (the "Residual
Certificate") for the account of, or as agent (including a broker, nominee, or
other middleman) for, any person or entity from which it has not received an
affidavit substantially in the form of this affidavit. For these purposes, a
"disqualified organization" means the United States, any state or political
subdivision thereof, any foreign government, any international organization, any
agency or instrumentality of any of the foregoing (other than an instrumentality
if all of its activities are subject to tax and a majority of its board of
directors is not selected by such governmental entity), any cooperative
organization furnishing electric energy or providing telephone service to
persons in rural areas as described in Code Section 1381(a)(2)(C), or any
organization (other than a farmers' cooperative described in Code Section 521)
that is exempt from taxation under the Code unless such organization is subject
to the tax on unrelated business income imposed by Code Section 511. For these
purposes, an "ERISA Prohibited Holder" means an employee benefit plan or other
retirement arrangement subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Code Section 4975 or a
governmental plan, as defined in Section 3(32) of ERISA, subject to any federal,
state or local law which is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (collectively, a "Plan") or a Person acting on
behalf of or investing the assets of such a Plan.

      4. That the Purchaser historically has paid its debts as they have come
due and intends to pay its debts as they come due in the future and the
Purchaser intends to pay taxes associated with holding the Residual Certificate
as they become due.

      5. That the Purchaser understands that it may incur tax liabilities with
respect to the Residual Certificate in excess of cash flows generated by the
Residual Certificate.

      6. That the Purchaser will not transfer the Residual Certificate to any
person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit and as to which the Purchaser has
actual knowledge that the requirements set forth in paragraph 3, 4 or 10 hereof
are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.

      7. That the Purchaser is aware that the Residual Certificate may be a
"noneconomic residual interest" within the meaning of Treasury regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the
income on such residual interest, unless no significant purpose of the transfer
was to impede the assessment or collection of tax.

      8. That the Purchaser will not cause income from the Residual Certificate
to be attributable to a foreign permanent establishment or fixed base, within
the meaning of an applicable income tax treaty, of the Purchaser or any other
person.

      9. That, if the Purchaser is purchasing the Residual Certificate in a
transfer intended to meet the safe harbor provisions of Treasury Regulations
Sections 1.860E-1(c), the Purchaser has completed and attached Attachment A
hereto.

      10. That the Purchaser (i) is a U.S. Person or (ii) is a person other than
a U.S. Person (a "Non-U.S. Person") that holds the Residual Certificate in
connection with the conduct of a trade or business within the United States and
has furnished the transferor and the Trustee with an effective Internal Revenue
Service Form W-8ECI or successor form at the time and in the manner required by
the Code or (iii) is a Non-U.S. Person that has delivered to both the transferor
and the Trustee an opinion of a nationally recognized tax counsel to the effect
that the transfer of the Residual Certificate to it is in accordance with the
requirements of the Code and the regulations promulgated thereunder and that
such transfer of the Residual Certificate will not be disregarded for federal
income tax purposes. "U.S. Person" means a citizen or resident of the United
States, a corporation or partnership (unless, in the case of a partnership,
Treasury regulations are adopted that provide otherwise) created or organized in
or under the laws of the United States, any state thereof or the District of
Columbia, including an entity treated as a corporation or partnership for
federal income tax purposes, an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable
Treasury regulations, certain trusts in existence on August 20, 1996 which are
eligible to elect to be treated as U.S. Persons).

      11. That the Purchaser agrees to such amendments of the Pooling and
Servicing Agreement as may be required to further effectuate the restrictions on
transfer of the Residual Certificate to such a "disqualified organization," an
agent thereof, an ERISA Prohibited Holder or a person that does not satisfy the
requirements of paragraph 4, paragraph 5 and paragraph 10 hereof.

      12. That the Purchaser consents to the designation of the Master Servicer
as its agent to act as "tax matters person" of the REMIC pursuant to Section
8.13 of the Pooling and Servicing Agreement, and if such designation is not
permitted by the Code and applicable law, to act as tax matters person if
requested to do so.

<PAGE>

      IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[Title of Officer] this ___ day of __________, 20__.

                                        [NAME OF PURCHASER]

                                       By:____________________________________
                                          [Name of Officer]
                                          [Title of Officer]

      Personally appeared before me the above-named [Name of Officer], known or
proved to me to be the same person who executed the foregoing instrument and to
be the [Title of Officer], of the Purchaser, and acknowledged to me that he
[she] executed the same as his [her] free act and deed and the free act and deed
of the Purchaser.

      Subscribed and sworn before me this __ day of __________, 20__.

Notary Public

COUNTY OF____________________

STATE OF_____________________

My commission expires the __ day of __________, 20__.

<PAGE>

                                  ATTACHMENT A

                                       to

 AFFIDAVIT PURSUANT TO SECTION 860E(e)(4) OF THE INTERNAL REVENUE CODE OF 1986,
                     AS AMENDED, AND FOR NON-ERISA INVESTORS

Check the appropriate box:

[ ]   The consideration paid to the Purchaser to acquire the Residual
      Certificate equals or exceeds the excess of (a) the present value of the
      anticipated tax liabilities over (b) the present value of the anticipated
      savings associated with holding such Certificate, in each case calculated
      in accordance with U.S. Treasury Regulations Sections 1.860E-1(c)(7) and
      (8), computing present values using a discount rate equal to the
      short-term Federal rate prescribed by Section 1274(d) of the Code and the
      compounding period used by the Purchaser.

                                       OR

[ ]   The transfer of the Residual Certificate complies with U.S. Treasury
      Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly:

      (i)   the Purchaser is an "eligible corporation," as defined in U.S.
            Treasury Regulations Section 1.860E-1(c)(6)(i), as to which income
            from Residual Certificate will only be taxed in the United States;

      (ii)  at the time of the transfer, and at the close of the Purchaser's two
            fiscal years preceding the year of the transfer, the Purchaser had
            gross assets for financial reporting purposes (excluding any
            obligation of a person related to the Purchaser within the meaning
            of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess
            of $100 million and net assets in excess of $10 million;

      (iii) the Purchaser will transfer the Residual Certificate only to another
            "eligible corporation," as defined in U.S. Treasury Regulations
            Section 1.860E-1(c)(6)(i), in a transaction that satisfies the
            requirements of Sections 1.860E-1(c)(4)(i), (ii) and (iii) and
            Section 1.860E-1(c)(5) of the U.S. Treasury Regulations;

      (iv)  the Purchaser has determined the consideration paid to it to acquire
            the Residual Certificate based on reasonable market assumptions
            (including, but not limited to, borrowing and investment rates,
            prepayment and loss assumptions, expense and reinvestment
            assumptions, tax rates and other factors specific to the Purchaser)
            that it has determined in good faith; and

      (v)   in the event of any transfer of the Residual Certificate by the
            Purchaser, the Purchaser will require its transferee to complete a
            representation in the form of this Attachment A as a condition of
            the transferee's purchase of the Residual Certificate.

<PAGE>

                                    EXHIBIT I

                 Letter from Transferor of Residual Certificate

                                     [Date]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2007-AR4

      Re:   Wells Fargo Asset Securities Corporation,
            Series 2007-AR4, Class A-R

Ladies and Gentlemen:

      [Transferor] has reviewed the attached affidavit of [Transferee], and has
no actual knowledge that such affidavit is not true and has no reason to know
that the information contained in paragraph 4 thereof is not true.

                                       Very truly yours,

                                       [Transferor]

                                       ______________________

<PAGE>

                                    EXHIBIT J

                    WELLS FARGO ASSET SECURITIES CORPORATION

                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2007-AR4
                       CLASS [B-4][B-5][B-6] CERTIFICATES

                               TRANSFEREE'S LETTER

                                                      _________________ __, ____

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2007-AR4

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland 21703

      The undersigned (the "Purchaser") proposes to purchase Wells Fargo Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 2007-AR4,
Class [B-4][B-5][B-6] Certificates (the "Class [B-4][B-5][B-6] Certificates") in
the principal amount of $___________. In doing so, the Purchaser hereby
acknowledges and agrees as follows:

      Section 1.  Definitions. Each capitalized term used herein and not
otherwise defined herein shall have the meaning ascribed to it in the Pooling
and Servicing Agreement, dated as of August 30, 2007 (the "Pooling and Servicing
Agreement") among Wells Fargo Asset Securities Corporation, as depositor (the
"Depositor"), Wells Fargo Bank, N.A., as master servicer (the "Master Servicer")
and HSBC Bank USA, National Association, as trustee (the "Trustee"), of Wells
Fargo Asset Securities Corporation Mortgage Pass-Through Certificates, Series
2007-AR4.

      Section 2.  Representations and Warranties of the Purchaser. In connection
with the proposed transfer, the Purchaser represents and warrants to the
Depositor, the Master Servicer and the Trustee that:

            (a) The Purchaser is duly organized, validly existing and in good
standing under the laws of the jurisdiction in which the Purchaser is organized,
is authorized to invest in the Class [B-4][B-5][B-6] Certificates, and to enter
into this Agreement, and duly executed and delivered this Agreement.

            (b) The Purchaser is acquiring the Class [B-4][B-5][B-6]
Certificates for its own account as principal and not with a view to the
distribution thereof, in whole or in part.

            (c) The Purchaser is a "Qualified Institutional Buyer" within the
meaning of Rule 144A of the Act.

            (d) The Purchaser confirms that (a) it has received and reviewed a
copy of the Private Placement Memorandum dated ______ __, ____, relating to the
Class [B-4][B-5][B-6] Certificates and reviewed, to the extent it deemed
appropriate, the documents attached thereto or incorporated by reference
therein, (b) it has had the opportunity to ask questions of, and receive answers
from the Depositor concerning the Class [B-4][B-5][B-6] Certificates and all
matters relating thereto, and obtain any additional information (including
documents) relevant to its decision to purchase the Class [B-4][B-5][B-6]
Certificates that the Depositor possesses or can possess without unreasonable
effort or expense and (c) it has undertaken its own independent analysis of the
investment in the Class [B-4][B-5][B-6] Certificates. The Purchaser will not use
or disclose any information it receives in connection with its purchase of the
Class [B-4][B-5][B-6] Certificates other than in connection with a subsequent
sale of Class [B-4][B-5][B-6] Certificates.

            (e) Either (i) the Purchaser is not an employee benefit plan or
other retirement arrangement subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended, ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code"), or a governmental plan,
as defined in Section 3(32) of ERISA subject to any federal, state or local law
("Similar Law") which is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (collectively, a "Plan"), an agent acting on
behalf of a Plan, or a person utilizing the assets of a Plan or (ii) if the
Purchaser is an insurance company, (A) the source of funds used to purchase the
Class [B-4][B-5][B-6] Certificate is an "insurance company general account" (as
such term is defined in Section V(e) of Prohibited Transaction Class Exemption
95-60 ("PTE 95-60"), 60 Fed. Reg. 35925 (July 12, 1995), (B) there is no Plan
with respect to which the amount of such general account's reserves and
liabilities for the contract(s) held by or on behalf of such Plan and all other
Plans maintained by the same employer (or affiliate thereof as defined in
Section V(a)(1) of PTE 95-60) or by the same employee organization exceeds 10%
of the total of all reserves and liabilities of such general account (as such
amounts are determined under Section I(a) of PTE 95-60) at the date of
acquisition and (C) the purchase and holding of such Class [B-4][B-5][B-6]
Certificates are covered by Sections I and III of PTE 95-60 or (iii) the
Purchaser has provided (a) a "Benefit Plan Opinion" satisfactory to the
Depositor and the Master Servicer of the Trust Estate and (b) such other
opinions of counsel, officers' certificates and agreements as the Depositor or
the Master Servicer may have required. A Benefit Plan Opinion is an opinion of
counsel to the effect that the proposed transfer will not constitute or result
in a non-exempt prohibited transaction within the meaning of ERISA, Section 4975
of the Code or Similar Law and will not subject the Depositor or the Master
Servicer to any obligation in addition to those undertaken in the Pooling and
Servicing Agreement (including any liability for civil penalties or excise taxes
imposed pursuant to ERISA, Section 4975 of the Code or Similar Law).

            (f) If the Purchaser is a depository institution subject to the
jurisdiction of the Office of the Comptroller of the Currency ("OCC"), the Board
of Governors of the Federal Reserve System ("FRB"), the Federal Deposit
Insurance Corporation ("FDIC"), the Office of Thrift Supervision ("OTS") or the
National Credit Union Administration ("NCUA"), the Purchaser has reviewed the
"Supervisory Policy Statement on Securities Activities" dated January 28, 1992
of the Federal Financial Institutions Examination Council and the April 15, 1994
Interim Revision thereto as adopted by the OCC, FRB, FDIC, OTS and NCUA (with
modifications as applicable), as appropriate, other applicable investment
authority, rules, supervisory policies and guidelines of these agencies and, to
the extent appropriate, state banking authorities and has concluded that its
purchase of the Class [B-4][B-5][B-6] Certificates is in compliance therewith.

            Section 3. Transfer of Class [B-4][B-5][B-6] Certificates.

            (a) The Purchaser understands that the Class [B-4][B-5][B-6]
Certificates have not been registered under the Securities Act of 1933 (the
"Act") or any state securities laws and that no transfer may be made unless the
Class [B-4][B-5][B-6] Certificates are registered under the Act and applicable
state law or unless an exemption from registration is available. The Purchaser
further understands that neither the Depositor nor the Master Servicer is under
any obligation to register the Class [B-4][B-5][B-6] Certificates or make an
exemption available. Any such Certificateholder desiring to effect such transfer
shall, and does hereby agree to, indemnify the Trustee, the Master Servicer, any
Paying Agent 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.

            (b) No transfer of a Class [B-4][B-5][B-6] Certificate shall be made
unless the transferee provides the Depositor and the Master Servicer with a
Transferee's Letter, substantially in the form of this Agreement.

            (c) The Purchaser acknowledges that its Class [B-4][B-5][B-6]
Certificates bear a legend setting forth the applicable restrictions on
transfer.

<PAGE>

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
validly executed by its duly authorized representative as of the day and the
year first above written.

                                       [PURCHASER]

                                       By: ______________________________

                                       Its: ______________________________

<PAGE>

                                    EXHIBIT K

                           LIST OF RECORDATION STATES

                                     Florida

                                    Maryland

<PAGE>

                                    EXHIBIT L

                              SERVICING AGREEMENTS

                      Wells Fargo Bank Servicing Agreement

     [Included as Exhibit 10.1 to the Current Report on Form 8-K pursuant to
              which this Pooling and Servicing Agreement is filed]

<PAGE>

                                    EXHIBIT M

                      [FORM OF SPECIAL SERVICING AGREEMENT]

                 SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT

      This SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT (the "Agreement") is
made and entered into as of [_____], between Wells Fargo Bank, N.A. (the
"Company" or the "Master Servicer") and [_____] (the "Purchaser").

                              PRELIMINARY STATEMENT

      The Purchaser is the holder of the entire interest in Wells Fargo Asset
Securities Corporation Mortgage Pass-Through Certificates, Series [_______],
Class [_____] (the "Class B Certificates"), which are the Lowest Priority
Certificates (as defined below) outstanding with respect to such Series. The
Class B Certificates were issued pursuant to a Pooling and Servicing Agreement
dated as of [_______] among Wells Fargo Asset Securities Corporation, as
depositor (the "Depositor"), Wells Fargo Bank, N.A., as Master Servicer and HSBC
Bank USA, National Association, as Trustee.

      In connection with the ownership by the Purchaser of the Lowest Priority
Certificates, the Purchaser and the Company have agreed that (i) the Purchaser,
for so long as it owns 100% of the Lowest Priority Certificates, will have the
unilateral right to control foreclosure decisions with respect to delinquent
mortgage loans and (ii) the Company will provide to the Purchaser certain
information with respect to the Mortgage Loans;

      The parties hereto have agreed that the Company will cause, to the extent
that the Company as Master Servicer is granted such authority in the related
Servicing Agreements, the related servicers (each a related "Servicer"), which
service the Mortgage Loans which comprise the Trust Estate related to the above
referenced series under the related servicing agreements (each a related
"Servicing Agreement"), to engage in certain special servicing procedures
relating to foreclosures for the benefit of the Purchaser, and that the
Purchaser will deposit funds in a collateral fund to cover any losses
attributable to such procedures as well as all advances and costs in connection
therewith, as set forth herein.

      In consideration of the mutual agreements herein contained, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Purchaser
agree that the following provisions shall become effective and shall be binding
on and enforceable by the Company and the Purchaser:

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

            Section 1.02. Defined Terms.

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

      Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a day
on which banking institutions in the State of New York are required or
authorized by law or executive order to be closed.

      Collateral Fund: The fund established and maintained pursuant to Section
3.01 hereof.

      Collateral Fund Permitted Investments: Either (i) obligations of, or
obligations fully guaranteed as to principal and interest by, the United States,
or any agency or instrumentality thereof, provided such obligations are backed
by the full faith and credit of the United States, (ii) a money market fund
rated in the highest rating category by a nationally recognized rating agency
selected by the Company, (iii) cash, (iv) mortgage pass-through certificates
issued or guaranteed by Government National Mortgage Association, FNMA or FHLMC,
(v) commercial paper (including both non-interest-bearing discount obligations
and interest-bearing obligations payable on demand or on a specified date), the
issuer of which may be an affiliate of the Company, having at the time of such
investment a rating of at least A-1 by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc. ("S&P") or at least F-1 by Fitch Ratings ("Fitch")
or (vi) demand and time deposits in, certificates of deposit of, any depository
institution or trust company (which may be an affiliate of the Company)
incorporated under the laws of the United States of America or any state thereof
and subject to supervision and examination by federal and/or state banking
authorities, so long as at the time of such investment either (x) the long-term
debt obligations of such depository institution or trust company have a rating
of at least AA by Fitch or S&P, (y) the certificate of deposit or other
unsecured short-term debt obligations of such depository institution or trust
company have a rating of at least A-1 by S&P or F-1 by Fitch or (z) the
depository institution or trust company is one that is acceptable to either of
S&P or Fitch and, for each of the preceding clauses (i), (iv), (v) and (vi), the
maturity thereof shall be not later than the earlier to occur of (A) 30 days
from the date of the related investment and (B) the next succeeding Distribution
Date as defined in the related Pooling and Servicing Agreement.

      Commencement of Foreclosure: The first official action required under
local law in order to commence foreclosure proceedings or to schedule a
trustee's sale under a deed of trust, including (i) in the case of a mortgage,
any filing or service of process necessary to commence an action to foreclose,
or (ii) in the case of a deed of trust, posting, the publishing, filing or
delivery of a notice of sale, but not including in either case (x) any notice of
default, notice of intent to foreclose or sell or any other action prerequisite
to the actions specified in (i) or (ii) above, (y) the acceptance of a
deed-in-lieu of foreclosure (whether in connection with a sale of the related
property or otherwise) or (z) initiation and completion of a short pay-off.

      Current Appraisal: With respect to any Mortgage Loan as to which the
Purchaser has made an Election to Delay Foreclosure, an appraisal of the related
Mortgaged Property obtained by the Purchaser at its own expense from an
independent appraiser (which shall not be an affiliate of the Purchaser)
acceptable to the Company as nearly contemporaneously as practicable to the time
of the Purchaser's election, prepared based on the Company's customary
requirements for such appraisals.

      Election to Delay Foreclosure: Any election by the Purchaser to delay the
Commencement of Foreclosure, made in accordance with Section 2.02(b).

      Election to Foreclose: Any election by the Purchaser to proceed with the
Commencement of Foreclosure, made in accordance with Section 2.03(a).

      Lowest Priority Certificates: The most subordinate class of certificates
issued under the Pooling and Servicing Agreement that is outstanding from time
to time. If the Lowest Priority Certificates are reduced to zero as a result of
losses or otherwise, and if the Purchaser at that time owns 100% of the most
subordinate class of certificates issued under the Pooling and Servicing
Agreement then remaining outstanding, then such most subordinate class remaining
outstanding shall thereafter be deemed to be the Lowest Priority Certificates
for all purposes of this Agreement.

      Monthly Advances: Principal and interest advances and servicing advances
including costs and expenses of foreclosure.

      Required Collateral Fund Balance: As of any date of determination, an
amount equal to the aggregate of all amounts previously required to be deposited
in the Collateral Fund pursuant to Section 2.02(d) (after adjustment for all
withdrawals and deposits pursuant to Section 2.02(e)) and Section 2.03(b) (after
adjustment for all withdrawals and deposits pursuant to Section 2.03(c)) and
Section 3.02 to be reduced by all withdrawals therefrom pursuant to Section
2.02(g) and Section 2.03(d).

            Section 1.03. Definitions Incorporated by Reference.

      All capitalized terms not otherwise defined in this Agreement shall have
the meanings assigned in the Pooling and Servicing Agreement.

<PAGE>

                                   ARTICLE II

                          SPECIAL SERVICING PROCEDURES

            Section 2.01. Reports and Notices.

            (a) In connection with the performance of its duties under the
Pooling and Servicing Agreement relating to the realization upon defaulted
Mortgage Loans, the Company as Master Servicer shall provide to the Purchaser
the following notices and reports:

      Within five Business Days after each Distribution Date (or included in or
      with the monthly statements to Certificateholders pursuant to the Pooling
      and Servicing Agreement), the Company shall provide to the Purchaser a
      report identifying all loans delinquent 30 days or more (including all
      loans in foreclosure, bankruptcy or "real estate owned" status) (each, a
      "Delinquency Report"). The Delinquency Report shall use the same
      methodology and calculations employed in the Company's standard servicing
      reports, indicating the number of Mortgage Loans that are (i) thirty days
      delinquent, (ii) sixty days delinquent, (iii) ninety days or more
      delinquent, (iv) in foreclosure, (v) in bankruptcy or (vi) real estate
      owned, and indicating for each such Mortgage Loan the loan number, the
      property address and the outstanding principal balance.

            (b) If requested by the Purchaser, the Company shall cause the
Servicer (to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement) to make its servicing personnel
available (during their normal business hours) to respond to reasonable
inquiries, by phone or in writing by facsimile, electronic, or overnight mail
transmission, by the Purchaser in connection with any Mortgage Loan (i)
identified in a report under Section 2.01 (a) (ii), (a) (iii), (a) (iv), (a) (v)
or (a) (vi); provided, that (1) the related Servicer shall only be required to
provide information that is readily accessible to its servicing personnel and
(2) the related Servicer shall respond within five Business Days orally or in
writing by facsimile transmission.

            (c) In addition to the foregoing, the Company shall cause the
Servicer (to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement) to provide to the Company (for
prompt transmission to the Purchaser) such information as the Purchaser may
reasonably request provided, however, that such information is consistent with
normal reporting practices, concerning each Mortgage Loan that is at least
ninety days delinquent and each Mortgage Loan which has become real estate
owned, through the final liquidation thereof; provided, that the related
Servicer shall only be required to provide information that is readily
accessible to its servicing personnel; provided, however, that the Purchaser
will reimburse the Company and the related Servicer for any out of pocket
expenses.

            Section 2.02. Purchaser's Election to Delay Foreclosure Proceedings.

            (a) The Purchaser shall be deemed to direct the Company to direct
(to the extent that the Company as Master Servicer is granted such authority in
the related Servicing Agreement) the related Servicer that in the event that the
Company does not receive written notice of the Purchaser's election pursuant to
subsection (b) below within 48 hours (exclusive of any intervening non-Business
Days) of transmission of the Delinquency Report provided by the Company under
Section 2.01 (a) (subject to extension as set forth in Section 2.02(b), the
related Servicer may proceed with the Commencement of Foreclosure in respect of
each Mortgage Loan reported under Section 2.01 (a)(ii) or 2.01 (a)(iii) in
accordance with its normal foreclosure policies without further notice to the
Purchaser. Any foreclosure that has been initiated may be discontinued (i)
without notice to the Purchaser if the Mortgage Loan has been brought current or
if a refinancing or prepayment occurs with respect to the Mortgage Loan
(including by means of a short payoff approved by the related Servicer) or (ii)
if the related Servicer has reached the terms of a forbearance agreement with
the borrower.

            (b) In connection with any Mortgage Loan reported in a Delinquency
Report under Section 2.01(a)(ii) or 2.01 (a)(iii), the Purchaser may elect to
instruct the Company to cause, to the extent that the Company as Master Servicer
is granted such authority in the related Servicing Agreement, the related
Servicer to delay the Commencement of Foreclosure until such time as the
Purchaser determines that the related Servicer may proceed with the Commencement
of Foreclosure. Such election must be evidenced by written notice received
within 48 hours (exclusive of any intervening non-Business Days) of transmission
of the Delinquency Report provided by the Company under Section 2.01(a). Such 48
hour period shall be extended for no longer than an additional four Business
Days after the receipt of the information if the Purchaser requests additional
information related to such foreclosure; provided, however, that the Purchaser
will have at least one Business Day to respond to any requested additional
information. Any such additional information shall be provided only to the
extent it is obtainable by the related Servicer from existing reports,
certificates or statements or is otherwise readily accessible to its servicing
personnel. The Purchaser agrees that it has no right to deal with the mortgagor
during such period. However, if such servicing activities include acceptance of
a deed-in-lieu of foreclosure or short payoff, the Purchaser will be notified
and given two Business Days to respond.

            (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the Purchaser shall obtain a Current
Appraisal as soon as practicable, but in no event more than 15 Business Days
thereafter, and shall provide the Company with a copy of such Current Appraisal.

            (d) Within two Business Days of making any Election to Delay
Foreclosure, the Purchaser shall remit by wire transfer to the Company, for
deposit in the Collateral Fund, an amount, as calculated by the Company, equal
to the sum of (i) 125% of the greater of the unpaid principal balance of the
Mortgage Loan and the value shown in the Current Appraisal referred to in
subsection (c) above (or, if such Current Appraisal has not yet been obtained,
the Company's estimate thereof, in which case the required deposit under this
subsection shall be adjusted upon obtaining such Current Appraisal), and (ii)
three months' interest on the Mortgage Loan at the applicable Mortgage Interest
Rate. If any Election to Delay Foreclosure extends for a period in excess of
three months (such excess period being referred to herein as the "Excess
Period"), within two Business Days the Purchaser shall remit by wire transfer in
advance to the Company for deposit in the Collateral Fund the amount of each
additional month's interest, as calculated by the Company, equal to interest on
the Mortgage Loan at the applicable Mortgage Interest Rate for the Excess
Period. The terms of this Agreement will no longer apply to the servicing of any
Mortgage Loan upon the failure of the Purchaser to deposit any of the above
amounts relating to the Mortgage Loan within two Business Days of the Election
to Delay Foreclosure or within two Business Days of the commencement of the
Excess Period subject to Section 3.01.

            (e) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the Company may withdraw from the
Collateral Fund from time to time amounts necessary to reimburse the related
Servicer for all related Monthly Advances and Liquidation Expenses thereafter
made by such Servicer in accordance with the Pooling and Servicing Agreement and
the related Servicing Agreement. To the extent that the amount of any such
Liquidation Expenses is determined by the Company based on estimated costs, and
the actual costs are subsequently determined to be higher, the Company may
withdraw the additional amount from the Collateral Fund. In the event that the
Mortgage Loan is brought current by the mortgagor and the foreclosure action is
discontinued, the amounts so withdrawn from the Collateral Fund shall be
redeposited if and to the extent that reimbursement therefor from amounts paid
by the mortgagor is not prohibited pursuant to the Pooling and Servicing
Agreement or the related Servicing Agreement, applicable law or the related
mortgage note. Except as provided in the preceding sentence, amounts withdrawn
from the Collateral Fund to cover Monthly Advances and Liquidation Expenses
shall not be redeposited therein or otherwise reimbursed to the Purchaser. If
and when any such Mortgage Loan is brought current by the mortgagor, all amounts
remaining in the Collateral Fund in respect of such Mortgage Loan (after
adjustment for all permitted withdrawals and deposits pursuant to this
subsection) shall be released to the Purchaser.

            (f) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Delay Foreclosure, the related Servicer shall continue to
service the Mortgage Loan in accordance with its customary procedures (other
than the delay in Commencement of Foreclosure as provided herein). If and when
the Purchaser shall notify the Company that it believes that it is appropriate
to do so, the related Servicer may proceed with the Commencement of Foreclosure.
In any event, if the Mortgage Loan is not brought current by the mortgagor by
the time the loan becomes 6 months delinquent, the Purchaser's election shall no
longer be effective and at the Purchaser's option, either (i) the Purchaser
shall purchase the Mortgage Loan from the related Trust Estate at a purchase
price equal to the sum of (x) accrued and unpaid interest on the Mortgage Loan
at the applicable Mortgage Interest Rate through the last day of the month of
repurchase, (y) 100% of the unpaid principal balance of the Mortgage Loan as of
such purchase date and (z) any additional amount needed to reimburse any
unreimbursed related Periodic Advance or other servicing advances made in
respect of such Mortgage Loan, to be paid by (A) applying any balance in the
Collateral Fund to such purchase price, and (B) to the extent of any deficiency,
by wire transfer of immediately available funds from the Purchaser to the
Company for deposit in the related Certificate Account; or (ii) the related
Servicer shall proceed with the Commencement of Foreclosure. In the event that
the Purchaser purchases any such Mortgage Loan, the Servicer shall continue to
service the Mortgage Loan for the Purchaser pursuant to the applicable Servicing
Agreement.

            (g) Upon the occurrence of a liquidation with respect to any
Mortgage Loan as to which the Purchaser made an Election to Delay Foreclosure
and as to which the related Servicer proceeded with the Commencement of
Foreclosure in accordance with subsection (f) above, the Company shall calculate
the amount, if any, by which the value shown on the Current Appraisal obtained
under subsection (c) exceeds the actual sales price obtained for the related
Mortgaged Property (net of Liquidation Expenses and accrued interest related to
the extended foreclosure period), and the Company shall withdraw the amount of
such excess from the Collateral Fund, shall remit the same to the Trust Estate
and in its capacity as Master Servicer shall apply such amount as additional
Liquidation Proceeds pursuant to the Pooling and Servicing Agreement. After
making such withdrawal, all amounts remaining in the Collateral Fund in respect
of such Mortgage Loan (after adjustment for all permitted withdrawals and
deposits pursuant to this Agreement) shall be released to the Purchaser.

            Section 2.03. Purchaser's Election to Commence Foreclosure
Proceedings.

            (a) In connection with any Mortgage Loan identified in a Delinquency
Report under Section 2.01(a)(ii), the Purchaser, for so long as the Purchaser
owns 100% of the Lowest Priority Certificates, may elect to instruct the Company
to cause, to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement, the related Servicer to proceed
with the Commencement of Foreclosure as soon as practicable. Such election must
be evidenced by written notice received by the Company by 5:00 p.m., New York
City time, on the third Business Day following the delivery of such Delinquency
Report.

            (b) Within two Business Days of making any Election to Foreclose,
the Purchaser shall remit to the Company, for deposit in the Collateral Fund, an
amount, as calculated by the Company, equal to 125% of the current unpaid
principal balance of the Mortgage Loan and three months interest on the Mortgage
Loan at the applicable Mortgage Interest Rate. If and when any such Mortgage
Loan is brought current by the mortgagor, all amounts in the Collateral Fund in
respect of such Mortgage Loan (after adjustment for all permitted withdrawals
and deposits pursuant to this Agreement) shall be released to the Purchaser if
and to the extent that reimbursement therefor from amounts paid by the mortgagor
is not prohibited pursuant to the Pooling and Servicing Agreement or the related
Servicing Agreement, applicable law or the related mortgage note. The terms of
this Agreement will no longer apply to the servicing of any Mortgage Loan upon
the failure of the Purchaser to deposit the above amounts relating to the
Mortgage Loan within two Business Days of the Election to Foreclose subject to
Section 3.01.

            (c) With respect to any Mortgage Loan as to which the Purchaser has
made an Election to Foreclose, the related Servicer shall continue to service
the Mortgage Loan in accordance with its customary procedures (other than
Commencement of Foreclosure as provided herein). In connection therewith, the
Company shall have the same rights to make withdrawals for Monthly Advances and
Liquidations Expenses from the Collateral Fund as are provided under Section
2.02(e), and the Company shall make reimbursements thereto to the limited extent
provided under such subsection in accordance with its customary procedures. The
Company shall not be required to cause, to the extent that the Company as Master
Servicer is granted such authority in the related Servicing Agreement, the
related Servicer to proceed with the Commencement of Foreclosure if (i) the same
is stayed as a result of the mortgagor's bankruptcy or is otherwise barred by
applicable law, or to the extent that all legal conditions precedent thereto
have not yet been complied with, or (ii) the Company believes there is a breach
of representations or warranties by the Company, a Servicer, or the Depositor,
which may result in a repurchase or substitution of such Mortgage Loan, or (iii)
the Company or related Servicer reasonably believes the Mortgaged Property may
be contaminated with or affected by hazardous wastes or hazardous substances
(and, without limiting the related Servicer's right not to proceed with the
Commencement of Foreclosure, the Company supplies the Purchaser with information
supporting such belief). Any foreclosure that has been initiated may be
discontinued (x) without notice to the Purchaser if the Mortgage Loan has been
brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff) or (y) if the related
Servicer has reached the terms of a forbearance agreement.

            (d) Upon the occurrence of a liquidation with respect to any
Mortgage Loan as to which the Purchaser made an Election to Foreclose and as to
which the related Servicer proceeded with the Commencement of Foreclosure in
accordance with subsection (c) above, the Company shall calculate the amount, if
any, by which the unpaid principal balance of the Mortgage Loan at the time of
liquidation (plus all unreimbursed interest and servicing advances and
Liquidation Expenses in connection therewith other than those paid from the
Collateral Fund) exceeds the actual sales price obtained for the related
Mortgaged Property, and the Company shall withdraw the amount of such excess
from the Collateral Fund, shall remit the same to the Trust Estate and in its
capacity as Master Servicer shall apply such amount as additional Liquidation
Proceeds pursuant to the Pooling and Servicing Agreement. After making such
withdrawal, all amounts remaining in the Collateral Fund (after adjustment for
all withdrawals and deposits pursuant to subsection (c) in respect of such
Mortgage Loan shall be released to the Purchaser.

            Section 2.04. Termination.

            (a) With respect to all Mortgage Loans included in the Trust Estate,
the Purchaser's right to make any Election to Delay Foreclosure or any Election
to Foreclose and the Company's obligations under Section 2.01 shall terminate
(i) at such time as the Principal Balance of the Class B Certificates has been
reduced to zero, (ii) if the greater of (x) 43% (or such lower or higher
percentage that represents the related Servicer's actual historical loss
experience with respect to the Mortgage Loans in the related pool as determined
by the Company) of the aggregate principal balance of all Mortgage Loans that
are in foreclosure or are more than 90 days delinquent on a contractual basis
and REO properties or (y) the aggregate amount that the Company estimates
through the normal servicing practices of the related Servicer will be required
to be withdrawn from the Collateral Fund with respect to Mortgage Loans as to
which the Purchaser has made an Election to Delay Foreclosure or an Election to
Foreclosure, exceeds (z) the then-current principal balance of the Class B
Certificates, (iii) upon any transfer by the Purchaser of any interest (other
than the minority interest therein, but only if the transferee provides written
acknowledgment to the Company of the Purchaser's right hereunder and that such
transferee will have no rights hereunder) in the Class B Certificates (whether
or not such transfer is registered under the Pooling and Servicing Agreement),
including any such transfer in connection with a termination of the Trust Estate
or (iv) upon any breach of the terms of this Agreement by the Purchaser.

            (b) Except as set forth in 2.04(a), this Agreement and the
respective rights, obligations and responsibilities of the Purchaser and the
Company hereunder shall terminate upon the later to occur of (i) the final
liquidation of the last Mortgage Loan as to which the Purchaser made any
Election to Delay Foreclosure or any Election to Foreclose and the withdrawal of
all remaining amounts in the Collateral Fund as provided herein and (ii) ten
Business Days' notice. The Purchaser's right to make an election pursuant to
Section 2.02 or Section 2.03 hereof with respect to a particular Mortgage Loan
shall terminate if the Purchaser fails to make any deposit required pursuant to
Section 2.02(d) or 2.03(b) or if the Purchaser fails to make any other deposit
to the Collateral Fund pursuant to this Agreement.

                                   ARTICLE III

                       COLLATERAL FUND; SECURITY INTEREST

            Section 3.01. Collateral Fund.

      Upon receipt from the Purchaser of the initial amount required to be
deposited in the Collateral Fund pursuant to Article II, the Company shall
establish and maintain with [_______________] as a segregated account on its
books and records an account (the "Collateral Fund"), entitled "Wells Fargo
Bank, N.A., as Master Servicer, for the benefit of registered holders of Wells
Fargo Asset Securities Corporation Mortgage Pass-Through Certificates, Series
[_____]." Amounts held in the Collateral Fund shall continue to be the property
of the Purchaser, subject to the first priority security interest granted
hereunder for the benefit of the Certificateholders, until withdrawn from the
Collateral Fund pursuant to Section 2.02 or 2.03 hereof. The Collateral Fund
shall be an "outside reserve fund" within the meaning of the REMIC Provisions,
beneficially owned by the Purchaser for federal income tax purposes. All income,
gain, deduction or loss with respect to the Collateral Fund shall be that of the
Purchaser. All distributions from the Trust Fund to the Collateral Fund shall be
treated as distributed to the Purchaser as the beneficial owner thereof.

      Upon the termination of this Agreement and the liquidation of all Mortgage
Loans as to which the Purchaser has made any Election to Delay Foreclosure or
any Election to Foreclose pursuant to Section 2.04 hereof, the Company shall
distribute or cause to be distributed to the Purchaser all amounts remaining in
the Collateral Fund (after adjustment for all deposits and permitted withdrawals
pursuant to this Agreement) together with any investment earnings thereon. In
the event the Purchaser has made any Election to Delay Foreclosure or any
Election to Foreclose, prior to any distribution to the Purchaser of all amounts
remaining in the Collateral Fund, funds in the Collateral Fund shall be applied
consistent with the terms of this Agreement.

            Section 3.02. Collateral Fund Permitted Investments.

      The Company shall, at the written direction of the Purchaser, invest the
funds in the Collateral Fund in Collateral Fund Permitted Investments. Such
direction shall not be changed more frequently than quarterly. In the absence of
any direction, the Company shall select such investments in accordance with the
definition of Collateral Fund Permitted Investments in its discretion. All
income and gain realized from any investment as well as any interest earned on
deposits in the Collateral Fund (net of any losses on such investments) and any
payments of principal made in respect of any Collateral Fund Permitted
Investment shall be deposited in the Collateral Fund upon receipt. All costs and
realized losses associated with the purchase and sale of Collateral Fund
Permitted Investments shall be borne by the Purchaser and the amount of net
realized losses shall be deposited by the Purchaser in the Collateral Fund
promptly upon realization. The Company shall periodically (but not more
frequently than monthly) distribute to the Purchaser upon request an amount of
cash, to the extent cash is available therefore in the Collateral Fund, equal to
the amount by which the balance of the Collateral Fund, after giving effect to
all other distributions to be made from the Collateral Fund on such date,
exceeds the Required Collateral Fund Balance. Any amounts so distributed shall
be released from the lien and security interest of this Agreement.

            Section 3.03. Grant of Security Interest.

      The Purchaser hereby grants to the Company for the benefit of the
Certificateholders under the Pooling and Servicing Agreement a security interest
in and lien on all of the Purchaser's right, title and interest, whether now
owned or hereafter acquired, in and to: (1) the Collateral Fund, (2) all amounts
deposited in the Collateral Fund and Collateral Fund Permitted Investments in
which such amounts are invested (and the distributions and proceeds of such
investments) and (3) all cash and non-cash proceeds of any of the foregoing,
including proceeds of the voluntary conversion thereof (all of the foregoing
collectively, the "Collateral").

      The Purchaser acknowledges the lien on and the security interest in the
Collateral for the benefit of the Certificateholders. The Purchaser shall take
all actions requested by the Company as may be reasonably necessary to perfect
the security interest created under this Agreement in the Collateral and cause
it to be prior to all other security interests and liens, including the
execution and delivery to the Company for filing of appropriate financing
statements in accordance with applicable law. The Company shall file appropriate
continuation statements, or appoint an agent on its behalf to file such
statements, in accordance with applicable law.

            Section 3.04. Collateral Shortfalls.

      In the event that amounts on deposit in the Collateral Fund at any time
are insufficient to cover any withdrawals therefrom that the Company is then
entitled to make hereunder, the Purchaser shall be obligated to pay such amounts
to the Company immediately upon demand. Such obligation shall constitute a
general corporate obligation of the Purchaser. The failure to pay such amounts
within two Business Days of such demand (except for amounts to cover interest on
a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an
immediate termination of the Purchaser's right to make any Election to Delay
Foreclosure or Election to Foreclose and the Company's obligations under this
Agreement with respect to all Mortgage Loans to which such insufficiencies
relate, without the necessity of any further notice or demand on the part of the
Company.

                                   ARTICLE IV

            Section 4.01. Assessment of Servicing Compliance; Registered Public
Accounting Firm Attestation Reports; Exchange Act Reporting.

            (a) The Purchaser shall furnish, or cause to be furnished in the
case of clause (iii), to the Master Servicer, no later than March 5 of each year
or if such day is not a Business Day, the next Business Day (with a 10 calendar
day cure period, but in no event later than March 15), commencing in March 20 ,
the following:

            (i) a report (in form and substance reasonably satisfactory to the
      Master Servicer and the Depositor) regarding the Purchaser's assessment of
      compliance with the Servicing Criteria applicable to it 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 addressed to the Master Servicer and signed by an authorized
      officer of the Purchaser, and shall address, at a minimum, each of the
      Servicing Criteria applicable to the Purchaser;

            (ii) a report of a registered public accounting firm reasonably
      acceptable to the Master Servicer and the Depositor that attests to, and
      reports on, the assessment of compliance made by the Purchaser and
      delivered pursuant to the preceding paragraph. 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. If requested by the Master
      Servicer or the Depositor, such report shall contain or be accompanied by
      a consent of such accounting firm to inclusion or incorporation of such
      report in the Depositor's Registration Statement on Form S-3 relating to
      the Certificates and the Trust's Form 10-K; and

            (iii) an assessment of compliance and accountants' attestation as
      described in paragraphs (i) and (ii) of this Section 4.01(a) with respect
      to each Subcontractor determined by the Purchaser pursuant to Section 4.02
      to be "participating in the servicing function" within the meaning of Item
      1122 of Regulation AB.

            An assessment of compliance provided by a Subcontractor pursuant to
Section 4.01(a)(iii) need not address any elements of the Servicing Criteria
applicable to it other than those specified by the Purchaser pursuant to Section
4.02.

      No later than 30 days following the end of each fiscal year for the Trust
for which a Form 10-K is required to be filed, the Purchaser shall forward to
the Master Servicer the name of each Subcontractor engaged by it and what
Servicing Criteria will be addressed in the report on assessment of compliance
prepared by such Subcontractor. When the Purchaser submits its assessment to the
Master Servicer, it will also at such time include the assessment (and
attestation pursuant to Section 4.01(a)(ii) hereof) of each Subcontractor
engaged by it.

            (b) Within five (5) calendar days after a Distribution Date, the
Purchaser shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Purchaser, the form and substance of any Additional Form
10-D Disclosure applicable to the Purchaser, as indicated in the table in
Exhibit S to the Pooling and Servicing Agreement. The Purchaser acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(a)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 10-D is contingent upon the Purchaser strictly observing all
applicable deadlines in the performance of its duties under this Section
4.01(b).

            (c) No later than March 5 (with a 10 calendar day cure period, but
in no event later than March 15) of each year that the Trust is subject to the
Exchange Act reporting requirements, commencing in March 20 , the Purchaser
shall provide to the Master Servicer, to the extent known, in EDGAR-compatible
format, or in such other form as otherwise agreed upon by the Master Servicer
and the Purchaser, the form and substance of any Additional Form 10-K Disclosure
applicable to the Purchaser, as indicated in the table in Exhibit T to the
Pooling and Servicing Agreement. The Purchaser acknowledges that the performance
by the Master Servicer of its duties under Section 3.12(b) of the Pooling and
Servicing Agreement relating to the timely preparation and filing of Form 10-K
is contingent upon the Purchaser strictly observing all applicable deadlines in
the performance of its duties under this Section 4.01(c).

            (d) For so long as the Trust is subject to the Exchange Act
reporting requirements, no later than the end of business on the second Business
Day after the occurrence of a Reportable Event applicable to the Purchaser, the
Purchaser shall provide to the Master Servicer, to the extent known, in
EDGAR-compatible format, or in such other form as otherwise agreed upon by the
Master Servicer and the Purchaser, the form and substance of any Form 8-K
Disclosure Information applicable to the Purchaser, as indicated in the table in
Exhibit U to the Pooling and Servicing Agreement. The Purchaser acknowledges
that the performance by the Master Servicer of its duties under Section 3.12(c)
of the Pooling and Servicing Agreement relating to the timely preparation and
filing of Form 8-K is contingent upon the Purchaser strictly observing all
applicable deadlines in the performance of its duties under this Section
4.01(d).

            (e) The Purchaser shall provide such information regarding itself as
the Master Servicer or the Depositor request for the purpose of complying with
Item 1108 of Regulation AB, including at a minimum, the information set forth in
Exhibit A.

            (f) The Purchaser shall indemnify the Master Servicer, each
affiliate of the Master Servicer, the Trust, each broker dealer acting as
underwriter or initial purchaser of the Certificates, each Person who controls
any of such parties and the Depositor (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act); and the respective present
and former directors, officers, employees and agents of each of the foregoing
and of the Depositor (each such entity, an "Indemnified Party"), and shall hold
each of them harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments, and any other
costs, fees and expenses that any of them may sustain arising out of or based
upon:

                  (i) (A) any untrue statement of a material fact contained or
            alleged to be contained in any information, report, certification,
            accountants' letter or other material provided in written or
            electronic form under this Section 4.01 or Section 4.02 hereof by or
            on behalf of the Purchaser, or provided under Sections 4.01 or 4.02
            by or on behalf of any Subcontractor (collectively, the "Purchaser
            Information"), or (B) the omission or alleged omission to state in
            the Purchaser Information a material fact required to be stated in
            the Purchaser Information or necessary in order to make the
            statements therein, in the light of the circumstances under which
            they were made, not misleading; provided, by way of clarification,
            that clause (B) of this paragraph shall be construed solely by
            reference to the Purchaser Information and not to any other
            information communicated in connection with a sale or purchase of
            securities, without regard to whether the Purchaser Information or
            any portion thereof is presented together with or separately from
            such other information; or

                  (ii) any failure by the Purchaser or any Subcontractor engaged
            by the Purchaser to deliver any information, report, certification,
            accountants' letter or other material when and as required under
            Sections 4.01 or 4.02, including any failure by the Purchaser to
            identify pursuant to Section 4.02 any Subcontractor "participating
            in the servicing function" within the meaning of Item 1122 of
            Regulation AB.

      In the case of any failure of performance described in clause (ii) of this
Section, the Purchaser shall promptly reimburse the Master Servicer and the
Depositor, as applicable, for all costs reasonably incurred by each such party
in order to obtain the information, report, certification, accountants' letter
or other material not delivered as required by the Purchaser or any
Subcontractor. If the indemnification provided for herein is unavailable to hold
harmless any Indemnified Party, then the Purchaser agrees that it shall
contribute to the amount paid or payable by such Indemnified Party as a result
of the losses, claims, damages or liabilities of such Indemnified Party in such
proportion as is appropriate to reflect the relative fault of such Indemnified
Party on the one hand and the Purchaser on the other in connection with a breach
of the Purchaser's obligations under this Section 4.1 or the Purchaser's
negligence, bad faith or willful misconduct in connection therewith.

            (g) Notwithstanding anything contained in this Section 4.01 to the
contrary, the provisions of this Section 4.01 shall not apply to the Purchaser
with respect to any calendar year unless the Purchaser exercises its rights set
forth under Sections 2.02 or 2.03 of this Agreement in such calendar year.

            Section 4.02. Engagement of Affiliates or Third-Parties.

            The Purchaser shall not hire any Subservicer without the consent of
the Master Servicer and the Depositor. The Purchaser shall not hire or otherwise
utilize the services of any Subcontractor to fulfill any of the obligations of
the Purchaser as servicer under this Agreement unless the Purchaser complies
with the provisions of this Section.

            It shall not be necessary for the Purchaser to seek the consent of
the Master Servicer or the Depositor to the utilization of any Subcontractor.
The Purchaser shall promptly upon request provide to the Master Servicer (or any
designee of Master Servicer) a written description (in form and substance
satisfactory to the Master Servicer and the Depositor) of the role and function
of each Subcontractor utilized by the Purchaser, 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 "participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, the Purchaser shall cause any such Subcontractor used by the
Purchaser, for the benefit of the Master Servicer and the Depositor to comply
with the provisions of Section 4.01 of this Agreement to the same extent as if
such Subcontractor were the Purchaser. The Purchaser shall be responsible for
obtaining from each Subcontractor and delivering to the Master Servicer any
assessment of compliance and attestation required to be delivered by such
Subcontractor under Section 4.01, in each case as and when required to be
delivered.

            Section 4.03. Notification of Merger.

            The Purchaser and such successor or surviving Person shall notify
the Depositor, the Master Servicer and the Trustee of any such merger,
conversion or consolidation at least two Business Days prior to the effective
date thereof and shall provide the Depositor and the Master Servicer with all
information required by the Depositor to comply with its reporting obligations
not later than the effective date of such merger, conversion or consolidation
(unless giving prior notice would be prohibited by applicable law or by a
confidentiality agreement, in which case notice shall be given by 12 noon
eastern time one Business Day after such merger or consolidation).

            Section 4.04. Compliance with Article IV.

            If (a) the Purchaser fails to comply with its obligations to deliver
any assessment of servicing compliance or registered public accounting firm
attestation reports required pursuant to this Article IV or (b) any
Subcontractor engaged by the Purchaser fails to comply with its obligations to
deliver any assessment of servicing compliance or registered public accounting
firm attestation reports, the Master Servicer, may, after consultation with the
Depositor, terminate this Agreement pursuant to Section 2.04(a)(iv).

                                    ARTICLE V

                            MISCELLANEOUS PROVISIONS

            Section 5.01. Amendment.

      This Agreement may be amended from time to time by the Company and the
Purchaser by written agreement signed by the Company and the Purchaser, subject
to the acknowledgement of the Rating Agencies as contemplated in Section 3.08 of
the Pooling and Servicing Agreement with respect to such amendment.

            Section 5.02. Counterparts.

      This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

            Section 5.03. Governing Law.

      This Agreement shall be construed in accordance with the laws of the State
of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

            Section 5.04. Notices.

      All demands, notices and direction hereunder shall be in writing or by
telecopy and shall be deemed effective upon receipt to:

      (a) in the case of the Company,
            Wells Fargo Bank, N.A.
            9062 Old Annapolis Road
            Columbia, MD 21045

            Attention: Vice President, Master Servicing
            Phone: 410-884-2000
            Fax: 410-715-1573

      (b) in the case of the Purchaser,

            Section 5.05. Severability of Provisions.

      If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever, including regulatory, held
invalid, then such covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other
provisions of this Agreement.

            Section 5.06. Successors and Assigns.

The provisions of this Agreement shall be binding upon and inure to the benefit
of the respective successors and assigns of the parties hereto, and all such
provisions shall inure to the benefit of the Certificateholders; provided,
however, that the rights under this Agreement cannot be assigned by the
Purchaser without the consent of the Company.

            Section 5.07. Article and Section Headings.

      The article and section headings herein are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

            Section 5.08. Confidentiality.

      The Purchaser agrees that all information supplied by or on behalf of the
Company pursuant to Sections 2.01 or 2.02, including individual account
information, is the property of the Company and the Purchaser agrees to hold
such information confidential and not to disclose such information.

      Each party hereto agrees that neither it, nor any officer, director,
employee, affiliate or independent contractor acting at such party's direction
will disclose the terms of Section 5.09 of this Agreement to any person or
entity other than such party's legal counsel except pursuant to a final,
non-appealable order of court, the pendency of such order the other party will
have received notice of at least five business days prior to the date thereof,
or pursuant to the other party's prior express written consent.

            Section 5.09. Indemnification.

            The Purchaser agrees to indemnify and hold harmless the Company, the
Depositor, and each Servicer and each person who controls the Company, the
Depositor, or a Servicer and each of their respective officers, directors,
affiliates and agents acting at the Company's, the Depositor's, or a Servicer's
direction (the "Indemnified Parties") against any and all losses, claims,
damages or liabilities to which they may be subject, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of, or
are based upon, actions taken by, or actions not taken by, the Company, the
Depositor, or a Servicer, or on their behalf, in accordance with the provisions
of this Agreement and (i) which actions conflict with the Company's, the
Depositor's, or a Servicer's obligations under the Pooling and Servicing
Agreement or the related Servicing Agreement, or (ii) give rise to securities
law liability under federal or state securities laws with respect to the
Certificates. The Purchaser hereby agrees to reimburse the Indemnified Parties
for the reasonable legal or other expenses incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action.
The indemnification obligations of the Purchaser hereunder shall survive the
termination or expiration of this Agreement.

            Section 5.10 Regulation AB Compliance; Intent of Parties;
Reasonableness.

            The parties hereto acknowledge that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and
agree to comply with requests made by the Depositor or the Master Servicer in
good faith for delivery of information under these provisions on the basis of
evolving interpretations of Regulation AB. In connection with the Trust, the
parties hereto shall cooperate fully with the Master Servicer and the Depositor
to deliver to the Master Servicer and/or the Depositor (including its assignees
or designees), any and all statements, reports, certifications, records and any
other information available to such party and reasonably necessary in the good
faith determination of the Depositor or the Master Servicer to permit the
Depositor or the Master Servicer to comply with the provisions of Regulation AB,
together with such disclosures reasonably believed by the Depositor or the
Master Servicer to be necessary in order to effect such compliance.

<PAGE>

      IN WITNESS WHEREOF, the Company and the Purchaser have caused their names
to be signed hereto by their respective officers thereunto duly authorized, all
as of the day and year first above written.

                                    WELLS FARGO BANK, N.A.

                                    By: ___________________________________
                                    Name:
                                    Title:

                                    [NAME OF PURCHASER]

                                    By: ___________________________________
                                    Name:
                                    Title:

<PAGE>

                                                                       EXHIBIT A

                              PURCHASER INFORMATION

      (A) the Purchaser's form of organization;

      (B) a description of how long the Purchaser has been servicing residential
mortgage loans; a general discussion of the Purchaser's experience in servicing
assets of any type as well as a more detailed discussion of the Purchaser's
experience in, and procedures for, the servicing function it will perform under
the Agreement; information regarding the size, composition and growth of the
Purchaser's portfolio of residential mortgage loans of a type similar to the
Mortgage Loans and information on factors related to the Purchaser that may be
material, in the good faith judgment of the Master Servicer or the Depositor, to
any analysis of the servicing of the Mortgage Loans or the related asset-backed
securities, as applicable, including, without limitation:

            (1) whether any prior securitizations of mortgage loans of a type
      similar to the Mortgage Loans involving the Purchaser have defaulted or
      experienced an early amortization or other performance triggering event
      because of servicing during the three-year period immediately preceding
      the date of engagement of the Purchaser;

            (2) the extent of outsourcing the Purchaser utilizes;

            (3) whether there has been previous disclosure of material
      noncompliance with the applicable servicing criteria with respect to
      securitizations of residential mortgage loans involving the Purchaser as a
      servicer during the three-year period immediately preceding the date of
      engagement of the Purchaser;

            (4) whether the Purchaser has been terminated as servicer in a
      residential mortgage loan securitization, either due to a servicing
      default or to application of a servicing performance test or trigger; and

            (5) such other information as the Master Servicer or the Depositor
      may reasonably request for the purpose of compliance with Item 1108(b)(2)
      of Regulation AB;

      (C) a description of any material changes during the three-year period
immediately preceding the date of engagement of the Purchaser to the Purchaser's
policies or procedures with respect to the servicing function it will perform
under the Agreement for mortgage loans of a type similar to the Mortgage Loans;

      (D) information regarding the Purchaser's financial condition, to the
extent that there is a material risk that an adverse financial event or
circumstance involving the Purchaser could have a material adverse effect on the
performance by the Purchaser of its servicing obligations under the Agreement;

      (E) information regarding advances made by the Purchaser on the Mortgage
Loans and the Purchaser's overall servicing portfolio of residential mortgage
loans for the three-year period immediately preceding the date of engagement of
the Purchaser, which may be limited to a statement by an authorized officer of
the Purchaser to the effect that the Purchaser has made all advances required to
be made on residential mortgage loans serviced by it during such period, or, if
such statement would not be accurate, information regarding the percentage and
type of advances not made as required, and the reasons for such failure to
advance;

      (F) a description of the Purchaser's processes and procedures designed to
address any special or unique factors involved in servicing loans of a similar
type as the Mortgage Loans;

      (G) a description of the Purchaser's processes for handling delinquencies,
losses, bankruptcies and recoveries, such as through liquidation of mortgaged
properties, sale of defaulted mortgage loans or workouts; and

   (H) information as to how the Purchaser defines or determines delinquencies
      and charge-offs, including the effect of any grace period, re-aging,
   restructuring,  partial payments considered current or other practices with
                   respect to delinquency and loss experience.

<PAGE>

                                    EXHIBIT N

                 FORM OF INITIAL CERTIFICATION OF THE CUSTODIAN

                                 August 30, 2007

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2007-AR4

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attn: Fernando Acebedo

      Re:   The Pooling and Servicing Agreement, dated August 30, 2007,
            among Wells Fargo Asset Securities Corporation, as Depositor,
            Wells Fargo Bank, N.A., as Master Servicer, and HSBC Bank
            USA, National Association, as trustee, relating to the Wells
            Fargo Asset Securities Corporation; Mortgage Pass-Through
            Certificates, Series 2007-AR4

Ladies and Gentlemen:

      In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that,
except as specified in any list of exceptions attached hereto, it has received
the original Mortgage Note relating to each of the Mortgage Loans listed on the
Mortgage Loan Schedule.

      The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this initial certification.
The Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

<PAGE>

      Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.

                                    WELLS FARGO BANK, N.A.,
                                      as Custodian on behalf of the Trustee

                                    By:_______________________________________
                                    Name:_____________________________________
                                    Title:____________________________________

<PAGE>

                                    EXHIBIT O

                  FORM OF FINAL CERTIFICATION OF THE CUSTODIAN

                              [__________ __, ____]

Wells Fargo Asset Securities Corporation
7430 New Technology Way
Frederick, Maryland  21703

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attn: Corporate Trust Services WFMBS 2007-AR4

HSBC Bank USA, National Association
452 Fifth Avenue
New York, New York 10018
Attn: Fernando Acebedo

      Re:   The Pooling and Servicing Agreement, dated August 30, 2007,
            among Wells Fargo Asset Securities Corporation, as Depositor,
            Wells Fargo Bank, N.A., as Master Servicer, and HSBC Bank
            USA, National Association, as Trustee, relating to the Wells
            Fargo Asset Securities Corporation; Mortgage Pass-Through
            Certificates, Series 2007-AR4.

Ladies and Gentlemen:

      In accordance with the provisions of Section 2.02 of the above-referenced
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that, as to
each Mortgage Loan listed in the Mortgage Loan Schedule, except as may be
specified in any list of exceptions attached hereto, such Mortgage File contains
all of the items required to be delivered pursuant to Section 2.01 of the
Pooling and Servicing Agreement.

      The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement in connection with this final certification. The
Custodian makes no representations as to: (i) the validity, legality,
sufficiency, enforceability, recordability or genuineness of any of the
documents contained in each Mortgage File or any of the Mortgage Loans
identified in the Mortgage Loan Schedule or (ii) the collectibility,
insurability, effectiveness or suitability of any such Mortgage Loan.

<PAGE>

      Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.

                                    WELLS FARGO BANK, N.A.,
                                      as Custodian on behalf of the Trustee

                                    By:_______________________________________
                                    Name:_____________________________________
                                    Title:____________________________________

<PAGE>

                                    EXHIBIT P

                      FORM OF SARBANES-OXLEY CERTIFICATION

                    Wells Fargo Asset Securities Corporation
                       Mortgage Pass-Through Certificates,
                                 Series 2007-AR4

            I, [________], certify that:

1.    I have reviewed this report on Form 10-K and all reports on Form 10-D
      required to be filed in respect of the period covered by this report on
      Form 10-K of the Wells Fargo Asset Securities Corporation, Mortgage
      Pass-Through Certificates, Series 2007-AR4 Trust (the "Exchange Act
      Periodic Reports");

2.    Based on my knowledge, the Exchange Act Periodic Reports, taken as a
      whole, do not contain any untrue statement of a material fact or omit to
      state a material fact necessary to make the statements made, in light of
      the circumstances under which such statements were made, not misleading
      with respect to the period covered by this report;

3.    Based on my knowledge, all of the distribution, servicing and other
      information required to be provided under Form 10-D for the period covered
      by this report is included in the Exchange Act Periodic Reports;

4.    I am responsible for reviewing the activities performed by the Master
      Servicer and based upon my knowledge and the compliance review conducted
      in preparing the servicer compliance statement required in this report
      under Item 1123 of Regulation AB, and except as disclosed in the Exchange
      Act Periodic Reports, the Master Servicer has fulfilled its obligations
      under the pooling and servicing agreement, dated August 30, 2007, among
      Wells Fargo Asset Securities Corporation, as depositor, Wells Fargo Bank,
      N.A., as master servicer, and HSBC Bank USA, National Association, as
      trustee, in all material respects; and

5.    All of the reports on assessment of compliance with the servicing
      criteria for asset-backed securities and their related attestation
      reports on assessment of compliance with servicing criteria for
      asset-backed securities required to be included in this report in
      accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
      and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of
      noncompliance described in such reports have been disclosed in this
      report on Form 10-K.

   [The following is included only for a transaction where there are Servicers
   other than Wells Fargo Bank: In giving the certifications above, I have
   reasonably relied on information provided to me by the following unaffiliated
   parties: [Name of Servicers other than Wells Fargo Bank], as Servicer.]

Date: [_____]

                                       By:______________________________________
                                          Name:
                                          Title:

<PAGE>

                                    EXHIBIT Q

                                    RESERVED

<PAGE>

                                    EXHIBIT R

         Servicing Criteria to be Addressed in Assessment of Compliance

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                    SERVICING CRITERIA                              APPLICABLE SERVICING CRITERIA
--------------------------------------------------------------------------------------------------------------------------------
                                                                              Master
    Reference                              Criteria                          Servicer   Trustee   Servicers   Custodian
--------------------------------------------------------------------------------------------------------------------------------

<S>                 <C>                                                         <C>       <C>        <C>         <C>
                               General Servicing Considerations

1122(d)(1)(i)       Policies and procedures are instituted to monitor any        X        X(1)        X
                    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       X                    X
                    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        X         X          X           X
                    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            X                    X
                    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         X                    X
                    obligor or to an investor are made only by authorized
                    personnel.

1122(d)(2)(iii)     Advances of funds or guarantees regarding collections,       X       X (2)        X
                    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       X                    X
                    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          X                    X
                    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             X                    X
                    unauthorized access.

1122(d)(2)(vii)     Reconciliations are prepared on a monthly basis for          X                    X
                    all asset-backed securities related bank accounts,
                    including custodial accounts and related bank clearing
                    accounts. These reconciliations are (A) mathematically
                    accurate; (B) prepared within 30 calendar days after
                    the bank statement cutoff date, or such other number
                    of days specified in the transaction agreements; (C)
                    reviewed and approved by someone other than the person
                    who prepared the reconciliation; and (D) contain
                    explanations for reconciling items. These reconciling
                    items are resolved within 90 calendar days of their
                    original identification, or such other number of days
                    specified in the transaction agreements.

                              Investor Remittances and Reporting

1122(d)(3)(i)       Reports to investors, including those to be filed with       X                    X
                    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       X                    X
                    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          X                    X
                    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       X                    X
                    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       X                    X           X
                    as required by the transaction agreements or related
                    mortgage loan documents.

1122(d)(4)(ii)      Mortgage loan and related documents are safeguarded as                            X           X
                    required by the transaction agreements

1122(d)(4)(iii)     Any additions, removals or substitutions to the asset        X         X          X
                    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,                                X
                    made in accordance with the related mortgage loan
                    documents are posted to the Servicer's obligor records
                    maintained no more than two business days after
                    receipt, or such other number of days specified in the
                    transaction agreements, and allocated to principal,
                    interest or other items (e.g., escrow) in accordance
                    with the related mortgage loan documents.

1122(d)(4)(v)       The Servicer's records regarding the mortgage loans                               X
                    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            X                    X
                    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       X                    X
                    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                             X
                    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                              X
                    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                            X
                    as escrow accounts): (A) such funds are analyzed, in
                    accordance with the obligor's mortgage loan documents,
                    on at least an annual basis, or such other period
                    specified in the transaction agreements; (B) interest
                    on such funds is paid, or credited, to obligors in
                    accordance with applicable mortgage loan documents and
                    state laws; and (C) such funds are returned to the
                    obligor within 30 calendar days of full repayment of
                    the related mortgage loans, or such other number of
                    days specified in the transaction agreements.

1122(d)(4)(xi)      Payments made on behalf of an obligor (such as tax or                             X
                    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                                 X
                    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                             X
                    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        X                    X
                    are recognized and recorded in accordance with the
                    transaction agreements.

1122(d)(4)(xv)      Any external enhancement or other support, identified      X (3)
                    in Item 1114(a)(1) through (3) or Item 1115 of
                    Regulation AB, is maintained as set forth in the
                    transaction agreements.
</TABLE>

[_______________________]

Date: _________________________

By:_____________________________
   Name:
   Title:

(1)   This Servicing Criterion applies to the Trustee with respect to Events of
      Default as set forth in the Pooling and Servicing Agreement.

(2)   This Servicing Criterion applies to the Trustee if the Trustee was
      required during the preceding calendar year to make an Advance in
      accordance with Section 8.14 of the Pooling and Servicing Agreement.

(3)   This Servicing Criterion applies to the Master Servicer only for
      transactions that contain any external credit enhancement or other support
      identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB.

<PAGE>

                                    EXHIBIT S

                         Additional Form 10-D Disclosure

--------------------------------------------------------------------------------
Item on Form 10-D                           Party Responsible
--------------------------------------------------------------------------------

Item 1: Distribution and Pool               Master Servicer, Depositor
        Performance Information

        Any information required by
        1121 which is NOT included
        on the Distribution Date
        Statement

Item 2: Legal Proceedings per Item          (i) All parties to the Pooling
        1117 of Reg AB                      and Servicing Agreement, the
                                            Custodian, each Servicer and, if
                                            applicable the Special Servicer (as
                                            to themselves), (ii) the Master
                                            Servicer as to the issuing entity,
                                            (iii) the Depositor as to the
                                            sponsor, any 1110(b) originator, any
                                            1100(d)(1) party

Item 3: Sale of Securities and Use of       Depositor
        Proceeds

Item 4: Defaults Upon Senior Securities     Master Servicer

Item 5: Submission of Matters to a          Master Servicer, Trustee
        Vote of Security Holders

Item 6: Significant Obligors of Pool        Depositor, if applicable
        Assets

Item 7: Significant Enhancement             Depositor, if applicable
        Provider Information

Item 8: Other Information                   Any party responsible for
                                            disclosure items on Form 8-K

Item 9: Exhibits                            Depositor, Master Servicer

<PAGE>

                                    EXHIBIT T

                         Additional Form 10-K Disclosure

--------------------------------------------------------------------------------
Item on Form 10-K                            Party Responsible
--------------------------------------------------------------------------------
Item 1B: Unresolved Staff Comments           Depositor

Item 9B: Other Information                   Any party responsible for
                                             disclosure items on Form 8-K

Item 15: Exhibits, Financial Statement       Master Servicer
         Schedules                           Depositor

Additional Item:                             (i) All parties to the Pooling
                                             and Servicing Agreement, the
Disclosure per Item 1117 of Reg AB           Custodian, each Servicer and, if
                                             applicable the Special Servicer
                                             (as to themselves), (ii) the
                                             Master Servicer as to the
                                             issuing entity, (iii) the
                                             Depositor as to the sponsor, any
                                             1110(b) originator, any
                                             1100(d)(1) party

Additional Item:                             (i) All parties to the Pooling
Disclosure per Item 1119 of Reg AB           and Servicing Agreement, the
                                             Custodian, each Servicer and, if
                                             applicable the Special Servicer (as
                                             to themselves), (ii) the Master
                                             Servicer as to the issuing entity,
                                             (iii) the Depositor as to the
                                             sponsor, any 1110(b) originator,
                                             any 1100(d)(1) party, any
                                             significant obligor, any credit
                                             enhancement provider or derivative
                                             counterparty

Additional Item:                             Depositor, if applicable
Disclosure per Item 1112(b) of Reg AB

Additional Item:                             Depositor, if applicable
Disclosure per Items 1114(b) and
1115(b) of Reg AB

<PAGE>

                                    EXHIBIT U

                         Form 8-K Disclosure Information

--------------------------------------------------------------------------------
Item on Form 8-K                             Party Responsible
--------------------------------------------------------------------------------
Item 1.01- Entry into a Material             All parties to the Pooling and
           Definitive                        Agreement Servicing Agreement, each
                                             Servicer, the Custodian and, if
                                             applicable, the Special Servicer,
                                             as to each agreement to which it is
                                             a party

Item 1.02- Termination of a Material         All parties to the Pooling and
           Definitive Agreement              Servicing Agreement, each Servicer,
                                             the Custodian and, if applicable,
                                             the Special Servicer, as to each
                                             agreement to which it is a party

Item 1.03- Bankruptcy or Receivership        (i) Depositor, as to itself, the
                                             sponsor, any 1100(d)(1) party,
                                             any significant obligor, any
                                             credit enhancement provider or
                                             derivative counterparty and any
                                             other transaction party, to the
                                             extent known to the Depositor,
                                             (ii) Trustee, as to itself,
                                             (iii) each Servicer as to
                                             itself, (iv) Master Servicer, as
                                             to itself and any other
                                             transaction party, to the extent
                                             known to the Master Servicer

Item 2.04- Triggering Events that            Master Servicer
           Accelerate or Increase a
           Direct Financial Obligation
           or an Obligation under an
           Off-Balance Sheet Arrangement

Item 3.03- Material Modification to          Master Servicer
           Rights of Security Holders

Item 5.03- Amendments of Articles of         Master Servicer
           Incorporation or Bylaws;
           Change of Fiscal Year

Item 6.01- ABS Informational and             Depositor
           Computational Material

Item 6.02- Change of Servicer or             Servicer, Master Servicer
           Master Servicer

Item 6.03- Change in Credit                  Depositor/Master Servicer
           Enhancement or External
           Support

Item 6.04- Failure to Make a Required        Master Servicer
           Distribution

Item 6.05- Securities Act Updating           Depositor
           Disclosure

Item 7.01- Reg FD Disclosure                 Depositor

Item 8.01- Other Events                      Depositor, Master Servicer

Item 9.01                                    Depositor, Master Servicer

<PAGE>

                                    EXHIBIT V

                       Additional Disclosure Notification

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO
CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM AND VIA OVERNIGHT MAIL TO THE ADDRESS
IMMEDIATELY BELOW**

Wells Fargo Bank, N.A., as Master Servicer
9062 Old Annapolis Road
Columbia, Maryland 21045
Attn: Corporate Trust Services- WFMBS 2007-12--SEC REPORT PROCESSING

RE:**[Additional Form [10-D][10-K] Disclosure][Form 8-K Disclosure
Information]** Required

Ladies and Gentlemen:

            In accordance with Section [_] of the Pooling and Servicing
Agreement, dated as of August 29, 2007, among Wells Fargo Asset Securities
Corporation, as depositor, Wells Fargo Bank, N.A., as master servicer, and HSBC
Bank USA, National Association, as trustee, the undersigned, as [__________],
hereby notifies you that certain events have come to our attention that [will]
[may] need to be disclosed on Form [10-D][10-K][8-K].

Description of [Additional Form [10-D][10-K] Disclosure][Form 8-K Disclosure
Information]:

List of any Attachments hereto to be included in the Additional Form
[10-D][10-K] Disclosure][Form 8-K Disclosure Information]:

            Any inquiries related to this notification should be directed to
[_______________________], phone number: [_________]; email address:
[___________________].

                                                [NAME OF PARTY],
                                                as [role]

                                                By:
                                                   -----------------------------
                                                   Name:
                                                   Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]