Document:

Exhibit 10.2

 

 

 

AMENDMENT NO. 1

TO THE PROMISSORY NOTE DATED January 5, 2007

 

MODIFICATION OF PAYMENT TERMS

 

	
            Contract # 32098
 	
            May 6, 2008
 

 

The undersigned Supertel Limited Partnership, a Virginia limited partnership (collectively “Borrower”) executed a certain Promissory Note dated January 5, 2007 (the “Note”) in the original principal amount of $15,600,000.00, payable to General Electric Capital Corporation ("Lender") a copy of which is attached as Exhibit "A" hereto.

 

Whereby Debtor has elected the option to fix the rate for the remainder of the term.  Interest for the remaining term will accrue at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months). Accordingly, the Debtor hereby amends and modifies certain provisions of the Term Note as follows:

 

For valuable consideration, it is mutually agreed that the Note be and hereby is amended in that future payments shall be made in amounts and at times as follows:

 

The principal sum of $15,600,000.00 from the date of May 1, 2008, together with interest on the unpaid principal amount until payment in full at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months).  Said sum is the amount remaining unpaid under the Note.  Future payments are as follows:

 

One Hundred and Five (105) installments including both principal and interest, each in the amount of $113,479.94, payable commencing June 1, 2008, and monthly thereafter until February 1, 2017, on which date the entire balance of unpaid principal and interest shall be due and payable.

 

The Note remains in full force and effect, modified only as expressly set forth herein, and all other terms and conditions of the Note remain unchanged and are hereby ratified and affirmed.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Promissory Note as of May 6, 2008.

 

 

	
             
 	
            LENDER:

GENERAL ELECTRIC CAPITAL CORPORATION
 	
             
 	
             
 	
            BORROWER:

SUPERTEL LIMITED PARTNERSHIP,

a Virginia limited partnership
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
            By:
 	
            SUPERTEL HOSPITALITY REIT TRUST,

a Maryland real estate investment trust,
 
	
             
 	
             
 	
             
 	
             
 	
            Its General Partner
  
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            By:
 	
            /s/ Becky A. Morrison
 	
             
 	
            By:
 	
            /s/ Donavon A. Heimes
 
	
             
 	
            Becky A. Morrison
 	
             
 	
             
 	
            Donavon A Heimes
 
	
            Its:
 	
            Authorized Signatory
 	
             
 	
            Its:
 	
            Vice President/ TreasurerExhibit 10.3

 

 

 

AMENDMENT NO. 1

TO THE PROMISSORY NOTE DATED February 6, 2007

 

MODIFICATION OF PAYMENT TERMS

 

	
            Contract # 32630
 	
            May 6, 2008
 

 

The undersigned Supertel Limited Partnership, a Virginia limited partnership (collectively “Borrower”) executed a certain Promissory Note dated February 6, 2007 (the “Note”) in the original principal amount of $3,445,000.00, payable to General Electric Capital Corporation ("Lender") a copy of which is attached as Exhibit "A" hereto.

 

Whereby Debtor has elected the option to fix the rate for the remainder of the term.  Interest for the remaining term will accrue at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months). Accordingly, the Debtor hereby amends and modifies certain provisions of the Term Note as follows:

 

For valuable consideration, it is mutually agreed that the Note be and hereby is amended in that future payments shall be made in amounts and at times as follows:

 

The principal sum of $3,445,000.00 from the date of May 1, 2008, together with interest on the unpaid principal amount until payment in full at the rate of 5.67% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months).  Said sum is the amount remaining unpaid under the Note.  Future payments are as follows:

 

One Hundred and Six (106) installments including both principal and interest, each in the amount of $24,998.44, payable commencing June 1, 2008, and monthly thereafter until March 1, 2017, on which date the entire balance of unpaid principal and interest shall be due and payable.

 

The Note remains in full force and effect, modified only as expressly set forth herein, and all other terms and conditions of the Note remain unchanged and are hereby ratified and affirmed.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Promissory Note as of May 6, 2008.

 

 

	
             
 	
            LENDER:

GENERAL ELECTRIC CAPITAL CORPORATION
 	
             
 	
             
 	
            BORROWER:

SUPERTEL LIMITED PARTNERSHIP,

a Virginia limited partnership
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
            By:
 	
            SUPERTEL HOSPITALITY REIT TRUST,

a Maryland real estate investment trust,
 
	
             
 	
             
 	
             
 	
             
 	
            Its General Partner
  
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            By:
 	
            /s/ Becky A. Morrison
 	
             
 	
            By:
 	
            /s/ Donavon A. Heimes
 
	
             
 	
            Becky A. Morrison
 	
             
 	
             
 	
            Donavon A Heimes
 
	
            Its:
 	
            Authorized Signatory
 	
             
 	
            Its:
 	
            Vice President/ TreasurerExhibit 10.4

 

 

 

AMENDMENT NO. 1

TO THE PROMISSORY NOTE DATED May 16, 2007

 

MODIFICATION OF PAYMENT TERMS

 

	
            Contract # 32912
 	
            May 6, 2008
 

 

The undersigned Supertel Limited Partnership, a Virginia limited partnership (collectively “Borrower”) executed a certain Promissory Note dated May 16, 2007 (the “Note”) in the original principal amount of $27,755,000.00, payable to General Electric Capital Corporation ("Lender") a copy of which is attached as Exhibit "A" hereto.

 

Whereby Debtor has elected the option to fix the rate for the remainder of the term.  Interest for the remaining term will accrue at the rate of 6.19% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months). Accordingly, the Debtor hereby amends and modifies certain provisions of the Term Note as follows:

 

For valuable consideration, it is mutually agreed that the Note be and hereby is amended in that future payments shall be made in amounts and at times as follows:

 

The principal sum of $27,755,000.00 from the date of May 1, 2008, together with interest on the unpaid principal amount until payment in full at the rate of 6.19% per annum (computed on the basis of a 360-day year of twelve consecutive 30/31-day months).  Said sum is the amount remaining unpaid under the Note.  Future payments are as follows:

 

One Hundred and Nine (109) installments including both principal and interest, each in the amount of $208,298.46, payable commencing June 1, 2008, and monthly thereafter until June 1, 2017, on which date the entire balance of unpaid principal and interest shall be due and payable.

 

The Note remains in full force and effect, modified only as expressly set forth herein, and all other terms and conditions of the Note remain unchanged and are hereby ratified and affirmed.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Promissory Note as of May 6, 2008.

 

 

	
             
 	
            LENDER:

GENERAL ELECTRIC CAPITAL CORPORATION
 	
             
 	
             
 	
            BORROWER:

SUPERTEL LIMITED PARTNERSHIP,

a Virginia limited partnership
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
            By:
 	
            SUPERTEL HOSPITALITY REIT TRUST,

a Maryland real estate investment trust,
 
	
             
 	
             
 	
             
 	
             
 	
            Its General Partner
  
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            By:
 	
            /s/ Becky A. Morrison
 	
             
 	
            By:
 	
            /s/ Donavon A. Heimes
 
	
             
 	
            Becky A. Morrison
 	
             
 	
             
 	
            Donavon A Heimes
 
	
            Its:
 	
            Authorized Signatory
 	
             
 	
            Its:
 	
            Vice President/ Treasurerefc8-0801_ex41.htm

    
       

      
        Exhibit
4.1

         

        EXECUTION
COPY

         

         

         

         

         

         

      

       

       
CWALT,
INC.,

    

    Depositor

     

    CREDIT
SUISSE SECURITIES (USA) LLC,

     

    Underlying
Certificate Seller

     

    and

     

    THE BANK
OF NEW YORK,

    Trustee,
Securities Intermediary and Bank

     

    _______________________________

     

    TRUST
AGREEMENT

     

    Dated as
of March 25, 2008

    _______________________________

     

    CWALT,
Inc.

    Alternative
Loan Trust Resecuritization 2008-2R

    Resecuritization
Pass-Through Certificates, Series 2008-2R

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    TABLE
OF CONTENTS

     

    Page

     

     

     

    
      
        
          	
                  ARTICLE
      I DEFINITIONS

                	
                  5

                
	 	 
	
                  Section
      1.01

                	
                  Defined
      Terms.

                	
                  5

                
	
                  Section
      1.02

                	
                  Certain
      Interpretive Principles.

                	
                  21

                
	 	 
	
                  ARTICLE
      II CONVEYANCE OF THE DEPOSITED UNDERLYING CERTIFICATES; ORIGINAL ISSUANCE
      OF CERTIFICATES

                	
                  22

                
	 	 
	
                  Section
      2.01

                	
                  Conveyance
      of the Deposited Underlying Certificates.

                	
                  22

                
	
                  Section
      2.02

                	
                  Acceptance
      by Trustee.

                	
                  23

                
	
                  Section
      2.03

                	
                  Representations
      and Warranties of the Underlying Certificate Seller.

                	
                  23

                
	
                  Section
      2.04

                	
                  Representations
      and Warranties of the Depositor.

                	
                  26

                
	
                  Section
      2.05

                	
                  Issuance
      of Certificates.

                	
                  27

                
	
                  Section
      2.06

                	
                  REMIC
      Matters.

                	
                  28

                
	
                  Section
      2.07

                	
                  Presentation
      for Transfer.

                	
                  28

                
	 	 
	
                  ARTICLE
      III ADMINISTRATION OF THE TRUST FUND; PAYMENTS AND REPORTS TO
      CERTIFICATEHOLDERS

                	
                  29

                
	 	 
	
                  Section
      3.01

                	
                  Defaults
      by the Underlying Trusts.

                	
                  29

                
	
                  Section
      3.02

                	
                  Distribution
      Account and Securities Account.

                	
                  29

                
	
                  Section
      3.03

                	
                  Permitted
      Withdrawals From the Distribution Account.

                	
                  30

                
	
                  Section
      3.04

                	
                  Distributions.

                	
                  31

                
	
                  Section
      3.05

                	
                  [Reserved].

                	
                  33

                
	
                  Section
      3.06

                	
                  Allocation
      of Allocated Underlying Realized Losses.

                	
                  33

                
	
                  Section
      3.07

                	
                  Determination
      of Pass-Through Rates for LIBOR Certificates.

                	
                  34

                
	
                  Section
      3.08

                	
                  Monthly
      Statements to Certificateholders.

                	
                  36

                
	
                  Section
      3.09

                	
                  Reports
      of the Trustee; Distribution Account.

                	
                  36

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Section
      3.10

                	
                  Access
      to Certain Documentation and Information.

                	
                  37

                
	
                  Section
      3.11

                	
                  Annual
      Statement as to Compliance.

                	
                  37

                
	 	 
	
                  ARTICLE
      IV THE CERTIFICATES

                	
                  38

                
	 	 
	
                  Section
      4.01

                	
                  The
      Certificates.

                	
                  38

                
	
                  Section
      4.02

                	
                  Certificate
      Register; Registration of Transfer and Exchange of
      Certificates.

                	
                  38

                
	
                  Section
      4.03

                	
                  Mutilated,
      Destroyed, Lost or Stolen Certificates.

                	
                  42

                
	
                  Section
      4.04

                	
                  Persons
      Deemed Owners.

                	
                  43

                
	
                  Section
      4.05

                	
                  Access
      to List of Certificateholders’ Names and Addresses.

                	
                  43

                
	
                  Section
      4.06

                	
                  Maintenance
      of Office or Agency.

                	
                  43

                
	 	 
	
                  ARTICLE
      V CONCERNING THE TRUSTEE

                	
                  44

                
	 	 
	
                  Section
      5.01

                	
                  Duties
      of Trustee.

                	
                  44

                
	
                  Section
      5.02

                	
                  Certain
      Matters Affecting the Trustee.

                	
                  44

                
	
                  Section
      5.03

                	
                  Trustee
      Not Liable for Certificates or Deposited Underlying
      Certificates.

                	
                  46

                
	
                  Section
      5.04

                	
                  Trustee
      May Own Certificates.

                	
                  46

                
	
                  Section
      5.05

                	
                  Trustee’s
      Fees and Expenses.

                	
                  46

                
	
                  Section
      5.06

                	
                  Indemnification
      of the Trustee.

                	
                  46

                
	
                  Section
      5.07

                	
                  Eligibility
      Requirements for Trustee.

                	
                  47

                
	
                  Section
      5.08

                	
                  Resignation
      and Removal of Trustee.

                	
                  47

                
	
                  Section
      5.09

                	
                  Successor
      Trustee.

                	
                  48

                
	
                  Section
      5.10

                	
                  Merger
      or Consolidation of Trustee.

                	
                  49

                
	
                  Section
      5.11

                	
                  Appointment
      of Co-Trustee or Separate Trustee.

                	
                  49

                
	
                  Section
      5.12

                	
                  Tax
      Matters.

                	
                  50

                
	 	 
	
                  ARTICLE
      VI THE DEPOSITOR

                	
                  53

                
	 	 
	
                  Section
      6.01

                	
                  Liability
      of the Depositor.

                	
                  53

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Section
      6.02

                	
                  Merger,
      Consolidation or Conversion of the Depositor.

                	
                  53

                
	
                  Section
      6.03

                	
                  Limitation
      on Liability of the Depositor and Others.

                	
                  53

                
	 	 	 
	
                  ARTICLE
      VII TERMINATION

                	
                  55

                
	 	 	 
	
                  Section
      7.01

                	
                  Termination.

                	
                  55

                
	
                  Section
      7.02

                	
                  Final
      Distribution on the Certificates.

                	
                  55

                
	
                  Section
      7.03

                	
                  Additional
      Termination Requirements.

                	
                  56

                
	 	 
	
                  ARTICLE
      VIII MISCELLANEOUS PROVISIONS

                	
                  58

                
	 	 
	
                  Section
      8.01

                	
                  Amendment.

                	
                  58

                
	
                  Section
      8.02

                	
                  Action
      Under and Conflicts With an Underlying Agreement.

                	
                  59

                
	
                  Section
      8.03

                	
                  Recordation
      of Agreement.

                	
                  60

                
	
                  Section
      8.04

                	
                  Certain
      REMIC Matters.

                	
                  60

                
	
                  Section
      8.05

                	
                  Limitation
      on Rights of Certificateholders.

                	
                  60

                
	
                  Section
      8.06

                	
                  Governing
      Law.

                	
                  61

                
	
                  Section
      8.07

                	
                  Notices.

                	
                  61

                
	
                  Section
      8.08

                	
                  Severability
      of Provisions.

                	
                  62

                
	
                  Section
      8.09

                	
                  Successors
      and Assigns.

                	
                  62

                
	
                  Section
      8.10

                	
                  Article
      and Section Headings.

                	
                  62

                
	
                  Section
      8.11

                	
                  Certificates
      Nonassessable and Fully Paid.

                	
                  62

                
	
                  Section
      8.12

                	
                  Protection
      of Assets.

                	
                  62

                
	 	 
	
                  ARTICLE
      IX EXCHANGE ACT REPORTING

                	
                  64

                
	 	 
	
                  Section
      9.01

                	
                  Filing
      Obligations.

                	
                  64

                
	
                  Section
      9.02

                	
                  Form
      10-D Filings.

                	
                  64

                
	
                  Section
      9.03

                	
                  Form
      8-K Filings.

                	
                  65

                
	
                  Section
      9.04

                	
                  Form
      10-K Filings.

                	
                  65

                
	
                  Section
      9.05

                	
                  Sarbanes-Oxley
      Certification.

                	
                  66

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Section
      9.06

                	
                  Form
      15 Filing.

                	
                  66

                
	
                  Section
      9.07

                	
                  Report
      on Assessment of Compliance and Attestation.

                	
                  66

                
	
                  Section
      9.08

                	
                  Use
      of Subcontractors.

                	
                  67

                
	
                  Section
      9.09

                	
                  Amendments.

                	
                  68

                
	
                  Section
      9.10

                	
                  Reconciliation
      of Accounts.

                	
                  68

                

        

      

    

     

    
      
        	
                Schedule
      I

              	
                List
      of Deposited Underlying Certificates and Underlying
    Agreements

              
	
                Schedule
      II

              	
                [Reserved]

              

      

       

    

    
      	
              Exhibit
      A - Form of Class A Certificate (other than the Class A-R
      Certificates)

            	
              A-1

            
	
              Exhibit
      B – [Reserved]

            	
              B-1

            
	
              Exhibit
      C - Form of Residual Certificate

            	
              C-1

            
	
              Exhibit
      D - Form of Reverse of Certificate

            	
              D-1

            
	
              Exhibit
      E - Form of Transferor Affidavit

            	
              E-1

            
	
              Exhibit
      F - Form of Transfer Affidavit for the Class A-R
    Certificate

            	
              F-1

            
	
              Exhibit
      G - Form of Monthly Statement

            	
              F-1

            
	
              Exhibit
      H - Form of Performance Certification

            	
              H-1

            
	
              Exhibit
      I - Form of Servicing Criteria to be Addressed in Assessment of
      Compliance Statement

            	
              I-1

            
	
              Exhibit
      J - List of Item 1119 Parties

            	
              J-1

            
	
              Exhibit
      K - Form of Sarbanes-Oxley Certification

            	
              K-1

            
	
              Exhibit
      L - Form of Item 1123 Certificate

            	
              L-1

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TRUST
AGREEMENT, dated as of March 25, 2008, by and among CWALT, Inc., as depositor
(the “Depositor”), Credit Suisse Securities (USA) LLC, as underlying certificate
seller (the “Underlying Certificate Seller”), and The Bank of New York, as
trustee (the “Trustee”) and in its capacities as Securities Intermediary and as
Bank (each as defined below).

     

    W I T N E S S E T
H:

     

    WHEREAS,
the Depositor, the Underlying Certificate Seller and the Trustee desire to enter
into a trust agreement dated as of the date hereof (the “Trust Agreement”);
and

     

    WHEREAS,
the Underlying Certificate Seller has transferred its interests in and to the
Deposited Underlying Certificates (as defined herein) to the Depositor pursuant
to a bill of sale executed by the Underlying Certificate Seller in favor of the
Depositor;

     

    NOW
THEREFORE, in consideration of the mutual agreements herein contained, the
parties hereto agree as follows:

     

    PRELIMINARY
STATEMENT

     

    The
Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
in return for the Certificates. As provided in this Agreement, the Trustee will
elect that the Trust Fund be treated for federal income tax purposes as a real
estate mortgage investment conduit (a “REMIC” or, in the alternative, the
“Master REMIC”).  The Master REMIC will hold as assets all property of
the Trust Fund and will be evidenced by the Certificates, each of which (other
than the Class A-R Certificate) will represent ownership of one or more “REMIC
regular interests” in the Master REMIC.  The Class A-R Certificate
will represent ownership of the sole Class of “REMIC residual interest” in the
Master REMIC.  The latest possible maturity date, for federal income
tax purposes, of all REMIC regular interests created in this Agreement shall be
the Latest Possible Maturity Date.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Class 

              Designation

            	 	
              Initial
      Class

              Certificate

              Balance

            	 	 	
              Pass-Through

              Rate

              (per
      annum)

            	 	 	
              Minimum

              Denomination

            	 	 	
              Integral

              Multiples

              in
      Excess of

              Minimum

            	 
	
              Class 1-A-1

            	 	$	25,282,000	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class 1-A-2

            	 	$	2,197,900	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class 2-A-1

            	 	$	110,143,000	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class 2-A-2

            	 	$	9,577,507	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class 3-A-1

            	 	$	117,089,000	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class 3-A-2

            	 	$	10,181,494	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class 4-A-1

            	 	$	47,126,000	 	 	 	6.25	%	 	$	25,000	 	 	$	1	 
	
              Class 4-A-2

            	 	$	4,098,444	 	 	 	6.25	%	 	$	25,000	 	 	$	1	 
	
              Class 5-A-1

            	 	$	27,059,000	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class 5-A-2

            	 	$	2,352,911	 	 	 	6.00	%	 	$	25,000	 	 	$	1	 
	
              Class A-R
      (1)

            	 	$	100	 	 	 	6.00	%	 	 	(2	)	 	 	(2	)

    

     

    
      
        	
              	
                (1)

              	
                The
      Class A-R Certificate evidences the sole Class of residual interest in the
      Master REMIC.

              

      

    

     

    
      	
              (2)

            	
              The
      Class A-R Certificate shall be issued as two separate certificates, one
      with an initial Certificate Balance of $99.99 and the Tax Matters Person
      Certificate with an initial Certificate Balance of
  $0.01.

            

    

     

    It is not
intended that the Class A-R Certificates be entitled to any cash flow pursuant
to this Agreement except as provided in Section 3.04(a)(1)(A)(i) and Section
3.04(a)(1)(B)(i) hereunder, (that is, its entitlement to $100 plus interest
thereon).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                (1)

              	
                Set
      forth below are designations of Classes of Certificates to the categories
      used herein:

              

      

    

     

    
      	
              Accretion
      Directed Certificates

            	
              None.

            
	 	 
	
              Accrual
      Certificates

            	
              None.

            
	 	 
	
              Accrual
      Components

            	
              None.

            
	 	 
	
              Book-Entry
      Certificates

            	
              All
      Classes of Certificates other than the Physical
    Certificates.

            
	 	 
	
              Component
      Certificates

            	
              None.

            
	 	 
	
              Components

            	
              For
      purposes of calculating distributions, the Component Certificates will be
      comprised of multiple payment components having the designations, Initial
      Component Balances and Pass-Through Rates set forth
  below:

            

    

    

    
      	 	
              Designation

            	 	
              Initial

              Component

              Balance

            	 	
              Pass-Through Rate

            
	 	
              N/A

            	 	
              N/A

            	 	
              N/A

            

    

    

    
      	
              Delay
      Certificates

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

            
	 	 
	
              ERISA-Restricted
      Certificates

            	
              Residual
      Certificates; and any Certificate of a Class that ceases to satisfy the
      applicable rating requirement under the Underwriter’s
      Exemption.

            
	 	 
	
              Floating
      Rate Certificates

            	
              None.

            
	 	 
	
              Group
      1 Certificates

            	
              Class
      1-A-1, Class 1-A-2 and Class A-R Certificates.

            
	 	 
	
              Group
      2 Certificates

            	
              Class
      2-A-1 and Class 2-A-2 Certificates.

            
	 	 
	
              Group
      3 Certificates

            	
              Class
      3-A-1 and Class 3-A-2 Certificates.

            
	 	 
	
              Group
      4 Certificates

            	
              Class
      4-A-1 and Class 4-A-2 Certificates.

            
	 	 
	
              Group
      5 Certificates

            	
              Class
      5-A-1 and Class 5-A-2 Certificates.

            
	 	 
	
              Inverse
      Floating Rate Certificates.

            	
              None.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              COFI
      Certificates

            	
              None.

            
	 	 
	
              LIBOR
      Certificates

            	
              None.

            
	 	 
	
              Non-Delay
      Certificates

            	
              LIBOR
      Certificates.

            
	 	 
	
              Notional
      Amount Certificates

            	
              None.

            
	 	 
	
              Notional
      Amount Components

            	
              None.

            
	 	 
	
              Offered
      Certificates

            	
              All
      Classes of Certificates.

            
	 	 
	
              Physical
      Certificates

            	
              Residual
      Certificates.

            
	 	 
	
              Planned
      Principal Classes

            	
              None.

            
	 	 
	
              Planned
      Principal Components

            	
              None.

            
	 	 
	
              Principal
      Only Certificates

            	
              None.

            
	 	 
	
              Rating
      Agencies

            	
              Moody’s
      and S&P.

            
	 	 
	
              Regular
      Certificates

            	
              All
      Classes of Certificates other than the Residual
    Certificates.

            
	 	 
	
              Residual
      Certificates

            	
              Class
      A-R Certificates.

            
	 	 
	
              Scheduled
      Principal Classes

            	
              None.

            
	 	 
	
              Senior
      Certificates

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

            
	 	 
	
              Subordinated
      Certificates

            	
              None.

            
	 	 
	
              Targeted
      Principal Classes

            	
              None.

            
	 	 
	
              Targeted
      Principal Components

            	
              None.

            
	 	 
	
              Underwriter

            	
              Credit
      Suisse Securities (USA) LLC

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

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

     

    ARTICLE
I

     

    DEFINITIONS

     

    Section
1.01                                Defined
Terms.

     

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

     

    Account:  The
Distribution Account, Securities Account or any other account related to the
Trust Fund.

     

    Accretion Directed
Certificates:  As specified in the Preliminary
Statement.

     

    Accretion Direction
Rule:  Not applicable.

     

    Accrual
Amount:  With respect to any Class of Accrual Certificates
and any Distribution Date prior to the Accrual Termination Date, the amount
allocable to interest on such Class of Accrual Certificates with respect to
such Distribution Date pursuant to Section 3.04(a)(1)(ii), Section
3.04(a)(2)(ii), Section 3.04(a)(3)(ii), Section 3.04(a)(4)(ii) or Section
3.04(a)(5)(ii), as applicable.

     

    Accrual
Certificates:  As specified in the Preliminary
Statement.

     

    Accrual
Components:  As specified in the Preliminary
Statement.

     

    Accrual Termination
Date:  Not applicable.

     

    Additional Designated
Information:  As defined in Section 9.02.

     

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

     

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

     

    Agreement:  This
Trust Agreement and all amendments hereof and supplements hereto.

     

    Allocated Underlying Net
Interest Shortfalls:  As to any Distribution Date and class of
Deposited Underlying Certificates, the aggregate amount of reduction in the
interest entitlement of such class of Deposited Underlying Certificates pursuant
to Section 4.02(d) of the related Underlying Agreement for such Distribution
Date.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Allocated Underlying
Realized Losses:  As to any Distribution Date and class of
Deposited Underlying Certificates, the Underlying Realized Losses allocated to
such class of Deposited Underlying Certificates in accordance with the related
Underlying Agreement in connection with distributions thereon for such
Distribution Date.

     

    Available Interest
Funds:  As to any class of Deposited Underlying Certificates
and (i) the first Distribution Date, the portion of the related Initial Deposit
equal to the distributions of interest on such class of Deposited Underlying
Certificates for such Distribution Date, and (ii) any Distribution Date other
than the first Distribution Date, the aggregate of all previously undistributed
amounts received by the Trustee on or prior to such Distribution Date as
distributions of interest on such class of Deposited Underlying
Certificates.

     

    Available Principal
Funds:  As to any class of Deposited Underlying Certificates
and (i) the first Distribution Date, the portion of the related Initial Deposit
equal to the distributions of principal on such class of Deposited Underlying
Certificates for such Distribution Date, and (ii) any Distribution Date other
than the first Distribution Date, the aggregate of all previously undistributed
amounts received by the Trustee on or prior to such Distribution Date as
distributions of principal on such class of Deposited Underlying Certificates,
reduced by the product of (x) the sum of expenses and liabilities reimbursable
to the Depositor pursuant to Section 6.03 hereof and any taxes and related
expenses imposed on the Trust Fund to be paid from amounts otherwise
distributable to Certificateholders pursuant to Section 5.12 hereof (in each
case, that have not been previously paid by a reduction of such Available
Principal Funds) and (y) a fraction, the numerator of which is the principal
balance of such class of Deposited Underlying Certificates and the denominator
of which is the aggregate principal balance of all classes of Deposited
Underlying Certificates, in each case, immediately prior to such Distribution
Date.

     

    Bank: As defined in
Section 3.02.

     

    BNY: The Bank of New
York, a New York Banking corporation, or its successor in interest.

     

    Book-Entry
Certificate:  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 State of California or
the city in which the Corporate Trust Office of the Trustee is located are
authorized or obligated by law or executive order to be closed.

     

    Capitalized Interest
Account:  Not applicable.

     

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

     

    Certificate
Balance:  With respect to any Certificate at any date, the
maximum dollar amount of principal to which the Holder thereof is then entitled
hereunder, such amount being equal to the Denomination thereof (A) plus any
related Underlying Subsequent Recoveries added to the Certificate Balance of
such Certificate pursuant to Section 3.04, and (B) minus the sum of

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (i) all
distributions of principal previously made with respect thereto and (ii) all
related Allocated Underlying Realized Losses allocated thereto and, all other
reductions in Certificate Balance (including the pro rata portion of certain
expenses and liabilities reimbursable to the Depositor pursuant to Section
3.03(b) and any taxes and related expenses imposed on the Trust Fund paid
pursuant to Section 3.03(c)) previously allocated thereto pursuant to Section
3.06.

     

    Certificate
Group:  The Group 1 Certificates, the Group 2 Certificates, the
Group 3 Certificates, the Group 4 Certificates or the Group 5 Certificates, as
applicable.

     

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

     

    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 rights hereunder, it shall first
have to provide evidence of its beneficial ownership in a Certificate that is
reasonably satisfactory to the Trustee or the Depositor, as
applicable.

     

    Certificate
Register:  The register maintained pursuant to Section
4.02(a).

     

    Certification
Party:  As defined in Section 9.05.

     

    Certifying
Person:  As defined in Section 9.05.

     

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

     

    Class A-R
Certificate:  Collectively, the single Certificate and the Tax
Matters Person Certificate, in each case executed and countersigned by the
Trustee.

     

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

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Class Optimal Interest
Distribution Amount:  With respect to any Distribution Date and
interest bearing Class or, with respect to any interest bearing component, the
sum of (i) one month’s interest accrued during the related Interest Accrual
Period at the Pass-Through Rate for such Class on the related Class Certificate
Balance, Component Balance, Notional Amount or Component Notional Amount, as
applicable, immediately prior to such Distribution Date, subject to reduction as
provided in 3.04(c) and (ii) any Class Unpaid Interest Amounts for such Class or
Component.    Interest on any Class of Certificates shall be
calculated on the basis of a 360-day year consisting of twelve 30-day
months.

     

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

     

    Closing
Date:  April 18, 2008.

     

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

     

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

     

    Component
Balance:  With respect to any Component and any Distribution
Date, the Initial Component Balance thereof on the Closing Date, (A) plus any
related Underlying Subsequent Recoveries added to the Component Balance of such
Component pursuant to Section 3.04, (B) minus the sum of all amounts applied in
reduction of the principal balance of such Component and related Allocated
Underlying Realized Losses allocated thereto on previous Distribution
Dates.

     

    Component
Certificates:  Not applicable.

     

    Component Notional
Amount:  Not applicable.

     

    Corporate Trust
Office: The designated office of the Trustee in the State of New York at
which at any particular time its corporate trust business with respect to this
Agreement shall be administered, which office at the date of the execution of
this Agreement is located at 101 Barclay Street, 4W, New York, New York 10286
(Attn:  Resecuritization Group, CWALT, Inc. Series  2008-2R,
facsimile no. (212) 815-5705/9), and which is the address to which notices to
and correspondence with the Trustee should be directed.

     

    Corresponding Classes of
Certificates:  Not applicable.

     

    Delivery: When used
with respect to any Distribution Account Property or Securities Account Property
means delivery of such Distribution Account Property or Securities Account
Property, as applicable, as follows (terms used in the following provisions that
are not otherwise defined are used as defined in Article 8 of the
UCC):

     

    (1)           in
the case of each certificated security (other than a clearing corporation
security (as defined below)) or instrument, by:

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (A)        the
delivery of such certificated security or instrument to the Securities
Intermediary registered in the name of the Securities Intermediary or its
affiliated nominee or endorsed to the Securities Intermediary or in
blank,

     

    (B)         the
Securities Intermediary continuously indicating by book-entry that such
certificated security or instrument is credited to the Securities Account,
and

     

    (C)         the
Securities Intermediary maintaining continuous possession of such certificated
security or instrument in the State of New York;

     

    (2)           in
the case of each uncertificated security (other than a clearing corporation
security), by causing:

     

    (A)         such
uncertificated security to be continuously registered on the books of the issuer
thereof to the Securities Intermediary, and

     

    (B)          the
Securities Intermediary continuously indicating by book-entry that such
uncertificated security is credited to the Securities Account;

     

    (3)           in
the case of each security in the custody of or maintained on the books of a
clearing corporation or its nominee (a “clearing corporation security”), by
causing:

     

    (A)          the
relevant clearing corporation to credit such clearing corporation security to
the securities account of the Securities Intermediary, and

     

    (B)          the
Securities Intermediary continuously indicating by book-entry that such clearing
corporation security is credited to the Securities Account;

     

    (4)           in
the case of each security issued or guaranteed by the United States of America
or agency or instrumentality thereof and that is maintained in book-entry
records of the Federal Reserve Bank of New York (“FRBNY”) (each such security, a
“government security”), by causing:

     

    (A)          the
creation of a security entitlement to such government security by the credit of
such government security to the securities account of the Securities
Intermediary at the FRBNY, and

     

    (B)          the
Securities Intermediary continuously indicating by book-entry that such
government security is credited to the Securities Account;

     

    (5)           in
the case of each security entitlement not governed by clauses (1) through
(4) above, by:

     

    (A)          causing
a securities intermediary (x) to indicate by book-entry that the underlying
“financial asset” (as defined in Section 8-102(a)(9) of the UCC) has been
credited to be the Securities Intermediary’s securities account, (y) to
receive a financial asset from the Securities Intermediary or acquiring the
underlying financial asset for the Securities Intermediary, and in either case,
accepting it for credit to the Securities 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Intermediary’s
securities account or (z) to become obligated under other law, regulation
or rule to credit the underlying financial asset to the Security Intermediary’s
securities account,

     

    (B)           the
making by such securities intermediary of entries on its books and records
continuously identifying such security entitlement as belonging to the
Securities Intermediary and continuously indicating by book-entry that such
securities entitlement is credited to the Securities Intermediary’s securities
account, and

     

    (C)           the
Securities Intermediary continuously indicating by book-entry that such security
entitlement (or all rights and property of the Securities Intermediary
representing such securities entitlement) is credited to the Securities Account;
and

     

    (6)           in
the case of cash or money, by:

     

    (A)          the
delivery of such cash or money to the Bank, and

     

    (B)           the
Bank’s continuously crediting such cash or money to the Distribution
Account.

     

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

     

    Deposited Underlying
Certificates: As set forth on Schedule I hereto.

     

    Depositor:  CWALT,
Inc., a Delaware corporation, or its successors in interest.

     

    Depository:  The
Depository Trust Company, or any successor Depository hereafter
named.  The nominee of the initial Depository for purposes of
registering those Certificates that are to be Book-Entry Certificates is Cede
& Co.  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 and a “clearing agency” registered pursuant to the
provisions of Section 17A of the Securities Exchange Act of 1934, as
amended.

     

    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.

     

    Definitive
Certificate:  Any definitive, fully registered
Certificate.

     

    Delay
Certificates:  As specified in the Preliminary
Statement.

     

    Distribution Account:
The separate Eligible Account created and maintained by the Trustee pursuant to
Section 3.02 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 Resecuritization 2008-2R, Resecuritization
Pass-Through Certificates, 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Series
2008-2R.”  Funds in, and other property credited to, the Distribution
Account shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement.

     

    Distribution Account
Property:  The Distribution Account, all amounts, investments
and other property held from time to time in the Distribution Account, and all
proceeds of the foregoing.

     

    Distribution
Date:  The same day as each Underlying Distribution
Date.

     

    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 a Pre-Funding Account or a 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 a Pre-Funding Account or a
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.

     

    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.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    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 by filed by the Depositor with respect to the Trust Fund under the
Exchange Act.

     

    Fitch:  Fitch,
Inc., or any successor thereto.  If Fitch is designated as a Rating
Agency in the Preliminary Statement, the address for notices to Fitch shall be
Fitch, Inc., One State Street Plaza, New York, New York 10004, Attention:
Residential Pass-Through Monitoring, or such other address as Fitch may
hereafter furnish to the Depositor.

     

    Form 10-D Disclosure
Item:  With respect to any Person, any material litigation or
governmental proceedings pending against such Person, or against any of the
Trust Fund, the Depositor, the Trustee or any co-trustee, 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.

     

    Group 1
Certificates:  As specified in the Preliminary
Statement.

     

    Group 1 Deposited Underlying
Certificates:  A 100.00% percentage interest in the Alternative
Loan Trust 2006-39CB, Mortgage Pass-Through Certificates, Series 2006-39CB,
Class 1-A-18 Certificates.

     

    Group 1 Underlying
Agreement:  The Pooling and Servicing Agreement, dated as of
November 1, 2006, among CWALT, Inc., as depositor, Countrywide Home Loans, Inc.,
as 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, related to Alternative Loan
Trust 2006-39CB, Mortgage Pass-Through Certificates, Series 2006-39CB, as it may
be amended, supplemented or otherwise modified from time to time in accordance
with its terms.

     

    Group 2
Certificates:  As specified in the Preliminary
Statement.

     

    Group 2 Deposited Underlying
Certificates:  An 81.4852941176% percentage interest in the
Alternative Loan Trust 2007-3T1, Mortgage Pass-Through Certificates, Series
2007-3T1, Class 1-A-7 Certificates.

     

    Group 2 Underlying
Agreement:  The Pooling and Servicing Agreement, dated as of
February 1, 2007, among CWALT, Inc., as depositor, Countrywide Home Loans, Inc.,
as 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, related to Alternative Loan
Trust 2007-3T1, Mortgage Pass-Through Certificates, Series 2007-3T1, as it may
be amended, supplemented or otherwise modified from time to time in accordance
with its terms.

     

    Group 3
Certificates:  As specified in the Preliminary
Statement.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Group 3 Deposited Underlying
Certificates:  A 92.7130197682% percentage interest in the
Alternative Loan Trust 2007-19, Mortgage Pass-Through Certificates, Series
2007-19, Class 1-A-8 Certificates.

     

    Group 3 Underlying
Agreement:  The Pooling and Servicing Agreement, dated as of
June 1, 2007, among CWALT, Inc., as depositor, Countrywide Home Loans, Inc., as
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, related to Alternative Loan Trust 2007-19,
Mortgage Pass-Through Certificates, Series 2007-19, as it may be amended,
supplemented or otherwise modified from time to time in accordance with its
terms.

     

    Group 4
Certificates:  As specified in the Preliminary
Statement.

     

    Group 4 Deposited Underlying
Certificates:  A 97.4682615396% percentage interest in the
Alternative Loan Trust 2007-16CB, Mortgage Pass-Through Certificates, Series
2007-16CB, Class 5-A-3 Certificates.

     

    Group 4 Underlying
Agreement:  The Pooling and Servicing Agreement, dated as of
June 1, 2007, among CWALT, Inc., as depositor, Countrywide Home Loans, Inc., as
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, related to Alternative Loan Trust 2007-16CB,
Mortgage Pass-Through Certificates, Series 2007-16CB, as it may be amended,
supplemented or otherwise modified from time to time in accordance with its
terms.

     

    Group 5
Certificates:  As specified in the Preliminary
Statement.

     

    Group 5 Deposited Underlying
Certificates:  A 54.4862935370% percentage interest in the
Alternative Loan Trust 2006-7CB, Mortgage Pass-Through Certificates, Series
2006-7CB, Class 1-A-9 Certificates.

     

    Group 5 Underlying
Agreement:  The Pooling and Servicing Agreement, dated as of
March 1, 2006, among CWALT, Inc., as depositor, Countrywide Home Loans, Inc., as
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, related to Alternative Loan Trust 2006-7CB,
Mortgage Pass-Through Certificates, Series 2006-7CB, as it may be amended,
supplemented or otherwise modified from time to time in accordance with its
terms.

     

    Initial Class Certificate
Balance:  With respect to each Class of Certificates, the Class
Certificate Balance of such Class on the Closing Date.

     

    Initial
Deposit:  With respect to any Class of Deposited Underlying
Certificates, an amount equal to the amount of interest and principal
distributions to be made on that class of Deposited Underlying Certificates on
the first Distribution Date.

     

    Initial LIBOR
Rate:  Not applicable.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

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

     

    Interest Determination
Date:  Not applicable.

     

    Interest
Rate:  Not applicable.

     

    Item 1119
Party:  The Depositor, any Underlying Certificate Seller, the
Sponsor, each Underlying Trust, the Trustee and any other material transaction
party, as identified in Exhibit J hereto, as updated pursuant to Section
9.04.

     

    Latest Possible Maturity
Date:  The Distribution Date in August 2037.

     

    LIBOR:  The
London interbank offered rate for one-month United States dollar deposits
calculated in the manner described in Section 3.07.

     

    LIBOR
Certificates:  As specified in the Preliminary
Statement.

     

    
      
        Majority in
Interest:  As to any Class of Certificates, the Holders of
Certificates (other than the Underlying Certificate Seller or an affiliate
unless the Underlying Certificate Seller or an affiliate holds 100% of such
Class of Certificates) of such Class evidencing, in the aggregate, at least 51%
of the Percentage Interests evidenced by all Certificates of such Class (other
than Certificates held by the Underlying Certificate Seller or an affiliate
unless the Underlying Certificate Seller or an affiliate holds 100% of such
Class of Certificates).

         

      

    

    Master
REMIC:  As described in the Preliminary Statement.

     

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

     

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

     

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

     

    Notional
Amount:  Not applicable.

     

    Notional Amount
Certificates:  As specified in the Preliminary
Statement.

     

    Officers’
Certificate:  A certificate 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 

     

    
      
        
        

      

      
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    President
(however denominated), an Assistant Vice President, the Treasurer, the
Secretary, or one of the Assistant Treasurers or Assistant Secretaries of the
Depositor.

     

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

     

    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.

     

    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 cancelled 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.

     

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

     

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

     

    Performance
Certification:  As defined in Section 9.05.

     

    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)(l) of the Code) with respect to any
Residual Certificate, (iv) rural electric and telephone cooperatives described
in Section 1381(a)(2)(C) of the Code, (v)  an “electing large
partnership” as defined in Section 775 of the Code, (vi) a Person that is not a
citizen or resident of the United States, a corporation, partnership, or other
entity created or organized in or under the laws of the United States, any State
thereof or the District of Columbia, or an estate or trust whose income from
sources without the United States is includible in gross income for United
States federal income tax purposes regardless of its connection with the conduct
of a trade or business within the United States or a trust if a court within the
United 

     

    
      
        
        

      

      
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    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
Trustee based upon an Opinion of Counsel that the Transfer of an Ownership
Interest in a Residual Certificate to such Person may cause any REMIC hereunder
to fail to qualify as a REMIC at any time that the Certificates are
Outstanding.  The terms “United States,” “State” and “International
Organization” shall have the meanings set forth in Section 7701 of the Code or
successor provisions.  A corporation will not be treated as an
instrumentality of the United States or of any State or political subdivision
thereof for these purposes if all of its activities are subject to tax and, with
the exception of the Federal Home Loan Mortgage Corporation, a majority of its
board of directors is not selected by such government unit.

     

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

     

    Physical
Certificate:  As specified in the Preliminary
Statement.

     

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

     

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

     

    Planned Principal
Class:  As specified in the Preliminary Statement.

     

    Pre-Funding Account:
Not applicable.

     

    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 April 16, 2008,
to the Prospectus, relating to the Certificates.

     

    Purchase
Price:  The fair market value of each class of Deposited
Underlying Certificates as determined based on any market quotes for identical
Deposited Underlying Certificates not deposited under this Agreement (if
available) or other securities regularly used to determine fair market value,
but no less than the principal balance of such class of Deposited Underlying
Certificates immediately prior to the Distribution Date of such repurchase plus
unpaid interest thereon due on or prior to the Distribution Date of such
repurchase (it being understood that all distributions made on such class of
Deposited Underlying Certificates up to immediately prior to the Distribution
Date of such repurchase shall be property of the Trust Fund).

     

    
      
        
        

      

      
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    Rating
Agency:  Each of the Rating Agencies specified in the
Preliminary Statement.  If any such organization or a successor is no
longer in existence, “Rating Agency” shall be such nationally recognized
statistical rating organization, or other comparable Person, identified as a
rating agency under the Underwriter’s Exemption, as is designated by the
Depositor, notice of which designation shall be given to the
Trustee.  References herein to a given rating category of a Rating
Agency shall mean such rating category without giving effect to any
modifiers.

     

    Record
Date:  With respect to the first Distribution Date, the Closing
Date.  With respect to each other Distribution Date, the last day of
the calendar month preceding the month in which such Distribution Date
occurs.

     

    Reference
Bank:  As defined in Section 3.07 hereof.

     

    Regular
Certificates:  As specified in the Preliminary
Statement.

     

    Regular
Interest:  A “regular interest” (as defined in Section
860G(a)(1) of the Code) in any REMIC described 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.

     

    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.

     

    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
Underlying Deposited Certificates, 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 

     

    
      
        
        

      

      
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    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 Trustee only, if the Trustee becomes aware of any bankruptcy or
receivership with respect to the Underlying Certificate Seller, the Sponsor, the
Depositor, 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 and the Depositor, 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 Trustee;

     

    (f)           with
respect to the Trustee and the Depositor, if the Trustee or the Depositor
becomes aware that (i) any material enhancement or support specified in Item
1114(a)(1) through (3) 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) 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) 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 and the Depositor, 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 Trustee, any Subcontractor
determined by such Person pursuant to Section 9.08 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.

     

    Residual
Certificates:  As described 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.

     

    Sarbanes-Oxley
Certification:  As defined in Section 9.05.

     

    Securities
Account:  As defined in Section 3.02(b) hereof.

     

    Securities Account
Property:  The Securities Account, all amounts, investments and
other property held from time to time in the Securities Account, including the
Deposited Underlying Certificates, and all proceeds of the
foregoing.

     

    
      
        
        

      

      
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    Securities
Intermediary:  As defined in Section 3.02(b)
hereof.

     

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

     

    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, 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.

     

    Shift
Percentage:  Not applicable.

     

    Sponsor:  Credit
Suisse Securities (USA) LLC, a limited liability company organized under the
laws of the State of Delaware, or its successors in interest.

     

    SR-A-R
Interest:  Not applicable.

     

    Startup
Day:  The Closing Date.

     

    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 the Deposited Underlying Certificates but
performs one or more discrete functions identified in Item 1122(d) of Regulation
AB with respect to the Deposited Underlying Certificates under the direction or
authority of the Trustee.

     

    Subsidiary
REMIC:  Not applicable.

     

    Subsidiary REMIC
Interest:  Not applicable.

     

    Subsidiary REMIC Regular
Interest:  Not applicable.

     

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

     

    Targeted Principal
Classes:  As specified in the Preliminary
Statement.

     

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

     

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

     

    Transaction
Documents:  This Agreement and any other document or agreement
entered into in connection with the Trust Fund, the Certificates or the
Underlying Deposited Certificates.

     

    
      
        
        

      

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

     

    Transfer
Affidavit:  A certificate substantially in the form of Exhibit
F annexed hereto.

     

    Transferor
Affidavit:  A certificate substantially in the form of Exhibit
E hereto.

     

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

     

    Trust
Fund:  The corpus of the trust created by this Agreement and
evidenced by the Certificates, consisting of: (A) the Deposited Underlying
Certificates, (B) all distributions thereon due to the holders of the Deposited
Underlying Certificates after March 25, 2008 under the terms thereof, (C) the
Distribution Account and the Securities Account, (D) all investment property,
deposit accounts, accounts, general intangibles, money, instruments, documents
and other property evidencing any and all of the foregoing, and (E) all proceeds
of any and all of the foregoing.

     

    UCC:  The
Uniform Commercial Code as in effect in the State of New York.

     

    Underlying
Agreement:  The Group 1 Underlying Agreement, Group 2
Underlying Agreement, Group 3 Underlying Agreement, Group 4 Underlying Agreement
or Group 5 Underlying Agreement, as applicable.

     

    Underlying Certificate
Account:  “Certificate Account” as defined in each Underlying
Agreement.

     

    Underlying Certificate
Seller:  Credit Suisse Securities (USA) LLC, a limited
liability company organized under the laws of the State of Delaware, or its
successors in interest.

     

    Underlying Distribution
Date:  “Distribution Date” as defined in each Underlying
Agreement.

     

    Underlying Event of
Default:  “Event of Default” as defined in each Underlying
Agreement.

     

    Underlying Liquidated
Mortgage Loan:  “Liquidated Mortgage Loan” as defined in each
Underlying Agreement.

     

    Underlying Master
Servicer:  Countrywide Home Loans Servicing L.P.

     

    Underlying Realized
Losses:  “Realized Losses” as defined in each Underlying
Agreement.

     

    Underlying Senior Credit
Support Depletion Date:  “Senior Credit Support Depletion Date”
as defined in each Underlying Agreement.

     

    
      
        
        

      

      
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    Underlying Subsequent
Recoveries:  “Subsequent Recoveries” as defined in each
Underlying Agreement.

     

    Underlying
Trust:  “Trust Fund” as defined in each Underlying
Agreement.

     

    Underlying
Trustee:  “Trustee” as defined in each Underlying
Agreement.

     

    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.

     

    Voting
Rights:  The portion of the voting rights of all of the
Certificates that is allocated to any Certificate in a Certificate
Group.  As of any date of determination and Certificate Group, (a) 1%
of all Voting Rights shall be allocated to each Class of Notional Amount
Certificates in that Certificate Group, if any, and (b) the remaining Voting
Rights (or 100% of the Voting Rights if there is no Class of Notional Amount
Certificates) shall be allocated to the remaining Classes of Certificates in
that Certificate Group in proportion to the Class Certificate Balance of each
such Class.  Voting Rights allocated to a Class of Certificates will
be allocated among the Holders of the Certificates of that Class in accordance
with their respective Percentage Interests.  Any Voting Rights
otherwise allocable to Certificates held by the Underlying Certificate Seller or
an affiliate will be void so long as such Certificates are so held; provided,
however, that this provision will not apply if the Underlying Certificate Seller
or an affiliate holds 100% of the Certificates.

     

    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; and (g)
references to any Person include that Person’s permitted successors and
assigns.

     

    

    
      
        
        

      

      
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    ARTICLE
II

     

    CONVEYANCE
OF THE DEPOSITED UNDERLYING CERTIFICATES;

    ORIGINAL
ISSUANCE OF CERTIFICATES

     

    Section
2.01                                Conveyance of the Deposited
Underlying Certificates.

     

    The
Depositor, concurrently with the execution and delivery hereof, does hereby
transfer, convey, sell and assign to the Trustee, on behalf of the Holders of
the Certificates, without recourse, all the right, title and interest of the
Depositor in and to the Deposited Underlying Certificates with appropriate
endorsements and other documentation sufficient under the applicable Underlying
Agreement to transfer each such Deposited Underlying Certificate to the Trustee,
including all distributions thereon due after March 25, 2008, and all proceeds
of the foregoing.  Each of the Underlying Certificate Seller and the
Depositor severally agrees to transfer to the Trustee (by wire transfer of
immediately available funds), any amounts it receives in respect of the
Deposited Underlying Certificates due thereon after March 25, 2008 on the same
day it receives such funds.  On or prior to the first Distribution
Date, the Underlying Certificate Seller shall transfer to the Trustee (by wire
transfer of immediately available funds), for deposit into the Distribution
Account, an amount equal to the aggregate Initial Deposit for the Deposited
Underlying Certificates.

     

    The
transfer of the Deposited Underlying Certificates and all other assets
constituting the Trust Fund is absolute and is intended by the parties hereto as
a sale.  The Underlying Certificate Seller hereby confirms that it has
caused the beneficial ownership interest in the Deposited Underlying
Certificates to be registered with a Depository Participant or an indirect
participant in the Depository in the name of the Securities Intermediary for the
benefit of the Trustee on behalf of the Certificateholders.

     

    The
Securities Intermediary hereby confirms to the Trustee that (i) the Deposited
Underlying Certificates have been confirmed by the Depository to have been
delivered to the Trustee (on behalf of the Certificateholders), subject to no
other interests, and held with the Securities Intermediary, as a Depository
Participant, in book-entry form, and (ii) the Securities Intermediary is holding
such Deposited Underlying Certificate for the account of the Trustee, on behalf
of the Certificateholders.  The Trustee hereby acknowledges the
receipt by it and the Securities Intermediary of the Deposited Underlying
Certificates and the other documents and instruments referenced above, in good
faith and without actual notice of any adverse claim, and declares that it holds
and will hold the Deposited Underlying Certificates and the other documents and
instruments, and that it holds and will continuously hold all other assets in
the Trust Fund, in each case, in the State of New York, in trust for the
exclusive use and benefit of all present and future
Certificateholders.  The Trustee shall not permit the Deposited
Underlying Certificates or any other asset constituting the Trust Fund to be
subjected to any lien, claim or encumbrance arising by, through or under the
Trustee or any person claiming by, through or under the Trustee.  The
Depositor agrees to provide to the Trustee all documents required for the
transfer to the Trustee of the Deposited Underlying Certificates.

     

    
      
        
        

      

      
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    It is
intended that the conveyance of the Deposited Underlying Certificates by the
Depositor to the Trustee as provided in this Section be, and be construed as, a
sale of the Deposited Underlying Certificates by the Depositor to the Trustee
for the benefit of the Certificateholders.  It is, further, not
intended that such conveyance be deemed a pledge of the Deposited Underlying
Certificates by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor.  However, in the event that the Deposited
Underlying Certificates are held to be the property of the Depositor, or if for
any reason this Agreement is held or deemed to create a security interest in the
Deposited Underlying Certificates, then it is intended that this Agreement shall
also be deemed to be a security agreement within the meaning of Articles 8 and 9
of the UCC and the corresponding articles of the Uniform Commercial Code of any
other applicable jurisdiction; and the Depositor hereby grants to the Trustee
for the benefit of the Certificateholders a security interest in all of the
Depositor’s right, title and interest, whether now owned or existing or
hereafter acquired or arising, in and to the Trust Fund.  The
Depositor and the Trustee, at the Depositor’s direction and expense, 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 Deposited Underlying Certificates and other assets constituting the Trust
Fund described above, 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.

     

    Section
2.02                                Acceptance by
Trustee.

     

    The
Trustee hereby confirms that it has confirmation from BNY, in its capacity as
Securities Intermediary for the Trustee that (i) the Deposited Underlying
Certificates in book-entry form have been confirmed by the Depository to have
been delivered to the Trustee, subject to no other interests, and held in the
Securities Intermediary in book-entry form, as a participant in the Depository
and (ii) the Securities Intermediary is holding such Deposited Underlying
Certificates in book-entry form for the account of the Trustee, as owner of the
Deposited Underlying Certificates in its capacity as trustee for the
Certificateholders.  The Trustee declares that it shall hold ownership
interest in the Deposited Underlying Certificates in trust and shall hold all
proceeds of any of the foregoing and all other rights, titles or interests of
the Trustee in any asset included in the Trust Fund from time to time in trust,
upon the terms herein set forth, for the use and benefit of all present and
future Certificateholders.  The Trustee agrees, for the benefit of
Certificateholders, to confirm that the class designation and original principal
balance with respect to the Deposited Underlying Certificates conform to the
information set forth on Schedule I on the Closing Date.

     

    Section
2.03                                Representations and
Warranties of the Underlying Certificate Seller.

     

    The
Underlying Certificate Seller hereby represents and warrants to the Depositor
and the Trustee

     

    (a)           With
respect to the Deposited Underlying Certificates as of the Closing Date as
follows:

     

    (i)           prior
to the transfer of the Deposited Underlying Certificates to the Depositor, the
Underlying Certificate Seller was the sole owner of the Deposited 

     

    
      
        
        

      

      
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    Underlying
Certificates free and clear of any lien, pledge, charge or encumbrance of any
kind;

     

    (ii)          the
Underlying Certificate Seller has not assigned any interest in the Deposited
Underlying Certificates or any distributions thereon, except as contemplated
herein;

     

    (iii)         the
crediting of the Deposited Underlying Certificates to the Securities Account is
sufficient to effect the transfer of all right, title and interest in the
Deposited Underlying Certificates to the Trustee pursuant to Section 2.01 hereof
free and clear of any lien, pledge, charge or encumbrance of any
kind;

     

    (iv)         the
Deposited Underlying Certificates constitute a “securities entitlement” within
the meaning of the UCC;

     

    (v)          the
Underlying Certificate Seller is not aware of any default or event of default
under, or breach of any terms of, the applicable Underlying Agreement or the
Deposited Underlying Certificates; and

     

    (vi)         the
information set forth on Schedule I to this Agreement is true and correct as of
the Closing Date; and

     

    (vii)        the
Underlying Certificate Seller has duly authorized the crediting of the Deposited
Underlying Certificates to the Securities Account.

     

    The
representations and warranties set forth in this Section 2.03(a) shall survive
the transfer and assignment of the Deposited Underlying Certificates by the
Depositor to the Trustee up to and including the Distribution Date in April
2008.  Upon discovery by the Underlying Certificate Seller, the
Depositor or a Responsible Officer of the Trustee of a breach of any of the
foregoing representations and warranties with respect to a Deposited Underlying
Certificate which materially and adversely affects the interests of the related
Certificateholders in such Deposited Underlying Certificates, the Underlying
Certificate Seller, the Depositor or the Trustee shall give prompt written
notice to the other parties and to the related Certificateholders.  If
such notice is given or received on or prior to the Distribution Date in April
2008, the Underlying Certificate Seller shall cure such breach in all material
respects or, if such breach cannot be cured, the Underlying Certificate Seller
shall repurchase the Deposited Underlying Certificates from the Trustee on the
Distribution Date immediately following the date on which the Underlying
Certificate Seller is so directed by Holders of a Majority in Interest of the
related Class or Classes of Regular Certificates (other than any Certificates
held by the Underlying Certificate Seller or an affiliate unless the Underlying
Certificate Seller or an affiliate holds 100% of  such Class or Classes
of Certificates).  Any such repurchase of the Deposited
Underlying Certificates by the Underlying Certificate Seller shall be
accomplished on the Distribution Date of repurchase, by the payment on the
Business Day prior to such Distribution Date by the Underlying Certificate
Seller to the Trustee of an amount equal to the applicable Purchase
Price.  The payment of the applicable Purchase Price shall be
considered a prepayment in full of such Deposited Underlying Certificates and
shall be delivered to the Trustee for deposit in the Distribution Account in
accordance with the provisions of Section 3.02 hereof.  Upon such
deposit into such Distribution 

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    Account,
the repurchased Deposited Underlying Certificates shall be released to the
Underlying Certificate Seller, and the Trustee and the Depositor shall execute
and deliver such instruments of transfer or assignment, in each case without
recourse, as shall be reasonably requested and provided by the Underlying
Certificate Seller to vest in the Underlying Certificate Seller, or its designee
or assignee, title to the Deposited Underlying Certificates repurchased pursuant
hereto.  The obligation of the Underlying Certificate Seller to cure
such breach of representations and warranties or effect such repurchase of the
Deposited Underlying Certificates shall constitute the sole remedy respecting
such breach available to Certificateholders or the Trustee on behalf of
Certificateholders.

     

    (b)           With
respect to the Underlying Certificate Seller:

     

    (i)           The
Underlying Certificate Seller is a limited liability company duly formed,
validly existing and in good standing under the laws of the State of Delaware
with full power and authority to execute, deliver and perform this
Agreement.

     

    (ii)           This
Agreement has been duly authorized, executed and delivered by the Underlying
Certificate Seller and constitutes the legal, valid and binding agreement of the
Underlying Certificate Seller, enforceable in accordance with its terms, except
as enforcement hereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect relating to or
affecting creditors’ rights generally or by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in
equity or at law.

     

    (iii)           Neither
the execution nor the delivery of this Agreement nor the issuance, delivery and
sale of the Certificates, nor the consummation of any other of the transactions
contemplated herein nor the fulfillment of the terms of this Agreement or the
Certificates will result in the breach of any term or provision of the
certificate of formation or the limited liability company agreement of the
Underlying Certificate Seller or resolutions of the Underlying Certificate
Seller or conflict with, result in a breach, violation or acceleration of or
constitute a default under, the terms of any material indenture or other
agreement or instrument to which the Underlying Certificate Seller is a party or
by which it is bound, or any statute, order or regulation applicable to the
Underlying Certificate Seller of any court, regulatory body, administrative
agency or governmental body having jurisdiction over the Underlying Certificate
Seller.

     

    (iv)           There
are no actions or proceedings against, or investigations of, the Underlying
Certificate Seller pending, or, to the knowledge of the Underlying Certificate
Seller, threatened, before any court, administrative agency or other tribunal
(A) asserting the invalidity of this Agreement or the Certificates, (B) seeking
to prevent the issuance of the Certificates or the consummation of any of the
transactions contemplated by this Agreement, or (C) which might materially and
adversely affect the validity or enforceability of this Agreement or the
Certificates.

     

    It is
understood and agreed that the representations and warranties set forth in this
Section 2.03(b) shall survive delivery of the Trust Fund to the
Trustee.  Upon discovery by the Underlying Certificate Seller, the
Depositor or a Responsible Officer of the Trustee of a breach 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    of any of
the foregoing representations and warranties which breach materially and
adversely affects the interests of the Certificateholders, the party discovering
such breach shall give prompt written notice to the other parties and to the
Rating Agencies.

     

    Section
2.04                                Representations and
Warranties of the Depositor.

     

    The
Depositor hereby represents and warrants to the Trustee as of the Closing Date
as follows:

     

    (i)         The
Depositor is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware with full power and authority to
execute, deliver and perform this Agreement.

     

    (ii)        This
Agreement has been duly authorized, executed and delivered by the Depositor and
constitutes the legal, valid and binding agreement of the Depositor, enforceable
in accordance with its terms, except as enforcement hereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect relating to or affecting creditors’ rights generally or by
general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law.

     

    (iii)       Neither
the execution nor the delivery of this Agreement nor the issuance, delivery and
sale of the Certificates, nor the consummation of any other of the transactions
contemplated herein nor the fulfillment of the terms of this Agreement or the
Certificates will result in the breach of any term or provision of the charter
or by-laws of the Depositor or conflict with, result in a breach, violation or
acceleration of or constitute a default under, the terms of any material
indenture or other agreement or instrument to which the Depositor is a party or
by which it is bound, or any statute, order or regulation applicable to the
Depositor of any court, regulatory body, administrative agency or governmental
body having jurisdiction over the Depositor.

     

    (iv)       There
are no actions or proceedings against, or investigations of, the Depositor
pending, or, to the knowledge of the Depositor, threatened, before any court,
administrative agency or other tribunal (A) asserting the invalidity of this
Agreement or the Certificates, (B) seeking to prevent the issuance of the
Certificates or the consummation of any of the transactions contemplated by this
Agreement, or (C) which might materially and adversely affect the validity or
enforceability of this Agreement or the Certificates.

     

    (v)        This
Agreement creates a valid and continuing security interest in the Deposited
Underlying Certificates in favor of the Trustee, on behalf of the Trust Fund,
which security interest is prior to all other liens and is enforceable as such
as against creditors and purchasers from the Depositor.

     

    (vi)       Immediately
before the assignment of the Deposited Underlying Certificates to the Trustee,
the Depositor had good and marketable title to such Deposited Underlying
Certificates free and clear of any lien, claim, encumbrance of any
Person.  The Depositor has received all consents and approvals
required by the terms of the 

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    Deposited
Underlying Certificates to the transfer to the Trustee of its interest and
rights in the Deposited Underlying Certificates.

     

    (vii)      The
Distribution Account constitutes a “deposit account” (as defined in Section
9-102(a)(29) of the UCC). The Securities Account constitutes a “securities
account” (as defined in Section 8-501(a) of the UCC). The Deposited Underlying
Certificates have been credited to the Securities Account.  The
Securities Intermediary has agreed to treat all assets credited to the
Securities Account as “financial assets” (as defined in Section 8-102(a)(9) of
the UCC).

     

    (viii)     This
Agreement is an agreement pursuant to which the Securities Intermediary or the
Bank, as the case may be, has agreed to comply with all instructions or
directions originated by the Trustee relating to the Distribution Account and
the Securities Account without further consent by the Depositor.

     

    (ix)        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 Deposited Underlying
Certificates.  The Depositor has not authorized the filing of and is
not aware of any financing statements against the Depositor that include a
description of the collateral covering the Deposited Underlying
Certificates.  The Depositor is not aware of any judgment or tax lien
filings against the Depositor.

     

    (x)         The
Depositor is not aware of any default or event of default under, or breach of
any terms of, the Underlying Agreements or the Deposited Underlying
Certificates.

     

    (xi)        Neither
the Distribution Account nor the Securities Account is in the name of any person
other than the Trustee.  The Depositor has not consented to the
compliance by the Securities Intermediary of the Securities Account with
entitlement orders of any person other than the Trustee.

     

    It is
understood and agreed that the representations and warranties set forth in this
Section 2.04 shall survive delivery of the Trust Fund to the
Trustee.  Upon discovery by the Depositor or a Responsible Officer of
the Trustee of a breach of any of the foregoing representations and warranties
which breach materially and adversely affects the interests of the
Certificateholders, the party discovering such breach shall give prompt written
notice to the other party and to the Rating Agencies.

     

    The
parties to this Agreement shall not waive any of the representations set forth
in clauses (v) and (vii) through (xi) in this Section 2.04 without obtaining a
confirmation of the then-current ratings of the Certificates.

     

    Section
2.05                                Issuance of
Certificates.

     

    The
Trustee acknowledges the receipt by it of the Deposited Underlying Certificates
and concurrently with such receipt, the Trustee has duly executed, countersigned
and delivered, to or 

     

    
      
        
        

      

      
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    upon the
order of the Depositor, the Certificates in authorized denominations and
registered in such names as the Depositor has directed in writing.

     

    Section
2.06                                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
2.07                                Presentation for
Transfer.

     

    On the
Closing Date, the Underlying Certificate Seller, the Depositor and/or the
Trustee (as appropriate) shall present the documents described in Section 2.01
for registration of transfer of the Deposited Underlying Certificates to the
Trustee, pursuant to the requirements under each Underlying
Agreement.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    ARTICLE
III

     

    ADMINISTRATION
OF THE TRUST FUND;

    PAYMENTS
AND REPORTS TO CERTIFICATEHOLDERS

     

    Section
3.01                                Defaults by the Underlying
Trusts.

     

    In
connection with its receipt of any distribution on the Deposited Underlying
Certificates on any Distribution Date, if (i) the amount of any distribution
varies from the amount due thereon pursuant to the terms of the applicable
Underlying Agreement, (ii) the Trustee shall not have received a distribution by
the close of business on such Distribution Date, or (iii) a Responsible Officer
of the Trustee shall gain actual knowledge of any default under the applicable
Underlying Agreement, the Trustee shall promptly notify the Depositor, the
Underlying Certificate Seller and the Certificateholders, and shall, subject to
the provisions of Article V hereof, pursue such remedies as may be available to
it as holder of such Deposited Underlying Certificates in accordance with the
terms of the applicable Underlying Agreement.

     

    Section
3.02                                Distribution Account and
Securities Account.

     

    (a)           The
Trustee, for the benefit of the Certificateholders, shall establish and maintain
an account (the “Distribution Account”) at the Bank, which shall be an Eligible
Account, entitled “CWALT 2008-2R Distribution Account.” The Distribution Account
shall be maintained as a “deposit account” (as defined in Section 9-102(a)(29)
of the UCC), bearing a designation clearly indicating that the account and all
funds deposited in it are held for the exclusive benefit of the
Certificateholders.  All amounts on deposit in the Distribution
Account shall remain uninvested.  The Bank of New York (“BNY”) hereby
confirms the following with respect to the Distribution Account: (A) the
Distribution Account shall be established and maintained as a “deposit account”
(as defined in Section 9-102(a)(29) of the UCC), (B) BNY is an organization
engaged in the business of banking and is acting in such capacity (in such
capacity, the “Bank”) in maintaining the Distribution Account and (C) the
Trustee is the Bank’s sole “customer” (within the meaning of Section 9-104 of
the UCC) with respect to the Distribution Account (other than the Securities
Account).  Notwithstanding anything to the contrary and for the
avoidance of doubt, if at any time the Bank shall receive any instructions
originated by the Trustee directing the disposition of funds in the Distribution
Account, the Bank shall comply with such instructions without further consent by
the Depositor, the Underlying Certificate Seller or any other
Person.  Notwithstanding anything to the contrary, the Bank’s
“jurisdiction” (within the meaning of Section 9-304 of the UCC) is the State of
New York.

     

    The
Distribution Account Property shall be Delivered to the Securities Intermediary
in accordance with the definition of “Delivery.”

     

    (b)           By
the date of this Agreement, (A) the Trustee shall establish an account (the
“Securities Account”) which shall be established and maintained as a “securities
account” as defined in Section 8-501 of the UCC to which financial assets are or
may be credited, entitled “CWALT 2008-2R Securities Account” and BNY shall act
in the capacity of a “securities intermediary” as defined in Section
8-102(a)(14) of the UCC (in such capacity, the “Securities 

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    Intermediary”)
with respect to the Securities Account, and (B) the Securities Intermediary
shall treat the Trustee as the sole “entitlement holder” (within the meaning of
Section 8-102(a)(7) of the UCC) of the Securities Account and the sole Person
entitled to exercise the rights that comprise any financial asset credited to
the Securities Account.

     

    The
Securities Account Property, including the Deposited Underlying Certificates,
shall be Delivered to the Securities Intermediary in accordance with the
definition of “Delivery.”

     

    (c)           Notwithstanding
anything to the contrary and for the avoidance of doubt, if at any time the
Securities Intermediary shall receive any notifications or entitlement orders
from the Trustee directing it to transfer or redeem any financial asset or other
property relating to the Securities Account, the Securities Intermediary shall
comply with such notification or other entitlement order without further consent
by the Depositor or any other Person.  Notwithstanding anything to the
contrary, the Securities Intermediary’s jurisdiction (as defined in Section
8-110(e) of the UCC) shall be the State of New York.

     

    (d)           The
Trustee shall upon receipt deposit in the Distribution Account the following
payments and collections in respect of the Deposited Underlying
Certificates:

     

    (i)        the
aggregate Initial Deposit;

     

    (ii)       all
distributions due and received on the Deposited Underlying Certificates after
March 25, 2008; and

     

    (iii)      any
amount required to be deposited in the Distribution Account pursuant to Section
2.03(a) hereof in connection with the repurchase of a Deposited Underlying
Certificate by the Underlying Certificate Seller.

     

    (e)           Upon
a determination by the Trustee that the final distribution shall be made in
respect of a Deposited Underlying Certificate, the Trustee shall take such steps
as may be necessary in connection with the final payment thereon in accordance
with the terms and conditions of the applicable Underlying
Agreement.  The Trustee shall promptly deposit in the Distribution
Account the final distribution received upon presentment and surrender of the
affected Deposited Underlying Certificate.

     

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

     

    (g)           If
the Bank or the Securities Intermediary has or subsequently obtains by
agreement, operation of law, or otherwise a security interest in the
Distribution Account or the Securities Account, each of the Bank and the
Securities Intermediary hereby agrees that the security interest shall be
subordinate to the security interest of the Trustee for the benefit of the
Certificateholders.

     

    Section
3.03                                Permitted Withdrawals From
the Distribution Account.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    The
Trustee may from time to time withdraw funds from the Distribution Account for
the following purposes:

     

    (a)           to
make payments to Certificateholders in the amounts and in the manner provided in
Section 3.04;

     

    (b)           to
reimburse the Depositor for expenses incurred by and reimbursable to the
Depositor with respect to each REMIC hereunder pursuant to Section
6.03;

     

    (c)           to
pay any taxes and related expenses imposed upon each REMIC hereunder, as
provided in Section 5.12; and

     

    (d)           to
clear and terminate the Distribution Account upon the termination of the Trust
Fund.

     

    Section
3.04                                Distributions.

     

    (a)           (1)           (A)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Interest Funds from the Group 1 Deposited Underlying Certificates
for such Distribution Date and apply such funds to the distributions of interest
on the Group 1 Certificates, in the following order:

     

    (i)           concurrently
to each Class of Group 1 Certificates, an amount equal to the related Class
Optimal Interest Distribution Amount for each such Class of Certificates, any
shortfall being allocated pro rata among such Classes based on their respective
Class Optimal Interest Distribution Amounts before reductions for such
shortfalls; and

     

    (ii)           [Reserved].

     

    (B)           On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Principal Funds from the Group 1 Deposited Underlying Certificates
for such Distribution Date and apply such funds to distributions in respect of
principal on the Group 1 Certificates, in the following order:

     

    
      	
               
      

            	
              (i)

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

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    (2)           (A)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Interest Funds from the Group 2 Deposited Underlying Certificates
for such Distribution Date and apply such funds to the distributions of interest
on the Group 2 Certificates, in the following order:

     

    (i)           concurrently
to each Class of Group 2 Certificates, an amount equal to the related Class
Optimal Interest Distribution Amount for each such Class of Certificates,

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    any
shortfall being allocated pro rata among such Classes based on their respective
Class Optimal Interest Distribution Amounts before reductions for such
shortfalls; and

     

    (ii)           [Reserved].

     

    (B)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Principal Funds from the Group 2 Deposited Underlying Certificates
for such Distribution Date and apply such funds to distributions in respect of
principal on the Group 2 Certificates, concurrently, to the Class 2-A-1 and
Class 2-A-2 Certificates, pro rata, until their respective Class Certificate
Balances are reduced to zero.

     

    (3)           (A)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Interest Funds from the Group 3 Deposited Underlying Certificates
for such Distribution Date and apply such funds to the distributions of interest
on the Group 3 Certificates, in the following order:

     

    (i)           concurrently
to each Class of Group 3 Certificates, an amount equal to the related Class
Optimal Interest Distribution Amount for each such Class of Certificates, any
shortfall being allocated pro rata among such Classes based on their respective
Class Optimal Interest Distribution Amounts before reductions for such
shortfalls; and

     

    (ii)           [Reserved].

     

    (B)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Principal Funds from the Group 3 Deposited Underlying Certificates
for such Distribution Date and apply such funds to distributions in respect of
principal on the Group 3 Certificates, concurrently, to the Class 3-A-1 and
Class 3-A-2 Certificates, pro rata, until their respective Class Certificate
Balances are reduced to zero.

     

    (4)           (A)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Interest Funds from the Group 4 Deposited Underlying Certificates
for such Distribution Date and apply such funds to the distributions of interest
on the Group 4 Certificates, in the following order:

     

    (iii)           concurrently
to each Class of Group 4 Certificates, an amount equal to the related Class
Optimal Interest Distribution Amount for each such Class of Certificates, any
shortfall being allocated pro rata among such Classes based on their respective
Class Optimal Interest Distribution Amounts before reductions for such
shortfalls; and

     

    (iv)           [Reserved].

     

    (B)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Principal Funds from the Group 4 Deposited Underlying Certificates
for such Distribution Date and apply such funds to distributions in respect of
principal on the Group 4 Certificates, concurrently, to the Class 4-A-1 and
Class 4-A-2 Certificates, pro rata, until their respective Class Certificate
Balances are reduced to zero.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    (5)           (A)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Interest Funds from the Group 5 Deposited Underlying Certificates
for such Distribution Date and apply such funds to the distributions of interest
on the Group 5 Certificates, in the following order:

     

    (v)           concurrently
to each Class of Group 5 Certificates, an amount equal to the related Class
Optimal Interest Distribution Amount for each such Class of Certificates, any
shortfall being allocated pro rata among such Classes based on their respective
Class Optimal Interest Distribution Amounts before reductions for such
shortfalls; and

     

    (vi)           [Reserved].

     

    (B)  On
each Distribution Date, the Trustee shall withdraw from the Distribution Account
the Available Principal Funds from the Group 5 Deposited Underlying Certificates
for such Distribution Date and apply such funds to distributions in respect of
principal on the Group 5 Certificates, concurrently, to the Class 5-A-1 and
Class 5-A-2 Certificates, pro rata, until their respective Class Certificate
Balances are reduced to zero.

     

    (6)           Notwithstanding
Sections 4.02(a)(1) through (5), on each Distribution Date on and after the
related Underlying Senior Credit Support Depletion Date, the Available Principal
Funds from the related class of Deposited Underlying Certificates will be
distributed to the related Classes of Certificates, sequentially, in the order
of their numeric class designations, until their respective Class Certificate
Balances are reduced to zero.

     

    (b)           [Reserved].

     

    (c)           On
each Distribution Date, the amount referred to in clause (i) of the definition
of Class Optimal Interest Distribution Amount for such Distribution Date for
each Class of Certificates in a Certificate Group shall be reduced by such
Class’s pro rata share (based on interest then due and payable to such Class) of
the related Allocated Underlying Net Interest Shortfalls for such Distribution
Date.

     

    (d)           If
Underlying Subsequent Recoveries have been received with respect to an
Underlying Liquidated Mortgage Loan and are applied to increase the Class
Certificate Balance of the related Deposited Underlying Certificates, that
amount will be applied pro rata to increase the Class Certificate Balance of
each Class of Certificates in the related Certificate Group to which Allocated
Underlying Realized Losses have been allocated, but in each case by not more
than the amount of related Allocated Underlying Realized Losses previously
allocated to that Class of Certificates pursuant to Section
3.06.  Holders of such Certificates will not be entitled to any
payment in respect of the Class Optimal Interest Distribution Amount on the
amount of such increases for any Interest Accrual Period preceding the
Distribution Date on which such increase occurs.  Any such increases
shall be applied pro rata to the Certificate Balance of each Certificate of such
Class.

     

    Section
3.05                                [Reserved].

     

    Section
3.06                                Allocation of Allocated
Underlying Realized Losses.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    (a)           On
or prior to the beginning of the second Business Day prior to each Distribution
Date, the Trustee shall determine the total amount of Allocated Underlying
Realized Losses with respect to each class of Deposited Underlying Certificates
for such Distribution Date.  The Trustee shall make such determination
on the basis of amounts on deposit in each Underlying Certificate Account (which
Underlying Certificate Accounts it holds as Underlying Trustee) or on the basis
of the agreement referred to in the last sentence of Section 5.07.

     

    (b)           With
respect to any Distribution Date, Allocated Underlying Realized Losses (i) on
the Group 1 Deposited Underlying Certificates shall be allocated sequentially,
to the Class 1-A-2 and Class 1-A-1 Certificates, in that order, until their
respective Class Certificate Balances are reduced to zero, (ii) on the Group 2
Deposited Underlying Certificates shall be allocated sequentially, to the Class
2-A-2 and Class 2-A-1 Certificates, in that order, until their respective Class
Certificate Balances are reduced to zero, (iii) on the Group 3 Deposited
Underlying Certificates shall be allocated sequentially, to the Class 3-A-2 and
Class 3-A-1 Certificates, in that order, until their respective Class
Certificate Balances are reduced to zero, (iv) on the Group 4 Deposited
Underlying Certificates shall be allocated sequentially, to the Class 4-A-2 and
Class 4-A-1 Certificates, in that order, until their respective Class
Certificate Balances are reduced to zero and (v) on the Group 5 Deposited
Underlying Certificates shall be allocated sequentially, to the Class 5-A-2 and
Class 5-A-1 Certificates, in that order, until their respective Class
Certificate Balances are reduced to zero.

     

    (c)           Any
Allocated Underlying Realized Loss allocated to a Class of Certificates or any
reduction in the Class Certificate Balance of a Class of Certificates pursuant
to Section 3.06(b) above shall be allocated among the Certificates of such Class
in proportion to their respective Certificate Balances.

     

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

     

    Section
3.07                                Determination of
Pass-Through Rates for LIBOR Certificates.

     

    (a)           On
each Interest Determination Date so long as any Certificates that have a
Pass-Through Rate calculated by reference to LIBOR 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 Bloomberg Terminal as of each LIBOR Determination Date.

     

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

     

    
      
        
        

      

      
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    Assumptions
and Provisions for Swaps, 1986 Edition), to the extent
available.  LIBOR for the next Interest Accrual Period will be
established by the Trustee on each interest Determination Date as
follows:

     

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

     

    (ii)        If
on any Interest Determination Date only one or none of the Reference Banks
provides such offered quotations, LIBOR for the next Interest Accrual Period
shall be whichever is the higher of (i) LIBOR as determined on the previous
Interest Determination Date or (ii) the Reserve Interest Rate.  The
“Reserve Interest Rate” shall be the rate per annum which the Trustee determines
to be either (i) the arithmetic mean (rounded upwards if necessary to the
nearest whole multiple of 1/32%) of the one-month United States dollar lending
rates that New York City banks selected by the Trustee are quoting, on the
relevant Interest Determination Date, to the principal London offices of at
least two of the Reference Banks to which such quotations are, in the opinion of
the Trustee, being so made, or (ii) in the event that the Trustee can determine
no such arithmetic mean, the lowest one-month United States dollar lending rate
which New York City banks selected by the Trustee are quoting on such Interest
Determination Date to leading European banks.

     

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

     

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

     

    (c)           The
Pass-Through Rate for each Class of Certificates, which has a Pass-Through Rate
that is calculated by reference to LIBOR, for each Interest Accrual Period shall
be determined by the Trustee on each Interest Determination Date so long as the
Class Certificate Balance of any such Class is greater than zero, on the basis
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    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
3.07.

     

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

     

    Section
3.08                                Monthly Statements to
Certificateholders.

     

    Concurrently
with each distribution on a Distribution Date, the Trustee will forward by
electronic delivery to each Rating Agency and make available to
Certificateholders on the Trustee’s website
(http://www.bnyinvestorreporting.com) a statement generally setting forth the
information contained in Exhibit G hereto.

     

    In
addition, the Trustee will make available to Certificateholders on its website
copies of the statements received by the Trustee as the holder of the Deposited
Underlying Certificates on behalf of the Trust Fund.

     

    Certificateholders
and other parties that are unable to use the Trustee’s website are entitled to
have paper copies of these statements mailed to them via first class mail by
contacting the Trustee and indicating such.

     

    Within a
reasonable period of time after the end of each calendar year, the Trustee will
prepare and deliver to each person who at any time during the previous calendar
year was a Certificateholder of record a statement containing the information
required to satisfy any requirements of the Code, the REMIC Provisions and
regulations thereunder as from time to time are in force.  For
purposes of this Section 3.08, the Trustee’s duties are limited to the extent
that adequate information is reasonably available to the Trustee as described
herein.

     

    Section
3.09                                Reports of the Trustee;
Distribution Account.

     

    Upon
written request of a Certificateholder or Certificate Owner and at the expense
of such Certificateholder or Certificate Owner, the Trustee shall make available
to Certificateholders or Certificate Owners within 15 days after the date of
receipt of such request a statement setting forth the status of the Distribution
Account as of the close of business on the last day of the calendar month
immediately preceding such request, and showing, for the period 

     

    
      
        
        

      

      
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    covered
by such statement, the aggregate of deposits into and withdrawals from the
Distribution Account.

     

    Section
3.10                                Access to Certain
Documentation and Information.

     

    The
Trustee shall provide the related Certificateholders or Certificate Owners with
access to a copy of each report, if any, received by it as holder of the
Deposited Underlying Certificates under an Underlying Agreement.  The
Trustee shall also provide the Depositor and the Underlying Certificate Seller
with access to any such report and to all written reports, documents and records
required to be maintained by the Trustee in respect of its duties
hereunder.  Such access shall be afforded without charge but only upon
reasonable request evidenced by prior written notice received by the Trustee two
Business Days prior to the date of such proposed access and during normal
business hours at offices designated by the Trustee.

     

    Section
3.11                                Annual Statement as to
Compliance.

     

    The
Trustee shall deliver to the Depositor on or before March 15 of each year,
commencing with its 2009 fiscal year, an Officer’s Certificate substantially in
the form of Exhibit L stating, as to the signer thereof, that (i) a review of
the activities of the Trustee during the preceding calendar year (or applicable
portion thereof) and of the performance of the Trustee 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 Trustee 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.

     

    The
Trustee shall cause each Subcontractor, if any, to deliver to the Depositor and
the Trustee on or before March 15 of each year, commencing with its 2009 fiscal
year, an Officer’s Certificate stating, as to the signer thereof, that (i) a
review of the activities of such Subcontractor during the preceding calendar
year (or applicable portion thereof) and of the performance of the Subcontractor
under the applicable agreement, has been made under such officer’s supervision
and (ii) to the best of such officer’s knowledge, based on such review, such
Subcontractor has fulfilled all its obligations under the applicable 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.

     

    The
Trustee shall forward a copy of each such statement to each Rating
Agency.

     

    
      
        
        

      

      
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    ARTICLE
IV

     

    THE
CERTIFICATES

     

    Section
4.01                                The
Certificates.

     

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

     

    Subject
to Section 7.01 hereof respecting the final distribution on the Certificates, on
each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either (x) by wire
transfer in immediately available funds to the account of such holder at a bank
or other entity having appropriate facilities therefor, if (i) such Holder has
so notified the Trustee at least five Business Days prior to the related Record
Date and (ii) such Holder shall hold (A) a Notional Amount Certificate, (B) 100%
of the Class Certificate Balance of any Class of Certificates or
(C) Certificates of any Class with aggregate principal Denominations of not
less than $1,000,000 or (y) by check mailed by first class mail to such
Certificateholder at the address of such holder appearing in the Certificate
Register.

     

    The
Certificates shall be executed by manual or facsimile signature on behalf of the
Trust by an authorized officer of the Trustee.  Certificates bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures were affixed, authorized to sign on behalf of the Trustee shall
bind the Trustee, notwithstanding that such individuals or any of them have
ceased to be so authorized prior to the countersignature and delivery of such
Certificates or did not hold such offices at the date of such
Certificate.  No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless countersigned by the Trustee
by manual signature, and such countersignature upon any Certificate shall be
conclusive evidence, and the only evidence, that such Certificate has been duly
executed and delivered hereunder.  All Certificates shall be dated the
date of their countersignature.  On the Closing Date, the Trustee
shall countersign the Certificates to be issued at the direction of the
Depositor, or any affiliate thereof.

     

    The
Depositor shall provide, or cause to be provided, to the Trustee on a continuous
basis, an adequate inventory of Certificates to facilitate
transfers.

     

    Section
4.02                                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 4.06 hereof, a Certificate Register for the Trust Fund in
which, subject to the provisions of subsections (b) and (c) below and to such
reasonable regulations as it may prescribe, the Trustee shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided.  Upon surrender for registration of transfer of any

     

    
      
        
        

      

      
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    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)           [Reserved].

     

    (c)           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 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 F to the effect that (x) such
transferee is not a Plan or (y) in the case of a Certificate that is an
ERISA-Restricted Certificate and that has been the subject of an
ERISA-Qualifying Underwriting, a representation that the transferee is an
insurance company which is purchasing such Certificate with funds contained in
an “insurance company general account” (as such term is defined in Section V(e)
of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the
purchase and holding of such Certificate satisfy the requirements for exemptive
relief under Sections I and III of PTCE 95-60 or (ii) in the case of any
ERISA-Restricted Certificate presented for registration in the name of a Plan,
an Opinion of Counsel satisfactory to the Trustee, which Opinion of Counsel
shall not be an expense of either the Trustee or the Trust Fund, addressed to
the Trustee 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 to any
obligation in addition to those expressly undertaken in this Agreement or to any
liability.  For purposes of the preceding sentence, with respect to an
ERISA-Restricted Certificate that is not a Residual Certificate, in the event
the representation letter or opinion of counsel referred to in the preceding
sentence is not so furnished, none of the representations in clause (i), as
appropriate, shall be deemed to have been made to the Trustee by the
transferee’s (including an initial acquiror’s) acceptance of the
ERISA-Restricted Certificates.  Notwithstanding anything else to the
contrary herein, any purported transfer of an ERISA-Restricted Certificate to or
on behalf of a Plan without the delivery to the Trustee of an Opinion of Counsel
satisfactory to the Trustee as described above shall be void and of no
effect.

     

    
      
        
        

      

      
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    To the
extent permitted under applicable law (including, but not limited to, ERISA),
the Trustee shall be under no liability to any Person for any registration of or
transfer of any ERISA-Restricted Certificate that is in fact not permitted by
this Section 4.02(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 by the
Trustee in accordance with the foregoing requirements.

     

    (d)           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  or the
Underlying Certificate Seller (either directly or through a nominee) in
connection with the initial issuance of the Certificates, no Ownership Interest
in a Residual Certificate may be registered on the Closing Date or thereafter
transferred, and the Trustee shall not register the Transfer of any Residual
Certificate unless the Trustee shall have been furnished with an affidavit (a
“Transfer Affidavit”) of the initial owner or the proposed transferee in the
form attached hereto as Exhibit F.

     

    (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 E 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 4.02(d) 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 4.02(d),
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 4.02(c) and this Section 4.02(d) 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 

     

    
      
        
        

      

      
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    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 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
4.02(d) 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 Underlying Certificate
Seller or the Depositor, to the effect that the elimination of such restrictions
will not cause each REMIC hereunder to fail to qualify as a REMIC at any time
that the Certificates are outstanding or result in the imposition of any tax on
the Trust Fund, a Certificateholder or another Person.  Each Person
holding or acquiring any Ownership Interest in a Residual Certificate hereby
consents to any amendment of this Agreement which, based on an Opinion of
Counsel furnished to the Trustee, is reasonably necessary (a) to ensure that the
record ownership of, or any beneficial interest in, a Residual Certificate is
not transferred, directly or indirectly, to a Person that is not a Permitted
Transferee and (b) to provide for a means to compel the Transfer of a Residual
Certificate which is held by a Person that is not a Permitted Transferee to a
Holder that is a Permitted Transferee.

     

    (e)          The
preparation and delivery of all certificates and opinions referred to above in
this Section 4.02 in connection with transfer shall be at the expense of the
parties to such transfers.

     

    (f)           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

     

    
      
        
        

      

      
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    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 Underlying
Event of Default, the Certificate Owners representing at least 51% of the
aggregate Class Certificate Balance of the related Book-Entry Certificates
together advise the Trustee and the Depository through the Depository
Participants in writing that continuation of the book-entry system through the
Depository is no longer in the best interests of the Certificate Owners, the
Trustee shall notify all such 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 such
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 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 Depositor shall provide the Trustee with an
adequate inventory of certificates to facilitate the issuance and transfer of
Definitive Certificates.  Upon the issuance of Definitive Certificates
all references herein to obligations imposed upon or to be performed by the
Depository shall be deemed to be imposed upon and performed by the Trustee, to
the extent applicable with respect to such Definitive Certificates and the
Trustee shall recognize the Holders of the Definitive Certificates as
Certificateholders hereunder; provided that the Trustee shall not by virtue of
its assumption of such obligations become liable to any party for any act or
failure to act of the Depository.

     

    Section
4.03                                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 Depositor 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 4.03, 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 4.03 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.

     

    
      
        
        

      

      
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    Section
4.04                                Persons Deemed
Owners.

     

    The
Depositor, the Trustee and any agent of the Depositor 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 Depositor, the
Trustee nor any agent of the Depositor or the Trustee shall be affected by any
notice to the contrary.

     

    Section
4.05                                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 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 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 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/or
Certificate Owner, by receiving and holding a Certificate or beneficial interest
therein, agree that the Trustee shall not be held accountable by reason of the
disclosure of any such information as to the list of the Certificateholders
hereunder, regardless of the source from which such information was
derived.

     

    Section
4.06                                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.

     

    
      
        
        

      

      
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    ARTICLE
V

     

    CONCERNING
THE TRUSTEE

     

    Section
5.01                                Duties of
Trustee.

     

    The
Trustee shall undertake to perform such duties and only such duties as are
specifically set forth in this Agreement.

     

    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)           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; and

     

    (iii)           the
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of
Holders of Certificates of a Certificate Group evidencing not less than 25% of
the Voting Rights of Certificates of such Certificate Group (without regard to
Certificates held by the Underlying Certificate Seller or any of its affiliates
and/or agents, unless the Underlying Certificate Seller holds 100% of the
Certificates of the Classes entitled to vote) 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.

     

    Section
5.02                                Certain Matters Affecting
the Trustee.

     

    Except as
otherwise provided in Section 5.01:

     

    
      
        
        

      

      
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    (i)        the
Trustee may request and rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officers’ Certificate, certificate of auditors
or any other certificate, statement, instrument, opinion, report, notice,
request, consent, order, appraisal, bond or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or
parties and the Trustee shall have no responsibility to ascertain or confirm the
genuineness of any signature of any such party or parties;

     

    (ii)       the
Trustee may consult with counsel, financial advisers or accountants and the
advice of any such counsel, financial advisers or accountants and any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken or suffered or omitted by it hereunder in good faith and in
accordance with such Opinion of Counsel;

     

    (iii)      the
Trustee shall not be liable for any action taken, suffered or omitted by it in
good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Agreement;

     

    (iv)      the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond or other paper or document,
unless requested in writing so to do by Holders of Certificates of a Certificate
Group entitled to not less than 25% of the Voting Rights evidenced by all
Classes of Certificates in that Certificate Group (without regard to
Certificates held by the Underlying Certificate Seller or any of its affiliates
and/or agents, unless the Underlying Certificate Seller holds 100% of the
Certificates of the Classes entitled to vote);

     

    (v)       the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, accountants or
attorneys;

     

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

     

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

     

    (viii)    whenever
in the administration of this Agreement the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, conclusively rely upon
an Officers’ Certificate; and

     

    (ix)       the
Trustee shall not be deemed to have notice of any breach by the Underlying
Certificate Seller of any representation, warranty or covenant or any default or
event of default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice 

     

    
      
        
        

      

      
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    of any
event which is in fact such a default or breach is received by the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the
Certificates and this Agreement.

     

    All
rights of action under this Agreement or under any of the Certificates,
enforceable by the Trustee, may be enforced by it without the possession of any
of such Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the
Trustee shall be brought in its name for the benefit of all the Holders of such
Certificates, subject to the provisions of this Agreement.

     

    Section
5.03                                Trustee Not Liable for
Certificates or Deposited Underlying Certificates.

     

    The
recitals contained herein and in the Certificates shall be taken as the
statements of the Depositor or the Underlying Certificate 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 Deposited
Underlying Certificates  or related document 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 Underlying Certificate Seller of any funds
paid to the Depositor or the Underlying Certificate Seller in respect of the
Deposited Underlying Certificates.

     

    Section
5.04                                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
5.05                                Trustee’s Fees and
Expenses.

     

    The
Trustee acknowledges that on the Closing Date it will receive as compensation
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
and for reimbursement of certain expenses (including, for the first sixteen tax
years of the Trust Fund, REMIC tax preparation expenses), payment of a mutually
agreed upon one time fee from the Underlying Certificate Seller.  In
the event of the resignation or removal of the Trustee pursuant to the terms of
this Agreement, such Trustee will transfer, deliver and otherwise convey a pro
rated portion of such payment to the successor Trustee as compensation to the
successor trustee.

     

    Section
5.06                                Indemnification of the
Trustee.

     

    The
Underlying Certificate Seller hereby covenants and agrees to indemnify the
Trustee and any director, officer, employee, or agent of the Trustee for and to
hold them harmless against, any and all losses, liabilities, damages, claims or
expenses  arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder (including, without limitation,
any losses, liabilities, damages, claims or expenses arising from the failure of
the Underlying Certificate Seller to perform its obligations in accordance with
the provisions of this Agreement or of defending itself against any claim or
liability in connection with the exercise or performance of any powers or duties
hereunder), other than those resulting from the negligence or bad faith in the
performance of any of the Trustee’s duties hereunder or by reason of reckless
disregard of the Trustee’s obligations and duties hereunder; provided, however,
that 

     

    
      
        
        

      

      
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    the
Underlying Certificate Seller will not indemnify the Trustee, in its capacity as
Underlying Trustee, for any loss, liability or expense incurred by the
Underlying Trustee in connection with the Underlying Trust.  Such
indemnification shall survive the termination of this Agreement and the Trust
Fund created hereby or the resignation or removal of the Trustee pursuant to the
terms hereof.

     

    Section
5.07                                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 5.07 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 5.07, the Trustee shall resign immediately in the manner and with
the effect specified in Section 5.08 hereof.  The entity serving as
Trustee may have normal banking and trust relationships with the Depositor and
its affiliates and with the Underlying Certificate Seller and its affiliates;
provided, however, that such entity cannot be an affiliate of the Depositor or
the Underlying Certificate Seller.  The Trustee hereunder shall at all
times be the same Person as the Underlying Trustee or shall have an agreement
with the Underlying Trustee to have access to the information relating to the
Underlying Certificate Account in order to enable the Trustee to perform its
duties under Section 3.06(a).

     

    Section
5.08                                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 Underlying
Certificate Seller and each Rating Agency not less than 60 days before the date
specified in such notice when, subject to Section 5.09, such resignation is to
take effect, and acceptance by a successor trustee in accordance with Section
5.09 meeting the qualifications set forth in Section 5.07.  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.

     

    
      
        
        

      

      
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    If at any
time (i) the Trustee shall cease to be eligible in accordance with the
provisions of Section 5.07 hereof and shall fail to resign after written request
thereto by the Depositor, (ii) the Trustee shall become incapable of acting, or
shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of
its property shall be appointed, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, (iii) a tax is imposed with respect
to the Trust Fund by any state in which the Trustee or the Trust Fund is located
and the imposition of such tax would be avoided by the appointment of a
different trustee or (iv) during the period that the Depositor is required to
file Exchange Act Reports with respect to the Trust Fund, the Trustee fails to
comply with its obligations under this Agreement, including the preceding
paragraph, Section 5.09 or Article IX 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 may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the Trustee 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 for all
Certificate Groups (without regard to Certificates held by the Underlying
Certificate Seller or any of its affiliates and/or agents, unless the Underlying
Certificate Seller holds 100% of the Certificates of the Classes entitled to
vote) may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered by the successor trustee to the Depositor, one complete set
to the Trustee so removed and one complete set to the successor so appointed,
together with a written description of the basis of such
removal.  Notice of any removal of the Trustee shall be given to each
Rating Agency and the Underlying Certificate Seller 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 5.08 shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
5.09 hereof.

     

    Section
5.09                                Successor
Trustee.

     

    Any
successor trustee appointed as provided in Section 5.08 hereof shall execute,
acknowledge and deliver to the Depositor and to its predecessor trustee an
instrument accepting such appointment hereunder and thereupon the resignation or
removal of the predecessor trustee shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor
hereunder, with the like effect as if originally named as trustee herein. The
Depositor and the predecessor trustee shall execute and deliver such instruments
and do such other things as may reasonably be required for more fully and
certainly vesting and confirming in the successor trustee all such rights,
powers, duties, and obligations.

     

    No
successor trustee shall accept appointment as provided in this Section 5.09
unless at the time of such acceptance such successor trustee shall be eligible
under the provisions of Section 5.07 hereof, its appointment shall not adversely
affect the then current rating of the Certificates and such successor trustee
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    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
5.09, the Depositor shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates.  If the Depositor fails to
mail such notice within 10 days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Depositor.

     

    Section
5.10                                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 5.07 hereof without the execution or filing of any paper or further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

     

    As a
condition to the effectiveness of any merger or consolidation, at least 15
calendar days prior to the effective date of any merger or consolidation of the
Trustee, the Trustee shall provide (x) written notice to the Depositor of any
successor pursuant to this Section and (y) in writing and in form and substance
reasonably satisfactory to the Depositor, all information reasonably requested
by the Depositor in order to comply with its reporting obligation under Item
6.02 of Form 8-K with respect to a replacement Trustee.

     

    Section
5.11                                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
at the time be located, the Depositor and the Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees jointly with
the Trustee, 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 5.11, such powers, duties, obligations, rights and trusts as the
Depositor and the Trustee may consider necessary or desirable.  If the
Depositor shall not have joined in such appointment within 15 days after the
receipt by it of a request to do so, 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 5.07 and no notice to Certificateholders of the appointment of any
co-trustee or separate trustee shall be required under Section
5.09.

     

    Every
separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and
conditions:

     

    
      
        
        

      

      
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    (i)         To
the extent necessary to effectuate the purposes of this Section 5.11, all
rights, powers, duties and obligations conferred or imposed upon the Trustee
shall be conferred or imposed upon and exercised or performed by the Trustee and
such separate trustee or co-trustee jointly (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 Depositor 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; and

     

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

     

    Any
notice, request or other writing given to the Trustee shall be deemed to have
been given to each of the 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 V.  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 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
5.12                                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

     

    
      
        
        

      

      
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    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 set forth in the Prospectus Supplement; (e)
provide information necessary for the computation of tax imposed on the transfer
of a Residual Certificate to a Person that is not a Permitted Transferee, or an
agent (including a broker, nominee or other middleman) of a Non-Permitted
Transferee, or a pass-through entity in which a Non-Permitted Transferee is the
record holder of an interest (the reasonable cost of computing and furnishing
such information may be charged to the Person liable for such tax); (f) to the
extent that they are under its control conduct matters relating to such assets
at all times that any Certificates are outstanding so as to maintain the status
as a REMIC under the REMIC Provisions; (g) not knowingly or intentionally take
any action or omit to take any action that would cause the termination of the
tax status of any REMIC; (h) pay, from the sources specified in the third
paragraph of this Section 5.12, 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 herein, the Depositor
and the Underlying Certificate Seller shall provide, or cause to be provided, to
the Trustee within ten 

     

    
      
        
        

      

      
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    (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 Deposited Underlying Certificates.  Thereafter, the Depositor and
the Underlying Certificate Seller shall provide to the Trustee promptly upon
written request therefor, any such additional information or data that the
Trustee may, from time to time, reasonably request in order to enable the
Trustee to perform its duties as set forth herein.  The Underlying
Certificate Seller 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 or
the Underlying Certificate Seller 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 any REMIC hereunder as defined in Section 860G(c) of
the Code, on any contribution to such REMIC 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 the REMIC hereunder pursuant to
Sections 23153 and 24874 of the California Revenue and Taxation Code, if not
paid as otherwise provided for herein, such tax shall be paid by (i) the
Trustee, if any such other tax arises out of or results from a breach by the
Trustee of any of its obligations under this Agreement, (ii) the Depositor, in
the case of any such minimum tax, or if such tax arises out of or results from a
breach by the Depositor of any of its obligations under this Agreement, (iii)
the Underlying Certificate Seller, if any such tax arises out of or results from
the Underlying Certificate Seller’s obligation to repurchase the Deposited
Underlying Certificates pursuant to Section 2.03 or (iv) in all other cases, or
in the event that the Trustee, the Depositor or the Underlying Certificate
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 3.03.

     

    
      
        
        

      

      
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    ARTICLE
VI

     

    THE
DEPOSITOR

     

    Section
6.01                                Liability of the
Depositor.

     

    The
Depositor shall be liable in accordance herewith only to the extent of the
obligations specifically imposed upon and undertaken by the Depositor
herein.

     

    Section
6.02                                Merger, Consolidation or
Conversion of the Depositor.

     

    The
Depositor will keep in full effect its existence, rights and franchises as a
corporation under the laws of the United States or under the laws of one of the
states thereof and will each obtain and preserve its qualification to do
business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement to perform its duties under this
Agreement.

     

    Any
Person into which the Depositor may be merged or consolidated, or any Person
resulting from any merger or consolidation to which the Depositor shall be a
party, or any person succeeding to the business of the Depositor, shall be the
successor of the Depositor 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.

     

    Section
6.03                                Limitation on Liability of
the Depositor and Others.

     

    None of
the Depositor, or any of the directors, officers, employees or agents of the
Depositor 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 or any such Person against any breach
of representations or warranties made by it herein or protect the Depositor 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 and any director, officer, employee or agent
of the Depositor may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder.  The Depositor and any director, officer, employee or agent
of the Depositor 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 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.  The
Depositor, shall be under no 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 the Depositor may in its discretion undertake any such action that it may
deem necessary or desirable in respect of this Agreement and the rights and
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    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 shall be entitled to be reimbursed therefor
out of the Distribution Account.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
VII

     

    TERMINATION

     

    Section
7.01                                Termination.

     

    Subject
to Section 7.03, the obligations and responsibilities of the Depositor, the
Underlying Certificate Seller and the Trustee created hereby with respect to the
Trust Fund shall terminate upon the later of (i) a termination of each of the
Underlying Trusts pursuant to Article IX of each Underlying Agreement, (ii) the
receipt of the final distribution to be made on the Deposited Underlying
Certificates in accordance with the terms and conditions of the Underlying
Agreements and (iii) the distribution to Certificateholders of all amounts
required to be distributed to them pursuant to this Agreement.  In no
event shall the trusts created hereby continue beyond the earlier of (i) the
expiration of 21 years from the death of the survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James’s, living on the date hereof and (ii) the Latest Possible Maturity
Date.

     

    Section
7.02                                Final Distribution on the
Certificates.

     

    If the
Trustee receives notice that an Underlying Trust is to be terminated in
accordance with the terms of the related Underlying Agreement, notice shall be
given by the Trustee to the related Certificateholders as promptly as
practicable thereafter.

     

    Notice of
any termination of an Underlying Trust, specifying the Distribution Date on
which the related Certificateholders may surrender their Certificates for
payment of the final distribution and cancellation, shall be given promptly by
the Trustee by letter to such 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 and not later than as promptly practicable after the
Trustee receives notice that the Underlying Trust is to be terminated in
accordance with the terms of the related Underlying Agreement.  Any
such notice shall specify (a) the Distribution Date upon which final
distribution on the related Certificates will be made upon presentation and
surrender of such Certificates at the office therein designated, (b) the amount
of such final distribution, (c) the location of the office or agency at which
such presentation and surrender must be made, and (d) that the Record Date
otherwise applicable to such Distribution Date is not applicable, distributions
being made only upon presentation and surrender of such Certificates at the
office therein specified.  The Trustee will also give such notice to
each Rating Agency at the time such notice is given to
Certificateholders.

     

    Upon the
final distribution with respect to the Trust Fund, the Trustee shall promptly
release to the Holder of the Class A-R Certificate the remaining Deposited
Underlying Certificates.

     

    Upon
presentation and surrender of Certificates in a Certificate Group for payment of
the final distribution and cancellation, the Trustee shall cause to be
distributed to the Certificateholders of each Class in that Certificate Group,
in the order set forth in Section 3.04 hereof, on the final Distribution Date in
proportion to their respective Percentage Interests, with 

     

    
      
        
        

      

      
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    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 their 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 with respect to the
related Deposited Underlying Certificates (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, the Underlying Certificate Seller, and the
Trustee hereunder in accordance with Article VII.

     

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

     

    Section
7.03                                Additional Termination
Requirements.

     

    (a)           Upon
the receipt of the final distribution to be made on the remaining class of
Deposited Underlying Certificates in accordance with the terms and conditions of
the related Underlying Agreement, the Holder of the Class A-R Certificate shall
cause the Trust Fund to be terminated in accordance with the following
additional requirements, unless the Trustee has been supplied with an Opinion of
Counsel, at the expense of the Holder of the Class A-R Certificate, to the
effect that the failure to comply with the requirements of this Section 7.03
will not (i) result in the imposition of taxes on “prohibited transactions” on
any REMIC as defined in section 860F of the Code, or (ii) cause any REMIC to
fail to qualify as a REMIC at any time that any Certificates are
outstanding:

     

    (1)           Upon
receipt of the notice given pursuant to such Underlying Agreement, but in no
event later than 90 days prior to the final related Underlying Distribution Date
set forth in the notice given by the Master Servicer in accordance with the
terms of such Underlying Agreement, the Trustee shall prepare, at the expense of
the “tax matters person,” and adopt a plan of complete liquidation within the
meaning of section 860F(a)(4) of the Code which, as evidenced by an Opinion of
Counsel (which opinion shall not be an expense of the Trustee or the Tax Matters
Person), meets the requirements of a qualified liquidation; and

     

    (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 Holder of the
Class A-R Certificate for cash in accordance with Section 7.01.

     

    
      
        
        

      

      
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    (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 Holder of
the Class A-R Certificate, and the receipt of the Opinion of Counsel referred to
in Section 7.03(a)(1) and to take such other action in connection therewith as
may be reasonably requested by the Holder of the Class A-R
Certificate.

     

    (c)           By
their acceptance of the Certificates, the Holders thereof hereby authorize the
Holder of the Class A-R Certificate to prepare and the Trustee to adopt and sign
a plan of complete liquidation.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
VIII

     

    MISCELLANEOUS
PROVISIONS

     

    Section
8.01                                Amendment.

     

    
      This
Agreement may be amended from time to time by the Depositor and the Trustee
without the consent of any of the Certificateholders (i) to cure any ambiguity
or mistake; (ii) to correct any defective provision herein or to supplement any
provision herein which may be inconsistent with any other provision herein;
(iii) to conform this Agreement to the Prospectus and Prospectus Supplement
provided to investors in connection with the initial offering of the
Certificates; (iv) to add to the duties of the Depositor; (v) to modify, alter,
amend, add, or to 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 not be deemed 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 (with respect to any Class of
Certificates, a Majority in Interest does not include any Certificates held by
the Underlying Certificate Seller or an affiliate unless the Underlying
Certificate Seller or an affiliate holds 100% of such 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 and the Depositor 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 and the Trustee
with the consent of the Underlying Certificate Seller (which will not be
unreasonably withheld) and the consent of the Holders of a Majority in Interest
of each Class of Certificates (with respect to any Class of Certificates, a
Majority in Interest does not include any Certificates held by the Underlying
Certificate Seller or an affiliate unless the Underlying Certificate Seller or
an affiliate holds 100% of such Class of Certificates) affected thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Holders of Certificates; provided, however, that no such
amendment shall (i) reduce in any manner the amount of, or delay the timing of,
payments required to be distributed on any Certificate without the consent of
the Holder of such Certificate, (ii) adversely affect in any material respect
the interests of the Holders of any Class of Certificates in a manner other than
as described in (i), without the consent of the Holders of Certificates of such
Class evidencing, as to such Class, Percentage Interests aggregating 66 2/3%
(without regard to Certificates held by the Underlying Certificate Seller or any
of its affiliates and/or agents, unless the Underlying Certificate Seller holds
100% of the Certificates of the Classes entitled to vote) 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.

       

    

    
      
        
        

      

      
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    Any
amendment made pursuant to either of the preceding two paragraphs that
materially and adversely affects the rights of the Underlying Certificate Seller
shall not be made without the prior written consent of the Underlying
Certificate Seller.

     

    Notwithstanding
any contrary provision of this Agreement, the Trustee shall not consent to any
amendment to this Agreement unless it shall have first received an Opinion of
Counsel, which opinion shall not be an expense of the Trustee or the Trust Fund,
to the effect that such amendment will not cause the imposition of any tax on
any REMIC or the Certificateholders or cause any REMIC to fail to qualify as a
REMIC at any time that any Certificates are outstanding.

     

    Promptly
after the execution of any amendment to this Agreement requiring the consent of
Certificateholders, the Trustee shall furnish written notification of the
substance or a copy of such amendment to each Certificateholder and each Rating
Agency.

     

    It shall
not be necessary for the consent of Certificateholders under this Section to
approve the particular form of any proposed amendment, but it shall be
sufficient if such consent shall approve the substance thereof.  The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.

     

    Nothing
in this Agreement shall require the Trustee to enter into an amendment without
receiving an Opinion of Counsel (which Opinion shall not be an expense of the
Trustee or the Trust Fund) satisfactory to the Trustee that (i) such amendment
is permitted and is not prohibited by this Agreement and that all requirements
for amending this Agreement have been complied with; and (ii) either (A)
the amendment does not adversely affect in any material respect the interests of
any Certificateholder or (B) the conclusion set forth in the immediately
preceding clause (A) is not required to be reached pursuant to this Section
8.01.

     

    Section
8.02                                Action Under and Conflicts
With an Underlying Agreement.

     

    Subject
to the terms hereof, in the event that there shall be any matters arising under
an Underlying Agreement which require the vote or direction of the holders of
the related Deposited 

     

    
      
        
        

      

      
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    Underlying
Certificates, the Trustee, as holder of such Deposited Underlying Certificates,
shall vote the Deposited Underlying Certificates in accordance with instructions
received from Holders of a Majority in Interest of the related Class of Regular
Certificates (other than any Certificates held by the Underlying Certificate
Seller or an affiliate unless the Underlying Certificate Seller or an affiliate
holds 100% of such Class of  Certificates).  In the absence of
any such instructions, the Trustee shall not vote; provided, however, that,
notwithstanding the absence of such instructions, in the event a required
distribution pursuant to an Underlying Agreement shall not have been made, the
Trustee shall, subject to the provisions of Article V hereof, pursue such
remedies as may be available to it as holder of the related Deposited Underlying
Certificates in accordance with the terms of such Underlying
Agreement.

     

    Section
8.03                                Recordation of
Agreement.

     

    
      This
Agreement (or an abstract hereof, if acceptable by the applicable recording
office) is subject to recordation in all appropriate public offices for real
property records in all the counties or other comparable jurisdiction in which
any or all of the properties subject to the underlying mortgages are situated,
and in any other appropriate public recording office or elsewhere, such
recordation to be effected by the Depositor at its expense but only upon
direction by the Trustee accompanied by an Opinion of Counsel to the effect that
such recordation materially and beneficially affects the interests of the
Certificateholders.

       

    

    For the
purpose of facilitating the recordation of this Agreement as herein provided and
for other purposes, this Agreement may be executed simultaneously in any number
of counterparts, each of which counterparts shall be deemed to be an original,
and such counterparts shall constitute but one and the same
instrument.

     

    Section
8.04                                Certain REMIC
Matters.

     

    The
Depositor, upon request, shall promptly furnish the Trustee with all such
information as may be reasonably required in connection with the Trustee’s
preparation of all Tax Returns of each REMIC hereunder or to enable the Trustee
to respond to reasonable requests for information made by related
Certificateholders in connection with tax matters.

     

    Section
8.05                                Limitation on Rights of
Certificateholders.

     

    The death
or incapacity of any Certificateholder shall not operate to terminate this
Agreement or the trust created hereby, nor entitle such Certificateholder’s
legal representative or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a petition or winding up of the trust
created hereby, or otherwise affect the rights, obligations and liabilities of
the parties hereto or any of them.

     

    No
Certificateholder shall have any right to vote (except as provided herein) or in
any manner otherwise control the operation and management of the Trust Fund, or
the obligations of the parties hereto, nor shall anything herein set forth or
contained in the terms of the Certificates be construed so as to constitute the
Certificateholders from time to time as partners or members of an association;
nor shall any Certificateholder be under any liability to any third party by
reason of any action taken by the parties to this Agreement pursuant to any
provision hereof.

     

    
      
        
        

      

      
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    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 there
shall have been a failure to pay amounts due under this Agreement to the
Certificateholders and the Holders of Certificates evidencing not less than 25%
of the Voting Rights evidenced by the Certificates of a Certificate Group
(without regard to Certificates held by the Underlying Certificate Seller or any
of its affiliates and/or agents, unless the Underlying Certificate Seller holds
100% of the Certificates of the Classes entitled to vote) shall also have made
written request to the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses, and
liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity shall have
neglected or refused to institute any such action, suit or proceeding; it being
understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner whatever
by virtue or by availing itself or themselves of any provisions of this
Agreement to affect, disturb or prejudice the rights of the Holders of any other
of the Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder or to enforce any right under this Agreement, except in
the manner herein provided and for the common benefit of all
Certificateholders.  For the protection and enforcement of the
provisions of this Section 8.05, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

     

    Section
8.06                                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
8.07                                Notices.

     

    The
Trustee shall use its best efforts to promptly provide notice to each Rating
Agency with respect to each of the following of which it has actual
knowledge:

     

    
      	
               
      

            	
              1.

            	
              Any
      material change or amendment to this
Agreement;

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      resignation or termination of the Trustee and the appointment of any
      successor;

            

    

     

    
      	
               
      

            	
              3.

            	
              The
      repurchase of a Deposited Underlying Certificate pursuant to Section
      2.03;

            

    

     

    
      	
               
      

            	
              4.

            	
              The
      final payment to Certificateholders;
and

            

    

     

    
      	
               
      

            	
              5.

            	
              Any
      rating action involving the Deposited Underlying Certificates, which
      notice shall be made by first-class mail within two Business Days after
      the Trustee gains actual knowledge
thereof.

            

    

     

    
      
        
        

      

      
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    In
addition, the Trustee shall promptly furnish to each Rating Agency and the
Underlying Certificate Seller copies of each report to Certificateholders
described in Section 3.08.

     

    All
demands, notices and directions hereunder shall be in writing and shall be
deemed effective when delivered to:  (i) in the case of the Depositor,
CWALT, Inc., 4500 Park Granada, Calabasas, California 91302,
Attention:  Structured Finance, and a copy to CWALT, Inc., 4500 Park
Granada, Calabasas, California 91302, Attention: General Counsel, (ii) in the
case of the Underlying Certificate Seller, Credit Suisse Securities (USA) LLC,
11 Madison Avenue, New York, New York 10010, Attention: Legal and Compliance
Dept. – Residential MBS and (iii) in the case of the Trustee, The Bank of New
York, 101 Barclay Street, 4W, New York, New York 10286,
Attention:  Corporate Trust – Resecuritization Unit, or such other
address as may hereafter be furnished by any party to the others.  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 so mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given, whether
or not the Certificateholder receives such notice.

     

    Section
8.08                                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
8.09                                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.

     

    Section
8.10                                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
8.11                                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
8.12                                Protection of
Assets.

     

    
      
        
        

      

      
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    (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.

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
        

      

      
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    ARTICLE
IX

     

    EXCHANGE
ACT REPORTING

     

    
      
        	
              	
                Section
      9.01   

              	
                Filing
      Obligations.

              

      

    

     

    The
Trustee and Underlying Certificate 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 Trustee and Underlying Certificate Seller shall 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
      9.02

            	
              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, in writing, to be filed with the
Commission (such other information, the “Additional Designated
Information”).  If the Depositor directs that any Additional
Designated Information is to be filed with any Form 10-D, the Depositor 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, 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, 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 Depositor shall sign the Form 10-D filed on behalf of the
Trust Fund.

     

    (b)           No
later than each Distribution Date, the Trustee shall notify the Depositor 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 Trustee is
obligated to provide pursuant to other provisions of this Agreement, if so
requested by the Depositor, the Trustee shall provide such information, which is
available to the Trustee, without unreasonable effort or expense regarding the
performance of the Deposited Underlying Certificates 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 delivering of the Monthly Statement, commencing with the first such
report due not less than five Business Days following such request.

     

    
      
        
        

      

      
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    (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 or the Depositor with respect to any failure
to properly prepare or file any of Form 10-D to the extent that such failure is
not the result of any negligence, bad faith or willful misconduct on its
part.

     

    
      	
               
      

            	
              Section
      9.03

            	
              Form 8-K
      Filings.

            

    

     

    The
Trustee 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
Trustee.  The Trustee shall promptly notify the Depositor, 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.

     

    
      	
               
      

            	
              Section
      9.04

            	
              Form 10-K
      Filings.

            

    

     

    Prior to
March 30th of each year, commencing in 2009 (or such earlier date as may be
required by the Exchange Act), the Depositor shall prepare and file on behalf of
the Trust Fund a Form 10-K, in form and substance as required by the Exchange
Act.  A senior officer in charge of the securitization of the
Depositor 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 3.11, (ii) annual report on
assessments of compliance with servicing criteria described under Section 9.07
and (iii) accountant’s report described under Section 9.07.  Each Form
10-K shall also include any Sarbanes-Oxley Certification required to be included
therewith, as described in Section 9.05.

     

    If the
Item 1119 Parties listed on Exhibit J have changed since the Closing Date, no
later than March 1 of each year, the Depositor shall provide the Trustee with an
updated Exhibit J setting forth the Item 1119 Parties.  No later than
March 15 of each year, commencing in 2009, the Trustee shall notify the
Depositor 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, the Trustee shall provide, and shall
cause each Reporting Subcontractor retained by the Trustee to provide, the
following information no later than March 15 of each year in which a Form 10-K
is required to be filed on behalf of the Trust Fund: (i) if such Person’s report
on assessment of compliance with the servicing criteria described under Section
9.07 or related registered public accounting firm attestation report described
under Section 9.07 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 the 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.

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              Section
      9.05

            	
              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)) substantially in the form of Exhibit K.  No later
than March 15 of each year, beginning in 2009, the Trustee shall, and 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 H, 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 securitization of the
Depositor shall serve as the Certifying Person on behalf of the Trust
Fund.  Neither the Trustee 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 has actual knowledge of information material to
the Sarbanes-Oxley Certification, the Trustee shall promptly notify 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
      9.06

            	
              Form 15
      Filing.

            

    

     

    Prior to
January 30 of the first year in which the Depositor is able to do so under
applicable law, the Depositor shall file a Form 15 relating to the automatic
suspension of reporting in respect of the Trust Fund under the Exchange
Act.

     

    
      	
               
      

            	
              Section
      9.07

            	
              Report on Assessment
      of Compliance and
Attestation.

            

    

     

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

     

    (1)           the
Trustee shall deliver to the Depositor a report (in form and substance
reasonably satisfactory to the Depositor) regarding the Trustee’s 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 I 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 each of its respective officers and
directors shall be entitled to rely on upon each such servicing criteria
assessment.

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    (2)           The
Trustee shall deliver to the Depositor 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 the Trustee 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 the Trustee, with respect to asset-backed
securities transactions taken as a whole involving the Trustee and that are
backed by the same asset type backing the Certificates, such report shall
include such a statement that that effect.

     

    (3)           The
Trustee shall cause 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 9.07.

     

    (4)           The
Trustee shall execute (and 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 3.11, (ii) annual
report on assessments of compliance with servicing criteria provided pursuant to
this Section 9.07 and (iii) accountant’s report provided pursuant to this
Section 9.07 and shall include a certification that each such annual compliance
statement or report discloses any deficiencies or defaults described to the
registered public accountants of such Person to enable such accountants to
render the certificates provided for in this Section 9.07.

     

    (b)           In
the event that 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 9.07 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 Deposited Underlying Certificates.

     

    (c)           An
assessment of compliance provided by a Subcontractor pursuant to Section
9.07(a)(3) need not address any elements of the Servicing Criteria other than
those specified by the Trustee, as applicable, pursuant to Section
9.07(a)(1).

     

    
      	
               
      

            	
              Section
      9.08

            	
              Use of
      Subcontractors.

            

    

     

    It shall
not be necessary for the Trustee to seek the consent of the Depositor or any
other party hereto to the utilization of any Subcontractor.  The
Trustee shall promptly upon request provide to the Depositor (or any designee of
the Depositor, such as the administrator) a written description (in form and
substance satisfactory to the Depositor) of the role and function of each
Subcontractor utilized by such Person, 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 

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

    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 Trustee shall cause any such Subcontractor used by the
Trustee for the benefit of the Depositor to comply with the provisions of
Sections 9.07 and 9.09 of this Agreement to the same extent as if such
Subcontractor were the Trustee (except with respect to preparing and filing any
Exchange Act Reports).  The Trustee shall be responsible for obtaining
from each Subcontractor and delivering to the Depositor any assessment of
compliance and attestation required to be delivered by such Subcontractor under
Section 9.05 and Section 9.07, in each case as and when required to be
delivered.

     

    
      	
               
      

            	
              Section
      9.09

            	
              Amendments.

            

    

     

    In the
event the parties to this Agreement desire to further clarify or amend any
provision of this Article IX, this Agreement shall be amended to reflect the new
agreement between the parties covering matters in this Article IX pursuant to
Section 8.01, which amendment shall not require any Opinion of Counsel or Rating
Agency confirmations or the consent of any Certificateholder.

     

    
      	
               
      

            	
              Section
      9.10

            	
              Reconciliation of
      Accounts.

            

    

     

    Any
reconciliation of Accounts performed by any party hereto, or any Subcontractor
shall be prepared no later than 45 calendar days after the bank statement cutoff
date.

     

     

    *           *           *

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the Depositor, the Underlying Certificate Seller 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.

     

    
      
        	 	CWALT,
      INC., 

                as
      Depositor

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

    

    
       

      
        
          	 	THE
      BANK OF NEW YORK, 

                  not
      in its individual capacity, 

                    but
      solely as Trustee

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

        

      

      
         

        
          
            	 	CREDIT
      SUISSE SECURITIES (USA) LLC, 

                    as
      Underlying Certificate Seller

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

          

        

      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
I

     

    LIST
OF DEPOSITED UNDERLYING CERTIFICATES AND THE RELATED UNDERLYING
AGREEMENT

     

    
      	
              
                DEPOSITED
      UNDERLYING

                CERTIFICATES

              

            	 	
              
                CLASS
      CERTIFICATE BALANCES AS OF MARCH 25, 2008(1)

              

            	 	
              
                UNDERLYING
      AGREEMENT

              

            
	 	 	 	 	 
	
              100.00%
      interest in the Alternative Loan Trust 2006-39CB, Mortgage Pass-Through
      Certificates, Series 2006-39CB, Class 1-A-18 Certificates.

            	 	
              Class
      1-A-18 Certificates:  $27,480,000.00

            	 	
              Pooling
      and Servicing Agreement, dated as of November 1, 2006 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.

            
	
              81.4852941176%
      interest in the Alternative Loan Trust 2007-3T1, Mortgage Pass-Through
      Certificates, Series 2007-3T1, Class 1-A-7 Certificates.

            	 	
              Class
      1-A-7 Certificates:  $146,922,838.53

            	 	
              Pooling
      and Servicing Agreement, dated as of February 1, 2007 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.

            
	
              92.7130197682%
      interest in the Alternative Loan Trust 2007-19, Mortgage Pass-Through
      Certificates, Series 2006-19, Class 1-A-8 Certificates.

            	 	
              Class
      1-A-8 Certificates:  $137,273,593.71

            	 	
              Pooling
      and Servicing Agreement, dated as of June 1, 2007 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.

            
	
              97.4682615396%
      interest in the Alternative Loan Trust 2007-16CB, Mortgage Pass-Through
      Certificates, Series 2007-16CB, Class 5-A-3 Certificates.

            	 	
              Class
      5-A-3 Certificates:  $52,555,000.00

            	 	
              Pooling
      and Servicing Agreement, dated as of June 1, 2007 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.

            
	
              54.4862935370%
      interest in the Alternative Loan Trust 2006-7CB, Mortgage Pass-Through
      Certificates, Series 2006-7CB, Class 1-A-9 Certificates.

            	 	
              Class
      1-A-9 Certificates:  $53,980,385.06

            	 	
              Pooling
      and Servicing Agreement, dated as of March 1, 2006 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.

            
	
              __________

            	 	 
      	 	 
      
	
              (1)  After
      giving effect to distributions made on such
  date.

            

    

     

    
      
        
        

      

      
        S-I-1

        
          

        

      

      
        
        

      

    

     

     

    SCHEDULE
II

     

    Principal
Balances Schedule

     

    [Reserved]

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        S-II-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

                	
                  :

                	
                  March
      25, 2008

                
	 	 	 
	
                  First
      Distribution Date

                	
                  :

                	
                  April
      25, 2008

                
	 	 	 
	
                  Initial
      Certificate Balance

                	 
      	 
      
	
                  of
      this Certificate

                	 
      	 
      
	
                  (“Denomination”)

                	
                  :

                	
                  $[   ]

                
	 	 	 
	
                  Initial
      Certificate Balance

                	 
      	 
      
	
                  of
      all Certificates

                	 
      	 
      
	
                  of
      this Class

                	
                  :

                	
                  $[   ]

                
	 	 	 
	
                  CUSIP

                	
                  :

                	
                  [   ]

                
	 	 	 
	
                  Interest
      Rate

                	
                  :

                	
                  [   ]%

                
	 	 	 
	
                  Maturity
      Date

                	
                  :

                	
                  August
      25, 2037

                

        

      

       

       

      CWALT,
INC.

      Alternative
Loan Trust Resecuritization 2008-2R

      Resecuritization
Pass-Through Certificates, Series 2008-2R

      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 the
Deposited Underlying Certificates.

       

      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 Underlying Certificate Seller or the Trustee referred to
below or any of their respective affiliates.  Neither this Certificate
nor the Deposited Underlying Certificates 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 

       

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

      Deposited
Underlying Certificates deposited by CWALT, Inc. (the
“Depositor”).  The Trust Fund was created pursuant to a Trust
Agreement dated as of the Cut-off Date specified above (the “Agreement”) among
the Depositor, Credit Suisse Securities (USA) LLC, as underlying certificate
seller (the “Underlying Certificate Seller”), and The Bank of New York, as
trustee, securities intermediary and bank (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 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 to any obligation in addition
to those undertaken in the Agreement, which Opinion of Counsel shall not be an
expense of the Trustee 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:  January
___, 2008

       

                              THE BANK OF NEW
YORK,

                              as
Trustee

       

                              By
______________________

       

      Countersigned:

       

      By                                                                    
        

      Authorized
Signatory of

      THE
BANK OF NEW YORK,

      as
Trustee

       

      
 

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
B

      

      [Reserved]

       

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
C

      

      [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.

       

      [THIS
CERTIFICATE REPRESENTS THE “TAX MATTERS PERSON RESIDUAL INTEREST” ISSUED UNDER
THE TRUST 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.]

       

      NEITHER
THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A PLAN SUBJECT TO SECTION
4975 OF THE CODE, OR A PERSON INVESTING ON BEHALF OF OR WITH PLAN ASSETS OF SUCH
A PLAN, OR, IF THIS CERTIFICATE HAS BEEN SUBJECT TO AN ERISA-QUALIFYING
UNDERWRITING, THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY WHICH IS PURCHASING
CERTIFICATES WITH FUNDS CONTAINED IN AN "INSURANCE COMPANY GENERAL ACCOUNTS" AS
SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60 ("PTCE 95-60"), AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATES ARE
COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR 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 TO THE CODE WITHOUT THE OPINION OF COUNSEL SATISFACTORY
TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

       

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

      
         

        
          
            	
                    Certificate
      No.

                  	
                    :

                  	 
      
	 	 	 
	
                    Cut-off
      Date

                  	
                    :

                  	
                    March
      25, 2008

                  
	 	 	 
	
                    First
      Distribution Date

                  	
                    :

                  	
                    April
      25, 2008

                  
	 	 	 
	
                    Initial
      Certificate Balance

                  	 
      	 
      
	
                    of
      this Certificate

                  	 
      	 
      
	
                    (“Denomination”)

                  	
                    :

                  	
                    $[   ]

                  
	 	 	 
	
                    Initial
      Certificate Balance

                  	 
      	 
      
	
                    of
      all Certificates

                  	 
      	 
      
	
                    of
      this Class

                  	
                    :

                  	
                    $[   ]

                  
	 	 	 
	
                    CUSIP

                  	
                    :

                  	
                    [   ]

                  
	 	 	 
	
                    Interest
      Rate

                  	
                    :

                  	
                    [   ]%

                  
	 	 	 
	
                    Maturity
      Date

                  	
                    :

                  	
                    August
      25, 2037

                  

          

        

         

         

      

      CWALT,
INC.

      Alternative
Loan Trust Resecuritization 2008-2R

      Resecuritization
Pass-Through Certificates, Series 2008-2R

      Class
A-R

       

      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 the
Deposited Underlying Certificates.

       

      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 Underlying Certificate Seller or the Trustee referred to
below or any of their respective affiliates.  Neither this Certificate
nor the Deposited Underlying Certificates 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 

       

       

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

       

      primarily
of the Deposited Underlying Certificates deposited by CWALT, Inc. (the
“Depositor”).  The Trust Fund was created pursuant to a Trust
Agreement dated as of the Cut-off Date specified above (the “Agreement”) among
the Depositor, Credit Suisse Securities (USA) LLC, as underlying certificate
seller (the “Underlying Certificate Seller”), and The Bank of New York, as
trustee, securities intermediary and bank (the “Trustee”).  To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement.  This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

       

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

       

      No
transfer of a Class A-R Certificate shall be made unless the Trustee shall have
received either (i) a representation letter from the transferee of such
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of ERISA or a plan or arrangement subject to Section 4975
of the Code, or a person acting on behalf of or investing plan assets of any
such benefit plan or arrangement, which representation letter shall not be an
expense of the Trustee or the Depositor, (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 and the Depositor 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 Depositor to any obligation in addition to those
undertaken in the Agreement, which Opinion of Counsel shall not be an expense of
the Trustee or the Depositor.  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.

       

       

      
        
          
          

        

        
          C-3

          
            

          

        

        
          
          

        

      

       

      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:  January
___, 2008

       

      
         

                                THE BANK OF NEW
YORK,

                                as
Trustee

         

                                By
______________________

         

        Countersigned:

         

        By                                                                    
        

        Authorized
Signatory of

        THE
BANK OF NEW YORK,

        as
Trustee

         

      

       

       

      
        
          
          

        

        
          C-5

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
D

       

      [FORM OF
REVERSE OF CERTIFICATE]

       

      CWALT,
INC.

      Alternative
Loan Trust Resecuritization 2008-2R

      Resecuritization
Pass-Through Certificates, Series 2008-2R

      

      This
Certificate is one of a duly authorized issue of Certificates designated as
CWALT, Inc. Resecuritization 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
Certificates are limited in right of payment to certain distributions in respect
of the Deposited Underlying Certificates, all as more specifically set forth in
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 the first Distribution
Date is __________, 2008 and to each other 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.

       

       

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

       

      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 Underlying Certificate Seller 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 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 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.

       

      The
obligations and responsibilities created by the Agreement will terminate upon
the later of the maturity or other liquidation of the Deposited Underlying
Certificates 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.

       

       

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

       

      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.

       

       

      
        
          
          

        

        
          D-3

          
            

          

        

        
          
          

        

      

       

      ASSIGNMENT

       

      FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
________________________________________________

      __________________________________________________________________________________________________________________

      __________________________________________________________________________________________________________________

      Please
print or typewrite name and address including postal zip code of
assignee)

       

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

       

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

       

          _____________________________________________________________________________________________________________

       

      Dated:

       

                                                      _________________________________________

                                                      Signature by or on
behalf of assignor

       

       

       

      DISTRIBUTION
INSTRUCTIONS

       

      The
assignee should include the following for purposes of distribution:

       

      Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to,
__________________________________

      _______________________________________________________________________________________________________________

      _______________________________________________________________________________________________________________,

      for the
account of ,
________________________________________________________________________________________________,

      account
number ________________________, or, if mailed by check,
to ______________________________________________________.

      Applicable
statements should be mailed
to ______________________________________________________________________________,

      _______________________________________________________________________________________________________________

      ______________________________________________________________________________________________________________.

      

      This
information is provided
by _______________________________________________________________________________,

      the
assignee named above,
or _______________________________________________________________________________________,

      as its
agent.

       

       

      
        
          
          

        

        
          D-4

          
            

          

        

        
          
          

        

      

       

      
      

       

      
        	 STATE
      OF                                               	 )	 
	 	 )	  ss.:
	 COUNTY
      OF                                               	 )	 

      

       

       

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

       

       

                                                      ___________________________________________
                                                            Notary
Public

       

      [NOTARIAL
SEAL]

       

       

      
        
          
          

        

        
          D-5

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
E

       

      [FORM OF]
TRANSFEROR’S AFFIDAVIT

       

      _____________________

      Date

       

      CWALT,
Inc.

      4500 Park
Granada

      Calabasas,
California  91302

      Attention:   [                         ]

       

      The Bank
of New York

      101
Barclay Street, 4W

      New York,
New York 10286

       

       

      
        	
                Attention: 

              	
                            Resecuritization
      Group

                    CWALT, Inc.
      Series 2008-2R

              

      

        

      
        	
                 
      

              	
                Re:

              	
                CWALT,
      Inc.

              

      

      Resecuritization
Pass-Through Certificates, Series 2008-2R

      

       

      Ladies
and Gentlemen:

       

      In
connection with our disposition of the Class A-R Certificate issued pursuant to
the Trust Agreement dated as of March 25, 2008 among CWALT, Inc., as depositor,
Credit Suisse Securities (USA) LLC, as underlying certificate seller, and The
Bank of New York, as trustee, 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

       

       

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
F

       

      [FORM OF]
TRANSFER AFFIDAVIT

       

      CWALT,
Inc.

      Resecuritization
Pass-Through Certificates, Series 2008-2R

       

      
         

        
          	 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 Trust Agreement, (the “Agreement”) dated
as of March 25, 2008 among CWALT, Inc., as depositor (the “Depositor”), Credit
Suisse Securities (USA) LLC, as underlying certificate seller, 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, as of the date hereof, and will be, as of the date of the
Transfer, a Permitted Transferee.  The Transferee will endeavor to
remain a Permitted Transferee for so long as it retains its Ownership Interest
in the Certificate.  The Transferee is acquiring its Ownership
Interest in the Certificate for its own account.

       

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

       

      4           The
Transferee has been advised of, and understands that a tax will be imposed on a
“pass-through entity” holding the Certificate if at any time during the taxable
year of the pass-through entity a Person that is not a Permitted Transferee is
the record holder of an interest in such entity.  The Transferee
understands that such tax will not be imposed for any period with respect to
which the record holder furnishes to the pass-through entity an affidavit that
such record holder is a Permitted Transferee and the pass-through entity does
not have actual knowledge that such affidavit is false.  (For this
purpose, a “pass-through entity” includes a regulated investment company, a real
estate investment trust or common trust fund, a 

       

       

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

       

      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 4.02(d) 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 4.02(d) 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 E 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
Certificate.

       

      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

       

       

      
        
          
          

        

        
          F-2

          
            

          

        

        
          
          

        

      

       

      to pay
such taxes.  The Transferee historically has paid its debts as they
have come due and intends to pay its debts as they come due in the
future.

       

      12           Either
(i) the Transferee is not an employee benefit plan subject to Section 406 of
ERISA or Section 4975 of the Code, nor a person acting on behalf of any such
plan or using the assets of such plan to effect such acquisition, or, (ii) if
the Class A-R Certificate has been subject to an ERISA-Qualifying underwriting,
the source of funds for the purchase of such Class A-R Certificate is an
“insurance company general account” within the meaning of Prohibited Transaction
Class Exemption 95-60 (PTCE 95-60”), 60 Fed. Reg. 35925 (July 12, 1995), and the
terms and conditions of Sections I and III of PTCE 95-60 are applicable to the
acquisition and holding of such Class A-R Certificate.

       

      13           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).

       

      *             *             *

       

       

      
        
          
          

        

        
          F-3

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the Transferee has caused this instrument to be executed on its
behalf by its duly authorized officer, this ___ day of _______________,
20__.

       

      
      

       

      
        	 	 
	 	 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__

                

        

         

      

       

       

      
                                        

      

                                                      

       

      
        
          
          

        

        
          F-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:

       

       

      
        
          
          

        

        
          F-5

          
            

          

        

        
          
          

        

      

       

      
 

      EXHIBIT
1

      to
EXHIBIT F

       

      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 

       

       

       

      
        
          
          

        

        
          F-6

          
            

          

        

        
          
          

        

      

       

      discount
rate equal to the Federal short-term rate prescribed by section 1274(d) of the
Code for the month of the transfer and the compounding period used by the
taxpayer.

       

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

       

      “Permitted
Transferee”:  Any Person other than (i) the United States, any State
or political subdivision thereof, or any agency or instrumentality of any of the
foregoing, (ii) a foreign government, International Organization or any agency
or instrumentality of either of the foregoing, (iii) an organization (except
certain farmers’ cooperatives described in Section 521 of the Code) that is
exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by
Section 511 of the Code on unrelated business taxable income) on any excess
inclusions (as defined in Section 860E(c)(l) 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 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 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.

       

       

      
        
          
          

        

        
          F-7

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
2

      to
EXHIBIT F

       

      Section 4.02(d) of the
Agreement

       

      (d)           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:

       

      (1)           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.

       

      (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 Residual Certificate may be registered on the Closing
Date or thereafter transferred, and the Trustee shall not register the Transfer
of any Residual Certificate unless the Trustee shall have been furnished with an
affidavit (a “Transfer Affidavit”) of the initial owner or the proposed
transferee in the form attached hereto as Exhibit F.

       

      (3)           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.

       

      (4)           Any
attempted or purported Transfer of any Ownership Interest in a Residual
Certificate in violation of the provisions of this Section 4.02(d) 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 4.02(d),
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

       

       

      
        
          
          

        

        
          F-8

          
            

          

        

        
          
          

        

      

       

      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 4.02(c) and this Section 4.02(d) 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 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.

       

      (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 Residual Certificate to any Holder who is not a Permitted
Transferee.

       

      The
restrictions on Transfers of a Residual Certificate set forth in this Section
4.02(d) 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 Underlying Certificate
Seller or the Depositor, 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
Residual Certificate hereby consents to any amendment of this Agreement which,
based on an Opinion of Counsel furnished to the Trustee, is reasonably necessary
(a) to ensure that the record ownership of, or any beneficial interest in, a
Residual Certificate is not transferred, directly or indirectly, to a Person
that is not a Permitted Transferee and (b) to provide for a means to compel the
Transfer of a Residual Certificate which is held by a Person that is not a
Permitted Transferee to a Holder that is a Permitted Transferee.

       

      

      
        
          
          

        

        
          F-9

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
G

       

      MONTHLY
STATEMENT

       

      [On file
with Trustee]

      

      
 

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
H

       

      [FORM OF]
PERFORMANCE CERTIFICATION

       

      [On file
with Trustee]

       

       

       

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
I

      

      [FORM
OF]

      SERVICING
CRITERIA TO BE ADDRESSED IN

      ASSESSMENT
OF COMPLIANCE STATEMENT

      

      The
assessment of compliance to be delivered by Trustee 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.

              	 
      

      

       

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
      Criteria

              	
                Applicable
      Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
      

      

      
        	
                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
    

              	 
      

      

       

       

      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Servicing
      Criteria

              	
                Applicable
      Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
      

      

      
        	 	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
      

              	 
      

      

       

       

       

      
        
          
          

        

        
          I-3

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Servicing
      Criteria

              	
                Applicable
      Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
      

      

      
        	 	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
      

              	 
      

      

       

       

      
        
          
          

        

        
          I-4

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
      Criteria

              	
                Applicable
      Servicing Criteria

              
	
                Reference

              	
                Criteria

              	 
      

      

      
        	 	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.

              	 
      
	 
      	 
      	 
      

      

      

      

      
        
          
          

        

        
          I-5

          
            

          

        

        
          
          

        

      

      

       

                          [NAME OF TRUSTEE]
[NAME OF CO-TRUSTEE]

       

                          Date:  _________________________________

       

      

       

                          By:  ________________________________

                          Name:

                          Title:

       

      
        
          
          

        

        
          I-6

          
            

          

        

        
          
          

        

      

      

      

       

      EXHIBIT
J

       

      [FORM OF]
LIST OF ITEM 1119 PARTIES

       

      ALTERNATIVE
LOAN TRUST RESECURITIZATION 200_-__

       

      RESECURITIZATION
PASS-THROUGH CERTIFICATES,

      Series
200_-__

       

      [Date]

      

      
        	
                Party

              	
                Contact
      Information

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

      

       

       

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
K

      

      FORM OF
SARBANES-OXLEY CERTIFICATION

      

      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
Alternative Loan Trust Resecuritization 2008-2R (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.      Based on my knowledge and 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
servicer has fulfilled its obligations under the servicing agreement in all
material respects; and

       

       

      5.      All of the reports on
assessment of compliance with 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.

       

       

      In giving
the certifications above, I have reasonably relied on information provided to me
by the following unaffiliated parties: The Bank of New York, as
Trustee.

       

      

      Date:
March [  ], 2008

      

      /s/
[                       
            ]

      [Name]

      [Title]

       

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

       

      
 

       

      EXHIBIT
L

       

      [FORM OF]
ITEM 1123 CERTIFICATION

      

       

      THE BANK
OF NEW YORK

       

      OFFICERS’
CERTIFICATE

      ANNUAL
STATEMENT OF THE TRUSTEE

       

      CWALT,
INC.

      ALTERNATIVE
LOAN TRUST RESECURITIZATION 200_-___R,

      RESECURITIZATION
PASS-THROUGH CERTIFICATES, SERIES 200_-__R

       

      The
undersigned does hereby certify that the undersigned is an officer of The Bank
of New York (the “Trustee”), and does hereby further certify pursuant to Section
3.11 of the Trust Agreement for the above-captioned Series (the “Agreement”)
that:

       

      (i)           A
review of the activities of the Trustee during the preceding calendar year and
of the performance of the Trustee under the Agreement has been made under my
supervision; and

       

      (ii)           To
the best of my knowledge, based on such review, the Trustee has fulfilled all of
its obligations under the Agreement in all material respects throughout such
calendar year.

       

      

      

      

       

      ____________________                                                                                          Dated:
______________            

       

      Name:

      Title:

       

       

       

       

       

      L-1

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