Document:

Exhibit 10.3

                                COMMERCIAL PAPER
                       ISSUING AND PAYING AGENT AGREEMENT
                           (BOOK-ENTRY AND OBLIGATIONS
                              USING DTC FACILITIES
                               AND PHYSICAL NOTES)

THIS AGREEMENT ("Agreement") dated as of December 29, 2006 ("Effective Date") is
entered into by and between Nelnet, Inc (the "Issuer") with offices at 121 South
13th Street, Suite 201 Lincoln, NE 68508 and Deutsche Bank Trust Company
Americas (the "Bank") with offices at 60 Wall St, 27th Floor, New York, NY
10005.

SECTION 1.     APPOINTMENT

        The Issuer requests and authorizes the Bank to act as agent for the
        Issuer in connection with the issuance and payment of unsecured (a)
        book-entry obligations (each an "Obligation" and collectively the
        "Obligations") as evidenced by Master Note Certificate(s) (the "Note
        Certificate(s)") and (b) bearer short term promissory notes of the
        Issuer (each a "Note" and collectively the "Notes"), both (a) and (b) in
        the forms appended hereto in Exhibit A. The Bank agrees to act as such
        agent for the Issuer subject to the provisions of this Agreement
        commencing on the Effective Date shown above.

        Insofar as the context requires, all references herein to an Issuer's
        "Obligation" shall be deemed to include the Issuer's Note, and all
        references herein to an Issuer's "Obligations" or "Book-entry
        Obligations" shall be deemed to include the Issuer's Notes.

SECTION 2.     CERTIFICATE AGREEMENT

        The Issuer acknowledges that the Bank has previously entered into a
        commercial paper certificate agreement (the "Certificate Agreement")
        which copy is appended hereto as Exhibit E, with the Depository Trust
        Company (DTC) and the Issuer also acknowledges that the continuation in
        effect of the Certificate Agreement is a necessary prerequisite to the
        Bank's providing services related to issuance of the Obligations. The
        Issuer understands and agrees that the Certificate Agreement shall
        supplement the provisions of this Agreement and that the Issuer is bound
        by the provisions of the Certificate Agreement.

<PAGE>
                                                                          Page 2

SECTION 3.     LETTER OF REPRESENTATIONS; RESOLUTIONS;AUTHORIZED OFFICERS

        The Issuer will, prior to the Effective Date, deliver to the Bank an
        executed Letter of Representations (the "Representations"), a copy of
        which is appended hereto as Exhibit F. Further, the Issuer understands
        and agrees that such Representations when executed by the Issuer, the
        Bank and DTC shall supplement the provisions of this Agreement and that
        the Issuer, the Bank, and DTC shall be bound by the provisions of the
        Representations. The Bank and the Issuer agree to comply with the
        relevant portions of DTC's Commercial Paper Issuing and Paying Agent
        Manual, and the DTC Same Day Settlement System Rules (collectively the
        "DTC Rules").

        The Issuer has delivered to the Bank (a) a certified copy of the
        resolutions adopted by the Board of Directors of the Issuer concerning
        the issuance of Obligations by the Issuer (the "Resolutions"), which
        copy is appended hereto as Exhibit B, and (b) a certified original of
        the Issuer's certificate of incumbency (the "Certificate of
        Incumbency"), containing the name, title, and true signature of those
        officers of the Issuer authorized by the Resolutions to take action with
        respect to the Obligations (the "Authorized Officers"), which
        certificate is appended hereto as Exhibit C. The Issuer agrees to
        provide the Bank with revised certified Resolutions and/or Certificates
        of Incumbency when and as required by changes in authorization of
        personnel.

SECTION 4.     AUTHORIZED PERSONS

        The Issuer authorizes the Bank to accept and to execute Instructions, as
        defined in and given pursuant to Section 6 hereof by any one of the
        employees and/or Agents (defined as sales agents or dealers authorized
        by a separate agreement between the Issuer and its sales agents or
        dealers) of the Issuer who are designated in a writing that is signed by
        the requisite number of Authorized Officers. Such designated employees
        or Agents shall be hereinafter collectively referred to as "Authorized
        Persons". The initial written designation of Authorized Person(s) is
        appended hereto as Exhibit D. The Issuer agrees to provide the Bank with
        revised written designations in the form of Exhibit D when and as
        required by changes in authorization or personnel.

SECTION 5.     NOTE CERTIFICATES

        (X)    Book entry Obligations:

               The Issuer will, prior to the Effective Date, deliver to the Bank
               a Note Certificate evidencing Obligations issued, such Note
               Certificate bearing the manual or facsimile signatures of the
               requisite number of Authorized Officers and specifying the date
               of issuance, the full legal name of the Issuer, the name of the
               state in which the Issuer is incorporated, and the name of the
               Bank, acting as paying agent for the Issuer, in each case the
               Note Certificate being registered in the name of Cede & Co., a
               nominee of DTC.

<PAGE>

                                                                          Page 3

        (Y)    Physical Notes and Signature Stamps:

               For use as described in Section 7 hereof, the Issuer will, prior
               to the Effective Date, (a) deliver to the Bank a supply of the
               Issuer's sequentially numbered, blank Notes bearing the manual or
               facsimile signatures of the requisite number of Authorized
               Officers and having spaces to show the face or principal amount,
               payee, date of issue, maturity date and amount of interest (if an
               interest bearing Note), and/or (b) authorize the Bank to use the
               Bank's commercial paper universal note stock, which has spaces to
               show the face or principal amount, payee, date of issue, maturity
               date, amount of interest (if an interest bearing Note) and
               signature(s) of the Authorized Officers. If the Issuer elects
               (b), or if the Notes described in (a) do not bear such
               signature(s) when delivered to the Bank, then the Issuer will
               deliver to the Bank for each signature required to be placed on
               the Notes two (2) stamps bearing the facsimile signature of an
               Authorized Officer.

        (Z)    Book Entry Obligations, Physical Notes and Signature Stamps:

               Any Obligation (as evidenced by the Note Certificate or Note
               bearing the manual or facsimile signature of an Authorized
               Officer) shall, upon the Bank's issuance of such Obligation on
               behalf of the Issuer, bind the Issuer notwithstanding that such
               Authorized Officer shall have died or shall have otherwise ceased
               to hold office on the date such Obligation is issued by the Bank.
               Furthermore, the Issuer agrees that the Bank shall have no duty
               or responsibility to determine the genuineness of the facsimile
               and/or manual signatures appearing on the Note Certificate(s),
               Notes or stamps.

SECTION 6.     INSTRUCTIONS

        The term "Instructions" shall mean a communication, purporting to be
        from an Authorized Officer or Authorized Person, in the form of either
        (a) a written notice including those transmitted through facsimile
        transmittal equipment; (b) a telephone call; and/or (c) a transmission
        through an instruction and reporting communication service ("Noteline
        Direct") offered by the Bank pursuant to Section 10 hereof, in each case
        received by the Bank at the address specified in Section 15 prior to
        1:00 p.m. New York time on the day on which the Instructions are to be
        operative, which shall be a day the Bank is open for business.

        If the Bank, at its option, acts upon Instructions transmitted after
        1:00 p.m. New York time on the day on which the Instructions are to be
        operative, the Issuer understands and agrees that (a) such Instructions
        shall be acted upon, on a best efforts basis, by the Bank pursuant to
        the custom and practice of the commercial paper market, and (b) the Bank
        makes no representations or warranties that the issuance and delivery of
        any Note or Obligation pursuant to Section 7 hereof shall be completed
        prior to the close of business on the issue date specified in the
        Instructions.

<PAGE>

                                                                          Page 4

        Any Instructions given by telephone shall be confirmed to the Bank in a
        writing purporting to be from an Authorized Officer or Authorized Person
        prior to 1:00 p.m. New York time on the day on which such Instructions
        are to be operative. In the absence of the Bank's timely receipt of such
        written confirmation or in the event the Bank acts upon Instructions
        received after 1:00 p.m. New York time on the day on which the
        Instructions are to be operative, the Issuer understands and agrees that
        the Instructions given by telephone or received after the aforementioned
        1:00 p.m. New York time, as understood by the Bank, shall be the true
        and controlling Instructions for all purposes of this Agreement.

        Notwithstanding anything to the contrary in this Section 6, the Issuer
        acknowledges that the Bank may act upon the Instructions without any
        duty to make any inquiry regarding the genuineness of such Instructions.

SECTION 7.     ISSUANCE

        (X)    Book Entry Obligations:

               The Bank's sole duties in connection with the issuance of the
               Obligations when the Issuer delivers the Note Certificate(s) to
               the Bank in the form described in Section 5(X) herein, shall be
               as follows:

               (a)    to hold Note Certificates in safekeeping;

               (b)    to assign to each Instruction received from the Issuer a
                      CUSIP number as specified in and in accordance with the
                      CUSIP number assignment received by the Bank from the
                      Issuer;

               (c)    to cause to deliver an Obligation on behalf of the Issuer
                      upon receipt of Instructions from the Issuer, or its
                      designated agent(s), as to the face or principal amount,
                      net dollar amount, date of issue, maturity date, interest
                      rate (if any), and amount of interest due at maturity (if
                      an interest bearing Obligation), by way of data entry or
                      data transfer to the DTC Same Day Funds Settlement System
                      ("SDFS"), and to receive from SDFS a confirmation receipt
                      that such delivery was effected; and

               (d)    to credit the net proceeds of all deliveries of the
                      Obligations to the Issuer's account with the Bank (Account
                      No. 53895) under advice to the Issuer at the address
                      specified in Section 15 hereof.

<PAGE>

                                                                         Page 5

        Y.     Physical Notes:

               The Bank's sole duties in connection with the issuance of the
               Notes when the Issuer delivers a supply of the Issuer's blank
               Notes to the Bank or uses the Bank's commercial paper universal
               note stock pursuant to Section 5(Y) hereof shall be as follows:

               (a)    to hold the blank Notes in safekeeping, pending receipt of
                      the Issuer's Instructions;

               (b)    to complete each Note pursuant to the Instructions as to
                      the face or principal amount, net dollar amount, payee
                      (which shall be "BEARER" unless otherwise specified in the
                      Instructions), date of issue, maturity date, interest rate
                      (if any) and amount of interest due at maturity (if an
                      interest bearing Note);

               (c)    to cause a duly authorized officer or duly authorized
                      employee of the Bank to countersign each Note for purposes
                      of authentication of the Note only;

               (d)    to deliver the Notes in accordance with the Instructions
                      (i) by hand, against receipt for payment, (ii) by United
                      States Post Office registered mail, addressed as provided
                      in the Instructions or (iii) as otherwise provided in the
                      Instructions; and

               (e)    to credit the net proceeds of all deliveries of Notes to
                      the Issuer's account with the Bank (Account No. 53895)
                      under advice to the Issuer at the address specified in
                      Section 15 hereof.

               The Bank's additional duties in connection with the issuance of
               the Notes when the Issuer delivers facsimile signature stamps to
               the Bank pursuant to Section 5(Y) hereof shall be as follows:

               (f)    to hold the facsimile signature stamps delivered pursuant
                      to Section 5(Y) hereof in safekeeping pending receipt of
                      the Instructions; and

               (g)    to apply the facsimile signature stamp(s) to the Notes
                      pursuant to the Instructions.

        Z. Book Entry Obligations and Physical Notes:

               The Issuer acknowledges that pursuant to the custom and practice
               of the commercial paper market, the delivery or mailing of an
               Obligation against payment of the net amount of the Obligation
               (i.e., the principal amount of the Obligation less the discount
               specified in the Instructions or the principal amount of an
               interest bearing Obligation) and the actual receipt of payment
               thereof are not simultaneous transactions.

<PAGE>

                                                                         Page 6

               Therefore, whenever the Instructions direct the Bank to deliver
               any Obligation against payment, the Bank is authorized to and
               will deliver such Obligation to the party specified in the
               Instructions and hold as receipt a confirmation copy generated by
               SDFS (in the case of Book Entry transactions), or (a) the receipt
               of the party specified in the Instructions or (b) the United
               States Post Office's registered mail (both (a) and (b) in the
               case of physical Notes) in lieu of immediate payment by the
               purchaser of the Obligation (the "Purchaser"). The Issuer also
               acknowledges that pursuant to the custom and practice of the
               commercial paper market, the Purchaser is obligated to settle in
               immediately available funds at or before the close of business on
               the Issue Date specified on the Obligation. The Issuer
               understands and agrees that whenever the Bank delivers an
               Obligation against receipt of funds as set forth above, the
               Issuer and not the Bank shall bear the risk of the Purchaser's
               failure to remit the net amount of the Obligation purchased, and
               of the loss or theft of Notes after such Notes are placed in the
               United States mail.

               The Bank shall have no duty or responsibility to make any
               transfer of the proceeds of the sale of the Issuer's Obligations,
               or to advance any monies or effect any credit with respect to
               such proceeds or transfers unless and until (i) the Bank has
               actually received the proceeds of the sale of the Obligations,
               and (ii) such receipt of the proceeds is not subject to reversal
               or cancellation. If the Bank, at its sole option, effects any
               such transfer that results in an overdraft in any account of the
               Issuer, the amount of such overdraft shall be considered as a
               loan to the Issuer, and the Issuer agrees to pay the Bank on
               demand the amount of such loan together with interest thereon at
               the rate customarily charged by the Bank on similar loans.

SECTION 8.     PAYMENT

        Bank's sole duties in connection with payment of the Obligations shall
        be, upon presentment at maturity of an issued Obligation, to pay the
        principal amount of a discounted Obligation or principal plus interest
        of an interest-at-maturity Obligation to the party appearing to be
        entitled thereto, and to debit the Issuer's account with the Bank
        (Account No.53895) for such amount under advice to the Issuer at the
        address specified in Section 15 hereof.

        The Bank shall have no obligation to pay, at maturity, the amount
        referred to in this Section 8 unless sufficient funds have been received
        by the Bank in collected funds. If the Bank, at its sole option, makes
        any such payment that results in an overdraft in any account of the
        Issuer, the amount of such overdraft shall be considered a loan to the
        Issuer, and the Issuer agrees to pay the Bank on demand the amount of
        such loan together with interest thereon at the rate customarily charged
        by the Bank on similar loans.

<PAGE>

                                                                         Page 7

SECTION 9.     UNITED STATES DOLLARS

        The Issuer agrees that the Obligations issued or presented hereunder
        shall be denominated in United States dollars. The Issuer further agrees
        that payment of any and all amounts due pursuant to the provisions of
        this Agreement shall be made solely in United States dollars.

SECTION 10.    NOTELINE DIRECT

        The Issuer is granted a personal, non-transferable and non-exclusive
        right to use the instruction and reporting communication service
        Noteline Direct to transmit through the Noteline Direct system
        Instructions made pursuant to Section 6 hereof. The Issuer may, by
        separate agreement between the Issuer and one or more of its Agents,
        authorize the Agent (in each case other than the Bank) to directly
        access Noteline Direct for the purposes of transmitting Instructions to
        the Bank or obtaining reports with respect to the Obligations.

        The Issuer acknowledges that (a) some or all of the services utilized in
        connection with Noteline Direct are furnished by Financial Sciences
        Corporation ("FSC"), (b) Noteline Direct is provided to the Issuer "AS
        IS" without warranties or representations of any kind whatsoever by FSC
        or the Bank, and (c) Noteline Direct is proprietary and confidential
        property disclosed to the Issuer in confidence and only on the terms and
        conditions and for purposes set forth in this Agreement.

        By this Agreement, the Issuer acquires no title, ownership or
        sublicensing rights whatsoever in Noteline Direct or in any trade
        secret, trademark, copyright or patent of the Bank or FSC now or to
        become applicable to Noteline Direct. The Issuer may not transfer,
        sublicense, assign, rent, lease, convey, modify, translate, convert to a
        programming language, decompile, disassemble, recirculate, republish or
        redistribute Noteline Direct for any purpose without the prior written
        consent of the Bank and, where necessary FSC.

        In the event (a) any action is taken or threatened which may result in a
        disclosure or transfer of Noteline Direct or any part thereof, other
        than as authorized by this Agreement, or (b) the use of any trademark,
        trade name, service mark, service name, copyright or patent of the Bank
        or FSC by the Issuer amounts to unfair competition, or otherwise
        constitutes a possible violation of any kind, then the Bank and/or FSC
        shall have the right to take any and all action deemed necessary to
        protect their rights in Noteline Direct, and to avoid the substantial
        and irreparable damage which would result from such disclosure, transfer
        or use, including the immediate termination of the Issuer's right to use
        Noteline Direct.

<PAGE>

                                                                         Page 8

        To permit the use of Noteline Direct to issue Instructions and/or obtain
        reports with respect to the Obligations, the Bank will supply the Issuer
        with an identification number and initial passwords. From time to time
        thereafter, the Issuer may change its passwords directly through
        Noteline Direct. The Issuer will keep all information relating to its
        identification number and passwords strictly confidential and will be
        responsible for the maintenance of adequate security over its customer
        identification number and passwords. For security purposes, the Issuer
        should change its passwords frequently (at least once a year).

        Instructions transmitted over Noteline Direct and received by the Bank
        pursuant to Section 6 hereof accompanied by the Issuer's identification
        number and the passwords, shall be deemed conclusive evidence that such
        Instructions are correct and complete and that the issuance or
        redemption of the Obligation(s) directed thereby has been duly
        authorized by the Issuer.

SECTION 11.    REPRESENTATIONS AND WARRANTIES OF ISSUER

        THE ISSUER REPRESENTS AND WARRANTS AS FOLLOWS:

        (a)    This Agreement and the Obligations have been duly authorized and
               this Agreement when executed and the Obligations when issued in
               accordance with Instructions, will be valid and binding
               obligations of the Issuer, enforceable against the Issuer in
               accordance with their terms, subject to bankruptcy, insolvency,
               fraudulent transfer, reorganization, moratorium and other laws of
               general applicability relating to or affecting creditors' rights
               and to general equity principles;

        (b)    This Agreement and the consummation of the transactions herein
               contemplated will not (i) conflict with or result in a breach of
               any of the terms or provisions of, or constitute a default under,
               any indenture, mortgage, deed of trust, loan agreement or other
               agreement or instrument for money borrowed to which the Issuer is
               a party or by which the Issuer is bound or to which any of the
               property or assets of the Issuer is subject, or (ii) result in
               any violation of (x) the provisions of the Articles of
               Incorporation or the By-Laws of the Issuer or (y) to the best
               knowledge of the Issuer, any statute or any order, rule or
               regulation of any court or government agency or body having
               jurisdiction over the Issuer or any of its properties, in any
               manner which, in the case of clauses (i) and (ii) (y), would have
               a material adverse effect on the business of the Issuer and its
               subsidiaries taken as a whole;

        (c)    No consent, approval, authorization, order, registration or
               qualification of or with any court or governmental agency or body
               having jurisdiction over the Issuer or any of its properties is
               required for the issue and sale of the Obligations, except such
               as have been, or will have been obtained prior to the issue and
               sale of the Obligations, and such consents, approvals,
               authorizations, registrations or qualifications as may be
               required under "blue sky" or state securities laws or insurance
               laws in connection with the issue and sale of the Obligations by
               the Issuer; and

<PAGE>

                                                                         Page 9

        (d)    Each Obligation issued under this Agreement will be exempt from
               registration under the Securities Act of 1933, as amended. Each
               Instruction by the Issuer to issue Obligations under this
               Agreement shall be deemed a representation and warranty by the
               Issuer as of the date thereof that the representations and
               warranties herein are true and correct as if made on and as of
               such date.

SECTION 12.    COMPENSATION

        The Issuer agrees to pay such compensation for the Bank's issuing and
        paying agent services pursuant to this Agreement in accordance with the
        Bank's schedule of fees, as amended from time to time.

SECTION 13.    INDEMNIFICATION

        The Issuer agrees that the Bank shall not be liable for any losses,
        damages, liabilities or costs suffered or incurred by the Issuer as a
        result of (a) the Bank's having executed Instructions, (b) the Bank's
        improperly executing or failing to execute any Instructions because of
        unclear Instructions, failure of communications media or any other
        circumstances beyond the Bank's control, (c) the actions or inactions of
        DTC, any Agent or any broker, dealer, consignee or agent not selected by
        the Bank, or (d) any other acts or omissions of the Bank (or of any of
        its agents or correspondents) relating to this Agreement or the
        transactions or activities contemplated hereby except to the extent, if
        any, that such other acts or omissions constitute negligence or willful
        misconduct by the Bank. The Issuer, in the absence of negligence or
        willful misconduct by the Bank, agrees to indemnify the Bank and hold it
        harmless from and against (a) any and all actions, claims (groundless or
        otherwise), suits, losses, fines and penalties arising out of the Bank's
        having executed any Instructions or otherwise having performed any of
        its obligations hereunder and (b) any damages, costs, expenses
        (including reasonable legal fees and disbursements), losses or
        liabilities relating to any such actions, claims, suits, losses fines or
        penalties or to any breach of this Agreement by the Issuer. In no event
        shall the Bank be liable for special, indirect or consequential damages.
        This Section 13, Indemnification, shall survive any termination of this
        Agreement and the issuance and payment of any Note(s).

14.     TERMINATION

        Either the Bank or the Issuer may terminate this Agreement at any time
        by not less than ten (10) days' prior written notice to the other. No
        such termination shall affect the rights and obligations of the Issuer
        and the Bank which have accrued under this Agreement prior to
        termination.

<PAGE>

                                                                        Page 10

15.     ADDRESSES

        Instructions hereunder shall be (a) mailed, (b) telephoned, (c)
        transmitted by facsimile device, and/or (d) transmitted via Noteline
        Direct to the Bank at the address, telephone number, and/or facsimile
        number specified below and shall be deemed delivered upon actual receipt
        by the Bank's Commercial Paper Issuance Operations at the address,
        telephone number, and/or facsimile number specified below.

                      Deutsche Bank Trust Company Americas
                      Trust & Securities Services
                      60 Wall St - 27th Floor
                      New York, NY 10005
                      Attention: Money Market Instruments Operations
                      Telephone:    (212) 250-7539 / 2972
                      Facsimile:    (212) 797-8616

        All notices, requests, demands and other communications hereunder
        (excluding Instructions) shall be in writing and shall be deemed to have
        been duly given (a) upon delivery by hand (against receipt), or (b) by
        United States Post Office registered mail (against receipt) or by
        regular mail (upon receipt) to the party and at the address set forth
        below or at such other address as either party may designate by written
        notice:

        (a)    "ISSUER"

               Nelnet, Inc
               121 South 13th Street, Suite 201
               Lincoln, NE 68508
               Attn: Managing Director
               Telephone: 402-458-2747
               Facsimile:  402-458-2399

        (b)    Deutsche Bank Trust Company Americas
               Trust & Securities Services
               60 Wall St. - 27th Floor
               New York, NY 10005
               Attention: Money
               Market Instruments Operations
               Telephone: (212) 250-7539 / 2972
               Facsimile: (212) 797-8616

<PAGE>

                                                                        Page 11

16.     MISCELLANEOUS

        (a)    This Agreement shall be governed by and interpreted in accordance
               with the laws of the State of New York and as applicable,
               operating circulars of the Federal Reserve Bank, federal laws and
               regulations as amended, New York Clearing House rules, the DTC
               Rules, and general commercial bank practices applicable to
               commercial paper issuance and payment, funds transfer and related
               activities.

        (b)    This Agreement may not be assigned by the Issuer and may not be
               modified, or amended or supplemented except by a writing or
               writings duly executed by the duly authorized representatives of
               the Issuer and the Bank.

        (c)    This Agreement contains the entire understanding and agreement
               between the parties with respect to the subject matter hereof.
               All prior agreements, understandings, representations,
               statements, promises, inducements, negotiations, and undertakings
               and all existing contracts previously executed between said
               parties with respect to said subject matter are superseded
               hereby.

        (d)    With respect to all references herein to nouns, insofar as the
               context requires, the singular form shall be deemed to include
               the plural, and the plural form shall be deemed to include the
               singular.

        (e)    In no event shall the Bank be liable for any failure or delay in
               the performance of its obligations hereunder because
               circumstances beyond the Bank control, including, but not limited
               to, acts of God, flood, war (whether declared or undeclared),
               terrorism, fire, riot, embargo, government action, including any
               laws, ordinances, regulations or the like which restrict or
               prohibit the providing of the services contemplated by this
               Agreement.

        (f)    The Bank shall incur no liability in acting upon telephonic,
               facsimile or other electronic instructions which the Bank
               believes in good faith to have been given by an authorized
               person, including but not limited to Instructions received in
               connection with the issuance of Obligations. In addition, in the
               event that the Issuer or an Agent currently or in the future
               utilizes a trading system that produces issuance instructions
               that do not include signatures or initials, the Bank may
               conclusively rely upon such instructions absent such signatures
               or initials.

<PAGE>

                                                                        Page 12

Agreed to and Accepted by:

Deutsche Bank Trust Company Americas        Nelnet, Inc

/s/ Evangelos Ntavos                        /s/ Terry J. Heimes
---------------------------------           ------------------------------------
Authorized Officer's Signature              Authorized Officer's Signature

Name:   Evangelos Ntavos                    Name:  Terry J. Heimes
      ---------------------------           ------------------------------------

Title:  Assistant Vice President            Title:   CFO
      ---------------------------           ------------------------------------

Date:   December 29, 2006                   Date:  December 29, 2006
      ---------------------------           ------------------------------------

/s/ Wuendith Encalada
---------------------------------           ------------------------------------
Authorized Officer's Signature                 Authorized Officer's Signature

Name:    Wuendith Encalada                 Name:
     ----------------------------              ---------------------------------

Title:   Assistant Vice President          Title:
      ---------------------------                -------------------------------

Date:    December 29, 2006                 Date:
     ----------------------------               --------------------------------

List of Exhibits

Exhibit A  DTC Master Note & Universal Note
Exhibit B  Board Resolutions & Certificate of Incumbency
Exhibit C  Authorized Officers & Certificate ofIncumbency
Exhibit D  Authorized Persons
Exhibit E  DTC Certificate Agreement
Exhibit F  DTC Letter of RepresentationsUnassociated Document

     

    
      
        

        

      

       

       

      CWABS,
        INC.,

      Depositor

       

      COUNTRYWIDE
        HOME LOANS, INC.,

      Seller

       

      PARK
        SIENNA LLC, 

      Seller

       

      PARK
        GRANADA LLC,

      Seller

       

      COUNTRYWIDE
        HOME LOANS SERVICING LP,

      Master
        Servicer

       

      and

       

      THE
        BANK
        OF NEW YORK,

      Trustee

       

      
        
          

        

         

      

      POOLING
        AND SERVICING AGREEMENT

       

      Dated
        as
        of December 1, 2006

       

      
        
 

      ASSET-BACKED
        CERTIFICATES, SERIES 2006-BC5

       

       

      
 

      
        

        

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Table
        of Contents

       

       

      
        
          
            	
                    ARTICLE
                      I.

                  
	
                    DEFINITIONS

                  
	 	 
	
                    Section
                      1.01

                  	
                    Defined
                      Terms.

                  
	
                    Section
                      1.02

                  	
                    Certain
                      Interpretive Provisions.

                  
	 	 
	
                    ARTICLE
                      II.

                  
	
                    CONVEYANCE
                      OF MORTGAGE LOANS; REPRESENTATIONS AND

                    WARRANTIES

                  
	 	 
	
                    Section
                      2.01

                  	
                    Conveyance
                      of Mortgage Loans.

                  
	
                    Section
                      2.02

                  	
                    Acceptance
                      by Trustee of the Mortgage Loans.

                  
	
                    Section
                      2.03

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

                  
	
                    Section
                      2.04

                  	
                    Representations
                      and Warranties of the Depositor.

                  
	
                    Section
                      2.05

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

                  
	
                    Section
                      2.06

                  	
                    Authentication
                      and Delivery of Certificates.

                  
	
                    Section
                      2.07

                  	
                    Covenants
                      of the Master Servicer.

                  
	 	 
	
                    ARTICLE
                      III.

                  
	
                    ADMINISTRATION
                      AND SERVICING OF MORTGAGE LOANS

                  
	 	 
	
                    Section
                      3.01

                  	
                    Master
                      Servicer to Service Mortgage Loans.

                  
	
                    Section
                      3.02

                  	
                    Subservicing;
                      Enforcement of the Obligations of Master Servicer.

                  
	
                    Section
                      3.03

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

                  
	
                    Section
                      3.04

                  	
                    Trustee
                      to Act as Master Servicer.

                  
	
                    Section
                      3.05

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

                  
	
                    Section
                      3.06

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

                  
	
                    Section
                      3.07

                  	
                    Access
                      to Certain Documentation and Information Regarding the Mortgage
                      Loans.

                  
	
                    Section
                      3.08

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

                  
	
                    Section
                      3.09

                  	
                    [Reserved].

                  
	
                    Section
                      3.10

                  	
                    Maintenance
                      of Hazard Insurance.

                  
	
                    Section
                      3.11

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

                  
	
                    Section
                      3.12

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

                  
	
                    Section
                      3.13

                  	
                    Trustee
                      to Cooperate; Release of Mortgage Files.

                  
	
                    Section
                      3.14

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

                  
	
                    Section
                      3.15

                  	
                    Servicing
                      Compensation.

                  
	
                    Section
                      3.16

                  	
                    Access
                      to Certain Documentation.

                  
	
                    Section
                      3.17

                  	
                    Annual
                      Statement as to Compliance.

                  
	
                    Section
                      3.18

                  	
                    [Reserved].

                  
	
                    Section
                      3.19

                  	
                    [Reserved].

                  
	
                    Section
                      3.20

                  	
                    Prepayment
                      Charges.

                  
	
                    Section
                      3.21

                  	
                    Swap
                      Contract.

                  
	 	 
	
                    ARTICLE
                      IV.

                  
	
                    DISTRIBUTIONS
                      AND ADVANCES BY THE MASTER SERVICER

                  
	 	 
	
                    Section
                      4.01

                  	
                    Advances;
                      Remittance Reports.

                  
	
                    Section
                      4.02

                  	
                    Reduction
                      of Servicing Compensation in Connection with Prepayment Interest
                      Shortfalls.

                  
	
                    Section
                      4.03

                  	
                    [Reserved].

                  
	
                    Section
                      4.04

                  	
                    Distributions.

                  
	
                    Section
                      4.05

                  	
                    Monthly
                      Statements to Certificateholders.

                  
	
                    Section
                      4.06

                  	
                    [Reserved].

                  
	
                    Section
                      4.07

                  	
                    Carryover
                      Reserve Fund.

                  
	
                    Section
                      4.08

                  	
                    [reserved].

                  
	
                    Section
                      4.09

                  	
                    Swap
                      Trust and Swap Account.

                  
	
                    Section
                      4.10

                  	
                    Distributions
                      on REMIC 1, REMIC 2 and REMIC 3 Regular Interests.

                  
	
                    Section
                      4.11

                  	
                    Allocation
                      of Realized Losses to REMIC 1 and REMIC 2 Regular
                      Interests.

                  
	
                    Section
                      4.12

                  	
                    Tax
                      Treatment of Swap Payments and Swap Termination
                      Payments.

                  
	 	 
	
                    ARTICLE
                      V.

                  
	
                    THE
                      CERTIFICATES

                  
	 	 
	
                    Section
                      5.01

                  	
                    The
                      Certificates.

                  
	
                    Section
                      5.02

                  	
                    Certificate
                      Register; Registration of Transfer and Exchange of
                      Certificates.

                  
	
                    Section
                      5.03

                  	
                    Mutilated,
                      Destroyed, Lost or Stolen Certificates.

                  
	
                    Section
                      5.04

                  	
                    Persons
                      Deemed Owners.

                  
	
                    Section
                      5.05

                  	
                    Access
                      to List of Certificateholders’ Names and Addresses.

                  
	
                    Section
                      5.06

                  	
                    Book-Entry
                      Certificates.

                  
	
                    Section
                      5.07

                  	
                    Notices
                      to Depository.

                  
	
                    Section
                      5.08

                  	
                    Definitive
                      Certificates.

                  
	
                    Section
                      5.09

                  	
                    Maintenance
                      of Office or Agency.

                  
	 	 
	
                    ARTICLE
                      VI.

                  
	
                    THE
                      DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

                  
	 	 
	
                    Section
                      6.01

                  	
                    Respective
                      Liabilities of the Depositor, the Master Servicer and the
                      Sellers.

                  
	
                    Section
                      6.02

                  	
                    Merger
                      or Consolidation of the Depositor, the Master Servicer or the
                      Sellers.

                  
	
                    Section
                      6.03

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

                  
	
                    Section
                      6.04

                  	
                    Limitation
                      on Resignation of Master Servicer.

                  
	
                    Section
                      6.05

                  	
                    Errors
                      and Omissions Insurance; Fidelity Bonds.

                  
	 	 
	
                    ARTICLE
                      VII.

                  
	
                    DEFAULT;
                      TERMINATION OF MASTER SERVICER

                  
	 	 
	
                    Section
                      7.01

                  	
                    Events
                      of Default.

                  
	
                    Section
                      7.02

                  	
                    Trustee
                      to Act; Appointment of Successor.

                  
	
                    Section
                      7.03

                  	
                    Notification
                      to Certificateholders.

                  
	 	 
	
                    ARTICLE
                      VIII.

                  
	
                    CONCERNING
                      THE TRUSTEE

                  
	 	 
	
                    Section
                      8.01

                  	
                    Duties
                      of Trustee.

                  
	
                    Section
                      8.02

                  	
                    Certain
                      Matters Affecting the Trustee.

                  
	
                    Section
                      8.03

                  	
                    Trustee
                      Not Liable for Mortgage Loans.

                  
	
                    Section
                      8.04

                  	
                    Trustee
                      May Own Certificates.

                  
	
                    Section
                      8.05

                  	
                    Master
                      Servicer to Pay Trustee’s Fees and Expenses.

                  
	
                    Section
                      8.06

                  	
                    Eligibility
                      Requirements for Trustee.

                  
	
                    Section
                      8.07

                  	
                    Resignation
                      and Removal of Trustee.

                  
	
                    Section
                      8.08

                  	
                    Successor
                      Trustee.

                  
	
                    Section
                      8.09

                  	
                    Merger
                      or Consolidation of Trustee.

                  
	
                    Section
                      8.10

                  	
                    Appointment
                      of Co-Trustee or Separate Trustee.

                  
	
                    Section
                      8.11

                  	
                    Tax
                      Matters.

                  
	
                    Section
                      8.12

                  	
                    [Reserved].

                  
	
                    Section
                      8.13

                  	
                    Access
                      to Records of the Trustee.

                  
	
                    Section
                      8.14

                  	
                    Suits
                      for Enforcement.

                  
	 	 
	
                    ARTICLE
                      IX.

                  
	
                    TERMINATION

                  
	 	 
	
                    Section
                      9.01

                  	
                    Termination
                      upon Liquidation or Repurchase of all Mortgage Loans.

                  
	
                    Section
                      9.02

                  	
                    Final
                      Distribution on the Certificates.

                  
	
                    Section
                      9.03

                  	
                    Additional
                      Termination Requirements.

                  
	
                    Section
                      9.04

                  	
                    Auction
                      of the Mortgage Loans and REO Properties.

                  
	 	 
	
                    ARTICLE
                      X.

                  
	
                    MISCELLANEOUS
                      PROVISIONS

                  
	 	 
	
                    Section
                      10.01

                  	
                    Amendment.

                  
	
                    Section
                      10.02

                  	
                    Recordation
                      of Agreement; Counterparts.

                  
	
                    Section
                      10.03

                  	
                    Governing
                      Law.

                  
	
                    Section
                      10.04

                  	
                    Intention
                      of Parties.

                  
	
                    Section
                      10.05

                  	
                    Notices.

                  
	
                    Section
                      10.06

                  	
                    Severability
                      of Provisions.

                  
	
                    Section
                      10.07

                  	
                    Assignment.

                  
	
                    Section
                      10.08

                  	
                    Limitation
                      on Rights of Certificateholders.

                  
	
                    Section
                      10.09

                  	
                    Inspection
                      and Audit Rights.

                  
	
                    Section
                      10.10

                  	
                    Certificates
                      Nonassessable and Fully Paid.

                  
	
                    Section
                      10.11

                  	
                    Rights
                      of NIM Insurer.

                  
	 	 
	
                    ARTICLE
                      XI.

                  
	
                    EXCHANGE
                      ACT REPORTING

                  
	 	 
	
                    Section
                      11.01

                  	
                    Filing
                      Obligations.

                  
	
                    Section
                      11.02

                  	
                    Form
                      10-D Filings.

                  
	
                    Section
                      11.03

                  	
                    Form
                      8-K Filings.

                  
	
                    Section
                      11.04

                  	
                    Form
                      10-K Filings.

                  
	
                    Section
                      11.05

                  	
                    Sarbanes-Oxley
                      Certification.

                  
	
                    Section
                      11.06

                  	
                    Form
                      15 Filing.

                  
	
                    Section
                      11.07

                  	
                    Report
                      on Assessment of Compliance and Attestation.

                  
	
                    Section
                      11.08

                  	
                    Use
                      of Subservicers and Subcontractors.

                  
	
                    Section
                      11.09

                  	
                    Amendments.

                  
	
                    Section
                      11.10

                  	
                    Reconciliation
                      of Accounts.

                  

          

        

      

       

       

      Exhibits

      

        
          	
                  EXHIBIT
                    A

                	
                  Forms
                    of Certificates

                
	
                  EXHIBIT
                    A-1

                	
                  Form
                    of Class 1-A Certificate

                
	
                  EXHIBIT
                    A-2

                	
                  Form
                    of Class 2-A-1 Certificate

                
	
                  EXHIBIT
                    A-3

                	
                  Form
                    of Class 2-A-2 Certificate

                
	
                  EXHIBIT
                    A-4

                	
                  Form
                    of Class 2-A-3 Certificate

                
	
                  EXHIBIT
                    A-5

                	
                  Form
                    of Class 2-A-4 Certificate

                
	
                  EXHIBIT
                    A-6

                	
                  Form
                    of Class M-1 Certificate

                
	
                  EXHIBIT
                    A-7

                	
                  Form
                    of Class M-2 Certificate

                
	
                  EXHIBIT
                    A-8

                	
                  Form
                    of Class M-3 Certificate

                
	
                  EXHIBIT
                    A-9

                	
                  Form
                    of Class M-4 Certificate

                
	
                  EXHIBIT
                    A-10

                	
                  Form
                    of Class M-5 Certificate

                
	
                  EXHIBIT
                    A-11

                	
                  Form
                    of Class M-6 Certificate

                
	
                  EXHIBIT
                    A-12

                	
                  Form
                    of Class M-7 Certificate

                
	
                  EXHIBIT
                    A-13

                	
                  Form
                    of Class M-8 Certificate

                
	
                  EXHIBIT
                    A-14

                	
                  Form
                    of Class M-9 Certificate

                
	
                  EXHIBIT
                    A-15

                	
                  Form
                    of Class B Certificate

                
	
                  EXHIBIT
                    B

                	
                  Form
                    of Class P Certificate

                
	
                  EXHIBIT
                    C

                	
                  Form
                    of Class C Certificate

                
	
                  EXHIBIT
                    D

                	
                  Form
                    of Class A R Certificate

                
	
                  EXHIBIT
                    E

                	
                  Form
                    of Tax Matters Person Certificate

                
	
                  EXHIBIT
                    F

                	
                  Mortgage
                    Loan Schedule

                
	
                  EXHIBIT
                    F-1

                	
                  List
                    of Mortgage Loans

                
	
                  EXHIBIT
                    F-2

                	
                  Mortgage
                    Loans for which All or a Portion of a Related Mortgage File is
                    not
                    Delivered to the Trustee on or prior to the Closing
                    Date

                
	
                  EXHIBIT
                    G

                	
                  Forms
                    of Certification of Trustee

                
	
                  EXHIBIT
                    G-1

                	
                  Form
                    of Initial Certification of Trustee (Initial Mortgage
                    Loans)

                
	
                  EXHIBIT
                    G-2

                	
                  Form
                    of Interim Certification of Trustee

                
	
                  EXHIBIT
                    G-3

                	
                  Form
                    of Delay Delivery Certification

                
	
                  EXHIBIT
                    G-4

                	
                  Form
                    of Initial Certification of Trustee (Subsequent Mortgage
                    Loans)

                
	
                  EXHIBIT
                    H

                	
                  Form
                    of Final Certification of Trustee

                
	
                  EXHIBIT
                    I

                	
                  Transfer
                    Affidavit for Class A R Certificates

                
	
                  EXHIBIT
                    J-1

                	
                  Form
                    of Transferor Certificate for Class A R Certificates

                
	
                  EXHIBIT
                    J-2

                	
                  Form
                    of Transferor Certificate for Private Certificates

                
	
                  EXHIBIT
                    K

                	
                  Form
                    of Investment Letter (Non-Rule 144A)

                
	
                  EXHIBIT
                    L

                	
                  Form
                    of Rule 144A Letter

                
	
                  EXHIBIT
                    M

                	
                  Form
                    of Request for Document Release

                
	
                  EXHIBIT
                    N

                	
                  Form
                    of Request for File Release

                
	
                  EXHIBIT
                    O

                	
                  Copy
                    of Depository Agreement

                
	
                  EXHIBIT
                    P

                	
                  Form
                    of Subsequent Transfer Agreement

                
	
                  EXHIBIT
                    Q

                	
                  [Reserved]

                
	
                  EXHIBIT
                    R

                	
                  [Reserved]

                
	
                  EXHIBIT
                    S-1

                	
                  [Reserved]

                
	
                  EXHIBIT
                    S-2

                	
                  [Reserved]

                
	
                  EXHIBIT
                    T

                	
                  Officer’s
                    Certificate with respect to Prepayments

                
	
                  EXHIBIT
                    U

                	
                  Form
                    of Swap Contract

                
	
                  EXHIBIT
                    V-1

                	
                  Form
                    of Swap Contract Novation Agreement

                
	
                  EXHIBIT
                    V-2

                	
                  Form
                    of Swap Contract Administration Agreement

                
	
                  EXHIBIT
                    W

                	
                  Form
                    of Monthly Statement

                
	
                  EXHIBIT
                    X-1

                	
                  Form
                    of Performance Certification (Subservicer)

                
	
                  EXHIBIT
                    X-2

                	
                  Form
                    of Performance Certification (Trustee)

                
	
                  EXHIBIT
                    Y

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

                
	
                  EXHIBIT
                    Z

                	
                  List
                    of Item 1119 Parties

                
	
                  EXHIBIT
                    AA

                	
                  Form
                    of Sarbanes-Oxley Certification (Replacement Master
                    Servicer)

                
	
                  SCHEDULE
                    I

                	
                  Prepayment
                    Charge Schedule and Prepayment Charge Summary

                
	
                  SCHEDULE
                    II

                	
                  Collateral
                    Schedule

                

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      POOLING
        AND SERVICING AGREEMENT, dated as of December 1, 2006, by and among CWABS,
        INC.,
        a Delaware corporation, as depositor (the “Depositor”), COUNTRYWIDE HOME LOANS,
        INC., a New York corporation, as seller (“CHL” or a “Seller”), PARK GRANADA
        LLC., a Delaware limited liability company, as a seller (“Park Granada” or a
“Seller”), PARK SIENNA LLC, a Delaware limited liability company, as a seller
        (“Park Sienna” or a “Seller”, and together with CHL and Park Granada, the
“Sellers”), COUNTRYWIDE HOME LOANS SERVICING LP, a Texas limited partnership, as
        master servicer (the “Master Servicer”), and THE BANK OF NEW YORK, a New York
        banking corporation, as trustee (the “Trustee”).

       

      PRELIMINARY
        STATEMENT:

       

      The
        Depositor intends to sell mortgage asset-backed pass-through certificates
        (collectively, the “Certificates”), to be issued hereunder in eighteen classes,
        which in the aggregate will evidence the entire beneficial ownership interest
        in
        the Mortgage Loans (as defined herein). 

       

      REMIC
        1

       

      As
        provided herein, the Trustee shall elect to treat the segregated pool of
        assets
        consisting of the Mortgage Loans and certain other related assets (exclusive
        of
        the Pre-Funding Accounts, any Subsequent Mortgage Loan Interest, the Swap
        Contract, the Swap Trust, the Swap Account and the Carryover Reserve Fund)
        subject to this Agreement as a real estate mortgage investment conduit (a
        “REMIC”) for federal income tax purposes, and such segregated pool of assets
        shall be designated as “REMIC 1.” The Class R-1-R Interest will represent the
        sole class of “residual interests” in REMIC 1 for purposes of the REMIC
        Provisions (as defined herein) under the federal income tax law. The following
        table irrevocably sets forth the designation, the REMIC 1 Remittance Rate,
        the
        initial Uncertificated Principal Balance for each of the “regular interest” in
        REMIC 1 and, for purposes of satisfying Treasury regulation Section
        1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1
        Regular Interests (as defined herein). None of the REMIC 1 Regular Interests
        shall be certificated.

       

      
        	
                Designation

              	 	
                REMIC
                  I

                Remittance
                  Rate

              	 	
                Initial
                  Uncertificated

                Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                LT1

              	 	
                Variable(2)

              	 	
                $324,999,924.00

              	 	
                March
                  2037

              
	
                LT1PF

              	 	
                Variable(2)

              	 	
                $
                                     0.00

              	 	
                March
                  2037

              
	
                LT2

              	 	
                Variable(2)

              	 	
                $425,000,020.20

              	 	
                March
                  2037

              
	
                LT2PF

              	 	
                Variable(2)

              	 	
                $            4,130.23

              	 	
                March
                  2037

              
	
                LTP

              	 	
                Variable(2)

              	 	
                $ 
                                100.00

              	 	
                March
                  2037

              
	
                LTR

              	 	
                Variable(2)

              	 	
                $ 
                             
                    100.00 

              	 	
                March
                  2037

              

      

      ________________

      (1)   
         For
        purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
        Distribution Date immediately following the maturity date for the Mortgage
        Loan
        with the latest maturity date has been designated as the “latest possible
        maturity date” for each REMIC I Regular Interest.

      (2)   
         Calculated
        in accordance with the definition of “REMIC I Remittance Rate”
herein.

       

       

      REMIC
        2

       

      As
        provided herein, the Trustee will elect to treat the segregated pool of assets
        consisting of the REMIC 2 Regular Interests as a REMIC for federal income
        tax
        purposes, and such segregated pool of assets will be designated as REMIC
        2. The
        R-2-R Interest will represent the sole class of “residual interests” in REMIC 2
        for purposes of the REMIC Provisions under federal income tax law. The following
        table irrevocably sets forth the designation, REMIC 2 Remittance Rate, initial
        Uncertificated Principal Balance on each of the “regular interests” in REMIC 2
        (the “REMIC 2 Regular Interests”). None of the REMIC 2 Regular Interests will be
        certificated.

       

      
        	
                Designation

              	 	
                REMIC
                  2

                Remittance
                  Rate

              	 	
                Initial

                Uncertificated
                  Principal

                Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                I

              	 	
                (2)

              	 	
                $

              	
                20,991,879.97

              	 	
                March
                  2037

              
	
                I-1-A

              	 	
                (2)

              	 	
                $

              	
                1,816,523.04

              	 	
                March
                  2037

              
	
                I-1-B

              	 	
                (2)

              	 	
                $

              	
                1,816,523.04

              	 	
                March
                  2037

              
	
                I-2-A

              	 	
                (2)

              	 	
                $

              	
                2,004,805.31

              	 	
                March
                  2037

              
	
                I-2-B

              	 	
                (2)

              	 	
                $

              	
                2,004,805.31

              	 	
                March
                  2037

              
	
                I-3-A

              	 	
                (2)

              	 	
                $

              	
                2,188,320.93

              	 	
                March
                  2037

              
	
                I-3-B

              	 	
                (2)

              	 	
                $

              	
                2,188,320.93

              	 	
                March
                  2037

              
	
                I-4-A

              	 	
                (2)

              	 	
                $

              	
                2,366,853.26

              	 	
                March
                  2037

              
	
                I-4-B

              	 	
                (2)

              	 	
                $

              	
                2,366,853.26

              	 	
                March
                  2037

              
	
                I-5-A

              	 	
                (2)

              	 	
                $

              	
                2,539,318.94

              	 	
                March
                  2037

              
	
                I-5-B

              	 	
                (2)

              	 	
                $

              	
                2,539,318.94

              	 	
                March
                  2037

              
	
                I-6-A

              	 	
                (2)

              	 	
                $

              	
                2,704,851.34

              	 	
                March
                  2037

              
	
                I-6-B

              	 	
                (2)

              	 	
                $

              	
                2,704,851.34

              	 	
                March
                  2037

              
	
                I-7-A

              	 	
                (2)

              	 	
                $

              	
                2,863,233.78

              	 	
                March
                  2037

              
	
                I-7-B

              	 	
                (2)

              	 	
                $

              	
                2,863,233.78

              	 	
                March
                  2037

              
	
                I-8-A

              	 	
                (2)

              	 	
                $

              	
                3,013,599.59

              	 	
                March
                  2037

              
	
                I-8-B

              	 	
                (2)

              	 	
                $

              	
                3,013,599.59

              	 	
                March
                  2037

              
	
                I-9-A

              	 	
                (2)

              	 	
                $

              	
                3,155,082.12

              	 	
                March
                  2037

              
	
                I-9-B

              	 	
                (2)

              	 	
                $

              	
                3,155,082.12

              	 	
                March
                  2037

              
	
                I-10-A

              	 	
                (2)

              	 	
                $

              	
                3,287,464.71

              	 	
                March
                  2037

              
	
                I-10-B

              	 	
                (2)

              	 	
                $

              	
                3,287,464.71

              	 	
                March
                  2037

              
	
                I-11-A

              	 	
                (2)

              	 	
                $

              	
                3,405,547.37

              	 	
                March
                  2037

              
	
                I-11-B

              	 	
                (2)

              	 	
                $

              	
                3,405,547.37

              	 	
                March
                  2037

              
	
                I-12-A

              	 	
                (2)

              	 	
                $

              	
                3,500,880.16

              	 	
                March
                  2037

              
	
                I-12-B

              	 	
                (2)

              	 	
                $

              	
                3,500,880.16

              	 	
                March
                  2037

              
	
                I-13-A

              	 	
                (2)

              	 	
                $

              	
                3,494,163.53

              	 	
                March
                  2037

              
	
                I-13-B

              	 	
                (2)

              	 	
                $

              	
                3,494,163.53

              	 	
                March
                  2037

              
	
                I-14-A

              	 	
                (2)

              	 	
                $

              	
                3,544,213.25

              	 	
                March
                  2037

              
	
                I-14-B

              	 	
                (2)

              	 	
                $

              	
                3,544,213.25

              	 	
                March
                  2037

              
	
                I-15-A

              	 	
                (2)

              	 	
                $

              	
                3,418,547.30

              	 	
                March
                  2037

              
	
                I-15-B

              	 	
                (2)

              	 	
                $

              	
                3,418,547.30

              	 	
                March
                  2037

              
	
                I-16-A

              	 	
                (2)

              	 	
                $

              	
                3,296,997.98

              	 	
                March
                  2037

              
	
                I-16-B

              	 	
                (2)

              	 	
                $

              	
                3,296,997.98

              	 	
                March
                  2037

              
	
                I-17-A

              	 	
                (2)

              	 	
                $

              	
                3,179,348.65

              	 	
                March
                  2037

              
	
                I-17-B

              	 	
                (2)

              	 	
                $

              	
                3,179,348.65

              	 	
                March
                  2037

              
	
                I-18-A

              	 	
                (2)

              	 	
                $

              	
                3,065,382.63

              	 	
                March
                  2037

              
	
                I-18-B

              	 	
                (2)

              	 	
                $

              	
                3,065,382.63

              	 	
                March
                  2037

              
	
                I-19-A

              	 	
                (2)

              	 	
                $

              	
                2,955,099.92

              	 	
                March
                  2037

              
	
                I-19-B

              	 	
                (2)

              	 	
                $

              	
                2,955,099.92

              	 	
                March
                  2037

              
	
                I-20-A

              	 	
                (2)

              	 	
                $

              	
                4,995,221.69

              	 	
                March
                  2037

              
	
                I-20-B

              	 	
                (2)

              	 	
                $

              	
                4,995,221.69

              	 	
                March
                  2037

              
	
                I-21-A

              	 	
                (2)

              	 	
                $

              	
                4,698,606.71

              	 	
                March
                  2037

              
	
                I-21-B

              	 	
                (2)

              	 	
                $

              	
                4,698,606.71

              	 	
                March
                  2037

              
	
                I-22-A

              	 	
                (2)

              	 	
                $

              	
                4,419,541.62

              	 	
                March
                  2037

              
	
                I-22-B

              	 	
                (2)

              	 	
                $

              	
                4,419,541.62

              	 	
                March
                  2037

              
	
                I-23-A

              	 	
                (2)

              	 	
                $

              	
                4,156,943.11

              	 	
                March
                  2037

              
	
                I-23-B

              	 	
                (2)

              	 	
                $

              	
                4,156,943.11

              	 	
                March
                  2037

              
	
                I-24-A

              	 	
                (2)

              	 	
                $

              	
                3,909,727.85

              	 	
                March
                  2037

              
	
                I-24-B

              	 	
                (2)

              	 	
                $

              	
                3,909,727.85

              	 	
                March
                  2037

              
	
                I-25-A

              	 	
                (2)

              	 	
                $

              	
                3,602,712.92

              	 	
                March
                  2037

              
	
                I-25-B

              	 	
                (2)

              	 	
                $

              	
                3,602,712.92

              	 	
                March
                  2037

              
	
                I-26-A

              	 	
                (2)

              	 	
                $

              	
                2,120,287.99

              	 	
                March
                  2037

              
	
                I-26-B

              	 	
                (2)

              	 	
                $

              	
                2,120,287.99

              	 	
                March
                  2037

              
	
                I-27-A

              	 	
                (2)

              	 	
                $

              	
                2,074,788.24

              	 	
                March
                  2037

              
	
                I-27-B

              	 	
                (2)

              	 	
                $

              	
                2,074,788.24

              	 	
                March
                  2037

              
	
                I-28-A

              	 	
                (2)

              	 	
                $

              	
                1,993,538.70

              	 	
                March
                  2037

              
	
                I-28-B

              	 	
                (2)

              	 	
                $

              	
                1,993,538.70

              	 	
                March
                  2037

              
	
                I-29-A

              	 	
                (2)

              	 	
                $

              	
                1,915,322.48

              	 	
                March
                  2037

              
	
                I-29-B

              	 	
                (2)

              	 	
                $

              	
                1,915,322.48

              	 	
                March
                  2037

              
	
                I-30-A

              	 	
                (2)

              	 	
                $

              	
                1,839,489.58

              	 	
                March
                  2037

              
	
                I-30-B

              	 	
                (2)

              	 	
                $

              	
                1,839,489.58

              	 	
                March
                  2037

              
	
                I-31-A

              	 	
                (2)

              	 	
                $

              	
                2,115,954.68

              	 	
                March
                  2037

              
	
                I-31-B

              	 	
                (2)

              	 	
                $

              	
                2,115,954.68

              	 	
                March
                  2037

              
	
                I-32-A

              	 	
                (2)

              	 	
                $

              	
                2,144,121.18

              	 	
                March
                  2037

              
	
                I-32-B

              	 	
                (2)

              	 	
                $

              	
                2,144,121.18

              	 	
                March
                  2037

              
	
                I-33-A

              	 	
                (2)

              	 	
                $

              	
                2,059,188.33

              	 	
                March
                  2037

              
	
                I-33-B

              	 	
                (2)

              	 	
                $

              	
                2,059,188.33

              	 	
                March
                  2037

              
	
                I-34-A

              	 	
                (2)

              	 	
                $

              	
                1,975,555.47

              	 	
                March
                  2037

              
	
                I-34-B

              	 	
                (2)

              	 	
                $

              	
                1,975,555.47

              	 	
                March
                  2037

              
	
                I-35-A

              	 	
                (2)

              	 	
                $

              	
                1,897,989.25

              	 	
                March
                  2037

              
	
                I-35-B

              	 	
                (2)

              	 	
                $

              	
                1,897,989.25

              	 	
                March
                  2037

              
	
                I-36-A

              	 	
                (2)

              	 	
                $

              	
                13,938,737.68

              	 	
                March
                  2037

              
	
                I-36-B

              	 	
                (2)

              	 	
                $

              	
                13,938,737.68

              	 	
                March
                  2037

              
	
                I-37-A

              	 	
                (2)

              	 	
                $

              	
                12,904,810.21

              	 	
                March
                  2037

              
	
                I-37-B

              	 	
                (2)

              	 	
                $

              	
                12,904,810.21

              	 	
                March
                  2037

              
	
                I-38-A

              	 	
                (2)

              	 	
                $

              	
                12,102,498.09

              	 	
                March
                  2037

              
	
                I-38-B

              	 	
                (2)

              	 	
                $

              	
                12,102,498.09

              	 	
                March
                  2037

              
	
                I-39-A

              	 	
                (2)

              	 	
                $

              	
                1,578,841.05

              	 	
                March
                  2037

              
	
                I-39-B

              	 	
                (2)

              	 	
                $

              	
                1,578,841.05

              	 	
                March
                  2037

              
	
                I-40-A

              	 	
                (2)

              	 	
                $

              	
                220,782.08

              	 	
                March
                  2037

              
	
                I-40-B

              	 	
                (2)

              	 	
                $

              	
                220,782.08

              	 	
                March
                  2037

              
	
                I-41-A

              	 	
                (2)

              	 	
                $

              	
                221,215.41

              	 	
                March
                  2037

              
	
                I-41-B

              	 	
                (2)

              	 	
                $

              	
                221,215.41

              	 	
                March
                  2037

              
	
                I-42-A

              	 	
                (2)

              	 	
                $

              	
                211,248.80

              	 	
                March
                  2037

              
	
                I-42-B

              	 	
                (2)

              	 	
                $

              	
                211,248.80

              	 	
                March
                  2037

              
	
                I-43-A

              	 	
                (2)

              	 	
                $

              	
                211,682.13

              	 	
                March
                  2037

              
	
                I-43-B

              	 	
                (2)

              	 	
                $

              	
                211,682.13

              	 	
                March
                  2037

              
	
                I-44-A

              	 	
                (2)

              	 	
                $

              	
                202,148.85

              	 	
                March
                  2037

              
	
                I-44-B

              	 	
                (2)

              	 	
                $

              	
                202,148.85

              	 	
                March
                  2037

              
	
                I-45-A

              	 	
                (2)

              	 	
                $

              	
                184,815.62

              	 	
                March
                  2037

              
	
                I-45-B

              	 	
                (2)

              	 	
                $

              	
                184,815.62

              	 	
                March
                  2037

              
	
                I-46-A

              	 	
                (2)

              	 	
                $

              	
                193,915.57

              	 	
                March
                  2037

              
	
                I-46-B

              	 	
                (2)

              	 	
                $

              	
                193,915.57

              	 	
                March
                  2037

              
	
                I-47-A

              	 	
                (2)

              	 	
                $

              	
                176,582.33

              	 	
                March
                  2037

              
	
                I-47-B

              	 	
                (2)

              	 	
                $

              	
                176,582.33

              	 	
                March
                  2037

              
	
                I-48-A

              	 	
                (2)

              	 	
                $

              	
                189,798.92

              	 	
                March
                  2037

              
	
                I-48-B

              	 	
                (2)

              	 	
                $

              	
                189,798.92

              	 	
                March
                  2037

              
	
                I-49-A

              	 	
                (2)

              	 	
                $

              	
                153,182.47

              	 	
                March
                  2037

              
	
                I-49-B

              	 	
                (2)

              	 	
                $

              	
                153,182.47

              	 	
                March
                  2037

              
	
                I-50-A

              	 	
                (2)

              	 	
                $

              	
                150,582.48

              	 	
                March
                  2037

              
	
                I-50-B

              	 	
                (2)

              	 	
                $

              	
                150,582.48

              	 	
                March
                  2037

              
	
                I-51-A

              	 	
                (2)

              	 	
                $

              	
                178,965.65

              	 	
                March
                  2037

              
	
                I-51-B

              	 	
                (2)

              	 	
                $

              	
                178,965.65

              	 	
                March
                  2037

              
	
                I-52-A

              	 	
                (2)

              	 	
                $

              	
                172,249.02

              	 	
                March
                  2037

              
	
                I-52-B

              	 	
                (2)

              	 	
                $

              	
                172,249.02

              	 	
                March
                  2037

              
	
                I-53-A

              	 	
                (2)

              	 	
                $

              	
                171,165.70

              	 	
                March
                  2037

              
	
                I-53-B

              	 	
                (2)

              	 	
                $

              	
                171,165.70

              	 	
                March
                  2037

              
	
                I-54-A

              	 	
                (2)

              	 	
                $

              	
                162,282.41

              	 	
                March
                  2037

              
	
                I-54-B

              	 	
                (2)

              	 	
                $

              	
                162,282.41

              	 	
                March
                  2037

              
	
                I-55-A

              	 	
                (2)

              	 	
                $

              	
                161,632.42

              	 	
                March
                  2037

              
	
                I-55-B

              	 	
                (2)

              	 	
                $

              	
                161,632.42

              	 	
                March
                  2037

              
	
                I-56-A

              	 	
                (2)

              	 	
                $

              	
                153,832.46

              	 	
                March
                  2037

              
	
                I-56-B

              	 	
                (2)

              	 	
                $

              	
                153,832.46

              	 	
                March
                  2037

              
	
                I-57-A

              	 	
                (2)

              	 	
                $

              	
                140,182.54

              	 	
                March
                  2037

              
	
                I-57-B

              	 	
                (2)

              	 	
                $

              	
                140,182.54

              	 	
                March
                  2037

              
	
                I-58-A

              	 	
                (2)

              	 	
                $

              	
                146,899.17

              	 	
                March
                  2037

              
	
                I-58-B

              	 	
                (2)

              	 	
                $

              	
                146,899.17

              	 	
                March
                  2037

              
	
                I-59-A

              	 	
                (2)

              	 	
                $

              	
                133,682.58

              	 	
                March
                  2037

              
	
                I-59-B

              	 	
                (2)

              	 	
                $

              	
                133,682.58

              	 	
                March
                  2037

              
	
                I-60-A

              	 	
                (2)

              	 	
                $

              	
                143,215.86

              	 	
                March
                  2037

              
	
                I-60-B

              	 	
                (2)

              	 	
                $

              	
                143,215.86

              	 	
                March
                  2037

              
	
                I-61-A

              	 	
                (2)

              	 	
                $

              	
                115,916.01

              	 	
                March
                  2037

              
	
                I-61-B

              	 	
                (2)

              	 	
                $

              	
                115,916.01

              	 	
                March
                  2037

              
	
                I-62-A

              	 	
                (2)

              	 	
                $

              	
                113,966.02

              	 	
                March
                  2037

              
	
                I-62-B

              	 	
                (2)

              	 	
                $

              	
                113,966.02

              	 	
                March
                  2037

              
	
                I-63-A

              	 	
                (2)

              	 	
                $

              	
                134,765.90

              	 	
                March
                  2037

              
	
                I-63-B

              	 	
                (2)

              	 	
                $

              	
                134,765.90

              	 	
                March
                  2037

              
	
                I-64-A

              	 	
                (2)

              	 	
                $

              	
                128,915.94

              	 	
                March
                  2037

              
	
                I-64-B

              	 	
                (2)

              	 	
                $

              	
                128,915.94

              	 	
                March
                  2037

              
	
                I-65-A

              	 	
                (2)

              	 	
                $

              	
                128,915.94

              	 	
                March
                  2037

              
	
                I-65-B

              	 	
                (2)

              	 	
                $

              	
                128,915.94

              	 	
                March
                  2037

              
	
                I-66-A

              	 	
                (2)

              	 	
                $

              	
                123,282.63

              	 	
                March
                  2037

              
	
                I-66-B

              	 	
                (2)

              	 	
                $

              	
                123,282.63

              	 	
                March
                  2037

              
	
                I-67-A

              	 	
                (2)

              	 	
                $

              	
                123,499.30

              	 	
                March
                  2037

              
	
                I-67-B

              	 	
                (2)

              	 	
                $

              	
                123,499.30

              	 	
                March
                  2037

              
	
                I-68-A

              	 	
                (2)

              	 	
                $

              	
                117,866.00

              	 	
                March
                  2037

              
	
                I-68-B

              	 	
                (2)

              	 	
                $

              	
                117,866.00

              	 	
                March
                  2037

              
	
                I-69-A

              	 	
                (2)

              	 	
                $

              	
                107,682.72

              	 	
                March
                  2037

              
	
                I-69-B

              	 	
                (2)

              	 	
                $

              	
                107,682.72

              	 	
                March
                  2037

              
	
                I-70-A

              	 	
                (2)

              	 	
                $

              	
                4,985,038.42

              	 	
                March
                  2037

              
	
                I-70-B

              	 	
                (2)

              	 	
                $

              	
                4,985,038.42

              	 	
                March
                  2037

              
	
                II

              	 	
                (2)

              	 	
                $

              	
                27,451,194.46

              	 	
                March
                  2037

              
	
                II-1-A

              	 	
                (2)

              	 	
                $

              	
                2,375,476.96

              	 	
                March
                  2037

              
	
                II-1-B

              	 	
                (2)

              	 	
                $

              	
                2,375,476.96

              	 	
                March
                  2037

              
	
                II-2-A

              	 	
                (2)

              	 	
                $

              	
                2,621,694.69

              	 	
                March
                  2037

              
	
                II-2-B

              	 	
                (2)

              	 	
                $

              	
                2,621,694.69

              	 	
                March
                  2037

              
	
                II-3-A

              	 	
                (2)

              	 	
                $

              	
                2,861,679.07

              	 	
                March
                  2037

              
	
                II-3-B

              	 	
                (2)

              	 	
                $

              	
                2,861,679.07

              	 	
                March
                  2037

              
	
                II-4-A

              	 	
                (2)

              	 	
                $

              	
                3,095,146.74

              	 	
                March
                  2037

              
	
                II-4-B

              	 	
                (2)

              	 	
                $

              	
                3,095,146.74

              	 	
                March
                  2037

              
	
                II-5-A

              	 	
                (2)

              	 	
                $

              	
                3,320,681.06

              	 	
                March
                  2037

              
	
                II-5-B

              	 	
                (2)

              	 	
                $

              	
                3,320,681.06

              	 	
                March
                  2037

              
	
                II-6-A

              	 	
                (2)

              	 	
                $

              	
                3,537,148.66

              	 	
                March
                  2037

              
	
                II-6-B

              	 	
                (2)

              	 	
                $

              	
                3,537,148.66

              	 	
                March
                  2037

              
	
                II-7-A

              	 	
                (2)

              	 	
                $

              	
                3,744,266.22

              	 	
                March
                  2037

              
	
                II-7-B

              	 	
                (2)

              	 	
                $

              	
                3,744,266.22

              	 	
                March
                  2037

              
	
                II-8-A

              	 	
                (2)

              	 	
                $

              	
                3,940,900.41

              	 	
                March
                  2037

              
	
                II-8-B

              	 	
                (2)

              	 	
                $

              	
                3,940,900.41

              	 	
                March
                  2037

              
	
                II-9-A

              	 	
                (2)

              	 	
                $

              	
                4,125,917.88

              	 	
                March
                  2037

              
	
                II-9-B

              	 	
                (2)

              	 	
                $

              	
                4,125,917.88

              	 	
                March
                  2037

              
	
                II-10-A

              	 	
                (2)

              	 	
                $

              	
                4,299,035.29

              	 	
                March
                  2037

              
	
                II-10-B

              	 	
                (2)

              	 	
                $

              	
                4,299,035.29

              	 	
                March
                  2037

              
	
                II-11-A

              	 	
                (2)

              	 	
                $

              	
                4,453,452.63

              	 	
                March
                  2037

              
	
                II-11-B

              	 	
                (2)

              	 	
                $

              	
                4,453,452.63

              	 	
                March
                  2037

              
	
                II-12-A

              	 	
                (2)

              	 	
                $

              	
                4,578,119.84

              	 	
                March
                  2037

              
	
                II-12-B

              	 	
                (2)

              	 	
                $

              	
                4,578,119.84

              	 	
                March
                  2037

              
	
                II-13-A

              	 	
                (2)

              	 	
                $

              	
                4,569,336.47

              	 	
                March
                  2037

              
	
                II-13-B

              	 	
                (2)

              	 	
                $

              	
                4,569,336.47

              	 	
                March
                  2037

              
	
                II-14-A

              	 	
                (2)

              	 	
                $

              	
                4,634,786.75

              	 	
                March
                  2037

              
	
                II-14-B

              	 	
                (2)

              	 	
                $

              	
                4,634,786.75

              	 	
                March
                  2037

              
	
                II-15-A

              	 	
                (2)

              	 	
                $

              	
                4,470,452.70

              	 	
                March
                  2037

              
	
                II-15-B

              	 	
                (2)

              	 	
                $

              	
                4,470,452.70

              	 	
                March
                  2037

              
	
                II-16-A

              	 	
                (2)

              	 	
                $

              	
                4,311,502.02

              	 	
                March
                  2037

              
	
                II-16-B

              	 	
                (2)

              	 	
                $

              	
                4,311,502.02

              	 	
                March
                  2037

              
	
                II-17-A

              	 	
                (2)

              	 	
                $

              	
                4,157,651.35

              	 	
                March
                  2037

              
	
                II-17-B

              	 	
                (2)

              	 	
                $

              	
                4,157,651.35

              	 	
                March
                  2037

              
	
                II-18-A

              	 	
                (2)

              	 	
                $

              	
                4,008,617.37

              	 	
                March
                  2037

              
	
                II-18-B

              	 	
                (2)

              	 	
                $

              	
                4,008,617.37

              	 	
                March
                  2037

              
	
                II-19-A

              	 	
                (2)

              	 	
                $

              	
                3,864,400.08

              	 	
                March
                  2037

              
	
                II-19-B

              	 	
                (2)

              	 	
                $

              	
                3,864,400.08

              	 	
                March
                  2037

              
	
                II-20-A

              	 	
                (2)

              	 	
                $

              	
                6,532,278.31

              	 	
                March
                  2037

              
	
                II-20-B

              	 	
                (2)

              	 	
                $

              	
                6,532,278.31

              	 	
                March
                  2037

              
	
                II-21-A

              	 	
                (2)

              	 	
                $

              	
                6,144,393.29

              	 	
                March
                  2037

              
	
                II-21-B

              	 	
                (2)

              	 	
                $

              	
                6,144,393.29

              	 	
                March
                  2037

              
	
                II-22-A

              	 	
                (2)

              	 	
                $

              	
                5,779,458.38

              	 	
                March
                  2037

              
	
                II-22-B

              	 	
                (2)

              	 	
                $

              	
                5,779,458.38

              	 	
                March
                  2037

              
	
                II-23-A

              	 	
                (2)

              	 	
                $

              	
                5,436,056.89

              	 	
                March
                  2037

              
	
                II-23-B

              	 	
                (2)

              	 	
                $

              	
                5,436,056.89

              	 	
                March
                  2037

              
	
                II-24-A

              	 	
                (2)

              	 	
                $

              	
                5,112,772.15

              	 	
                March
                  2037

              
	
                II-24-B

              	 	
                (2)

              	 	
                $

              	
                5,112,772.15

              	 	
                March
                  2037

              
	
                II-25-A

              	 	
                (2)

              	 	
                $

              	
                4,711,287.08

              	 	
                March
                  2037

              
	
                II-25-B

              	 	
                (2)

              	 	
                $

              	
                4,711,287.08

              	 	
                March
                  2037

              
	
                II-26-A

              	 	
                (2)

              	 	
                $

              	
                2,772,712.01

              	 	
                March
                  2037

              
	
                II-26-B

              	 	
                (2)

              	 	
                $

              	
                2,772,712.01

              	 	
                March
                  2037

              
	
                II-27-A

              	 	
                (2)

              	 	
                $

              	
                2,713,211.76

              	 	
                March
                  2037

              
	
                II-27-B

              	 	
                (2)

              	 	
                $

              	
                2,713,211.76

              	 	
                March
                  2037

              
	
                II-28-A

              	 	
                (2)

              	 	
                $

              	
                2,606,961.30

              	 	
                March
                  2037

              
	
                II-28-B

              	 	
                (2)

              	 	
                $

              	
                2,606,961.30

              	 	
                March
                  2037

              
	
                II-29-A

              	 	
                (2)

              	 	
                $

              	
                2,504,677.52

              	 	
                March
                  2037

              
	
                II-29-B

              	 	
                (2)

              	 	
                $

              	
                2,504,677.52

              	 	
                March
                  2037

              
	
                II-30-A

              	 	
                (2)

              	 	
                $

              	
                2,405,510.42

              	 	
                March
                  2037

              
	
                II-30-B

              	 	
                (2)

              	 	
                $

              	
                2,405,510.42

              	 	
                March
                  2037

              
	
                II-31-A

              	 	
                (2)

              	 	
                $

              	
                2,767,045.32

              	 	
                March
                  2037

              
	
                II-31-B

              	 	
                (2)

              	 	
                $

              	
                2,767,045.32

              	 	
                March
                  2037

              
	
                II-32-A

              	 	
                (2)

              	 	
                $

              	
                2,803,878.82

              	 	
                March
                  2037

              
	
                II-32-B

              	 	
                (2)

              	 	
                $

              	
                2,803,878.82

              	 	
                March
                  2037

              
	
                II-33-A

              	 	
                (2)

              	 	
                $

              	
                2,692,811.67

              	 	
                March
                  2037

              
	
                II-33-B

              	 	
                (2)

              	 	
                $

              	
                2,692,811.67

              	 	
                March
                  2037

              
	
                II-34-A

              	 	
                (2)

              	 	
                $

              	
                2,583,444.53

              	 	
                March
                  2037

              
	
                II-34-B

              	 	
                (2)

              	 	
                $

              	
                2,583,444.53

              	 	
                March
                  2037

              
	
                II-35-A

              	 	
                (2)

              	 	
                $

              	
                2,482,010.75

              	 	
                March
                  2037

              
	
                II-35-B

              	 	
                (2)

              	 	
                $

              	
                2,482,010.75

              	 	
                March
                  2037

              
	
                II-36-A

              	 	
                (2)

              	 	
                $

              	
                18,227,762.32

              	 	
                March
                  2037

              
	
                II-36-B

              	 	
                (2)

              	 	
                $

              	
                18,227,762.32

              	 	
                March
                  2037

              
	
                II-37-A

              	 	
                (2)

              	 	
                $

              	
                16,875,689.79

              	 	
                March
                  2037

              
	
                II-37-B

              	 	
                (2)

              	 	
                $

              	
                16,875,689.79

              	 	
                March
                  2037

              
	
                II-38-A

              	 	
                (2)

              	 	
                $

              	
                15,826,501.91

              	 	
                March
                  2037

              
	
                II-38-B

              	 	
                (2)

              	 	
                $

              	
                15,826,501.91

              	 	
                March
                  2037

              
	
                II-39-A

              	 	
                (2)

              	 	
                $

              	
                2,064,658.95

              	 	
                March
                  2037

              
	
                II-39-B

              	 	
                (2)

              	 	
                $

              	
                2,064,658.95

              	 	
                March
                  2037

              
	
                II-40-A

              	 	
                (2)

              	 	
                $

              	
                288,717.92

              	 	
                March
                  2037

              
	
                II-40-B

              	 	
                (2)

              	 	
                $

              	
                288,717.92

              	 	
                March
                  2037

              
	
                II-41-A

              	 	
                (2)

              	 	
                $

              	
                289,284.59

              	 	
                March
                  2037

              
	
                II-41-B

              	 	
                (2)

              	 	
                $

              	
                289,284.59

              	 	
                March
                  2037

              
	
                II-42-A

              	 	
                (2)

              	 	
                $

              	
                276,251.20

              	 	
                March
                  2037

              
	
                II-42-B

              	 	
                (2)

              	 	
                $

              	
                276,251.20

              	 	
                March
                  2037

              
	
                II-43-A

              	 	
                (2)

              	 	
                $

              	
                276,817.87

              	 	
                March
                  2037

              
	
                II-43-B

              	 	
                (2)

              	 	
                $

              	
                276,817.87

              	 	
                March
                  2037

              
	
                II-44-A

              	 	
                (2)

              	 	
                $

              	
                264,351.15

              	 	
                March
                  2037

              
	
                II-44-B

              	 	
                (2)

              	 	
                $

              	
                264,351.15

              	 	
                March
                  2037

              
	
                II-45-A

              	 	
                (2)

              	 	
                $

              	
                241,684.38

              	 	
                March
                  2037

              
	
                II-45-B

              	 	
                (2)

              	 	
                $

              	
                241,684.38

              	 	
                March
                  2037

              
	
                II-46-A

              	 	
                (2)

              	 	
                $

              	
                253,584.43

              	 	
                March
                  2037

              
	
                II-46-B

              	 	
                (2)

              	 	
                $

              	
                253,584.43

              	 	
                March
                  2037

              
	
                II-47-A

              	 	
                (2)

              	 	
                $

              	
                230,917.67

              	 	
                March
                  2037

              
	
                II-47-B

              	 	
                (2)

              	 	
                $

              	
                230,917.67

              	 	
                March
                  2037

              
	
                II-48-A

              	 	
                (2)

              	 	
                $

              	
                248,201.08

              	 	
                March
                  2037

              
	
                II-48-B

              	 	
                (2)

              	 	
                $

              	
                248,201.08

              	 	
                March
                  2037

              
	
                II-49-A

              	 	
                (2)

              	 	
                $

              	
                200,317.53

              	 	
                March
                  2037

              
	
                II-49-B

              	 	
                (2)

              	 	
                $

              	
                200,317.53

              	 	
                March
                  2037

              
	
                II-50-A

              	 	
                (2)

              	 	
                $

              	
                196,917.52

              	 	
                March
                  2037

              
	
                II-50-B

              	 	
                (2)

              	 	
                $

              	
                196,917.52

              	 	
                March
                  2037

              
	
                II-51-A

              	 	
                (2)

              	 	
                $

              	
                234,034.35

              	 	
                March
                  2037

              
	
                II-51-B

              	 	
                (2)

              	 	
                $

              	
                234,034.35

              	 	
                March
                  2037

              
	
                II-52-A

              	 	
                (2)

              	 	
                $

              	
                225,250.98

              	 	
                March
                  2037

              
	
                II-52-B

              	 	
                (2)

              	 	
                $

              	
                225,250.98

              	 	
                March
                  2037

              
	
                II-53-A

              	 	
                (2)

              	 	
                $

              	
                223,834.30

              	 	
                March
                  2037

              
	
                II-53-B

              	 	
                (2)

              	 	
                $

              	
                223,834.30

              	 	
                March
                  2037

              
	
                II-54-A

              	 	
                (2)

              	 	
                $

              	
                212,217.59

              	 	
                March
                  2037

              
	
                II-54-B

              	 	
                (2)

              	 	
                $

              	
                212,217.59

              	 	
                March
                  2037

              
	
                II-55-A

              	 	
                (2)

              	 	
                $

              	
                211,367.58

              	 	
                March
                  2037

              
	
                II-55-B

              	 	
                (2)

              	 	
                $

              	
                211,367.58

              	 	
                March
                  2037

              
	
                II-56-A

              	 	
                (2)

              	 	
                $

              	
                201,167.54

              	 	
                March
                  2037

              
	
                II-56-B

              	 	
                (2)

              	 	
                $

              	
                201,167.54

              	 	
                March
                  2037

              
	
                II-57-A

              	 	
                (2)

              	 	
                $

              	
                183,317.46

              	 	
                March
                  2037

              
	
                II-57-B

              	 	
                (2)

              	 	
                $

              	
                183,317.46

              	 	
                March
                  2037

              
	
                II-58-A

              	 	
                (2)

              	 	
                $

              	
                192,100.83

              	 	
                March
                  2037

              
	
                II-58-B

              	 	
                (2)

              	 	
                $

              	
                192,100.83

              	 	
                March
                  2037

              
	
                II-59-A

              	 	
                (2)

              	 	
                $

              	
                174,817.42

              	 	
                March
                  2037

              
	
                II-59-B

              	 	
                (2)

              	 	
                $

              	
                174,817.42

              	 	
                March
                  2037

              
	
                II-60-A

              	 	
                (2)

              	 	
                $

              	
                187,284.14

              	 	
                March
                  2037

              
	
                II-60-B

              	 	
                (2)

              	 	
                $

              	
                187,284.14

              	 	
                March
                  2037

              
	
                II-61-A

              	 	
                (2)

              	 	
                $

              	
                151,583.99

              	 	
                March
                  2037

              
	
                II-61-B

              	 	
                (2)

              	 	
                $

              	
                151,583.99

              	 	
                March
                  2037

              
	
                II-62-A

              	 	
                (2)

              	 	
                $

              	
                149,033.98

              	 	
                March
                  2037

              
	
                II-62-B

              	 	
                (2)

              	 	
                $

              	
                149,033.98

              	 	
                March
                  2037

              
	
                II-63-A

              	 	
                (2)

              	 	
                $

              	
                176,234.10

              	 	
                March
                  2037

              
	
                II-63-B

              	 	
                (2)

              	 	
                $

              	
                176,234.10

              	 	
                March
                  2037

              
	
                II-64-A

              	 	
                (2)

              	 	
                $

              	
                168,584.06

              	 	
                March
                  2037

              
	
                II-64-B

              	 	
                (2)

              	 	
                $

              	
                168,584.06

              	 	
                March
                  2037

              
	
                II-65-A

              	 	
                (2)

              	 	
                $

              	
                168,584.06

              	 	
                March
                  2037

              
	
                II-65-B

              	 	
                (2)

              	 	
                $

              	
                168,584.06

              	 	
                March
                  2037

              
	
                II-66-A

              	 	
                (2)

              	 	
                $

              	
                161,217.37

              	 	
                March
                  2037

              
	
                II-66-B

              	 	
                (2)

              	 	
                $

              	
                161,217.37

              	 	
                March
                  2037

              
	
                II-67-A

              	 	
                (2)

              	 	
                $

              	
                161,500.70

              	 	
                March
                  2037

              
	
                II-67-B

              	 	
                (2)

              	 	
                $

              	
                161,500.70

              	 	
                March
                  2037

              
	
                II-68-A

              	 	
                (2)

              	 	
                $

              	
                154,134.00

              	 	
                March
                  2037

              
	
                II-68-B

              	 	
                (2)

              	 	
                $

              	
                154,134.00

              	 	
                March
                  2037

              
	
                II-69-A

              	 	
                (2)

              	 	
                $

              	
                140,817.28

              	 	
                March
                  2037

              
	
                II-69-B

              	 	
                (2)

              	 	
                $

              	
                140,817.28

              	 	
                March
                  2037

              
	
                II-70-A

              	 	
                (2)

              	 	
                $

              	
                6,518,961.58

              	 	
                March
                  2037

              
	
                II-70-B

              	 	
                (2)

              	 	
                $

              	
                6,518,961.58

              	 	
                March
                  2037

              
	
                I-LT-P

              	 	
                (2)

              	 	
                $

              	
                100.00

              	 	
                March
                  2037

              
	
                I-LT-AR

              	 	
                (2)

              	 	
                $

              	
                100.00

              	 	
                March
                  2037

              

      

      

      ________________

      (1)  
         For
        purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
        Distribution Date immediately following the maturity date for the Mortgage
        Loan
        with the latest maturity date has been designated as the “latest possible
        maturity date” for each REMIC 2 Regular Interest.

      (1)  
         Calculated
        in accordance with the definition of “REMIC 2 Remittance Rate”
herein.

       

      
 

      REMIC
        3

       

      As
        provided herein, the Trustee will elect to treat the segregated pool of assets
        consisting of the REMIC 2 Regular Interests as a REMIC for federal income
        tax
        purposes, and such segregated pool of assets will be designated as REMIC
        3. The
        R-3-R Interest will represent the sole class of “residual interests” in REMIC 3
        for purposes of the REMIC Provisions under federal income tax law. The following
        table irrevocably sets forth the designation, REMIC 3 Remittance Rate, initial
        Uncertificated Principal Balance on each of the “regular interests” in REMIC 3
        (the “REMIC 3 Regular Interests”). None of the REMIC 3 Regular Interests will be
        certificated.

       

      
        
          	
                  Designation

                	 	
                  REMIC
                    3 Remittance

                  Rate

                	 	
                  Uncertificated
                    Principal

                  Balance

                	 	
                  Latest
                    Possible 

                  Maturity
                    Date(1)

                
	
                  LT-AA

                	 	
                  (2)

                	 	
                  $                    367,501,996.47
                    

                	 	
                  March
                    2037

                
	
                  LT-1A

                	 	
                  (2)

                	 	
                  $                       
                    1,294,310.00 

                	 	
                  March
                    2037

                
	
                  LT-2A1

                	 	
                  (2)

                	 	
                  $                        1,038,580.00
                    

                	 	
                  March
                    2037

                
	
                  LT-2A2

                	 	
                  (2)

                	 	
                  $                           123,395.00
                    

                	 	
                  March
                    2037

                
	
                  LT-2A3

                	 	
                  (2)

                	 	
                  $                           372,560.00
                    

                	 	
                  March
                    2037

                
	
                  LT-2A4

                	 	
                  (2)

                	 	
                  $                           158,045.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M1

                	 	
                  (2)

                	 	
                  $                           129,370.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M2

                	 	
                  (2)

                	 	
                  $                           129,370.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M3

                	 	
                  (2)

                	 	
                  $                             80,635.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M4

                	 	
                  (2)

                	 	
                  $                             71,250.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M5

                	 	
                  (2)

                	 	
                  $                             69,375.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M6

                	 	
                  (2)

                	 	
                  $                             60,000.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M7

                	 	
                  (2)

                	 	
                  $                             52,500.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M8

                	 	
                  (2)

                	 	
                  $                             24,375.00
                    

                	 	
                  March
                    2037

                
	
                  LT-M9

                	 	
                  (2)

                	 	
                  $                             41,250.00
                    

                	 	
                  March
                    2037

                
	
                  LT-B

                	 	
                  (2)

                	 	
                  $                             39,375.00
                    

                	 	
                  March
                    2037

                
	
                  LT-ZZ

                	 	
                  (2)

                	 	
                  $                       3,815,650.74
                    

                	 	
                  March
                    2037

                
	
                  LT-P

                	 	
                  (2)

                	 	
                  $                                  100.00
                    

                	 	
                  March
                    2037

                
	
                  LT-AR

                	 	
                  (2)

                	 	
                  $                                  100.00
                    

                	 	
                  March
                    2037

                
	
                  LT-1SUB

                	 	
                  (2)

                	 	
                  $                               6,613.79
                    

                	 	
                  March
                    2037

                
	
                  LT-1GRP

                	 	
                  (2)

                	 	
                  $                            32,499.99
                    

                	 	
                  March
                    2037

                
	
                  LT-2SUB

                	 	
                  (2)

                	 	
                  $                               8,648.82
                    

                	 	
                  March
                    2037

                
	
                  LT-2GRP

                	 	
                  (2)

                	 	
                  $ 
                                               42,500.42
                    

                	 	
                  March
                    2037

                
	
                  LT-XX

                	 	
                  (2)

                	 	
                  $                   374,911,774.20
                    

                	 	
                  March
                    2037

                
	
                  II-IO

                	 	
                  (2)

                	 	
                  (3)

                	 	
                  March
                    2037

                

        

      

      

      ________________________

      
        	
                (1)

              	
                For
                  purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                  the
                  Distribution Date immediately following the maturity date for the
                  Mortgage
                  Loan with the latest maturity date has been designated as the “latest
                  possible maturity date” for each REMIC 3 Regular
                  Interest.

              

      

      
        	
                (2)

              	
                Calculated
                  as provided in the definition of “REMIC 3 Remittance Rate”
                  herein.

              

      

      
        	
                (3)

              	
                REMIC
                  3 Regular Interest II-IO will not have an Uncertificated Principal
                  Balance, but will accrue interest on its Uncertificated Notional
                  Amount as
                  defined herein.

              

      

      

      

      

      REMIC
        4

       

      As
        provided herein, the Trustee will elect to treat the segregated pool of assets
        consisting of the REMIC 3 Regular Interests as a REMIC for federal income
        tax
        purposes, and such segregated pool of assets will be designated as REMIC
        4. The
        R-4-R Interest will represent the sole class of “residual interests” in REMIC 4
        for purposes of the REMIC Provisions under federal income tax law. The following
        table irrevocably sets forth the designation, Pass-Through Rate, aggregate
        Initial Certificate Principal Balance and Final Scheduled Distribution Date
        for
        each Class of Certificates comprising the interests representing “regular
        interests” in REMIC 4. 

       

      
        

          
            	
                    Designation

                  	 	
                    Pass-Through

                    Rate

                  	 	
                    Aggregate
                      Initial Certificate 

                    Principal
                      Balance

                  	 	
                    Latest
                      Possible 

                    Maturity
                      Date(1)

                  
	
                    Class
                      1-A

                  	 	
                    (2)

                  	 	
                    $
                      258,862,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      2-A-1

                  	 	
                    (2)

                  	 	
                    $
                      207,716,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      2-A-2

                  	 	
                    (2)

                  	 	
                    $
                        24,679,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      2-A-3

                  	 	
                    (2)

                  	 	
                    $ 
                       74,512,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      2-A-4

                  	 	
                    (2)

                  	 	
                    $ 
                       31,609,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-1

                  	 	
                    (2)

                  	 	
                    $ 
                       25,874,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-2

                  	 	
                    (2)

                  	 	
                    $ 
                       25,874,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-3

                  	 	
                    (2)

                  	 	
                    $
                        16,127,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-4

                  	 	
                    (2)

                  	 	
                    $
                        14,250,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-5

                  	 	
                    (2)

                  	 	
                    $
                        13,875,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-6

                  	 	
                    (2)
                      

                  	 	
                    $
                        12,000,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-7

                  	 	
                    (2)

                  	 	
                    $
                        10,500,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-8

                  	 	
                    (2)

                  	 	
                    $
                          4,875,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      M-9

                  	 	
                    (2)

                  	 	
                    $
                          8,250,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      B

                  	 	
                    (2)

                  	 	
                    $
                          7,875,000.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      C

                  	 	
                    (3)

                  	 	
                    $
                        13,126,074.43

                  	 	
                    March
                      2037

                  
	
                    Class
                      P

                  	 	
                    (4)

                  	 	
                    $ 
                                  
                       100.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      A-R

                  	 	
                    (5)

                  	 	
                    $ 
                                  
                       100.00

                  	 	
                    March
                      2037

                  
	
                    Class
                      Swap-IO Interest 

                  	 	
                    (6)

                  	 	
                    (6)

                  	 	
                    March
                      2037

                  

          

        

      

      _______________

      
        	
                (1)

              	
                For
                  purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                  the
                  Distribution Date immediately following the maturity date for the
                  Mortgage
                  Loan with the latest maturity date has been designated as the “latest
                  possible maturity date” for each REMIC 4 Regular
                  Certificate.

              

      
        	(2) 	
                Interest
                  will accrue at a rate equal to the Pass-Through Rate, as defined
                  herein.

              

        	
                (3)

              	
                The
                  Class C Certificates will accrue interest at its variable Pass-Through
                  Rate on the Class C Notional Amount outstanding from time to time
                  which
                  shall equal the Uncertificated Principal Balance of the REMIC 3
                  Regular Interests (other than REMIC 3 Regular Interest LT-P). The
                  Class C Certificates will not accrue interest on their Certificate
                  Principal Balance initially equal to
                  $13,126,074.43.

              

      

      
        	
                (4)

              	
                The
                  Class P Certificates will be not entitled to distributions of interest,
                  but will be entitled to all Prepayment Charges distributed with
                  respect
                  REMIC 3 Regular Interest LT-P.

              

      

      
        	
                (5)

              	
                The
                  Class A-R Certificates represent the sole class of residual interests
                  in
                  each REMIC created hereunder. The Class A-R Certificates will not
                  be
                  entitled to distributions of
                  interest.

              

      

      
        	
                (6)

              	
                The
                  Class SWAP-IO Interest will not have a Pass-Through Rate or a
                  Uncertificated Principal Balance, but will be entitled to 100%
                  of amounts
                  distributed on REMIC 3 Regular Interest
                  II-IO.

              

      

      

      The
        foregoing REMIC structure is intended to cause all of the cash from the Mortgage
        Loans to flow through to REMIC 4 as cash flow on REMIC regular interests,
        without creating any shortfall— actual or potential (other than for credit
        losses)— to any REMIC regular interest. It is not intended that the Class A-R
        Certificates be entitled to any cash flows pursuant to this Agreement except
        as
        provided in Section 3.08(a) hereunder.

      

       

      ARTICLE
        I.

       

      DEFINITIONS

       

       

      Section
        1.01 Defined
        Terms.

       

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

       

      40-Year
        Mortgage Loan:
        A
        Mortgage Loan with an original term to maturity of 40 years.

       

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

       

      Account:
        The
        Escrow Account, the Certificate Account, the Distribution Account, the
        Pre-Funding Account, the Swap Account or any other account related to the
        Trust
        Fund, the Swap Trust or the Mortgage Loans.

       

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

       

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

       

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

       

      Adjusted
        Replacement Upfront Amount:
        As
        defined in Section 3.21.

       

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

       

      Advance:
        The
        aggregate of the advances required to be made by the Master Servicer with
        respect to any Distribution Date pursuant to Section 4.01, the amount of
        any
        such advances being equal to the aggregate of payments of principal of, and
        interest on the Stated Principal Balance of, the Mortgage Loans (net of the
        Servicing Fees) that were due on the related Due Date and not received by
        the
        Master Servicer as of the close of business on the related Determination
        Date
        including an amount equivalent to interest on the Stated Principal Balance
        of
        each Mortgage Loan as to which the related Mortgaged Property is an REO Property
        or as to which the related Mortgaged Property has been liquidated but such
        Mortgage Loan has not yet become a Liquidated Mortgage Loan; provided, however,
        that the net monthly rental income (if any) from such REO Property deposited
        in
        the Certificate Account for such Distribution Date pursuant to Section 3.12
        may
        be used to offset such Advance for the related REO Property; provided, further,
        that for the avoidance of doubt, no Advances shall be required to be made
        in
        respect of any Liquidated Mortgage Loan.

       

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

       

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

       

      Applied
        Realized Loss Amount:
        With
        respect to any Distribution Date and any Loan Group or Loan Groups, the amount,
        if any, by which, the aggregate Certificate Principal Balance of the Class(es)
        of Certificates listed opposite such Loan Group(s) in the following table
        (after
        all distributions of principal on such Distribution Date) exceeds the sum
        of (x)
        the aggregate Stated Principal Balance of the Mortgage Loans in such Loan
        Group(s) for such Distribution Date and (y) the amount on deposit in the
        Pre-Funding Account in respect of such Loan Group(s); provided, however,
        that an
        Applied Realized Loss Amount will not exist for a single Loan Group with
        respect
        to its corresponding Class A Certificates unless the Certificate Principal
        Balances of the Subordinate Certificates have been reduced to zero.

       

      
        	
                Loan
                  Group(s)

              	
                Class(es)
                  of Certificates

              
	
                1
                  and 2

              	
                Subordinate

              
	
                1

              	
                1-A

              
	
                2

              	
                2-A

              

      

      

       

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

       

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

       

      Bankruptcy
        Code:
        Title
        11 of the United States Code.

       

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

       

      Book-Entry
        Certificates:
        Any of
        the Certificates that shall be registered in the name of the Depository or
        its
        nominee, the ownership of which is reflected on the books of the Depository
        or
        on the books of a person maintaining an account with the Depository (directly,
        as a “Depository Participant”, or indirectly, as an indirect participant in
        accordance with the rules of the Depository and as described in Section 5.06).
        As of the Closing Date, each Class of Offered Certificates (other than the
        Class
        A-R Certificates) constitutes a Class of Book-Entry Certificates.

       

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

       

      Carryover
        Reserve Fund:
        The
        separate Eligible Account created and initially maintained by the Trustee
        pursuant to Section 4.07 in the name of the Trustee for the benefit of the
        Certificateholders and designated “The Bank of New York in trust for registered
        Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-BC5”. Funds in
        the Carryover Reserve Fund shall be held in trust for the Certificateholders
        for
        the uses and purposes set forth in this Agreement.

       

      Certificate:
        Any one
        of the certificates of any Class executed and authenticated by the Trustee
        in
        substantially the forms attached hereto as Exhibits A-1 through A-15, Exhibit
        B,
        Exhibit C, Exhibit D and Exhibit E.

       

      Certificate
        Account:
        The
        separate Eligible Account created and initially maintained by the Master
        Servicer pursuant to Section 3.05(b) at Countrywide Bank, N.A., which is
        an
        affiliate of the Master Servicer in the name of the Master Servicer for the
        benefit of the Trustee on behalf of the Certificateholders and designated
        “Countrywide Home Loans Servicing LP in trust for registered Holders of CWABS,
        Inc., Asset-Backed Certificates, Series 2006-BC5”. Funds in the Certificate
        Account shall be held in trust for the Certificateholders for the uses and
        purposes set forth in this Agreement.

       

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

       

      Certificate
        Principal Balance:
        As to
        any Certificate (other than the Class C Certificates) and as of any Distribution
        Date, the Initial Certificate Principal Balance of such Certificate (A) less
        the
        sum of (i) all amounts distributed with respect to such Certificate in reduction
        of the Certificate Principal Balance thereof on previous Distribution Dates
        pursuant to Section 4.04(b) and (ii) any Applied Realized Loss Amounts allocated
        to such Certificate on previous Distribution Dates pursuant to Section 4.04(g),
        and (B) increased by any Subsequent Recoveries allocated to such Certificate
        pursuant to Section 4.04(h) on such Distribution Date. References herein
        to the
        Certificate Principal Balance of a Class of Certificates shall mean the
        Certificate Principal Balances of all Certificates in such Class. As to any
        Class C Certificate and as of any Distribution Date, an amount equal to the
        excess, if any, of (i) the aggregate Stated
        Principal Balance of
        the
        Mortgage Loans over (ii) the aggregate Certificate Principal Balance of the
        Senior Certificates and Subordinate Certificates. With respect to any
        Certificate (other than the Class C Certificates) of a Class and any
        Distribution Date, the portion of the Certificate Principal Balance of such
        Class represented by such Certificate equal to the product of the Percentage
        Interest evidenced by such Certificate and the Certificate Principal Balance
        of
        such Class.

       

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

       

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

       

      Certification
        Party:
        As
        defined in Section 11.05.

       

      Certifying
        Person:
        As
        defined in Section 11.05.

       

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

       

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

       

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

       

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

       

      Class
        1-A Net Rate Cap:
        For any
        Distribution Date, the weighted average Adjusted Net Mortgage Rate of the
        Mortgage Loans in Loan Group 1 as of the first day of the related Due Period
        (after giving effect to Principal Prepayments received during the Prepayment
        Period that ends during such Due Period), adjusted to an effective rate
        reflecting the calculation of interest on the basis of the actual number
        of days
        elapsed during the related Accrual Period and a 360-day year, minus a fraction,
        expressed as a percentage, the numerator of which is (a) the product of (x)
        the
        sum of (1) the Net Swap Payment payable to the Swap Counterparty with respect
        to
        such Distribution Date times a fraction, the numerator of which is equal
        to 360
        and the denominator of which is equal to the actual number of days in the
        related Accrual Period and (2) any Swap Termination Payment payable to the
        Swap
        Counterparty for such Distribution Date (other than a Swap Termination Payment
        due to a Swap Counterparty Trigger Event) times a fraction, the numerator
        of
        which is 360 and the denominator of which is the actual number of days in
        the
        related Accrual Period and (y) a fraction, the numerator of which is the
        Interest Funds for Loan Group 1 for such Distribution Date, and the denominator
        of which is the Interest Funds for Loan Group 1 and Loan Group 2 for such
        Distribution Date, and the denominator of which is (b) the sum of the aggregate
        Stated Principal Balance of the Mortgage Loans in Loan Group 1 as of the
        first
        day of the related Due Period (after giving effect to Principal Prepayments
        received during the Prepayment Period that ends during such Due Period) plus
        any
        amounts on deposit in the Pre-Funding Account in respect of Loan Group 1
        as of
        the first day of that Due Period.

       

      Class
        1-A Principal Distribution Target Amount:
        With
        respect to any Distribution Date, the excess of: (1) the Certificate Principal
        Balance of the Class 1-A Certificates immediately prior to such Distribution
        Date, over (2) the lesser of (i) 59.30% of the aggregate Stated Principal
        Balance of the Mortgage Loans in Loan Group 1 for the Distribution Date and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
        1 for
        the Distribution Date minus 0.50% of the sum of the aggregate Cut-off Date
        Principal Balance of the Initial Mortgage Loans in Loan Group 1 as of the
        Initial Cut-off Date and the Group 1 Pre-Funded Amount.

      

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

       

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

       

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

       

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

       

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

       

      Class
        2-A Net Rate Cap:
        For any
        Distribution Date, the weighted average Adjusted Net Mortgage Rate of the
        Mortgage Loans in Loan Group 2 as of the first day of the related Due Period
        (after giving effect to Principal Prepayments received during the Prepayment
        Period that ends during such Due Period), adjusted to an effective rate
        reflecting the calculation of interest on the basis of the actual number
        of days
        elapsed during the related Accrual Period and a 360-day year, minus a fraction,
        expressed as a percentage, the numerator of which is (a) the product of (x)
        the
        sum of (1) the Net Swap Payment payable to the Swap Counterparty with respect
        to
        such Distribution Date times a fraction, the numerator of which is 360 and
        the
        denominator of which is the actual number of days in the related Accrual
        Period
        and (2) any Swap Termination Payment payable to the Swap Counterparty for
        such
        Distribution Date (other than a Swap Termination Payment due to a Swap
        Counterparty Trigger Event) times a fraction, the numerator of which is equal
        to
        360 and the denominator of which is equal to the actual number of days in
        the
        related Accrual Period and (y) a fraction, the numerator of which is the
        Interest Funds for Loan Group 2 for such Distribution Date, and the denominator
        of which is the Interest Funds for Loan Group 1 and Loan Group 2 for such
        Distribution Date, and the denominator of which is (b) the sum of the aggregate
        Stated Principal Balance of the Mortgage Loans in Loan Group 2 as of the
        first
        day of the related Due Period (after giving effect to Principal Prepayments
        received during the Prepayment Period that that ends during such Due Period)
        plus any amounts on deposit in the Pre-Funding Account in respect of Loan
        Group
        2 as of the first day of that Due Period.

       

      Class
        2-A Principal Distribution Target Amount:
        For any
        Distribution Date means the excess of: (1) the aggregate Certificate Principal
        Balance of the Class 2-A Certificates immediately prior to the Distribution
        Date, over (2) the lesser of (i) 59.30% of the aggregate Stated Principal
        Balance of the Mortgage Loans in Loan Group 2 for the Distribution Date and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
        2 for
        the Distribution Date minus 0.50% of the sum of the aggregate Cut-off Date
        Principal Balance of the Initial Mortgage Loans in Loan Group 2 as of the
        Initial Cut-off Date and the Group 2 Pre-Funded Amount.

       

      Class
        A Principal Distribution Target Amount:
        With
        respect to any Distribution Date, the excess of: (1) the aggregate Certificate
        Principal Balance of the Class A Certificates immediately prior to such
        Distribution Date, over (2) the lesser of (i) 59.30% of the aggregate Stated
        Principal Balance of the Mortgage Loans for the Distribution Date and (ii)
        the
        aggregate Stated Principal Balance of the Mortgage Loans for the Distribution
        Date minus the OC Floor.

       

      Class
        A-R Certificate:
        Any
        Certificate designated as a “Class A-R Certificate” on the face thereof, in the
        form of Exhibit D hereto or, in the case of the Tax Matters Person Certificate,
        Exhibit E hereto, in either case representing the right to distributions
        as set
        forth herein. The Class A-R Certificates represent ownership of the R-1-R
        Interest, the R-2-R Interest and the R-3-R Interest.

       

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

       

      Class
        B Certificate:
        Any
        Certificate designated as a “Class B Certificate” on the face thereof, in the
        form of Exhibit A-15 hereto, representing the right to distributions as set
        forth herein.

       

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

       

      Class
        C Current Interest:
        For any
        Distribution Date, the interest accrued on the Class C Notional Amount during
        the related Accrual Period at the related Pass-Through Rate. All calculations
        of
        interest on the Class C Certificates will be made on the basis of a 360-day
        year
        consisting of twelve 30-day months.

       

      Class
        C Notional Amount:
        The
        aggregate amount of the Uncertificated Principal Balance of the REMIC 3 Regular
        Interests other than REMIC III Regular Interest LT-P.

       

      Class
        IO Distribution Amount:
        As
        defined in Section 4.9 hereof. For purposes of clarity, the Class IO
        Distribution Amount for any Distribution Date shall equal the amount payable
        to
        the Swap Contract Administrator on such Distribution Date in excess of the
        amount payable on the Class SWAP-IO Interest on such Distribution Date, all
        as
        further provided in Section 4.9 hereof.

       

      Class
        M Certificates:
        The
        Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
        Class M-8 and Class M-9 Certificates.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Class
        M-9 Certificate:
        Any
        Certificate designated as a “Class M-9 Certificate” on the face thereof, in the
        form of Exhibit A-14 hereto, representing the right to distributions as set
        forth herein.

       

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

       

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

       

      Class
        SWAP-IO Interest:
        An
        uncertificated interest in the Trust Fund evidencing a Regular Interest in
        REMIC
        4.

       

      Closing
        Date:
        December 29, 2006.

       

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

       

      Collateral
        Schedule:
        Schedule II hereto.

       

      Combined
        Class M-1, M-2 and M-3 Principal Distribution Amount:
        For any
        Distribution Date means the excess of (x) the sum of (1) the aggregate
        Certificate Principal Balance of Class A Certificates (after taking into
        account
        distribution of the Class 1-A Principal Distribution Target Amount and the
        Class
        2-A Principal Distribution Target Amount for the Distribution Date), and
        (2) the
        aggregate Certificate Principal Balance of the Class M-1, Class M-2 and Class
        M-3 Certificates immediately prior to the Distribution Date over (y) the
        lesser
        of (1) 77.40% of the aggregate Stated Principal Balance of the Mortgage Loans
        for the Distribution Date and (2) the aggregate Stated Principal Balance
        of the
        Mortgage Loans for the Distribution Date minus the OC Floor; provided, however,
        that if the Class M-1, Class M-2 and/or Class M-3 Certificates are the only
        classes of Subordinate Certificates outstanding on the Distribution Date,
        those
        classes will be entitled to receive the entire remaining Principal Distribution
        Amount for Loan Group 1 and Loan Group 2 until the Certificate Principal
        Balances thereof are reduced to zero. 

       

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

       

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

       

      Confirmation:
        The
        confirmation, reference number N546651N, with a date of December 29, 2006,
        evidencing a transaction between the Swap Counterparty and CHL relating to
        the
        Swap Contract.

       

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

       

      Corresponding
        Certificate:
        With
        respect to each REMIC 3 Regular Interest, as follows:

       

      
        	
                REMIC
                  3 Regular Interest

              	 	
                Class

              
	
                REMIC
                  3 Regular Interest LT-1A

              	 	
                1A

              
	
                REMIC
                  3 Regular Interest LT-2A1

              	 	
                2-A-1

              
	
                REMIC
                  3 Regular Interest LT-2A2

              	 	
                2-A-2

              
	
                REMIC
                  3 Regular Interest LT-2A3

              	 	
                2-A-3

              
	
                REMIC
                  3 Regular Interest LT-2A4

              	 	
                2-A-4

              
	
                REMIC
                  3 Regular Interest LT-M1

              	 	
                M-1

              
	
                REMIC
                  3 Regular Interest LT-M2

              	 	
                M-2

              
	
                REMIC
                  3 Regular Interest LT-M3

              	 	
                M-3

              
	
                REMIC
                  3 Regular Interest LT-M4

              	 	
                M-4

              
	
                REMIC
                  3 Regular Interest LT-M5

              	 	
                M-5

              
	
                REMIC
                  3 Regular Interest LT-M6

              	 	
                M-6

              
	
                REMIC
                  3 Regular Interest LT-M7

              	 	
                M-7

              
	
                REMIC
                  3 Regular Interest LT-M8

              	 	
                M-8

              
	
                REMIC
                  3 Regular Interest LT-M9

              	 	
                M-9

              
	
                REMIC
                  3 Regular Interest LT-B

              	 	
                B

              
	
                REMIC
                  3 Regular Interest LT-AR

              	 	
                A-R

              
	
                REMIC
                  3 Regular Interest LT-P

              	 	
                P

              

      

      

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

       

      Cumulative
        Loss Trigger Event:
        With
        respect to a Distribution Date on or after the Stepdown Date, a Cumulative
        Loss
        Trigger Event will be in effect if (x) the aggregate amount of Realized Losses
        on the Mortgage Loans from the Cut-off Date for each such Mortgage Loan to
        (and
        including) the last day of the related Due Period (reduced by the aggregate
        amount of any Subsequent Recoveries received through the last day of that
        Due
        Period) exceeds (y) the applicable percentage, for such Distribution Date,
        of
        the sum of the aggregate Cut-off Date Principal Balance of the Initial Mortgage
        Loans and the Pre-Funded Amount, as set forth below:

       

      
        	
                Distribution
                  Date

              	 	
                Percentage

              
	
                January
                  2009 — December 2009

              	 	
                1.45%
                  with respect to
                  January 2009,
                  plus an additional 1/12th of 1.75% for each month thereafter
                  through
                  December 2009

              
	
                January
                  2010 — December 2010

              	 	
                3.20%
                  with respect to January
                  2010,
                  plus an additional 1/12th of 1.80% for each month thereafter through
                  December
                  2010

              
	
                January
                  2011 — December 2011

              	 	
                5.00%
                  with respect to January
                  2011,
                  plus an additional 1/12th of 1.50% for each month thereafter through
                  December
                  2011

              
	
                January
                  2012 — December 2012

              	 	
                6.50%
                  with respect to January
                  2012,
                  plus an additional 1/12th of 0.75% for each month thereafter through
                  December
                  2012

              
	
                January
                  2013 — December 2013

              	 	
                7.25%
                  with respect to January
                  2012,
                  plus an additional 1/12th of 0.05% for each month thereafter through
                  December
                  2012

              
	
                January
                  2014 and thereafter

              	 	
                7.30%

              

      

      

      Current
        Interest:
        With
        respect to each Class of Interest-Bearing Certificates and any Distribution
        Date, the interest accrued at the applicable Pass-Through Rate for the related
        Accrual Period on the Certificate Principal Balance of such Class immediately
        prior to such Distribution Date. All calculations of interest on the
        Interest-Bearing Certificates will be made on the basis of the actual number
        of
        days elapsed in the related Accrual Period and on a 360-day year.

       

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

       

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

       

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

       

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

       

      Definitive
        Certificates:
        As
        defined in Section 5.06.

       

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

       

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

       

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

       

      
        	
                Class

              	 	
                Percentage

              
	
                A

              	 	
                39.31%

              
	
                Class
                  M-1

              	 	
                47.34%

              
	
                Class
                  M-2

              	 	
                59.48%

              
	
                Class
                  M-3

              	 	
                70.80%

              
	
                Class
                  M-4

              	 	
                85.11%

              
	
                Class
                  M-5

              	 	
                105.96%

              
	
                Class
                  M-6

              	 	
                134.45%

              
	
                Class
                  M-7

              	 	
                175.82%

              
	
                Class
                  M-8

              	 	
                205.13%

              
	
                Class
                  M-9

              	 	
                285.71%

              
	
                Class
                  B

              	 	
                457.14%

              

      

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      Directing
        Certificateholder:
        As
        defined in Section 9.04(a)

       

      Distribution
        Account:
        The
        separate Eligible Account created and maintained by the Trustee pursuant
        to
        Section 3.05(c) in the name of the Trustee for the benefit of the
        Certificateholders and designated “The Bank of New York, in trust for registered
        Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-BC5”. Funds in
        the Distribution Account shall be held in trust for the Certificateholders
        for
        the uses and purposes set forth in this Agreement.

       

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

       

      Distribution
        Date:
        The
        25th day of each month, or if such day is not a Business Day, on the first
        Business Day thereafter, commencing in January 2007.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Escrow
        Account:
        As
        defined in Section 3.06 hereof.

       

      Event
        of Default:
        As
        defined in Section 7.01 hereof.

       

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

       

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

       

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

       

      Exchange
        Act:
        The
        Securities Exchange Act of 1934, as amended, and the rules and regulations
        promulgated thereunder.

       

      Exchange
        Act Reports:
        Any
        reports on Form 10-D, Form 8-K and Form 10-K required to be filed by the
        Depositor with respect to the Trust Fund under the Exchange Act. 

       

      Expense
        Fee Rate:
        With
        respect to any Mortgage Loan, the sum of (i) the Servicing Fee Rate, (ii)
        the
        Trustee Fee Rate and (iii) with respect to any Mortgage Loan covered by a
        lender-paid mortgage insurance policy, the related mortgage insurance premium
        rate.

       

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

       

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

       

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

       

      Four-Year
        Hybrid Mortgage Loan:
        A
        Mortgage Loan having a Mortgage Rate that is fixed for 48 months after
        origination thereof before such Mortgage Rate becomes subject to
        adjustment.

       

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

       

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

       

      Form
        10-D Disclosure Item:
        With
        respect to any Person, any material litigation or governmental proceedings
        pending against such Person, or against any of the Trust Fund, the Depositor,
        the Trustee, any co-trustee, the Master Servicer or any Subservicer, if such
        Person has actual knowledge thereof.

       

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

       

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

       

      Funding
        Period:
        The
        period from the Closing Date to and including the earlier to occur of (x)
        the
        date the amount in the Pre-Funding Account is less than $175,000 and (y)
        February 12, 2007.

       

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

       

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

       

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

       

      Group
        1 Pre-Funded Amount:
        The
        portion of the Pre-Funded Amount allocable for purchase of Subsequent Mortgage
        Loans as Group 1 Mortgage Loans on the Closing Date, which shall equal
        $0.00.

       

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

       

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

       

      Group
        2 Pre-Funded Amount:
        The
        portion of the Pre-Funded Amount allocable for purchase of Subsequent Mortgage
        Loans as Group 2 Mortgage Loans on the Closing Date, which shall equal
        $4,130.23.

       

      Index:
        As to
        any Adjustable Rate Mortgage Loan on any Adjustment Date related thereto,
        the
        index for the adjustment of the Mortgage Rate set forth as such in the related
        Mortgage Note, such index in general being the average of the London interbank
        offered rates for six-month U.S. dollar deposits in the London market, as
        set
        forth in The
        Wall Street Journal,
        as most
        recently announced as of a date 45 days prior to such Adjustment Date or,
        if the
        Index ceases to be published in The
        Wall Street Journal
        or
        becomes unavailable for any reason, then the Index shall be a new index selected
        by the Master Servicer, based on comparable information.

       

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

       

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

       

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

       

      Initial
        Cut-off Date:
        In the
        case of any Initial Mortgage Loan, the later of (x) December 1, 2006 and
        (y) the
        date of origination of such Mortgage Loan. 

       

      Initial
        Group 1 Mortgage Loan:
        Any of
        the Group 1 Mortgage Loans included in the Trust as of the Closing
        Date.

       

      Initial
        Group 2 Mortgage Loan:
        Any of
        the Group 2 Mortgage Loans included in the Trust as of the Closing
        Date.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Interest
        Determination Date:
         With
        respect to the first Accrual Period for the Interest-Bearing Certificates,
        and
        solely for purposes of calculating the Marker Rate, REMIC 3 Regular Interest
        LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2,
        REMIC 3
        Regular Interest LT-2A3, REMIC 3 Regular Interest LT-2A4, REMIC 3 Regular
        Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC 3 Regular Interest
        LT-M3,
        REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular
        Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest
        LT-M8,
        REMIC 3 Regular Interest LT-M9 and REMIC 3 Regular Interest LT-B and REMIC
        3
        Regular Interest LT-ZZ. With respect to any Accrual Period for the
        Interest-Bearing Certificates, and solely for purposes of calculating the
        Marker
        Rate, the REMIC 3 Regular Interests listed in the previous sentence, the
        second
        LIBOR Business Day preceding the commencement of such Accrual
        Period.

       

      Interest
        Funds:
        With
        respect to any Distribution Date and Loan Group, the Interest Remittance
        Amount
        for such Loan Group and Distribution Date, less the portion of the Trustee
        Fee
        for such Distribution Date allocable to such Loan Group and less any
        reimbursements to the Trustee during the related Due Period pursuant to Section
        3.08(a) or (b) for Advances previously made by it or the related Mortgage
        Loans,
        plus the Adjusted Replacement Upfront Amount, if any, allocable to that Loan
        Group.

       

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

       

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

       

      ISDA
        Credit Support Annex:
        The
        credit support annex, dated as of December 29, 2007, between the Swap Contract
        Administrator and the Swap Counterparty, which is annexed to and forms part
        of
        the Swap Contract..

       

      Item
        1119 Party:
        The
        Depositor, any Seller, the Master Servicer, the Trustee, any Subservicer,
        any
        originator identified in the Prospectus Supplement, the Swap Counterparty
        and
        any other material transaction party, as identified in Exhibit Z hereto,
        as
        updated pursuant to Section 11.04.

       

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

       

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

       

      Limited
        Exchange Act Reporting Obligations:
        The
        obligations of the Master Servicer under Section 3.17(b), Section 6.02 and
        Section 6.04 with respect to notice and information to be provided to the
        Depositor and Article XI (except Section 11.07(a)(1) and (2)).

       

      Liquidated
        Mortgage Loan:
        With
        respect to any Distribution Date, a defaulted Mortgage Loan that has been
        liquidated through deed-in-lieu of foreclosure, foreclosure sale, trustee’s sale
        or other realization as provided by applicable law governing the real property
        subject to the related Mortgage and any security agreements and as to which
        the
        Master Servicer has certified in the related Prepayment Period that it has
        received all amounts it expects to receive in connection with such
        liquidation.

       

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

       

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

       

      Loan
        Group 1:
        The
        Group 1 Mortgage Loans.

       

      Loan
        Group 2:
        The
        Group 2 Mortgage Loans.

       

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

       

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

       

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

       

      Marker
        Rate:
        With
        respect to the Class C Certificates and any Distribution Date, a per annum
        rate
        equal to two (2) times the weighted average of the REMIC 3 Remittance Rate
        for
        REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3
        Regular
        Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3 Regular Interest
        LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC
        3
        Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest
        LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC
        3
        Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest
        LT-B and REMIC 3 Regular Interest LT-ZZ, with the rate on each such REMIC
        3
        Regular Interest (other than REMIC 3 Regular Interest LT-ZZ) subject to the
        lesser of (i) One-Month LIBOR plus the related Margin and (ii) the related
        Net
        Rate Cap for the purpose of this calculation for such Distribution Date and
        with
        the rate on REMIC 3 Regular Interest LT-ZZ subject to a cap of zero for the
        purpose of this calculation; provided, however, that solely for this purpose,
        calculations of the REMIC 3 Remittance Rate and the related caps with respect
        to
        REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3
        Regular
        Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3 Regular Interest
        LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC
        3
        Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest
        LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC
        3
        Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9 and REMIC 3 Regular
        Interest LT-B shall be multiplied by a fraction, the numerator of which is
        the
        actual number of days in the Interest Accrual Period and the denominator
        of
        which is 30.

       

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

       

      
        
          	
                  Class

                	
                  Margin
                    (1)

                	
                  Margin
                    (2)

                
	
                  Class
                    1-A

                	
                  0.140%

                	
                  0.280%

                
	
                  Class
                    2-A-1

                	
                  0.080%

                	
                  0.160%

                
	
                  Class
                    2-A-2

                	
                  0.130%

                	
                  0.260%

                
	
                  Class
                    2-A-3

                	
                  0.170%

                	
                  0.340%

                
	
                  Class
                    2-A-4

                	
                  0.240%

                	
                  0.480%

                
	
                  Class
                    M-1

                	
                  0.250%

                	
                  0.375%

                
	
                  Class
                    M-2

                	
                  0.280%

                	
                  0.420%

                
	
                  Class
                    M-3

                	
                  0.330%

                	
                  0.495%

                
	
                  Class
                    M-4

                	
                  0.390%

                	
                  0.585%

                
	
                  Class
                    M-5

                	
                  0.410%

                	
                  0.615%

                
	
                  Class
                    M-6

                	
                  0.470%

                	
                  0.705%

                
	
                  Class
                    M-7

                	
                  0.950%

                	
                  1.425%

                
	
                  Class
                    M-8

                	
                  1.600%

                	
                  2.400%

                
	
                  Class
                    M-9

                	
                  2.000%

                	
                  3.000%

                
	
                  Class
                    B

                	
                  2.000%

                	
                  3.000%

                

        

      

      

      
        	
                (1)
                  

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

              

      

      
        	
                (2)
                  

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

              

      

       

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

       

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

       

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

       

      Maximum
        LT-ZZ Uncertificated Interest Deferral Amount:
        With
        respect to any Distribution Date, the excess of (i) accrued interest at the
        REMIC 3 Remittance Rate applicable to REMIC 3 Regular Interest LT-ZZ for
        such
        Distribution Date on a balance equal to the Uncertificated Principal Balance
        of
        REMIC 3 Regular Interest LT-ZZ minus the REMIC 3 Overcollateralization Amount,
        in each case for such Distribution Date, over (ii) the Uncertificated Interest
        on REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC
        3
        Regular Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3 Regular
        Interest LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest
        LT-M2,
        REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3 Regular
        Interest LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest
        LT-M7,
        REMIC 3 Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9 and REMIC
        3
        Regular Interest LT-B for such Distribution Date, with the rate on each such
        REMIC 3 Regular Interest subject to a cap equal to the lesser of (i) One-Month
        LIBOR plus the related Certificate Margin and (ii) the related Pass-Through
        Rate; provided, however, that solely for this purpose, calculations of the
        REMIC
        3 Remittance Rate and the related caps with respect to each such REMIC 3
        Regular
        Interest (other than REMIC 3 Regular Interest LT-ZZ) shall be multiplied
        by a
        fraction, the numerator of which is the actual number of days in the Interest
        Accrual Period and the denominator of which is 30.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (i) the
        loan
        number;

       

      (ii) the
        Loan
        Group;

       

      (iii) the
        Appraised Value;

       

      (iv) the
        Initial Mortgage Rate;

       

      (v) the
        maturity date;

       

      (vi) the
        original principal balance;

       

      (vii) the
        Cut-off Date Principal Balance;

       

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

       

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

       

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

       

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

       

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

       

      (xiii)
[reserved];

       

      (xiv)
the
        purpose of the Mortgage Loan;

       

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

       

      (a)  the
        frequency of each Adjustment Date;

       

      (b)  the
        next
        Adjustment Date;

       

      (c)  the
        Maximum Mortgage Rate;

       

      (d)  the
        Minimum Mortgage Rate;

       

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

       

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

       

      (g)  the
        Gross
        Margin;

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Mortgage
        Rate:
        The
        annual rate of interest borne by a Mortgage Note from time to time.

       

      Mortgaged
        Property:
        The
        underlying property securing a Mortgage Loan.

       

      Mortgagor:
        The
        obligors on a Mortgage Note.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Offered
        Certificates:
        The
        Class A, Class M and Class A-R Certificates.

       

      Officer’s
        Certificate:
        A
        certificate (i) in the case of the Depositor, signed by the Chairman of the
        Board, the Vice Chairman of the Board, the President, a Managing Director,
        a
        Vice President (however denominated), an Assistant Vice President, the
        Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant
        Secretaries of the Depositor, (ii) in the case of the Master Servicer, signed
        by
        the President, an Executive Vice President, a Vice President, an Assistant
        Vice
        President, the Treasurer, or one of the Assistant Treasurers or Assistant
        Secretaries of Countrywide GP, Inc., its general partner, (iii) if provided
        for
        in this Agreement, signed by a Servicing Officer, as the case may be, and
        delivered to the Depositor and the Trustee, as the case may be, as required
        by
        this Agreement, or (iv) in the case of any other Person, signed by an authorized
        officer of such Person.

       

      One-Month
        LIBOR:
        With
        respect to any Accrual Period for the Interest-Bearing Certificates, the
        rate
        determined by the Trustee on the related Interest Determination Date on the
        basis of the rate for U.S. dollar deposits for one month as quoted on the
        Bloomberg Terminal on such Interest Determination Date; provided that the
        parties hereto acknowledge that One-Month LIBOR calculated for the first
        Accrual
        Period for the Interest-Bearing Certificates shall equal 5.35000% per annum.
        If
        such rate is not quoted on the Bloomberg Terminal (or if such service is
        no
        longer offered, such other service for displaying One-Month LIBOR or comparable
        rates as may be reasonably selected by the Trustee), One-Month LIBOR for
        the
        applicable Accrual Period for the Interest-Bearing Certificates will be the
        Reference Bank Rate. If no such quotations can be obtained by the Trustee
        and no
        Reference Bank Rate is available, One-Month LIBOR will be One-Month LIBOR
        applicable to the preceding Accrual Period for the Interest-Bearing
        Certificates.

       

      One-Year
        Hybrid Mortgage Loan:
        A
        Mortgage Loan having a Mortgage Rate that is fixed for 12 months after
        origination thereof before such Mortgage Rate becomes subject to
        adjustment.

       

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

       

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

       

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

       

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

       

      OTS:
        The
        Office of Thrift Supervision.

       

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

       

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

       

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

       

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

       

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

       

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

       

      Overcollateralization
        Target Amount:
        With
        respect to any Distribution Date (a) prior to the Stepdown Date, an amount
        equal
        to 1.75% of the sum of the Cut-off Date Principal Balance of the Initial
        Mortgage Loans and the Pre-Funded Amount and (b) on or after the Stepdown
        Date,
        the greater of (i) an amount equal to 3.50% of the aggregate Stated Principal
        Balance of the Mortgage Loans for the current Distribution Date and (ii)
        the OC
        Floor; provided, however, that if a Trigger Event is in effect on any
        Distribution Date, the Overcollateralization Target Amount will be the
        Overcollateralization Target Amount as in effect for the prior Distribution
        Date.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      With
        respect to the Class C Certificate and any Distribution Date, a rate per
        annum
        equal to the percentage equivalent of a fraction, the numerator of which
        is (x)
        the sum of (i) 100% of the interest on REMIC 3 Regular Interest LT-P and
        REMIC 3
        Regular Interest LT-AR and (ii) interest on the Uncertificated Principal
        Balance
        of each REMIC 3 Regular Interest listed in clause (y) at a rate equal to
        the
        related REMIC 3 Remittance Rate minus the Marker Rate and the denominator
        of
        which is (y) the aggregate Uncertificated Principal Balance of REMIC 3 Regular
        Interest LT-AA, REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest
        LT-2A1,
        REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3
        Regular Interest LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular
        Interest LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest
        LT-M4,
        REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular
        Interest LT-M7, REMIC 3 Regular Interest LT-M8, REMIC 3 Regular Interest
        LT-M9,
        REMIC 3 Regular Interest LT-B and REMIC 3 Regular Interest LT-ZZ.

       

      With
        respect to the Class SWAP-IO Interest, the Class SWAP-IO Interest shall not
        have
        a Pass-Through Rate, but interest for such Regular Interest and each
        Distribution Date shall be an amount equal to 100% of the amounts distributable
        to REMIC 3 Regular Interest II-IO for such Distribution Date.

       

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

       

      Performance
        Certification:
        As
        defined in Section 11.05.

       

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

       

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

       

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

       

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

       

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

       

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

       

      (vi) securities
        (other than stripped bonds, stripped coupons or instruments sold at a purchase
        price in excess of 115% of the face amount thereof) bearing interest or sold
        at
        a discount issued by any corporation incorporated under the laws of the United
        States or any state thereof which, at the time of such investment, have one
        of
        the two highest long term ratings of each Rating Agency (except (x) if the
        Rating Agency is Moody’s, such rating shall be the highest commercial paper
        rating of S&P for any such securities) and (y), or such lower rating as each
        Rating Agency has confirmed in writing is sufficient for the ratings originally
        assigned to the Certificates by such Rating Agency;

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Pool
        Stated Principal Balance:
        With
        respect to any Distribution Date, the aggregate of the Stated Principal Balances
        of the Mortgage Loans which are Outstanding Mortgage Loans.

       

      Pre-Funded
        Amount:
        The
        amount deposited in the Pre-Funding Account on the Closing Date, which
        shall equal $4,130.23.

       

      Pre-Funding
        Account:
        The
        separate Eligible Account created and maintained by the Trustee pursuant
        to
        Section 3.05 in the name of the Trustee for the benefit of the
        Certificateholders and designated “The Bank of New York, in trust for registered
        holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-BC5.” Funds in
        the Pre-Funding Account shall be held in trust for the Certificateholders
        for
        the uses and purposes set forth in this Agreement and shall not be a part
        of any
        REMIC created hereunder, provided, however that any investment income earned
        from Permitted Investments made with funds in the Pre-Funding Account will
        be
        for the account of CHL.

       

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

       

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

       

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

       

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

       

      (i) the
        Mortgage Loan identifying number;

       

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

       

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

       

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

       

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

       

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

       

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

       

      Prepayment
        Interest Excess:
        With
        respect to any Distribution Date, for each Mortgage Loan that was the subject
        of
        a Principal Prepayment during the period from the related Due Date to the
        end of
        the related Prepayment Period, any payment of interest received in connection
        therewith (net of any applicable Servicing Fee) representing interest accrued
        for any portion of such month of receipt.

       

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

       

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

       

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

       

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

       

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

       

      Principal
        Remittance Amount:
        With
        respect to the Mortgage Loans in each Loan Group and
        any
        Distribution Date, (a) the sum, without duplication, of: (i) the scheduled
        principal collected with respect to such Mortgage Loans during the related
        Due
        Period or advanced with respect to such Distribution Date, (ii) Principal
        Prepayments collected in the related Prepayment Period, with respect to such
        Mortgage Loans, (iii) the unpaid principal balance or Stated Principal Balance
        collected with respect to each such Mortgage Loan that was repurchased by
        a
        Seller or purchased by the Master Servicer with respect to such Distribution
        Date, (iv) the Substitution Adjustment Amount, if any, received by the Master
        Servicer on or prior to the related Determination Date in connection with
        a
        substitution of any Mortgage Loan in such Loan Group during the related
        Prepayment Period is less than the aggregate unpaid principal balance of
        any
        Deleted Mortgage Loans and (v) all Liquidation Proceeds (to the extent such
        Liquidation Proceeds related to principal) and Subsequent Recoveries collected
        during the related Due Period; less (b) all Advances relating to principal
        and
        certain expenses reimbursable pursuant to Section 3.08(a) or Section 6.03
        and
        reimbursed during the related Due Period, in each case with respect to such
        Loan
        Group.

       

      Principal
        Reserve Fund:
        The
        separate Eligible Account created and initially maintained by the Trustee
        pursuant to Section 3.08 in the name of the Trustee for the benefit of the
        Certificateholders and designated “The Bank of New York in trust for registered
        Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-BC5”. Funds in
        the Principal Reserve Fund shall be held in trust for the Certificateholders
        for
        the uses and purposes set forth in this Agreement.

       

      Private
        Certificates:
        The
        Class B, Class C and Class P Certificates.

       

      Prospectus:
        The
        prospectus dated November 27, 2006, relating to asset-backed securities to
        be
        sold by the Depositor.

       

      Prospectus
        Supplement:
        The
        prospectus supplement dated December 28, 2006, relating to the public offering
        of the certain Classes of Certificates offered thereby.

       

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

       

      PUD:
        A
        Planned Unit Development.

       

      Purchase
        Price:
        With
        respect to any Mortgage Loan (x) required to be (1) repurchased by a Seller
        or
        purchased by the Master Servicer, as applicable, pursuant to Section 2.02,
        2.03
        or 3.12 hereof or (2) repurchased by the Depositor pursuant to Section 2.04
        hereof, or (y) that the Master Servicer has a right to purchase pursuant
        to
        Section 3.12 hereof, an amount equal to the sum of (i) 100% of the unpaid
        principal balance (or, if such purchase or repurchase, as the case may be,
        is
        effected by the Master Servicer, the Stated Principal Balance) of the Mortgage
        Loan as of the date of such purchase, (ii) accrued interest thereon at the
        applicable Mortgage Rate (or, if such purchase or repurchase, as the case
        may
        be, is effected by the Master Servicer, at the Net Mortgage Rate) from (a)
        the
        date through which interest was last paid by the Mortgagor (or, if such purchase
        or repurchase, as the case may be, is effected by the Master Servicer, the
        date
        through which interest was last advanced and not reimbursed by the Master
        Servicer) to (b) the Due Date in the month in which the Purchase Price is
        to be
        distributed to Certificateholders and (iii) any costs, expenses and damages
        incurred by the Trust Fund resulting from any violation of any predatory
        or
        abusive lending law in connection with such Mortgage Loan.

       

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

       

      R-1-R
        Interest:
        The
        uncertificated Residual Interest in REMIC 1.

       

      R-2-R
        Interest:
        The
        uncertificated Residual Interest in REMIC 2.

       

      R-3-R
        Interest:
        The
        uncertificated Residual Interest in REMIC 3. 

       

      R-4-R
        Interest:
        The
        uncertificated Residual Interest in REMIC 4.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Regulation
        AB:
        Subpart
        229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed Securities, Securities Act Release No.
        33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time and publicly available.

       

      Relief
        Act:
        The
        Servicemembers Civil Relief Act.

       

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

       

      REMIC
        1:
        The
        segregated pool of assets described in the Preliminary Statement.

       

      REMIC
        1 Regular Interests:
        Any one
        of the separate non-certificated beneficial ownership interests in REMIC
        1
        issued hereunder and designated as a Regular Interest in REMIC 1. Each REMIC
        1
        Regular Interest shall accrue interest at the REMIC 1 Remittance Rate in
        effect
        from time to time, and shall be entitled to distributions of principal, subject
        to the terms and conditions hereof, in an aggregate amount equal to its initial
        Uncertificated Principal Balance as set forth in the Preliminary Statement
        hereto. The following is a list of each of the REMIC 1 Regular Interests:
        REMIC
        1 Regular Interest LT1, REMIC 1 Regular Interest LT1PF, REMIC 1 Regular Interest
        LT2, REMIC 1 Regular Interest LT2PF, REMIC 1 Regular Interest LTP and REMIC
        1
        Regular Interest LTR.

       

      “REMIC
        1 Remittance Rate”:
        With
        respect to REMIC 1 Regular Interest LT1, and (i) for the first Distribution
        Date, the weighted average of the per annum rates of interest equal to the
        Mortgage Rates on the Initial Group 1 Mortgage Loans as of the first day
        of the
        month preceding the month in which the Distribution Date occurs minus the
        Expense Fee Rate and (ii) thereafter, the weighted average of the per annum
        rates of interest equal to the Mortgage Rates on the Group 1 Mortgage Loans
        as
        of the first day of the month preceding the month in which the Distribution
        Date
        occurs minus the Expense Fee Rate. With respect to REMIC 1 Regular Interest
        LT2,
        and (i) for the first Distribution Date, the weighted average of the per
        annum
        rates of interest equal to the Mortgage Rates on the Initial Group 2 Mortgage
        Loans as of the first day of the month preceding the month in which the
        Distribution Date occurs minus the Expense Fee Rate, and (ii) thereafter,
        the
        weighted average of the per annum rates of interest equal to the Mortgage
        Rates
        on the Group 2 Mortgage Loans as of the first day of the month preceding
        the
        month in which the Distribution Date occurs minus the sum of Expense Fee
        Rate,
        if applicable. With respect to REMIC 1 Regular Interest LT1PF and (i) the
        first
        Distribution Date, 0.00% and (ii) thereafter, the weighted average of the
        per
        annum rates of interest equal to the Mortgage Rates on the Group 1 Mortgage
        Loans as of the first day of the month preceding the month in which the
        Distribution Date occurs minus the Expense Fee Rate. With respect to REMIC
        I
        Regular Interest I-LT2PF and (i) the first Distribution Date, 0.00% and (ii)
        thereafter, the weighted average of the per annum rates of interest equal
        to the
        Mortgage Rates on the Group 2 Mortgage Loans as of the first day of the month
        preceding the month in which the Distribution Date occurs minus the Expense
        Fee
        Rate. With respect to REMIC 1 Regular Interest LTP and REMIC 1 Regular Interest
        LTR, 0.00%.

       

      REMIC
        2:
        The
        segregated pool of assets described in the Preliminary Statement.

       

      REMIC
        2 Group I Regular Interests:
        REMIC 2
        Regular Interest I, REMIC 2 Regular Interest I-1-A through REMIC 2 Regular
        Interest I-70-B as designated in the Preliminary Statement hereto.

       

      REMIC
        2 Group II Regular Interests:
        REMIC 2
        Regular Interest II, REMIC 2 Regular Interest II-1-A through REMIC II Regular
        Interest II-70-B as designated in the Preliminary Statement hereto.

       

      REMIC
        2 Regular Interest:
        Any of
        the separate non-certificated beneficial ownership interests in REMIC 2 issued
        hereunder and designated as a Regular Interest in REMIC 2. Each REMIC 2 Regular
        Interest shall accrue interest at the related REMIC 2 Remittance Rate in
        effect
        from time to time, and shall be entitled to distributions of principal, subject
        to the terms and conditions hereof, in an aggregate amount equal to its initial
        Uncertificated Principal Balance as set forth in the Preliminary Statement
        hereto. The designations for the respective REMIC 2 Regular Interests are
        set
        forth in the Preliminary Statement hereto. The REMIC 2 Regular Interests
        consist
        of the REMIC 2 Group I Regular Interests and the REMIC 2 Group II Regular
        Interests.

       

      REMIC
        2 Remittance Rate:
        With
        respect to each REMIC 2 Group I Regular Interest ending with the designation
        “A”, a per annum rate equal to the weighted average of the Mortgage Rates of
        the
        Group 1 Mortgage Loans less the Expense Fee Rate, multiplied by 2, subject
        to a
        maximum rate of 10.000%. With respect to each REMIC 2 Group I Regular Interest
        ending with the designation “B”, the greater of (x) a per annum rate equal to
        the excess, if any, of (i) 2 multiplied by the weighted average of the Mortgage
        Rates of the Group 1 Mortgage Loans less the Expense Fee Rate, over (ii)
        10.000%
        and (y) 0.00%. With respect to each REMIC 2 Group II Regular Interest ending
        with the designation “A”, a per annum rate equal to the weighted average of the
        Mortgage Rates of the Group 2 Mortgage Loans less the Expense Fee Rate,
        multiplied by 2, subject to a maximum rate of 10.000%. With respect to each
        REMIC 2 Group II Regular Interest ending with the designation “B”, the greater
        of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied
        by the
        weighted average of the Mortgage Rates of the Group 2 Mortgage Loans less
        the
        sum of Expense Fee Rate over (ii) 10.000% and (y) 0.00%. With respect to
        REMIC 2
        Regular Interest I, the weighted average of the Mortgage Rates of the Group
        1
        Mortgage Loans. With respect to REMIC 2 Regular Interest II, the weighted
        average of the Mortgage Rates of the Group 2 Mortgage Loans. With respect
        to
        REMIC 2 Regular Interest I-LT-P and REMIC 2 Regular Interest I-LT-AR,
        0.00%.

       

      REMIC
        3:
        The
        segregated pool of assets described in the Preliminary Statement.

       

      REMIC
        3 Interest Loss Allocation Amount:
        With
        respect to any Distribution Date, an amount (subject to adjustment based
        on the
        actual number of days elapsed in the respective Interest Accrual Periods
        for the
        indicated Regular Interests for such Distribution Date) equal to (a) the
        product
        of (i) 50% of the aggregate Stated Principal Balance of the Mortgage Loans
        and
        REO Properties then outstanding and (ii) the REMIC 3 Remittance Rate for
        REMIC 3
        Regular Interest LT-AA minus the Marker Rate, divided by (b) 12.

       

      REMIC
        3 Marker Allocation Percentage:
        50% of
        any amount payable or loss attributable from the Mortgage Loans, which shall
        be
        allocated to REMIC 3 Regular Interest LT-AA, REMIC 3 Regular Interest LT-1A,
        REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3
        Regular Interest LT-2A3, REMIC 3 Regular Interest LT-2A4, REMIC 3 Regular
        Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC 3 Regular Interest
        LT-M3,
        REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular
        Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest
        LT-M8,
        REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest LT-B and REMIC 3
        Regular Interest LT-ZZ. With respect to REMIC 3 Regular Interest LT-P and
        REMIC
        3 Regular Interest LT-AR, 0.00%.

       

      REMIC
        3 Overcollateralization Target Amount:
        0.50%
        of the Overcollateralization Target Amount.

       

      REMIC
        3 Overcollateralized Amount:
        With
        respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
        Principal Balance of the REMIC 3 Regular Interests minus (ii) the aggregate
        Uncertificated Balance of REMIC 3 Regular Interest LT-1A, REMIC 3 Regular
        Interest LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest
        LT-2A3, REMIC 3 Regular Interest LT-2A4, REMIC 3 Regular Interest LT-M1,
        REMIC 3
        Regular Interest LT-M2, REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest
        LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest LT-M6, REMIC
        3
        Regular Interest LT-M7, REMIC 3 Regular Interest LT-M8, REMIC 3 Regular Interest
        LT-M9, REMIC 3 Regular Interest LT-B, REMIC 3 Regular Interest LT-AR and
        REMIC 3
        Regular Interest LT-P in each case as of such date of
        determination.

       

      REMIC
        3 Principal Loss Allocation Amount:
        With
        respect to any Distribution Date, an amount equal to the product of (i) 50%
        of
        the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
        then outstanding and (ii) one minus a fraction, the numerator of which is
        two
        times the aggregate Uncertificated Principal Balance of REMIC 3 Regular Interest
        LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2,
        REMIC 3
        Regular Interest LT-2A3, REMIC 3 Regular Interest LT-2A4, REMIC 3 Regular
        Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC 3 Regular Interest
        LT-M3,
        REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular
        Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest
        LT-M8,
        REMIC 3 Regular Interest LT-M9 and REMIC 3 Regular Interest LT-B, and the
        denominator of which is the aggregate Uncertificated Principal Balance of
        REMIC
        3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular
        Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3 Regular Interest
        LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC
        3
        Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest
        LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC
        3
        Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest
        LT-B and REMIC 3 Regular Interest LT-ZZ.

       

      REMIC
        3 Regular Interest:
        Any of
        the separate non-certificated beneficial ownership interests in REMIC 3 issued
        hereunder and designated as a “regular interest” in REMIC 3. Each REMIC 3
        Regular Interest shall accrue interest at the related REMIC 3 Remittance
        Rate in
        effect from time to time, and shall be entitled to distributions of principal
        (other than REMIC 3 Regular Interest II-IO), subject to the terms and conditions
        hereof, in an aggregate amount equal to its initial Uncertificated Balance
        as
        set forth in the Preliminary Statement hereto. The following is a list of
        each
        of the REMIC 3 Regular Interests: REMIC 3 Regular Interest LT-AA, REMIC 3
        Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular
        Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC 3 Regular Interest
        LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC
        3
        Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest
        LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC
        3
        Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest
        LT-B, REMIC 3 Regular Interest LT-ZZ, REMIC 3 Regular Interest LT-P, REMIC
        3
        Regular Interest LT-AR, REMIC 3 Regular Interest LT-XX, REMIC 3 Regular Interest
        LT-1SUB, REMIC 3 Regular Interest LT-1GRP, REMIC 3 Regular Interest LT-2SUB,
        REMIC 3 Regular Interest LT-2GRP and REMIC 3 Regular Interest
        II-IO.

       

      REMIC
        3 Remittance Rate:
        With
        respect to REMIC 3 Regular Interest LT-AA, REMIC 3 Regular Interest LT-1A,
        REMIC
        3 Regular Interest LT-2A1, REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular
        Interest LT-2A3, REMIC 3 Regular Interest LT-2A4, REMIC 3 Regular Interest
        LT-M1, REMIC 3 Regular Interest LT-M2, REMIC 3 Regular Interest LT-M3, REMIC
        3
        Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5, REMIC 3 Regular Interest
        LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular Interest LT-M8, REMIC
        3
        Regular Interest LT-M9, REMIC 3 Regular Interest LT-ZZ, REMIC 3 Regular Interest
        LT-P, REMIC 3 Regular Interest LT-1SUB, REMIC 3 Regular Interest LT-2SUB
        and
        REMIC 3 Regular Interest LT-XX, a per annum rate (but not less than zero)
        equal
        to the weighted average of: (x) with respect to REMIC 2 Regular Interest
        I,
        REMIC 2 Regular Interest II and each REMIC 2 Regular Interest ending with
        the
        designation “B”, the weighted average of the REMIC 2 Remittance Rates for such
        REMIC 2 Regular Interests, weighted on the basis of the Uncertificated Principal
        Balances of such REMIC 2 Regular Interests for each such Distribution Date
        and
        (y) with respect to REMIC 2 Regular Interests ending with the designation
“A”,
        for each Distribution Date listed below, the weighted average of the rates
        listed below for each such REMIC 2 Regular Interest listed below, weighted
        on
        the basis of the Uncertificated Principal Balances of each such REMIC 2 Regular
        Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  2 Regular Interest

              	 	
                Rate

              
	
                1

              	 	
                I-1-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	
                2

              	 	
                I-2-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-2-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate REMIC 2 Remittance
                  Rate

              
	 	 	
                I-1-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                3

              	 	
                I-3-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-3-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  and I-2-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  and II-2-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                4

              	 	
                I-4-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-4-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-3-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-3-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                5

              	 	
                I-5-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-5-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-4-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-4-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                6

              	 	
                I-6-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-6-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-5-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-5-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                7

              	 	
                I-7-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-7-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-6-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-6-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                8

              	 	
                I-8-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-8-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-7-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-7-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                9

              	 	
                I-9-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-9-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-8-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-8-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                10

              	 	
                I-10-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-10-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-9-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-9-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                11

              	 	
                I-11-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-11-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-10-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-10-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                12

              	 	
                I-12-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-12-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-11-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-11-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                13

              	 	
                I-13-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-13-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-12-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-12-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                14

              	 	
                I-14-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-14-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-13-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-13-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                15

              	 	
                I-15-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-15-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-14-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-14-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                16

              	 	
                I-16-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-16-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-15-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-15-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                17

              	 	
                I-17-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-17-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-16-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-16-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                18

              	 	
                I-18-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-18-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-17-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-17-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                19

              	 	
                I-19-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-19-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-18-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-18-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                20

              	 	
                I-20-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-20-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-19-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-19-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                21

              	 	
                I-21-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-21-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-20-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-20-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                22

              	 	
                I-22-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-22-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-21-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-21-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                23

              	 	
                I-23-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-23-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-22-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-22-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                24

              	 	
                I-24-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-24-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-23-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-23-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                25

              	 	
                I-25-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-25-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-24-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-24-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                26

              	 	
                I-26-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-26-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-25-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-25-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                27

              	 	
                I-27-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-27-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-26-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-26-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                28

              	 	
                I-28-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-28-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-27-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-27-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                29

              	 	
                I-29-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-29-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-28-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-28-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                30

              	 	
                I-30-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-30-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-29-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-29-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                31

              	 	
                I-31-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-31-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-30-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-30-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                32

              	 	
                I-32-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-32-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-31-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-31-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                33

              	 	
                I-33-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-33-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-32-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-32-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                34

              	 	
                I-34-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-34-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-33-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-33-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                35

              	 	
                I-35-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-35-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-34-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-34-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                36

              	 	
                I-36-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-36-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-35-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-35-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                37

              	 	
                I-37-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-37-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-36-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-36-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                38

              	 	
                I-38-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-38-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-37-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-37-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                39

              	 	
                I-39-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-39-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-38-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-38-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                40

              	 	
                I-40-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-40-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-39-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-39-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                41

              	 	
                I-41-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-41-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-40-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-40-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                42

              	 	
                I-42-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-42-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-41-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-41-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                43

              	 	
                I-43-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-43-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-42-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-42-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                44

              	 	
                I-44-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-44-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-43-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-43-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                45

              	 	
                I-45-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-41-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-44-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-39-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                46

              	 	
                I-46-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-46-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-45-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-45-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                47

              	 	
                I-47-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-47-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-46-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-46-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                48

              	 	
                I-48-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-48-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-47-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-47-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                49

              	 	
                I-49-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-49-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-48-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-48-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                50

              	 	
                I-50-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-50-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-49-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-49-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                51

              	 	
                I-51-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-51-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-50-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-50-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                52

              	 	
                I-52-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-52-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-51-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-51-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                53

              	 	
                I-53-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-53-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-52-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-52-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                54

              	 	
                I-54-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-54-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-53-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-53-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                55

              	 	
                I-55-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-55-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-54-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-54-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                56

              	 	
                I-56-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-56-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-55-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-55-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                57

              	 	
                I-57-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-57-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-46-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-46-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                58

              	 	
                I-58-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-58-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-57-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-57-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                59

              	 	
                I-59-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-59-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-58-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-58-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                60

              	 	
                I-60-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-60-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-59-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-59-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                61

              	 	
                I-61-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-61-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-60-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-60-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                62

              	 	
                I-62-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-62-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-61-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-61-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                63

              	 	
                I-63-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-63-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-62-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-62-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                64

              	 	
                I-64-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-64-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-63-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-63-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                65

              	 	
                I-65-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-65-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-64-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-64-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                66

              	 	
                I-66-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-66-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-65-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-65-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                67

              	 	
                I-67-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-67-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-66-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-66-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                68

              	 	
                I-68-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-68-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-67-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-67-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                69

              	 	
                I-69-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-69-A
                  and II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-68-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-68-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                70

              	 	
                I-70-A
                  

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-70-A
                  

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-69-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-69-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                thereafter

              	 	
                I-1-A
                  through I-70-A

              	 	
                REMIC
                  2 Remittance Rate

              
	 	 	
                II-1-A
                  through II-70-A

              	 	
                REMIC
                  2 Remittance Rate

              

      

      

      With
        respect to REMIC 3 Regular Interest LT-1GRP, a per annum rate (but not less
        than
        zero) equal to the weighted average of (x) with respect to REMIC 2 Regular
        Interest I and REMIC 2 Group I Regular Interests ending with the designation
        “B”, the weighted average of the REMIC 2 Remittance Rates for such REMIC 2
        Regular Interests, weighted on the basis of the Uncertificated Principal
        Balances of each such REMIC 2 Regular Interest for each such Distribution
        Date
        and (y) with respect to REMIC 2 Group I Regular Interests ending with the
        designation “A”, for each Distribution Date listed below, the weighted average
        of the rates listed below for such REMIC 2 Regular Interests listed below,
        weighted on the basis of the Uncertificated Principal Balances of each such
        REMIC 2 Regular Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  2 Regular Interest

              	 	
                Rate

              
	
                1
                  

              	 	
                I-1-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	
                2

              	 	
                I-2-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                3

              	 	
                I-3-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  and I-2-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                4

              	 	
                I-4-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-3-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                5

              	 	
                I-5-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-4-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                6

              	 	
                I-6-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-5-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                7

              	 	
                I-7-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-6-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                8

              	 	
                I-8-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-7-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                9

              	 	
                I-9-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-8-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                10

              	 	
                I-10-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-9-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                11

              	 	
                I-11-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-10-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                12

              	 	
                I-12-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-11-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                13

              	 	
                I-13-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-12-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                14

              	 	
                I-14-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-13-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                15

              	 	
                I-15-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-14-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                16

              	 	
                I-16-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-15-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                17

              	 	
                I-17-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-16-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                18

              	 	
                I-18-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-17-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                19

              	 	
                I-19-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-18-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                20

              	 	
                I-20-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-19-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                21

              	 	
                I-21-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-20-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                22

              	 	
                I-22-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-21-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                23

              	 	
                I-23-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-22-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                24

              	 	
                I-24-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-23-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                25

              	 	
                I-25-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-24-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                26

              	 	
                I-26-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-25-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                27

              	 	
                I-27-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-26-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                28

              	 	
                I-28-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-27-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                29

              	 	
                I-29-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-28-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                30

              	 	
                I-30-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-29-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                31

              	 	
                I-31-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-30-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                32

              	 	
                I-32-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-31-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                33

              	 	
                I-33-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-32-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                34

              	 	
                I-34-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-33-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                35

              	 	
                I-35-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-34-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                36

              	 	
                I-36-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-35-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                37

              	 	
                I-37-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-36-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                38

              	 	
                I-38-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-37-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                39

              	 	
                I-39-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-38-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                40

              	 	
                I-40-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-39-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                41

              	 	
                I-41-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-40-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                42

              	 	
                I-42-A
                  and I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-41-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                43

              	 	
                I-43-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-42-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                44

              	 	
                I-44-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-43-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                45

              	 	
                I-45-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-44-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                46

              	 	
                I-46-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-45-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                47

              	 	
                I-47-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-46-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                48

              	 	
                I-48-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-47-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                49

              	 	
                I-49-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-48-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                50

              	 	
                I-50-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-49-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                51

              	 	
                I-51-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-50-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                52

              	 	
                I-52-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-51-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                53

              	 	
                I-53-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-52-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                54

              	 	
                I-54-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-53-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                55

              	 	
                I-55-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-54-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                56

              	 	
                I-56-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-55-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                57

              	 	
                I-57-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-56-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                58

              	 	
                I-58-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-57-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                59

              	 	
                I-59-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-58-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                60

              	 	
                I-60-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-59-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                61

              	 	
                I-61-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-60-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                62

              	 	
                I-62-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-61-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                63

              	 	
                I-63-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-62-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                64

              	 	
                I-64-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-63-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                65

              	 	
                I-65-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-64-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                66

              	 	
                I-66-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-65-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                67

              	 	
                I-67-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-66-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                68

              	 	
                I-68-A
                  through I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-67-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                69

              	 	
                I-69-A
                  and I-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-68-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                70

              	 	
                I-70-A
                  

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                I-1-A
                  through I-69-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                thereafter

              	 	
                I-1-A
                  through I-70-A

              	 	
                REMIC
                  2 Remittance Rate

              

      

      

      With
        respect to REMIC 3 Regular Interest LT-2GRP, a per annum rate (but not less
        than
        zero) equal to the weighted average of (x) with respect to REMIC 2 Regular
        Interest II and REMIC 2 Group II Regular Interests ending with the designation
        “B”, the weighted average of the REMIC 2 Remittance Rates for such REMIC 2
        Regular Interests, weighted on the basis of the Uncertificated Principal
        Balances of each such REMIC 2 Regular Interest for each such Distribution
        Date
        and (y) with respect to REMIC 2 Group II Regular Interests ending with the
        designation “A”, for each Distribution Date listed below, the weighted average
        of the rates listed below for such REMIC 2 Regular Interests listed below,
        weighted on the basis of the Uncertificated Principal Balances of each such
        REMIC 2 Regular Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1

              	 	
                II-1-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	
                2

              	 	
                II-2-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                3

              	 	
                II-3-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  and II-2-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                4

              	 	
                II-4-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-3-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                5

              	 	
                II-5-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-4-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                6

              	 	
                II-6-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-5-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                7

              	 	
                II-7-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-6-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                8

              	 	
                II-8-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-7-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                9

              	 	
                II-9-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-8-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                10

              	 	
                II-10-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-9-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                11

              	 	
                II-11-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-10-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                12

              	 	
                II-12-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-11-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                13

              	 	
                II-13-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-12-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                14

              	 	
                II-14-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-13-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                15

              	 	
                II-15-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-14-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                16

              	 	
                II-16-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-15-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                17

              	 	
                II-17-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-16-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                18

              	 	
                II-18-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-17-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                19

              	 	
                II-19-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-18-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                20

              	 	
                II-20-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-19-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                21

              	 	
                II-21-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-20-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                22

              	 	
                II-22-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-21-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                23

              	 	
                II-23-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-22-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                24

              	 	
                II-24-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-23-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                25

              	 	
                II-25-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-24-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                26

              	 	
                II-26-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-25-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                27

              	 	
                II-27-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-26-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                28

              	 	
                II-28-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-27-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                29

              	 	
                II-29-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-28-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                30

              	 	
                II-30-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-29-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                31

              	 	
                II-31-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-30-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                32

              	 	
                II-32-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-31-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                33

              	 	
                II-33-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-32-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                34

              	 	
                II-34-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-33-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                35

              	 	
                II-35-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-34-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                36

              	 	
                II-36-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-35-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                37

              	 	
                II-37-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-36-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                38

              	 	
                II-38-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-37-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                39

              	 	
                II-39-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-38-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                40

              	 	
                II-40-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-39-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                41

              	 	
                II-41-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-40-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                42

              	 	
                II-42-A
                  through II-70-A 

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-41-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                43

              	 	
                II-43-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-42-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                44

              	 	
                II-44-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-43-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                45

              	 	
                II-45-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-44-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                46

              	 	
                II-46-A
                  through II-70-A 

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-45-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                47

              	 	
                II-47-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-46-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                48

              	 	
                II-48-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-47-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                49

              	 	
                II-49-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-48-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                50

              	 	
                II-50-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-49-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                51

              	 	
                II-51-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-50-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                52

              	 	
                II-52-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-51-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                53

              	 	
                II-53-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-52-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                54

              	 	
                II-54-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-53-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                55

              	 	
                II-55-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-54-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                56

              	 	
                II-56-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-55-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                57

              	 	
                II-57-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-56-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                58

              	 	
                II-58-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-57-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                59

              	 	
                II-59-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-58-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                60

              	 	
                II-60-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-59-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                61

              	 	
                II-61-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-60-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                62

              	 	
                II-62-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-61-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                63

              	 	
                II-63-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-62-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                64

              	 	
                II-64-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-63-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                65

              	 	
                II-65-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-64-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                66

              	 	
                II-66-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-65-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                67

              	 	
                II-70-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-66-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                68

              	 	
                II-68-A
                  through II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-70-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                69

              	 	
                II-69-A
                  and II-70-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-68-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                70

              	 	
                II-70-A
                  

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of REMIC 2
                  Remittance
                  Rate

              
	 	 	
                II-1-A
                  through II-69-A

              	 	
                REMIC
                  2 Remittance Rate

              
	
                thereafter

              	 	
                II-1-A
                  through II-70-A

              	 	
                REMIC
                  2 Remittance Rate

              

      

      

      With
        respect to REMIC 3 Regular Interest II-IO, and (i) the first Distribution
        Date
        through the 70th
        Distribution Date, the excess of (x) the weighted average of the Uncertificated
        REMIC 2 Pass-Through Rates for REMIC 2 Regular Interests including the
        designation “A”, over (y) 2 multiplied by Swap LIBOR and (ii) thereafter,
        0.00%.

       

      REMIC
        3 Subordinate Allocation Percentage:
        50% of
        any amount payable from or loss attributable to the Mortgage Loans, which
        shall
        be allocated to REMIC 3 Regular Interest LT-1SUB, REMIC 3 Regular Interest
        LT-1GRP, REMIC 3 Regular Interest LT-2SUB, REMIC 3 Regular Interest LT-2GRP
        and
        REMIC 3 Regular Interest LT-XX.

       

      REMIC
        3 Subordinated Balance Ratio:
        The
        ratio among the Uncertificated Principal Balances of each REMIC 3 Regular
        Interest ending with the designation “SUB,” equal to the ratio between, with
        respect to each such REMIC 3 Regular Interest, the excess of (x) the aggregate
        Stated Principal Balance of the Mortgage Loans in the related Loan Group
        over
        (y) the current Certificate Principal Balance of Class A Certificates in
        the
        related Loan Group.

       

      REMIC
        3:
        The
        segregated pool of assets consisting of all of the REMIC 3 Regular Interests
        conveyed in trust to the Trustee, for the benefit of the Holders of the LIBOR
        Certificates, the Class SWAP-IO Interest, the Class P Certificate and the
        Class
        AR Certificate (in respect of the R-3-R Interest), pursuant to Article
        II hereunder,
        and all amounts deposited therein, with respect to which a separate REMIC
        election is to be made.

       

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

       

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

       

      Replacement
        Mortgage Loan:
        A
        Mortgage Loan substituted by a Seller for a Deleted Mortgage Loan which must,
        on
        the date of such substitution, as confirmed in a Request for File Release,
        (i)
        have a Stated Principal Balance, after deduction of the principal portion
        of the
        Scheduled Payment due in the month of substitution, not in excess of, and
        not
        less than 90% of the Stated Principal Balance of the Deleted Mortgage Loan;
        (ii)
        with respect to any Fixed Rate Mortgage Loan, have a Mortgage Rate not less
        than
        or no more than 1% per annum higher than the Mortgage Rate of the Deleted
        Mortgage Loan and, with respect to any Adjustable Rate Mortgage Loan: (a)
        have a
        Maximum Mortgage Rate no more than 1% per annum higher or lower than the
        Maximum
        Mortgage Rate of the Deleted Mortgage Loan; (b) have a Minimum Mortgage Rate
        no
        more than 1% per annum higher or lower than the Minimum Mortgage Rate of
        the
        Deleted Mortgage Loan; (c) have the same Index and intervals between Adjustment
        Dates as that of the Deleted Mortgage Loan; (d) have a Gross Margin not more
        than 1% per annum higher or lower than that of the Deleted Mortgage Loan;
        and
        (e) have an Initial Periodic Rate Cap and a Subsequent Periodic Rate Cap
        each
        not more than 1% lower than that of the Deleted Mortgage Loan; (iii) have
        the
        same or higher credit quality characteristics than that of the Deleted Mortgage
        Loan; (iv) be accruing interest at a rate not more than 1% per annum higher
        or
        lower than that of the Deleted Mortgage Loan; (v) have a Loan-to-Value Ratio
        no
        higher than that of the Deleted Mortgage Loan; (vi) have a remaining term
        to
        maturity not greater than (and not more than one year less than) that of
        the
        Deleted Mortgage Loan; (vii) not permit conversion of the Mortgage Rate from
        a
        fixed rate to a variable rate or vice versa; (viii) provide for a Prepayment
        Charge on terms substantially similar to those of the Prepayment Charge,
        if any,
        of the Deleted Mortgage Loan; (ix) have the same occupancy type and lien
        priority as the Deleted Mortgage Loan; and (x) comply with each representation
        and warranty set forth in Section 2.03 as of the date of substitution; provided,
        however, that notwithstanding the foregoing, to the extent that compliance
        with
        clause (x) of this definition would cause a proposed Replacement Mortgage
        Loan
        to fail to comply with one or more of clauses (i), (ii), (iv), (viii) and/or
        (ix) of this definition, then such proposed Replacement Mortgage Loan must
        comply with clause (x) and need not comply with one or more of clauses (i),
        (ii), (iv), (viii) and/or (ix), to the extent, and only to the extent, necessary
        to assure that the Replacement Mortgage Loan otherwise complies with clause
        (x).

       

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

       

      (a) entry
        into a definitive agreement related to the Trust Fund, the Certificates or
        the
        Mortgage Loans, or an amendment to a Transaction Document, even if the Depositor
        is not a party to such agreement (e.g., a servicing agreement with a servicer
        contemplated by Item 1108(a)(3) of Regulation AB); 

       

      (b) termination
        of a Transaction Document (other than by expiration of the agreement on its
        stated termination date or as a result of all parties completing their
        obligations under such agreement), even if the Depositor is not a party to
        such
        agreement (e.g., a servicing agreement with a servicer contemplated by Item
        1108(a)(3) of Regulation AB); 

       

      (c) with
        respect to the Master Servicer only, if the Master Servicer becomes aware
        of any
        bankruptcy or receivership with respect to CHL, the Depositor, the Master
        Servicer, any Subservicer, the Trustee, the Swap Counterparty, any enhancement
        or support provider contemplated by Items 1114(b) or 1115 of Regulation AB,
        or
        any other material party contemplated by Item 1101(d)(1) of Regulation AB;
        

       

      (d) with
        respect to the Trustee, the Master Servicer and the Depositor only, the
        occurrence of an early amortization, performance trigger or other event,
        including an Event of Default under this Agreement; 

       

      (e) any
        amendment to this Agreement; 

       

      (f) the
        resignation, removal, replacement, substitution of the Master Servicer, any
        Subservicer, the Trustee or any co-trustee; 

       

      (g) with
        respect to the Master Servicer only, if the Master Servicer becomes aware
        that
        (i) any material enhancement or support specified in Item 1114(a)(1) through
        (3)
        of Regulation AB or Item 1115 of Regulation AB that was previously applicable
        regarding one or more classes of the Certificates has terminated other than
        by
        expiration of the contract on its stated termination date or as a result
        of all
        parties completing their obligations under such agreement; (ii) any material
        enhancement specified in Item 1114(a)(1) through (3) of Regulation AB or
        Item
        1115 of Regulation AB has been added with respect to one or more classes
        of the
        Certificates; or (iii) any existing material enhancement or support specified
        in
        Item 1114(a)(1) through (3) of Regulation AB or Item 1115 of Regulation AB
        with
        respect to one or more classes of the Certificates has been materially amended
        or modified; and

       

      (h) with
        respect to the Trustee, the Master Servicer and the Depositor only, a required
        distribution to Holders of the Certificates is not made as of the required
        Distribution Date under this Agreement.

       

      Reporting
        Subcontractor:
        With
        respect to the Master Servicer or the Trustee, any Subcontractor determined
        by
        such Person pursuant to Section 11.08(b) to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB. References to a
        Reporting Subcontractor shall refer only to the Subcontractor of such Person
        and
        shall not refer to Subcontractors generally.

       

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

       

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

       

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

       

      Required
        Carryover Reserve Fund Deposit:
        With
        respect to any Distribution Date, an amount equal to the excess of (i) $1,000
        over (ii) the amount of funds on deposit in the Carryover Reserve Fund after
        giving effect to all other deposits and withdrawals therefrom on such
        Distribution Date.

       

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

       

      Residual
        Interest:
        The
        sole class of “residual interests” in a REMIC within the meaning of Section
        860G(a)(2) of the Code.

       

      Responsible
        Officer:
        When
        used with respect to the Trustee, any Vice President, any Assistant Vice
        President, the Secretary, any Assistant Secretary, any Trust Officer or any

        other officer of the Trustee customarily performing functions similar to
        those
        performed by any of the above designated officers and also to whom, with
        respect
        to a particular matter, such matter is referred because of such officer’s
        knowledge of and familiarity with the particular subject.

       

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

       

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

       

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

       

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

       

      Sarbanes-Oxley
        Certification:
        As
        defined in Section 11.05.

       

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

       

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

       

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

       

      Seller
        Shortfall Interest Requirement:
        With
        respect to the Distribution Date in each of January 2007, February 2007 and
        March 2007, is the sum of:

       

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

       

      (b) the
        lesser of: 

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Startup
        Date:
        The
        Closing Date is hereby designated as the “startup day” of the Trust Fund within
        the meaning of Section 860G(a)(9) of the Code.

       

      Stated
        Principal Balance:
        With
        respect to any Mortgage Loan or related REO Property (i) as of the related
        Cut-off Date, the Cut-off Date Principal Balance for such Mortgage Loan,
        and
        (ii) as of any other Distribution Date, the Stated Principal Balance of the
        Mortgage Loan as of its Cut-off Date, minus the sum of (a) the principal
        portion
        of the Scheduled Payments (x) due with respect to such Mortgage Loan during
        each
        Due Period ending prior to such Distribution Date and (y) that were received
        by
        the Master Servicer as of the close of business on the Determination Date
        related to such Distribution Date or with respect to which Advances were
        made as
        of the Master Servicer Advance Date related to such Distribution Date, (b)
        all
        Principal Prepayments with respect to such Mortgage Loan received by the
        Master
        Servicer during each Prepayment Period ending prior to such Distribution
        Date,
        (c) all Liquidation Proceeds collected with respect to such Mortgage Loan
        during
        each Due Period ending prior to such Distribution Date, to the extent applied
        by
        the Master Servicer as recoveries of principal in accordance with Section
        3.12
        and (d) any Realized Loss previously incurred in connection with a Deficient
        Valuation or Debt Service Reduction. The Stated Principal Balance of any
        Mortgage Loan that becomes a Liquidated Mortgage Loan will be zero on each
        date
        following the Due Period in which such Mortgage Loan becomes a Liquidated
        Mortgage Loan. References herein to the Stated Principal Balance of the Mortgage
        Loans at any time shall mean the aggregate Stated Principal Balance of all
        Mortgage Loans in the Trust Fund as of such time, and references herein to
        the
        Stated Principal Balance of a Loan Group at any time shall mean the aggregate
        Stated Principal Balance of all Mortgage Loans in such Loan Group at such
        time.

       

      Stepdown
        Date:
        The
        earlier to occur of (a) the Distribution Date immediately following the
        Distribution Date on which the aggregate Certificate Principal Balance of
        the
        Senior Certificates is reduced to zero, and (b) the later to occur of (x)
        the
        Distribution Date in January 2010 and (y) the first Distribution Date on
        which
        the aggregate Certificate Principal Balance of the Senior Certificates (after
        calculating anticipated distributions on such Distribution Date) is less
        than or
        equal to 59.30% of the aggregate Stated Principal Balance of the Mortgage
        Loans
        for such Distribution Date. 

       

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

       

      
        	 	 	
                Stepdown
                  Target

                Subordination

                Percentage

              
	
                Class
                  M-1

              	 	
                33.80%

              
	
                Class
                  M-2

              	 	
                26.90%

              
	
                Class
                  M-3

              	 	
                22.60%

              
	
                Class
                  M-4

              	 	
                18.80%

              
	
                Class
                  M-5

              	 	
                15.10%

              
	
                Class
                  M-6

              	 	
                11.90%

              
	
                Class
                  M-7

              	 	
                 
                  9.10%

              
	
                Class
                  M-8

              	 	
                 
                  7.80%

              
	
                Class
                  M-9

              	 	
                 
                  5.60%

              
	
                Class
                  B

              	 	
                 
                  3.50%

              

      

      

       

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

       

      Subordinate
        Certificates:
        The
        Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7,
        Class M-8, Class M-9 and Class B Certificates.

       

      Subordinate
        Class Principal Distribution Amount:
        With
        respect to any Distribution Date and any Class of Subordinate Certificates
        (other than the Class M-1, Class M-2 and Class M-3 Certificates), the excess
        of
        (1) the sum of (a) the aggregate Certificate Principal Balance of the Class
        A
        Certificates (after taking into account distribution of the Class A Principal
        Distribution Target Amount for such Distribution Date), (b) the aggregate
        Certificate Principal Balance of the Class M-1, Class M-2 and Class M-3
        Certificates (after taking into account distribution of the Combined Class
        M-1,
        M-2 and M-3 Principal Distribution Amount for the Distribution Date), (c)
        the
        aggregate Certificate Principal Balance of any Class(es) of Subordinate
        Certificates (other than the Class M-1, Class M-2 and Class M-3 Certificates)
        that are senior to the subject Class (in each case, after taking into account
        distribution of the Subordinate Class Principal Distribution Amount(s) for
        such
        senior Class(es) of Certificates for such Distribution Date), and (d) the
        Certificate Principal Balance of the subject Class of Subordinate Certificates
        immediately prior to such Distribution Date over (2) the lesser of (a) the
        product of (x) 100% minus the Stepdown Target Subordination Percentage for
        the
        subject Class of Certificates and (y) the aggregate Stated Principal Balance
        of
        the Mortgage Loans for such Distribution Date and (b) the aggregate Stated
        Principal Balance of the Mortgage Loans for such Distribution Date minus
        the OC
        Floor; provided, however, that if such Class of Subordinate Certificates
        is the
        only Class of Subordinate Certificates outstanding on such Distribution Date,
        that Class will be entitled to receive the entire remaining Principal
        Distribution Amount for Loan Group 1 and Loan Group 2 until the Certificate
        Principal Balance thereof is reduced to zero.

       

      Subordinate
        Net Rate Cap:
        With
        respect to any Distribution Date and each Class of Subordinate Certificates,
        the
        weighted average of the Class 1-A Net Rate Cap and the Class 2-A Net Rate
        Cap,
        weighted on the basis of the excess (if any) of the sum of the aggregate
        Stated
        Principal Balance as of such Distribution Date of the Mortgage Loans in the
        related Loan Group and the amount on deposit in the Pre-Funding Account in
        respect of that Loan Group over the outstanding Certificate Principal Balance(s)
        of the related Senior Certificates.

       

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

       

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

       

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

       

      Subsequent
        Mortgage Loan Interest:
        Any
        amount constituting (i) a monthly payment of interest received or advanced
        at
        the Mortgage Rate with respect to a Subsequent Mortgage Loan in Loan Group
        1
        during the Due Period relating to the first Distribution Date in excess of
        0.00%
        per annum and (ii) a monthly payment of interest received or advanced at
        the
        Mortgage Rate with respect to a Subsequent Mortgage Loan in Loan Group 2
        during
        the Due Period relating to the first Distribution Date in excess of 0.00%
        per
        annum. The Subsequent Mortgage Loan Interest shall be distributable to the
        Class
        A-R Certificates. The Subsequent Mortgage Loan Interest shall not be an asset
        of
        any REMIC.

       

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

       

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

       

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

       

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

       

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

       

      Subsequent
        Transfer Date Transfer Amount:
        With
        respect to any Subsequent Transfer Date, an amount equal to the lesser of
        (i)
        the aggregate Stated Principal Balances as of the related Subsequent Cut-off
        Dates of the Subsequent Mortgage Loans conveyed on such Subsequent Transfer
        Date, as listed on the related Loan Number and Borrower Identification Mortgage
        Loan Schedule delivered pursuant to Section 2.01(f) and (ii) the amount on
        deposit in the Pre-Funding Account.

       

      Subservicer:
        As
        defined in Section 3.02(a).

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Swap
        Counterparty:
        Deutsche Bank AG, New York Branch

       

      Swap
        Contract Termination Date:
        The
        Distribution Date in October 25, 2012.

       

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

       

      

      Swap
        LIBOR:
        A per annum rate equal to the floating rate payable by the Swap Counterparty
        to
        the Swap Contract Administrator under the Swap Contract.

      

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

       

      Swap
        Trust:
        The
        trust fund established by Section 4.09.

       

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

       

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

       

      Tax
        Matters Person Certificate:
        With
        respect to the REMIC 1, REMIC 2 and REMIC 3, the Class A-R Certificate with
        a
        Denomination of $0.05 and in the form of Exhibit E hereto.

       

      Termination
        Price:
        As
        defined in Section 9.01.

       

      Terminator:
        As
        defined in Section 9.01.

       

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

       

      Transaction
        Documents:
        This
        Agreement, the Swap Contract, the Swap Contract Administration Agreement
        and any
        other document or agreement entered into in connection with the Trust Fund,
        the
        Certificates or the Mortgage Loans.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Uncertificated
        Principal Balance:
        The
        amount of any REMIC Regular Interest (other than REMIC 3 Regular Interest
        II-IO)
        outstanding as of any date of determination. As of the Closing Date, the
        Uncertificated Principal Balance of each REMIC Regular Interest (other than
        REMIC 3 Regular Interest II-IO) shall equal the amount set forth in the
        Preliminary Statement hereto as its initial uncertificated balance. On each
        Distribution Date, the Uncertificated Principal Balance of each REMIC Regular
        Interest (other than REMIC 3 Regular Interest II-IO) shall be reduced by
        all
        distributions of principal made on such REMIC Regular Interest on such
        Distribution Date pursuant to Section 4.10 and, if and to the extent necessary
        and appropriate, shall be further reduced on such Distribution Date by Realized
        Losses as provided in Section 4.11. The Uncertificated Principal Balance
        of
        REMIC 2 Regular Interest LT-ZZ shall be increased by interest deferrals as
        provided in Section 4.10. The Uncertificated Principal Balance of each REMIC
        Regular Interest shall never be less than zero. 

       

      Uncertificated
        Interest:
        With
        respect to any REMIC Regular Interest for any Distribution Date, one month’s
        interest at the REMIC Remittance Rate applicable to such REMIC Regular Interest
        for such Distribution Date, accrued on the Uncertificated Principal Balance
        or
        Uncertificated Notional Amount thereof immediately prior to such Distribution
        Date. Uncertificated Interest in respect of any REMIC Regular Interest shall
        accrue on the basis of a 360-day year consisting of twelve 30-day months.
        Uncertificated Interest with respect to each Distribution Date, as to any
        REMIC
        Regular Interest, shall be reduced by an amount equal to the sum of the
        aggregate Prepayment Interest Shortfall, if any, for such Distribution Date
        to
        the extent not covered by payments of Compensating Interest pursuant to Section
        3.05(b), if any, allocated, in each case, to such REMIC Regular Interest
        pursuant to Section 4.10. In addition, Uncertificated Interest with respect
        to
        each Distribution Date, as to any REMIC Regular Interest shall be reduced
        by
        Realized Losses, if any, allocated to such REMIC Regular Interest pursuant
        to
        Section 4.11.

       

      Uncertificated
        Notional Amount:
        With
        respect to REMIC 3 Regular Interest II-IO and each Distribution Date listed
        below, the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
        Interests ending with the designation “A” listed below:

       

      
        	
                Distribution

                Date

              	 	
                REMIC
                  2 Regular Interests

              
	
                1

              	 	
                I-1-A
                  through I-70-A and II-1-A through II-70-A 

              
	
                2

              	 	
                I-2-A
                  through I-70-A and II-2-A through II-70-A 

              
	
                3

              	 	
                I-3-A
                  through I-70-A and II-3-A through II-70-A 

              
	
                4

              	 	
                I-4-A
                  through I-70-A and II-4-A through II-70-A 

              
	
                5

              	 	
                I-5-A
                  through I-70-A and II-5-A through II-70-A 

              
	
                6

              	 	
                I-6-A
                  through I-70-A and II-6-A through II-70-A 

              
	
                7

              	 	
                I-7-A
                  through I-70-A and II-7-A through II-70-A 

              
	
                8

              	 	
                I-8-A
                  through I-70-A and II-8-A through II-70-A

              
	
                9

              	 	
                I-9-A
                  through I-70-A and II-9-A through II-70-A 

              
	
                10

              	 	
                I-10-A
                  through I-70-A and II-10-A through II-70-A 

              
	
                11

              	 	
                I-11-A
                  through I-70-A and II-11-A through II-70-A 

              
	
                12

              	 	
                I-12-A
                  through I-70-A and II-12-A through II-70-A 

              
	
                13

              	 	
                I-13-A
                  through I-70-A and II-13-A through II-70-A 

              
	
                14

              	 	
                I-14-A
                  through I-70-A and II-14-A through II-70-A 

              
	
                15

              	 	
                I-15-A
                  through I-70-A and II-15-A through II-70-A 

              
	
                16

              	 	
                I-16-A
                  through I-70-A and II-16-A through II-70-A 

              
	
                17

              	 	
                I-17-A
                  through I-70-A and II-17-A through II-70-A 

              
	
                18

              	 	
                I-18-A
                  through I-70-A and II-18-A through II-70-A 

              
	
                19

              	 	
                I-19-A
                  through I-70-A and II-19-A through II-70-A 

              
	
                20

              	 	
                I-20-A
                  through I-70-A and II-20-A through II-70-A 

              
	
                21

              	 	
                I-21-A
                  through I-70-A and II-21-A through II-70-A 

              
	
                22

              	 	
                I-22-A
                  through I-70-A and II-22-A through II-70-A 

              
	
                23

              	 	
                I-23-A
                  through I-70-A and II-23-A through II-70-A 

              
	
                24

              	 	
                I-24-A
                  through I-70-A and II-24-A through II-70-A 

              
	
                25

              	 	
                I-25-A
                  through I-70-A and II-25-A through II-70-A 

              
	
                26

              	 	
                I-26-A
                  through I-70-A and II-26-A through II-70-A 

              
	
                27

              	 	
                I-27-A
                  through I-70-A and II-27-A through II-70-A 

              
	
                28

              	 	
                I-28-A
                  through I-70-A and II-28-A through II-70-A 

              
	
                29

              	 	
                I-29-A
                  through I-70-A and II-29-A through II-70-A

              
	
                30

              	 	
                I-30-A
                  through I-70-A and II-30-A through II-70-A 

              
	
                31

              	 	
                I-31-A
                  through I-70-A and II-31-A through II-70-A 

              
	
                32

              	 	
                I-32-A
                  through I-70-A and II-32-A through II-70-A 

              
	
                33

              	 	
                I-33-A
                  through I-70-A and II-33-A through II-70-A 

              
	
                34

              	 	
                I-34-A
                  through I-70-A and II-34-A through II-70-A 

              
	
                35

              	 	
                I-35-A
                  through I-70-A and II-35-A through II-70-A 

              
	
                36

              	 	
                I-36-A
                  through I-70-A and II-36-A through II-70-A 

              
	
                37

              	 	
                I-37-A
                  through I-70-A and II-37-A through II-70-A 

              
	
                38

              	 	
                I-38-A
                  through I-70-A and II-38-A through II-70-A 

              
	
                39

              	 	
                I-39-A
                  through I-70-A and II-39-A through II-70-A 

              
	
                40

              	 	
                I-40-A
                  through I-70-A and II-40-A through II-70-A 

              
	
                41

              	 	
                I-41-A
                  through I-70-A and II-41-A through II-70-A

              
	
                42

              	 	
                I-42-A
                  through I-70-A and II-42-A through II-70-A

              
	
                43

              	 	
                I-43-A
                  through I-70-A and II-43-A through II-70-A

              
	
                44

              	 	
                I-44-A
                  through I-70-A and II-44-A through II-70-A

              
	
                45

              	 	
                I-45-A
                  through I-70-A and II-45-A through II-70-A

              
	
                46

              	 	
                I-46-A
                  through I-70-A and II-46-A through II-70-A

              
	
                47

              	 	
                I-47-A
                  through I-70-A and II-47-A through II-70-A

              
	
                48

              	 	
                I-48-A
                  through I-70-A and II-48-A through II-70-A

              
	
                49

              	 	
                I-49-A
                  through I-70-A and II-49-A through II-70-A

              
	
                50

              	 	
                I-50-A
                  through I-70-A and II-50-A through II-70-A

              
	
                51

              	 	
                I-51-A
                  through I-70-A and II-51-A through II-70-A

              
	
                52

              	 	
                I-52-A
                  through I-70-A and II-52-A through II-70-A

              
	
                53

              	 	
                I-53-A
                  through I-70-A and II-53-A through II-70-A

              
	
                54

              	 	
                I-54-A
                  through I-70-A and II-54-A through II-70-A

              
	
                55

              	 	
                I-55-A
                  through I-70-A and II-55-A through II-70-A

              
	
                56

              	 	
                I-56-A
                  through I-70-A and II-56-A through II-70-A

              
	
                57

              	 	
                I-57-A
                  through I-70-A and II-57-A through II-70-A

              
	
                58

              	 	
                I-58-A
                  through I-70-A and II-58-A through II-70-A

              
	
                59

              	 	
                I-59-A
                  through I-70-A and II-59-A through II-70-A

              
	
                60

              	 	
                I-60-A
                  through I-70-A and II-60-A through II-70-A

              
	
                61

              	 	
                I-61-A
                  through I-70-A and II-61-A through II-70-A

              
	
                62

              	 	
                I-62-A
                  through I-70-A and II-62-A through II-70-A

              
	
                63

              	 	
                I-63-A
                  through I-70-A and II-63-A through II-70-A

              
	
                64

              	 	
                I-64-A
                  through I-70-A and II-64-A through II-70-A

              
	
                65

              	 	
                I-65-A
                  through I-70-A and II-65-A through II-70-A

              
	
                66

              	 	
                I-66-A
                  through I-70-A and II-66-A through II-70-A

              
	
                67

              	 	
                I-67-A
                  through I-70-A and II-67-A through II-70-A

              
	
                68

              	 	
                I-68-A
                  through I-70-A and II-68-A through II-70-A

              
	
                69

              	 	
                I-69-A
                  through I-70-A and II-69-A through II-70-A

              
	
                70

              	 	
                I-70-A
                  and II-70-A 

              
	
                thereafter

              	 	
                $0.00

              

      

      

      With
        respect to the Class IO Interest and any Distribution Date, an amount equal
        to
        the Uncertificated Notional Amount of the REMIC 3 Regular Interest
        II-IO.

       

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

       

      Underwriter:
        Countrywide Securities Corporation.

       

      Unpaid
        Realized Loss Amount:
        For any
        Class of Certificates and any Distribution Date, (x) the portion of the
        aggregate Applied Realized Loss Amount previously allocated to that Class
        remaining unpaid from prior Distribution Dates minus
        (y) any
        increase in the Certificate Principal Balance of that Class due to the
        allocation of Subsequent Recoveries to the Certificate Principal Balance
        of that
        Class pursuant to Section 4.04(h).

       

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

       

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

       

      Section
        1.02  Certain
        Interpretive Provisions.

       

      All
        terms
        defined in this Agreement shall have the defined meanings when used in any
        certificate, agreement or other document delivered pursuant hereto unless
        otherwise defined therein. For purposes of this Agreement and all such
        certificates and other documents, unless the context otherwise requires:
        (a)
        accounting terms not otherwise defined in this Agreement, and accounting
        terms
        partly defined in this Agreement to the extent not defined, shall have the
        respective meanings given to them under generally accepted accounting
        principles; (b) the words “hereof,” “herein” and “hereunder” and words of
        similar import refer to this Agreement (or the certificate, agreement or
        other
        document in which they are used) as a whole and not to any particular provision
        of this Agreement (or such certificate, agreement or document); (c) references
        to any Section, Schedule or Exhibit are references to Sections, Schedules
        and
        Exhibits in or to this Agreement, and references to any paragraph, subsection,
        clause or other subdivision within any Section or definition refer to such
        paragraph, subsection, clause or other subdivision of such Section or
        definition; (d) the term “including” means “including without limitation”; (e)
        references to any law or regulation refer to that law or regulation as amended
        from time to time and include any successor law or regulation; (f) references
        to
        any agreement refer to that agreement as amended from time to time; (g)
        references to any Person include that Person’s permitted successors and assigns;
        and (h) a Mortgage Loan is “30 days delinquent” if a Scheduled Payment has not
        been received by the close of business on the Due Date on which the next
        Scheduled Payment is due. Similarly for “60 days delinquent,” “90 days
        delinquent” and so on.

       

       

       

      ARTICLE
        II.

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      REPRESENTATIONS
        AND WARRANTIES

       

      Section
        2.01 Conveyance
        of Mortgage Loans.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (6)  no
        Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date was 30
        or
        more days delinquent as of the related Cut-off Date;

       

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

       

      
        	
                Loan
                  Group 1

              	 	 	 
	
                Characteristic

              	 	
                Value

              	
                Permitted

                Variance
                  or 

                Range

              
	
                Average
                  Stated Principal Balance

              	
                $193,107

              	
                10%

              
	
                Weighted
                  Average Mortgage Rate

              	
                8.227%

              	
                0.10%

              
	
                Weighted
                  Average Original Loan-to-Value Ratio

              	
                79.40%

              	
                3%

              
	
                Weighted
                  Average Remaining Term to Maturity

              	
                354
                  months

              	
                3
                  months

              
	
                Weighted
                  Average Credit Bureau Risk Score

              	
                606

              	
                5
                  points

              

      

      

       

      
        	
                Loan
                  Group 2

              	 	 
	
                Characteristic

              	 	
                Value

              	
                Permitted
                  

                Variance
                  or 

                Range

              
	
                Average
                  Stated Principal Balance

              	
                $209,879

              	
                10%

              
	
                Weighted
                  Average Mortgage Rate

              	
                8.316%

              	
                0.10%

              
	
                Weighted
                  Average Original Loan-to-Value Ratio

              	
                76.38%

              	
                3%

              
	
                Weighted
                  Average Remaining Term to Maturity

              	
                354
                  months

              	
                3
                  months

              
	
                Weighted
                  Average Credit Bureau Risk Score

              	
                617

              	
                5
                  points

              

      

       

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

       

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

       

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

       

      (f)  Within
        six Business Days after each Subsequent Transfer Date, upon (1) delivery
        to the
        Trustee by the Depositor of the Opinions of Counsel referred to in Section
        2.01(e)(1) and (e)(9), (2) delivery to the Trustee by CHL (on behalf of each
        Seller) of a Loan Number and Borrower Identification Mortgage Loan Schedule
        reflecting the Subsequent Mortgage Loans conveyed on such Subsequent Transfer
        Date and the Loan Group into which each Subsequent Mortgage Loan was conveyed,
        (3) deposit in the Certificate Account by the Master Servicer on behalf of
        the
        Sellers of the applicable Subsequent Certificate Account Deposit, and (4)
        delivery to the Trustee by the Depositor of an Officer’s Certificate confirming
        the satisfaction of each of the conditions precedent set forth in this Section
        2.01(f), the Trustee shall pay the applicable Seller the Subsequent Transfer
        Date Transfer Amount from such funds that were set aside in the Pre-Funding
        Account pursuant to Section 2.01(d). The positive difference, if any, between
        the Subsequent Transfer Date Transfer Amount and the Subsequent Transfer
        Date
        Purchase Amount shall be re-invested by the Trustee in the Pre-Funding
        Account.

       

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

       

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

       

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

       

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

       

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

       

      (iii)  in
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed
        assignment of the Mortgage to “Asset-Backed Certificates, Series 2006-BC5,
        CWABS, Inc., by The Bank of New York, a New York banking corporation, as
        trustee
        under the Pooling and Servicing Agreement dated as of December 1, 2006, without
        recourse” or a copy of such assignment, with recording information, (each such
        assignment, when duly and validly completed, to be in recordable form and
        sufficient to effect the assignment of and transfer to the assignee thereof,
        under the Mortgage to which such assignment relates);

       

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

       

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

       

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

       

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

       

      In
        the
        event that in connection with any Mortgage Loan that is not a MERS Mortgage
        Loan
        a Seller cannot deliver the original recorded Mortgage or all interim recorded
        assignments of the Mortgage satisfying the requirements of clause (ii), (iii)
        or
        (iv) concurrently with the execution and delivery hereof, such Seller shall
        deliver or cause to be delivered to the Trustee a true copy of such Mortgage
        and
        of each such undelivered interim assignment of the Mortgage each certified
        by
        such Seller, the applicable title company, escrow agent or attorney, or the
        originator of such Mortgage, as the case may be, to be a true and complete
        copy
        of the original Mortgage or assignment of Mortgage submitted for recording.
        For
        any such Mortgage Loan that is not a MERS Mortgage Loan each Seller shall
        promptly deliver or cause to be delivered to the Trustee such original Mortgage
        and such assignment or assignments with evidence of recording indicated thereon
        upon receipt thereof from the public recording official, or a copy thereof,
        certified, if appropriate, by the relevant recording office, but in no event
        shall any such delivery be made later than 270 days following the Closing
        Date;
        provided that in the event that by such date such Seller is unable to deliver
        or
        cause to be delivered each such Mortgage and each interim assignment by reason
        of the fact that any such documents have not been returned by the appropriate
        recording office, or, in the case of each interim assignment, because the
        related Mortgage has not been returned by the appropriate recording office,
        such
        Seller shall deliver or cause to be delivered such documents to the Trustee
        as
        promptly as possible upon receipt thereof. If the public recording office
        in
        which a Mortgage or interim assignment thereof is recorded retains the original
        of such Mortgage or assignment, a copy of the original Mortgage or assignment so
        retained, with evidence of recording thereon, certified to be true and complete
        by such recording office, shall satisfy a Seller’s obligations in Section 2.01.
        If any document submitted for recording pursuant to this Agreement is (x)
        lost
        prior to recording or rejected by the applicable recording office, the
        applicable Seller shall immediately prepare or cause to be prepared a substitute
        and submit it for recording, and shall deliver copies and originals thereof
        in
        accordance with the foregoing or (y) lost after recording, the applicable
        Seller
        shall deliver to the Trustee a copy of such document certified by the applicable
        public recording office to be a true and complete copy of the original recorded
        document. Each Seller shall promptly forward or cause to be forwarded to
        the
        Trustee (x) from time to time additional original documents evidencing an
        assumption or modification of a Mortgage Loan and (y) any other documents
        required to be delivered by the Depositor or the Master Servicer to the Trustee
        within the time periods specified in this Section 2.01.

       

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

       

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

       

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

       

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

       

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

       

      Section
        2.02 Acceptance
        by Trustee of the Mortgage Loans.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      If,
        in
        the course of such review, the Trustee finds any document or documents
        constituting a part of such Mortgage File that do not meet the requirements
        of
        clauses (i)-(iv) and (vi) above, the Trustee shall include such exceptions
        in
        such Final Certification (and the Trustee shall state in such Final
        Certification whether any Mortgage File does not then include the original
        or
        duplicate original lender’s title policy or a printout of the electronic
        equivalent and all riders thereto). If the public recording office in which
        a
        Mortgage or assignment thereof is recorded retains the original of such Mortgage
        or assignment, a copy of the original Mortgage or assignment so retained,
        with
        evidence of recording thereon, certified to be true and complete by such
        recording office, shall be deemed to satisfy the requirements of clause (ii),
        (iii) or (iv) above, as applicable. CHL shall promptly correct or cure such
        defect referred to above within 90 days from the date it was so notified
        of such
        defect and, if CHL does not correct or cure such defect within such period,
        CHL
        shall either (A) if the time to cure such defect expires prior to the end
        of the
        second anniversary of the Closing Date, substitute for the related Initial
        Mortgage Loan a Replacement Mortgage Loan, which substitution shall be
        accomplished in the manner and subject to the conditions set forth in Section
        2.03, or (B) purchase such Initial Mortgage Loan from the Trust Fund within
        90
        days from the date CHL was notified of such defect in writing at the Purchase
        Price of such Initial Mortgage Loan; provided that any such substitution
        pursuant to (A) above or repurchase pursuant to (B) above shall not be effected
        prior to the delivery to the Trustee of the Opinion of Counsel required by
        Section 2.05 hereof and any substitution pursuant to (A) above shall not
        be
        effected prior to the additional delivery to the Trustee of a Request for
        File
        Release. No substitution will be made in any calendar month after the
        Determination Date for such month. The Purchase Price for any such Initial
        Mortgage Loan shall be deposited by CHL in the Certificate Account and, upon
        receipt of such deposit and Request for File Release with respect thereto,
        the
        Trustee shall release the related Mortgage File to CHL and shall execute
        and
        deliver at CHL’s request such instruments of transfer or assignment as CHL has
        prepared, in each case without recourse, as shall be necessary to vest in
        CHL,
        or a designee, the Trustee’s interest in any Initial Mortgage Loan released
        pursuant hereto. If pursuant to the foregoing provisions CHL repurchases
        an
        Initial Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer shall
        cause MERS to execute and deliver an assignment of the Mortgage in recordable
        form to transfer the Mortgage from MERS to CHL and shall cause such Mortgage
        to
        be removed from registration on the MERS® System in accordance with MERS’ rules
        and regulations.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      If,
        in
        the course of such review, the Trustee finds any document or documents
        constituting a part of such Mortgage File that do not meet the requirements
        of
        clauses (i)-(iv) and (vi) above, the Trustee shall include such exceptions
        in
        such Final Certification (and the Trustee shall state in such Final
        Certification whether any Mortgage File does not then include the original
        or
        duplicate original lender’s title policy or a printout of the electronic
        equivalent and all riders thereto). If the public recording office in which
        a
        Mortgage or assignment thereof is recorded retains the original of such Mortgage
        or assignment, a copy of the original Mortgage or assignment so retained,
        with
        evidence of recording thereon, certified to be true and complete by such
        recording office, shall be deemed to satisfy the requirements of clause (ii),
        (iii) or (iv) above, as applicable. CHL shall promptly correct or cure such
        defect referred to above within 90 days from the date it was so notified
        of such
        defect and, if CHL does not correct or cure such defect within such period,
        CHL
        shall either (A) if the time to cure such defect expires prior to the end
        of the
        second anniversary of the Closing Date, substitute for the related Subsequent
        Mortgage Loan a Replacement Mortgage Loan, which substitution shall be
        accomplished in the manner and subject to the conditions set forth in Section
        2.03, or (B) purchase such Subsequent Mortgage Loan from the Trust Fund within
        90 days from the date CHL was notified of such defect in writing at the Purchase
        Price of such Subsequent Mortgage Loan; provided that any such substitution
        pursuant to (A) above or repurchase pursuant to (B) above shall not be effected
        prior to the delivery to the Trustee of the Opinion of Counsel required by
        Section 2.05 hereof and any substitution pursuant to (A) above shall not
        be
        effected prior to the additional delivery to the Trustee of a Request for
        File
        Release. No substitution will be made in any calendar month after the
        Determination Date for such month. The Purchase Price for any such Subsequent
        Mortgage Loan shall be deposited by CHL in the Certificate Account and, upon
        receipt of such deposit and Request for File Release with respect thereto,
        the
        Trustee shall release the related Mortgage File to CHL and shall execute
        and
        deliver at CHL’s request such instruments of transfer or assignment as CHL has
        prepared, in each case without recourse, as shall be necessary to vest in
        CHL,
        or a designee, the Trustee’s interest in any Subsequent Mortgage Loan released
        pursuant hereto. If pursuant to the foregoing provisions CHL repurchases
        a
        Subsequent Mortgage Loan that is a MERS Mortgage Loan, the Master Servicer
        shall
        cause MERS to execute and deliver an assignment of the Mortgage in recordable
        form to transfer the Mortgage from MERS to CHL and shall cause such Mortgage
        to
        be removed from registration on the MERS® System in accordance with MERS’ rules
        and regulations. 

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (7)  The
        Master Servicer is a member of MERS in good standing, and will comply in
        all
        material respects with the rules and procedures of MERS in connection with
        the
        servicing of the Mortgage Loans for as long as such Mortgage Loans are
        registered with MERS.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (9)  None
        of
        the Mortgage Loans is more than 30 days delinquent.

       

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

       

      (11)  Each
        Mortgage Loan is secured by a valid and enforceable first lien on the related
        Mortgaged Property subject only to (1) the lien of non-delinquent current
        real
        property taxes and assessments, (2) covenants, conditions and restrictions,
        rights of way, easements and other matters of public record as of the date
        of
        recording of such Mortgage, such exceptions appearing of record being acceptable
        to mortgage lending institutions generally or specifically reflected in the
        appraisal made in connection with the origination of the related Mortgage
        Loan
        and (3) other matters to which like properties are commonly subject that
        do not
        materially interfere with the benefits of the security intended to be provided
        by such Mortgage.

       

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

       

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

       

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

       

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

       

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

       

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

       

      (18)  A
        lender’s policy of title insurance together with a condominium endorsement and
        extended coverage endorsement, if applicable, in an amount at least equal to the
        Cut-off Date Principal Balance of each such Mortgage Loan or a commitment
        (binder) to issue the same was effective on the date of the origination of
        each
        Mortgage Loan, each such policy is valid and remains in full force and effect,
        and each such policy was issued by a title insurer qualified to do business
        in
        the jurisdiction where the Mortgaged Property is located and acceptable to
        Fannie Mae and Freddie Mac and is in a form acceptable to Fannie Mae and
        Freddie
        Mac, which policy insures the Sellers and successor owners of indebtedness
        secured by the insured Mortgage, as to the first priority lien, of the Mortgage
        subject to the exceptions set forth in paragraph (11) above; to the best
        of
        CHL’s knowledge, no claims have been made under such mortgage title insurance
        policy and no prior holder of the related Mortgage, including any Seller,
        has
        done, by act or omission, anything that would impair the coverage of such
        mortgage title insurance policy.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (60)  If
        the
        Mortgage Loan provides that the interest rate on the principal balance of
        the
        related Mortgage Loan may be adjusted, all of the terms of the related Mortgage
        pertaining to interest rate adjustments, payment adjustments and adjustments
        of
        the outstanding principal balance have been made in accordance with the terms
        of
        the related Mortgage Note and applicable law and are enforceable and such
        adjustments will not affect the priority of the Mortgage lien.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (73)  No
        Mortgage Loan in the Trust Fund is a High Cost Loan or Covered Loan, as
        applicable (as such terms are defined in the then-current Standard & Poor’s
        LEVELS® Glossary which is now Version 5.7, Appendix E) and no Mortgage Loan
        originated on or after October 1, 2002 through March 6, 2003 is governed
        by the
        Georgia Fair Lending Act.

       

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

       

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

       

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

       

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

       

      (A)  No
        refinance or purchase money Mortgage Loan in Loan Group 1 has an APR or total
        points and fees that exceed the thresholds set by the Home Ownership and
        Equity
        Protection Act of 1994 (“HOEPA”) and its implementing regulations, including 12
        CFR § 226.32(a)(1)(i) and (ii). 

       

      (B)  No
        borrower obtained a prepaid single-premium credit life, credit disability,
        credit unemployment or credit property insurance policy in connection with
        the
        origination of the Mortgage Loan;

       

      (C)  With
        respect to any Mortgage Loan in Loan Group 1 that contains a provision
        permitting imposition of a penalty upon a prepayment prior to maturity: (a)
        the
        Mortgage Loan provides some benefit to the borrower (e.g., a rate or fee
        reduction) in exchange for accepting such prepayment penalty; (b) prior to
        the
        Mortgage Loan’s origination, the borrower was offered the option of obtaining a
        mortgage loan that did not require payment of such a penalty; (c) the prepayment
        penalty was adequately disclosed to the borrower pursuant to applicable state
        and federal law; (d) no such Mortgage Loan originated on or after October
        1,
        2002 will provide for prepayment penalties for a term in excess of three
        years,
        and any such Mortgage Loan originated prior to such date will not provide
        for
        prepayment penalties in excess of five years; in each case unless the loan
        was
        modified to reduce the prepayment period to no more than three years from
        the
        date of the note and the borrower was notified in writing of such reduction
        in
        prepayment period; and (e) such prepayment penalty shall not be imposed in
        any
        instance where the Mortgage Loan is accelerated or paid off in connection
        with
        the workout of a delinquent mortgage or due to the borrower’s default,
        notwithstanding that the terms of the Mortgage Loan or state or federal law
        might permit the imposition of such penalty;

       

      (D)  With
        respect to each Mortgage Loan in Loan Group 1, the borrower was not encouraged
        or required to select a mortgage loan product offered by the Mortgage Loan’s
        originator which is a higher cost product designed for less creditworthy
        borrowers, taking into account such facts as, without limitation, the Mortgage
        Loan’s requirements and the borrower’s credit history, income, assets and
        liabilities;

       

      (E)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        in Loan Group 1 did not rely solely on the extent of the borrower’s equity in
        the collateral as the principal determining factor in approving such extension
        of credit. The methodology employed objective criteria such as the borrower’s
        income, assets and liabilities, to the proposed mortgage payment and, based
        on
        such methodology, the Mortgage Loan’s originator made a reasonable determination
        that at the time of origination the borrower had the ability to make timely
        payments on the Mortgage Loan;

       

      (F)  No
        borrower under a Mortgage Loan in Loan Group 1 was charged “points and fees” in
        an amount greater than (a) $1,000 or (b) 5% of the principal amount of such
        mortgage loan, whichever is greater. For purposes of this representation,
        “points and fees” (x) include origination, underwriting, broker and finder’s
        fees and charges that the lender imposed as a condition of making the mortgage
        loan, whether they are paid to the lender or a third party; and (y) exclude
        bona
        fide discount points, fees paid for actual services rendered in connection
        with
        the origination of the mortgage (such as attorneys’ fees, notaries fees and fees
        paid for property appraisals, credit reports, surveys, title examinations
        and
        extracts, flood and tax certifications, and home inspections); the cost of
        mortgage insurance or credit-risk price adjustments; the costs of title,
        hazard,
        and flood insurance policies; state and local transfer taxes or fees; escrow
        deposits for the future payment of taxes and insurance premiums; and other
        miscellaneous fees and charges, which miscellaneous fees and charges, in
        total,
        do not exceed 0.25 percent of the loan amount;

       

      (G)  All
        points, fees and charges (including finance charges), whether or not financed,
        assessed, collected or to be collected in connection with the origination
        and
        servicing of each Mortgage Loan in Loan Group 1, have been disclosed in writing
        to the borrower in accordance with applicable state and federal law and
        regulation;

       

      (H)  With
        respect to any Mortgage Loan in Loan Group 1 originated on or after August
        1,
        2004, neither the related mortgage nor the related mortgage note requires
        the
        borrower to submit to arbitration to resolve any dispute arising out of or
        relating in any way to the mortgage loan transaction; 

       

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

       

      (J) No
        Mortgage Loan in Loan Group 1 is secured by a Mortgage Property that is
manufactured
        housing.

       

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

       

      (c)  [Reserved].

       

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

       

      
        Section
          2.04 Representations
          and Warranties of the Depositor.

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        (a)  Notwithstanding
          any contrary provision of this Agreement, with respect to any Mortgage
          Loan that
          is not in default or as to which default is not imminent, no repurchase
          or
          substitution pursuant to Sections 2.02, 2.03 or 2.04 shall be made unless
          the
          Representing Party making such repurchase or substitution delivers to the
          Trustee an Opinion of Counsel (which such Representing Party shall use
          reasonable efforts to obtain), addressed to the Trustee to the effect that
          such
          repurchase or substitution would not (i) result in the imposition of the
          tax on
“prohibited transactions” of the Trust Fund or contributions after the Closing
          Date, as defined in sections 860F(a)(2) and 860G(d) of the Code, respectively
          or
          (ii) cause the any REMIC formed hereunder to fail to qualify as a REMIC
          at any
          time that any Certificates are outstanding. Any Mortgage Loan as to which
          repurchase or substitution was delayed pursuant to this paragraph shall
          be
          repurchased or the substitution therefor shall occur (subject to compliance
          with
          Sections 2.02, 2.03 or 2.04) upon the earlier of (a) the occurrence of
          a default
          or imminent default with respect to such loan and (b) receipt by the Trustee
          of
          an Opinion of Counsel to the effect that such repurchase or substitution,
          as
          applicable, will not result in the events described in clause (i) or clause
          (ii)
          of the preceding sentence. A substitution pursuant to Sections 2.02, 2.03
          or
          2.04 that is made within ninety (90) days after the Closing Date shall
          not
          require the Representing Party to deliver to the Trustee such Opinion of
          Counsel. 

         

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

         

        Section
          2.06 Authentication
          and Delivery of Certificates.

         

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

         

        Section
          2.07 Covenants
          of the Master Servicer.

         

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

         

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

         

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

         

         

        ARTICLE
          III.

         

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS

         

        Section
          3.01 Master
          Servicer to Service Mortgage Loans.

         

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

         

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

         

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

         

        In
          connection with its activities as Master Servicer of the Mortgage Loans,
          the
          Master Servicer agrees to present, on behalf of itself, the Trustee and
          the
          Certificateholders, claims to the insurer under any primary insurance policies
          and, in this regard, to take any reasonable action necessary to permit
          recovery
          under any primary insurance policies respecting defaulted Mortgage Loans.
          Any
          amounts collected by the Master Servicer under any primary insurance policies
          shall be deposited in the Certificate Account.

         

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

         

        Section
          3.02 Subservicing;
          Enforcement of the Obligations of Master Servicer

         

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

         

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

         

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

         

        None
          of
          the Trustee, the Sellers, the Certificateholders, the NIM Insurer or the
          Depositor shall have any responsibility or liability for any action or
          failure
          to act by the Master Servicer, and none of them is obligated to supervise
          the
          performance of the Master Servicer hereunder or otherwise. The Master Servicer
          shall afford (and any Subservicing Agreement shall provide that each Subservicer
          shall afford) the Depositor, the NIM Insurer and the Trustee, upon reasonable
          notice, during normal business hours, access to all records maintained
          by the
          Master Servicer (and any such Subservicer) in respect of the Master Servicer’s
          rights and obligations hereunder and access to officers of the Master Servicer
          (and those of any such Subservicer) responsible for such obligations. Upon
          request, the Master Servicer shall furnish to the Depositor, the NIM Insurer
          and
          the Trustee its (and any such Subservicer’s) most recent financial statements
          and such other information relating to the Master Servicer’s capacity to perform
          its obligations under this Agreement that it possesses. To the extent such
          information is not otherwise available to the public, the Depositor, the
          NIM
          Insurer and the Trustee shall not disseminate any information obtained
          pursuant
          to the preceding two sentences without the Masters Servicer’s (or any such
          Subservicer’s) written consent, except as required pursuant to this Agreement or
          to the extent that it is necessary to do so (i) in working with legal counsel,
          auditors, taxing authorities or other governmental agencies, rating agencies
          or
          reinsurers or (ii) pursuant to any law, rule, regulation, order, judgment,
          writ,
          injunction or decree of any court or governmental authority having jurisdiction
          over the Depositor, the Trustee, the NIM Insurer or the Trust Fund, and
          in
          either case, the Depositor, the NIM Insurer or the Trustee, as the case
          may be,
          shall use its reasonable best efforts to assure the confidentiality of
          any such
          disseminated non-public information. The Depositor may, but is not obligated
          to,
          enforce the obligations of the Master Servicer under this Agreement and
          may, but
          is not obligated to, perform, or cause a designee to perform, any defaulted
          obligation of the Master Servicer under this Agreement or exercise the
          rights of
          the Master Servicer under this Agreement; provided by virtue of such performance
          by the Depositor of its designee. The Depositor shall not have any
          responsibility or liability for any action or failure to act by the Master
          Servicer and is not obligated to supervise the performance of the Master
          Servicer under this Agreement or otherwise.

         

        Section
          3.04 Trustee
          to Act as Master Servicer.

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        (3)  all
          Insurance Proceeds;

         

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

         

        (5)  all
          Compensating Interest;

         

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

         

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

         

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

         

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

         

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

         

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

         

        The
          foregoing requirements for remittance by the Master Servicer into the
          Certificate Account shall be exclusive, it being understood and agreed
          that,
          without limiting the generality of the foregoing, payments in the nature
          of late
          payment charges or assumption fees, if collected, need not be remitted
          by the
          Master Servicer. In the event that the Master Servicer shall remit any
          amount
          not required to be remitted and not otherwise subject to withdrawal pursuant
          to
          Section 3.08 hereof, it may at any time withdraw or direct the institution
          maintaining the Certificate Account, to withdraw such amount from the
          Certificate Account, any provision herein to the contrary notwithstanding.
          Such
          withdrawal or direction may be accomplished by delivering written notice
          thereof
          to the institution maintaining the Certificate Account, that describes
          the
          amounts deposited in error in the Certificate Account. The Master Servicer
          shall
          maintain adequate records with respect to all withdrawals made pursuant
          to this
          Section. Reconciliations will be prepared for the Certificate Account within
          45
          calendar days after the bank statement cut-off date. All
          funds
          deposited in the Certificate Account shall be held in trust for the
          Certificateholders until withdrawn in accordance with Section 3.08.

         

        No
          later
          than 1:00 p.m. Pacific time on the Business Day prior to the Master Servicer
          Advance Date in each of and January 2007, February 2007 and March 2007,
          CHL
          shall remit to the Master Servicer, and the Master Servicer shall deposit
          in the
          Certificate Account, the Seller Shortfall Interest Requirement (if any)
          for such
          Master Servicer Advance Date.

         

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

         

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

         

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

         

        (3)  the
          Closing Date Deposit Amount; and 

         

        (4)  any
          amounts received with respect to the termination of the Trust Fund pursuant
          to
          Section 9.01.

         

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

         

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

         

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

         

        (e)  Each
          institution that maintains the Certificate Account, the Distribution Account
          or
          the Pre-Funding Account shall invest the funds in each such account, as
          directed
          by the Master Servicer, in Permitted Investments, which shall mature not
          later
          than (x) in the case of the Certificate Account, the second Business Day
          next
          preceding the related Distribution Account Deposit Date (except that if
          such
          Permitted Investment is an obligation of the institution that maintains
          such
          Certificate Account, then such Permitted Investment shall mature not later
          than
          the Business Day next preceding such Distribution Account Deposit Date)
          and (y)
          in the case of the Distribution Account and the Pre-Funding Account, the
          Business Day immediately preceding the first Distribution Date that follows
          the
          date of such investment (except that if such Permitted Investment is an
          obligation of the institution that maintains such Distribution Account
          or
          Pre-Funding Account, then such Permitted Investment shall mature not later
          than
          such Distribution Date), in each case, shall not be sold or disposed of
          prior to
          its maturity. All such Permitted Investments shall be made in the name
          of the
          Trustee, for the benefit of the Certificateholders. In the case of (i)
          the
          Certificate Account and the Distribution Account, all income and gain net
          of any
          losses realized from any such investment shall be for the benefit of the
          Master
          Servicer as servicing compensation and shall be remitted to it monthly
          as
          provided herein and (ii) the Pre-Funding Account, all income and gain net
          of any
          losses realized from any such investment shall be for the benefit of the
          Depositor and shall be remitted to the Depositor as provided herein. The
          amount
          of any losses incurred in the Certificate Account or the Distribution Account
          in
          respect of any such investments shall be deposited by the Master Servicer
          in the
          Certificate Account or paid to the Trustee for deposit into the Distribution
          Account out of the Master Servicer’s own funds immediately as realized. The
          amount of any losses incurred in the Pre-Funding Account in respect of
          any such
          investments shall be paid by the Master Servicer to the Trustee for deposit
          into
          the Pre-Funding Account out of the Master Servicer’s own funds immediately as
          realized. The Trustee shall not be liable for the amount of any loss incurred
          in
          respect of any investment or lack of investment of funds held in the Certificate
          Account, the Distribution Account or the Pre-Funding Account and made in
          accordance with this Section 3.05.

         

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

         

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

         

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

        

         

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

         

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

         

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

         

        The
          Master Servicer shall afford the Depositor, the NIM Insurer and the Trustee
          reasonable access to all records and documentation regarding the Mortgage
          Loans
          and all accounts, insurance policies and other matters relating to this
          Agreement, such access being afforded without charge, but only upon reasonable
          request and during normal business hours at the offices of the Master Servicer
          designated by it. Upon request, the Master Servicer shall furnish to the
          Trustee
          and the NIM Insurer its most recent publicly available financial statements
          and
          any other information relating to its capacity to perform its obligations
          under
          this Agreement reasonably requested by the NIM Insurer.

         

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

         

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

         

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

         

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

         

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

         

        (iii)  [Reserved];

         

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

         

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

         

        (vi)  to
          pay
          the Master Servicer any unpaid Servicing Fees and to reimburse it for any
          unreimbursed Servicing Advances, the Master Servicer’s right to reimbursement of
          Servicing Advances pursuant to this subclause (vi) with respect to any
          Mortgage
          Loan being limited to amounts received on particular Mortgage Loan(s)
          (including, for this purpose, Liquidation Proceeds, Insurance Proceeds
          and
          Subsequent Recoveries and purchase and repurchase proceeds) that represent
          late
          recoveries of the payments for which such advances were made pursuant to
          Section
          3.01 or Section 3.06;

         

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

         

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

         

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

         

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

         

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

         

        In
          addition, no later than 1:00 p.m. Pacific time on the Distribution Account
          Deposit Date, the Master Servicer shall withdraw from the Certificate Account
          and remit to the Trustee the Interest Remittance Amount, Principal Remittance
          Amount and Prepayment Charges collected and amounts in respect of Prepayment
          Charges pursuant to Section 3.20 for each Loan Group, and the Trustee shall
          deposit such amount in the Distribution Account.

         

        The
          Trustee shall establish and maintain, on behalf of the Certificateholders,
          a
          Principal Reserve Fund in the name of the Trustee. On the Closing Date,
          CHL
          shall deposit into the Principal Reserve Fund $100.00. Funds on deposit
          in the
          Principal Reserve Fund shall not be invested. The Principal Reserve Fund
          shall
          be treated as an “outside reserve fund” under applicable Treasury regulations
          and shall not be part of any REMIC created under this Agreement. 

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        Section
          3.09 [Reserved].

         

        Section
          3.10 Maintenance
          of Hazard Insurance.

         

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

         

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

         

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

         

        (b)  Subject
          to the Master Servicer’s duty to enforce any due-on-sale clause to the extent
          set forth in Section 3.11(a) hereof, in any case in which a Mortgaged Property
          has been conveyed to a Person by a Mortgagor, and such Person is to enter
          into
          an assumption agreement or modification agreement or supplement to the
          Mortgage
          Note or Mortgage that requires the signature of the Trustee, or if an instrument
          of release signed by the Trustee is required releasing the Mortgagor from
          liability on the Mortgage Loan, the Master Servicer shall prepare and deliver
          or
          cause to be prepared and delivered to the Trustee for signature and shall
          direct, in writing, the Trustee to execute the assumption agreement with
          the
          Person to whom the Mortgaged Property is to be conveyed and such modification
          agreement or supplement to the Mortgage Note or Mortgage or other instruments
          as
          are reasonable or necessary to carry out the terms of the Mortgage Note
          or
          Mortgage or otherwise to comply with any applicable laws regarding assumptions
          or the transfer of the Mortgaged Property to such Person. In connection
          with any
          such assumption, no material term of the Mortgage Note (including, but
          not
          limited to, the Mortgage Rate, the amount of the Scheduled Payment, the
          Maximum
          Mortgage Rate, the Minimum Mortgage Rate, the Gross Margin, the Initial
          Periodic
          Rate Cap, the Subsequent Periodic Rate Cap, the Adjustment Date and any
          other
          term affecting the amount or timing of payment on the Mortgage Loan) may
          be
          changed. In addition, the substitute Mortgagor and the Mortgaged Property
          must
          be acceptable to the Master Servicer in accordance with its underwriting
          standards as then in effect. The Master Servicer shall notify the Trustee
          that
          any such substitution or assumption agreement has been completed by forwarding
          to the Trustee the original of such substitution or assumption agreement,
          which
          in the case of the original shall be added to the related Mortgage File
          and
          shall, for all purposes, be considered a part of such Mortgage File to
          the same
          extent as all other documents and instruments constituting a part thereof.
          Any
          fee collected by the Master Servicer for entering into an assumption or
          substitution of liability agreement will be retained by the Master Servicer
          as
          additional servicing compensation.

         

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

        

         

        (a)  The
          Master Servicer may agree to a modification of any Mortgage Loan (the “Modified
          Mortgage Loan”) if (i) CHL purchases the Modified Mortgage Loan from the Trust
          Fund immediately following the modification as described below and (ii)
          the
          Stated Principal Balance of such Mortgage Loan, when taken together with
          the
          aggregate of the Stated Principal Balances of all other Mortgage Loans
          in the
          same Loan Group that have been so modified since the Closing Date at the
          time of
          those modifications, does not exceed an amount equal to 5% of the aggregate
          Certificate Principal Balance of the related Certificates. Effective immediately
          after the modification, and, in any event, on the same Business Day on
          which the
          modification occurs, all interest of the Trustee in the Modified Mortgage
          Loan
          shall automatically be deemed transferred and assigned to CHL and all benefits
          and burdens of ownership thereof, including the right to accrued interest
          thereon from the date of modification and the risk of default thereon,
          shall
          pass to CHL. The Master Servicer shall promptly deliver to the Trustee
          a
          certification of a Servicing Officer to the effect that all requirements
          of this
          paragraph have been satisfied with respect to the Modified Mortgage Loan.
          For
          federal income tax purposes, the Trustee shall account for such purchase
          as a
          prepayment in full of the Modified Mortgage Loan. CHL shall remit the Purchase
          Price to the Master Servicer for deposit into the Certificate Account pursuant
          to Section 3.05 within one Business Day after the purchase of the Modified
          Mortgage Loan. Upon receipt by the Trustee of written notification of any
          such
          deposit signed by a Servicing Officer, the Trustee shall release to CHL
          or its
          designee the related Mortgage File and shall execute and deliver such
          instruments of transfer or assignment, in each case without recourse, as
          shall
          be necessary to vest in CHL any Modified Mortgage Loan previously transferred
          and assigned pursuant hereto. CHL covenants and agrees to indemnify the
          Trust
          Fund against any liability for any “prohibited transaction” taxes and any
          related interest, additions, and penalties imposed on the Trust Fund established
          hereunder as a result of any modification of a Mortgage Loan effected pursuant
          to this subsection (a), any holding of a Modified Mortgage Loan by the
          Trust
          Fund or any purchase of a Modified Mortgage Loan by CHL (but such obligation
          shall not prevent CHL or any other appropriate Person from in good faith
          contesting any such tax in appropriate proceedings and shall not prevent
          CHL
          from withholding payment of such tax, if permitted by law, pending the
          outcome
          of such proceedings). CHL shall have no right of reimbursement for any
          amount
          paid pursuant to the foregoing indemnification, except to the extent that
          the
          amount of any tax, interest, and penalties, together with interest thereon,
          is
          refunded to the Trust Fund or CHL. If the Master Servicer agrees to a
          modification of any Mortgage Loan pursuant to this Section 3.12(a), and
          if such
          Mortgage Loan carries a Prepayment Charge provision, CHL shall deliver
          to the
          Trustee the amount of the Prepayment Charge, if any, that would have been
          due
          had such Mortgage Loan been prepaid at the time of such modification, for
          deposit into the Certificate Account (not later than 1:00 p.m. Pacific
          time on
          the Master Servicer Advance Date immediately succeeding the date of such
          modification) for distribution in accordance with the terms of this
          Agreement.

         

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

         

        With
          respect to any REO Property, the deed or certificate of sale shall be taken
          in
          the name of the Trustee for the benefit of the Certificateholders (or the
          Trustee’s nominee on behalf of the Certificateholders). The Trustee’s name shall
          be placed on the title to such REO Property solely as the Trustee hereunder
          and
          not in its individual capacity. The Master Servicer shall ensure that the
          title
          to such REO Property references this Agreement and the Trustee’s capacity
          thereunder. Pursuant to its efforts to sell such REO Property, the Master
          Servicer shall either itself or through an agent selected by the Master
          Servicer
          protect and conserve such REO Property in the same manner and to such extent
          as
          is customary in the locality where such REO Property is located and may,
          incident to its conservation and protection of the interests of the
          Certificateholders, rent the same, or any part thereof, as the Master Servicer
          deems to be in the best interest of the Master Servicer and the
          Certificateholders for the period prior to the sale of such REO Property.
          The
          Master Servicer shall prepare for and deliver to the Trustee a statement
          with
          respect to each REO Property that has been rented showing the aggregate
          rental
          income received and all expenses incurred in connection with the management
          and
          maintenance of such REO Property at such times as is necessary to enable
          the
          Trustee to comply with the reporting requirements of the REMIC Provisions.
          The
          net monthly rental income, if any, from such REO Property shall be deposited
          in
          the Certificate Account no later than the close of business on each
          Determination Date. The Master Servicer shall perform the tax reporting
          and
          withholding related to foreclosures, abandonments and cancellation of
          indebtedness income as specified by Sections 1445, 6050J and 6050P of the
          Code
          by preparing and filing such tax and information returns, as may be
          required.

         

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

         

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

         

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

         

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

         

        (c)  [Reserved].

         

        (d)  The
          Master Servicer, in its sole discretion, shall have the right to elect
          (by
          written notice sent to the Trustee) to purchase for its own account from
          the
          Trust Fund any Mortgage Loan that is 150 days or more delinquent at a price
          equal to the Purchase Price; provided, however, that the Master Servicer
          may
          only exercise this right on or before the last day of the calendar month
          in
          which such Mortgage Loan became 150 days delinquent (such month, the “Eligible
          Repurchase Month”); provided further, that any such Mortgage Loan which becomes
          current but thereafter becomes delinquent may be purchased by the Master
          Servicer pursuant to this Section in any ensuing Eligible Repurchase Month.
          The
          Master Servicer, in its sole discretion, shall also have the right to purchase
          for its own account from the Trust Fund at a price equal to the Purchase
          Price
          any EPD Protected Mortgage Loan that becomes 30 days delinquent on or prior
          to
          the second day of the month following (i) the Closing Date, in the case
          of an
          EPD Protected Mortgage Loan that is an Initial Mortgage Loan, (ii) the
          Supplemental Transfer Date, in the case of an EPD Protected Mortgage Loan
          that
          is a Supplemental Mortgage Loan or (iii) the date of substitution in the
          case of
          an EPD Mortgage Loan that is a Replacement Mortgage Loan. The Master Servicer’s
          right to purchase any such EPD Protected Mortgage Loan shall expire on
          the 270th
          day following the date on which such EPD Protected Mortgage Loan becomes
          30 days
          delinquent. The Purchase Price for any Mortgage Loan purchased hereunder
          shall
          be deposited in the Certificate Account. Any purchase of a Mortgage Loan
          pursuant to this Section 3.12(d) shall be accomplished by remittance to
          the
          Master Servicer for deposit in the Certificate Account of the Purchase
          Price.
          The Trustee, upon receipt of certification from the Master Servicer of
          such
          deposit and a Request for File Release from the Master Servicer, shall
          release
          or cause to be released to the purchaser of such Mortgage Loan the related
          Mortgage File and shall execute and deliver such instruments of transfer
          or
          assignment prepared by the purchaser of such Mortgage Loan, in each case
          without
          recourse, as shall be necessary to vest in the purchaser of such Mortgage
          Loan
          any Mortgage Loan released pursuant hereto and the purchaser of such Mortgage
          Loan shall succeed to all the Trustee’s right, title and interest in and to such
          Mortgage Loan and all security and documents related thereto. Such assignment
          shall be an assignment outright and not for security. The purchaser of
          such
          Mortgage Loan shall thereupon own such Mortgage Loan, and all security
          and
          documents, free of any further obligation to the Trustee or the
          Certificateholders with respect thereto.

         

        Section
          3.13 Trustee
          to Cooperate; Release of Mortgage Files.

         

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

         

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

         

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

         

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

         

        Section
          3.15 Servicing
          Compensation.

         

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

         

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

         

        Section
          3.16 Access
          to Certain Documentation.

         

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

         

        Section
          3.17 Annual
          Statement as to Compliance.

         

        (a) The
          Master Servicer shall deliver to the Depositor and the Trustee on or before
          March 15 of each year, commencing with its 2007 fiscal year, an Officer’s
          Certificate stating, as to the signer thereof, that (i) a review of the
          activities of the Master Servicer during the preceding calendar year (or
          applicable portion thereof) and of the performance of the Master Servicer
          under
          this Agreement, has been made under such officer’s supervision and (ii) to the
          best of such officer’s knowledge, based on such review, the Master Servicer has
          fulfilled all its obligations under this Agreement, in all material respects
          throughout such year (or applicable portion thereof), or, if there has
          been a
          failure to fulfill any such obligation in any material respect, specifying
          each
          such failure known to such officer and the nature and status thereof and
          (iii)
          to the best of such officer’s knowledge, each Subservicer has fulfilled all its
          obligations under its Subservicing Agreement in all material respects throughout
          such year, or, if there has been a failure to fulfill any such obligation
          in any
          material respect specifying each such failure known to such officer and
          the
          nature and status thereof.

         

        (b) The
          Master Servicer shall cause each Subservicer to deliver to the Depositor
          and the
          Trustee on or before March 15 of each year, commencing with its 2007 fiscal
          year, an Officer’s Certificate stating, as to the signer thereof, that (i) a
          review of the activities of such Subservicer during the preceding calendar
          year
          (or applicable portion thereof) and of the performance of the Subservicer
          under
          the applicable Subservicing Agreement or primary servicing agreement, has
          been
          made under such officer’s supervision and (ii) to the best of such officer’s
          knowledge, based on such review, such Subservicer has fulfilled all its
          obligations under the applicable Subservicing Agreement or primary servicing
          agreement, in all material respects throughout such year (or applicable
          portion
          thereof), or, if there has been a failure to fulfill any such obligation
          in any
          material respect, specifying each such failure known to such officer and
          the
          nature and status thereof.

         

        (c) The
          Trustee shall forward a copy of each such statement to each Rating Agency.
          Copies of such statement shall be provided by the Trustee to any
          Certificateholder or Certificate Owner upon request at the Master Servicer’s
          expense, provided such statement is delivered by the Master Servicer to
          the
          Trustee.

         

        Section
          3.18 [Reserved].
           

          Section
            3.19 [Reserved]. 
             

            Section
              3.20 Prepayment Charges.

          

        

         

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

         

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

         

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

         

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

         

        Section
          3.21 Swap
          Contract.

         

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

         

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

         

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

         

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

         

        Upon
          the
          Swap Trustee obtaining actual knowledge of an Event of Default (as defined
          in
          the Swap Contract), Termination Event (as defined in the Swap Contract)
          or
          Additional Termination Event (as defined in the Swap Contract) for which
          the
          Swap Contract Administrator has the right to designate an Early Termination
          Date
          (as defined in the Swap Contract), the Swap Trustee shall act at the written
          direction of the Depositor as to whether to direct the Swap Contract
          Administrator to designate an Early Termination Date; provided, however,
          that
          the Swap Trustee shall provide written notice to each Rating Agency following
          the Event of Default or Termination Event. Upon the termination of the
          Swap
          Contract under the circumstances contemplated by this Section 3.21, the
          Swap
          Trustee shall use its reasonable best efforts to enforce the rights of
          the Swap
          Contract Administrator as may be permitted by the terms of the Swap Contract
          and
          consistent with the terms hereof, and CHL shall assist the Swap Contract
          Administrator in procuring a replacement swap contract with terms approximating
          those of the original Swap Contract.

         

        In
          the
          event that the swap counterparty in respect of a replacement swap contract
          pays
          any upfront amount to the Swap Contract Administrator in connection with
          entering into the replacement swap contract and such upfront amount is
          received
          by the Swap Contract Administrator prior to the Distribution Date on which
          any
          Swap Termination Payment will be payable to the Swap Counterparty in respect
          of
          the original Swap Contract, a portion of that upfront amount equal to the
          lesser
          of (x) that upfront amount and (y) the amount of the Swap Termination Payment
          due to the Swap Counterparty in respect of the original Swap Contract (the
          “Adjusted Replacement Upfront Amount”) shall be included in Interest Funds for
          Loan Group 1 and Loan Group 2 pro rata based on their respective Interest
          Funds
          for that Distribution Date and any upfront amount in excess of the Adjusted
          Replacement Upfront Amount shall be distributed to CHL and will not be
          available
          to make distributions in respect of any Class of Certificates. Any upfront
          amount paid to the Swap Contract Administrator by the swap counterparty
          in
          respect of a replacement swap contract after the Distribution Date on which
          any
          Swap Termination Payment will be payable to the Swap Counterparty in respect
          of
          the original Swap Contract, such upfront amount shall be retained by the
          Swap
          Contract Administrator and remitted to the Swap Trustee on subsequent
          Distribution Dates up to and including the Swap Contract Termination Date
          to pay
          any amounts distributable to the Interest-Bearing Certificates pursuant
          to
          Section 4.04(d)(3) through (8) that will remain unpaid following all
          distributions to be made on such Distribution Date pursuant to Section
          4.04(a)
          through (c).

         

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

         

        The
          Swap
          Counterparty shall be an express third-party beneficiary of this Agreement
          to
          the extent of its express rights to receive any payments under this Agreement
          or
          any other express rights of the Swap Counterparty explicitly stated in
          this
          Agreement, and shall have the right to enforce such rights under this Agreement
          as if it were a party hereto.

         

        
           

          ARTICLE
            IV.

           

          DISTRIBUTIONS
            AND ADVANCES BY THE MASTER SERVICER

           

          	Section
                  4.01  	
                  Advances;
                    Remittance Reports.

                

           

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

           

          (b)  Subject
            to the conditions of this Article IV, the Master Servicer, as required
            below,
            shall make an Advance and deposit such Advance in the Certificate Account.
            Each
            such Advance shall be remitted to the Certificate Account no later than
            1:00
            p.m. Pacific time on the Master Servicer Advance Date in immediately
            available
            funds. The Trustee shall provide notice to the Master Servicer by facsimile
            by
            the close of business on any Master Servicer Advance Date in the event
            that the
            amount remitted by the Master Servicer to the Trustee on the Distribution
            Account Deposit Date is less than the Advances required to be made by
            the Master
            Servicer for such Distribution Date. The Master Servicer shall be obligated
            to
            make any such Advance only to the extent that such advance would not
            be a
            Nonrecoverable Advance. If the Master Servicer shall have determined
            that it has
            made a Nonrecoverable Advance or that a proposed Advance or a lesser
            portion of
            such Advance would constitute a Nonrecoverable Advance, the Master Servicer
            shall deliver (i) to the Trustee for the benefit of the Certificateholders
            funds
            constituting the remaining portion of such Advance, if applicable, and
            (ii) to
            the Depositor, each Rating Agency and the Trustee an Officer’s Certificate
            setting forth the basis for such determination.

           

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

           

          (d)  If
            the
            Master Servicer determines that it will be unable to comply with its
            obligation
            to make the Advances as and when described in paragraphs (b) and (c)
            immediately
            above, it shall use its best efforts to give written notice thereof to
            the
            Trustee (each such notice a “Trustee Advance Notice”; and such notice may be
            given by facsimile), not later than 3:00 p.m., New York time, on the
            Business
            Day immediately preceding the related Master Servicer Advance Date, specifying
            the amount that it will be unable to deposit (each such amount an “Advance
            Deficiency”) and certifying that such Advance Deficiency constitutes an Advance
            hereunder and is not a Nonrecoverable Advance. If the Trustee receives
            a Trustee
            Advance Notice on or before 3:30 p.m., (New York time) on a Master Servicer
            Advance Date, the Trustee shall, not later than 3:00 p.m., (New York
            time), on
            the related Distribution Date, deposit in the Distribution Account an
            amount
            equal to the Advance Deficiency identified in such Trustee Advance Notice
            unless
            it is prohibited from so doing by applicable law. Notwithstanding the
            foregoing,
            the Trustee shall not be required to make such deposit if the Trustee
            shall have
            received written notification from the Master Servicer that the Master
            Servicer
            has deposited or caused to be deposited in the Certificate Account an
            amount
            equal to such Advance Deficiency. All Advances made by the Trustee pursuant
            to
            this Section 4.01(d) shall accrue interest on behalf of the Trustee at
            the
            Trustee Advance Rate from and including the date such Advances are made
            to but
            excluding the date of repayment, with such interest being an obligation
            of the
            Master Servicer and not the Trust Fund. The Master Servicer shall reimburse
            the
            Trustee for the amount of any Advance made by the Trustee pursuant to
            this
            Section 4.01(d) together with accrued interest, not later than 6:00 p.m.
            (New
            York time) on the Business Day following the related Distribution Date.
            In the
            event that the Master Servicer does not reimburse the Trustee in accordance
            with
            the requirements of the preceding sentence, the Trustee shall immediately
            (i)
            terminate all of the rights and obligations of the Master Servicer under
            this
            Agreement in accordance with Section 7.01 and (ii) subject to the limitations
            set forth in Section 3.04, assume all of the rights and obligations of
            the
            Master Servicer hereunder.

           

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

           

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

                

           

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

           

          	Section
                  4.03  	
                  [Reserved].

                

           

          	Section
                  4.04  	
                  Distributions.

                

           

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

           

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

           

          (ii)  concurrently:

           

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

           

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

           

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

           

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

           

          (a)  sequentially,
            to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
            Class
            M-7, Class M-8, Class M-9 and Class B Certificates, in that order, the
            Current
            Interest for each such Class, and

           

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

           

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

           

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

           

          (A)  concurrently:

           

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

           

          (a)  to
            the
            Class A-R Certificates, until the Certificate Principal Balance thereof
            is
            reduced to zero;

           

          (b)  to
            the
            Class 1-A Certificates, until the Certificate Principal Balance thereof
            is
            reduced to zero; and

           

          (c)  to
            the
            Classes of Class 2-A Certificates (after the distribution of the Principal
            Distribution Amount from Loan Group 2 as provided in clause (ii)(a) below),
            in
            the order and priorities set forth in clause (3) below, until the Certificate
            Principal Balances thereof are reduced to zero;

           

          (ii)  from
            the
            Principal Distribution Amount for Loan Group 2, sequentially:

           

          (a)  to
            the
            Classes of Class 2-A Certificates, in the order and priorities set forth
            in
            clause (3) below, until the Certificate Principal Balances thereof are
            reduced
            to zero; and

           

          (b)  to
            the
            Class 1-A Certificates (after the distribution of the Principal Distribution
            Amount from Loan Group 1 as provided in clause (i)(a) above), until the
            Certificate Principal Balance thereof is reduced to zero;

           

          (B)  from
            the
            remaining Principal Distribution Amounts for Loan Group 1 and Loan Group
            2,
            sequentially:

           

          (i)  sequentially,
            to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
            Class
            M-7, Class M-8, Class M-9 and Class B Certificates, in that order, in
            each case
            until the Certificate Principal Balance thereof is reduced to zero,

           

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

           

          (2)  For
            each
            Distribution Date on or after the Stepdown Date and so long as a Trigger
            Event
            is not in effect, from the Principal Distribution Amounts for both Loan
            Groups,
            sequentially:

           

          (A)  in
            an
            amount up to the Class A Principal Distribution Target Amount, pro rata
            based on
            their respective entitlements, concurrently:

           

          (i)  to
            the
            Class 1-A Certificates, in an amount up to the Class 1-A Principal Distribution
            Target Amount, until the Certificate Principal Balance thereof is reduced
            to
            zero, and

           

          (ii)  to
            the
            Classes of Class 2-A Certificates, in an amount up to the Class 2-A Principal
            Distribution Target Amount, allocated in the amounts and order of priority
            set
            forth in clause (3) below, until the Certificate Principal Balances thereof
            are
            reduced to zero,

           

          provided,
            however, that if (a) the Certificate Principal Balance of the Class 1-A
            Certificates or (b) the aggregate Certificate Principal Balance of the
            Class 2-A
            Certificates is reduced to zero, then any remaining unpaid Class A Principal
            Distribution Target Amount shall be distributed to the remaining class(es)
            of
            Senior Certificates after distributions pursuant to clauses (i) and (ii)
            above
            (and, in the case of the Class 2-A Certificates, in the amounts and order
            described in clause (3) below), until the Certificate Principal Balance(s)
            thereof is/are reduced to zero,

           

          (B)  sequentially,
            to the Class M-1, Class M-2 and Class M-3 Certificates, in that order,
            the
            Combined Class M-1, M-2 and M-3 Principal Distribution Amount, until
            the
            Certificate Principal Balances thereof are reduced to zero,

           

          (C)  sequentially,
            to the Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9
            and
            Class B Certificates, in that order, the Subordinate Class Principal
            Distribution Amount for that class, in each case until the Certificate
            Principal
            Balance thereof is reduced to zero, and

           

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

           

          (3) On
            each
            Distribution Date on which any principal amounts are to be distributed
            to the
            Class 2-A Certificates, those amounts shall be distributed, sequentially,
            to the
            Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class 2-A-4 Certificates, in
            that
            order, in each case until the Certificate Principal Balance thereof is
            reduced
            to zero.

           

          (c)  With
            respect to any Distribution Date, any Excess Cashflow shall be distributed
            to
            the Classes of Certificates in the following order of priority, to the
            extent of
            the remaining Excess Cashflow:

           

          (1)  to
            the
            Holders of the Class or Classes of Interest-Bearing Certificates then
            entitled
            to receive distributions in respect of principal, in an aggregate amount
            equal
            to the Extra Principal Distribution Amount for each Loan Group, payable
            to such
            Holders of each such Class as part of the Principal Distribution Amount
            for Loan
            Group 1 and Loan Group 2 pursuant to Section 4.04(b) above;

           

          (2)  concurrently,
            to the Holders of the Class A Certificates, pro rata based on the Unpaid
            Realized Loss Amounts for such Classes, in each case in an amount equal
            to the
            Unpaid Realized Loss Amount for such Class;

           

          (3)  sequentially,
            to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class
            M-5,
            Class M-6, Class M-7, Class M-8, Class M-9 and Class B Certificates,
            in that
            order, in each case first in an amount equal to any Interest Carry Forward
            Amount for such Class and then in an amount equal to the Unpaid Realized
            Loss
            Amount for such Class;

           

          (4)  to
            the
            Carryover Reserve Fund and from the Carryover Reserve Fund to the Holders
            of
            each Class of Interest-Bearing Certificates, pro rata based on the Certificate
            Principal Balances thereof, to the extent needed to pay any Net Rate
            Carryover
            for each such Class; provided that any Excess Cashflow remaining after
            such
            allocation to pay Net Rate Carryover based on the Certificate Principal
            Balances
            of those Certificates shall be distributed to each Class of Interest-Bearing
            Certificates with respect to which there remains any unpaid Net Rate
            Carryover
            (after the distribution based on Certificate Principal Balances), pro
            rata,
            based on the amount of such unpaid Net Rate Carryover;

           

          (5)  to
            the
            Carryover Reserve Fund, in an amount equal to the Required Carryover
            Reserve
            Fund Deposit (after giving effect to other deposits and withdrawals therefrom
            on
            such Distribution Date);

           

          (6)  to
            the
            Swap Account, in an amount equal to any Swap Termination Payment due
            to the Swap
            Counterparty as a result of a Swap Counterparty Trigger Event;

           

          (7)  to
            the
            Class C Certificateholders, (x) the Class C Current Interest for such
            Distribution Date and (y) the Overcollateralization Reduction Amount
            for
            such
            Distribution Date;
            and

           

          (8)  to
            the
            Class A-R Certificates, any remaining amount.

           

          (d)  On
            each
            Distribution Date on or prior to the Swap Contract Termination Date,
            following
            the deposits to the Swap Account pursuant to Section 4.04(a)(i) and Section
            4.09
            and the distributions described under Section 4.04(c), the Swap Trustee
            shall
            distribute amounts on deposit in the Swap Account in the following amounts
            and
            order:

           

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

           

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

           

          (3)  concurrently
            to the Holders of each Class of Class A Certificates, any remaining Current
            Interest and Interest Carry Forward Amount, pro rata based on their respective
            entitlements;

           

          (4)  sequentially,
            to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class
            M-5,
            Class M-6, Class M-7, Class M-8, Class M-9 and Class B Certificates,
            in that
            order, in each case in an amount equal to any remaining Current Interest
            and
            Interest Carry Forward Amount for such Class;

           

          (5)  to
            the
            Holders of the Class or Classes of Interest-Bearing Certificates then
            entitled
            to receive distributions in respect of principal, in an aggregate amount
            equal
            to the Overcollateralization Deficiency Amount remaining unpaid following
            the
            distributions described under Section 4.04(c), payable to such Holders
            of each
            such Class in the same manner in which the Extra Principal Distribution
            Amount
            in respect of Loan Group 1 and Loan Group 2 would be distributed to such
            Classes
            as described under Section 4.04(c);

           

          (6)  concurrently,
            to the Holders of each Class of Class A Certificates and Subordinate
            Certificates, to the extent needed to pay any remaining Net Rate Carryover
            for
            each such Class, pro rata, based on the amount of such remaining Net
            Rate
            Carryover;

           

          (7)  concurrently,
            to the Holders of each Class of Class A Certificates, pro rata, based
            on the
            remaining Unpaid Realized Loss Amounts for such Classes, in each case
            in an
            amount equal to the remaining Unpaid Realized Loss Amount for each such
            Class;

           

          (8)  sequentially,
            to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class
            M-5,
            Class M-6, Class M-7, Class M-8, Class M-9 and Class B Certificates,
            in that
            order, in each case in an amount equal to the remaining Unpaid Realized
            Loss
            Amount for each such Class; and

           

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

           

          (e)  To
            the
            extent that a Class of Interest-Bearing Certificates receives interest
            in excess
            of the applicable Net Rate Cap, if such interest is paid pursuant to
            Section
            4.04(c), then it shall be deemed to have been paid to the Carryover Reserve
            Fund
            and then paid by the Carryover Reserve Fund to those Certificateholders,
            and if
            such interest is paid pursuant to Section 4.04(d), then such interest
            shall be
            deemed to have been paid to the Swap Account and then paid by the Swap
            Account
            to those Certificateholders. For purposes of the Code, amounts deemed
            deposited
            in the Carryover Reserve Fund shall be deemed to have first been distributed
            to
            the Class C Certificates.

           

          (f)  On
            each
            Distribution Date, all Prepayment Charges (including amounts deposited
            in
            connection with the full or partial waiver of such Prepayment Charges
            pursuant
            to Section 3.20) shall be allocated to the Class P Certificates. On the
            Class P
            Principal Distribution Date, the Trustee shall make the $100.00 distribution
            to
            the Class P Certificates as specified in Section 3.08.

           

          (g)  On
            each
            Distribution Date, the Trustee shall allocate any Applied Realized Loss
            Amount
            to reduce the Certificate Principal Balances of the Class B, Class M-9,
            Class
            M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2
            and Class
            M-1 Certificates, sequentially, in that order, in each case until the
            Certificate Principal Balance thereof is reduced to zero. After the Certificate
            Principal Balances of the Subordinate Certificates have been reduced
            to zero,
            (i) the Trustee shall allocate any Applied Realized Loss Amount with
            respect to
            Loan Group 1 to reduce the Certificate Principal Balance of the Class
            1-A
            Certificates, until the Certificate Principal Balance of such Class has
            been
            reduced to zero, and (ii) the Trustee shall allocate any Applied Realized
            Loss
            Amount with respect to Loan Group 2 to reduce the Certificate Principal
            Balances
            of each Class of Class 2-A Certificates, on a pro rata basis according
            to their
            respective Certificate Principal Balances, until the Certificate Principal
            Balances of such Classes have been reduced to zero.

           

          (h)  On
            each
            Distribution Date, the Trustee shall allocate the amount of the Subsequent
            Recoveries with respect to either Loan Group, if any, first to increase
            the
            Certificate Principal Balance of the Class 1-A Certificates (in the case
            of any
            Subsequent Recoveries with respect to Loan Group 1) or the Certificate
            Principal
            Balances of the Classes of Class 2-A Certificates (in the case of any
            Subsequent
            Recoveries with respect to Loan Group 2) to which Applied Realized Loss
            Amounts
            have been previously allocated (such increases, in the case of Subsequent
            Recoveries with respect to Loan Group 2, to be made among the Classes
            of Class
            2-A Certificates on a pro rata basis according to their respective Certificate
            Principal Balances), in each case by not more than the amount of the
            Unpaid
            Realized Loss Amount of such Class, and then to increase the Certificate
            Principal Balance of the Subordinate Certificates to which Applied Realized
            Loss
            Amounts have been previously allocated, sequentially, to the Class M-1,
            Class
            M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8,
            Class M-9
            and Class B Certificates, in that order, in each case by not more than
            the
            amount of the Unpaid Realized Loss Amount of such Class.

           

          Holders
            of Certificates to which any Subsequent Recoveries have been allocated
            shall not
            be entitled to any payment in respect of Current Interest on the amount
            of such
            increases for any Accrual Period preceding the Distribution Date on which
            such
            increase occurs.

           

          Subject
            to Section 9.02 hereof respecting the final distribution, on each Distribution
            Date the Trustee shall make distributions to each Certificateholder of
            record on
            the preceding Record Date either by wire transfer in immediately available
            funds
            to the account of such Holder at a bank or other entity having appropriate
            facilities therefor, if (i) such Holder has so notified the Trustee at
            least
            five Business Days prior to the related Record Date and (ii) such Holder
            shall
            hold Regular Certificates with an aggregate Initial Certificate Principal
            Balance of not less than $1,000,000 or evidencing a Percentage Interest
            aggregating 10% or more with respect to such Class or, if not, by check
            mailed
            by first class mail to such Certificateholder at the address of such
            Holder
            appearing in the Certificate Register. Notwithstanding the foregoing,
            but
            subject to Section 9.02 hereof respecting the final distribution, distributions
            with respect to Certificates registered in the name of a Depository shall
            be
            made to such Depository in immediately available funds.

           

          On
            or
            before 5:00 p.m. Pacific time on the fifth Business Day following each
            Determination Date (but in no event later than 5:00 p.m. Pacific time
            on the
            third Business Day before the related Distribution Date), the Master
            Servicer
            shall deliver a report to the Trustee (in the form of a computer readable
            magnetic tape or by such other means as the Master Servicer and the Trustee
            may
            agree from time to time) containing such data and information as agreed
            to by
            the Master Servicer and the Trustee such as to permit the Trustee to
            prepare the
            Monthly Statement and make the required distributions for the related
            Distribution Date (the “Remittance Report”). The Trustee shall not be
            responsible to recompute, recalculate or verify information provided
            to it by
            the Master Servicer and shall be permitted to conclusively rely on any
            information provided to it by the Master Servicer.

           

          	Section
                  4.05  	
                  Monthly
                    Statements to Certificateholders.

                

           

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

           

          (b)  The
            Trustee’s responsibility for disbursing the above information to the
            Certificateholders is limited to the availability, timeliness and accuracy
            of
            the information derived from the Master Servicer. The Trustee shall send
            a copy
            of each statement provided pursuant to this Section 4.05 to each Rating
            Agency
            and the NIM Insurer. The Trustee may make the above information available
            to
            Certificateholders via the Trustee’s website at
            http://www.bnyinvestorreporting.com.

           

          (c)  Within
            a
            reasonable period of time after the end of each calendar year, the Trustee
            shall
            cause to be furnished to each Person who at any time during the calendar
            year
            was a Certificateholder, a statement containing the information regarding
            (i)
            the amount of distributions to that Certificateholder allocable to principal,
            separately identifying (A) the aggregate amount of any Principal Prepayments
            included therein and (B) the aggregate of all scheduled payments of principal
            included therein, (ii) the amount of distributions to that Certificateholder
            allocable to interest and (iii) the related amount of the Servicing Fees
            paid to
            or retained by the Master Servicer, in each case aggregated for such
            calendar
            year or applicable portion thereof during which such Person was a
            Certificateholder. Such obligation of the Trustee shall be deemed to
            have been
            satisfied to the extent that substantially comparable information shall
            be
            provided by the Trustee pursuant to any requirements of the Code as from
            time to
            time in effect.

           

          (d)  Upon
            filing with the Internal Revenue Service, the Trustee shall furnish to
            the
            Holders of the Class A-R Certificates the Form 1066 and each Form 1066Q
            and
            shall respond promptly to written requests made not more frequently than
            quarterly by any Holder of Class A-R Certificates with respect to the
            following
            matters:

           

          (1)  The
            original projected principal and interest cash flows on the Closing Date
            on each
            related Class of regular and residual interests created hereunder and
            on the
            Mortgage Loans, based on the Prepayment Assumption;

           

          (2)  The
            projected remaining principal and interest cash flows as of the end of
            any
            calendar quarter with respect to each related Class of regular and residual
            interests created hereunder and the Mortgage Loans, based on the Prepayment
            Assumption;

           

          (3)  The
            applicable Prepayment Assumption and any interest rate assumptions used
            in
            determining the projected principal and interest cash flows described
            above;

           

          (4)  The
            original issue discount (or, in the case of the Mortgage Loans, market
            discount)
            or premium accrued or amortized through the end of such calendar quarter
            with
            respect to each related Class of regular or residual interests created
            hereunder
            and to the Mortgage Loans, together with each constant yield to maturity
            used in
            computing the same;

           

          (5)  The
            treatment of losses realized with respect to the Mortgage Loans or the
            regular
            interests created hereunder, including the timing and amount of any cancellation
            of indebtedness income of the related REMIC with respect to such regular
            interests or bad debt deductions claimed with respect to the Mortgage
            Loans;

           

          (6)  The
            amount and timing of any non-interest expenses of the related REMIC;
            and

           

          (7)  Any
            taxes
            (including penalties and interest) imposed on the related REMIC, including,
            without limitation, taxes on “prohibited transactions,” “contributions” or “net
            income from foreclosure property” or state or local income or franchise
            taxes.

           

          The
            information pursuant to clauses (1), (2), (3) and (4) above shall be
            provided by
            the Depositor pursuant to Section 8.11.

           

          	Section
                  4.06  	
                  [Reserved].

                

           

          	Section
                  4.07  	
                  Carryover
                    Reserve Fund.

                

           

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

           

          (b)  The
            Trustee shall make withdrawals from the Carryover Reserve Fund to make
            distributions in respect of Net Rate Carryover as to the extent required
            by
            Section 4.04.

           

          (c)  The
            Carryover Reserve Fund shall not constitute an asset of any REMIC created
            hereunder. The Class C Certificates shall evidence ownership of the Carryover
            Reserve Fund for federal tax purposes.

           

          	Section
                  4.08  	
                  [reserved].

                

           

          	Section
                  4.09  	
                  Swap
                    Trust and Swap Account.

                

           

          On
            the
            Closing Date, there is hereby established a separate trust (the “Swap Trust”),
            the assets of which shall consist of the Trustee’s rights and obligations under
            the Swap Contract Administration Agreement. The Swap Trust shall be maintained
            by the Swap Trustee, who initially, shall be the Trustee. The Swap Trustee
            shall
            hold the assets of the Swap Trust in trust for the benefit of the Holders
            of the
            Interest-Bearing Certificates and the Swap Counterparty. No later than
            the
            Closing Date, the Swap Trustee shall establish and maintain a separate,
            segregated trust account to be held in the Swap Trust, titled, “Swap Account,
            The Bank of New York, as Swap Trustee, in trust for the Swap Counterparty
            and
            the registered holders of CWABS, Inc., Asset-Backed Certificates, Series
            2006-BC5.” Such account shall be an Eligible Account and funds on deposit
            therein shall be held separate and apart from, and shall not be commingled
            with,
            any other moneys, including, without limitation, other moneys of the
            Trustee
            held pursuant to this Agreement. Amounts therein shall be held uninvested.
            Funds
            on deposit in the Swap Account shall be distributed in the amounts and
            in the
            order of priority described under Section 4.04(d). For federal income
            tax
            purposes, the Swap Trust, including the Swap Account, shall be owned
            by the
            Class C Certificates.

           

          On
            each
            Distribution Date, the Trustee shall make a deposit to the Swap Account
            pursuant
            to Section 4.04(a)(i),
            and to
            the extent that the amount of such deposit is insufficient to pay any
            Net Swap
            Payment and/or Swap Termination Payment (other than a Swap Termination
            Payment
            due to a Swap Counterparty Trigger Event) due to the Swap Counterparty
            with
            respect to such Distribution Date, the Trustee shall withdraw, out of
            amounts on
            deposit in the Distribution Account in respect of the Principal Remittance
            Amount for Loan Group 1 and Loan Group 2, pro rata on the basis of those
            respective Principal Remittance Amounts, such additional amount as is
            necessary
            to cover the remaining portion of any such Net Swap Payment and/or Swap
            Termination Payment (other than a Swap Termination Payment due to a Swap
            Counterparty Trigger Event) due to the Swap Counterparty with respect
            to such
            Distribution Date. For federal income tax purposes, any amounts paid
            to the Swap
            Counterparty on each Distribution Date shall first be deemed paid to
            the Swap
            Counterparty in respect of the Class SWAP-IO Interest to the extent of
            the
            amount distributable on such Class SWAP-IO Interest on such Distribution
            Date,
            and any remaining amount shall be deemed paid to the Swap Counterparty
            in
            respect of a Class IO Distribution Amount (as defined below).

           

          The
            Trustee shall treat the Holders of Certificates (other than the Class
            P, Class C
            and Class A-R Certificates) as having entered into a notional principal
            contract
            with respect to the Holders of the Class C Certificates. Pursuant to
            each such
            notional principal contract, all Holders of Certificates (other than
            the Class
            P, Class C and Class A-R Certificates) shall be treated as having agreed
            to pay,
            on each Distribution Date, to the Holder of the Class C Certificates
            an
            aggregate amount equal to the excess, if any, of (i) the amount payable
            on such
            Distribution Date on the REMIC 3 Regular Interest corresponding to such
            Class of
            Certificates over (ii) the amount payable on such Class of Certificates
            on such
            Distribution Date (such excess, a “Class IO Distribution Amount”). A Class IO
            Distribution Amount payable from interest collections shall be allocated
            pro
            rata
            among
            such Certificates based on the excess of (a) the amount of interest otherwise
            payable to such Certificates over (ii) the amount of interest payable
            to such
            Certificates at a per annum rate equal to the Pass-Through Rate, and
            a Class IO
            Distribution Amount payable from principal collections shall be allocated
            to the
            most subordinate Class of Certificates with an outstanding principal
            balance to
            the extent of such balance. In addition, pursuant to such notional principal
            contract, the Holder of the Class C Certificates shall be treated as
            having
            agreed to pay Net Rate Carryover to the Holders of the Certificates (other
            than
            the Class C, Class P and Class A-R Certificates) in accordance with the
            terms of
            this Agreement. Any payments to the Certificates from amounts deemed
            received in
            respect of this notional principal contract shall not be payments with
            respect
            to a Regular Interest in a REMIC within the meaning of Code Section 860G(a)(1).
            However, any payment from the Certificates (other than the Class C, Class
            P and
            Class A-R Certificates) of a Class IO Distribution Amount shall be treated
            for
            tax purposes as having been received by the Holders of such Certificates
            in
            respect of their interests in REMIC 3 and as having been paid by such
            Holders to
            the Swap Contract Administrator pursuant to the notional principal contract.
            Thus, each Certificate (other than the Class P and Class A-R Certificates)
            shall
            be treated as representing not only ownership of Regular Interests in
            REMIC 3,
            but also ownership of an interest in, and obligations with respect to,
            a
            notional principal contract.

           

          	Section
                  4.10  	
                  Distributions
                    on REMIC 1, REMIC 2 and REMIC 3 Regular Interests.

                

           

          (a)  On
            each
            Distribution Date, the following amounts, in the following order of priority,
            shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1
            Regular
            Interests and distributed to the holders of the Class R Certificates
            (in respect
            of the R-1-R Interest), as the case may be: 

           

          (i)  With
            respect to the Group 1 Mortgage Loans:

           

          	(1)  	
                  to
                    the Holders of REMIC 1 Regular Interest LT1, REMIC 1 Regular
                    Interest
                    LT1PF and REMIC 1 Regular Interest LTP in an amount equal to
                    (A) the
                    Uncertificated Interest for each REMIC 1 Regular Interest for
                    such
                    Distribution Date, plus (B) any amounts in respect thereof remaining
                    unpaid from previous Distribution Dates;

                

           

          	(2)  	
                  to
                    the Holders of REMIC 1 Regular Interest LTP, on the Distribution
                    Date
                    immediately following the expiration of the latest Prepayment
                    Charge as
                    identified on the Prepayment Charge Schedule or any Distribution
                    Date
                    thereafter until $100 has been distributed pursuant to this clause;
                    and

                

           

          	(3)  	
                  to
                    the Holders of REMIC 1 Regular Interest LT1 and REMIC 1 Regular
                    Interest
                    LT1PF, in an amount equal to the remainder of the Available Funds
                    for such
                    Distribution Date after the distributions made pursuant to clause
                    (i)
                    above, allocated as follows:

                

           

          (a)  to
            the
            Holders of REMIC 1Regular Interest LT1, until the Uncertificated Balance
            of
            REMIC 1 Regular Interest LT1 is reduced to zero;

           

          (b)  to
            the
            Holders of REMIC 1 Regular Interest LT1PF, until the Uncertificated Balance
            of
            REMIC 1 Regular Interest LT1PF is reduced to zero; and

           

          (c)  any
            remaining amount to the Holders of the Class A-R Certificates (in respect
            of the
            Class R-1-R Interest);

           

          provided,
            however, that for the first Distribution Date, such amounts relating
            to the
            Initial Group 1 Mortgage Loans shall be allocated to REMIC 1 Regular
            Interest
            LT1 and such amounts relating to the Subsequent Group 1 Mortgage Loans
            shall be
            allocated to REMIC 1 Regular Interest LT1PF.

           

          (ii)  With
            respect to the Group 2 Mortgage Loans:

           

          	(1)  	
                  to
                    the Holders of REMIC Regular Interest LT2 and REMIC 1 Regular
                    Interest
                    LT2PF in an amount equal to (A) the Uncertificated Interest for
                    each REMIC
                    1 Regular Interest for such Distribution Date, plus (B) any amounts
                    in
                    respect thereof remaining unpaid from previous Distribution Dates;
                    and

                

           

          	(2)  	
                  to
                    the Holders of REMIC 1 Regular Interest LT2 and REMIC 1 Regular
                    Interest
                    LT2PF, in an amount equal to the remainder of the Available Funds
                    for such
                    Distribution Date after the distributions made pursuant to clause
                    (i)
                    above, allocated as follows:

                

           

          (a)  to
            the
            Holders of REMIC 1 Regular Interest LT2, until the Uncertificated Balance
            of
            REMIC 1 Regular Interest LT2 is reduced to zero;

           

          (b)  to
            the
            Holders of REMIC 1 Regular Interest LT2PF, until the Uncertificated Balance
            of
            REMIC 1 Regular Interest LT2PF is reduced to zero; and

           

          (c)  any
            remaining amount to the Holders of the Class A-R Certificates (in respect
            of the
            Class R-1-R Interest);

           

          provided,
            however, that for the first Distribution Date, such amounts relating
            to the
            Initial Group 2 Mortgage Loans shall be allocated to REMIC 1 Regular
            Interest
            LT2 and such amounts relating to the Subsequent Group 2 Mortgage Loans
            shall be
            allocated to REMIC I Regular Interest I-LT2PF.

           

          On
            each
            Distribution Date, all amounts representing Prepayment Charges in respect
            of the
            Mortgage Loans received during the related Prepayment Period shall be
            distributed by REMIC 1 to the Holders of the REMIC 1 Regular Interest
            P. The
            payment of the foregoing amounts to the Holders of the REMIC 1 Regular
            Interest
            P shall not reduce the Uncertificated Balance thereof.

           

          (b)  On
            each
            Distribution Date, the following amounts, in the following order of priority,
            shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2
            Regular
            Interests and distributed to the holders of the Class A-R Certificates
            (in
            respect of the R-1-R Interest), as the case may be: 

           

          With
            respect to the Group 1 Mortgage Loans:

           

          (i)  to
            Holders of REMIC 2 Regular Interest I and each REMIC 2 Regular Interest
            I-1-A
            through I-70-B, pro
            rata,
            in an
            amount equal to (A) Uncertificated Interest for such REMIC 2 Regular
            Interests
            for such Distribution Date, plus (B) any amounts payable in respect thereof
            remaining unpaid from previous Distribution Dates.

           

          (ii)  to
            the
            extent of amounts remaining after the distributions made pursuant to
            clause (i)
            above, payments of principal shall be allocated as follows: first to
            REMIC 2
            Regular Interest I, then to REMIC 2 Regular interests I-1-A through I-70-B
            starting with the lowest numerical denomination until the Uncertificated
            Principal Balance of each such REMIC 2 Regular Interest is reduced to
            zero,
            provided that, for REMIC 2 Regular Interests with the same numerical
            denomination, such payments of principal shall be allocated pro
            rata
            between
            such REMIC 2 Regular Interests. 

           

          With
            respect to the Group 2 Mortgage Loans:

           

          to
            Holders of REMIC 2 Regular Interest II and each REMIC 2 Regular Interest
            II-1-A
            through II-70-B, pro
            rata,
            in an
            amount equal to (A) Uncertificated Interest for such REMIC 2 Regular
            Interests
            for such Distribution Date, plus (B) any amounts payable in respect thereof
            remaining unpaid from previous Distribution Dates.

           

          (i)  to
            the
            extent of amounts remaining after the distributions made pursuant to
            clause (i)
            above, payments of principal shall be allocated as follows: first, to
            REMIC 2
            Regular Interest II, then to REMIC 2 Regular interests II-1-A through
            II-70-B
            starting with the lowest numerical denomination until the Uncertificated
            Principal Balance of each such REMIC 2 Regular Interest is reduced to
            zero,
            provided that, for REMIC 2 Regular Interests with the same numerical
            denomination, such payments of principal shall be allocated pro
            rata
            between
            such REMIC 2 Regular Interests. 

           

          On
            each
            Distribution Date, all amounts representing Prepayment Charges in respect
            of the
            Mortgage Loans received during the related Prepayment Period shall be
            distributed by REMIC 2 to the Holders of REMIC 2 Regular Interest LT-P.
            The
            payment of the foregoing amounts to the Holders of such REMIC 2 Regular
            Interest
            shall not reduce the Uncertificated Principal Balance thereof.

           

          (c)  On
            each
            Distribution Date, the following amounts, in the following order of priority,
            shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3
            Regular
            Interests and distributed to the Holders of the Class A-R Certificates
            (in
            respect of the R-3-R Interest), as the case may be:

           

          (i)  first,
            to
            the Holders of REMIC 3 Regular Interest II-IO, in an amount equal to
            (A)
            Uncertificated Interest for such REMIC 3 Regular Interest for such Distribution
            Date, plus (B) any amounts in respect thereof remaining unpaid from previous
            Distribution Dates and second, to the extent of the REMIC 3 Marker Allocation
            Percentage of the Interest Funds remaining after the distributions pursuant
            to
            clause (i), to the Holders of REMIC 3 Regular Interest LT-AA, REMIC 3
            Regular
            Interest LT-1A, REMIC 3 Regular Interest LT-2A1, REMIC 3 Regular Interest
            LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC Regular Interest LT-2A4,
            REMIC 3
            Regular Interest LT-M1, REMIC 3 Regular Interest LT-M2, REMIC 3 Regular
            Interest
            LT-M3, REMIC 3 Regular Interest LT-M4, REMIC 3 Regular Interest LT-M5,
            REMIC 3
            Regular Interest LT-M6, REMIC 3 Regular Interest LT-M7, REMIC 3 Regular
            Interest
            LT-M8, REMIC 3 Regular Interest LT-M9, REMIC 3 Regular Interest LT-B
            and REMIC 3
            Regular Interest LT-ZZ, pro
            rata,
            in an
            amount equal to (A) the Uncertificated Interest for such Distribution
            Date, plus
            (B) any amounts in respect thereof remaining unpaid from previous Distribution
            Dates. Amounts payable as Uncertificated Interest in respect of REMIC
            3 Regular
            Interest LT-ZZ shall be reduced and deferred when the REMIC 3 Overcollateralized
            Amount is less than the REMIC 3 Overcollateralization Target Amount,
            by the
            lesser of (x) the amount of such difference and (y) the Maximum LT-ZZ
            Uncertificated Interest Deferral Amount and such amount shall be payable
            to the
            Holders of REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1,
            REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC
            Regular
            Interest LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest
            LT-M2,
            REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC
            3 Regular
            Interest LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest
            LT-M7,
            REMIC 3 Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9 and REMIC
            3
            Regular Interest LT-B in the same proportion as the Overcollateralization
            Deficiency Amount is allocated to the Corresponding Certificates and
            the
            Uncertificated Principal Balance of the REMIC 3 Regular Interest LT-ZZ
            shall be
            increased by such amount;

           

          (ii)  to
            the
            Holders of REMIC 3 Regular Interests, in an amount equal to the remainder
            of the
            REMIC 3 Marker Allocation Percentage of the Principal Distribution Amount
            for
            such Distribution Date after the distributions made pursuant to clause
            (i)
            above, allocated as follows:

           

          (a)  98.00%
            of
            such remainder (other than amounts payable under clause (c) below), to
            the
            Holders of REMIC 3 Regular Interest LT-AA and REMIC 3 Regular Interest
            LT-P,
            until the Uncertificated Balance of such REMIC 3 Regular Interest is
            reduced to
            zero, provided, however, that REMIC 3 Regular Interest LT-P shall not
            be reduced
            until the Distribution Date immediately following the expiration of the
            latest
            Prepayment Charge as identified on the Prepayment Charge Schedule or
            any
            Distribution Date thereafter, at which point such amount shall be distributed
            to
            REMIC 3 Regular Interest LT-P, until $100 has been distributed pursuant
            to this
            clause;

           

          (b)  2.00%
            of
            such remainder (other than amounts payable under clause (c) below) first,
            to the
            Holders of REMIC 3 Regular Interest LT-1A, REMIC 3 Regular Interest LT-2A1,
            REMIC 3 Regular Interest LT-2A2, REMIC 3 Regular Interest LT-2A3, REMIC
            Regular
            Interest LT-2A4, REMIC 3 Regular Interest LT-M1, REMIC 3 Regular Interest
            LT-M2,
            REMIC 3 Regular Interest LT-M3, REMIC 3 Regular Interest LT-M4, REMIC
            3 Regular
            Interest LT-M5, REMIC 3 Regular Interest LT-M6, REMIC 3 Regular Interest
            LT-M7,
            REMIC 3 Regular Interest LT-M8, REMIC 3 Regular Interest LT-M9, REMIC
            3 Regular
            Interest LT-B and REMIC 3 Regular Interest LT-AR, 1.00% and in the same
            proportion as principal payments are allocated to the Corresponding
            Certificates, until the Uncertificated Principal Balances of such REMIC
            3
            Regular Interests are reduced to zero and second, to the Holders of REMIC
            3
            Regular Interest LT-ZZ, until the Uncertificated Principal Balance of
            such REMIC
            3 Regular Interest is reduced to zero; and

           

          (c)  any
            remaining amount to the Holders of the Class A-R Certificates (in respect
            of the
            R-2-R Interest); and

           

          (iii)  to
            the
            Holders of REMIC 3 Regular Interests, in an amount equal to the REMIC
            3
            Subordinate Allocation Percentage of Interest Funds and the Principal
            Distribution Amount for such Distribution Date after the distributions
            made
            pursuant to clause (i) and (ii) above such that distributions of interest
            are
            deemed to be made to REMIC 3 Regular Interest LT-1SUB, REMIC 3 Regular
            Interest
            LT-1GRP, REMIC 3 Regular Interest LT-2SUB, REMIC 3 Regular Interest LT-2GRP
            and
            REMIC 3 Regular Interest LT-XX, pro rata, in an amount equal to (A) the
            Uncertificated Interest for each such REMIC 3 Regular Interest for such
            Distribution Date, plus (B) any amounts in respect thereof remaining
            unpaid from
            previous Distribution Dates and such that distributions of principal
            shall be
            deemed to be made to the REMIC 3 Regular Interests first,
            so as
            to keep the Uncertificated Principal Balance of each REMIC 3 Regular
            Interest
            ending with the designation “GRP” equal to 0.01% of the aggregate Stated
            Principal Balance of the Mortgage Loans in the related Loan Group; second,
            to each
            REMIC 3 Regular Interest ending with the designation “SUB,” so that the
            Uncertificated Principal Balance of each such REMIC 3 Regular Interest
            is equal
            to 0.01% of the excess of (x) the aggregate Stated Principal Balance
            of the
            Mortgage Loans in the related Loan Group over (y) the current Certificate
            Principal Balance of the Class A Certificate in the related Loan Group
            (except
            that if any such excess is a larger number than in the preceding distribution
            period, the least amount of principal shall be distributed to such REMIC
            3
            Regular Interests such that the REMIC 3 Subordinated Balance Ratio is
            maintained); and third,
            any
            remaining principal to REMIC 3 Regular Interest LT-XX.

           

          Notwithstanding
            the priorities and amounts of distribution of funds pursuant to this
            Section
            4.10, actual distributions of Interest Funds and the Principal Distribution
            Amount for any Distribution Date shall be made only in accordance with
            Section
            4.04.

           

          On
            each
            Distribution Date, 100% of the amounts distributed on REMIC 3 Regular
            Interest
            II-IO shall be deemed distributed by REMIC 3 to REMIC 3 in respect of
            the Class
            SWAP-IO Interest. Such amounts shall be deemed distributed by REMIC 3
            to the
            Swap Contract Administrator for deposit into the Swap Account.

           

          	Section
                  4.11  	
                  Allocation
                    of Realized Losses to REMIC 1 and REMIC 2 Regular
                    Interests.

                

           

          (a)  All
            Realized Losses on the Group 1 Mortgage Loans shall be allocated by the
            Trustee
            on each Distribution Date to the REMIC 1 Regular Interest LT1 and REMIC
            1
            Regular Interest LT1PF until the Uncertificated Principal Balance of
            each such
            REMIC 1 Regular Interest has been reduced to zero; provided however,
            with
            respect to the first Distribution Date, all Realized Losses on the Initial
            Group
            1 Mortgage Loans shall be allocated to REMIC 1 Regular Interest LT1 until
            the
            Uncertificated Principal Balance of each such REMIC 1 Regular Interest
            has been
            reduced to zero, and all Realized Losses on the Subsequent Mortgage Loans
            in
            Loan Group 1 shall be allocated to REMIC 1 Regular Interest LT1PF until
            the
            Uncertificated Principal Balance thereof has been reduced to zero. All
            Realized
            Losses on the Group 2 Mortgage Loans shall be allocated by the Trustee
            on each
            Distribution Date to the REMIC 1 Regular Interest LT2 and REMIC 1 Regular
            Interest LT2PF until the Uncertificated Principal Balance of each such
            REMIC 1
            Regular Interest has been reduced to zero; provided however, with respect
            to the
            first Distribution Date, all Realized Losses on the Initial Group 2 Mortgage
            Loans shall be allocated to REMIC 1 Regular Interest LT2 until the
            Uncertificated Principal Balance of each such REMIC 1 Regular Interest
            has been
            reduced to zero, and all Realized Losses on the Subsequent Mortgage Loans
            in
            Loan Group 2 shall be allocated to REMIC 1 Regular Interest LT2PF until
            the
            Uncertificated Principal Balance thereof has been reduced to zero.

           

          (b)  All
            Realized Losses on the Group 1 Mortgage Loans shall be allocated on each
            Distribution Date first, to REMIC 2 Regular Interest I, then to REMIC
            2 Regular
            Interest I-1-A through REMIC II Regular Interest I-70-B, starting with
            the
            lowest numerical denomination until such REMIC 2 Regular Interest has
            been
            reduced to zero, provided that, for REMIC 2 Regular Interests with the
            same
            numerical denomination, such Realized Losses shall be allocated pro
            rata
            between
            such REMIC 2 Regular Interests. 

           

          All
            Realized Losses on the Group 2 Mortgage Loans shall be allocated on each
            Distribution Date, first to REMIC 2 Regular Interest I, then to REMIC
            2 Regular
            Interest II-1-A through REMIC 2 Regular Interest II-70-B, starting with
            the
            lowest numerical denomination until such REMIC 2 Regular Interest has
            been
            reduced to zero, provided that, for REMIC 2 Regular Interests with the
            same
            numerical denomination, such Realized Losses shall be allocated pro
            rata
            between
            such REMIC 2 Regular Interests.

           

          (c)  The
            REMIC
            3 Marker Allocation Percentage of all Realized Losses on the Mortgage
            Loans
            shall be allocated by the Trustee on each Distribution Date to the following
            REMIC 3 Regular Interests in the specified percentages, as follows: first,
            to
            Uncertificated Interest payable to the REMIC 3 Regular Interest LT-AA
            and REMIC
            3 Regular Interest LT-ZZ up to an aggregate amount equal to the REMIC
            3 Interest
            Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated
            Principal Balances of the REMIC 3 Regular Interest LT-AA and REMIC 3
            Regular
            Interest LT-ZZ up to an aggregate amount equal to the REMIC 3 Principal
            Loss
            Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated
            Principal Balances of REMIC 3 Regular Interest LT-AA, REMIC 3 Regular
            Interest
            LT-B and REMIC 3 Regular Interest LT-ZZ, 98%, 1% and 1%, respectively,
            until the
            Uncertificated Principal Balance of REMIC 3 Regular Interest LT-B has
            been
            reduced to zero; fourth, to the Uncertificated Principal Balances of
            REMIC 3
            Regular Interest LT-AA, REMIC 3 Regular Interest LT-M9 and REMIC 3 Regular
            Interest LT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated
            Principal
            Balance of REMIC 3 Regular Interest LT-M9 has been reduced to zero; fifth,
            to
            the Uncertificated Principal Balances of REMIC 3 Regular Interest LT-AA,
            REMIC 3
            Regular Interest LT-M8 and REMIC 3 Regular Interest LT-ZZ, 98%, 1% and
            1%,
            respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
            Interest LT-M8 has been reduced to zero; sixth, to the Uncertificated
            Principal
            Balances of REMIC 3 Regular Interest LT-AA, REMIC 3 Regular Interest
            LT-M7 and
            REMIC 3 Regular Interest LT-ZZ, 98%, 1% and 1%, respectively, until the
            Uncertificated Principal Balance of REMIC 3 Regular Interest LT-M7 has
            been
            reduced to zero; seventh, to the Uncertificated Principal Balances of
            REMIC 3
            Regular Interest LT-AA, REMIC 3 Regular Interest LT-M6 and REMIC 3 Regular
            Interest LT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated
            Principal
            Balance of REMIC 3 Regular Interest LT-M6 has been reduced to zero; eighth,
            to
            the Uncertificated Principal Balances of REMIC 3 Regular Interest LT-AA,
            REMIC 3
            Regular Interest LT-M5 and REMIC 3 Regular Interest LT-ZZ, 98%, 1% and
            1%,
            respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
            Interest LT-M5 has been reduced to zero; ninth, to the Uncertificated
            Principal
            Balances of REMIC 3 Regular Interest LT-AA, REMIC 3 Regular Interest
            LT-M4 and
            REMIC 3 Regular Interest LT-ZZ, 98%, 1% and 1%, respectively, until the
            Uncertificated Principal Balance of REMIC 3 Regular Interest LT-M4 has
            been
            reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC
            3
            Regular Interest LT-AA, REMIC 3 Regular Interest LT-M3 and REMIC 3 Regular
            Interest LT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated
            Principal
            Balance of REMIC 3 Regular Interest LT-M3 has been reduced to zero; eleventh,
            to
            the Uncertificated Principal Balances of REMIC 3 Regular Interest LT-AA,
            REMIC 3
            Regular Interest LT-M2 and REMIC 3 Regular Interest LT-ZZ, 98%, 1% and
            1%,
            respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
            Interest LT-M2 has been reduced to zero; and twelfth, to the Uncertificated
            Principal Balances of REMIC 3 Regular Interest LT-AA, REMIC 3 Regular
            Interest
            LT-M1 and REMIC 3 Regular Interest LT-ZZ, 98%, 1% and 1%, respectively,
            until
            the Uncertificated Principal Balance of REMIC 3 Regular Interest LT-M1
            has been
            reduced to zero.

           

          (d)  The
            REMIC
            3 Subordinate Allocation Percentage of all Realized Losses shall be applied
            after all distributions have been made on each Distribution Date first,
            so as to
            keep the Uncertificated Principal Balance of each REMIC 3 Regular Interest
            ending with the designation “GRP” equal to 0.01% of the aggregate Stated
            Principal Balance of the Mortgage Loans in the related Loan Group; second,
            to
            each REMIC 3 Regular Interest ending with the designation “SUB,” so that the
            Uncertificated Principal Balance of each such REMIC 3 Regular Interest
            is equal
            to 0.01% of the excess of (x) the aggregate Stated Principal Balance
            of the
            Mortgage Loans in the related Loan Group over (y) the current Certificate
            Principal Balance of the Class A Certificates in the related Loan Group
            (except
            that if any such excess is a larger number than in the preceding distribution
            period, the least amount of Realized Losses shall be applied to such
            REMIC 3
            Regular Interests such that the REMIC 3 Subordinated Balance Ratio is
            maintained); and third, any remaining Realized Losses shall be allocated
            to
            REMIC 3 Regular Interest LT-XX.

           

          	Section
                  4.12  	
                  Tax
                    Treatment of Swap Payments and Swap Termination
                    Payments.

                

           

          For
            federal income tax purposes, each holder of a Class A or Subordinate
            Certificate
            is deemed to own an undivided beneficial ownership interest in a REMIC
            regular
            interest and the right to receive payments from either the Carryover
            Reserve
            Fund or the Swap Account in respect of Net Rate Carryover or the obligation
            to
            make payments to the Swap Account. For federal income tax purposes, the
            Trustee
            will account for payments to each Class A and Subordinate Certificates
            as
            follows: each Class A and Subordinate Certificate will be treated as
            receiving
            their entire payment from REMIC 3 (regardless of any Swap Termination
            Payment or
            obligation under the Swap Contract) and subsequently paying their portion
            of any
            Swap Termination Payment in respect of each such Class’ obligation under the
            Swap Contract. In the event that any such Class is resecuritized in a
            REMIC, the
            obligation under the Swap Contract to pay any such Swap Termination Payment
            (or
            any shortfall in Net Swap Payment payable to the Swap Counterparty),
            will be
            made by one or more of the REMIC Regular Interests issued by the
            resecuritization REMIC subsequent to such REMIC Regular Interest receiving
            its
            full payment from any such Class A or Subordinate Certificate. 

           

          The
            REMIC
            regular interest corresponding to a Class A or Subordinate Certificate
            will be
            entitled to receive interest and principal payments at the times and
            in the
            amounts equal to those made on the certificate to which it corresponds,
            except
            that (i) the maximum interest rate of that REMIC regular interest will
            equal the
            Pass-Through Rate computed for this purpose by limiting the notional
            amount of
            the Swap Contract to the aggregate principal balance of the Mortgage
            Loans and
            (ii) any Swap Termination Payment will be treated as being payable solely
            from
            Excess Cashflow. As a result of the foregoing, the amount of distributions
            and
            taxable income on the REMIC regular interest corresponding to a Class
            A or
            Subordinate Certificate may exceed the actual amount of distributions
            on the
            Class A or Subordinate Certificate.

           

           

           

          ARTICLE
            V.  

           

          THE
            CERTIFICATES

           

          	Section
                  5.01  	
                  The
                    Certificates.

                

           

          The
            Certificates shall be substantially in the forms attached hereto as Exhibits
            A-1
            through A-14, Exhibit B, Exhibit C, Exhibit D and Exhibit E. The Certificates
            shall be issuable in registered form, in the minimum dollar denominations,
            integral dollar multiples in excess thereof and aggregate dollar denominations
            as set forth in the following table:

           

          
            	
                    Class

                  	
                    Minimum
                      Denomination

                  	
                    Integral
                      Multiples in Excess of Minimum

                  	
                    Aggregate
                      Initial Certificate Principal Balance

                  
	
                    1-A

                  	
                    $20,000

                  	
                    $1

                  	
                    $
                      258,862,000.00

                  
	
                    2-A-1

                  	
                    $20,000

                  	
                    $1

                  	
                    $
                      207,716,000.00

                  
	
                    2-A-2

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       24,679,000.00

                  
	
                    2-A-3

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       74,512,000.00

                  
	
                    2-A-4

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       31,609,000.00

                  
	
                    M-1

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       25,874,000.00

                  
	
                    M-2

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       25,874,000.00

                  
	
                    M-3

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       16,127,000.00

                  
	
                    M-4

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       14,250,000.00

                  
	
                    M-5

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       13,875,000.00

                  
	
                    M-6

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       12,000,000.00

                  
	
                    M-7

                  	
                    $20,000

                  	
                    $1

                  	
                    $ 
                       10,500,000.00

                  
	
                    M-8

                  	
                    $20,000

                  	
                    $1

                  	
                    $   
                       4,875,000.00

                  
	
                    M-9

                  	
                    $20,000

                  	
                    $1

                  	
                    $   
                       8,250,000.00

                  
	
                    B

                  	
                    $20,000

                  	
                    $1

                  	
                    $   
                       7,875,000.00

                  
	
                    A-R

                  	
                    $99.95(1)

                  	
                    N/A

                  	
                    $            
                       
                      100.00

                  
	
                    C

                  	
                    N/A

                  	
                    N/A

                  	
                    $  13,126,074.43

                  
	
                    P

                  	
                    N/A

                  	
                    N/A

                  	
                    $            
                        100.00

                  

          

          
            	
                    (1)

                  	
                    The
                      Tax Matters Person Certificate may be issued in a denomination
                      of
                      $0.05.

                  

          

           

          The
            Certificates shall be executed by manual or facsimile signature on behalf
            of the
            Trustee by an authorized officer. Certificates bearing the manual or
            facsimile
            signatures of individuals who were, at the time when such signatures
            were
            affixed, authorized to sign on behalf of the Trustee shall bind the Trustee,
            notwithstanding that such individuals or any of them have ceased to be
            so
            authorized prior to the authentication and delivery of such Certificates
            or did
            not hold such offices at the date of such authentication and delivery.
            No
            Certificate shall be entitled to any benefit under this Agreement, or
            be valid
            for any purpose, unless there appears on such Certificate a certificate
            of
            authentication substantially in the form set forth as attached hereto
            executed
            by the Trustee by manual signature, and such certificate of authentication
            upon
            any Certificate shall be conclusive evidence, and the only evidence,
            that such
            Certificate has been duly authenticated and delivered hereunder. All
            Certificates shall be dated the date of their authentication. On the
            Closing
            Date, the Trustee shall authenticate the Certificates to be issued at
            the
            written direction of the Depositor, or any affiliate thereof.

           

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

           

          	Section
                  5.02  	
                  Certificate
                    Register; Registration of Transfer and Exchange of
                    Certificates.

                

           

          (a)  The
            Trustee shall maintain a Certificate Register for the Trust Fund in which,
            subject to the provisions of subsections (b) and (c) below and to such
            reasonable regulations as it may prescribe, the Trustee shall provide
            for the
            registration of Certificates and of Transfers and exchanges of Certificates
            as
            herein provided. Upon surrender for registration of Transfer of any Certificate,
            the Trustee shall authenticate and deliver, in the name of the designated
            transferee or transferees, one or more new Certificates of the same Class
            and of
            like aggregate Percentage Interest.

           

          At
            the
            option of a Certificateholder, Certificates may be exchanged for other
            Certificates of the same Class in authorized denominations and evidencing
            the
            same aggregate Percentage Interest upon surrender of the Certificates
            to be
            exchanged at the office or agency of the Trustee. Whenever any Certificates
            are
            so surrendered for exchange, the Trustee shall execute, authenticate,
            and
            deliver the Certificates that the Certificateholder making the exchange
            is
            entitled to receive. Every Certificate presented or surrendered for registration
            of Transfer or exchange shall be accompanied by a written instrument
            of Transfer
            in form satisfactory to the Trustee duly executed by the Holder thereof
            or his
            attorney duly authorized in writing.

           

          No
            service charge to the Certificateholders shall be made for any registration
            of
            Transfer or exchange of Certificates, but payment of a sum sufficient
            to cover
            any tax or governmental charge that may be imposed in connection with
            any
            Transfer or exchange of Certificates may be required.

           

          All
            Certificates surrendered for registration of Transfer or exchange shall
            be
            canceled and subsequently destroyed by the Trustee in accordance with
            the
            Trustee’s customary procedures.

           

          (b)  No
            Transfer of a Private Certificate shall be made unless such Transfer
            is made
            pursuant to an effective registration statement under the Securities
            Act and any
            applicable state securities laws or is exempt from the registration requirements
            under the Securities Act and such state securities laws. In the event
            that a
            transfer is to be made in reliance upon an exemption from the Securities
            Act and
            such state securities laws, in order to assure compliance with the Securities
            Act and such state securities laws, the Certificateholder desiring to
            effect
            such Transfer and such Certificateholder’s prospective transferee shall (except
            in connection with any transfer of a Private Certificate to an affiliate
            of the
            Depositor (either directly or through a nominee) in connection with the
            initial
            issuance of the Certificates) each certify to the Trustee in writing
            the facts
            surrounding the Transfer in substantially the forms set forth in Exhibit
            J-2
            and, in the case of a Class A-R Certificate, Exhibit J-1 (the “Transferor
            Certificate”) and (i) deliver a letter in substantially the form of either
            Exhibit K (in the case of the Class P and Class C Certificates only)
            (the
“Investment Letter”) or Exhibit L (in the case of any Private Certificate) (the
“Rule 144A Letter”) or (ii) there shall be delivered to the Trustee at the
            expense of the Certificateholder desiring to effect such transfer an
            Opinion of
            Counsel that such Transfer may be made pursuant to an exemption from
            the
            Securities Act; provided,
            however,
            that in
            the case of the delivery of an Investment Letter in connection with the
            transfer
            of any Class C or Class P Certificate to a transferee that is formed
            with the
            purpose of issuing notes backed by such Class C or Class P Certificate,
            as the
            case may be, clause (b) and (c) of the form of Investment Letter shall
            not be
            applicable and shall be deleted by such transferee. The Depositor shall
            provide
            to any Holder of a Private Certificate and any prospective transferee
            designated
            by any such Holder, information regarding the related Certificates and
            the
            Mortgage Loans and such other information as shall be necessary to satisfy
            the
            condition to eligibility set forth in Rule 144A(d)(4) for transfer of
            any such
            Certificate without registration thereof under the Securities Act pursuant
            to
            the registration exemption provided by Rule 144A. The Trustee and the
            Master
            Servicer shall cooperate with the Depositor in providing the Rule 144A
            information referenced in the preceding sentence, including providing
            to the
            Depositor such information regarding the Certificates, the Mortgage Loans
            and
            other matters regarding the Trust Fund as the Depositor shall reasonably
            request
            to meet its obligation under the preceding sentence. Each Holder of a
            Private
            Certificate desiring to effect such Transfer shall, and does hereby agree
            to,
            indemnify the Trustee, the Depositor, the Trust Fund, each Seller, the
            Master
            Servicer and the NIM Insurer against any liability that may result if
            the
            Transfer is not so exempt or is not made in accordance with such federal
            and
            state laws.

           

          No
            Transfer of an ERISA-Restricted Certificate (other than a transfer of
            an
            ERISA-Restricted Certificate to an affiliate of the Depositor (either
            directly
            or through a nominee) in connection with the initial issuance of the
            Certificates) shall be made unless the Trustee shall have received either
            (i) a
            representation from the transferee of such Certificate acceptable to
            and in form
            and substance satisfactory to the Trustee (in the event such Certificate
            is a
            Private Certificate, such requirement is satisfied only by the Trustee’s receipt
            of a representation letter from the transferee substantially in the form
            of
            Exhibit K or Exhibit L, or in the event such Certificate is a Residual
            Certificate, such requirement is satisfied only by the Trustee’s receipt of a
            representation letter from the transferee substantially in the form of
            Exhibit
            I), to the effect that (x) such transferee is not a Plan, or (y) in the
            case of
            an ERISA-Restricted Certificate (except for a Residual Certificate) that
            has
            been the subject of an ERISA-Qualifying Underwriting, a representation
            that the
            transferee is an insurance company which is purchasing such Certificate
            with
            funds contained in an “insurance company general account” (as such term is
            defined in section V(e) of Prohibited Transaction Class Exemption 95-60
            (“PTCE
            95-60”)) and that the purchase and holding of such Certificate satisfy the
            requirements for exemptive relief under Sections I and III of PTCE 95-60
            or (ii)
            in the case of any ERISA-Restricted Certificate presented for registration
            in
            the name of an employee benefit plan or arrangement subject to ERISA,
            or a plan
            or arrangement subject to Section 4975 of the Code (or comparable provisions
            of
            any subsequent enactments), or a trustee of any such plan or arrangement
            or any
            other person acting on behalf of any such plan or arrangement, an Opinion
            of
            Counsel satisfactory to the Trustee, addressed to the Trustee and the
            Master
            Servicer, to the effect that the purchase or holding of such ERISA-Restricted
            Certificate will not result in a non-exempt prohibited transaction under
            ERISA
            or the Code and will not subject the Trustee or the Master Servicer to
            any
            obligation in addition to those expressly undertaken in this Agreement,
            which
            Opinion of Counsel shall not be an expense of the Trustee, the Master
            Servicer,
            or the Trust Fund. For purposes of the preceding sentence, one of such
            representations, as appropriate, shall be deemed to have been made to
            the
            Trustee by the transferee’s acceptance of an ERISA-Restricted Certificate (or
            the acceptance by a Certificate Owner of the beneficial interest in any
            such
            Class of ERISA-Restricted Certificates) unless the Trustee shall have
            received
            from the transferee an Opinion of Counsel as described in clause (ii)
            or a
            representation letter acceptable in form and substance to the Trustee.
            Notwithstanding anything else to the contrary herein, any purported transfer
            of
            an ERISA Restricted Certificate to or on behalf of an employee benefit
            plan
            subject to Section 406 of ERISA or a plan or arrangement subject to Section
            4975
            of the Code without the delivery to the Trustee of an Opinion of Counsel
            satisfactory to the Trustee meeting the requirements of clause (ii) of
            the first
            sentence of this paragraph as described above shall be void and of no
            effect.
            The Trustee shall be under no liability to any Person for any registration
            of
            transfer of any ERISA-Restricted Certificate that is in fact not permitted
            by
            this Section 5.02(b) or for making any payments due on such Certificate
            to the
            Holder thereof or taking any other action with respect to such Holder
            under the
            provisions of this Agreement so long as the Trustee, with respect to
            the
            transfer of such Classes of Certificates, required delivery of such certificates
            and other documentation or evidence as are expressly required by the
            terms of
            this Agreement and examined such certificates and other documentation
            or
            evidence to determine compliance as to form with the express requirements
            hereof. The Trustee shall be entitled, but not obligated, to recover
            from any
            Holder of any ERISA-Restricted Certificate that was in fact an employee
            benefit
            plan subject to Section 406 of ERISA or a plan or arrangement subject
            to Section
            4975 of the Code or a Person acting on behalf of any such plan or arrangement
            at
            the time it became a Holder or, at such subsequent time as it became
            such a plan
            or arrangement or Person acting on behalf of such a plan or arrangement,
            all
            payments made on such ERISA-Restricted Certificate at and after either
            such
            time. Any such payments so recovered by the Trustee shall be paid and
            delivered
            by the Trustee to the last preceding Holder of such Certificate that
            is not such
            a plan or arrangement or Person acting on behalf of a plan or
            arrangement.

           

          For
            so
            long as the Swap Trust is in existence, each beneficial owner of an
            Interest-Bearing Certificate (except for a Class B Certificate) or any
            interest
            therein, shall be deemed to have represented, by virtue of its acquisition
            or
            holding of such Certificate, or interest therein, that either (i) it
            is not a
            Plan or (ii) (A) it is an accredited investor within the meaning of the
            Underwriter’s Exemption and (B) the acquisition and holding of such Certificate
            and the separate right to receive payments from the Swap Trust are eligible
            for
            the exemptive relief available under one of Prohibited Transaction Class
            Exemption (“PTCE”) 84-14, 91-38, 90-1, 95-60 or 96-23.

           

          Each
            beneficial owner of a Subordinate Certificate (except for a Class B Certificate)
            or any interest therein that is acquired after the termination of the
            Swap Trust
            (which holds the Swap Contract) shall be deemed to have represented,
            by virtue
            of its acquisition or holding of that Certificate or interest therein,
            that
            either (i) it is not a Plan or a person using assets of a Plan, (ii)
            it has
            acquired and is holding such Subordinate Certificate in reliance on the
            Underwriter’s Exemption, and that it understands that there are certain
            conditions to the availability of the Underwriter’s Exemption, including that
            the Certificate must be rated, at the time of purchase, not lower than
“BBB-”
(or its equivalent) by Standard & Poor’s, Fitch Ratings or Moody’s or (iii)
            (1) it is an insurance company, (2) the source of funds used to acquire
            or hold
            the Certificate or interest therein is an “insurance company general account”,
            as such term is defined in PTCE 95-60, and (3) the conditions in Sections
            I and
            III of PTCE 95-60 have been satisfied.

           

          In
            the
            event that a representation or deemed representation in the three preceding
            paragraphs is violated, the related transfer or acquisition shall be
            void and of
            no effect.

           

          (c)  Each
            Person who has or who acquires any Ownership Interest in a Class A-R
            Certificate
            shall be deemed by the acceptance or acquisition of such Ownership Interest
            to
            have agreed to be bound by the following provisions, and the rights of
            each
            Person acquiring any Ownership Interest in a Class A-R Certificate are
            expressly
            subject to the following provisions:

           

          (1)  Each
            Person holding or acquiring any Ownership Interest in a Class A-R Certificate
            shall be a Permitted Transferee and shall promptly notify the Trustee
            of any
            change or impending change in its status as a Permitted Transferee.

           

          (2)  Except
            in
            connection with (i) the registration of the Tax Matters Person Certificate
            in
            the name of the Trustee or (ii) any registration in the name of, or transfer
            of
            a Class A-R Certificate to, an affiliate of the Depositor (either directly
            or
            through a nominee) in connection with the initial issuance of the Certificates,
            no Ownership Interest in a Class A-R Certificate may be registered or
            transferred, and the Trustee shall not register the Transfer of any Class
            A-R
            Certificate, unless the Trustee shall have been furnished with an affidavit
            (a
“Transfer Affidavit”) of the initial owner or the proposed transferee in the
            form attached hereto as Exhibit I.

           

          (3)  Each
            Person holding or acquiring any Ownership Interest in a Class A-R Certificate
            shall agree (A) to obtain a Transfer Affidavit from any other Person
            to whom
            such Person attempts to Transfer its Ownership Interest in a Class A-R
            Certificate, (B) to obtain a Transfer Affidavit from any Person for whom
            such
            Person is acting as nominee, trustee or agent in connection with any
            Transfer of
            a Class A-R Certificate and (C) not to Transfer its Ownership Interest
            in a
            Class A-R Certificate, or to cause the Transfer of an Ownership Interest
            in a
            Class A-R Certificate to any other Person, if it has actual knowledge
            that such
            Person is not a Permitted Transferee or that such Transfer Affidavit
            is
            false.

           

          (4)  Any
            attempted or purported Transfer of any Ownership Interest in a Class
            A-R
            Certificate in violation of the provisions of this Section 5.02(c) shall
            be
            absolutely null and void and shall vest no rights in the purported Transferee.
            If any purported transferee shall become a Holder of a Class A-R Certificate
            in
            violation of the provisions of this Section 5.02(c), then the last preceding
            Permitted Transferee shall be restored to all rights as Holder thereof
            retroactive to the date of registration of Transfer of such Class A-R
            Certificate. The Trustee shall be under no liability to any Person for
            any
            registration of Transfer of a Class A-R Certificate that is in fact not
            permitted by Section 5.02(b) and this Section 5.02(c) or for making any
            payments
            due on such Certificate to the Holder thereof or taking any other action
            with
            respect to such Holder under the provisions of this Agreement so long
            as the
            Transfer was registered after receipt of the related Transfer Affidavit
            and
            Transferor Certificate. The Trustee shall be entitled but not obligated
            to
            recover from any Holder of a Class A-R Certificate that was in fact not
            a
            Permitted Transferee at the time it became a Holder or, at such subsequent
            time
            as it became other than a Permitted Transferee, all payments made on
            such Class
            A-R Certificate at and after either such time. Any such payments so recovered
            by
            the Trustee shall be paid and delivered by the Trustee to the last preceding
            Permitted Transferee of such Certificate.

           

          (5)  The
            Master Servicer shall use its best efforts to make available, upon receipt
            of
            written request from the Trustee, all information necessary to compute
            any tax
            imposed under section 860E(e) of the Code as a result of a Transfer of
            an
            Ownership Interest in a Class A-R Certificate to any Holder who is not
            a
            Permitted Transferee.

           

          The
            restrictions on Transfers of a Class A-R Certificate set forth in this
            Section
            5.02(c) shall cease to apply (and the applicable portions of the legend
            on a
            Class A-R Certificate may be deleted) with respect to Transfers occurring
            after
            delivery to the Trustee of an Opinion of Counsel, which Opinion of Counsel
            shall
            not be an expense of the Trustee, any Seller or the Master Servicer,
            to the
            effect that the elimination of such restrictions will not cause any REMIC
            formed
            hereunder to fail to qualify as a REMIC at any time that the Certificates
            are
            outstanding or result in the imposition of any tax on the Trust Fund,
            a
            Certificateholder or another Person. Each Person holding or acquiring
            any
            Ownership Interest in a Class A-R Certificate, by acceptance of its Ownership
            Interest, shall be deemed to consent to any amendment of this Agreement
            that,
            based on an Opinion of Counsel furnished to the Trustee, is reasonably
            necessary
            (a) to ensure that the record ownership of, or any beneficial interest
            in, a
            Class A-R Certificate is not transferred, directly or indirectly, to
            a Person
            that is not a Permitted Transferee and (b) to provide for a means to
            compel the
            Transfer of a Class A-R Certificate that is held by a Person that is
            not a
            Permitted Transferee to a Holder that is a Permitted Transferee.

           

          (d)  The
            preparation and delivery of all affidavits, certifications and opinions
            referred
            to above in this Section 5.02 shall not be an expense of the Trust Fund,
            the
            Trustee, the Depositor, any Seller or the Master Servicer. 

           

          	Section
                  5.03  	
                  Mutilated,
                    Destroyed, Lost or Stolen
                    Certificates.

                

           

          If
            (a)
            any mutilated Certificate is surrendered to the Trustee, or the Trustee
            receives
            evidence to its satisfaction of the destruction, loss or theft of any
            Certificate and of the ownership thereof and (b) there is delivered to
            the
            Master Servicer and the Trustee such security or indemnity as may be
            required by
            them to save each of them harmless, then, in the absence of notice to
            the
            Trustee that such Certificate has been acquired by a bona fide purchaser,
            the
            Trustee shall execute, authenticate and deliver, in exchange for or in
            lieu of
            any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
            of
            like Class, tenor and Percentage Interest. In connection with the issuance
            of
            any new Certificate under this Section 5.03, the Trustee may require
            the payment
            of a sum sufficient to cover any tax or other governmental charge that
            may be
            imposed in relation thereto and any other expenses (including the fees
            and
            expenses of the Trustee) connected therewith. Any replacement Certificate
            issued
            pursuant to this Section 5.03 shall constitute complete and indefeasible
            evidence of ownership in the Trust Fund, as if originally issued, whether
            or not
            the lost, stolen or destroyed Certificate shall be found at any time.
            All
            Certificates surrendered to the Trustee under the terms of this Section
            5.03
            shall be canceled and destroyed by the Trustee in accordance with its
            standard
            procedures without liability on its part.

           

          	Section
                  5.04  	
                  Persons
                    Deemed Owners.

                

           

          The
            Master Servicer, the Trustee, the NIM Insurer and any agent of the Master
            Servicer, the Trustee or the NIM Insurer may treat the person in whose
            name any
            Certificate is registered as the owner of such Certificate for the purpose
            of
            receiving distributions as provided in this Agreement and for all other
            purposes
            whatsoever, and none of the Master Servicer, the Trustee, the NIM Insurer
            or any
            agent of the Master Servicer, the Trustee or the NIM Insurer shall be
            affected
            by any notice to the contrary.

           

          	Section
                  5.05  	
                  Access
                    to List of Certificateholders’ Names and
                    Addresses.

                

           

          If
            three
            or more Certificateholders or Certificate Owners (a) request such information
            in
            writing from the Trustee, (b) state that such Certificateholders or Certificate
            Owners desire to communicate with other Certificateholders or Certificate
            Owners
            with respect to their rights under this Agreement or under the Certificates
            and
            (c) provide a copy of the communication that such Certificateholders
            or
            Certificate Owners propose to transmit or if the Depositor or Master
            Servicer
            shall request such information in writing from the Trustee, then the
            Trustee
            shall, within ten Business Days after the receipt of such request, provide
            the
            Depositor, the Master Servicer or such Certificateholders or Certificate
            Owners
            at such recipients’ expense the most recent list of the Certificateholders of
            the Trust Fund held by the Trustee, if any. The Depositor and every
            Certificateholder or Certificate Owner, by receiving and holding a Certificate,
            agree that the Trustee shall not be held accountable by reason of the
            disclosure
            of any such information as to the list of the Certificateholders hereunder,
            regardless of the source from which such information was derived.

           

          	Section
                  5.06  	
                  Book-Entry
                    Certificates.

                

           

          The
            Book-Entry Certificates, upon original issuance, shall be issued in the
            form of
            one typewritten Certificate (or more than one, if required by the Depository)
            for each Class of such Certificates, to be delivered to the Depository
            by or on
            behalf of the Depositor. Such Certificates shall initially be registered
            on the
            Certificate Register in the name of the Depository or its nominee, and
            no
            Certificate Owner of such Certificates will receive a definitive certificate
            representing such Certificate Owner’s interest in such Certificates, except as
            provided in Section 5.08. Unless and until definitive, fully registered
            Certificates (“Definitive Certificates”) have been issued to the Certificate
            Owners of such Certificates pursuant to Section 5.08:

           

          (a)  the
            provisions of this Section shall be in full force and effect;

           

          (b)  the
            Depositor, the Sellers, the Master Servicer and the Trustee may deal
            with the
            Depository and the Depository Participants for all purposes (including
            the
            making of distributions) as the authorized representative of the respective
            Certificate Owners of such Certificates;

           

          (c)  registration
            of the Book-Entry Certificates may not be transferred by the Trustee
            except to
            another Depository;

           

          (d)  the
            rights of the respective Certificate Owners of such Certificates shall
            be
            exercised only through the Depository and the Depository Participants
            and shall
            be limited to those established by law and agreements between the Owners
            of such
            Certificates and the Depository and/or the Depository Participants. Pursuant
            to
            the Depository Agreement, unless and until Definitive Certificates are
            issued
            pursuant to Section 5.08, the Depository will make book-entry transfers
            among
            the Depository Participants and receive and transmit distributions of
            principal
            and interest on the related Certificates to such Depository
            Participants;

           

          (e)  the
            Depository may collect its usual and customary fees, charges and expenses
            from
            its Depository Participants;

           

          (f)  the
            Trustee may rely and shall be fully protected in relying upon information
            furnished by the Depository with respect to its Depository Participants;
            and

           

          (g)  to
            the
            extent the provisions of this Section conflict with any other provisions
            of this
            Agreement, the provisions of this Section shall control.

           

          For
            purposes of any provision of this Agreement requiring or permitting actions
            with
            the consent of, or at the direction of, Certificateholders evidencing
            a
            specified percentage of the aggregate unpaid principal amount of any
            Class of
            Certificates, such direction or consent may be given by Certificate Owners
            (acting through the Depository and the Depository Participants) owning
            Book-Entry Certificates evidencing the requisite percentage of principal
            amount
            of such Class of Certificates.

           

          	Section
                  5.07  	
                  Notices
                    to Depository.

                

           

          Whenever
            any notice or other communication is required to be given to Certificateholders
            of the Class with respect to which Book-Entry Certificates have been
            issued,
            unless and until Definitive Certificates shall have been issued to the
            related
            Certificate Owners, the Trustee shall give all such notices and communications
            to the Depository.

           

          	Section
                  5.08  	
                  Definitive
                    Certificates.

                

           

          If,
            after
            Book-Entry Certificates have been issued with respect to any Certificates,
            (a)
            the Depositor advises the Trustee that the Depository is no longer willing
            or
            able to discharge properly its responsibilities under the Depository
            Agreement
            with respect to such Certificates and the Trustee or the Depositor is
            unable to
            locate a qualified successor or (b) after the occurrence and continuation
            of an
            Event of Default, Certificate Owners of such Book-Entry Certificates
            having not
            less than 51% of the Voting Rights evidenced by any Class of Book-Entry
            Certificates advise the Trustee and the Depository in writing through
            the
            Depository Participants that the continuation of a book-entry system
            with
            respect to Certificates of such Class through the Depository (or its
            successor)
            is no longer in the best interests of the Certificate Owners of such
            Class, then
            the Trustee shall notify all Certificate Owners of such Certificates,
            through
            the Depository, of the occurrence of any such event and of the availability
            of
            Definitive Certificates to Certificate Owners of such Class requesting
            the same.
            The Depositor shall provide the Trustee with an adequate inventory of
            Certificates to facilitate the issuance and transfer of Definitive Certificates.
            Upon surrender to the Trustee of any such Certificates by the Depository,
            accompanied by registration instructions from the Depository for registration,
            the Trustee shall authenticate and deliver such Definitive Certificates.
            Neither
            the Depositor nor the Trustee shall be liable for any delay in delivery
            of such
            instructions and each may conclusively rely on, and shall be protected
            in
            relying on, such instructions. Upon the issuance of such Definitive
            Certificates, all references herein to obligations imposed upon or to
            be
            performed by the Depository shall be deemed to be imposed upon and performed
            by
            the Trustee, to the extent applicable with respect to such Definitive
            Certificates and the Trustee shall recognize the Holders of such Definitive
            Certificates as Certificateholders hereunder.

           

          	Section
                  5.09  	
                  Maintenance
                    of Office or Agency.

                

           

          The
            Trustee will maintain or cause to be maintained at its expense an office
            or
            offices or agency or agencies in New York City where Certificates may
            be
            surrendered for registration of transfer or exchange. The Trustee initially
            designates its offices at 101 Barclay Street, New York, New York 10286,
            Attention: Corporate Trust MBS Administration, as offices for such purposes.
            The
            Trustee will give prompt written notice to the Certificateholders of
            any change
            in such location of any such office or agency.

           

           

          ARTICLE
            VI.

           

          THE
            DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

           

          	Section
                  6.01  	
                  Respective
                    Liabilities of the Depositor, the Master Servicer and the
                    Sellers.

                

           

          The
            Depositor, the Master Servicer and each Seller shall each be liable in
            accordance herewith only to the extent of the obligations specifically
            and
            respectively imposed upon and undertaken by them herein.

           

          	Section
                  6.02  	
                  Merger
                    or Consolidation of the Depositor, the Master Servicer or the
                    Sellers.

                

           

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

           

          Any
            Person into which the Depositor, the Master Servicer or any Seller may
            be merged
            or consolidated, or any Person resulting from any merger or consolidation
            to
            which the Depositor, the Master Servicer or any Seller shall be a party,
            or any
            person succeeding to the business of the Depositor, the Master Servicer
            or any
            Seller, shall be the successor of the Depositor, the Master Servicer
            or such
            Seller, as the case may be, hereunder, without the execution or filing
            of any
            paper or any further act on the part of any of the parties hereto, anything
            herein to the contrary notwithstanding; provided that the successor or
            surviving
            Person to the Master Servicer shall be qualified to service mortgage
            loans on
            behalf of Fannie Mae and Freddie Mac.

           

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

           

          	Section
                  6.03  	
                  Limitation
                    on Liability of the Depositor, the Sellers, the Master Servicer,
                    the NIM
                    Insurer and Others.

                

           

          None
            of
            the Depositor, the Sellers, the NIM Insurer or the Master Servicer or
            any of the
            directors, officers, employees or agents of the Depositor, the Sellers,
            the NIM
            Insurer or the Master Servicer shall be under any liability to the Trustee
            (except as provided in Section 8.05), the Trust Fund or the Certificateholders
            for any action taken or for refraining from the taking of any action
            in good
            faith pursuant to this Agreement, or for errors in judgment; provided
            that this
            provision shall not protect the Depositor, the Sellers, the Master Servicer
            or
            any such Person against any breach of representations or warranties made
            by it
            herein or protect the Depositor, the Sellers, the Master Servicer or
            any such
            Person from any liability that would otherwise be imposed by reasons
            of willful
            misfeasance, bad faith or gross negligence in the performance of duties
            or by
            reason of reckless disregard of obligations and duties hereunder. The
            Depositor,
            the Sellers, the NIM Insurer, the Master Servicer and any director, officer,
            employee or agent of the Depositor, the Sellers, the NIM Insurer or the
            Master
            Servicer may rely in good faith on any document of any kind prima facie
            properly
            executed and submitted by any Person respecting any matters arising hereunder.
            The Depositor, the Sellers, the NIM Insurer, the Master Servicer and
            any
            director, officer, employee or agent of the Depositor, the Sellers, the
            NIM
            Insurer or the Master Servicer shall be indemnified by the Trust Fund
            and held
            harmless against any loss, liability or expense incurred in connection
            with any
            audit, controversy or judicial proceeding relating to a governmental
            taxing
            authority or any legal action relating to this Agreement or the Certificates,
            other than any loss, liability or expense related to any specific Mortgage
            Loan
            or Mortgage Loans (except as any such loss, liability or expense shall
            be
            otherwise reimbursable pursuant to this Agreement) and any loss, liability
            or
            expense incurred by reason of willful misfeasance, bad faith or gross
            negligence
            in the performance of duties hereunder or by reason of reckless disregard
            of
            obligations and duties hereunder. None of the Depositor, the Sellers,
            the NIM
            Insurer or the Master Servicer shall be under any obligation to appear
            in,
            prosecute or defend any legal action that is not incidental to its respective
            duties hereunder and that in its opinion may involve it in any expense
            or
            liability; provided that any of the Depositor, the Sellers, the NIM Insurer
            or
            the Master Servicer may, in its discretion undertake any such action
            that it may
            deem necessary or desirable in respect of this Agreement and the rights
            and
            duties of the parties hereto and interests of the Trustee and the
            Certificateholders hereunder. In such event, the legal expenses and costs
            of
            such action and any liability resulting therefrom shall be, expenses,
            costs and
            liabilities of the Trust Fund, and the Depositor, the Sellers, the NIM
            Insurer
            and the Master Servicer shall be entitled to be reimbursed therefor out
            of the
            Certificate Account as provided by Section 3.08 hereof.

           

          	Section
                  6.04  	
                  Limitation
                    on Resignation of Master Servicer.

                

           

          The
            Master Servicer shall not resign from the obligations and duties hereby
            imposed
            on it except (i) upon determination that its duties hereunder are no
            longer
            permissible under applicable law or (ii) upon appointment of a successor
            servicer that is reasonably acceptable to the Trustee and the NIM Insurer
            and
            the written confirmation from each Rating Agency (which confirmation
            shall be
            furnished to the Depositor, the Trustee and the NIM Insurer) that such
            resignation will not cause such Rating Agency to reduce the then-current
            rating
            of the Certificates. Any such determination pursuant to clause (i) of
            the
            preceding sentence permitting the resignation of the Master Servicer
            shall be
            evidenced by an Opinion of Counsel to such effect delivered to the Trustee.
            No
            resignation of the Master Servicer shall become effective until the Trustee
            shall have assumed the Master Servicer’s responsibilities, duties, liabilities
            (other than those liabilities arising prior to the appointment of such
            successor) and obligations under this Agreement and the Depositor shall
            have
            received the information described in the following sentence. As a condition
            to
            the effectiveness of any such resignation, at least 15 calendar days
            prior to
            the effective date of such resignation, the Master Servicer shall provide
            (x)
            written notice to the Depositor of any successor pursuant to this Section
            and
            (y) in writing and in form and substance reasonably satisfactory to the
            Depositor, all information reasonably requested by the Depositor in order
            to
            comply with its reporting obligation under Item 6.02 of Form 8-K with
            respect to
            the resignation of the Master Servicer. 

           

          	Section
                  6.05  	
                  Errors
                    and Omissions Insurance; Fidelity
                    Bonds.

                

           

          The
            Master Servicer shall, for so long as it acts as servicer under this
            Agreement,
            obtain and maintain in force (a) a policy or policies of insurance covering
            errors and omissions in the performance of its obligations as servicer
            hereunder, and (b) a fidelity bond in respect of its officers, employees
            and
            agents. Each such policy or policies and bond shall, together, comply
            with the
            requirements from time to time of Fannie Mae and Freddie Mac for persons
            performing servicing for mortgage loans purchased by Fannie Mae and Freddie
            Mac.
            In the event that any such policy or bond ceases to be in effect, the
            Master
            Servicer shall use its reasonable best efforts to obtain a comparable
            replacement policy or bond from an insurer or issuer, meeting the requirements
            set forth above as of the date of such replacement.

           

          The
            Master Servicer shall provide the Trustee and the NIM Insurer (upon such
            party’s
            reasonable request) with copies of any such insurance policies and fidelity
            bond. The Master Servicer shall be deemed to have complied with this
            provision
            if an Affiliate of the Master Servicer has such errors and omissions
            and
            fidelity bond coverage and, by the terms of such insurance policy or
            fidelity
            bond, the coverage afforded thereunder extends to the Master
            Servicer.

           

           

           

          ARTICLE
            VII.

           

          DEFAULT;
            TERMINATION OF MASTER SERVICER

           

          	Section
                  7.01  	
                  Events
                    of Default.

                

           

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

           

          (1)  any
            failure by the Master Servicer to deposit in the Certificate Account
            or the
            Distribution Account or remit to the Trustee any payment (excluding a
            payment
            required to be made under Section 4.01 hereof) required to be made under
            the
            terms of this Agreement, which failure shall continue unremedied for
            five
            calendar days and, with respect to a payment required to be made under
            Section
            4.01(b) or (c) hereof, for one Business Day, after the date on which
            written
            notice of such failure shall have been given to the Master Servicer by
            the
            Trustee, the NIM Insurer or the Depositor, or to the Trustee, the NIM
            Insurer
            and the Master Servicer by the Holders of Certificates evidencing not
            less than
            25% of the Voting Rights; or

           

          (2)  any
            failure by the Master Servicer to observe or perform in any material
            respect any
            other of the covenants or agreements on the part of the Master Servicer
            contained in this Agreement (except with respect to a failure related
            to a
            Limited Exchange Act Reporting Obligation) or any representation or warranty
            shall prove to be untrue, which failure or breach shall continue unremedied
            for
            a period of 60 days after the date on which written notice of such failure
            shall
            have been given to the Master Servicer by the Trustee, the NIM Insurer
            or the
            Depositor, or to the Trustee by the Holders of Certificates evidencing
            not less
            than 25% of the Voting Rights; provided, that the sixty-day cure period
            shall
            not apply to the initial delivery of the Mortgage File for Delay Delivery
            Mortgage Loans or the failure to repurchase or substitute in lieu thereof;
            or

           

          (3)  a
            decree
            or order of a court or agency or supervisory authority having jurisdiction
            in
            the premises for the appointment of a receiver or liquidator in any insolvency,
            readjustment of debt, marshalling of assets and liabilities or similar
            proceedings, or for the winding-up or liquidation of its affairs, shall
            have
            been entered against the Master Servicer and such decree or order shall
            have
            remained in force undischarged or unstayed for a period of 60 consecutive
            days;
            or

           

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

           

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

           

          (6)  the
            Master Servicer shall fail to reimburse in full the Trustee not later
            than 6:00
            p.m. (New York time) on the Business Day following the related Distribution
            Date
            for any Advance made by the Trustee pursuant to Section 4.01(d) together
            with
            accrued and unpaid interest.

           

          If
            an
            Event of Default shall occur, then, and in each and every such case,
            so long as
            such Event of Default shall not have been remedied, the Trustee shall,
            but only
            at the direction of either the NIM Insurer or the Holders of Certificates
            evidencing not less than 25% of the Voting Rights, by notice in writing
            to the
            Master Servicer (with a copy to each Rating Agency and the Depositor),
            terminate
            all of the rights and obligations of the Master Servicer under this Agreement
            and in and to the Mortgage Loans and the proceeds thereof, other than
            its rights
            as a Certificateholder hereunder. In addition, if during the period that
            the
            Depositor is required to file Exchange Act Reports with respect to the
            Trust
            Fund, the Master Servicer shall fail to observe or perform any of the
            obligations that constitute a Limited Exchange Act Reporting Obligation
            or the
            obligations set forth in Section 3.17(a) or Section 11.07(a)(1) and (2),
            and
            such failure continues for the lesser of 10 calendar days or such period
            in
            which the applicable Exchange Act Report can be filed timely (without
            taking
            into account any extensions), so long as such failure shall not have
            been
            remedied, the Trustee shall, but only at the direction of the Depositor,
            terminate all of the rights and obligations of the Master Servicer under
            this
            Agreement and in and to the Mortgage Loans and the proceeds thereof,
            other than
            its rights as a Certificateholder hereunder. The Depositor shall not
            be entitled
            to terminate the rights and obligations of the Master Servicer if a failure
            of
            the Master Servicer to identify a Subcontractor “participating in the servicing
            function” within the meaning of Item 1122 of Regulation AB was attributable
            solely to the role or functions of such Subcontractor with respect to
            mortgage
            loans other than the Mortgage Loans.

           

          On
            or
            after the receipt by the Master Servicer of such written notice, all
            authority
            and power of the Master Servicer hereunder, whether with respect to the
            Mortgage
            Loans or otherwise, shall pass to and be vested in the Trustee. The Trustee
            shall thereupon make any Advance described in Section 4.01 hereof subject
            to
            Section 3.04 hereof. The Trustee is hereby authorized and empowered to
            execute
            and deliver, on behalf of the Master Servicer, as attorney-in-fact or
            otherwise,
            any and all documents and other instruments, and to do or accomplish
            all other
            acts or things necessary or appropriate to effect the purposes of such
            notice of
            termination, whether to complete the transfer and endorsement or assignment
            of
            the Mortgage Loans and related documents, or otherwise. Unless expressly
            provided in such written notice, no such termination shall affect any
            obligation
            of the Master Servicer to pay amounts owed pursuant to Article VIII.
            The Master
            Servicer agrees to cooperate with the Trustee in effecting the termination
            of
            the Master Servicer’s responsibilities and rights hereunder, including, without
            limitation, the transfer to the Trustee of all cash amounts which shall
            at the
            time be credited to the Certificate Account, or thereafter be received
            with
            respect to the Mortgage Loans. The Trustee shall promptly notify the
            Rating
            Agencies and the Depositor of the occurrence of an Event of
            Default.

           

          Notwithstanding
            any termination of the activities of a Master Servicer hereunder, such
            Master
            Servicer shall be entitled to receive, out of any late collection of
            a Scheduled
            Payment on a Mortgage Loan that was due prior to the notice terminating
            such
            Master Servicer’s rights and obligations as Master Servicer hereunder and
            received after such notice, that portion thereof to which such Master
            Servicer
            would have been entitled pursuant to Sections 3.08(a)(i) through (viii),
            and any
            other amounts payable to such Master Servicer hereunder the entitlement
            to which
            arose prior to the termination of its activities hereunder.

           

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

           

          	Section
                  7.02  	
                  Trustee
                    to Act; Appointment of Successor.

                

           

          On
            and
            after the time the Master Servicer receives a notice of termination pursuant
            to
            Section 7.01 hereof, the Trustee shall, to the extent provided in Section
            3.04,
            be the successor to the Master Servicer in its capacity as servicer under
            this
            Agreement and the transactions set forth or provided for herein and shall
            be
            subject to all the responsibilities, duties and liabilities relating
            thereto
            placed on the Master Servicer by the terms and provisions hereof and
            applicable
            law including the obligation to make advances pursuant to Section 4.01.
            As
            compensation therefor, the Trustee shall be entitled to all fees, costs
            and
            expenses relating to the Mortgage Loans that the Master Servicer would
            have been
            entitled to if the Master Servicer had continued to act hereunder.
            Notwithstanding the foregoing, if the Trustee has become the successor
            to the
            Master Servicer in accordance with Section 7.01 hereof, the Trustee may,
            if it
            shall be unwilling to so act, or shall, if it is prohibited by applicable
            law
            from making Advances pursuant to Section 4.01 hereof or if it is otherwise
            unable to so act, (i) appoint any established mortgage loan servicing
            institution reasonably acceptable to the NIM Insurer (as evidenced by
            the prior
            written consent of the NIM Insurer), or (ii) if it is unable for 60 days
            to
            appoint a successor servicer reasonably acceptable to the NIM Insurer,
            petition
            a court of competent jurisdiction to appoint any established mortgage
            loan
            servicing institution, the appointment of which does not adversely affect
            the
            then-current rating of the Certificates and the NIM Insurer guaranteed
            notes
            (without giving any effect to any policy or guaranty provided by the
            NIM
            Insurer) by each Rating Agency as the successor to the Master Servicer
            hereunder
            in the assumption of all or any part of the responsibilities, duties
            or
            liabilities of the Master Servicer hereunder. Any successor Master Servicer
            shall be an institution that is a Fannie Mae and Freddie Mac approved
            seller/servicer in good standing, that has a net worth of at least $15,000,000
            and that is willing to service the Mortgage Loans and executes and delivers
            to
            the Depositor and the Trustee an agreement accepting such delegation
            and
            assignment, that contains an assumption by such Person of the rights,
            powers,
            duties, responsibilities, obligations and liabilities of the Master Servicer
            (other than liabilities and indemnities of the Master Servicer under
            Section
            6.03 hereof incurred prior to termination of the Master Servicer under
            Section
            7.01), with like effect as if originally named as a party to this Agreement;
            and
            provided further that each Rating Agency acknowledges that its rating
            of the
            Certificates in effect immediately prior to such assignment and delegation
            will
            not be qualified or reduced as a result of such assignment and delegation.
            No
            appointment of a successor to the Master Servicer hereunder shall be
            effective
            until (i) the Trustee shall have consented thereto, (ii) written notice
            of such
            proposed appointment shall have been provided by the Trustee to each
            Certificateholder and (iii) at least 15 calendar days prior to the effective
            date of such appointment, (x) the Trustee shall provide written notice
            to the
            Depositor of such successor pursuant to this Section 7.02 and (y) such
            successor
            Master Servicer shall provide to the Depositor in writing and in form
            and
            substance reasonably satisfactory to the Depositor, all information reasonably
            requested by the Depositor in order to comply with its reporting obligation
            under Item 6.02 of Form 8-K with respect to a replacement master servicer.
            The
            Trustee shall not resign as servicer until a successor servicer has been
            appointed and has accepted such appointment. Pending appointment of a
            successor
            to the Master Servicer hereunder, the Trustee, unless the Trustee is
            prohibited
            by law from so acting, shall, subject to Section 3.04 hereof, act in
            such
            capacity as herein above provided. In connection with such appointment
            and
            assumption, the Trustee may make such arrangements for the compensation
            of such
            successor out of payments on Mortgage Loans as it and such successor
            shall
            agree; provided that no such compensation shall be in excess of that
            permitted
            the Master Servicer hereunder. The Trustee and such successor shall take
            such
            action, consistent with this Agreement, as shall be necessary to effectuate
            any
            such succession. Neither the Trustee nor any other successor servicer
            shall be
            deemed to be in default hereunder by reason of any failure to make, or
            any delay
            in making, any distribution hereunder or any portion thereof or any failure
            to
            perform, or any delay in performing, any duties or responsibilities hereunder,
            in either case caused by the failure of the Master Servicer to deliver
            or
            provide, or any delay in delivering or providing, any cash, information,
            documents or records to it.

           

          Any
            successor to the Master Servicer as servicer shall give notice to the
            NIM
            Insurer and the Mortgagors of such change of servicer and shall, during
            the term
            of its service as servicer maintain in force the policy or policies that
            the
            Master Servicer is required to maintain pursuant to Section 6.05.

           

          In
            connection with the termination or resignation of the Master Servicer
            hereunder,
            either (i) the successor Master Servicer, including the Trustee if the
            Trustee
            is acting as successor Master Servicer, shall represent and warrant that
            it is a
            member of MERS in good standing and shall agree to comply in all material
            respects with the rules and procedures of MERS in connection with the
            servicing
            of the Mortgage Loans that are registered with MERS, or (ii) the predecessor
            Master Servicer shall cooperate with the successor Master Servicer in
            causing
            MERS to execute and deliver an assignment of Mortgage in recordable form
            to
            transfer the Mortgage from MERS to the Trustee and to execute and deliver
            such
            other notices, documents and other instruments as may be necessary or
            desirable
            to effect a transfer of such Mortgage Loan or servicing of such Mortgage
            Loan on
            the MERS® System to the successor Master Servicer. The predecessor Master
            Servicer shall file or cause to be filed any such assignment in the appropriate
            recording office. The successor Master Servicer shall cause such assignment
            to
            be delivered to the Trustee promptly upon receipt of the original with
            evidence
            of recording thereon or a copy certified by the public recording office
            in which
            such assignment was recorded.

           

          	Section
                  7.03  	
                  Notification
                    to Certificateholders.

                

           

          (a)  Upon
            any
            termination of or appointment of a successor to the Master Servicer,
            the Trustee
            shall give prompt written notice thereof to Certificateholders and to
            each
            Rating Agency.

           

          (b)  Within
            60
            days after the occurrence of any Event of Default, the Trustee shall
            transmit by
            mail to all Certificateholders notice of each such Event of Default hereunder
            known to the Trustee, unless such Event of Default shall have been cured
            or
            waived.

           

           

           

          ARTICLE
            VIII.

           

          CONCERNING
            THE TRUSTEE

           

          	Section
                  8.01  	
                  Duties
                    of Trustee.

                

           

          The
            Trustee, prior to the occurrence of an Event of Default and after the
            curing of
            all Events of Default that may have occurred, shall undertake to perform
            such
            duties and only such duties as are specifically set forth in this Agreement.
            In
            case an Event of Default has occurred and remains uncured, the Trustee
            shall
            exercise such of the rights and powers vested in it by this Agreement,
            and use
            the same degree of care and skill in their exercise as a prudent person
            would
            exercise or use under the circumstances in the conduct of such person’s own
            affairs.

           

          The
            Trustee, upon receipt of all resolutions, certificates, statements, opinions,
            reports, documents, orders or other instruments furnished to the Trustee
            that
            are specifically required to be furnished pursuant to any provision of
            this
            Agreement shall examine them to determine whether they conform to the
            requirements of this Agreement, to the extent provided in this Agreement.
            If any
            such instrument is found not to conform to the requirements of this Agreement
            in
            a material manner, the Trustee shall take action as it deems appropriate
            to have
            the instrument corrected.

           

          No
            provision of this Agreement shall be construed to relieve the Trustee
            from
            liability for its own grossly negligent action, its own gross negligent
            failure
            to act or its own misconduct, its grossly negligent failure to perform
            its
            obligations in compliance with this Agreement, or any liability that
            would be
            imposed by reason of its willful misfeasance or bad faith; provided
            that:

           

          (1)  prior
            to
            the occurrence of an Event of Default, and after the curing of all such
            Events
            of Default that may have occurred, the duties and obligations of the
            Trustee
            shall be determined solely by the express provisions of this Agreement,
            the
            Trustee shall not be liable, individually or as Trustee, except for the
            performance of such duties and obligations as are specifically set forth
            in this
            Agreement, no implied covenants or obligations shall be read into this
            Agreement
            against the Trustee and the Trustee may conclusively rely, as to the
            truth of
            the statements and the correctness of the opinions expressed therein,
            upon any
            certificates or opinions furnished to the Trustee and conforming to the
            requirements of this Agreement that it reasonably believed in good faith
            to be
            genuine and to have been duly executed by the proper authorities respecting
            any
            matters arising hereunder;

           

          (2)  the
            Trustee shall not be liable, individually or as Trustee, for an error
            of
            judgment made in good faith by a Responsible Officer or Responsible Officers
            of
            the Trustee, unless the Trustee was grossly negligent or acted in bad
            faith or
            with willful misfeasance;

           

          (3)  the
            Trustee shall not be liable, individually or as Trustee, with respect
            to any
            action taken, suffered or omitted to be taken by it in good faith in
            accordance
            with the direction of the Holders of each Class of Certificates evidencing
            not
            less than 25% of the Voting Rights of such Class relating to the time,
            method
            and place of conducting any proceeding for any remedy available to the
            Trustee,
            or exercising any trust or power conferred upon the Trustee under this
            Agreement; and 

           

          (4)  without
            in any way limiting the provisions of this Section 8.01 or Section 8.02
            hereof,
            the Trustee shall be entitled to rely conclusively on the information
            delivered
            to it by the Master Servicer in a Trustee Advance Notice in determining
            whether
            or not it is required to make an Advance under Section 4.01(d), shall
            have no
            responsibility to ascertain or confirm any information contained in any
            Trustee
            Advance Notice, and shall have no obligation to make any Advance under
            Section
            4.01(d) in the absence of a Trustee Advance Notice or actual knowledge
            by a
            Responsible Officer that (A) a required Advance was not made and (B)
            such
            required Advance was not a Nonrecoverable Advance.

           

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

           

          	Section
                  8.02  	
                  Certain
                    Matters Affecting the Trustee.

                

           

          (a)  Except
            as
            otherwise provided in Section 8.01:

           

          (1)  the
            Trustee may request and rely upon and shall be protected in acting or
            refraining
            from acting upon any resolution, Officer’s Certificate, certificate of auditors
            or any other certificate, statement, instrument, opinion, report, notice,
            request, consent, order, appraisal, bond or other paper or document believed
            by
            it to be genuine and to have been signed or presented by the proper party
            or
            parties;

           

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

           

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

           

          (4)  prior
            to
            the occurrence of an Event of Default hereunder and after the curing
            of all
            Events of Default that may have occurred, the Trustee shall not be bound
            to make
            any investigation into the facts or matters stated in any resolution,
            certificate, statement, instrument, opinion, report, notice, request,
            consent,
            order, approval, bond or other paper or document, unless requested in
            writing so
            to do by the NIM Insurer or the Holders of each Class of Certificates
            evidencing
            not less than 25% of the Voting Rights of such Class; provided, however,
            that if
            the payment within a reasonable time to the Trustee of the costs, expenses
            or
            liabilities likely to be incurred by it in the making of such investigation
            is,
            in the opinion of the Trustee not reasonably assured to the Trustee by
            the NIM
            Insurer or such Certificateholders, the Trustee may require reasonable
            indemnity
            against such expense, or liability from the NIM Insurer or such
            Certificateholders as a condition to taking any such action;

           

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

           

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

           

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

           

          (8)  the
            Trustee shall not be deemed to have knowledge of an Event of Default
            until a
            Responsible Officer of the Trustee shall have received written notice
            thereof;
            and

           

          (9)  the
            Trustee shall be under no obligation to exercise any of the trusts or
            powers
            vested in it by this Agreement or to make any investigation of matters
            arising
            hereunder or to institute, conduct or defend any litigation hereunder
            or in
            relation hereto at the request, order or direction of the NIM Insurer
            or any of
            the Certificateholders, pursuant to the provisions of this Agreement,
            unless the
            NIM Insurer or such Certificateholders, as applicable, shall have offered
            to the
            Trustee reasonable security or indemnity against the costs, expenses
            and
            liabilities that may be incurred therein or thereby.

           

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

           

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

           

          	Section
                  8.03  	
                  Trustee
                    Not Liable for Mortgage Loans.

                

           

          The
            recitals contained herein shall be taken as the statements of the Depositor
            or
            the Master Servicer, as the case may be, and the Trustee assumes no
            responsibility for their correctness. The Trustee makes no representations
            as to
            the validity or sufficiency of this Agreement or of any Mortgage Loan
            or related
            document or of MERS or the MERS® System other than with respect to the Trustee’s
            execution and authentication of the Certificates. The Trustee shall not
            be
            accountable for the use or application by the Depositor or the Master
            Servicer
            of any funds paid to the Depositor or the Master Servicer in respect
            of the
            Mortgage Loans or deposited in or withdrawn from the Certificate Account
            by the
            Depositor or the Master Servicer.

           

          	Section
                  8.04  	
                  Trustee
                    May Own Certificates.

                

           

          The
            Trustee in its individual or any other capacity may become the owner
            or pledgee
            of Certificates with the same rights as it would have if it were not
            the
            Trustee.

           

          	Section
                  8.05  	
                  Master
                    Servicer to Pay Trustee’s Fees and
                    Expenses.

                

           

          The
            Master Servicer covenants and agrees to pay or reimburse the Trustee,
            upon its
            request, for all reasonable expenses, disbursements and advances incurred
            or
            made by the Trustee on behalf of the Trust Fund in accordance with any
            of the
            provisions of this Agreement (including, without limitation: (A) the
            reasonable
            compensation and the expenses and disbursements of its counsel, but only
            for
            representation of the Trustee acting in its capacity as Trustee hereunder
            and
            (B) to the extent that the Trustee must engage persons not regularly
            in its
            employ to perform acts or services on behalf of the Trust Fund, which
            acts or
            services are not in the ordinary course of the duties of a trustee, paying
            agent
            or certificate registrar, in the absence of a breach or default by any
            party
            hereto, the reasonable compensation, expenses and disbursements of such
            persons,
            except any such expense, disbursement or advance as may arise from its
            negligence, bad faith or willful misconduct). The Trustee and any director,
            officer, employee or agent of the Trustee shall be indemnified by the
            Master
            Servicer and held harmless against any loss, liability or expense (i)
            incurred
            in connection with any legal action relating to this Agreement or the
            Certificates, or in connection with the performance of any of the Trustee’s
            duties hereunder, other than any loss, liability or expense incurred
            by reason
            of willful misfeasance, bad faith or negligence in the performance of
            any of the
            Trustee’s duties hereunder or by reason of reckless disregard of the Trustee’s
            obligations and duties hereunder or (ii) resulting from any error in
            any tax or
            information return prepared by the Master Servicer. Such indemnity shall
            survive
            the termination of this Agreement or the resignation or removal of the
            Trustee
            hereunder.

           

          	Section
                  8.06  	
                  Eligibility
                    Requirements for Trustee.

                

           

          The
            Trustee hereunder shall, at all times, be a corporation or association
            organized
            and doing business under the laws of a state or the United States of
            America,
            authorized under such laws to exercise corporate trust powers, having
            a combined
            capital and surplus of at least $50,000,000, subject to supervision or
            examination by federal or state authority and with a credit rating that
            would
            not cause any of the Rating Agencies to reduce their respective ratings
            of any
            Class of Certificates below the ratings issued on the Closing Date (or
            having
            provided such security from time to time as is sufficient to avoid such
            reduction). If such corporation or association publishes reports of condition
            at
            least annually, pursuant to law or to the requirements of the aforesaid
            supervising or examining authority, then for the purposes of this Section
            8.06
            the combined capital and surplus of such corporation or association shall
            be
            deemed to be its combined capital and surplus as set forth in its most
            recent
            report of condition so published. In case at any time the Trustee shall
            cease to
            be eligible in accordance with the provisions of this Section 8.06, the
            Trustee
            shall resign immediately in the manner and with the effect specified
            in Section
            8.07 hereof. The corporation or national banking association serving
            as Trustee
            may have normal banking and trust relationships with the Depositor, the
            Sellers
            and the Master Servicer and their respective affiliates; provided that
            such
            corporation cannot be an affiliate of the Master Servicer other than
            the Trustee
            in its role as successor to the Master Servicer.

           

          	Section
                  8.07  	
                  Resignation
                    and Removal of Trustee.

                

           

          The
            Trustee may at any time resign and be discharged from the trusts hereby
            created
            by (1) giving written notice of resignation to the Depositor and the
            Master
            Servicer and by mailing notice of resignation by first class mail, postage
            prepaid, to the Certificateholders at their addresses appearing on the
            Certificate Register and each Rating Agency, not less than 60 days before
            the
            date specified in such notice when, subject to Section 8.08, such resignation
            is
            to take effect, and (2) acceptance of appointment by a successor trustee
            in
            accordance with Section 8.08 and meeting the qualifications set forth
            in Section
            8.06. If no successor trustee shall have been so appointed and have accepted
            appointment within 30 days after the giving of such notice or resignation,
            the
            resigning Trustee may petition any court of competent jurisdiction for
            the
            appointment of a successor trustee.

           

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

           

          If
            at any
            time (i) the Trustee shall cease to be eligible in accordance with the
            provisions of Section 8.06 hereof and shall fail to resign after written
            request
            thereto by the NIM Insurer or the Depositor, (ii) the Trustee shall become
            incapable of acting, or shall be adjudged as bankrupt or insolvent, or
            a
            receiver of the Trustee or of its property shall be appointed, or any
            public
            officer shall take charge or control of the Trustee or of its property
            or
            affairs for the purpose of rehabilitation, conservation or liquidation,
            (iii)(A)
            a tax is imposed with respect to the Trust Fund by any state in which
            the
            Trustee or the Trust Fund is located, (B) the imposition of such tax
            would be
            avoided by the appointment of a different trustee and (C) the Trustee
            fails to
            indemnify the Trust Fund against such tax, or (iv) during the period
            which the
            Depositor is required to file Exchange Act Reports with respect to the
            Trust
            Fund, the Trustee fails to comply with its obligations under the last
            sentence
            of Section 7.01, the preceding paragraph, Section 8.09 or Article XI
            and such
            failure is not remedied within the lesser of 10 calendar days or such
            period in
            which the applicable Exchange Act Report can be filed timely (without
            taking
            into account any extensions), then, in the case of clauses (i) through
            (iii),
            the Depositor, the NIM Insurer or the Master Servicer, or in the case
            of clause
            (iv), the Depositor, may remove the Trustee and appoint a successor trustee,
            reasonably acceptable to the NIM Insurer, by written instrument, in triplicate,
            one copy of which instrument shall be delivered to the Trustee, one copy
            of
            which shall be delivered to the Master Servicer and one copy of which
            shall be
            delivered to the successor trustee.

           

          The
            Holders evidencing at least 51% of the Voting Rights of each Class of
            Certificates may at any time remove the Trustee and appoint a successor
            trustee
            by written instrument or instruments, in triplicate, signed by such Holders
            or
            their attorneys-in-fact duly authorized, one complete set of which instruments
            shall be delivered by the successor Trustee to the Master Servicer one
            complete
            set to the Trustee so removed, one complete set to the successor so appointed
            and one complete set to the Depositor, together with a written description
            of
            the basis for such removal. Notice of any removal of the Trustee shall
            be given
            to each Rating Agency by the successor Trustee.

           

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

           

          	Section
                  8.08  	
                  Successor
                    Trustee.

                

           

          Any
            successor trustee appointed as provided in Section 8.07 hereof shall
            execute,
            acknowledge and deliver to the Depositor, its predecessor trustee and
            the Master
            Servicer an instrument accepting such appointment hereunder and thereupon
            the
            resignation or removal of the predecessor trustee shall become effective
            and
            such successor trustee, without any further act, deed or conveyance,
            shall
            become fully vested with all the rights, powers, duties and obligations
            of its
            predecessor hereunder, with the like effect as if originally named as
            trustee
            herein. In addition, if the Swap Contract is still outstanding, the Person
            appointed as successor trustee shall execute, acknowledge and deliver
            to the
            predecessor trustee, CHL and the Master Servicer an instrument accepting
            the
            appointment as successor Swap Contract Administrator under the Swap Contract
            Administration Agreement.

           

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

           

          	Section
                  8.09  	
                  Merger
                    or Consolidation of Trustee.

                

           

          Any
            corporation into which the Trustee may be merged or converted or with
            which it
            may be consolidated or any corporation resulting from any merger, conversion
            or
            consolidation to which the Trustee shall be a party, or any corporation
            succeeding to substantially all of the corporate trust business of the
            Trustee,
            shall be the successor of the Trustee hereunder, provided that such corporation
            shall be eligible under the provisions of Section 8.06 hereof without
            the
            execution or filing of any paper or further act on the part of any of
            the
            parties hereto, anything herein to the contrary notwithstanding.

           

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

           

          	Section
                  8.10  	
                  Appointment
                    of Co-Trustee or Separate Trustee.

                

           

          Notwithstanding
            any other provisions of this Agreement, at any time, for the purpose
            of meeting
            any legal requirements of any jurisdiction in which any part of the Trust
            Fund
            or property securing any Mortgage Note may at the time be located, the
            Master
            Servicer and the Trustee acting jointly shall have the power and shall
            execute
            and deliver all instruments to appoint one or more Persons approved by
            the
            Trustee and reasonably acceptable to the NIM Insurer to act as co-trustee
            or
            co-trustees jointly with the Trustee, or separate trustee or separate
            trustees,
            of all or any part of the Trust Fund, and to vest in such Person or Persons,
            in
            such capacity and for the benefit of the Certificateholders, such title
            to the
            Trust Fund or any part thereof, whichever is applicable, and, subject
            to the
            other provisions of this Section 8.10, such powers, duties, obligations,
            rights
            and trusts as the Master Servicer and the Trustee may consider necessary
            or
            desirable. If the Master Servicer shall not have joined in such appointment,
            or
            the NIM Insurer shall not have approved such appointment, within 15 days
            after
            receipt by it of a request to do so, or in the case an Event of Default
            shall
            have occurred and be continuing, the Trustee shall have the power to
            make such
            appointment. No co-trustee or separate trustee hereunder shall be required
            to
            meet the terms of eligibility as a successor trustee under Section 8.06
            and no
            notice to Certificateholders of the appointment of any co-trustee or
            separate
            trustee shall be required under Section 8.08.

           

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

           

          (1)  All
            rights, powers, duties and obligations conferred or imposed upon the
            Trustee,
            except for the obligation of the Trustee under this Agreement to advance
            funds
            on behalf of the Master Servicer, shall be conferred or imposed upon
            and
            exercised or performed by the Trustee and such separate trustee or co-trustee
            jointly (it being understood that such separate trustee or co-trustee
            is not
            authorized to act separately without the Trustee joining in such act),
            except to
            the extent that under any law of any jurisdiction in which any particular
            act or
            acts are to be performed (whether as Trustee hereunder or as successor
            to the
            Master Servicer hereunder), the Trustee shall be incompetent or unqualified
            to
            perform such act or acts, in which event such rights, powers, duties
            and
            obligations (including the holding of title to the Trust Fund or any
            portion
            thereof in any such jurisdiction) shall be exercised and performed singly
            by
            such separate trustee or co-trustee, but solely at the direction of the
            Trustee;

           

          (2)  No
            trustee hereunder shall be held personally liable by reason of any act
            or
            omission of any other trustee hereunder; and

           

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

           

          Any
            notice, request or other writing given to the Trustee shall be deemed
            to have
            been given to each of the then separate trustees and co-trustees, as
            effectively
            as if given to each of them. Every instrument appointing any separate
            trustee or
            co-trustee shall refer to this Agreement and the conditions of this Article
            VIII. Each separate trustee and co-trustee upon its acceptance of the
            trusts
            conferred, shall be vested with the estates or property specified in
            its
            instrument of appointment, either jointly with the Trustee or separately,
            as may
            be provided therein, subject to all the provisions of this Agreement,
            specifically including every provision of this Agreement relating to
            the conduct
            of, affecting the liability of, or affording protection to, the Trustee.
            Every
            such instrument shall be filed with the Trustee and a copy thereof given
            to the
            Master Servicer and the Depositor.

           

          Any
            separate trustee or co-trustee may, at any time, constitute the Trustee
            its
            agent or attorney-in-fact, with full power and authority, to the extent
            not
            prohibited by law, to do any lawful act under or in respect of this Agreement
            on
            its behalf and in its name. If any separate trustee or co-trustee shall
            die,
            become incapable of acting, resign or be removed, all of its estates,
            properties, rights, remedies and trusts shall vest in and be exercised
            by the
            Trustee, to the extent permitted by law, without the appointment of a
            new or
            successor trustee.

           

          	Section
                  8.11  	
                  Tax
                    Matters.

                

           

          It
            is
            intended that the Trust Fund shall constitute, and that the affairs of
            the Trust
            Fund shall be conducted so that each REMIC created pursuant to the Preliminary
            Statement qualifies as, a “real estate mortgage investment conduit” as defined
            in and in accordance with the REMIC Provisions. In furtherance of such
            intention, the Trustee covenants and agrees that it shall act as agent
            (and the
            Trustee is hereby appointed to act as agent) on behalf of the Trust Fund
            and
            that in such capacity it shall: (a) prepare and file, or cause to be
            prepared
            and filed, in a timely manner, a U.S. Real Estate Mortgage Investment
            Conduit
            Income Tax Returns (Form 1066 or any successor form adopted by the Internal
            Revenue Service) and prepare and file or cause to be prepared and filed
            with the
            Internal Revenue Service and applicable state or local tax authorities
            income
            tax or information returns for each taxable year with respect to each
            REMIC
            created hereunder containing such information and at the times and in
            the manner
            as may be required by the Code or state or local tax laws, regulations,
            or
            rules, and furnish or cause to be furnished to Certificateholders the
            schedules,
            statements or information at such times and in such manner as may be
            required
            thereby; (b) within thirty days of the Closing Date, furnish or cause
            to be
            furnished to the Internal Revenue Service, on Forms 8811 or as otherwise
            may be
            required by the Code, the name, title, address, and telephone number
            of the
            person that the Holders of the Certificates may contact for tax information
            relating thereto, together with such additional information as may be
            required
            by such Form, and update such information at the time or times in the
            manner
            required by the Code for the Trust Fund; (c) make or cause to be made
            elections,
            on behalf of each REMIC created hereunder to be treated as a REMIC on
            the
            federal tax return of each such REMIC for its first taxable year (and,
            if
            necessary, under applicable state law); (d) prepare and forward, or cause
            to be
            prepared and forwarded, to the Certificateholders and to the Internal
            Revenue
            Service and, if necessary, state tax authorities, all information returns
            and
            reports as and when required to be provided to them in accordance with
            the REMIC
            Provisions, including without limitation, the calculation of any original
            issue
            discount using the Prepayment Assumption; (e) provide information necessary
            for
            the computation of tax imposed on the transfer of a Class A-R Certificate
            to a
            Person that is not a Permitted Transferee, or an agent (including a broker,
            nominee or other middleman) of a Non-Permitted Transferee, or a pass-through
            entity in which a Non-Permitted Transferee is the record holder of an
            interest
            (the reasonable cost of computing and furnishing such information may
            be charged
            to the Person liable for such tax); (f) to the extent that they are under
            its
            control conduct the affairs of the Trust Fund at all times that any Certificates
            are outstanding so as to maintain the status of each REMIC created hereunder
            as
            a REMIC under the REMIC Provisions; (g) not knowingly or intentionally
            take any
            action or omit to take any action that would cause the termination of
            the REMIC
            status of any REMIC created hereunder; (h) pay, from the sources specified
            in
            the third paragraph of this Section 8.11, the amount of any federal,
            state and
            local taxes, including prohibited transaction taxes as described below,
            imposed
            on any REMIC created hereunder prior to the termination of the Trust
            Fund when
            and as the same shall be due and payable (but such obligation shall not
            prevent
            the Trustee or any other appropriate Person from contesting any such
            tax in
            appropriate proceedings and shall not prevent the Trustee from withholding
            payment of such tax, if permitted by law, pending the outcome of such
            proceedings); (i) sign or cause to be signed federal, state or local
            income tax
            or information returns; (j) maintain records relating to each REMIC created
            hereunder, including but not limited to the income, expenses, assets
            and
            liabilities of each such REMIC, and the fair market value and adjusted
            basis of
            the Trust Fund property determined at such intervals as may be required
            by the
            Code, as may be necessary to prepare the foregoing returns, schedules,
            statements or information; and (k) as and when necessary and appropriate,
            represent the Trust Fund in any administrative or judicial proceedings
            relating
            to an examination or audit by any governmental taxing authority, request
            an
            administrative adjustment as to any taxable year of any REMIC created
            hereunder,
            enter into settlement agreements with any governmental taxing agency,
            extend any
            statute of limitations relating to any tax item of the Trust Fund, and
            otherwise
            act on behalf of any REMIC created hereunder in relation to any tax matter
            involving any such REMIC. 

           

          In
            order
            to enable the Trustee to perform its duties as set forth herein, the
            Depositor
            shall provide, or cause to be provided, to the Trustee within ten days
            after the
            Closing Date all information or data that the Trustee requests in writing
            and
            determines to be relevant for tax purposes to the valuations and offering
            prices
            of the Certificates, including, without limitation, the price, yield,
            prepayment
            assumption and projected cash flows of the Certificates and the Mortgage
            Loans
            (and, to the extent not part of the aforementioned, the information referred
            to
            in paragraphs (1), (2), (3) and (4) of Section 4.05(d)). Thereafter,
            the
            Depositor shall provide to the Trustee promptly upon written request
            therefor,
            any such additional information or data that the Trustee may, from time
            to time,
            request in order to enable the Trustee to perform its duties as set forth
            herein. The Depositor hereby indemnifies the Trustee for any losses,
            liabilities, damages, claims or expenses of the Trustee arising from
            any errors
            or miscalculations of the Trustee that result from any failure of the
            Depositor
            to provide, or to cause to be provided, accurate information or data
            to the
            Trustee on a timely basis.

           

          In
            the
            event that any tax is imposed on “prohibited transactions” of the Trust Fund as
            defined in section 860F(a)(2) of the Code, on the “net income from foreclosure
            property” of the Trust Fund as defined in section 860G(c) of the Code, on any
            contribution to the Trust Fund after the startup day pursuant to section
            860G(d)
            of the Code, or any other tax is imposed, including, without limitation,
            any
            federal, state or local tax or minimum tax imposed upon the Trust Fund
            pursuant
            to sections 23153 and 24872 of the California Revenue and Taxation Code
            if not
            paid as otherwise provided for herein, such tax shall be paid by (i)
            the
            Trustee, if any such other tax arises out of or results from a breach
            by the
            Trustee of any of its obligations under this Agreement, (ii) (x) the
            Master
            Servicer, in the case of any such minimum tax, and (y) any party hereto
            (other
            than the Trustee) to the extent any such other tax arises out of or results
            from
            a breach by such other party of any of its obligations under this Agreement
            or
            (iii) in all other cases, or in the event that any liable party here
            fails to
            honor its obligations under the preceding clauses (i) or (ii), any such
            tax will
            be paid first with amounts otherwise to be distributed to the Class A-R
            Certificateholders, and second with amounts otherwise to be distributed
            to all
            other Certificateholders in the same manner as if such tax were a Realized
            Loss
            that occurred ratably within each Loan Group. Notwithstanding anything
            to the
            contrary contained herein, to the extent that such tax is payable by
            the Class
            A-R Certificates, the Trustee is hereby authorized to retain on any Distribution
            Date, from the Holders of the Class A-R Certificates (and, if necessary,
            second,
            from the Holders of the all other Certificates in the priority specified
            in the
            preceding sentence), funds otherwise distributable to such Holders in
            an amount
            sufficient to pay such tax. The Trustee agrees to promptly notify in
            writing the
            party liable for any such tax of the amount thereof and the due date
            for the
            payment thereof.

           

          The
            Trustee shall treat the Carryover Reserve Fund and the Swap Trust, including
            the
            Swap Account, as outside reserve funds within the meaning of Treasury
            Regulation
            1.860G-2(h), neither of which is an asset of any REMIC created hereunder.
            The
            Carryover Reserve Fund shall each be treated as owned by the Class C
            Certificateholders and the Swap Trust, including the Swap Account shall
            be
            treated as owned by the Class C Certificateholders. The rights of the
            Holders of
            each Class of Certificates (other than the Class P and Class A-R Certificates)
            to receive payments from, and the deemed obligations of such Holders
            to make
            payments to, the Carryover Reserve Fund or the Swap Trust, including
            the Swap
            Account, shall be treated as rights and obligations with respect to notional
            principal contracts written by the Holders of the Class C Certificates
            in
            respect of any Net Rate Carryover distributed pursuant to Sections 4.04(c)(4),
            and (ii) the Swap Counterparty in respect of any Net Rate Carryover funded
            by
            the Swap Contract and in respect of any residual payments from such Swap
            Contract received by the Class C Certificates. Thus, the Certificates
            (other
            than the Class P and Class A-R Certificates), shall be treated as representing
            ownership of Master REMIC regular interests coupled with contractual
            rights and
            obligations within the meaning of Treasury Regulation 1.860G-2(i). For
            purposes of determining the issue price of the various Master REMIC regular
            interests, the Trustee shall assume that the Swap Contract has a value
            of
            $0.00.

           

          In
            addition, to the extent the interest otherwise payable to a Certificateholder
            is
            reduced for amounts payable with respect to the Swap Contract, the Trustee,
            for
            federal income tax purposes, shall treat the amount of such reduction
            as first
            payable to the Certificateholder as interest and as then payable by the
            Certificateholder with respect to a notional principal contract. To the
            extent
            the amount payable with respect to the Swap Contract exceeds the aggregate
            of
            the reductions described in the immediate sentence, the Trustee, for
            federal
            income tax purposes, shall treat such excess as Realized Losses from
            Mortgage
            Loans and to the extent such Realized Losses (if they had occurred) would
            be
            allocated to a Certificateholder, the Trustee shall treat such amount
            as first
            payable to the Certificateholder as principal and as then payable by
            the
            Certificateholder with respect to a notional principal contract.

           

          	Section
                  8.12  	
                  [Reserved].

                

           

          	Section
                  8.13  	
                  Access
                    to Records of the Trustee.

                

           

          The
            Trustee shall afford the Sellers, the Depositor, the Master Servicer,
            the NIM
            Insurer and each Certificate Owner upon reasonable notice during normal
            business
            hours access to all records maintained by the Trustee in respect of its
            duties
            under this Agreement and access to officers of the Trustee responsible
            for
            performing its duties. Upon request, the Trustee shall furnish the Depositor,
            the Master Servicer, the NIM Insurer and any requesting Certificate Owner
            with
            its most recent financial statements. The Trustee shall cooperate fully
            with the
            Sellers, the Master Servicer, the Depositor, the NIM Insurer and the
            Certificate
            Owner for review and copying any books, documents, or records requested
            with
            respect to the Trustee’s duties under this Agreement. The Sellers, the
            Depositor, the Master Servicer and the Certificate Owner shall not have
            any
            responsibility or liability for any action for failure to act by the
            Trustee and
            are not obligated to supervise the performance of the Trustee under this
            Agreement or otherwise. 

           

          	Section
                  8.14  	
                  Suits
                    for Enforcement.

                

           

          If
            an
            Event of Default or other material default by the Master Servicer or
            the
            Depositor under this Agreement occurs and is continuing, at the direction
            of the
            Certificateholders holding not less than 51% of the Voting Rights or
            the NIM
            Insurer, the Trustee shall proceed to protect and enforce its rights
            and the
            rights of the Certificateholders or the NIM Insurer under this Agreement
            by a
            suit, action, or proceeding in equity or at law or otherwise, whether
            for the
            specific performance of any covenant or agreement contained in this Agreement
            or
            in aid of the execution of any power granted in this Agreement or for
            the
            enforcement of any other legal, equitable, or other remedy, as the Trustee,
            being advised by counsel, and subject to the foregoing, shall deem most
            effectual to protect and enforce any of the rights of the Trustee, the
            NIM
            Insurer and the Certificateholders.

           

           

           

          ARTICLE
            IX.

           

          TERMINATION

           

          	Section
                  9.01  	
                  Termination
                    upon Liquidation or Repurchase of all Mortgage
                    Loans.

                

           

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

           

          The
            right
            to purchase all Mortgage Loans and REO Properties by the Terminator or
            the
            Winning Bidder pursuant to the first paragraph of this Section 9.01 shall
            be (1)
            on or after the Optional Termination Date, (2) unless the NIM Insurer
            otherwise
            consents, the purchase price for such Mortgage Loans and REO Properties
            shall
            result in a final distribution on any NIM Insurer guaranteed notes that
            is
            sufficient (x) to pay such notes in full and (y) to pay any amounts due
            and
            payable to the NIM Insurer pursuant to the indenture related to such
            notes and
            (3) only in case of a purchase by the Master Servicer pursuant to clause
            (a) of
            the immediately preceding paragraph, the absence of a request for an
            auction, or
            the absence of a Successful Auction, of the Mortgage Loans and REO Properties
            pursuant to Section 9.04.

           

          The
            NIM
            Insurer’s right to purchase all Mortgage Loans and REO Properties shall be
            further conditioned upon the written consent of the Master
            Servicer.

           

          The
            Swap
            Trust shall terminate on the earlier of (i) the Swap Contract Termination
            Date,
            (ii) the reduction of the aggregate Certificate Principal Balance of
            the
            Interest-Bearing Certificates to zero and (iii) the termination of this
            Agreement.

           

          To
            the
            extent the Master Servicer assigns the right to exercise the Optional
            Termination as provided in this Section to a third-party, any successor
            Master
            Servicer will be subject to the terms of any such assignment. The Master
            Servicer will provide the terms of any such assignment to any successor
            Master
            Servicer prior to the transfer of its master servicing obligations.

           

          	Section
                  9.02  	
                  Final
                    Distribution on the Certificates.

                

           

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

           

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

           

          (ii)  If
            the
            Directing Certificateholder chooses to exercise its right to cause an
            auction
            pursuant to Section 9.04, then the Directing Certificateholder shall
            provide
            written notice to the Master Servicer no later than the 1st
            day of
            the calendar month in which such auction is to be conducted. If a Successful
            Auction is held pursuant to the requirements of Section 9.04, then the
            Trustee
            shall distribute the proceeds of the Successful Auction that have been
            remitted
            to the Distribution Account to the Certificateholders pursuant to Sections
            4.04
            and 9.04 hereof on the Distribution Date in the calendar month immediately
            following the calendar month in which the Successful Auction occurs.
            

           

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

           

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

           

          (c)  Upon
            presentation and surrender of the Certificates, the Trustee shall cause
            to be
            distributed to Certificateholders of each affected Class the amounts
            allocable
            to such Certificates held in the Distribution Account (and, if applicable,
            the
            Carryover Reserve Fund) in the order and priority set forth in Section
            4.04 (and
            with respect to the Class C Certificates after a Successful Auction,
            Section
            9.04(g) and (k), on the final Distribution Date and in proportion to
            their
            respective Percentage Interests. Notwithstanding the reduction of the
            Certificate Principal Balance of any Class of Certificates to zero, such
            Class
            will be outstanding hereunder (solely for the purpose of receiving distributions
            (if any) to which it may be entitled pursuant to the terms of this Agreement
            and
            not for any other purpose) until the termination of the respective obligations
            and responsibilities of the Depositor, each Seller, the Master Servicer
            and the
            Trustee hereunder in accordance with Article IX.

           

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

           

          	Section
                  9.03  	
                  Additional
                    Termination Requirements.

                

           

          (a)  In
            the
            event the Terminator exercises its purchase option as provided in Section
            9.01
            or there is a Successful Auction pursuant to Section 9.04, the Trust
            Fund shall
            be terminated in accordance with the following additional requirements,
            unless
            the Trustee has been supplied with an Opinion of Counsel, at the expense
            of the
            Terminator (or the Directing Certificateholder, in the case of a Successful
            Auction), to the effect that the failure of the Trust Fund to comply
            with the
            requirements of this Section 9.03 will not (i) result in the imposition
            of taxes
            on “prohibited transactions” of a REMIC, or (ii) cause any REMIC created
            hereunder to fail to qualify as a REMIC at any time that any Certificates
            are
            outstanding:

           

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

           

          (2) During
            such 90-day liquidation period, and at or prior to the time of making
            the final
            payment on the Certificates, the Master Servicer as agent of the Trustee
            shall
            sell all of the assets of the Trust Fund to the Terminator (or the Winning
            Bidder in the case of a Successful Auction) for cash in accordance with
            Section
            9.01 and, if applicable, Section 9.04; and

           

          (3) At
            the
            time of the making of the final payment on the Certificates, the Trustee
            shall
            distribute or credit, or cause to be distributed or credited, to the
            Class A-R
            Certificateholders all cash on hand (other than cash retained to meet
            claims)
            related to such Class of Certificates, and the Trust Fund shall terminate
            at
            that time.

           

          (b)  By
            their
            acceptance of the Certificates, the Holders thereof hereby authorize
            the Master
            Servicer to specify the 90-day liquidation period for the Trust Fund,
            which
            authorization shall be binding upon all successor Certificateholders.
            The
            Trustee shall attach a statement to the final federal income tax return
            for each
            of any REMIC created hereunder stating that pursuant to Treasury Regulation
            Section 1.860F-1, the first day of the 90-day liquidation period for
            each the
            REMIC was the date on which the Trustee sold the assets of the Trust
            Fund to the
            Terminator.

           

          (c)  The
            Trustee as agent for each REMIC created hereunder hereby agrees to adopt
            and
            sign such a plan of complete liquidation upon the written request of
            the Master
            Servicer, and the receipt of the Opinion of Counsel referred to in Section
            9.03(a)(1), and together with the Holders of the Class A-R Certificates
            agree to
            take such other action in connection therewith as may be reasonably requested
            by
            the Terminator.

           

          	Section
                  9.04  	
                  Auction
                    of the Mortgage Loans and REO
                    Properties.

                

           

          (a)  On
            or
            after the Optional Termination Date, the Holder of the largest Percentage
            Interest in the Class C Certificates (the “Directing Certificateholder”), at its
            option, may by written instruction direct the Trustee to solicit bids
            in a
            commercially reasonable manner from Qualified Bidders for the purchase
            of the
            Mortgage Loans and any REO Properties owned by the Trust Fund. The Directing
            Certificateholder shall provide written notice to the Master Servicer
            as
            provided in Section 9.02(a)(ii). Any such direction by the Directing
            Certificateholder shall (i) be made in writing and (ii) include contact
            information for the Directing Certificateholder. Upon receipt of any
            direction
            from the Directing Certificateholder meeting the requirements of the
            immediately
            preceding sentence, the Trustee shall commence the auction process described
            in
            this Section 9.04. The Trustee may engage a financial advisor, which
            financial
            advisor may be Countrywide or one of its affiliates, in order to perform
            any of
            the duties of the Trustee specified in Section 9.04. To effectuate such
            sale,
            the Trustee (or such financial advisor) shall follow the procedures specified
            in
            Section 9.04(b) below. The Trustee shall facilitate the sale of the assets
            in
            the Trust Fund to the Winning Bidder so long as the Trustee (or any financial
            advisor on its behalf) has received at least three bids from Qualified
            Bidders
            and at least one such bid is at least equal to the Acceptable Bid Amount.
            In the
            event the auction is not a Successful Auction, the Trustee shall repeat
            this
            process periodically (as directed by the Directing Certificateholder)
            until a
            Successful Auction is conducted or the Terminator purchases all of the
            Mortgage
            Loans and REO Properties pursuant to Section 9.01. The Trustee shall
            be
            reimbursed for its reasonable costs, including expenses associated with
            engaging
            any financial advisor, from the Directing Certificateholder if the auction
            is
            not a Successful Auction, and, if the auction is a Successful Auction,
            from the
            proceeds of the auction before the proceeds are distributed to
            Certificateholders. 

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          or

           

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

           

          (A)
            (1)
            if
            the Directing Certificateholder does not own 100% of the Class C
            Certificates,
            accept
            assignment of the Swap Contract to the extent that the Directing
            Certificateholder is an acceptable counterparty for the Swap Counterparty
            and
            pay to the Swap Contract Administrator the Swap Termination Payment that
            would
            be owed to the Swap Contact Administrator by the Swap Counterparty if
            the Swap
            Contract were terminated by the Swap Contract Administrator following
            distribution on the Certificates or (2) if the Directing
            Certificateholder owns 100% of the Class C Certificates, accept assignment
            of
            the Swap Contract to the extent that the Directing
            Certificateholder is an acceptable counterparty for the Swap Counterparty;
            or

           

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

           

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

           

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

           

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

           

           

           

          ARTICLE
            X.

           

          MISCELLANEOUS
            PROVISIONS

           

          	Section
                  10.01  	
                  Amendment.

                

           

          This
            Agreement may be amended from time to time by the Depositor, the Master
            Servicer, the Sellers and the Trustee with the consent of the NIM Insurer,
            without the consent of any of the Certificateholders (i) to cure any
            ambiguity,
            (ii) to correct or supplement any provisions herein, (iii) to conform
            this
            Agreement to the Prospectus Supplement or the Prospectus, (iv) to modify,
            alter,
            amend, add to or rescind any of the terms or provisions contained in
            this
            Agreement to comply with any rules or regulations promulgated by the
            Securities
            and Exchange Commission from time to time, or (v) to make such other
            provisions
            with respect to matters or questions arising under this Agreement, as
            shall not
            be inconsistent with any other provisions herein if such action shall
            not, as
            evidenced by an Opinion of Counsel, adversely affect in any material
            respect the
            interests of any Certificateholder; provided that any such amendment
            shall be
            deemed not to adversely affect in any material respect the interests
            of the
            Certificateholders and no such Opinion of Counsel shall be required if
            the
            Person requesting such amendment obtains a letter from each Rating Agency
            stating that such amendment would not result in the downgrading or withdrawal
            of
            the respective ratings then assigned to the Certificates, it being understood
            and agreed that any such letter in and of itself will not represent a
            determination as to the materiality of any such amendment and will represent
            a
            determination only as to the credit issues affecting any such rating.
            Any
            amendment described above made solely to conform this Agreement to the
            Prospectus or the Prospectus Supplement shall be deemed not to adversely
            affect
            in any material respect the interests of the Certificateholders. Notwithstanding
            the foregoing, no amendment that significantly changes the permitted
            activities
            of the trust created by this Agreement may be made without the consent
            of
            Certificateholders representing not less than 51% of the Voting Rights
            of each
            Class of Certificates affected by such amendment. Each party to this
            Agreement
            hereby agrees that it will cooperate with each other party in amending
            this
            Agreement pursuant to clause (iv) above.

           

          The
            Trustee, the Depositor, the Master Servicer and the Sellers with the
            consent of
            the NIM Insurer may also at any time and from time to time amend this
            Agreement,
            without the consent of the Certificateholders, to modify, eliminate or
            add to
            any of its provisions to such extent as shall be necessary or appropriate
            to
            maintain the qualification of the Trust Fund as a REMIC under the Code
            or to
            avoid or minimize the risk of the imposition of any tax on the Trust
            Fund
            pursuant to the Code that would be a claim against the Trust Fund at
            any time
            prior to the final redemption of the Certificates, provided that the
            Trustee has
            been provided an Opinion of Counsel, which opinion shall be an expense
            of the
            party requesting such opinion but in any case shall not be an expense
            of the
            Trustee, to the effect that such action is necessary or appropriate to
            maintain
            such qualification or to avoid or minimize the risk of the imposition
            of such a
            tax.

           

          This
            Agreement may also be amended from time to time by the Depositor, the
            Master
            Servicer, the Sellers and the Trustee with the consent of the NIM Insurer
            and
            the Holders of each Class of Certificates affected thereby evidencing
            not less
            than 51% of the Voting Rights of such Class for the purpose of adding
            any
            provisions to or changing in any manner or eliminating any of the provisions
            of
            this Agreement or of modifying in any manner the rights of the Holders
            of
            Certificates; provided that no such amendment shall (i) reduce in any
            manner the
            amount of, or delay the timing of, payments required to be distributed
            on any
            Certificate without the consent of the Holder of such Certificate, (ii)
            adversely affect in any material respect the interests of the Holders
            of any
            Class of Certificates in a manner other than as described in (i), without
            the
            consent of the Holders of Certificates of such Class evidencing 66% or
            more of
            the Voting Rights of such Class, or (iii) reduce the aforesaid percentages
            of
            Certificates the Holders of which are required to consent to any such
            amendment
            without the consent of the Holders of all such Certificates then
            outstanding.

           

          Notwithstanding
            any of the other provisions of this section 10.01, none of the parties
            to this
            Agreement shall enter into any amendment to this Agreement that could
            reasonably
            be expected to have a material adverse effect on the interests of the
            Swap
            Counterparty hereunder (excluding, for the avoidance of doubt, any amendment
            to
            the Pooling and Servicing Agreement that is entered into solely for the
            purpose
            of appointing a successor servicer, master servicer, securities administrator,
            trustee or other service provider) without the prior written consent
            of the Swap
            Counterparty, which consent shall not be unreasonably withheld, conditioned
            or
            delayed. least ten Business Days’ prior notice to the Swap Counterparty and
            without the prior written consent of the Swap Counterparty, which consent
            shall
            not be unreasonably withheld. CHL shall provide the Swap Counterparty
            with prior
            written notice of any proposed material amendment of this
            Agreement.

           

          Notwithstanding
            any contrary provision of this Agreement, the Trustee and the NIM Insurer
            shall
            not consent to any amendment to this Agreement unless each shall have
            first
            received an Opinion of Counsel satisfactory to the Trustee and the NIM
            Insurer,
            which opinion shall be an expense of the party requesting such amendment
            but in
            any case shall not be an expense of the Trustee or the NIM Insurer, to
            the
            effect that such amendment will not cause the imposition of any tax on
            the Trust
            Fund or the Certificateholders or cause any REMIC formed hereunder to
            fail to
            qualify as a REMIC at any time that any Certificates are
            outstanding.

           

          Promptly
            after the execution of any amendment to this Agreement, the Trustee shall
            furnish written notification of the substance of such amendment to the
            Swap
            Counterparty, to each Certificateholder (if the consent of Certificateholders
            is
            required) and each Rating Agency.

           

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

           

          Nothing
            in this Agreement shall require the Trustee to enter into an amendment
            without
            receiving an Opinion of Counsel, reasonably satisfactory to the Trustee
            and the
            NIM Insurer that (i) such amendment is permitted and is not prohibited
            by this
            Agreement and that all requirements for amending this Agreement have
            been
            complied with; and (ii) either (A) the amendment does not adversely affect
            in
            any material respect the interests of any Certificateholder or (B) the
            conclusion set forth in the immediately preceding clause (A) is not required
            to
            be reached pursuant to this Section 10.01.

           

          	Section
                  10.02  	
                  Recordation
                    of Agreement; Counterparts.

                

           

          This
            Agreement is subject to recordation in all appropriate public offices
            for real
            property records in all the counties or other comparable jurisdictions
            in which
            any or all of the properties subject to the Mortgages are situated, and
            in any
            other appropriate public recording office or elsewhere, such recordation
            to be
            effected by the Master Servicer at its expense.

           

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

           

          	Section
                  10.03  	
                  Governing
                    Law.

                

           

          THIS
            AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
            LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE
            PERFORMED
            IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
            THE PARTIES
            HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH
            SUCH
            LAWS.

           

          	Section
                  10.04  	
                  Intention
                    of Parties.

                

           

          (a)  It
            is the
            express intent of the parties hereto that the conveyance of the Mortgage
            Notes,
            Mortgages, assignments of Mortgages, title insurance policies and any
            modifications, extensions and/or assumption agreements and private mortgage
            insurance policies relating to the Mortgage Loans by the Depositor to
            the
            Trustee be, and be construed as, an absolute sale thereof to the Trustee.
            It is,
            further, not the intention of the parties that such conveyance be deemed
            a
            pledge thereof by the Depositor to the Trustee. However, in the event
            that,
            notwithstanding the intent of the parties, such assets are held to be
            the
            property of the Depositor, or if for any other reason this Agreement
            or any
            Subsequent Transfer Agreement is held or deemed to create a security
            interest in
            such assets, then (i) this Agreement shall be deemed to be a security
            agreement
            (within the meaning of the Uniform Commercial Code of the State of New
            York)
            with respect to all such assets and security interests and (ii) the conveyance
            provided for in this Agreement and any Subsequent Transfer Agreement
            shall be
            deemed to be an assignment and a grant pursuant to the terms of this
            Agreement
            by the Depositor to the Trustee, for the benefit of the Certificateholders
            and
            the Swap Counterparty, of a security interest in all of the assets that
            constitute the Trust Fund, whether now owned or hereafter acquired.

           

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

           

          (b)  The
            Depositor hereby represents that:

           

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

           

          (ii)  The
            Mortgage Notes constitute “instruments” within the meaning of the NY
            UCC.

           

          (iii)  Immediately
            prior to the assignment of each Mortgage Loan to the Trustee, the Depositor
            owns
            and has good and marketable title to such Mortgage Loan free and clear of
            any
            lien, claim or encumbrance of any Person. 

           

          (iv)  The
            Depositor has received all consents and approvals required by the terms
            of the
            Mortgage Loans to the sale of the Mortgage Loans hereunder to the
            Trustee.

           

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

           

          (vi)  Other
            than the security interest granted to the Trustee pursuant to this Agreement,
            the Depositor has not pledged, assigned, sold, granted a security interest
            in,
            or otherwise conveyed any of the Mortgage Loans. The Depositor has not
            authorized the filing of and is not aware of any financing statements
            against
            the Depositor that include a description of collateral covering the Mortgage
            Loans other than any financing statement relating to the security interest
            granted to the Trustee hereunder or that has been terminated. The Depositor
            is
            not aware of any judgment or tax lien filings against the
            Depositor.

           

          (c)  The
            Master Servicer shall take such action as is reasonably necessary to
            maintain
            the perfection and priority of the security interest of the Trustee in
            the
            Mortgage Loans; provided, however, that the obligation to deliver the
            Mortgage
            File to the Trustee pursuant to Section 2.01 shall be solely the Depositor’s
            obligation and the Master Servicer shall not be responsible for the safekeeping
            of the Mortgage Files by the Trustee. 

           

          (d)  It
            is
            understood and agreed that the representations and warranties set forth
            in
            subsection (b) above shall survive delivery of the Mortgage Files to
            the
            Trustee. Upon discovery by the Depositor or the Trustee of a breach of
            any of
            the foregoing representations and warranties set forth in subsection
            (b) above,
            which breach materially and adversely affects the interest of the
            Certificateholders, the party discovering such breach shall give prompt
            written
            notice to the others and to each Rating Agency.

           

          	Section
                  10.05  	
                  Notices.

                

           

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

           

          (1)  Any
            material change or amendment to this Agreement;

           

          (2)  The
            occurrence of any Event of Default that has not been cured;

           

          (3)  The
            resignation or termination of the Master Servicer or the Trustee and
            the
            appointment of any successor;

           

          (4)  The
            repurchase or substitution of Mortgage Loans pursuant to Sections 2.02,
            2.03,
            2.04 and 3.12; and

           

          (5)  The
            final
            payment to Certificateholders.

           

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

           

          (1)  Each
            report to Certificateholders described in Section 4.05;

           

          (2)  Each
            annual statement as to compliance described in Section 3.17; and

           

          (3)  Each
            annual independent public accountants’ servicing report described in Section
            11.07.

           

          (c)  All
            directions, demands and notices hereunder shall be in writing and shall
            be
            deemed to have been duly given when sent by facsimile transmission, first
            class
            mail or delivered to (i) in the case of the Depositor, CWABS, Inc., 4500
            Park
            Granada, Calabasas, California 91302, facsimile number: (818) 225-4016,
            Attention: Josh Adler, or such other address as may be hereafter furnished
            to
            the Sellers, the Master Servicer and the Trustee by the Depositor in
            writing;
            (ii) in the case of CHL, Countrywide Home Loans, Inc., 4500 Park Granada,
            Calabasas, California 91302, facsimile number (818) 225-4053, Attention:
            David
            A. Spector, or such other address as may be hereafter furnished to the
            Depositor, the Master Servicer and the Trustee by the Sellers in writing;
            (iii)
            [reserved]; (iv) in the case of Park Sienna, Park Sienna LLC, 4500 Park
            Granada,
            Calabasas, California 91302, facsimile number (818) 225-4028, Attention:
            Paul
            Liu, or such other address as may be hereafter furnished to the Depositor,
            the
            Master Servicer and the Trustee by the Sellers in writing; (v) in the
            case of
            Park Granada, Park Granada LLC, 4500 Park Granada, Calabasas, California
            91302,
            facsimile number (818) 225-4028, Attention: Paul Liu, or such other address
            as
            may be hereafter furnished to the Depositor, the Master Servicer and
            the Trustee
            by the Sellers in writing; (vi) in the case of the Master Servicer, Countrywide
            Home Loans Servicing LP, 7105 Corporate Drive, Plano, Texas 75024, facsimile
            number (805) 520-5623, Attention: Mark Wong or such other address as
            may be
            hereafter furnished to the Depositor, the Sellers and the Trustee by
            the Master
            Servicer in writing; (vii) in the case of the Trustee, The Bank of New
            York, 101
            Barclay Street, 4W, New York, New York 10286, Attention: Corporate Trust
            MBS
            Administration, CWABS, Series 2006-BC5, or such other address as the
            Trustee may
            hereafter furnish to the parties hereto; (viii) in the case of the Rating
            Agencies, (ix) Moody’s Investors Service, Inc., Attention: ABS Monitoring
            Department, 99 Church Street, Sixth Floor, New York, New York 10007,
            and (y)
            Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
            Attention: Mortgage Surveillance Group, 55 Water Street, 41st
            Floor,
            New York, New York 10041; and (x) in the case of the Swap Counterparty,
            Deutsche
            Bank AG, New York Branch, 60 Wall Street, New York, NY, 10005, or such
            other
            address as may be hereafter furnished by the Swap Counterparty. Notices
            to
            Certificateholders shall be deemed given when mailed, first postage prepaid,
            to
            their respective addresses appearing in the Certificate Register.

           

          	Section
                  10.06  	
                  Severability
                    of Provisions.

                

           

          If
            any
            one or more of the covenants, agreements, provisions or terms of this
            Agreement
            shall be for any reason whatsoever held invalid, then such covenants,
            agreements, provisions or terms shall be deemed severable from the remaining
            covenants, agreements, provisions or terms of this Agreement and shall
            in no way
            affect the validity or enforceability of the other provisions of this
            Agreement
            or of the Certificates or the rights of the Holders thereof.

           

          	Section
                  10.07  	
                  Assignment.

                

           

          Notwithstanding
            anything to the contrary contained herein, except as provided pursuant
            to
            Section 6.02, this Agreement may not be assigned by the Master Servicer
            without
            the prior written consent of the Trustee and the Depositor.

           

          	Section
                  10.08  	
                  Limitation
                    on Rights of Certificateholders.

                

           

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

           

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

           

          No
            Certificateholder shall have any right by virtue or by availing itself
            of any
            provisions of this Agreement to institute any suit, action or proceeding
            in
            equity or at law upon or under or with respect to this Agreement, unless
            such
            Holder previously shall have given to the Trustee a written notice of
            an Event
            of Default and of the continuance thereof, as hereinbefore provided,
            the Holders
            of Certificates evidencing not less than 25% of the Voting Rights shall
            also
            have made written request to the Trustee to institute such action, suit
            or
            proceeding in its own name as Trustee hereunder and shall have offered
            to the
            Trustee such reasonable indemnity as it may require against the costs,
            expenses,
            and liabilities to be incurred therein or thereby, and the Trustee, for
            60 days
            after its receipt of such notice, request and offer of indemnity shall
            have
            neglected or refused to institute any such action, suit or proceeding;
            it being
            understood and intended, and being expressly covenanted by each
            Certificateholder with every other Certificateholder and the Trustee,
            that no
            one or more Holders of Certificates shall have any right in any manner
            whatever
            by virtue or by availing itself or themselves of any provisions of this
            Agreement to affect, disturb or prejudice the rights of the Holders of
            any other
            of the Certificates, or to obtain or seek to obtain priority over or
            preference
            to any other such Holder or to enforce any right under this Agreement,
            except in
            the manner herein provided and for the common benefit of all Certificateholders.
            For the protection and enforcement of the provisions of this Section
            10.08, each
            and every Certificateholder and the Trustee shall be entitled to such
            relief as
            can be given either at law or in equity.

           

          	Section
                  10.09  	
                  Inspection
                    and Audit Rights.

                

           

          The
            Master Servicer agrees that, on reasonable prior notice, it will permit
            any
            representative of the Depositor, any Seller, the NIM Insurer or the Trustee
            during the Master Servicer’s normal business hours, to examine all the books of
            account, records, reports and other papers of the Master Servicer relating
            to
            the Mortgage Loans, to make copies and extracts therefrom, to cause such
            books
            to be audited by independent certified public accountants selected by
            the
            Depositor, a Seller, the NIM Insurer or the Trustee and to discuss its
            affairs,
            finances and accounts relating to the Mortgage Loans with its officers,
            employees and independent public accountants (and by this provision the
            Master
            Servicer hereby authorizes such accountants to discuss with such representative
            such affairs, finances and accounts), all at such reasonable times and
            as often
            as may be reasonably requested. Any out-of-pocket expense incident to
            the
            exercise by the Depositor, any Seller, the NIM Insurer or the Trustee
            of any
            right under this Section 10.09 shall be borne by the party requesting
            such
            inspection; all other such expenses shall be borne by the Master
            Servicer.

           

          	Section
                  10.10  	
                  Certificates
                    Nonassessable and Fully Paid.

                

           

          It
            is the
            intention of the Depositor that Certificateholders shall not be personally
            liable for obligations of the Trust Fund, that the interests in the Trust
            Fund
            represented by the Certificates shall be nonassessable for any reason
            whatsoever, and that the Certificates, upon due authentication thereof
            by the
            Trustee pursuant to this Agreement, are and shall be deemed fully
            paid.

           

          	Section
                  10.11  	
                  Rights
                    of NIM Insurer.

                

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          ARTICLE
            XI.

           

          EXCHANGE
            ACT REPORTING

           

          	Section
                  11.01  	
                  Filing
                    Obligations.

                

           

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

           

          	Section
                  11.02  	
                  Form
                    10-D Filings.

                

           

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

           

          (b)  No
            later
            than each Distribution Date, each of the Master Servicer and the Trustee
            shall
            notify (and the Master Servicer shall cause any Subservicer to notify)
            the
            Depositor and the Master Servicer of any Form 10-D Disclosure Item, together
            with a description of any such Form 10-D Disclosure Item in form and
            substance
            reasonably acceptable to the Depositor. In addition to such information
            as the
            Master Servicer and the Trustee are obligated to provide pursuant to
            other
            provisions of this Agreement, if so requested by the Depositor, each
            of the
            Master Servicer and the Trustee shall provide such information which
            is
            available to the Master Servicer and the Trustee, as applicable, without
            unreasonable effort or expense regarding the performance or servicing
            of the
            Mortgage Loans (in the case of the Trustee, based on the information
            provided by
            the Master Servicer) as is reasonably required to facilitate preparation
            of
            distribution reports in accordance with Item 1121 of Regulation AB. Such
            information shall be provided concurrently with the Remittance Reports
            in the
            case of the Master Servicer and the Monthly Statement in the case of
            the
            Trustee, commencing with the first such report due not less than five
            Business
            Days following such request. 

           

          (c)  The
            Trustee shall not have any responsibility to file any items (other than
            those
            generated by it) that have not been received in a format suitable (or
            readily
            convertible into a format suitable) for electronic filing via the EDGAR
            system
            and shall not have any responsibility to convert any such items to such
            format
            (other than those items generated by it or that are readily convertible
            to such
            format). The Trustee shall have no liability to the Certificateholders,
            the
            Trust Fund, the Master Servicer, the Depositor or the NIM Insurer with
            respect
            to any failure to properly prepare or file any of Form 10-D to the extent
            that
            such failure is not the result of any negligence, bad faith or willful
            misconduct on its part. 

           

          	Section
                  11.03  	
                  Form
                    8-K Filings.

                

           

          The
            Master Servicer shall prepare and file on behalf of the Trust Fund any
            Form 8-K
            required by the Exchange Act. Each Form 8-K must be signed by the Master
            Servicer. Each of the Master Servicer (and the Master Servicer shall
            cause any
            Subservicer to promptly notify) and the Trustee shall promptly notify
            the
            Depositor and the Master Servicer (if the notifying party is not the
            Master
            Servicer), but in no event later than one (1) Business Day after its
            occurrence,
            of any Reportable Event of which it has actual knowledge. Each Person
            shall be
            deemed to have actual knowledge of any such event to the extent that
            it relates
            to such Person or any action or failure to act by such Person. Concurrently
            with
            any Subsequent Transfer, CHL shall notify the Depositor and the Master
            Servicer,
            if any material pool characteristic of the actual asset pool at the time
            of
            issuance of the Certificates differs by 5% or more (other than as a result
            of
            the pool assets converting into cash in accordance with their terms)
            from the
            description of the asset pool in the Prospectus Supplement.

           

          	Section
                  11.04  	
                  Form
                    10-K Filings.

                

           

          Prior
            to
            March 30th of each year, commencing in 2007 (or such earlier date as
            may be
            required by the Exchange Act), the Depositor shall prepare and file on
            behalf of
            the Trust Fund a Form 10-K, in form and substance as required by the
            Exchange
            Act. A senior officer in charge of the servicing function of the Master
            Servicer
            shall sign each Form 10-K filed on behalf of the Trust Fund. Such Form
            10-K
            shall include as exhibits each (i) annual compliance statement described
            under
            Section 3.17, (ii) annual report on assessments of compliance with servicing
            criteria described under Section 11.07 and (iii) accountant’s report described
            under Section 11.07. Each Form 10-K shall also include any Sarbanes-Oxley
            Certification required to be included therewith, as described in Section
            11.05.

           

          If
            the
            Item 1119 Parties listed on Exhibit Z have changed since the Closing
            Date, no
            later than March 1 of each year, the Master Servicer shall provide each
            of the
            Master Servicer (and the Master Servicer shall provide any Subservicer)
            and the
            Trustee with an updated Exhibit Z setting forth the Item 1119 Parties.
            No later
            than March 15 of each year, commencing in 2007, the Master Servicer and
            the
            Trustee shall notify (and the Master Servicer shall cause any Subservicer
            to
            notify) the Depositor and the Master Servicer of any Form 10-K Disclosure
            Item,
            together with a description of any such Form 10-K Disclosure Item in
            form and
            substance reasonably acceptable to the Depositor. Additionally, each
            of the
            Master Servicer and the Trustee shall provide, and shall cause each Reporting
            Subcontractor retained by the Master Servicer or the Trustee, as applicable,
            and
            in the case of the Master Servicer shall cause each Subservicer, to provide,
            the
            following information no later than March 15 of each year in which a
            Form 10-K
            is required to be filed on behalf of the Trust Fund: (i) if such Person’s report
            on assessment of compliance with servicing criteria described under Section
            11.07 or related registered public accounting firm attestation report
            described
            under Section 11.07 identifies any material instance of noncompliance,
            notification of such instance of noncompliance and (ii) if any such Person’s
            report on assessment of compliance with servicing criteria or related
            registered
            public accounting firm attestation report is not provided to be filed
            as an
            exhibit to such Form 10-K, information detailing the explanation why
            such report
            is not included. 

           

          	Section
                  11.05  	
                  Sarbanes-Oxley
                    Certification.

                

           

          Each
            Form
            10-K shall include a certification (the “Sarbanes-Oxley
            Certification”)
            required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
            to
            Section 302 of the Sarbanes-Oxley Act of 2002 and the rules and regulations
            of the Commission promulgated thereunder (including any interpretations
            thereof
            by the Commission’s staff)). No later than March 15 of each year, beginning in
            2007, the Master Servicer and the Trustee shall (unless such person is
            the
            Certifying Person), and the Master Servicer shall cause each Subservicer
            and
            each Reporting Subcontractor and the Trustee shall cause each Reporting
            Subcontractor to, provide to the Person who signs the Sarbanes-Oxley
            Certification (the “Certifying
            Person”)
            a
            certification (each, a “Performance
            Certification”),
            in
            the form attached hereto as Exhibit X-1 (in the case of a Subservicer
            or any
            Reporting Subcontractor of the Master Servicer or a Subservicer) and
            Exhibit X-2
            (in the case of the Trustee or any Reporting Subcontractor of the Trustee),
            on
            which the Certifying Person, the entity for which the Certifying Person
            acts as
            an officer, and such entity’s officers, directors and Affiliates (collectively
            with the Certifying Person, “Certification
            Parties”)
            can
            reasonably rely. The senior officer in charge of the servicing function
            of the
            Master Servicer shall serve as the Certifying Person on behalf of the
            Trust
            Fund. Neither the Master Servicer nor the Depositor will request delivery
            of a
            certification under this clause unless the Depositor is required under
            the
            Exchange Act to file an annual report on Form 10-K with respect to the
            Trust
            Fund. In the event that prior to the filing date of the Form 10-K in
            March of
            each year, the Trustee or the Depositor has actual knowledge of information
            material to the Sarbanes-Oxley Certification, the Trustee or the Depositor,
            as
            the case may be, shall promptly notify the Master Servicer and the Depositor.
            The respective parties hereto agree to cooperate with all reasonable
            requests
            made by any Certifying Person or Certification Party in connection with
            such
            Person’s attempt to conduct any due diligence that such Person reasonably
            believes to be appropriate in order to allow it to deliver any Sarbanes-Oxley
            Certification or portion thereof with respect to the Trust Fund.

           

          	Section
                  11.06  	
                  Form
                    15 Filing.

                

           

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

           

          	Section
                  11.07  	
                  Report
                    on Assessment of Compliance and
                    Attestation.

                

           

          (a)  On
            or
            before March 15 of each calendar year, commencing in 2007:

           

          (1)  Each
            of
            the Master Servicer and the Trustee shall deliver to the Depositor and
            the
            Master Servicer a report (in form and substance reasonably satisfactory
            to the
            Depositor) regarding the Master Servicer’s or the Trustee’s, as applicable,
            assessment of compliance with the Servicing Criteria during the immediately
            preceding calendar year, as required under Rules 13a-18 and 15d-18 of
            the
            Exchange Act and Item 1122 of Regulation AB. Such report shall be signed
            by an
            authorized officer of such Person and shall address each of the Servicing
            Criteria specified on a certification substantially in the form of Exhibit
            Y
            hereto
            delivered to the Depositor concurrently with the execution of this Agreement.
            To
            the extent any of the Servicing Criteria are not applicable to such Person,
            with
            respect to asset-backed securities transactions taken as a whole involving
            such
            Person and that are backed by the same asset type backing the Certificates,
            such
            report shall include such a statement to that effect. The Depositor and
            the
            Master Servicer, and each of their respective officers and directors
            shall be
            entitled to rely on upon each such servicing criteria assessment.

           

          (2)  Each
            of
            the Master Servicer and the Trustee shall deliver to the Depositor and
            the
            Master Servicer a report of a registered public accounting firm reasonably
            acceptable to the Depositor that attests to, and reports on, the assessment
            of
            compliance made by Master Servicer or the Trustee, as applicable, and
            delivered
            pursuant to the preceding paragraphs. Such attestation shall be in accordance
            with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities
            Act and
            the Exchange Act, including, without limitation that in the event that
            an
            overall opinion cannot be expressed, such registered public accounting
            firm
            shall state in such report why it was unable to express such an opinion.
            Such
            report must be available for general use and not contain restricted use
            language. To the extent any of the Servicing Criteria are not applicable
            to such
            Person, with respect to asset-backed securities transactions taken as
            a whole
            involving such Person and that are backed by the same asset type backing
            the
            Certificates, such report shall include such a statement that that
            effect.

           

          (3)  The
            Master Servicer shall cause each Subservicer and each Reporting Subcontractor
            to
            deliver to the Depositor an assessment of compliance and accountant’s
            attestation as and when provided in paragraphs (a) and (b) of this Section
            11.07. 

           

          (4)  The
            Trustee shall cause each Reporting Subcontractor to deliver to the Depositor
            and
            the Master Servicer an assessment of compliance and accountant’s attestation as
            and when provided in paragraphs (a) and (b) of this Section.

           

          (5)  The
            Master Servicer and the Trustee shall execute (and the Master Servicer
            shall
            cause each Subservicer to execute, and the Master Servicer and the Trustee
            shall
            cause each Reporting Subcontractor to execute) a reliance certificate
            to enable
            the Certification Parties to rely upon each (i) annual compliance statement
            provided pursuant to Section 3.17, (ii) annual report on assessments
            of
            compliance with servicing criteria provided pursuant to this Section
            11.07 and
            (iii) accountant’s report provided pursuant to this Section 11.07 and shall
            include a certification that each such annual compliance statement or
            report
            discloses any deficiencies or defaults described to the registered public
            accountants of such Person to enable such accountants to render the certificates
            provided for in this Section 11.07. 

           

          (b)  In
            the
            event the Master Servicer, any Subservicer, the Trustee or Reporting
            Subcontractor is terminated or resigns during the term of this Agreement,
            such
            Person shall provide documents and information required by this Section
            11.07
            with respect to the period of time it was subject to this Agreement or
            provided
            services with respect to the Trust Fund, the Certificates or the Mortgage
            Loans.

           

          (c)  Each
            assessment of compliance provided by a Subservicer pursuant to Section
            11.07(a)(3) shall address each of the Servicing Criteria specified on
            a
            certification substantially in the form of Exhibit Y hereto delivered
            to the
            Depositor concurrently with the execution of this Agreement or, in the
            case of a
            Subservicer subsequently appointed as such, on or prior to the date of
            such
            appointment. An assessment of compliance provided by a Subcontractor
            pursuant to
            Section 11.07(a)(3) or (4) need not address any elements of the Servicing
            Criteria other than those specified by the Master Servicer or the Trustee,
            as
            applicable, pursuant to Section 11.07(a)(1).

           

          	Section
                  11.08  	
                  Use
                    of Subservicers and Subcontractors.

                

           

          (a)  The
            Master Servicer shall cause any Subservicer used by the Master Servicer
            (or by
            any Subservicer) for the benefit of the Depositor to comply with the
            provisions
            of Section 3.17 and this Article XI to the same extent as if such Subservicer
            were the Master Servicer (except with respect to the Master Servicer’s duties
            with respect to preparing and filing any Exchange Act Reports or as the
            Certifying Person). The Master Servicer shall be responsible for obtaining
            from
            each Subservicer and delivering to the Depositor any servicer compliance
            statement required to be delivered by such Subservicer under Section
            3.17, any
            assessment of compliance and attestation required to be delivered by
            such
            Subservicer under Section 11.07 and any certification required to be
            delivered
            to the Certifying Person under Section 11.05 as and when required to
            be
            delivered. As
            a
            condition to the succession to any Subservicer as subservicer under this
            Agreement by any Person (i) into which such Subservicer may be merged
            or
            consolidated, or (ii) which may be appointed as a successor to any Subservicer,
            the Master Servicer shall provide to the Depositor, at least 15 calendar
            days
            prior to the effective date of such succession or appointment, (x) written
            notice to the Depositor of such succession or appointment and (y) in
            writing and
            in form and substance reasonably satisfactory to the Depositor, all information
            reasonably requested by the Depositor in order to comply with its reporting
            obligation under Item 6.02 of Form 8-K.

           

          (b)  It
            shall
            not be necessary for the Master Servicer, any Subservicer or the Trustee
            to seek
            the consent of the Depositor or any other party hereto to the utilization
            of any
            Subcontractor. The Master Servicer or the Trustee, as applicable, shall
            promptly
            upon request provide to the Depositor (or any designee of the Depositor,
            such as
            the Master Servicer or administrator) a written description (in form
            and
            substance satisfactory to the Depositor) of the role and function of
            each
            Subcontractor utilized by such Person (or in the case of the Master Servicer,
            any Subservicer), specifying (i) the identity of each such Subcontractor,
            (ii)
            which (if any) of such Subcontractors are “participating in the servicing
            function” within the meaning of Item 1122 of Regulation AB, and (iii) which
            elements of the Servicing Criteria will be addressed in assessments of
            compliance provided by each Subcontractor identified pursuant to clause
            (ii) of
            this paragraph.

           

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

           

          	Section
                  11.09  	
                  Amendments.

                

           

          In
            the
            event the parties to this Agreement desire to further clarify or amend
            any
            provision of this Article XI, this Agreement shall be amended to reflect
            the new
            agreement between the parties covering matters in this Article XI pursuant
            to
            Section 10.01, which amendment shall not require any Opinion of Counsel
            or
            Rating Agency confirmations or the consent of any Certificateholder or
            the NIM
            Insurer. 

           

          If,
            during the period that the Depositor is required to file Exchange Act
            Reports
            with respect to the Trust Fund, the Master Servicer is no longer an Affiliate
            of
            the Depositor, the Depositor shall assume the obligations and responsibilities
            of the Master Servicer in this Article XI with respect to the preparation
            and
            filing of the Exchange Act Reports and/or acting as the Certifying Person,
            if
            the Depositor has received indemnity from such successor Master Servicer
            satisfactory to the Depositor, and such Master Servicer has agreed to
            provide a
            Sarbanes-Oxley Certification to the Depositor substantially in the form
            of
            Exhibit AA and the certifications referred to in Section 11.07.

           

          	Section
                  11.10  	
                  Reconciliation
                    of Accounts. 

                

           

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

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

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

           

          CWABS,
            INC.,

          as
            Depositor

           

          By:
             /s/
            Michael
            Schloessmann              
  

          Name: Michael
            Schloessmann

          Title: Vice
            President

           

          COUNTRYWIDE
            HOME LOANS SERVICING LP,

          as
            Master
            Servicer

           

          By:
            COUNTRYWIDE GP, INC.

           

          By:
             /s/
            Michael
            Schloessmann               
 

          Name: Michael
            Schloessmann

          Title: Senior
            Vice President

           

          THE
            BANK
            OF NEW YORK,

          as
            Trustee

           

          By:
             /s/
            Maria
            Tokarz                                
 

          Name: Maria
            Tokarz

          Title: Assistant
            Vice President

           

          COUNTRYWIDE
            HOME LOANS, INC.,

          as
            a
            Seller

           

          By:
             /s/
            Michael
            Schloessmann               
 

          Name: Michael
            Schloessmann

          Title: Senior
            Vice President

           

          PARK
            SIENNA LLC,

          as
            a
            Seller

           

          By:
             /s/
            Michael
            Schloessmann               
 

          Name: Michael
            Schloessmann

          Title: Assistant
            Vice President

          PARK
            GRANADA LLC,

          as
            a
            Seller

           

          By:
             /s/
            Michael
            Schloessmann               
 

          Name: Michael
            Schloessmann

          Title: Assistant
            Vice President

          THE
            BANK
            OF NEW YORK

          (solely
            with respect to its obligations under Section 4.01(d))

           

          By:
             /s/
            Maria
            Tokarz                                
    

          Name: Maria
            Tokarz

          Title: Assistant
            Vice President

           

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          

            
              	
                      STATE
                        OF CALIFORNIA

                    	
                      )

                    	 
	 	
                      )

                    	
                      ss.:

                    
	
                      COUNTY
                        OF LOS ANGELES

                    	
                      )

                    	 

            

          

          
 

          On
            this
            ___ day of December, 2006, before me, a notary public in and for said
            State,
            appeared Michael Schloessmann, personally known to me on the basis of
            satisfactory evidence to be a Senior Vice President of Countrywide Home
            Loans,
            Inc., one of the corporations that executed the within instrument, and
            also
            known to me to be the person who executed it on behalf of such corporation
            and
            acknowledged to me that such corporation executed the within
            instrument.

           

          IN
            WITNESS WHEREOF, I have hereunto set my hand and affixed my official
            seal the
            day and year in this certificate first above written.

           

           

          ______________________________

          Notary
            Public

           

          [Notarial
            Seal]

           

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
            

              
                	
                        STATE
                          OF CALIFORNIA

                      	
                        )

                      	 
	 	
                        )

                      	
                        ss.:

                      
	
                        COUNTY
                          OF LOS ANGELES

                      	
                        )

                      	 

              

            

            
 

          

          On
            this
            ____ day of December, 2006, before me, a notary public in and for said
            State,
            appeared Michael Schloessmann, personally known to me on the basis of
            satisfactory evidence to be a Senior Vice President of Countrywide GP,
            Inc., the
            parent company of Countrywide Home Loans Servicing LP, one of the organizations
            that executed the within instrument, and also known to me to be the person
            who
            executed it on behalf of such limited partnership and acknowledged to
            me that
            such limited partnership executed the within instrument.

           

          IN
            WITNESS WHEREOF, I have hereunto set my hand and affixed my official
            seal the
            day and year in this certificate first above written.

           

          
             

            ______________________________

            Notary
              Public

             

            [Notarial
              Seal]

          

          

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
            

              
                	
                        STATE
                          OF CALIFORNIA

                      	
                        )

                      	 
	 	
                        )

                      	
                        ss.:

                      
	
                        COUNTY
                          OF LOS ANGELES

                      	
                        )

                      	 

              

            

             

          

           

          On
            this
            ____ day of December, 2006, before me, a notary public in and for said
            State,
            appeared Michael Schloessmann, personally known to me on the basis of
            satisfactory evidence to be a Vice President of CWABS, Inc., one of the
            corporations that executed the within instrument, and also known to me
            to be the
            person who executed it on behalf of such corporation and acknowledged
            to me that
            such corporation executed the within instrument.

           

          IN
            WITNESS WHEREOF, I have hereunto set my hand and affixed my official
            seal the
            day and year in this certificate first above written.

           

          
             

            ______________________________

            Notary
              Public

             

            [Notarial
              Seal]

          

          

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
            

              
                	
                        STATE
                          OF CALIFORNIA

                      	
                        )

                      	 
	 	
                        )

                      	
                        ss.:

                      
	
                        COUNTY
                          OF LOS ANGELES

                      	
                        )

                      	 

              

            

            
 

          

          On
            this
            ____ day of December, 2006, before me, a notary public in and for said
            State,
            appeared Michael Schloessmann , personally known to me on the basis of
            satisfactory evidence to be an Assistant Vice President of Park Sienna
            LLC, one
            of the entities that executed the within instrument, and also known to
            me to be
            the person who executed it on behalf of such entity and acknowledged
            to me that
            such entity executed the within instrument.

           

          IN
            WITNESS WHEREOF, I have hereunto set my hand and affixed my official
            seal the
            day and year in this certificate first above written.

           

          
             

            ______________________________

            Notary
              Public

             

            [Notarial
              Seal]

          

          

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
            

              
                	
                        STATE
                          OF CALIFORNIA

                      	
                        )

                      	 
	 	
                        )

                      	
                        ss.:

                      
	
                        COUNTY
                          OF LOS ANGELES

                      	
                        )

                      	 

              

            

            
 

          

          On
            this
            ____ day of December, 2006, before me, a notary public in and for said
            State,
            appeared Michael Schloessmann, personally known to me on the basis of
            satisfactory evidence to be an Assistant Vice President of Park Granada
            LLC, one
            of the entities that executed the within instrument, and also known to
            me to be
            the person who executed it on behalf of such entity and acknowledged
            to me that
            such entity executed the within instrument.

           

          IN
            WITNESS WHEREOF, I have hereunto set my hand and affixed my official
            seal the
            day and year in this certificate first above written.

           

          
             

            ______________________________

            Notary
              Public

             

            [Notarial
              Seal]

          

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
            

              
                	
                        STATE
                          OF NEW YORK

                      	
                        )

                      	 
	 	
                        )

                      	
                        ss.:

                      
	
                        COUNTY
                          OF NEW YORK

                      	
                        )

                      	 

              

            

            
 

          

          On
            this
            ____ day of December, 2006, before me, a notary public in and for said
            State,
            appeared _________________, personally known to me on the basis of satisfactory
            evidence to be a ____________ of The Bank of New York, a New York banking
            corporation that executed the within instrument, and also known to me
            to be the
            person who executed it on behalf of such corporation, and acknowledged
            to me
            that such corporation executed the within instrument.

           

          IN
            WITNESS WHEREOF, I have hereunto set my hand and affixed my official
            seal the
            day and year in this certificate first above written.

           

          
             

            ______________________________

            Notary
              Public

             

            [Notarial
              Seal]

          

          

          
            
               

            

            
               

              
                

              

            

            
               

            

          

           
            

              
                	
                        STATE
                          OF NEW YORK

                      	
                        )

                      	 
	 	
                        )

                      	
                        ss.:

                      
	
                        COUNTY
                          OF NEW YORK

                      	
                        )

                      	 

              

            

            
 

          

          On
            this
            ____ day of December, 2006, before me, a notary public in and for said
            State,
            appeared ______________, personally known to me on the basis of satisfactory
            evidence to be a _____________ of The Bank of New York, a New York banking
            corporation that executed the within instrument, and also known to me
            to be the
            person who executed it on behalf of such corporation, and acknowledged
            to me
            that such corporation executed the within instrument.

           

          IN
            WITNESS WHEREOF, I have hereunto set my hand and affixed my official
            seal the
            day and year in this certificate first above written.

           

          
             

            ______________________________

            Notary
              Public

             

            [Notarial
              Seal]

          

          

          

          
            
               

            

            
               

              
                

              

            

            
               

            

          

           

        

      

    

    
 

    Exhibits
      A-1

    through
      A-15

     

    [Exhibits
      A-1 through A-15 are

    photocopies
      of such Certificates as delivered.]

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      B

     

    Exhibit
      B
      is a photocopy

    of
      the
      Class P Certificates

    as
      delivered.

     

    [See
      appropriate document delivered at closing.]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      C

     

    Exhibit
      C
      is a photocopy

    of
      the
      Class C Certificates

    as
      delivered.

    

     

    [See
      appropriate document delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      D

     

    Exhibit
      D
      is a photocopy

    of
      the
      Class A-R Certificate

    as
      delivered.

     

    

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      E

     

    Exhibit
      E
      is a photocopy

    of
      the
      Tax Matters Person Certificate

    as
      delivered.

    

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      F-1 and F-2

     

    [Exhibits
      F-1 and F-2 are schedules of Mortgage Loans]

     

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

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G-1

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

     

    

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    Re:          
      CWABS
      Asset-Backed Certificates, Series 2006-BC5

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      December 1, 2006 (the “Pooling and Servicing Agreement”) among
      CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller, Park
      Granada LLC, as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
      Servicing LP, as Master Servicer, and the undersigned, as Trustee,
      the
      undersigned, as Trustee, hereby certifies that, as to each Mortgage Loan listed
      in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
      listed in the attached list of exceptions) the Trustee has
      received:

     

    (i) the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form: “Pay to the order of ______________, without recourse”, or,
      if the original Mortgage Note has been lost or destroyed and not replaced,
      an
      original lost note affidavit, stating that the original Mortgage Note was lost
      or destroyed, together with a copy of the related Mortgage Note;
      and

     

    (ii) a
      duly
      executed assignment of the Mortgage or a copy of such assignment, in either
      case
      in the form permitted by Section 2.01 of the Pooling and Servicing
      Agreement.

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	
              The
                Bank of New York, 

              as
                Trustee

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

     

    

     

    EXHIBIT
      G-2

     

    FORM
      OF
      INTERIM CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    Re:       
      CWABS
      Asset-Backed Certificates, Series 2006-BC5

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      December 1, 2006 (the “Pooling and Servicing Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a
      Seller, Park
      Granada LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and the undersigned, as Trustee,
      hereby certifies that [, with respect to the Subsequent Mortgage Loans delivered
      in connection with the Subsequent Transfer Agreement, dated as of __________
      (the “Subsequent Transfer Agreement”) among CWABS, Inc., as Depositor,
      Countrywide Home Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park
      Sienna LLC, as a Seller and The Bank of New York, as Trustee], except as listed
      in the following paragraph, as to each [Initial Mortgage Loan][Subsequent
      Mortgage Loan] listed in the [Mortgage Loan Schedule][Loan Number and Borrower
      Identification Mortgage Loan Schedule] (other than any [Mortgage Loan][Loan
      Number and Borrower Identification Mortgage Loan Schedule] paid in full or
      listed on the attached list of exceptions) the Trustee has
      received:

     

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

     

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

     

    (iii) the
      case
      of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is not a MERS
      Mortgage Loan, a duly executed assignment of the Mortgage to “Asset-Backed
      Certificates, Series 2006-BC5, CWABS, Inc., by The Bank of New York, a New
      York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of September 1, 2006, without recourse” or a copy of such assignment, with
      recording information, or, in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] with respect to property located in the State
      of
      California that is not a MERS Mortgage Loan, a duly executed assignment of
      the
      Mortgage in blank (each such assignment, when duly and validly completed, to
      be
      in recordable form and sufficient to effect the assignment of and transfer
      to
      the assignee thereof, under the Mortgage to which such assignment
      relates);

     

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

     

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

     

    (vi) the
      original or duplicate original lender’s title policy or a copy of lender’s title
      policy or a printout of the electronic equivalent and all riders thereto or,
      in
      the event such original title policy has not been received from the insurer,
      any
      one of an original title binder, an original preliminary title report or an
      original title commitment, or a copy thereof certified by the title company,
      with the original policy of title insurance to be delivered within one year
      of
      the Closing Date. 

     

    In
      the
      event that in connection with any [Initial Mortgage Loan][Subsequent Mortgage
      Loan] that is not a MERS Mortgage Loan the applicable Seller cannot deliver
      the
      original recorded Mortgage or all interim recorded assignments of the Mortgage
      satisfying the requirements of clause (ii), (iii) or (iv), as applicable, the
      Trustee has received, in lieu thereof, a true and complete copy of such Mortgage
      and/or such assignment or assignments of the Mortgage, as applicable, each
      certified by the applicable Seller, the applicable title company, escrow agent
      or attorney, or the originator of such [Initial Mortgage Loan][Subsequent
      Mortgage Loan], as the case may be, to be a true and complete copy of the
      original Mortgage or assignment of Mortgage submitted for
      recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such [Initial Mortgage
      Loan][Subsequent Mortgage Loan], and (ii) the information set forth in items
      (i), (iv), (v), (vi), (viii), (ix) and (xv) of the definition of the “Mortgage
      Loan Schedule” in Section 1.01 of the Pooling and Servicing Agreement accurately
      reflects information set forth in the Mortgage File. 

     

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

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

     

    

      
        	 	 	 
	 	
                The
                  Bank of New York, 

                as
                  Trustee

              
	 	 	 
	 	
                By:
                  

              	 
	 	 	
                
                  

                  Name:

                

              
	 	 	
                Title:

              

      

      
      

    

     

    EXHIBIT
      G-3

     

    FORM
      OF
      DELAY DELIVERY CERTIFICATION

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    Re:         
      CWABS
      Asset-Backed Certificates, Series 2006-BC5

     

    Gentlemen:

     

    [Reference
      is made to the Initial Certification of Trustee relating to the above-referenced
      series, with the schedule of exceptions attached thereto, delivered by the
      undersigned, as Trustee, on the Closing Date in accordance with Section 2.02
      of
      the Pooling and Servicing Agreement dated as of December 1, 2006 (the “Pooling
      and Servicing Agreement”) among CWABS, Inc., as Depositor, Countrywide Home
      Loans, Inc., as a Seller, Park Sienna LLC, as a Seller, Park Granada LLC, as
      a
      Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and the
      undersigned, as Trustee.] The undersigned hereby certifies that [, with respect
      to the Subsequent Mortgage Loans delivered in connection with the Subsequent
      Transfer Agreement, dated as of __________ (the “Subsequent Transfer Agreement”)
      among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
      Park
      Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide Home Loans
      Servicing LP, as Master Servicer, and The Bank of New York, as Trustee,] as
      to
      each Delay Delivery Mortgage Loan listed on the Schedule A attached hereto
      (other than any [Initial Mortgage Loan][Subsequent Mortgage Loan] paid in full
      or listed on Schedule B attached hereto) the Trustee has received:

     

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

     

    (2) in
      the
      case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is not
      a
      MERS Mortgage Loan, a duly executed assignment of the Mortgage to “Asset-Backed
      Certificates, Series 2006-BC5, CWABS, Inc., by The Bank of New York, a New
      York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of December 1, 2006, without recourse” or a copy of such assignment, with
      recording information, or, in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] with respect to property located in the State
      of
      California that is not a MERS Mortgage Loan, a duly executed assignment of
      the
      Mortgage in blank (each such assignment, when duly and validly completed, to
      be
      in recordable form and sufficient to effect the assignment of and transfer
      to
      the assignee thereof, under the Mortgage to which such assignment
      relates).

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

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

     

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

     

    
    

    
      	 	 	 
	 	
              The
                Bank of New York, 

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

     

    EXHIBIT
      G-4

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

     

    (SUBSEQUENT
      MORTGAGE LOANS)

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

     

    Re:       
      CWABS
      Asset-Backed Certificates, Series 2006-BC5

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      December 1, 2006 (the “Pooling and Servicing Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a
      Seller, Park Granada LLC, as a Seller, Countrywide Home Loans Servicing LP,
      as
      Master Servicer, and the undersigned, as Trustee, the undersigned hereby
      certifies that, as to each Subsequent Mortgage Loan listed in the Loan Number
      and Borrower Identification Mortgage Loan Schedule (other than any Subsequent
      Mortgage Loan paid in full or listed in the attached list of exceptions) the
      Trustee has received:

     

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

     

    (2) a
      duly
      executed assignment of the Mortgage or a copy of such assignment with recording
      information, in either case in the form permitted by Section 2.01 of the Pooling
      and Servicing Agreement.

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

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

     

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

    
 

    
      
        	 	 	 
	 	
                The
                  Bank of New York, 

                as
                  Trustee

              
	 	 	 
	 	
                By:
                  

              	 
	 	 	
                
                  

                

                Name:

              
	 	 	
                Title:

              

      

       

    

     

    EXHIBIT
      H

     

    FORM
      OF
      FINAL CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Sellers]

     

     

    Re:              
      CWABS
      Asset-Backed Certificates, Series 2006-BC5

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      December 1, 2006 (the “Pooling and Servicing Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a
      Seller, Park Granada LLC, as a Seller, Countrywide Home Loans Servicing LP,
      as
      Master Servicer, and the undersigned, as Trustee, hereby certifies that[, with
      respect to the Subsequent Mortgage Loans delivered in connection with the
      Subsequent Transfer Agreement, dated as of __________ (the “Subsequent Transfer
      Agreement”) among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a
      Seller, Park Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as
      Trustee,] as to each [Initial Mortgage Loan][Subsequent Mortgage Loan] listed
      in
      the [Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage
      Loan Schedule] (other than any [Initial Mortgage Loan][Subsequent Mortgage
      Loan]
      paid in full or listed on the attached Document Exception Report) the Trustee
      has received:

     

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

     

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

     

    (iii) in
      the
      case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is not
      a
      MERS Mortgage Loan, a duly executed assignment of the Mortgage to “Asset-Backed
      Certificates, Series 2006-BC5, CWABS, Inc., by The Bank of New York, a New
      York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of December 1, 2006, without recourse” or a copy of such assignment, with
      recording information, or, in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] with respect to property located in the State
      of
      California that is not a MERS Mortgage Loan, a duly executed assignment of
      the
      Mortgage in blank (each such assignment, when duly and validly completed, to
      be
      in recordable form and sufficient to effect the assignment of and transfer
      to
      the assignee thereof, under the Mortgage to which such assignment
      relates);

     

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

     

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

     

    (vi) the
      original or duplicate original lender’s title policy or a copy of lender’s title
      policy or a printout of the electronic equivalent and all riders thereto or
      any
      one of an original title binder, an original preliminary title report or an
      original title commitment, or a copy thereof certified by the title
      company.

     

    If
      the
      public recording office in which a Mortgage or assignment thereof is recorded
      has retained the original of such Mortgage or assignment, the Trustee has
      received, in lieu thereof, a copy of the original Mortgage or assignment so
      retained, with evidence of recording thereon, certified to be true and complete
      by such recording office.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (ii) the information set forth in items (i), (iv), (v), (vi), (viii), (ix)
      and
      (xv) of the definition of the “Mortgage Loan Schedule” in Section 1.01 of the
      Pooling and Servicing Agreement accurately reflects information set forth in
      the
      Mortgage File.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

     

    
      	 	 	 
	 	
              The
                Bank of New York, 

              as
                Trustee

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

     

    EXHIBIT
      I

     

    TRANSFER
      AFFIDAVIT FOR THE CLASS A-R CERTIFICATES

     

    
      	STATE OF	)
	 	) ss.:
	COUNTY OF	)

    

      

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is an officer of _______________, the proposed Transferee of an
      Ownership Interest in a Class A-R Certificate (the “Certificate”) issued
      pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2006
      (the “Agreement”), by and among CWABS, Inc., as Depositor, Countrywide Home
      Loans, Inc., as a Seller, Park Sienna LLC, as a Seller, Park Granada LLC, as
      a
      Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank
      of
      New York, as Trustee. Capitalized terms used, but not defined herein or in
      Exhibit 1 hereto, shall have the meanings ascribed to such terms in the
      Agreement. The Transferee has authorized the undersigned to make this affidavit
      on behalf of the Transferee.

     

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

     

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

     

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

     

    5. The
      Transferee has reviewed the provisions of Section 5.02(c) of the Agreement
      (attached hereto as Exhibit 2 and incorporated herein by reference) and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificate including, without limitation, the restrictions on subsequent
      Transfers and the provisions regarding voiding the Transfer and mandatory sales.
      The Transferee expressly agrees to be bound by and to abide by the provisions
      of
      Section 5.02(c) of the Agreement and the restrictions noted on the face of
      the
      Certificate. The Transferee understands and agrees that any breach of any of
      the
      representations included herein shall render the Transfer to the Transferee
      contemplated hereby null and void.

     

    6. The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth as Exhibit J-1 to the Agreement
      (a “Transferor Certificate”) to the effect that such Transferee has no actual
      knowledge that the Person to which the Transfer is to be made is not a Permitted
      Transferee.

     

    7. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the Class A-R
      Certificates.

     

    8. The
      Transferee’s taxpayer identification number is _____.

     

    9. The
      Transferee is a U.S. Person as defined in Code section 7701(a)(30).

     

    10. The
      Transferee is aware that the Class A-R Certificates may be “noneconomic residual
      interests” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax. In addition, as the holder of a noneconomic
      residual interest, the Transferee may incur tax liabilities in excess of any
      cash flows generated by the interest and the Transferee hereby represents that
      it intends to pay taxes associated with holding the residual interest as they
      become due.

     

    11. The
      Transferee has provided financial statements or other financial information
      requested by the Transferor in connection with the transfer of the Class A-R
      Certificates to permit the Transferor to assess the financial capability of
      the
      Transferee to pay such taxes.

     

    *     
       *      
       *

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
      ____
      day of _____________, 20__.

     

     

     

    
      	 	 	 
	 	
              [NAME
                OF TRANSFEREE]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

     

    [Corporate
      Seal]

     

    ATTEST:

     

    _________________________

     

    [Assistant]
      Secretary

     

    Personally
      appeared before me the above-named _____________, known or proved to me to
      be
      the same person who executed the foregoing instrument and to be the ____________
      of the Transferee, and acknowledged that he executed the same as his free act
      and deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this ____ day of _______, 20__.

     

     

    
      	 	 
	 	
              NOTARY
                PUBLIC

              My
                Commission expires the ___ day of

              ,
                20__.

            

    

     

    
      
 

    

    Certain
      Definitions

     

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

     

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

     

    “Person”:
      Any individual, corporation, limited liability company, partnership, joint
      venture, bank, joint stock company, trust (including any beneficiary thereof),
      unincorporated organization or government or any agency or political subdivision
      thereof.

     

    “Transfer”:
      Any direct or indirect transfer or sale of any Ownership Interest in a
      Certificate, including the acquisition of a Certificate by the
      Depositor.

     

    “Transferee”:
      Any Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      5.02(c) of the Agreement

     

    (c) Each
      Person who has or who acquires any Ownership Interest in a Class A-R Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions, and the rights of each
      Person acquiring any Ownership Interest in a Class A-R Certificate are expressly
      subject to the following provisions:

     

    (1) Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (2) Except
      in
      connection with (i) the registration of the Tax Matters Person Certificate
      in
      the name of the Trustee or (ii) any registration in the name of, or transfer
      of
      a Class A-R Certificate to, an affiliate of the Depositor (either directly
      or
      through a nominee) in connection with the initial issuance of the Certificates,
      no Ownership Interest in a Class A-R Certificate may be registered on the
      Closing Date or thereafter transferred, and the Trustee shall not register
      the
      Transfer of any Class A-R Certificate, unless the Trustee shall have been
      furnished with an affidavit (a “Transfer Affidavit”) of the initial owner or the
      proposed transferee in the form attached hereto as Exhibit I.

     

    (3) Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Class A-R
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Class A-R Certificate and (C) not to Transfer its Ownership Interest in a
      Class A-R Certificate, or to cause the Transfer of an Ownership Interest in
      a
      Class A-R Certificate to any other Person, if it has actual knowledge that
      such
      Person is not a Permitted Transferee.

     

    (4) Any
      attempted or purported Transfer of any Ownership Interest in a Class A-R
      Certificate in violation of the provisions of this Section 5.02(c) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Class A-R Certificate
      in
      violation of the provisions of this Section 5.02(c), then the last preceding
      Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of Transfer of such Class A-R
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of Transfer of a Class A-R Certificate that is in fact not
      permitted by Section 5.02(b) and this Section 5.02(c) or for making any payments
      due on such Certificate to the Holder thereof or taking any other action with
      respect to such Holder under the provisions of this Agreement so long as the
      Transfer was registered after receipt of the related Transfer Affidavit and
      Transferor Certificate. The Trustee shall be entitled but not obligated to
      recover from any Holder of a Class A-R Certificate that was in fact not a
      Permitted Transferee at the time it became a Holder or, at such subsequent
      time
      as it became other than a Permitted Transferee, all payments made on such Class
      A-R Certificate at and after either such time. Any such payments so recovered
      by
      the Trustee shall be paid and delivered by the Trustee to the last preceding
      Permitted Transferee of such Certificate.

     

    (5) The
      Master Servicer shall use its best efforts to make available, upon receipt
      of
      written request from the Trustee, all information necessary to compute any
      tax
      imposed under section 860E(e) of the Code as a result of a Transfer of an
      Ownership Interest in a Class A-R Certificate to any Holder who is not a
      Permitted Transferee.

     

    The
      restrictions on Transfers of a Class A-R Certificate set forth in this Section
      5.02(c) shall cease to apply (and the applicable portions of the legend on
      a
      Class A-R Certificate may be deleted) with respect to Transfers occurring after
      delivery to the Trustee of an Opinion of Counsel, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Sellers or the Master Servicer to the
      effect that the elimination of such restrictions will not cause any constituent
      REMIC of any REMIC formed hereunder to fail to qualify as a REMIC at any time
      that the Certificates are outstanding or result in the imposition of any tax
      on
      the Trust Fund, a Certificateholder or another Person. Each Person holding
      or
      acquiring any ownership Interest in a Class A-R Certificate hereby consents
      to
      any amendment of this Agreement that, based on an Opinion of Counsel furnished
      to the Trustee, is reasonably necessary (a) to ensure that the record ownership
      of, or any beneficial interest in, a Class A-R Certificate is not transferred,
      directly or indirectly, to a Person that is not a Permitted Transferee and
      (b)
      to provide for a means to compel the Transfer of a Class A-R Certificate that
      is
      held by a Person that is not a Permitted Transferee to a Holder that is a
      Permitted Transferee.

     

    EXHIBIT
      J-1

     

    FORM
      OF
      TRANSFEROR CERTIFICATE FOR CLASS A-R CERTIFICATES

     

    Date:

     

    CWABS,
      Inc.

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    The
      Bank
      of New York

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York 10286

     

     

    
      	 	
              Re:

            	
              CWABS,
                Inc. Asset Backed

              Certificates,
                Series
                2006-BC5

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the Class A-R Certificates, we certify that
      we have no knowledge that the Transferee is not a Permitted Transferee. All
      capitalized terms used herein but not defined herein shall have the meanings
      assigned to them in the Pooling and Servicing Agreement dated as of December
      1,
      2006, among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a
      Seller, Park Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as
      Trustee.

     

    Very
      truly yours,

     

    _____________________________________

    Name
      of
      Transferor

     

    By:
      _________________________________

    Name:

    Title:

     

    

    EXHIBIT
      J-2

     

    FORM
      OF
      TRANSFEROR CERTIFICATE FOR

    PRIVATE
      CERTIFICATES

     

    Date:

     

    CWABS,
      Inc.,

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York 10286

     

     

    
      	 	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates,

              Series
                2006-BC5, Class [
                ]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above-captioned Certificates we certify
      that (a) we understand that the Certificates have not been registered under
      the
      Securities Act of 1933, as amended (the “Act”), and are being disposed by us in
      a transaction that is exempt from the registration requirements of the Act,
      (b)
      we have not offered or sold any Certificates to, or solicited offers to buy
      any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act. All
      capitalized terms used herein but not defined herein shall have the meanings
      assigned to them in the Pooling and Servicing Agreement dated as of December
      1,
      2006, among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a
      Seller, Park Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as
      Trustee.

     

    Very
      truly yours,

    

     

    __________________________________

    Name
      of
      Transferor

     

    By:
      _______________________________

    Name:

    Title:

     

    EXHIBIT
      K

     

    FORM
      OF
      INVESTMENT LETTER (NON-RULE 144A)

     

    Date:

     

    CWABS,
      Inc.,

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay St., Floor 4W

    New
      York,
      New York 10286

     

    
      	 	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates,

              
                Series
                  2006-BC5, Class [ ] 

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) either (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended, or a plan or arrangement that is subject to Section 4975 of the
      Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
      such plan or arrangement, or using the assets of any such plan or arrangement
      to
      effect such acquisition or (ii) if the Certificates have been the subject of
      an
      ERISA-Qualifying Underwriting, we are an insurance company which is purchasing
      such Certificates with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and the purchase and holding of such
      Certificates are covered under Sections I and III of PTCE 95-60, (e) we are
      acquiring the Certificates for investment for our own account and not with
      a
      view to any distribution of such Certificates (but without prejudice to our
      right at all times to sell or otherwise dispose of the Certificates in
      accordance with clause (g) below), (f) we have not offered or sold any
      Certificates to, or solicited offers to buy any Certificates from, any person,
      or otherwise approached or negotiated with any person with respect thereto,
      or
      taken any other action which would result in a violation of Section 5 of the
      Act, and (g) we will not sell, transfer or otherwise dispose of any Certificates
      unless (1) such sale, transfer or other disposition is made pursuant to an
      effective registration statement under the Act or is exempt from such
      registration requirements, and if requested, we will at our expense provide
      an
      opinion of counsel satisfactory to the addressees of this Certificate that
      such
      sale, transfer or other disposition may be made pursuant to an exemption from
      the Act, (2) the purchaser or transferee of such Certificate has executed and
      delivered to you a certificate to substantially the same effect as this
      certificate, and (3) the purchaser or transferee has otherwise complied with
      any
      conditions for transfer set forth in the Pooling and Servicing
      Agreement.

     

    All
      capitalized terms used herein but not defined herein shall have the meanings
      assigned to them in the Pooling and Servicing Agreement dated as of December
      1,
      2006, among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a
      Seller, Park Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as
      Trustee.

     

    Very
      truly yours,

    

     

    __________________________________

    Name
      of
      Transferee

     

    By:
      _______________________________

    Authorized
      Officer

     

    

    EXHIBIT
      L

     

    FORM
      OF
      RULE 144A LETTER

     

    Date:

     

    CWABS,
      Inc.,

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York 10286

     

     

    
      	 	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates,

              Series
                2006-BC5, Class [ ]
                

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) either (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended, or a plan or arrangement that is subject to Section 4975 of the
      Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
      such plan or arrangement, or using the assets of any such plan or arrangement
      to
      effect such acquisition or (ii) if the Certificates have been the subject of
      an
      ERISA-Qualifying Underwriting, we are an insurance company which is purchasing
      such Certificates with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and the purchase and holding of such
      Certificates are covered under Sections I and III of PTCE 95-60, (e) we have
      not, nor has anyone acting on our behalf offered, transferred, pledged, sold
      or
      otherwise disposed of the Certificates, any interest in the Certificates or
      any
      other similar security to, or solicited any offer to buy or accept a transfer,
      pledge or other disposition of the Certificates, any interest in the
      Certificates or any other similar security from, or otherwise approached or
      negotiated with respect to the Certificates, any interest in the Certificates
      or
      any other similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration pursuant
      thereto, nor will act, nor has authorized or will authorize any person to act,
      in such manner with respect to the Certificates, (f) we are a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act and have completed either of the forms of certification to that effect
      attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is
      being
      made in reliance on Rule 144A. We are acquiring the Certificates for our own
      account or for resale pursuant to Rule 144A and further, understand that such
      Certificates may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the
      Securities Act.

     

    All
      capitalized terms used herein but not defined herein shall have the meanings
      assigned to them in the Pooling and Servicing Agreement dated as of December
      1,
      2006, among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a
      Seller, Park Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and The Bank of New York, as
      Trustee.

     

    Very
      truly yours,

    

     

    __________________________________

    Name
      of
      Transferee

     

    By:
      _______________________________

    Authorized
      Officer

     

    

    ANNEX
      1
      TO EXHIBIT L

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis either at least $100,000,000 in securities or, if Buyer
      is a
      dealer, Buyer must own and/or invest on a discretionary basis at least
      $10,000,000 in securities (except for the excluded securities referred to below)
      as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A and (ii) the Buyer satisfies the
      criteria in the category marked below.

     

    
      	 	
              ___

            	
              Corporation,
                etc. The Buyer is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or charitable organization described in Section
                501(c)(3) of the Internal Revenue Code of 1986, as
                amended.

            

    

     

    ___  
       Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    ___  
       Savings
      and Loan. The Buyer (a) is a savings and loan association, building and loan
      association, cooperative bank, homestead association or similar institution,
      which is supervised and examined by a State or Federal authority having
      supervision over any such institutions or is a foreign savings and loan
      association or equivalent institution and (b) has an audited net worth of at
      least $25,000,000 as demonstrated in its latest annual financial statements,
      a
      copy of which is attached hereto.

     

    ___  
       Broker-dealer.
      The Buyer is a dealer registered pursuant to Section 15 of the Securities
      Exchange Act of 1934.

     

    ___   
       Insurance
      Company. The Buyer is an insurance company whose primary and predominant
      business activity is the writing of insurance or the reinsuring of risks
      underwritten by insurance companies and which is subject to supervision by
      the
      insurance commissioner or a similar official or agency of a State, territory
      or
      the District of Columbia.

     

    ___   
       State
      or
      Local Plan. The Buyer is a plan established and maintained by a State, its
      political subdivisions, or any agency or instrumentality of the State or its
      political subdivisions, for the benefit of its employees.

     

    ___   
       ERISA
      Plan. The Buyer is an employee benefit plan within the meaning of Title I of
      the
      Employee Retirement Income Security Act of 1974.

     

    ___   
       Investment
      Advisor. The Buyer is an investment advisor registered under the Investment
      Advisors Act of 1940.

     

    ___   
       Small
      Business Investment Company. Buyer is a small business investment company
      licensed by the U.S. Small Business Administration under Section 301(c) or
      (d)
      of the Small Business Investment Act of 1958.

     

    ___   
       Business
      Development Company. Buyer is a business development company as defined in
      Section 202(a)(22) of the Investment Advisors Act of 1940.

     

    The
      term
“securities” as used herein does not include (i) securities of issuers that are
      affiliated with the Buyer, (ii) securities that are part of an unsold allotment
      to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
      deposit notes and certificates of deposit, (v) loan participations, (vi)
      repurchase agreements, (vii) securities owned but subject to a repurchase
      agreement and (viii) currency, interest rate and commodity swaps.

     

    For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    ____________________________________

    Print
      Name of Buyer

     

    By:____________________________________

    Name:

    Title:

     

    Date:__________________________________

     

    

    ANNEX
      2 TO EXHIBIT L

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyer’s Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    ___ The
      Buyer
      owned $ in securities (other than the excluded securities referred to below)
      as
      of the end of the Buyer’s most recent fiscal year (such amount being calculated
      in accordance with Rule 144A).

     

    ___ The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate $
      in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    The
      term
“Family of Investment Companies” as used herein means two or more registered
      investment companies (or series thereof) that have the same investment adviser
      or investment advisers that are affiliated (by virtue of being majority owned
      subsidiaries of the same parent or because one investment adviser is a majority
      owned subsidiary of the other).

     

    The
      term
“securities” as used herein does not include (i) securities of issuers that are
      affiliated with the Buyer or are part of the Buyer’s Family of Investment
      Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    The
      Buyer
      is familiar with Rule 144A and under-stands that the parties listed in the
      Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    __________________________________________________

    Print
      Name of Buyer or Adviser

     

    By:________________________________________________

    Name:

    Title:

     

    IF
      AN
      ADVISER:

     

    __________________________________________________

    Print
      Name of Buyer

     

    Date:______________________________________________

     

    EXHIBIT
      M

     

    FORM
      OF
      REQUEST FOR DOCUMENT RELEASE

     

    [FORM
      OF]
      REQUEST FOR RELEASE OF DOCUMENTS

     

    
      
        	To: The
                Bank of New York	
                Attn: Mortgage Custody

                Services

              

      

    

     

    Re:        
       The
      Pooling & Servicing Agreement dated December
      1,
2006,
      among
      Countrywide Home Loans, Inc., as a
      Seller,
      Park Granada LLC, as a Seller,
      Park Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
      Servicer,
      CWABS, Inc. and The Bank of New York,
      as Trustee  

     

    Ladies
      and Gentlemen:

     

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

     

    FT
      Account #: Pool
      #:

     

    Mortgagor’s
      Name, Address and Zip Code:

     

    Mortgage
      Loan Number:

     

    Reason
      for Requesting Documents (check one)

     

    
      	 	
              1.

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

            

    

     

    
      	 	
              2.

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

            

    

     

    
      	 	
              3.

            	
              Mortgage
                Loan in Foreclosure.

            

    

     

    
      	 	
              4.

            	
              Mortgage
                Loan repurchased by the Master Servicer pursuant to Section 3.12(a)
                (Countrywide Home Loans Servicing LP hereby certifies that the Purchase
                Price for the Mortgage Loan has been deposited in the Certificate
                Account)

            

    

     

    
      	 	
              5.

            	
              Other
                (explain):

            

    

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [COUNTRYWIDE
      HOME LOANS, INC.]

    

    By: 

    Name: 

    Title: 

    Date: 

     

    [COUNTRYWIDE
      HOME LOANS SERVICING LP]

     

    By: 

    Name: 

    Title: 

    Date: 

     

    TRUSTEE
      CONSENT TO RELEASE AND

    ACKNOWLEDGEMENT
      OF RECEIPT

     

    By: 

    Name: 

    Title: 

    Date: 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

    

    EXHIBIT
      N

     

    FORM
      OF
      REQUEST FOR FILE RELEASE

     

    OFFICER’S
      CERTIFICATE AND TRUST RECEIPT

    ASSET-BACKED
      CERTIFICATES,

    Series
      2006-BC5

     

    __________________________________________
      HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING
      THE
      OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND HEREBY FURTHER CERTIFIES AS
      FOLLOWS:

     

    WITH
      RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
      SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

     

    [ALL
      PAYMENTS OF PRINCIPAL AND INTEREST HAVE BEEN MADE.] [THE PURCHASE PRICE FOR
      SUCH
      MORTGAGE LOANS HAS BEEN PAID.] [THE MORTGAGE LOANS HAVE BEEN LIQUIDATED AND
      THE
      RELATED [INSURANCE PROCEEDS] [LIQUIDATION PROCEEDS] HAVE BEEN DEPOSITED PURSUANT
      TO SECTION 3.13 OF THE POOLING AND SERVICING AGREEMENT.] [A REPLACEMENT MORTGAGE
      LOAN HAS BEEN DELIVERED TO THE TRUSTEE IN THE MANNER AND OTHERWISE IN ACCORDANCE
      WITH THE CONDITIONS SET FORTH IN SECTIONS 2.02 AND 2.03 OF THE POOLING AND
      SERVICING AGREEMENT.]

     

    LOAN
      NUMBER:_______________  BORROWER’S
      NAME:_____________

     

    COUNTY:____________________

     

    [For
      Substitution or Repurchase Only: The Master Servicer certifies that [an] [no]
      opinion is required by Section 2.05 [and is attached hereto].]

     

    I
      HEREBY
      CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS, THAT ARE
      REQUIRED TO BE DEPOSITED IN THE CERTIFICATE ACCOUNT PURSUANT TO SECTION 3.05
      OF
      THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

     

    ____________ _____________________ DATED:____________

     

    

     

    /
      / VICE
      PRESIDENT

     

    /
      / ASSISTANT
      VICE PRESIDENT

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      O

     

    Exhibit
      O
      is a photocopy

    of
      the
      Depository Agreement

    as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    FORM
      OF
      SUBSEQUENT TRANSFER AGREEMENT

     

    SUBSEQUENT
      TRANSFER AGREEMENT, dated as of ____________, 200[_] (this “Subsequent Transfer
      Agreement”), among CWABS, INC., a Delaware corporation, as depositor (the
“Depositor”), COUNTRYWIDE HOME LOANS, INC., a New York corporation, in its
      capacity as a seller under the Pooling and Servicing Agreement referred to
      below
      (“CHL”), PARK GRANADA LLC, a Delaware limited liability company, in its capacity
      as a seller under the Pooling and Servicing Agreement (“Park Granada”), PARK
      SIENNA LLC, a Delaware limited liability company, in its capacity as a seller
      under the Pooling and Servicing Agreement (“Park Sienna” and, together with CHL
      and Park Granada, the “Sellers”) and The Bank of New York, a New York banking
      corporation, as trustee (the “Trustee”);

     

    WHEREAS,
      the Depositor, CHL, Park Sienna, Park Granada, the Trustee and Countrywide
      Home
      Loans Servicing LP, as Master Servicer have entered in the Pooling and Servicing
      Agreement, dated as of December 1, 2006 (the “Pooling and Servicing Agreement”),
      relating to the CWABS, Inc. Asset-Backed Certificates, Series 2006-BC5
      (capitalized terms not otherwise defined herein are used as defined in the
      Pooling and Servicing Agreement);

     

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

     

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

     

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

     

    (b) The
      “Subsequent Transfer Date Purchase Amount” with respect to this Subsequent
      Transfer Agreement shall be $_______________.

     

    (c) The
      Subsequent Mortgage Loans conveyed on the Subsequent Transfer Date shall be
      subject to the terms and conditions of the Pooling and Servicing Agreement.
      

     

    (d) Annex
      I
      hereto sets forth a list of the Mortgage Loans which are Delay Delivery Mortgage
      Loans. 

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    
       

      
        	 	 	 
	 	
                
                  CWABS,
                    INC.,

                  as
                    Depositor

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                Name:

              
	 	
                Title:

              

      

       

    

    
      
        	 	 	 
	 	
                
                  COUNTRYWIDE
                    HOME LOANS, INC.,

                  as
                    a Seller

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                Name:

              
	 	
                Title:

              

      

       

    

    
      
        	 	 	 
	 	
                
                  PARK
                    SIENNA LLC,

                  as
                    a Seller

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                Name:

              
	 	
                Title:

              

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              
                
                  PARK
                    GRANADA LLC,

                  as
                    a Seller

                

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

     

    
      	 	 	 
	 	
              
                
                  THE
                    BANK OF NEW YORK,

                  not
                    in its individual capacity,

                  but
                    solely as Trustee

                

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

    
      
         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      I

     

    Mortgage
      Loans for which All or a Portion of a Related Mortgage File is not Delivered
      to
      the Trustee on or prior to the Subsequent Transfer Date

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

     

    [RESERVED]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    [RESERVED]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      S-1

     

    [RESERVED]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      S-2

     

    [RESERVED]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      T

     

    OFFICER’S
      CERTIFICATE WITH RESPECT TO PREPAYMENTS

     

    ASSET-BACKED
      CERTIFICATES,

    Series
      2006-BC5

     

    [Date]

    

    Via
      Facsimile

    

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York 10286

     

    Dear
      Sir
      or Madam:

    

    Reference
      is made to the Pooling and Servicing Agreement, dated as of December 1, 2006,
      (the “Pooling and Servicing Agreement”) among CWABS, Inc., as Depositor,
      Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a Seller, Park
      Granada LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
      Servicer, and The Bank of New York, as Trustee. Capitalized terms used herein
      shall have the meanings ascribed to such terms in the Pooling and Servicing
      Agreement.

     

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

     

    With
      respect to the Distribution Date in _________ 20[ ] and each Mortgage Loan
      set
      forth in the attached schedule:

     

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

     

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

     

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

     

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

     

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

     

    4.
      We
      certify that all amounts due in connection with the waiver of a Prepayment
      Charge inconsistent with clause 3 above which are required to be deposited
      by
      the Master Servicer pursuant to Section 3.20 of the Pooling and Servicing
      Agreement, have been or will be so deposited.

     

    
      	 	 	 
	 	
              
                
                  
                    COUNTRYWIDE
                      HOME LOANS, INC.,

                    as
                      Master Servicer

                  

                

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	
              Loan
                Number

            	
              Clause
                2: Yes/No

            	
              Clause
                3: (i) or (ii)

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

     

    FORM
      OF
      SWAP CONTRACT

     

    [See
      document delivered at closing.]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      V-1

     

    FORM
      OF
      SWAP CONTRACT NOVATION AGREEMENT

     

    [See
      document delivered at closing.]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-2

     

    FORM
      OF
      SWAP CONTRACT ADMINISTRATION AGREEMENT

     

    [See
      document delivered at closing.]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-3

     

    [reserved]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      W

     

    MONTHLY
      STATEMENT

     

    [On
      file
      with Trustee]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      X-1

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

     

    (Subservicer)

     

    
      	Re:  	
              The
                Pooling and Servicing Agreement dated as of December
                1,
                2006 (the “Pooling and Servicing Agreement”) among
                CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
                Park
                Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide
                Home
                Loans Servicing LP, as Master Servicer, and the undersigned, as
                Trustee,
                and [Subservicing Agreement] dated as of [ ] (the
                “Agreement”)

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

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

     

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

     

    (c)  (3)Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the [Depositor] [Master
      Servicer];

     

    (d)  (4)I
      am
      responsible for reviewing the activities performed by the Company as a servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement; and

     

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

     

    

     

    Date: _________________________

     

    By:
      ________________________________

    Name:
      

    Title:
      

    

     

    EXHIBIT
      X-2

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

    (Trustee)

     

    
      	Re:  	
              The
                Pooling and Servicing Agreement dated as of December
                1,
                2006 (the “Pooling and Servicing Agreement”) among
                CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller,
                Park
                Sienna LLC, as a Seller, Park Granada LLC, as a Seller, Countrywide
                Home
                Loans Servicing LP, as Master Servicer, and the undersigned, as
                Trustee

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (f)  (1)I
      have
      reviewed the report on assessment of the Company’s compliance with the servicing
      criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”),
      provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange
      Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), [all
      reports on Form 10-D containing statements to certificateholders filed in
      respect of the period included in the year covered by the annual report of
      the
      Trust Fund] (collectively, the “Distribution Date Statements”); 

     

    (g)  (2)Assuming
      the accuracy and completeness of the information delivered to the Company by
      the
      Master Servicer as provided in the Pooling and Servicing Agreement and subject
      to paragraph (4) below, the distribution information determined by the Company
      and set forth in the Distribution Date Statements contained in all Form 10-D’s
      included in the year covered by the annual report of such Trust on Form 10-K
      for
      the calendar year 200[ ], is complete and does not contain any material
      misstatement of fact as of the last day of the period covered by such annual
      report;

     

    (h)  (3)Based
      solely on the information delivered to the Company by the Master Servicer as
      provided in the Pooling and Servicing Agreement, (i) the distribution
      information required under the Pooling and Servicing Agreement to be contained
      in the Trust Fund’s Distribution Date Statements and (ii) the servicing
      information required to be provided by the Master Servicer to the trustee for
      inclusion in the Trust Fund’s Distribution Date Statements, to the extent
      received by the Trustee from the Master Servicer in accordance with the Pooling
      and Servicing Agreement, is included in such Distribution Date
      Statements;

     

    (i)  (4)The
      Company is not certifying as to the accuracy, completeness or correctness of
      the
      information which it received from the Master Servicer and did not independently
      verify or confirm the accuracy, completeness or correctness of the information
      provided by the Master Servicer; 

     

    (j)  (5)I
      am
      responsible for reviewing the activities performed by the Company as a person
      “performing a servicing function” under the Pooling and Servicing Agreement, and
      based on my knowledge and the compliance review conducted in preparing the
      Servicing Assessment and except as disclosed in the Servicing Assessment or
      the
      Attestation Report, the Company has fulfilled its obligations under the Pooling
      and Servicing Agreement; and

     

    (k)  (6)The
      Servicing Assessment and Attestation Report required to be provided by the
      Company and by Subcontractor pursuant to the Pooling and Servicing Agreement,
      have been provided to the Master Servicer and the Depositor. Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      Master Servicer and the Depositor. Any material instance of noncompliance with
      the Servicing Criteria has been disclosed in such reports.

     

    
      Date: _________________________

       

      By:
        ________________________________

      Name:
        

      Title:
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      Y

    

    FORM
      OF
      OFFICER’S CERTIFICATE OF THE TRUSTEE REGARDING SERVICING COMPLIANCE

    

    CWABS
      ASSET-BACKED CERTIFICATES TRUST 2006-BC5

    

    

    The
      undersigned hereby certifies that, pursuant to Section 11.07 of the Pooling
      and
      Servicing Agreement, dated as of December 1, 2006, by and among CWABS, Inc.,
      as
      depositor (the “Depositor”), Countrywide Home Loans, Inc., as a seller, Park
      Granada LLC, as a seller, Park Sienna LLC, as a seller, Countrywide Home Loans
      Servicing LP, as master servicer (the “Master Servicer”) and The Bank Of New
      York, as trustee (the “Trustee”), on or before March 15 of each calendar year,
      commencing in 2007, the [Master
      Servicer] [Trustee] [Name of Subservicer]
      shall
      deliver to the Depositor and the Master Servicer a report regarding the
[Master
      Servicer’s] [Trustee’s] [Name of Subservicer’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, which report shall address each
      of
      the Servicing Criteria specified in Exhibit A hereto.

     

    [Master
      Servicer] [Trustee] [Name of Subservicer],

    not
      in
      its individual capacity, but solely as Trustee

    

    Name:_________________________

    Title:
      

     

    Date:
      _________________________

    

    

    

    Exhibit
      A

    
      	
              Servicing
                Criteria 

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	
               

            
	
               

            	
              General
                Servicing Considerations

            	
               

            
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
               

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
               

            
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	
               

            
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	
               

            
	
               

            	
              Cash
                Collection and Administration

            	
               

            
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
               

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
               

            
	
              1122(d)(2)(iii)

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

            	
               

            
	
              1122(d)(2)(iv)

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

            	
               

            
	
              1122(d)(2)(v)

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

            	
               

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
               

            
	
              1122(d)(2)(vii)

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

            	 
	
               

            	
              Investor
                Remittances and Reporting

            	
               

            
	
              1122(d)(3)(i)

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

            	
               

            
	
              1122(d)(3)(ii)

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

            	
               

            
	
              1122(d)(3)(iii)

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

            	
               

            
	
              1122(d)(3)(iv)

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

            	
               

            
	
               

            	
              Pool
                Asset Administration

            	
               

            
	
              1122(d)(4)(i)

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

            	
               

            
	
              1122(d)(4)(ii)

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

            	
               

            
	
              1122(d)(4)(iii)

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

            	
               

            
	
              1122(d)(4)(iv)

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

            	
               

            
	
              1122(d)(4)(v)

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

            	
               

            
	
              1122(d)(4)(vi)

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

            	
               

            
	
              1122(d)(4)(vii)

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

            	
               

            
	
              1122(d)(4)(viii)

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

            	
               

            
	
              1122(d)(4)(ix)

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

            	
               

            
	
              1122(d)(4)(x)

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

            	
               

            
	
              1122(d)(4)(xi)

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

            	
               

            
	
              1122(d)(4)(xii)

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

            	
               

            
	
              1122(d)(4)(xiii)

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

            	
               

            
	
              1122(d)(4)(xiv)

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

            	
               

            
	
              1122(d)(4)(xv)

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

            	
               

            
	
               

            	
               

            	
               

            

    

    

     

    [NAME
      OF
      MASTER SERVICER] [NAME OF TRUSTEE] [NAME OF SUBSERVICER]

    
       

       

      Date: _________________________

       

      By:
        ________________________________

      Name:
        

      Title:
        

      
 

    

    EXHIBIT
      Z

     

    [FORM
      OF]
      LIST OF ITEM 1119 PARTIES

     

    ASSET
      BACKED CERTIFICATES,

     

    Series
      200_-__

     

    [Date]

    

    
      	
              Party

            	
              Contact
                Information

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      AA

    

    FORM
      OF

    SARBANES-OXLEY
      CERTIFICATION

    (Replacement
      Master Servicer)

    

    (On
      file
      with Trustee)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

     

    PREPAYMENT
      CHARGE SCHEDULE AND PREPAYMENT CHARGE SUMMARY

     

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

     

    COLLATERAL
      SCHEDULE

     

    
      	
              Characteristic

            	
              Applicable
                Section

            	
              Loan
                Group 1

            	
              Loan
                Group 2

            
	
              Single-Family
                Detached Dwellings

            	
              2.03(b)(32)

            	
              [_]

            	
              [_]

            
	
              Two-
                to Four-Family Dwellings

            	
              2.03(b)(32)

            	
              [_]

            	
              [_]

            
	
              Low-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              [_]

            	
              [_]

            
	
              High-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              [_]

            	
              [_]

            
	
              Manufactured
                Housing

            	
              2.03(b)(32)

            	
              [_]

            	
              [_]

            
	
              PUDs

            	
              2.03(b)(32)

            	
              [_]

            	
              [_]

            
	
              Earliest
                Origination Date

            	
              2.03(b)(33)

            	
              [_]

            	
              [_]

            
	
              Prepayment
                Penalty

            	
              2.03(b)(35)

            	
              [_]

            	
              [_]

            
	
              Investor
                Properties

            	
              2.03(b)(36)

            	
              [_]

            	
              [_]

            
	
              Primary
                Residences

            	
              2.03(b)(36)

            	
              [_]

            	
              [_]

            
	
              Lowest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              [_]

            	
              [_]

            
	
              Highest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              [_]

            	
              [_]

            
	
              Weighted
                Average Current Mortgage Rate

            	
              2.03(b)(48)

            	
              [_]

            	
              [_]

            
	
              Lowest
                Gross Margin

            	
              2.03(b)(51)

            	
              [_]

            	
              [_]

            
	
              Highest
                Gross Margin

            	
              2.03(b)(51)

            	
              [_]

            	
              [_]

            
	
              Weighted
                Average Gross Margin

            	
              2.03(b)(51)

            	
              [_]

            	
              [_]

            
	
              Date
                on or before which each Initial Mortgage Loan has a 

              Due
                Date

            	
              2.03(b)(52)

            	
              [_]

            	
              [_]

            

    

    

    
      	
              Adjustment
                Date

            	
              Applicable
                Section

            	
              Adjustable
                Rate Mortgage Loans (other than Two-Year, Three-Year, Four-Year and
                Five-Year Hybrid Mortgage Loans)

            	
              Two-Year
                Hybrid Mortgage Loans

            	
              Three-Year
                Hybrid Mortgage Loans

            	
              Four-Year
                Hybrid Mortgage Loans

            	
              Five-Year
                Hybrid Mortgage Loans

            
	
              Latest
                Next Adjustment Date

            	
              2.03(b)(34)

            	
              [_]

            	
              [_]

            	
              [_]

            	
              [_]

            	
              [_]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]