Document:

Exhibit 4.1

                                                                EXECUTION COPY

==============================================================================

                                 CWABS, INC.,
                                   Depositor

                         COUNTRYWIDE HOME LOANS, INC.,
                                    Seller

                               PARK MONACO INC.,
                                    Seller

                               PARK SIENNA LLC,
                                    Seller

                     COUNTRYWIDE HOME LOANS SERVICING LP,
                                Master Servicer

                                      and

                             THE BANK OF NEW YORK,
                                    Trustee

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

                        POOLING AND SERVICING AGREEMENT

                         Dated as of September 1, 2005

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

                   ASSET-BACKED CERTIFICATES, SERIES 2005-11

<PAGE>

<TABLE>
<CAPTION>

                                                        Table of Contents
                                                        -----------------

                                                                                                                             Page
                                                                                                                             ----

                                                            ARTICLE I.
                                                           DEFINITIONS

<S>                                                                                                                           <C>
Section 1.01   Defined Terms...................................................................................................13
Section 1.02   Certain Interpretive Provisions.................................................................................62

                                                           ARTICLE II.
                                   CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

Section 2.01   Conveyance of Mortgage Loans....................................................................................63
Section 2.02   Acceptance by Trustee of the Mortgage Loans.....................................................................70
Section 2.03   Representations, Warranties and Covenants of the Master Servicer and the Sellers................................76
Section 2.04   Representations and Warranties of the Depositor.................................................................94
Section 2.05   Delivery of Opinion of Counsel in Connection with Substitutions and Repurchases.................................96
Section 2.06   Authentication and Delivery of Certificates.....................................................................97
Section 2.07   Covenants of the Master Servicer................................................................................97

                                                           ARTICLE III.
                                          ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

Section 3.01   Master Servicer to Service Mortgage Loans.......................................................................97
Section 3.02   Subservicing; Enforcement of the Obligations of Master Servicer.................................................99
Section 3.03   Rights of the Depositor, the Sellers, the Certificateholders, the NIM Insurer, the Class AF-5B Insurer
               and the Trustee in Respect of the Master Servicer..............................................................100
Section 3.04   Trustee to Act as Master Servicer..............................................................................100
Section 3.05   Collection of Mortgage Loan Payments; Certificate Account; Distribution Account;
               Pre-Funding Account; Seller Shortfall Interest Requirement.....................................................101
Section 3.06   Collection of Taxes, Assessments and Similar Items; Escrow Accounts............................................104
Section 3.07   Access to Certain Documentation and Information Regarding the Mortgage Loans...................................105
Section 3.08   Permitted Withdrawals from the Certificate Account, Distribution Account, Carryover Reserve
               Fund and the Principal Reserve Fund............................................................................105
Section 3.09   [Reserved].....................................................................................................108
Section 3.10   Maintenance of Hazard Insurance................................................................................108
Section 3.11   Enforcement of Due-On-Sale Clauses; Assumption Agreements......................................................109
Section 3.12   Realization Upon Defaulted Mortgage Loans; Determination of Excess Proceeds and Realized Losses;
               Repurchase of Certain Mortgage Loans...........................................................................110
Section 3.13   Trustee to Cooperate; Release of Mortgage Files................................................................114

                                                                i
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Section 3.14   Documents, Records and Funds in Possession of Master Servicer to be Held for the Trustee.......................115
Section 3.15   Servicing Compensation.........................................................................................115
Section 3.16   Access to Certain Documentation................................................................................116
Section 3.17   Annual Statement as to Compliance..............................................................................116
Section 3.18   Annual Independent Public Accountants' Servicing Statement; Financial Statements...............................116
Section 3.19   The Corridor Contracts.........................................................................................117
Section 3.20   Prepayment Charges.............................................................................................117

                                                         ARTICLE IV.
                                      DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

Section 4.01   Advances; Remittance Reports...................................................................................119
Section 4.02   Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls..........................120
Section 4.03   [Reserved].....................................................................................................120
Section 4.04   Distributions..................................................................................................121
Section 4.05   Monthly Statements to Certificateholders.......................................................................131
Section 4.06   Class AF-5B Policy; Rights of the Class AF-5B Insurer..........................................................135
Section 4.07   Carryover Reserve Fund.........................................................................................138
Section 4.08   Credit Comeback Excess Account.................................................................................139

                                                            ARTICLE V.
                                                         THE CERTIFICATES

Section 5.01   The Certificates...............................................................................................140
Section 5.02   Certificate Register; Registration of Transfer and Exchange of Certificates....................................141
Section 5.03   Mutilated, Destroyed, Lost or Stolen Certificates..............................................................145
Section 5.04   Persons Deemed Owners..........................................................................................146
Section 5.05   Access to List of Certificateholders' Names and Addresses......................................................146
Section 5.06   Book-Entry Certificates........................................................................................146
Section 5.07   Notices to Depository..........................................................................................147
Section 5.08   Definitive Certificates........................................................................................147
Section 5.09   Maintenance of Office or Agency................................................................................148

                                                           ARTICLE VI.
                                        THE DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

Section 6.01   Respective Liabilities of the Depositor, the Master Servicer and the Sellers...................................148
Section 6.02   Merger or Consolidation of the Depositor, the Master Servicer or the Sellers...................................148
Section 6.03   Limitation on Liability of the Depositor, the Sellers, the Master Servicer, the NIM Insurer and Others.........149
Section 6.04   Limitation on Resignation of Master Servicer...................................................................150

                                                               ii
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Section 6.05   Errors and Omissions Insurance; Fidelity Bonds.................................................................150

                                                           ARTICLE VII.
                                             DEFAULT; TERMINATION OF MASTER SERVICER

Section 7.01   Events of Default..............................................................................................151
Section 7.02   Trustee to Act; Appointment of Successor.......................................................................152
Section 7.03   Notification to Certificateholders.............................................................................154

                                                          ARTICLE VIII.
                                                      CONCERNING THE TRUSTEE

Section 8.01   Duties of Trustee..............................................................................................154
Section 8.02   Certain Matters Affecting the Trustee..........................................................................155
Section 8.03   Trustee Not Liable for Mortgage Loans..........................................................................157
Section 8.04   Trustee May Own Certificates...................................................................................157
Section 8.05   Master Servicer to Pay Trustee's Fees and Expenses.............................................................157
Section 8.06   Eligibility Requirements for Trustee...........................................................................158
Section 8.07   Resignation and Removal of Trustee.............................................................................158
Section 8.08   Successor Trustee..............................................................................................159
Section 8.09   Merger or Consolidation of Trustee.............................................................................159
Section 8.10   Appointment of Co-Trustee or Separate Trustee..................................................................160
Section 8.11   Tax Matters....................................................................................................161
Section 8.12   Access to Records of the Trustee...............................................................................164
Section 8.13   Suits for Enforcement..........................................................................................164

                                                           ARTICLE IX.
                                                           TERMINATION

Section 9.01   Termination upon Liquidation or Repurchase of all Mortgage Loans...............................................164
Section 9.02   Final Distribution on the Certificates.........................................................................165
Section 9.03   Additional Termination Requirements............................................................................167

                                                            ARTICLE X.
                                                     MISCELLANEOUS PROVISIONS

Section 10.01  Amendment......................................................................................................168
Section 10.02  Recordation of Agreement; Counterparts.........................................................................169
Section 10.03  Governing Law..................................................................................................170
Section 10.04  Intention of Parties...........................................................................................170
Section 10.05  Notices........................................................................................................170
Section 10.06  Severability of Provisions.....................................................................................172
Section 10.07  Assignment.....................................................................................................172
Section 10.08  Limitation on Rights of Certificateholders.....................................................................172
Section 10.09  Inspection and Audit Rights....................................................................................173
Section 10.10  Certificates Nonassessable and Fully Paid......................................................................173
Section 10.11  Rights of NIM Insurer..........................................................................................173

</TABLE>

                                      iii
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Exhibits
--------

EXHIBIT A              Forms of Certificates
  EXHIBIT A-1          Form of Class AF-1 Certificate
  EXHIBIT A-2          Form of Class AF-2 Certificate
  EXHIBIT A-3          Form of Class AF-3 Certificate
  EXHIBIT A-4          Form of Class AF-4 Certificate
  EXHIBIT A-5          Form of Class AF-5A Certificate
  EXHIBIT A-6          Form of Class AF-5B Certificate
  EXHIBIT A-7          Form of Class AF-6 Certificate
  EXHIBIT A-8          Form of Class MF-1 Certificate
  EXHIBIT A-9          Form of Class MF-2 Certificate
  EXHIBIT A-10         Form of Class MF-3 Certificate
  EXHIBIT A-11         Form of Class MF-4 Certificate
  EXHIBIT A-12         Form of Class MF-5 Certificate
  EXHIBIT A-13         Form of Class MF-6 Certificate
  EXHIBIT A-14         Form of Class MF-7 Certificate
  EXHIBIT A-15         Form of Class MF-8 Certificate
  EXHIBIT A-16         Form of Class BF Certificate
  EXHIBIT A-17         Form of Class 2-AV-1 Certificate
  EXHIBIT A-18         Form of Class 3-AV-1 Certificate
  EXHIBIT A-19         Form of Class 3-AV-2 Certificate
  EXHIBIT A-20         Form of Class 3-AV-3 Certificate
  EXHIBIT A-21         Form of Class MV-1 Certificate
  EXHIBIT A-22         Form of Class MV-2 Certificate
  EXHIBIT A-23         Form of Class MV-3 Certificate
  EXHIBIT A-24         Form of Class MV-4 Certificate
  EXHIBIT A-25         Form of Class MV-5 Certificate
  EXHIBIT A-26         Form of Class MV-6 Certificate
  EXHIBIT A-27         Form of Class MV-7 Certificate
  EXHIBIT A-28         Form of Class MV-8 Certificate
  EXHIBIT A-29         Form of Class MV-9 Certificate
  EXHIBIT A-30         Form of Class BV Certificate
EXHIBIT B              Forms of Class P Certificates
  EXHIBIT B-1          Form of Class PF Certificate
  EXHIBIT B-2          Form of Class PV Certificate
EXHIBIT C              Forms of Class C Certificates
  EXHIBIT C-1          Form of Class CF Certificate
  EXHIBIT C-2          Form of Class CV 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

                                      iv
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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              Form of Corridor Contracts
  EXHIBIT Q-1          Form of Class AF-1 Corridor Contract
  EXHIBIT Q-2          Form of Class 2-AV-1 Corridor Contract
  EXHIBIT Q-3          Form of Class 3-AV Corridor Contract
  EXHIBIT Q-4          Form of Adjustable Rate Subordinate Corridor Contract
EXHIBIT R              Form of Class AF-5B Policy
EXHIBIT S-1            Form of Corridor Contract Assignment Agreement
EXHIBIT S-2            Form of Corridor Contract Administration Agreement
EXHIBIT T              Officer's Certificate with respect to Prepayments
SCHEDULE I             Prepayment Charge Schedule and Prepayment Charge
                         Summary
SCHEDULE II            Collateral Schedule

                                      v
<PAGE>

          POOLING AND SERVICING AGREEMENT, dated as of September 1, 2005, by
and among CWABS, INC., a Delaware corporation, as depositor (the "Depositor"),
COUNTRYWIDE HOME LOANS, INC., a New York corporation, as seller ("CHL" or a
"Seller"), PARK MONACO INC., a Delaware corporation, as a seller ("Park
Monaco" or a "Seller"), PARK SIENNA LLC, a Delaware limited liability company,
as a seller ("Park Sienna" or a "Seller", and together with CHL and Park
Monaco, the "Sellers"), COUNTRYWIDE HOME LOANS SERVICING LP, a Texas limited
partnership, as master servicer (the "Master Servicer"), and THE BANK OF NEW
YORK, a New York banking corporation, as trustee (the "Trustee").

                             PRELIMINARY STATEMENT

          The Depositor is the owner of the Trust Fund that is hereby conveyed
to the Trustee in return for the Certificates. The Trust Fund (excluding the
Credit Comeback Excess Account, the Carryover Reserve Fund, the assets held in
the Pre-Funding Account and the Trust Fund's rights with respect to payments
received under the Corridor Contracts) for federal income tax purposes will
consist of four REMICs ("REMIC 1," "REMIC 2," "REMIC 3" and the "Master
REMIC"). Each Certificate, other than the Class A-R Certificate, will
represent ownership of one or more regular interests in the Master REMIC for
purposes of the REMIC Provisions. The Class A-R Certificate represents
ownership of the sole class of residual interest in REMIC 1, REMIC 2, REMIC 3
and the Master REMIC. The Master REMIC will hold as assets the several classes
of uncertificated REMIC 3 Interests. Each REMIC 3 Interest (other than the
R-3-R Interest) is hereby designated as a regular interest in REMIC 3. REMIC 3
will hold as assets the several classes of REMIC 2 Interests (other than the
R-2-R Interest). Each REMIC 2 Interest (other than the R-2-R Interest) is
hereby designated as a regular interest in REMIC 2. REMIC 2 will hold as
assets the several classes of REMIC 1 Interests (other than the R-1-R
Interest). Each REMIC 1 Interest (other than the R-1-R Interest) is hereby
designated as a regular interest in REMIC 1. REMIC 1 will hold as assets all
property of the Trust Fund (excluding the Credit Comeback Excess Account, the
Carryover Reserve Fund, the assets held in the Pre-Funding Account and the
Trust Fund's rights with respect to payments received under the Corridor
Contracts). The latest possible maturity date of all REMIC regular interests
created in this Agreement shall be the Latest Possible Maturity Date.

     REMIC 1:

          The REMIC 1 Interests will have the principal balances, pass-through
rates and Corresponding Loan Groups as set forth below.

<PAGE>

<TABLE>
<CAPTION>

                                          Initial             Pass-Through             Corresponding
REMIC 1 Interests                         Balance                 Rate                 Loan Group(s)
------------------------------------  ----------------      -----------------      ----------------------
<S>                                        <C>                     <C>                    <C>
R-1-1-I.............................        (1)                    (5)                       1
R-1-1-S.............................        (2)                    (6)                       1
R-1-2-I.............................        (1)                    (5)                       2
R-1-2-S.............................        (2)                    (6)                       2
R-1-3-I.............................        (1)                    (5)                       3
R-1-3-S.............................        (2)                    (6)                       3
R-1-XF..............................        (3)                    (7)                       1
R-1-XV..............................        (3)                    (7)                    2 and 3
R-1-PF..............................       $100                    (8)                      N/A
R-1-PV..............................       $100                    (9)                      N/A
R-1-R...............................        (4)                    (4)                      N/A

</TABLE>

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

(1)  The principal balance of each REMIC 1 Interest having an "I" designation
     is the principal balance of all the Initial Mortgage Loans in the
     Corresponding Loan Group.

(2)  The principal balance of each REMIC 1 Interest having an "S" designation
     is the principal balance of all the Subsequent Mortgage Loans in the
     Corresponding Loan Group.

(3)  This REMIC 1 Interest pays no principal.

(4)  The R-1-R Interest is the sole class of residual interest in REMIC 1. It
     has no principal balance and pays no principal or interest.

(5)  The interest rate for this REMIC 1 Interest with respect to any
     Distribution Date (and the related Accrual Period) through the
     Distribution Date in December 2005 is a per annum rate equal to the
     weighted average of the Adjusted Net Mortgage Rates of the Initial
     Mortgage Loans in the Corresponding Loan Group. For any Distribution Date
     (and the related Accrual Period) following the Distribution Date in
     December 2005, the interest rate for this REMIC 1 Interest is a per annum
     rate equal to the weighted average of the Adjusted Net Mortgage Rates of
     all the Mortgage Loans in the Corresponding Loan Group.

(6)  The interest rate for this REMIC 1 Interest with respect to any
     Distribution Date (and the related Accrual Period) through the
     Distribution Date in December 2005 is a per annum rate equal to 0.00%.
     For any Distribution Date (and the related Accrual Period) following the
     Distribution Date in December 2005, the interest rate for this REMIC 1
     Interest is a per annum rate equal to the weighted average of the
     Adjusted Net Mortgage Rates of all the Mortgage Loans in the
     Corresponding Loan Group.

(7)  For any Distribution Date (and the related Accrual Period) through the
     Distribution Date in December 2005, this REMIC 1 Interest is entitled to
     all the interest payable with

                                      2
<PAGE>

     respect to the Subsequent Mortgage Loans in the Corresponding Loan Group
     (or Groups). For any Distribution Date (and the related Accrual Period)
     following the Distribution Date in December 2005, the interest rate for
     this REMIC 1 Interest is a per annum rate equal to 0.00%.

(8)  The R-1-PF Interest is entitled to all Prepayment Charges collected with
     respect to the Mortgage Loans in Loan Group 1. It pays no interest.

(9)  The R-1-PV Interest is entitled to all Prepayment Charges collected with
     respect to the Mortgage Loans in Loan Group 2 and Loan Group 3. It pays
     no interest.

     On each Distribution Date, the Interest Funds and the Principal
Distribution Amount of the Corresponding Loan Groups shall be distributed with
respect to the REMIC 1 Interests in the following manner:

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

     (2) Principal. For any Distribution Date (and the related Accrual Period)
through the Distribution Date in December 2005, the Principal Distribution
Amount with respect to the Initial Mortgage Loans in a Loan Group shall be
allocated to its corresponding "I" REMIC 1 Interests, and the Principal
Distribution Amount with respect to the Subsequent Mortgage Loans in a Loan
Group shall be allocated to its corresponding "S" REMIC 1 Interests. For any
Distribution Date (and the related Accrual Period) after the Distribution Date
in December 2005, the Principal Distribution Amount with respect to all
Mortgage Loans in a Loan Group shall be allocated in proportion to its
corresponding REMIC 1 Interests.

     REMIC 2:

          The REMIC 2 Interests will have the principal balances, pass-through
rates and Corresponding Loan Groups as set forth below. For the purpose of the
descriptions that follow, (1) Loan Group 1 and the REMIC 2 Interests that
correspond to Loan Group 1 are referred to, from time to time, as the "Fixed
Loan Group" and the "Fixed Interests," respectively, and (2) Loan Group 2 and
Loan Group 3 and the REMIC 2 Interests corresponding to Loan Group 2 and Loan
Group 3 are referrred to, from time to time, as the "Variable Loan Groups" and
the "Variable Interests," respectively.

<TABLE>
<CAPTION>

                                                                 Pass-Through      Corresponding
REMIC 2 Interests                            Initial Balance         Rate            Loan Group
------------------------------------------- ------------------  ---------------  ------------------
<S>                                               <C>                <C>                 <C>
R-2-F .....................................        (1)                (2)                 1
R-2-A-2 (0.9% of SCB Group 2)..............        (3)                (4)                 2
R-2-B-2 (0.1% of SCB Group 2)..............        (3)                (4)                 2
R-2-C-2 (0.9% of ASCB Group 2).............        (3)                (4)                 2
R-2-D-2 (0.1% of ASCB Group 2).............        (3)                (4)                 2
R-2-E-2 (Excess of Group 2)................        (3)                (4)                 2
R-2-A-3 (0.9% of SCB Group 3)..............        (3)                (5)                 3
R-2-B-3 (0.1% of SCB Group 3)..............        (3)                (5)                 3

                                      3
<PAGE>

                                                                 Pass-Through      Corresponding
REMIC 2 Interests                            Initial Balance         Rate            Loan Group
------------------------------------------- ------------------  ---------------  ------------------
R-2-C-3 (0.9% of ASCB Group 3).............        (3)                (5)                 3
R-2-D-3 (0.1% of ASCB Group 3).............        (3)                (5)                 3
R-2-E-3 (Excess of Group 3)................        (3)                (5)                 3
R-2-PF.....................................       $100                (6)                N/A
R-2-PV.....................................       $100                (7)                N/A
R-2-R......................................        (8)                (8)                N/A
R-2-XF.....................................        (9)               (10)                N/A
R-2-XV.....................................        (9)               (11)                N/A

</TABLE>

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

(1)  The Class F Interest will have a principal balance equal to the principal
     balance of the R-1-1-I and R-1-1-S Interests.

(2)  A rate equal to the weighted average of the pass-through rates of the
     R-1-1-I and R-1-1-S Interests (the "Loan Group 1 Net Rate Cap").

(3)  With respect to the Variable Interests, each REMIC 2 Interest having an
     "R-2-A-" designation (each, an "R-2-A Interest") will have a principal
     balance initially equal to 0.9% of the Subordinate Component Balance
     ("SCB") of its Corresponding Loan Group. Each REMIC 2 Interest having an
     "R-2-B-" designation (each, an "R-2-B Interest") will have a principal
     balance initially equal to 0.1% of the SCB of its Corresponding Loan
     Group. Each REMIC 2 Interest having an "R-2-C-" designation (each, an
     "R-2-C Interest") will have a principal balance initially equal to 0.9%
     of the Adjusted Subordinate Component Balance ("ASCB") of its
     Corresponding Loan Group. Each REMIC 2 Interest having an "R-2-D-"
     designation (each, an "R-2-D Interest") will have a principal balance
     initially equal to 0.1% of the ASCB of its Corresponding Loan Group. The
     initial principal balance of each REMIC 2 Interest having an "R-2-E-"
     designation (each, an "R-2-E Interest") will equal the excess of its
     Corresponding Loan Group over the initial aggregate principal balances of
     the R-2-A, R-2-B, R-2-C and R-2-D Interests corresponding to such Loan
     Group.

(4)  A rate equal to the weighted average of the pass-through rates of the
     R-1-2-I and R-1-2-S Interests (the "Loan Group 2 Net Rate Cap").

(5)  A rate equal to the weighted average of the pass-through rates of the
     R-1-3-I and R-1-3-S Interests (the "Loan Group 3 Net Rate Cap").

(6)  The R-2-PF Interest is entitled to all amounts payable with respect to
     the R-1-PF Interest. It pays no interest.

(7)  The R-2-PV Interest is entitled to all amounts payable with respect to
     the R-1-PV Interest. It pays no interest.

(8)  The R-2-R Interest is the sole class of residual interest in REMIC 2. It
     has no principal balance and pays no principal or interest.

                                      4
<PAGE>

(9)  This REMIC 2 Interest pays no principal.

(10) This REMIC 2 Interest is entitled to all amounts payable with respect to
     the R-1-XF Interest.

(11) This REMIC 2 Interest is entitled to all amounts payable with respect to
     the R-1-XV Interest.

          On each Distribution Date, the Interest Funds and the Principal
Distribution Amounts payable with respect to the REMIC 1 Interests shall be
payable with respect to the REMIC 2 Interests in the following manner:

     (1) Interest. Interest is to be distributed with respect to each REMIC 2
Interest at the rate, or according to the formulas, described above.

     (2) Principal. All Principal Distribution Amounts arising with respect to
Loan Group 1 shall be allocated to the Fixed Interests.

     (3) Principal if no Cross-Over Situation Exists. If no Cross-Over
Situation exists with respect to any Variable Interest, then the Principal
Distribution Amounts payable with respect to each Variable Loan Group will be
payable: first to cause the Variable Loan Group's corresponding R-2-A, R-2-B,
R-2-C and R-2-D Interests to equal, respectively, 0.9% of the SCB, 0.1% of the
SCB, 0.9% of the ASCB and 0.1% of the ASCB, of the Corresponding Loan Group,
and then to the corresponding R-2-E Interest.

     (4) Principal if a Cross-Over Situation Exists. If a Cross-Over Situation
exists with respect to the R-2-A and R-2-B Interests then:

     (a) if the Calculation Rate in respect of the outstanding R-2-A and R-2-B
Interests is less than the Adjustable Rate Subordinate Net Rate Cap, Principal
Relocation Payments will be made proportionately to the outstanding R-2-A
Interests prior to any other principal distributions from each such Variable
Loan Group; and

     (b) if the Calculation Rate in respect of the outstanding R-2-A and R-2-B
Interests is greater than the Adjustable Rate Subordinate Net Rate Cap,
Principal Relocation Payments will be made proportionately to the outstanding
R-2-B Interests prior to any other principal distributions from each such
Variable Loan Group.

In each case, Principal Relocation Payments will be made so as to cause the
Calculation Rate in respect of the outstanding R-2-A and R-2-B Interests to
equal the Adjustable Rate Subordinate Net Rate Cap. With respect to each
Variable Loan Group, if (and to the extent that) the sum of (a) the principal
payments comprising the Principal Distribution Amount payable for the related
Distribution Date and (b) the Realized Losses, are insufficient to make the
necessary reductions of principal on the R-2-A and R-2-B Interests, then
interest will be added to the Variable Loan Group's R-2-E Interest.

(c) The outstanding aggregate R-2-A and R-2-B Interests for both Variable Loan
Groups will not be reduced below 1 percent of the excess of (i) the aggregate
outstanding Stated Principal

                                      5
<PAGE>

Balances of all Variable Loan Groups as of the end of any Due Period over (ii)
the Senior Certificates related to the Variable Loan Groups as of the related
Distribution Date (after taking into account distributions of principal on
such Distribution Date).

If (and to the extent that) the limitation in paragraph (c) prevents the
distribution of principal to the R-2-A and R-2-B Interests of a Variable Loan
Group, and if the Variable Loan Group's corresponding R-2-E Interest has
already been reduced to zero, then the excess principal from that Variable
Loan Group will be paid to the R-2-E Interest of the other Variable Loan
Group, the aggregate R-2-A and R-2-B Interests of which are less than one
percent of the Subordinate Component Balance. If the Variable Loan Group of
the corresponding R-2-E Interest that receives such payment has a Group Net
Rate Cap below the Group Net Rate Cap of the Variable Loan Group making the
payment, then the payment will be treated by REMIC 2 as a Realized Loss.
Conversely, if the Variable Loan Group of the R-2-E Interest that receives
such payment has a Group Net Rate Cap above the Group Net Rate Cap of the
Variable Loan Group making the payment, then the payment will be treated by
REMIC 2 as a reimbursement for prior Realized Losses.

If a Cross-Over Situation exists with respect to the R-2-C and R-2-D Interests
then:

     (d) if the Calculation Rate in respect of the outstanding R-2-C and R-2-D
Interests is less than the Modified Adjustable Rate Subordinate Net Rate Cap,
Principal Relocation Payments will be made proportionately to the R-2-C
Interests prior to any other principal distributions from each such Variable
Loan Group; and

     (e) if the Calculation Rate in respect of the outstanding R-2-C and R-2-D
Interests is greater than the Modified Adjustable Rate Subordinate Net Rate
Cap, Principal Relocation Payments will be made proportionately to the
outstanding R-2-D Interests prior to any other principal distributions from
each such Variable Loan Group.

In each case, Principal Relocation Payments will be made so as to cause the
Calculation Rate in respect of the outstanding R-2-C and R-2-D Interests to
equal the Modified Adjustable Rate Subordinate Net Rate Cap. With respect to
each Variable Loan Group, if (and to the extent that) the sum of (a) the
principal payments comprising the Principal Distribution Amount payable for
the related Distribution Date and (b) the Realized Losses, are insufficient to
make the necessary reductions of principal on the R-2-C and R-2-D Interests,
then interest will be added to the Variable Loan Group's R-2-E Interest.

     (f) The outstanding aggregate R-2-C and R-2-D Interests for all Variable
Loan Groups will not be reduced below 1 percent of the excess of (i) the
aggregate outstanding Stated Principal Balances of all Variable Loan Groups as
of the end of any Due Period over (ii) the Senior Certificates related to the
Variable Loan Groups as of the related Distribution Date (after taking into
account distributions of principal on such Distribution Date).

If (and to the extent that) the limitation in paragraph (f) prevents the
distribution of principal to the R-2-C and R-2-D Interests of a Variable Loan
Group, and if the Variable Loan Group's R-2-E Interest has already been
reduced to zero, then the excess principal from that Variable Loan Group will
be paid to the R-2-E Interests of the other Variable Loan Group, the aggregate
R-2-C

                                      6
<PAGE>

and R-2-D Interests of which are less than one percent of the Adjusted
Subordinate Component Balance. If the Variable Loan Group of the R-2-E
Interest that receives such payment has a Group Net Rate Cap below the Group
Net Rate Cap of the Variable Loan Group making the payment, then the payment
will be treated by REMIC 2 as a Realized Loss. Conversely, if the Variable
Loan Group of the R-2- E Interest that receives such payment has a Group Net
Rate Cap above the Group Net Rate Cap of the Variable Loan Group making the
payment, then the payment will be treated by REMIC 2 as a reimbursement for
prior Realized Losses.

                                      7
<PAGE>

     REMIC 3:

The REMIC 3 Regular Interests will have the principal balances, pass-through
rates and Corresponding Classes of Certificates as set forth in the following
table:

<TABLE>
<CAPTION>

------------------------------- ---------------------------- ---------------------------- ----------------------------
                                     Initial Principal               Pass-Through             Corresponding Class
      REMIC 3 Interests                   Balance                       Rate                    of Certificates
------------------------------- ---------------------------- ---------------------------- ----------------------------
<S>                                        <C>                          <C>                         <C>
R-3-AF-1......................              (1)                          (2)                         AF-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-AF-2......................              (1)                          (2)                         AF-2
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-AF-3......................              (1)                          (2)                         AF-3
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-AF-4......................              (1)                          (2)                         AF-4
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-AF-5A.....................              (1)                          (2)                         AF-5A
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-AF-5B.....................              (1)                          (2)                         AF-5B
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-AF-6......................              (1)                          (2)                         AF-6
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-1......................              (1)                          (2)                         MF-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-2......................              (1)                          (2)                         MF-2
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-3......................              (1)                          (2)                         MF-3
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-4......................              (1)                          (2)                         MF-4
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-5......................              (1)                          (2)                         MF-5
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-6......................              (1)                          (2)                         MF-6
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-7......................              (1)                          (2)                         MF-7
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MF-8......................              (1)                          (2)                         MF-8
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-BF........................              (1)                          (2)                          BF
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-PF........................             $100                          (3)                          PF
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-F-Accrual.................              (1)                          (2)                          N/A
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-2-AV-1....................              (4)                          (5)                        2-AV-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-3-AV-1....................              (4)                          (5)                        3-AV-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-3-AV-2....................              (4)                          (5)                        3-AV-2
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-3-AV-3....................              (4)                          (5)                        3-AV-3
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-1......................              (4)                          (5)                         MV-1
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-2......................              (4)                          (5)                         MV-2
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-3......................              (4)                          (5)                         MV-3
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-4......................              (4)                          (5)                         MV-4
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-5......................              (4)                          (5)                         MV-5
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-6......................              (4)                          (5)                         MV-6
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-7......................              (4)                          (5)                         MV-7
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-8......................              (4)                          (5)                         MV-8
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-MV-9......................              (4)                          (5)                         MV-9
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-BV........................              (4)                          (5)                          BV
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-$100......................                $100                       (6)                          A-R
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-V-Accrual.................              (4)                          (5)                          N/A
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-PV........................                $100                       (7)                          PV
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-R.........................              (8)                          (8)                          N/A
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-XF........................              (9)                         (10)                          CF
------------------------------- ---------------------------- ---------------------------- ----------------------------
R-3-XV........................              (9)                         (11)                          CV
------------------------------- ---------------------------- ---------------------------- ----------------------------

</TABLE>

                                      8
<PAGE>

(1) This REMIC 3 Interest has a principal balance that is initially equal to
50% of its Corresponding Certificate Class issued by the Master REMIC.
Principal payments, both scheduled and prepaid, Realized Losses, Subsequent
Recoveries and interest accruing on the R-3-F-Accrual Interest will be
allocated to this class to maintain its size relative to its Corresponding
Certificate Class (that is, 50%) with any excess payments of principal,
Realized Losses and Subsequent Recoveries being allocated to the R-3-F-Accrual
Interest in such manner as to cause the principal balance of the R-3-F-Accrual
Interest to have a principal balance equal to (a) 50% of the Loan Group 1
principal balance plus (b) 50% of the Fixed Rate Overcollateralized Amount for
such Distribution Date.

(2) The pass-through rate with respect to any Distribution Date (and the
related Accrual Period) for this REMIC 3 Interest is a per annum rate equal to
the Loan Group 1 Net Rate Cap.

(3) The R-3-PF Interest is entitled to all amounts collected with respect to
the R-2-PF Interest. It pays no interest.

(4) This REMIC 3 Interest has a principal balance that is initially equal to
50% of its Corresponding Certificate Class issued by the Master REMIC.
Principal payments, both scheduled and prepaid, Realized Losses, Subsequent
Recoveries and interest accruing on the R-3-V-Accrual Interest will be
allocated to this class to maintain its size relative to its Corresponding
Certificate Class (that is, 50%) with any excess payments of principal,
Realized Losses and Subsequent Recoveries being allocated to the R-3-V-Accrual
Interest in such manner as to cause the principal balance of the R-3-V-Accrual
Interest to have a principal balance equal to (a) 50% of the Loan Group 2 and
Loan Group 3 principal balances plus (b) 50% of the Adjustable Rate
Overcollateralized Amount for such Distribution Date.

(5) The pass-through rate with respect to any Distribution Date (and the
related Accrual Period) for this REMIC 3 Interest is a per annum rate equal to
the weighted average of the Loan Group 2 Net Rate Cap and the Loan Group 3 Net
Rate Cap (the "Variable Pool Net Rate Cap").

(6) This REMIC 3 Interest pays no interest.

(7) The R-3-PV Interest is entitled to all amounts collected with respect to
the R-2-PV Interest. It pays no interest.

(8) The R-3-R Interest is the sole class of residual interest in REMIC 3. It
has no principal balance and pays no principal or interest.

(9) This REMIC 3 Interest pays no principal.

(10) This REMIC 3 Interest is entitled to all amounts payable with respect to
the R-2-XF Interest.

(11) This REMIC 3 Interest is entitled to all amounts payable with respect to
the R-2-XV Interest.

                                      9
<PAGE>

     On each Distribution Date, the Interest Funds and the Principal
Distribution Amount payable with respect to the REMIC 2 Interests shall be
payable with respect to the REMIC 3 Interests in the following manner:

     (1) Interest. Interest is to be distributed with respect to each REMIC 3
Interest at the rate, or according to the formulas, described above.

     (2) Principal. Principal Distribution Amounts shall be allocated among
the REMIC 3 Interests as described above.

                                      10
<PAGE>

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

<TABLE>
<CAPTION>

                                                             Original Certificate
Class                                                         Principal  Balance          Pass-Through Rate
--------------------------------------------------     -------------------------------  -----------------------
<S>                                                              <C>                             <C>
Class AF-1......................................                 $283,724,000                    (1)
Class AF-2......................................                  $40,996,000                    (1)
Class AF-3......................................                 $174,839,000                    (1)
Class AF-4......................................                  $42,758,000                    (1)
Class AF-5A.....................................                  $39,000,000                    (1)
Class AF-5B.....................................                  $36,027,000                    (1)
Class AF-6......................................                  $83,200,000                    (1)
Class MF-1......................................                  $24,544,000                    (1)
Class MF-2......................................                  $22,048,000                    (1)
Class MF-3......................................                  $13,728,000                    (1)
Class MF-4......................................                  $12,480,000                    (1)
Class MF-5......................................                  $10,816,000                    (1)
Class MF-6......................................                   $9,984,000                    (1)
Class MF-7......................................                   $8,736,000                    (1)
Class MF-8......................................                   $8,320,000                    (1)
Class BF........................................                   $8,320,000                    (1)
Class 2-AV-1....................................                 $552,682,000                    (1)
Class 3-AV-1....................................                 $161,681,000                    (1)
Class 3-AV-2....................................                 $125,689,000                    (1)
Class 3-AV-3....................................                  $16,092,000                    (1)
Class MV-1......................................                  $58,984,000                    (1)
Class MV-2......................................                  $56,064,000                    (1)
Class MV-3......................................                  $25,696,000                    (1)
Class MV-4......................................                  $23,944,000                    (1)
Class MV-5......................................                  $21,608,000                    (1)
Class MV-6......................................                  $15,768,000                    (1)
Class MV-7......................................                  $22,192,000                    (1)
Class MV-8......................................                  $14,600,000                    (1)
Class MV-9......................................                  $15,184,000                    (1)
Class BV........................................                  $14,600,000                    (1)
Class CF........................................                        (2)                      (3)
Class CV........................................                        (2)                      (4)
Class PF........................................                         $100                    (5)
Class PV........................................                         $100                    (5)
Class A-R.......................................                         $100                    (6)

</TABLE>

(1)  The Certificates will accrue interest at the related Pass-Through Rates
     identified in this Agreement. For federal income tax purposes, the
     pass-through rate in respect of (i) each of the Class AF (other than the
     Class AF-5B Certificates), Class MF and Class BF Certificates will be
     subject to a cap equal to the Loan Group 1 Net Rate Cap, (ii) the Class
     AF-5B Certificates will be subject to a cap equal to the Loan Group 1 Net
     Rate Cap minus the Class AF-5B Policy Premium Rate, (iii) the Class
     2-AV-1 Certificates will be subject to a cap equal to the Loan Group 2
     Net Rate Cap, (iv) the Class 3-AV Certificates will be subject to a cap
     equal to the Loan Group 3 Net Rate Cap, and (v) the Adjustable Rate
     Subordinate Certificates will be

                                      11
<PAGE>

     subject to a cap equal to the lesser of the Adjustable Rate Subordinate
     Net Rate Cap and the Modified Adjustable Rate Subordinate Net Rate Cap.
(2)  For federal income tax purposes, the Class CF and Class CV Certificates
     will be treated as having Certificate Principal Balances equal to the
     Fixed Rate Overcollateralized Amount and Adjustable Rate
     Overcollateralized Amount, respectively.
(3)  For each Interest Accrual Period the Class CF Certificates are entitled
     to an amount (the "Class CF Distributable Amount") equal to the sum of
     (a) the interest payable on the R-3-XF Interests and (b) a specified
     portion of the interest payable on the REMIC 3 Regular Interests having
     an "F" designation in the column entitled "REMIC 3 Interests" (other than
     the R-3-PF and R-3-XF Interests) equal to the excess of the Loan Group 1
     Net Rate Cap over the product of two and the weighted average interest
     rate of the REMIC 3 Regular Interests having an "F" designation in the
     column entitled "REMIC 3 Interests" (other than the R-3-PF and R-3-XF
     Interests) with each such Class other than the R-3-F-Accrual Interest,
     subject to a cap and a floor equal to the Pass-Through Rate of the
     Corresponding Master REMIC Class and the R-3-F-Accrual Interest subject
     to a cap of 0.00%. The Pass-Through Rate of the Class CF Certificates
     shall be a rate sufficient to entitle it to all interest accrued on the
     REMIC 1 Group 1 "I" and "S" Interests less the interest accrued on the
     other F Class interests issued by the Master REMIC. The Class CF
     Distributable Amount for any Distribution Date is payable from current
     interest on the Group 1 Mortgage Loans and from any Principal Remittance
     Amount for Loan Group 1 not distributed to the Class AF, Class MF and
     Class BF Certificates due to a decrease in the Fixed Rate
     Overcollateralization Target Amount with respect to any Distribution
     Date.
(4)  For each Interest Accrual Period the Class CV Certificates are entitled
     to an amount (the "Class CV Distributable Amount") equal to the sum of
     (a) the interest payable on the R-3-XV Interests and (b) a specified
     portion of the interest payable on the REMIC 3 Regular Interests having a
     "V" designation in the column entitled "REMIC 3 Interests" (other than
     the R-3-PV and R-3-XV Interests) equal to the excess of the Variable Pool
     Net Rate Cap over the product of two and the weighted average interest
     rate of the REMIC 3 Regular Interests having a "V" designation in the
     column entitled "REMIC 3 Interests" (other than the R-3-PV and R-3-XV
     Interests) with each such Class other than the R-3-V-Accrual Interest,
     subject to a cap and a floor equal to the Pass-Through Rate of the
     Corresponding Master REMIC Class and the R-3-V-Accrual Interest subject
     to a cap of 0.00%. The Pass-Through Rate of the Class CV Certificates
     shall be a rate sufficient to entitle it to all interest accrued on the
     REMIC 1 Group 2 and Group 3 "I" and "S" Interests less the interest
     accrued on the other V Class interests issued by the Master REMIC . The
     Class CV Distributable Amount for any Distribution Date is payable from
     current interest on the Group 2 and Group 3 Mortgage Loans and from any
     Principal Remittance Amounts for Loan Group 2 and Loan Group 3 not
     distributed to the Class AV, Class MV and Class BV Certificates due to a
     decrease in the Adjustable Rate Overcollateralization Target Amount with
     respect to any Distribution Date.
(5)  For each Distribution Date the Class PF and Class PV Certificates are
     entitled to all Prepayment Charges distributed with respect to the R-3-PF
     and R-3-PV Interests, respectively.
(6)  The Class A-R Certificates represent the sole class of residual interest
     in each REMIC created hereunder. The Class A-R Certificates are not
     entitled to distributions of interest.

          The foregoing REMIC structure is intended to cause all of the cash
from the Mortgage Loans to flow through to the Master REMIC as cash flow on a
REMIC regular interest, 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,
(that is, its entitlement to $100).

                                      12
<PAGE>

                                  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:

          Accrual Period: With respect to any Distribution Date and each Class
of Adjustable Rate 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 each Class of
Fixed Rate Certificates and the Class C Certificates, the calendar month
preceding the month in which such Distribution Date occurs. All calculations
of interest on the Adjustable Rate 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 Fixed Rate Certificates and
Class C Certificates will be made on the basis of a 360-day year consisting of
twelve 30-day months.

          Adjustable Rate Certificates: The Class AF-1 Certificates, the Class
AV Certificates and the Adjustable Rate Subordinate Certificates.

          Adjustable Rate Cumulative Loss Trigger Event: With respect to any
Distribution Date on or after the Adjustable Rate Stepdown Date, an Adjustable
Rate Cumulative Loss Trigger Event occurs if (x) the aggregate amount of
Realized Losses on the Mortgage Loans in Loan Group 2 and Loan Group 3 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 related to the Mortgage Loans in Loan Group 2 and Loan Group 3
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 in Loan Group 2 and Loan
Group 3, the Group 2 Pre-Funded Amount and the Group 3 Pre-Funded Amount, as
set forth below:

                                      13
<PAGE>

      Distribution Date                      Percentage
      -----------------                      ----------

      October 2007 -- September 2008......... 1.75% with respect to October
                                              2007, plus an additional 1/12th
                                              of 1.75% for each month
                                              thereafter through September
                                              2008
      October 2008 -- September 2009......... 3.50% with respect to October
                                              2008, plus an additional 1/12th
                                              of 2.00% for each month
                                              thereafter through September
                                              2009
      October 2009 -- September  2010........ 5.50% with respect to October
                                              2009, plus an additional 1/12th
                                              of 1.50% for each month
                                              thereafter through September
                                              2010
      October 2010 -- September  2011........ 7.00% with respect to October
                                              2010, plus an additional 1/12th
                                              of 0.75% for each month
                                              thereafter through September
                                              2011
      October 2011 and thereafter............ 7.75%

          Adjustable Rate Delinquency Trigger Event: With respect to any
Distribution Date on or after the Adjustable Rate Stepdown Date, an Adjustable
Rate Delinquency Trigger Event exists if the Rolling Sixty-Day Delinquency
Rate for Outstanding Mortgage Loans in Loan Group 2 and Loan Group 3 equals or
exceeds the product of (x) the Adjustable Rate Senior Enhancement Percentage
for such Distribution Date and (y) the applicable percentage listed below for
the most senior class of outstanding Class AV Certificates and Adjustable Rate
Subordinate Certificates:

                           Class                       Percentage

              Class AV........................            30.00%
              Class MV-1......................            37.00%
              Class MV-2......................            47.50%
              Class MV-3......................            54.75%
              Class MV-4......................            63.50%
              Class MV-5......................            74.50%
              Class MV-6......................            85.25%
              Class MV-7......................           106.75%
              Class MV-8......................           128.25%
              Class MV-9......................           161.75%
              Class BV........................           216.50%

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

                                      14
<PAGE>

          Adjustable Rate Loan Group 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(b)(iii)(b), (ii) the amount remaining after the distribution of
principal to Certificateholders for such Distribution Date, pursuant to
Section 4.04(d)(1)(B)(ii) or 4.04(d)(2)(C), and (iii) the Adjustable Rate
Overcollateralization Reduction Amount for such Distribution Date, if any.

          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.

          Adjustable Rate OC Floor: For 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 in Loan Group 2 and Loan Group 3, the Group 2
Pre-Funded Amount and the Group 3 Pre-Funded Amount.

          Adjustable Rate Overcollateralization Deficiency Amount: With
respect to any Distribution Date, the amount, if any, by which the Adjustable
Rate Overcollateralization Target Amount exceeds the Adjustable Rate
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) for Loan Group
2 and Loan Group 3 on such Distribution Date).

          Adjustable Rate Overcollateralization Reduction Amount: With respect
to any Distribution Date, an amount equal to the lesser of (i) the Adjustable
Rate Excess Overcollateralization Amount for such Distribution Date and (ii)
the aggregate Principal Remittance Amount for Loan Group 2 and Loan Group 3
for such Distribution Date.

          Adjustable Rate Overcollateralization Target Amount: With respect to
any Distribution Date (a) prior to the Adjustable Rate Stepdown Date, an
amount equal to 3.70% of the sum of the aggregate Cut-off Date Principal
Balance of the Initial Mortgage Loans in Loan Group 2 and Loan Group 3, the
Group 2 Pre-Funded Amount and the Group 3 Pre-Funded Amount and (b) on or
after the Adjustable Rate Stepdown Date, the greater of (i) an amount equal to
7.40% of the aggregate Stated Principal Balance of the Mortgage Loans in Loan
Group 2 and Loan Group 3 for the current Distribution Date and (ii) the
Adjustable Rate OC Floor; provided, however, that if an Adjustable Rate
Trigger Event is in effect on any Distribution Date, the Adjustable Rate
Overcollateralization Target Amount will be the Adjustable Rate
Overcollateralization Target Amount as in effect for the prior Distribution
Date.

          Adjustable Rate 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 in Loan Group 2 and Loan Group
3 for such Distribution Date and any amount on deposit in the Pre-Funding
Account in respect of Loan Group 2 and Loan Group 3 exceeds (y) the sum of the
aggregate Certificate Principal Balance of the Class AV Certificates and the
Adjustable Rate Subordinate Certificates as of such Distribution Date (after
giving effect to distribution of the Principal Remittance Amounts for Loan
Group 2 and Loan Group 3 to be made on such Distribution Date and, in the case
of the Distribution Date immediately following

                                      15
<PAGE>

the end of the Funding Period, any amounts to be released from the Pre-Funding
Account in respect of Loan Group 2 and Loan Group 3).

          Adjustable Rate Senior Enhancement Percentage: With respect to a
Distribution Date on or after the Adjustable Rate Stepdown Date, the fraction
(expressed as a percentage) (1) the numerator of which is the excess of (a)
the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 2
and Loan Group 3 for the preceding Distribution Date over (b) (i) before the
Certificate Principal Balances of the Class AV Certificates have been reduced
to zero, the sum of the Certificate Principal Balances of the Class AV
Certificates, or (ii) after such time, the Certificate Principal Balance of
the most senior Class of Adjustable Rate 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 in Loan
Group 2 and Loan Group 3 for the preceding Distribution Date.

          Adjustable Rate Stepdown Date: The earlier to occur of: (1) the
Distribution Date on which the aggregate Certificate Principal Balance of the
Class AV Certificates is reduced to zero, and (2) the later to occur of (x)
the Distribution Date in October 2008 and (y) the first Distribution Date on
which the aggregate Certificate Principal Balance of the Class AV Certificates
(after calculating anticipated distributions on such Distribution Date) is
less than or equal to 46.60% of the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group 2 and Loan Group 3 for such Distribution Date.

          Adjustable Rate Subordinate Certificates: Any Class MV-1, Class
MV-2, Class MV-3, Class MV-4, Class MV-5, Class MV-6, Class MV-7, Class MV-8,
Class MV-9 or Class BV Certificates.

          Adjustable Rate Subordinate Class Principal Distribution Amount:
With respect to any Distribution Date and any Class of Adjustable Rate
Subordinate Certificates, the excess of (1) the sum of (a) the aggregate
Certificate Principal Balance of the Class AV Certificates (after taking into
account distribution of the Class AV Principal Distribution Amount for such
Distribution Date), (b) the aggregate Certificate Principal Balance of any
Class(es) of Adjustable Rate Subordinate Certificates that are senior to the
subject Class (in each case, after taking into account distribution of the
Adjustable Rate Subordinate Class Principal Distribution Amount(s) for such
senior Class(es) of Certificates for such Distribution Date), and (c) the
Certificate Principal Balance of the subject Class of Adjustable Rate
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 in Loan Group 2 and
Loan Group 3 for such Distribution Date and (b) the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 2 and Loan Group 3 for such
Distribution Date minus the Adjustable Rate OC Floor; provided, however, that
if such Class of Adjustable Rate Subordinate Certificates is the only Class of
Adjustable Rate Subordinate Certificates outstanding on such Distribution
Date, that Class will be entitled to receive the entire remaining Principal
Distribution Amount for Loan Group 2 and Loan Group 3 until the Certificate
Principal Balance thereof is reduced to zero.

                                      16
<PAGE>

          Adjustable Rate Subordinate Corridor Contract: The transaction
evidenced by the related Confirmation (as assigned to the Corridor Contract
Administrator pursuant to the Corridor Contract Assignment Agreement), a form
of which is attached hereto as Exhibit Q-4.

          Adjustable Rate Subordinate Corridor Contract Termination Date: With
respect to the Adjustable Rate Subordinate Corridor Contract, the Distribution
Date in February 2009.

          Adjustable Rate Subordinate Net Rate Cap: With respect to any
Distribution Date and each Class of Adjustable Rate Subordinate Certificates,
the weighted average of (a) the weighted average Adjusted Net Mortgage Rate of
the Mortgage Loans in Loan Group 2 on such Distribution Date (weighted by an
amount equal to the positive difference (if any) of the sum of the aggregate
Stated Principal Balance of the Mortgage Loans in Loan Group 2 and the amount
on deposit in the Pre-Funding Account in respect of Loan Group 2 over the
outstanding Certificate Principal Balance of the Class 2-AV-1 Certificates)
and (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans
in Loan Group 3 on such Distribution Date (weighted by an amount equal to the
positive difference (if any) of the sum of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 3 and the amount on deposit in the
Pre-Funding Account in respect of Loan Group 3 over the outstanding aggregate
Certificate Principal Balance of the Class 3-AV Certificates), 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.

          Adjustable Rate Trigger Event: With respect to any Distribution Date
on or after the Adjustable Rate Stepdown Date, either an Adjustable Rate
Delinquency Trigger Event with respect to that Distribution Date or an
Adjustable Rate Cumulative Loss Trigger Event with respect to that
Distribution Date.

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

          Adjusted Subordinate Component Balance: With respect to any
Distribution Date and for any Variable Loan Group, (i) the principal balance
of such Variable Loan Group as of the first day of the related Due Period
(after giving effect to Principal Prepayments received in the Prepayment
Period ending during such Due Period) less (ii) the product of (a) the
Adjustable Rate Overcollateralized Amount and (b)(I) the principal balance of
such Variable Loan Group, divided by (II) the sum of the principal balance of
both Variable Loan Groups, in each case as of the first day of the related Due
Period, less (iii) the aggregate Certificate Principal Balance of the related
Classes of Senior Certificates in either case immediately prior to such
Distribution Date.

          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

                                      17
<PAGE>

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 (i) Loan Group 1 and the Fixed Rate Subordinate Certificates, the amount,
if any, by which, the aggregate Certificate Principal Balance of the Class AF
and Fixed Rate Subordinate Certificates (after all distributions of principal
on such Distribution Date) exceeds the sum of (x) the Stated Principal Balance
of the Mortgage Loans in Loan Group 1 for such Distribution Date and (y) the
amount on deposit in the Pre-Funding Account in respect of Loan Group 1 and
(ii) Loan Group 2 and Loan Group 3 and the Adjustable Rate Subordinate
Certificates, the amount, if any, by which, the aggregate Certificate
Principal Balance of the Class AV and Adjustable Rate Subordinate Certificates
(after all distributions of principal on such Distribution Date) exceeds the
sum of (x) the aggregate Stated Principal Balance of the Mortgage Loans in
Loan Group 2 and Loan Group 3 and (y) the amount on deposit in the Pre-Funding
Account in respect of Loan Group 2 and Loan Group 3.

          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.

          Bankruptcy Code: Title 11 of the United States Code.

          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

                                      18
<PAGE>

the Depository and as described in Section 5.06). As of the Closing Date, each
Class of Interest Bearing Certificates (other than the Class BV 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 the Class AF-5B Insurer or banking institutions in the State of
New York or California or the cities in which the Corporate Trust Office of
the Trustee is located are authorized or obligated by law or executive order
to be closed.

          Calculation Rate: For each Distribution Date, in the case of the
R-2-A and R-2-B Interests, the product of (i) 10 and (ii) the weighted average
rate of the outstanding R-2-A and R-2-B Interests, treating each R-2-A
Interest as capped at zero or reduced by a fixed percentage of 100% of the
interest accruing on such Class. For each Distribution Date, in the case of
the R-2-C and R-2-D Interests, the product of (i) 10 and (ii) the weighted
average rate of the outstanding R-2-C and R-2-D Interests, treating each R-2-C
Interest as capped at zero or reduced by a fixed percentage of 100% of the
interest accruing on such Class.

          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 2005-11". 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-30, Exhibits B-1 and B-2, Exhibits C-1 and C-2, Exhibit
D and Exhibit E.

          Certificate Account: The separate Eligible Account created and
initially maintained by the Master Servicer pursuant to Section 3.05(b) with a
depository institution in the name of the Master Servicer for the benefit of
the Trustee on behalf of the Certificateholders and the Class AF-5B Insurer
and designated "Countrywide Home Loans Servicing LP in trust for registered
Holders of CWABS, Inc., Asset-Backed Certificates, Series 2005-11". 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(c) or 4.04(d), (ii) with respect to the Class AF-5B Certificates only,
payments under the Class AF-5B Policy relating to principal and (iii) with
respect to any Subordinate Certificate, any Applied Realized Loss Amounts
allocated to such Certificate on previous Distribution Dates pursuant to
Section 4.04(j), and (B) increased by, with respect to any Subordinate
Certificate,

                                      19
<PAGE>

any Subsequent Recoveries allocated to such Class of Certificate pursuant to
Section 4.04(k) on such Distribution Date. References herein to the
Certificate Principal Balance of a Class of Certificates shall mean the
Certificate Principal Balances of all Certificates in such Class. The Class C
Certificates do not have a Certificate Principal Balance. With respect to any
Certificate (other than the Class C Certificates) of a Class and any
Distribution Date, the portion of the Certificate Principal Balance of such
Class represented by such Certificate equal to the product of the Percentage
Interest evidenced by such Certificate and the Certificate Principal Balance
of such Class. Exclusively for the purpose of determining any subrogation
rights of the Class AF-5B Insurer arising under Section 4.06 hereof, the
"Certificate Principal Balance" of the Class AF-5B Certificates shall not be
reduced by the amount of any payments made by the Class AF-5B Insurer in
respect of principal on such Certificates under the Class AF-5B Policy, except
to the extent such payment shall have been reimbursed to the Class AF-5B
Insurer pursuant to the provisions of this Agreement.

          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.

          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 2-AV-1 Certificate: Any Certificate designated as a "Class
2-AV-1 Certificate" on the face thereof, in the form of Exhibit A-17 hereto,
representing the right to distributions as set forth herein.

          Class 2-AV-1 Corridor Contract: The transaction evidenced by the
related Confirmation (as assigned to the Corridor Contract Administrator
pursuant to the Corridor Contract Assignment Agreement), a form of which is
attached hereto as Exhibit Q-2.

                                      20
<PAGE>

          Class 2-AV-1 Corridor Contract Termination Date: With respect to the
Class 2-AV-1 Corridor Contract, the Distribution Date in February 2009.

          Class 2-AV-1 Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2 for
such Distribution Date, 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.

          Class 2-AV-1 Principal Distribution Amount: With respect to any
Distribution Date, the product of (x) the Class AV Principal Distribution
Target Amount and (y) a fraction, the numerator of which is the Class 2-AV-1
Principal Distribution Target Amount and the denominator of which is the sum
of the Class 2-AV-1 Principal Distribution Target Amount and Class 3-AV
Principal Distribution Target Amount.

          Class 2-AV-1 Principal Distribution Target Amount: With respect to
any Distribution Date, the excess of (1) the Certificate Principal Balance of
the Class 2-AV-1 Certificates immediately prior to such Distribution Date,
over (2) the lesser of (x) 46.60% of the aggregate Stated Principal Balance of
the Mortgage Loans in Loan Group 2 for such Distribution Date and (y) the
aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 2 for
such Distribution Date minus 0.50% of the sum of the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Group 2 as of the Cut-off Date
and the original Group 2 Pre-Funded Amount.

          Class 3-AV-1 Certificate: Any Certificate designated as a "Class
3-AV-1 Certificate" on the face thereof, in the form of Exhibit A-18 hereto,
representing the right to distributions as set forth herein.

          Class 3-AV-2 Certificate: Any Certificate designated as a "Class
3-AV-2 Certificate" on the face thereof, in the form of Exhibit A-19 hereto,
representing the right to distributions as set forth herein.

          Class 3-AV-3 Certificate: Any Certificate designated as a "Class
3-AV-3 Certificate" on the face thereof, in the form of Exhibit A-20 hereto,
representing the right to distributions as set forth herein.

          Class 3-AV Certificate: Any Class 3-AV-1, Class 3-AV-2 or Class
3-AV-3 Certificate.

          Class 3-AV Corridor Contract: The transaction evidenced by the
related Confirmation (as assigned to the Corridor Contract Administrator
pursuant to the Corridor Contract Assignment Agreement), a form of which is
attached hereto as Exhibit Q-3.

          Class 3-AV Corridor Contract Termination Date: With respect to the
Class 3-AV Corridor Contract, the Distribution Date in February 2009.

          Class 3-AV Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 3 for
such Distribution Date,

                                      21
<PAGE>

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.

          Class 3-AV Principal Distribution Amount: With respect to any
Distribution Date, the product of (x) the Class AV Principal Distribution
Target Amount and (y) a fraction, the numerator of which is the Class 3-AV
Principal Distribution Target Amount and the denominator of which is the sum
of the Class 2-AV-1 Principal Distribution Target Amount and the Class 3-AV
Principal Distribution Target Amount.

          Class 3-AV Principal Distribution Target Amount: With respect to any
Distribution Date, the excess of (1) the aggregate Certificate Principal
Balance of the Class 3-AV Certificates immediately prior to such Distribution
Date, over (2) the lesser of (x) 46.60% of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 3 for such Distribution Date and
(y) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
3 for such Distribution Date minus 0.50% of the sum of the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Group 3 as of the Cut-off Date
and the original Group 3 Pre-Funded Amount.

          Class AF Certificate: Any Class AF-1, Class AF-2, Class AF-3, Class
AF-4, Class AF-5A, Class AF-5B or Class AF-6 Certificate.

          Class AF Principal Distribution Amount: With respect to any
Distribution Date, the excess of (1) the aggregate Certificate Principal
Balance of the Class AF Certificates immediately prior to such Distribution
Date, over (2) the lesser of (x) 65.40% of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 1 for such Distribution Date and
(y) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
1 for such Distribution Date minus the Fixed Rate OC Floor.

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

          Class AF-1 Corridor Contract: The transaction evidenced by the
related Confirmation (as assigned to the Corridor Contract Administrator
pursuant to the Corridor Contract Assignment Agreement), a form of which is
attached hereto as Exhibit Q-1.

          Class AF-1 Corridor Contract Termination Date: With respect to the
Class AF-1 Corridor Contract, the Distribution Date in July 2007.

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

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

                                      22
<PAGE>

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

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

          Class AF-5B Certificate: Any Certificate designated as a "Class
AF-5B Certificate" on the face thereof, in the form of Exhibit A-6 hereto,
representing the right to distributions as set forth herein.

          Class AF-5B Insurer: MBIA Insurance Corporation, a subsidiary of
MBIA Inc., organized and created under the laws of the State of New York, or
any successor thereto.

          Class AF-5B Insurer Contact Person: The officer designated by the
Master Servicer to provide information to the Class AF-5B Insurer pursuant to
Section 4.06(i).

          Class AF-5B Insurer Default: Any one of the following events: (i)
the Class AF-5B Insurer shall have failed to make a required payment under the
Class AF-5B Policy, (ii) a proceeding in bankruptcy shall have been instituted
by the Class AF-5B Insurer, or (iii) a decree or order for relief shall have
been issued in respect of a proceeding in bankruptcy against the Class AF-5B
Insurer and shall remain unstayed for a period of 60 consecutive days.

          Class AF-5B Late Payment Rate: The rate of interest publicly
announced by Citibank, N.A. at its principal office in New York, New York, as
its prime rate (any change in such prime rate of interest to be effective on
the date such change is announced by Citibank, N.A.) plus 3%. The Class AF-5B
Late Payment Rate shall be computed on the basis of a year of 365 days
calculating the actual number of days elapsed. In no event shall the Class
AF-5B Late Payment Rate exceed the maximum rate permissible under law
applicable to this Agreement limiting interest rates.

          Class AF-5B Policy: The irrevocable Certificate Guaranty Insurance
Policy, No. 47010, including any endorsements thereto, issued by the Class
AF-5B Insurer with respect to the Class AF-5B Certificates, in the form
attached hereto as Exhibit R.

          Class AF-5B Policy Payments Account: The separate Eligible Account
created and maintained by the Trustee pursuant to Section 4.06(c) in the name
of the Trustee for the benefit of the Class AF-5B Certificateholders and
designated "The Bank of New York in trust for registered holders of CWABS,
Inc., Asset-Backed Certificates, Series 2005-11, Class AF-5B". Funds in the
Class AF-5B Policy Payments Account shall be held in trust for the Class AF-5B
Certificateholders for the uses and purposes set forth in this Agreement.

          Class AF-5B Premium: With respect to the Class AF-5B Policy and any
Distribution Date, an amount equal to the product of (i) one-twelfth (1/12) of
the Class AF-5B Policy Premium Rate and (ii) the Class AF-5B Certificate
Principal Balance immediately prior to such Distribution Date.

                                      23
<PAGE>

          Class AF-5B Policy Premium Rate: The "premium percentage" set forth
in the Commitment Letter, dated as of September 27, 2005, between the Class
AF-5B Insurer and Countrywide Securities Corporation relating to the Class
AF-5B Policy.

          Class AF-5B Reimbursement Amount: With respect to any Distribution
Date, (i) all Insured Payments paid by the Class AF-5B Insurer, for which the
Class AF-5B Insurer has not been reimbursed prior to such Distribution Date
pursuant to Section 4.04 hereof, plus (ii) interest accrued on such Insured
Payments not previously repaid, calculated at the Class AF-5B Late Payment
Rate from the date such Insured Payments were made.

          Class AF-6 Certificate: Any Certificate designated as a "Class AF-6
Certificate" on the face thereof, in the form of Exhibit A-7 hereto,
representing the right to distributions as set forth herein.

          Class AF-6 Portion: With respect to any Distribution Date, a
percentage, expressed as a fraction, the numerator of which is the Certificate
Principal Balance of the Class AF-6 Certificates immediately prior to such
Distribution Date and the denominator of which is the aggregate Certificate
Principal Balance of all Classes of the Class AF Certificates immediately
prior to such Distribution Date.

          Class A-R Certificate: Any Certificate designated as a "Class A-R
Certificate" on the face thereof, in the form of Exhibit D hereto or, in the
case of the Tax Matters Person Certificate, Exhibit E hereto, in either case
representing the right to distributions as set forth herein.

          Class AV Certificate: Any Class 2-AV-1 or Class 3-AV Certificate.

          Class AV Principal Distribution Allocation Amount: With respect to
any Distribution Date, (a) in the case of the Class 2-AV-1 Certificates, the
Class 2-AV-1 Principal Distribution Amount and (b) in the case of the Class
3-AV Certificates, the Class 3-AV Principal Distribution Amount.

          Class AV Principal Distribution Target Amount: With respect to any
Distribution Date will equal the excess of: (1) the aggregate Certificate
Principal Balance of the Class AV Certificates immediately prior to such
Distribution Date, over (2) the lesser of (i) 46.60% of the aggregate Stated
Principal Balance of the Mortgage Loans in Loan Group 2 and Loan Group 3 for
such Distribution Date and (ii) the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group 2 and Loan Group 3 for such Distribution Date
minus the Adjustable Rate OC Floor.

          Class BF Certificate: Any Certificate designated as a "Class BF
Certificate" on the face thereof, in the form of Exhibit A-16 hereto,
representing the right to distributions as set forth herein.

          Class BV Certificate: Any Certificate designated as a "Class BV
Certificate" on the face thereof, in the form of Exhibit A-30 hereto,
representing the right to distributions as set forth herein.

                                      24
<PAGE>

          Class C Certificate: Any Class CF or Class CV Certificate.

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

          Class CF Distributable Amount: As defined in the Preliminary
Statement.

          Class CV Certificate: Any Certificate designated as a "Class CV
Certificate" on the face thereof, in the form of Exhibit C-2 hereto,
representing the right to distributions as set forth herein.

          Class CV Distributable Amount: As defined in the Preliminary
Statement.

          Class MF-1 Certificate: Any Certificate designated as a "Class MF-1
Certificate" on the face thereof, in the form of Exhibit A-8 hereto,
representing the right to distributions as set forth herein.

          Class MF-2 Certificate: Any Certificate designated as a "Class MF-2
Certificate" on the face thereof, in the form of Exhibit A-9 hereto,
representing the right to distributions as set forth herein.

          Class MF-3 Certificate: Any Certificate designated as a "Class MF-3
Certificate" on the face thereof, in the form of Exhibit A-10 hereto,
representing the right to distributions as set forth herein.

          Class MF-4 Certificate: Any Certificate designated as a "Class MF-4
Certificate" on the face thereof, in the form of Exhibit A-11 hereto,
representing the right to distributions as set forth herein.

          Class MF-5 Certificate: Any Certificate designated as a "Class MF-5
Certificate" on the face thereof, in the form of Exhibit A-12 hereto,
representing the right to distributions as set forth herein.

          Class MF-6 Certificate: Any Certificate designated as a "Class MF-6
Certificate" on the face thereof, in the form of Exhibit A-13 hereto,
representing the right to distributions as set forth herein.

          Class MF-7 Certificate: Any Certificate designated as a "Class MF-7
Certificate" on the face thereof, in the form of Exhibit A-14 hereto,
representing the right to distributions as set forth herein.

          Class MF-8 Certificate: Any Certificate designated as a "Class MF-8
Certificate" on the face thereof, in the form of Exhibit A-15 hereto,
representing the right to distributions as set forth herein.

          Class MF Certificate: Any Class MF-1, Class MF-2, Class MF-3, Class
MF-4, Class MF-5, Class MF-6, Class MF-7 or Class MF-8 Certificate.

                                      25
<PAGE>

          Class MV-1 Certificate: Any Certificate designated as a "Class MV-1
Certificate" on the face thereof, in the form of Exhibit A-21 hereto,
representing the right to distributions as set forth herein.

          Class MV-2 Certificate: Any Certificate designated as a "Class MV-2
Certificate" on the face thereof, in the form of Exhibit A-22 hereto,
representing the right to distributions as set forth herein.

          Class MV-3 Certificate: Any Certificate designated as a "Class MV-3
Certificate" on the face thereof, in the form of Exhibit A-23 hereto,
representing the right to distributions as set forth herein.

          Class MV-4 Certificate: Any Certificate designated as a "Class MV-4
Certificate" on the face thereof, in the form of Exhibit A-24 hereto,
representing the right to distributions as set forth herein.

          Class MV-5 Certificate: Any Certificate designated as a "Class MV-5
Certificate" on the face thereof, in the form of Exhibit A-25 hereto,
representing the right to distributions as set forth herein.

          Class MV-6 Certificate: Any Certificate designated as a "Class MV-6
Certificate" on the face thereof, in the form of Exhibit A-26 hereto,
representing the right to distributions as set forth herein.

          Class MV-7 Certificate: Any Certificate designated as a "Class MV-7
Certificate" on the face thereof, in the form of Exhibit A-27 hereto,
representing the right to distributions as set forth herein.

          Class MV-8 Certificate: Any Certificate designated as a "Class MV-8
Certificate" on the face thereof, in the form of Exhibit A-28 hereto,
representing the right to distributions as set forth herein.

          Class MV-9 Certificate: Any Certificate designated as a "Class MV-9
Certificate" on the face thereof, in the form of Exhibit A-29 hereto,
representing the right to distributions as set forth herein.

          Class MV Certificate: Any Class MV-1, Class MV-2, Class MV-3, Class
MV-4, Class MV-5, Class MV-6, Class MV-7, Class MV-8 or Class MV-9
Certificate.

          Class P Certificate: Any Class PF Certificate or Class PV
Certificate.

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

          Class PF Principal Distribution Date: The first Distribution Date
that occurs after the end of the latest Prepayment Charge Period for all
Mortgage Loans in Loan Group 1 that have a Prepayment Charge Period.

                                      26
<PAGE>

          Class PV Certificate: Any Certificate designated as a "Class PV
Certificate" on the face thereof, in the form of Exhibit B-2 hereto,
representing the right to distributions as set forth herein.

          Class PV Principal Distribution Date: The first Distribution Date
that occurs after the end of the latest Prepayment Charge Period for all
Mortgage Loans in Loan Group 2 and Loan Group 3 that have a Prepayment Charge
Period.

          Closing Date: September 28, 2005.

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

          Collateral Schedule: Schedule II hereto.

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

          Confirmation: Any of the Confirmations dated September 13, 2005
evidencing a transaction between the Corridor Contract Counterparty and CHL
relating to the Corridor Contracts.

          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.

          Corridor Contract: The Class AF-1 Corridor Contract, Class 2-AV-1
Corridor Contract, Class 3-AV Corridor Contract or Adjustable Rate Subordinate
Corridor Contract, as applicable.

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

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

          Corridor Contract Assignment Agreement: The Assignment Agreement
dated as of the Closing Date among CHL, the Corridor Contract Administrator
and the Corridor Contract Counterparty, a form of which is attached hereto as
Exhibit S-1.

          Corridor Contract Counterparty: Barclays Bank PLC and its
successors.

                                      27
<PAGE>

          Corridor Contract Termination Date: The Adjustable Rate Subordinate
Corridor Contract Termination Date, Class 2-AV-1 Corridor Contract Termination
Date, Class 3-AV Corridor Contract Termination Date and Class AF-1 Corridor
Contract Termination Date, as applicable.

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

          Credit Comeback Excess Account: The separate Eligible Account
created and initially maintained by the Trustee pursuant to Section 4.08 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 2005-11". Funds in the Credit Comeback
Excess Account shall be held in trust for the Certificateholders for the uses
and purposes set forth in this Agreement.

          Credit Comeback Excess Cashflow: With respect to any Distribution
Date, any amounts in the Credit Comeback Excess Account available for such
Distribution Date.

          Credit Comeback Excess Amount: With respect to the Credit Comeback
Loans in Loan Group 1 and any Master Servicer Advance Date, the portion of the
sum of the following (without duplication) attributable to the excess, if any,
of the actual mortgage rate on each Credit Comeback Loan and the Mortgage Rate
on such Credit Comeback Loan: (i) all scheduled interest collected during the
related Due Period with respect to the Credit Comeback Loans, (ii) all
interest on prepayments received during the related Prepayment Period with
respect to the Credit Comeback Loans, other than Prepayment Interest Excess,
(iii) all Advances relating to interest with respect to the Credit Comeback
Loans, (iv) all Compensating Interest with respect to the Credit Comeback
Loans and (v) Liquidation Proceeds with respect to the Credit Comeback Loans
collected during the related Due Period (to the extent such Liquidation
Proceeds relate to interest), less all Nonrecoverable Advances relating to
interest reimbursed during the related Due Period.

          Credit Comeback Loan: Any Fixed Rate Mortgage Loan for which the
related Mortgage Rate is subject to reduction (not exceeding 0.375% per annum)
for good payment history of Scheduled Payments by the related Mortgagor.

          Cross-Over Situation: With respect to any Distribution Date and Loan
Group 2 and Loan Group 3 (after taking into account principal distributions on
such Distribution Date), a Cross-Over Situation shall exist (i) with respect
to the R-2-A, R-2-B and R-2-C Interests, if the R-2-A, R-2-B and R-2-C
Interests are in the aggregate less than 1% of the Subordinate Component
Balance of Loan Group 2 and Loan Group 3.

          Current Interest: With respect to each Class of Interest Bearing
Certificates and each Distribution Date, the interest accrued at the
applicable Pass-Through Rate for the applicable Accrual Period on the
Certificate Principal Balance of such Class immediately prior to such
Distribution Date, plus any amount previously distributed with respect to
interest for such Class that is recovered as a voidable preference by a
trustee in bankruptcy.

                                      28
<PAGE>

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

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

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

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

          Definitive Certificates: As defined in Section 5.06.

          Delay Delivery Mortgage Loans: (i) The Initial Mortgage Loans
identified on the schedule of Mortgage Loans hereto set forth on Exhibit F-2
hereof for which all or a portion of a related Mortgage File is not delivered
to the 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, not later than the Closing Date
and with respect to at least 10% of the Subsequent Mortgage Loans 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, not
later than 20 days after the Closing Date, and not later than 20 days after
the relevant Subsequent Transfer Date with respect to the remaining Subsequent
Mortgage Loans conveyed on such Subsequent Transfer Date, and (C) with respect
to the remaining Initial Mortgage Loans, not later than thirty days after the
Closing Date. To the extent that Countrywide Home Loans, Inc. shall be in
possession of any Mortgage Files with respect to any Delay Delivery Mortgage
Loan, until delivery of such Mortgage File to the Trustee as provided in
Section 2.01, Countrywide Home Loans, Inc. 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.

                                      29
<PAGE>

          Delinquent: A Mortgage Loan is "delinquent" if any payment due
thereon is not made pursuant to the terms of such Mortgage Loan by the close
of business on the day such payment is scheduled to be due. A Mortgage Loan is
"30 days delinquent" if such payment has not been received by the close of
business on the corresponding day of the month immediately succeeding the
month in which such payment was due, or, if there is no such corresponding day
(e.g., as when a 30-day month follows a 31-day month in which a payment was
due on the 31st day of such month), then on the last day of such immediately
succeeding month. Similarly for "60 days delinquent," "90 days delinquent" and
so on.

          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.

          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 2005-11". 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 October
2005.

                                      30
<PAGE>

          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.

          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 (without regard to the Class AF-5B Policy, in the case of the
Class AF-5B Certificates) as evidenced by a letter from each Rating Agency to
the Trustee. Eligible Accounts may bear interest, and may include, if
otherwise qualified under this definition, accounts maintained with the
Trustee.

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

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

          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 BV Certificates, Class A-R
Certificates, Class P Certificates, Class C 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 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

                                      31
<PAGE>

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.

          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 policy.

          Extra Principal Distribution Amount: With respect to any
Distribution Date and (A) Loan Group 1, the lesser of (1) the Fixed Rate
Overcollateralization Deficiency Amount and (2) the sum of the Fixed Rate Loan
Group Excess Cashflow and the Credit Comeback Excess Amount available for
payment thereof and (B) each of Loan Group 2 and Loan Group 3, the lesser of
(1) the Adjustable Rate Overcollateralization Deficiency Amount and (2) the
Adjustable Rate Loan Group Excess Cashflow available for payment thereof, to
be allocated between Loan Group 2 and Loan Group 3, 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.

          Fiscal Agent: As defined in the Class AF-5B Policy.

          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 Certificates: The Class AF-2, Class AF-3, Class AF-4,
Class AF-5A, Class AF-5B, Class AF-6, Class MF-1, Class MF-2, Class MF-3,
Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8 and Class BF
Certificates.

          Fixed Rate Cumulative Loss Trigger Event: With respect to a
Distribution Date on or after the Fixed Rate Stepdown Date, a Fixed Rate
Cumulative Loss Trigger Event occurs if (x) the aggregate amount of Realized
Losses on the Mortgage Loans in Loan Group 1 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 related to Loan
Group 1 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 in Loan Group 1
and the Group 1 Pre-Funded Amount, as set forth below:

                                     32
<PAGE>

     Distribution Date                        Percentage
     -----------------                        ----------

     October 2007 -- September 2008.......... 0.75% with respect to October
                                              2007, plus an additional 1/12th
                                              of 1.00% for each month
                                              thereafter through September
                                              2008
     October 2008 -- September 2009.......... 1.75% with respect to October
                                              2008, plus an additional 1/12th
                                              of 1.00% for each month
                                              thereafter through September
                                              2009
     October 2009 -- September 2010.......... 2.75% with respect to October
                                              2009, plus an additional 1/12th
                                              of 0.75% for each month
                                              thereafter through September
                                              2010
     October 2010 -- September 2011.......... 3.50% with respect to October
                                              2010, plus an additional 1/12th
                                              of 0.75% for each month
                                              thereafter through September
                                              2011
     October 2011 -- September 2012.......... 4.25% with respect to October
                                              2011, plus an additional 1/12th
                                              of 0.25% for each month
                                              thereafter through September
                                              2012
     October 2012 and thereafter............. 4.50%

          Fixed Rate Delinquency Trigger Event: With respect to any
Distribution Date on or after the Fixed Rate Stepdown Date, a Fixed Rate
Delinquency Trigger Event exists if the Rolling Sixty-Day Delinquency Rate for
Outstanding Mortgage Loans in Loan Group 1 equals or exceeds the product of
(x) the Fixed Rate Senior Enhancement Percentage for such Distribution Date
and (y) the applicable percentage listed below for the most senior class of
outstanding Class AF Certificates and Fixed Rate Subordinate Certificates:

                           Class                       Percentage

              Class AF........................            45.00%
              Class MF-1......................            54.25%
              Class MF-2......................            66.50%
              Class MF-3......................            77.50%
              Class MF-4......................            91.00%
              Class MF-5......................           107.50%
              Class MF-6......................           128.75%
              Class MF-7......................           155.75%
              Class MF-8......................           194.75%
              Class BF........................           259.50%

          Fixed Rate Excess Overcollateralization Amount: With respect to any
Distribution Date, an amount equal to the excess, if any, of the Fixed Rate
Overcollateralized

                                      33
<PAGE>

Amount for such Distribution Date over the Fixed Rate Overcollateralization
Target Amount for such Distribution Date.

          Fixed Rate Loan Group Excess Cashflow: With respect to any
Distribution Date the sum of (i) the amount remaining after the distribution
of interest to Certificateholders and the payment of the Class AF-5B Premium
and any Class AF-5B Reimbursement Amount to the Class AF-5B Insurer, in each
case for such Distribution Date pursuant to Section 4.04(a)(iv), (ii) the
amount remaining after the distribution of principal to Certificateholders and
the payment of any unpaid Class AF-5B Premium and any unpaid Class AF-5B
Reimbursement Amount to the Class AF-5B Insurer, in each case for such
Distribution Date pursuant to Section 4.04(c)(1)(C) or 4.04(c)(2)(D), and
(iii) the Fixed Rate Overcollateralization Reduction Amount for such
Distribution Date, if any.

          Fixed Rate Net Rate Cap: For any Distribution Date, the weighted
average Adjusted Net Mortgage Rate on the Mortgage Loans in Loan Group 1 for
such Distribution Date, adjusted in the case of the Class AF-1 Certificates
only, 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.

          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 and any Credit Comeback Loans, including in each case
any Mortgage Loans delivered in replacement thereof.

          Fixed Rate OC Floor: An amount equal to 0.50% of the sum of the
aggregate Cut-off Date Principal Balance of the Initial Mortgage Loans in Loan
Group 1 and the Group 1 Pre-Funded Amount.

          Fixed Rate Overcollateralization Deficiency Amount: With respect to
any Distribution Date, the amount, if any, by which the Fixed Rate
Overcollateralization Target Amount exceeds the Fixed Rate 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) for Loan Group 1 on such Distribution
Date).

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

          Fixed Rate Overcollateralization Target Amount: With respect to any
Distribution Date (a) prior to the Fixed Rate Stepdown Date, an amount equal
to 3.00% of the sum of the aggregate Cut-off Date Principal Balance of the
Initial Mortgage Loans in Loan Group 1 and the Group 1 Pre-Funded Amount and
(b) on or after the Fixed Rate Stepdown Date, the greater of (i) an amount
equal to 6.00% of the aggregate Stated Principal Balance of the Mortgage Loans
in Loan Group 1 for the current Distribution Date and (ii) the Fixed Rate OC
Floor; provided, however, that if a Fixed Rate Trigger Event is in effect on
any Distribution

                                      34
<PAGE>

Date, the Fixed Rate Overcollateralization Target Amount will be the Fixed
Rate Overcollateralization Target Amount as in effect for the prior
Distribution Date.

          Fixed Rate 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 in Loan Group 1 for such
Distribution Date and any amount on deposit in the Pre-Funding Account in
respect of Loan Group 1 exceeds (y) the aggregate Certificate Principal
Balance of the Class AF Certificates and the Fixed Rate Subordinate
Certificates as of such Distribution Date (after giving effect to distribution
of the Principal Remittance Amount for Loan Group 1 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 in respect of Loan Group 1).

          Fixed Rate Senior Enhancement Percentage: With respect to a
Distribution Date on or after the Fixed Rate Stepdown Date, the fraction
(expressed as a percentage) (1) the numerator of which is the excess of (a)
the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1
for the preceding Distribution Date over (b) (i) before the Certificate
Principal Balances of the Class AF Certificates have been reduced to zero, the
sum of the Certificate Principal Balances of the Class AF Certificates, or
(ii) after such time, the Certificate Principal Balance of the most senior
Class of Fixed Rate 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 in Loan Group 1 for
the preceding Distribution Date.

          Fixed Rate Subordinate Class Principal Distribution Amount: With
respect to any Distribution Date and any Class of Fixed Rate Subordinate
Certificates the excess of (1) the sum of (a) the aggregate Certificate
Principal Balance of the Class AF Certificates (after taking into account
distribution of the Class AF Principal Distribution Amount for such
Distribution Date), (b) the aggregate Certificate Principal Balance of any
Class(es) of Fixed Rate Subordinate Certificates that are senior to the
subject Class (in each case, after taking into account distribution of the
Fixed Rate Subordinate Class Principal Distribution Amount(s) for such senior
Class(es) of Certificates for such Distribution Date), and (c) the Certificate
Principal Balance of such Class of Fixed Rate Subordinate Certificates
immediately prior to the subject 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 in Loan Group 1 for such Distribution Date and
(b) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group
1 for such Distribution Date minus the Fixed Rate OC Floor; provided, however,
that if such Class of Fixed Rate Subordinate Certificates is the only Class of
Fixed Rate Subordinate Certificates outstanding on such Distribution Date,
that Class will be entitled to receive the entire remaining Principal
Distribution Amount for Loan Group 1 until the Certificate Principal Balance
thereof is reduced to zero.

          Fixed Rate Stepdown Date: The earlier to occur of: (1) the
Distribution Date on which the aggregate Certificate Principal Balance of the
Class AF Certificates is reduced to zero, and (2) the later to occur of (x)
the Distribution Date in October 2008 and (y) the first Distribution Date on
which the aggregate Certificate Principal Balance of the Class AF

                                      35
<PAGE>

Certificates (after calculating anticipated distributions on such Distribution
Date) is less than or equal to 65.40% of the aggregate Stated Principal
Balance of the Mortgage Loans in Loan Group 1 for such Distribution Date.

          Fixed Rate Subordinate Certificates: The Class MF-1, Class MF-2,
Class MF-3, Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8 and
Class BF Certificates.

          Fixed Rate Trigger Event: With respect to any Distribution Date on
or after the Fixed Rate Stepdown Date, either a Fixed Rate Delinquency Trigger
Event with respect to that Distribution Date or a Fixed Rate Cumulative Loss
Trigger Event with respect to that Distribution Date.

          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) November 12, 2005.

          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 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 $84.78.

          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 Adjustable Rate 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 2 and Loan Group 3 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 $267.80.

                                      36
<PAGE>

          Group 3 Mortgage Loans: The group of Mortgage Loans identified in
the related Mortgage Loan Schedule as "Group 3 Mortgage Loans", including in
each case any Mortgage Loans delivered in replacement thereof.

          Group 3 Overcollateralization Reduction Amount: With respect to any
Distribution Date, the Adjustable Rate Overcollateralization Reduction Amount
for such Distribution Date multiplied by a fraction, the numerator of which is
the Principal Remittance Amount for Loan Group 3 for such Distribution Date,
and the denominator of which is the aggregate Principal Remittance Amount for
Loan Group 2 and Loan Group 3 for such Distribution Date.

          Group 3 Pre-Funded Amount: The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as Group 3 Mortgage Loans
on the Closing Date, which shall equal $0.00.

          Group Net Rate Cap. With respect to Loan Group 2, the Class 2-AV-1
Net Rate Cap, and with respect to Loan Group 3, the Class 3-AV Net Rate Cap.

          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) September 1, 2005 and (y) the date of origination of such
Mortgage Loan.

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

                                      37
<PAGE>

          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.

          Insolvency Proceeding: As defined in Section 4.06(h).

          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
(other than by the Class AF-5B Insurer under the Class AF-5B Policy) 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 prior to 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.

          Insured Payment: As defined in the Class AF-5B Policy.

          Interest Bearing Certificates: The Fixed Rate Certificates and the
Adjustable Rate 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 Adjustable Rate Certificates, September 26, 2005. With respect
to any Accrual Period for the Adjustable Rate Certificates thereafter, 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.

          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 (for the
avoidance of doubt, other than Credit Comeback

                                      38
<PAGE>

Excess Amounts) 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 allocable to such
Loan Group.

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

          Last Scheduled Distribution Date: With respect to the Class AF-5B
Certificates and the Class AF-5B Policy, the Distribution Date occurring in
February 2036.

          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.

          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: Any of Loan Group 1, Loan Group 2 or Loan Group 3.

          Loan Group 1: The Group 1 Mortgage Loans.

          Loan Group 1 Net Rate Cap: As defined in the Preliminary Statement.

          Loan Group 2: The Group 2 Mortgage Loans.

          Loan Group 2 Net Rate Cap: As defined in the Preliminary Statement.

                                      39
<PAGE>

          Loan Group 3: The Group 3 Mortgage Loans.

          Loan Group 3 Net Rate Cap: As defined in the Preliminary Statement.

          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.

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

   ---------------------------------------- --------------- -----------------
                     Class                    Margin (1)       Margin (2)
   ---------------------------------------- --------------- -----------------
   Class AF-1..........................         0.180%           0.180%
   ---------------------------------------- --------------- -----------------
   Class 2-AV-1........................         0.260%           0.520%
   ---------------------------------------- --------------- -----------------
   Class 3-AV-1........................         0.160%           0.320%
   ---------------------------------------- --------------- -----------------
   Class 3-AV-2........................         0.290%           0.580%
   ---------------------------------------- --------------- -----------------
   Class 3-AV-3........................         0.420%           0.840%
   ---------------------------------------- --------------- -----------------
   Class MV-1..........................         0.470%           0.705%
   ---------------------------------------- --------------- -----------------
   Class MV-2..........................         0.490%           0.735%
   ---------------------------------------- --------------- -----------------
   Class MV-3..........................         0.530%           0.795%
   ---------------------------------------- --------------- -----------------
   Class MV-4..........................         0.640%           0.960%
   ---------------------------------------- --------------- -----------------
   Class MV-5..........................         0.660%           0.990%
   ---------------------------------------- --------------- -----------------
   Class MV-6..........................         0.720%           1.080%
   ---------------------------------------- --------------- -----------------
   Class MV-7..........................         1.250%           1.875%
   ---------------------------------------- --------------- -----------------
   Class MV-8..........................         1.400%           2.100%
   ---------------------------------------- --------------- -----------------
   Class MV-9..........................         1.800%           2.700%
   ---------------------------------------- --------------- -----------------
   Class BV............................         2.500%           3.750%
   ---------------------------------------- --------------- -----------------

(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.

                                      40
<PAGE>

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

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

          Maximum Mortgage Rate: With respect to each 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(R) System.

          MERS(R) System: The system of recording transfers of mortgages
electronically maintained by MERS.

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

          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 Adjustable Rate Subordinate Net Rate Cap: With respect to
any Distribution Date, the weighted average of the Loan Group 2 Net Rate Cap
and Loan Group 3 Net Rate Cap weighted on the basis of the respective Adjusted
Subordinate Component Balance of their corresponding Loan Groups. For federal
income tax purposes, the Modified Adjustable Rate Subordinate Net Rate Cap
will be the Calculation Rate in respect of the R-2-C and R-2-D Interests.

          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.

                                      41
<PAGE>

          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) a code indicating whether such Mortgage Loan is a Credit
          Comeback Loan;

               (xiv) [Reserved];

               (xv) [Reserved];

               (xvi) the purpose of the Mortgage Loan;

                                      42
<PAGE>

               (xvii) 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;

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

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

               (xx) 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.

                                      43
<PAGE>

          Mortgage Rate: The annual rate of interest borne by a Mortgage Note
from time to time; provided, however, the Mortgage Rate for each Credit
Comeback Loan shall be treated for all purposes of payments on the
Certificates, including the calculation of the Pass-Through Rates and the
applicable Net Rate Cap, as reduced by 0.375% on the Due Date following the
end of each of the first four annual periods after the origination date,
irrespective of whether the Mortgagor qualifies for the reduction by having a
good payment history.

          Mortgaged Property: The underlying property securing a Mortgage
Loan.

          Mortgagor: The obligors on a Mortgage Note.

          NAS Factor: For any Distribution Date set forth below, the
percentage set forth in the following table:

      Distribution Date                                          Percentage
      ----------------------------------------------------- ------------------
      October 2005 - September 2008........................          0%
      October 2008 - September 2010........................         45%
      October 2010 - September 2011........................         80%
      October 2011 - September 2012........................         100%
      October 2012 and thereafter..........................         300%

          NAS Principal Distribution Amount: For any Distribution Date, an
amount equal to the product of (i) the Class AF-6 Portion for such
Distribution Date, (ii) any amounts distributed to the Class AF Certificates
pursuant to Section 4.04(c), 4.04(e)(1) and 4.04(f)(4) for such Distribution
Date and (iii) the NAS Factor for such Distribution Date.

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

          Net Rate Cap: With respect to any Distribution Date, (i) with
respect to each Class of Class AF Certificates (other than the Class AF-5B
Certificates) and the Fixed Rate Subordinate Certificates, the Fixed Rate Net
Rate Cap, (ii) with respect to the Class AF-5B Certificates, the Fixed Rate
Net Rate Cap less the Class AF-5B Policy Premium Rate, (iii) with respect to
the Class 2-AV-1 Certificates, the Class 2-AV-1 Net Rate Cap, (iv) with
respect to each Class of Class 3-AV Certificates, the Class 3-AV Net Rate Cap
and (v) with respect to each Class of Adjustable Rate Subordinate
Certificates, the Adjustable Rate 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.

                                      44
<PAGE>

          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.

          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 or (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.

          One-Month LIBOR: With respect to any Accrual Period for the
Adjustable Rate 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 that appears on Telerate Screen Page 3750 as of 11:00
a.m. (London time) on such Interest Determination Date; provided that the
parties hereto acknowledge that One-Month LIBOR calculated for the first
Accrual Period for the Adjustable Rate Certificates shall equal 3.8375% per
annum. If such rate does not appear on such page (or such other page as may
replace that page on that service, 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 Adjustable Rate 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 Adjustable Rate Certificates.

          Opinion of Counsel: A written opinion of counsel, who may be counsel
for the Depositor or the Master Servicer, reasonably acceptable to each
addressee of such opinion; provided that with respect to Section 6.04 or
10.01, or the interpretation or application of the REMIC Provisions, such
counsel must (i) in fact be independent of the Depositor and the Master
Servicer, (ii) not have any direct financial interest in the Depositor or the
Master Servicer or in

                                      45
<PAGE>

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 the purchase of the Mortgage Loans 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.

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

          Park Monaco: Park Monaco Inc., a Delaware corporation, and its
successors and assigns.

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

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

                                      46
<PAGE>

          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 Adjustable Rate 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 any Accrual Period and each Class of Fixed Rate Certificates, the
lesser of (x) the per annum rate set forth in the following table for such
Class and Accrual Period and (y) the applicable Net Rate Cap for such Class
and the related Distribution Date.

   ---------------------- ------------------------- -----------------------
                              Pass-Through                Pass-Through
           Class                 Rate (1)                   Rate (2)
   ---------------------- ------------------------- -----------------------
            AF-2                  4.657%                    4.657%
   ---------------------- ------------------------- -----------------------
            AF-3                  4.778%                    4.778%
   ---------------------- ------------------------- -----------------------
            AF-4                  5.210%                    5.210%
   ---------------------- ------------------------- -----------------------
           AF-5A                  5.493%                    5.993%
   ---------------------- ------------------------- -----------------------
           AF-5B                  5.414%                    5.914%
   ---------------------- ------------------------- -----------------------
            AF-6                  5.050%                    5.050%
   ---------------------- ------------------------- -----------------------
            MF-1                  5.348%                    5.348%
   ---------------------- ------------------------- -----------------------
            MF-2                  5.398%                    5.398%
   ---------------------- ------------------------- -----------------------
            MF-3                  5.448%                    5.448%
   ---------------------- ------------------------- -----------------------
            MF-4                  5.597%                    5.597%
   ---------------------- ------------------------- -----------------------
            MF-5                  5.696%                    5.696%
   ---------------------- ------------------------- -----------------------
            MF-6                  5.950%                    5.950%
   ---------------------- ------------------------- -----------------------
            MF-7                  5.950%                    5.950%
   ---------------------- ------------------------- -----------------------
            MF-8                  5.950%                    5.950%
   ---------------------- ------------------------- -----------------------
             BF                   5.950%                    5.950%
   ---------------------- ------------------------- -----------------------

(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.

          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.

          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

                                      47
<PAGE>

          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
          (without regard to the Class AF-5B Policy, in the case of the Class
          AF-5B Certificates);

               (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 (without regard
          to the Class AF-5B Policy, in the case of the Class AF-5B
          Certificates);

               (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 (without regard to the Class AF-5B Policy, in the case
          of the Class AF-5B Certificates);

               (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 (without regard to the Class AF-5B Policy, in
          the case of the Class AF-5B Certificates);

               (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
          (without regard to the Class AF-5B Policy, in the case of the Class
          AF-5B Certificates);

                                      48
<PAGE>

               (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
          (without regard to the Class AF-5B Policy, in the case of the Class
          AF-5B Certificates); 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 (without regard to the Class AF-5B
          Policy, in the case of the Class AF-5B Certificates), 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

                                      49
<PAGE>

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.

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

          Pre-Funded Amount: The amount deposited in the Pre-Funding Account
on the Closing Date, which shall equal $352.58.

          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 2005-11." 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.

          Preference Claim: As defined in Section 4.06(h).

          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.

                                      50
<PAGE>

          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

                                      51
<PAGE>

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, (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 Fixed Rate Overcollateralization Reduction Amount
for such Distribution Date, in the case of Loan Group 1, (b) the Group 2
Overcollateralization Reduction Amount for such Distribution Date, in the case
of Loan Group 2 and (c) the Group 3 Overcollateralization Reduction Amount for
such Distribution Date, in the case of Loan Group 3.

          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 Relocation Payment: In the case of the Variable Loan
Groups and Variable Interests only, a payment from any Loan Group to a REMIC 2
Interest other than a Regular Interest corresponding to that Loan Group as
provided in the Preliminary Statement. Principal Relocation Payments shall be
made of principal allocations comprising the Principal Remittance Amount from
a Loan Group and shall include a proportionate allocation of Realized Losses
from the Mortgage Loans of such Loan Group.

          Principal Remittance Amount: With respect to the Mortgage Loans in
each Loan Group and any Distribution Date, (a) the sum, without duplication,
of: (i) the scheduled principal collected with respect to the Mortgage Loans
during the related Due Period or advanced with respect to such Distribution
Date, (ii) Principal Prepayments collected in the related Prepayment Period,
with respect to the Mortgage Loans, (iii) the Stated Principal Balance of each
Mortgage Loan that was repurchased by a Seller or purchased by the Master
Servicer with respect to such Distribution Date, (iv) the amount, if any, by
which the aggregate unpaid principal balance of any Replacement Mortgage Loans
delivered by the Sellers in connection with a substitution of a Mortgage Loan
is less than the aggregate unpaid principal balance of any Deleted Mortgage
Loans and (v) all Liquidation Proceeds (to the extent such Liquidation
Proceeds related to principal) and Subsequent Recoveries collected during the
related Due Period; less (b) all

                                      52
<PAGE>

Advances relating to principal and certain expenses reimbursable pursuant to
Section 6.03 and reimbursed during the related Due Period, in each case with
respect to such Loan Group.

          Principal Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 3.08 in the name of
the Trustee for the benefit of the Certificateholders and designated "The Bank
of New York in trust for registered Holders of CWABS, Inc., Asset-Backed
Certificates, Series 2005-11". 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 BV, Class C and Class P
Certificates.

          Prospectus: The prospectus dated June 10, 2005, relating to
asset-backed securities to be sold by the Depositor.

          Prospectus Supplement: The prospectus supplement dated September 23,
2005, 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.

          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

                                      53
<PAGE>

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
Adjustable Rate 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 Fixed Rate Certificates and 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 Adjustable Rate
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 Adjustable Rate
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.

          Relief Act: The Servicemembers Civil Relief Act.

                                      54
<PAGE>

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

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

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

          Replacement Mortgage Loan: A Mortgage Loan substituted by a Seller
for a Deleted Mortgage Loan which must, on the date of such substitution, as
confirmed in a Request for File Release, (i) have a Stated Principal Balance,
after deduction of the principal portion of the Scheduled Payment due in the
month of substitution, not in excess of, and not less than 90% of the Stated
Principal Balance of the Deleted Mortgage Loan; (ii) 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).

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

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

                                      55
<PAGE>

          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) $10,000 over (ii) the
amount of funds on deposit in the Carryover Reserve Fund.

          Required Distributions: As defined in the Class AF-5B Policy.

          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.

          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 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.

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

                                      56
<PAGE>

          Seller Shortfall Interest Requirement: With respect to the
Distribution Date in each of October 2005, November 2005 and December 2005, is
the sum of:

          (a) the product of: (1) the excess of the aggregate Stated Principal
Balances 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 sum of (1) the amount of Current
Interest and Interest Carry Forward Amount due and payable on the Interest
Bearing Certificates and (2) the Class AF-5B Premium, in each case for such
Distribution Date, over (y) Interest Funds otherwise available to pay (1)
Current Interest and the Interest Carry Forward Amount on the Interest Bearing
Certificates and (2) the Class AF-5B Premium, in each case for such
Distribution Date (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).

          Senior Certificates: The Class AF, Class AV and Class A-R
Certificates.

          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 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.

                                      57
<PAGE>

          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
and any Loan Group or Loan Groups, a fraction, expressed as a percentage, the
numerator of which is the aggregate Stated Principal Balance for such
Distribution Date of all Mortgage Loans in such Loan Group or Loan Groups 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 in such Loan Group or Loan Groups.

          Stated Principal Balance: With respect to any Mortgage Loan or
related REO Property (i) as of the Cut-off Date, the unpaid principal balance
of the Mortgage Loan as of such date (before any adjustment to the
amortization schedule for any moratorium or similar waiver or grace period),
after giving effect to any partial prepayments or Liquidation Proceeds
received prior to such date and to the payment of principal due on or prior to
such date and irrespective any delinquency in payment by the related
Mortgagor, and (ii) as of any other Distribution Date, the Stated Principal
Balance of the Mortgage Loan as of its Cut-off Date, minus the sum of (a) the
principal portion of the Scheduled Payments (x) due with respect to such
Mortgage Loan during each Due Period ending prior to such Distribution Date
and (y) that were received by the Master Servicer as of the close of business
on the Determination Date related to such Distribution Date or with respect to
which Advances were made as of the Master Servicer Advance Date related to
such Distribution Date, (b) all Principal Prepayments with respect to such
Mortgage Loan received by the Master Servicer during each Prepayment Period
ending prior to such Distribution Date and (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. 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 Target Subordination Percentage: For each Class of
Subordinate Certificates, the respective percentage indicated in the following
table:

                                                    Stepdown Target
                                                     Subordination
                                                       Percentage
                                                  --------------------
       Class MF-1.......................                 28.70%
       Class MF-2.......................                 23.40%
       Class MF-3.......................                 20.10%

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                                                    Stepdown Target
                                                     Subordination
                                                       Percentage
                                                  --------------------
       Class MF-4.......................                 17.10%
       Class MF-5.......................                 14.50%
       Class MF-6.......................                 12.10%
       Class MF-7.......................                 10.00%
       Class MF-8.......................                  8.00%
       Class BF.........................                  6.00%
       Class MV-1.......................                 43.30%
       Class MV-2.......................                 33.70%
       Class MV-3.......................                 29.30%
       Class MV-4.......................                 25.20%
       Class MV-5.......................                 21.50%
       Class MV-6.......................                 18.80%
       Class MV-7.......................                 15.00%
       Class MV-8.......................                 12.50%
       Class MV-9.......................                  9.90%
       Class BV.........................                  7.40%

          Subordinate Certificates: The Fixed Rate Subordinate Certificates
and the Adjustable Rate Subordinate 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.

          Subordinate Component Balance: With respect to any Distribution Date
and for each of Loan Group 2 and Loan Group 3, the excess of the principal
balance of such Loan Group as of the first day of the related Due Period
(after giving effect to Principal Prepayments received in the Prepayment
Period ending during such Due Period) over the Certificate Principal Balance
of the Class 2-AV-1 Certificates in the case of Loan Group 2 and the Class
3-AV Certificates in the case of Loan Group 3.

          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.

                                      59
<PAGE>

          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(e).

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

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

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<PAGE>

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

          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.

          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).

          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 Credit Comeback Excess Account, the
Pre-Funding Account and all amounts deposited therein pursuant to the
applicable provisions of this Agreement; (iii) the rights to receive certain
proceeds of the Corridor Contracts as provided in the Corridor Contract
Administration Agreement, (iv) property that secured a Mortgage Loan and has
been acquired by foreclosure, deed in lieu of foreclosure or otherwise; (v)
the mortgagee's rights under the Insurance Policies with respect to the
Mortgage Loan; (vi) the rights of the Trustee for the benefit of the Class
AF-5B Certificateholders under the Class AF-5B Policy; and (vii) 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

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<PAGE>

amounts remaining in the Pre-Funding Account (excluding any investment
earnings thereon) with respect to such Distribution Date.

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

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

          Underwriter's Exemption: Prohibited Transaction Exemption 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.

          Underwriters: Countrywide Securities Corporation, Morgan Stanley &
Co. Incorporated and Greenwich Capital Markets, Inc.

          Unpaid Realized Loss Amount: For any Class of Subordinate
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(k).

          Variable Pool Net Rate Cap: As defined in the Preliminary Statement.

          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 95%
to the Certificates other than the Class A-R, Class CF, Class CV, Class PF and
Class PV 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 CF, Class CV, Class PF and Class PV Certificates. Voting
Rights will be allocated among the Certificates of each such Class in
accordance with their respective Percentage Interests. Notwithstanding any of
the foregoing, on any date on which any Class AF-5B Certificates are
outstanding or any amounts are owed the Class AF-5B Insurer under this
Agreement, unless a Class AF-5B Insurer Default shall have occurred and be
continuing, the Class AF-5B Insurer will be entitled to exercise the Voting
Rights of the Class AF-5B Certificateholders, without the consent of the Class
AF-5B Certificateholders, and the Class AF-5B Certificateholders may exercise
such rights only with the prior written consent of the Class AF-5B Insurer.

          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,

                                      62
<PAGE>

shall have the respective meanings given to them under generally accepted
accounting principles; (b) the words "hereof," "herein" and "hereunder" and
words of similar import refer to this Agreement (or the certificate, agreement
or other document in which they are used) as a whole and not to any particular
provision of this Agreement (or such certificate, agreement or document); (c)
references to any Section, Schedule or Exhibit are references to Sections,
Schedules and Exhibits in or to this Agreement, and references to any
paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (d) the term "including" means "including without
limitation"; (e) references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or
regulation; (f) references to any agreement refer to that agreement as amended
from time to time; and (g) references to any Person include that Person's
permitted successors and assigns.

                                  ARTICLE II.
                         CONVEYANCE OF MORTGAGE LOANS;
                        REPRESENTATIONS AND WARRANTIES

          Section 2.01 Conveyance of Mortgage Loans.

          (a) Each Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Depositor, without recourse, all the right, title and
interest of such Seller in and to the applicable Initial Mortgage Loans,
including all interest and principal received and receivable by such Seller on
or with respect to applicable Initial Mortgage Loans after the Initial Cut-off
Date (to the extent not applied in computing the Cut-off Date Principal
Balance thereof) or deposited into the Certificate Account by the Master
Servicer on behalf of such Seller as part of the Initial Certificate Account
Deposit as provided in this Agreement, other than principal due on the
applicable Initial Mortgage Loans on or prior to the Initial Cut-off Date and
interest accruing prior to the Initial Cut-off Date. The Master Servicer
confirms that, on behalf of the Sellers, concurrently with the transfer and
assignment, it or the applicable Seller 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 (i) sells, transfers,
assigns, sets over and otherwise conveys to the Trustee for benefit of the
Certificateholders and the Class AF-5B Insurer, without recourse, all right
title and interest in the Initial Mortgage Loans and (ii) causes the Class
AF-5B Insurer to deliver the Class AF-5B Policy to the Trustee.

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

          (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

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<PAGE>

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 and the Class AF-5B Insurer, 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 Underwriters will be provided Opinions
     of Counsel addressed to the Rating Agencies as with respect to the sale
     of the Subsequent Mortgage Loans conveyed on such Subsequent Transfer
     Date (such opinions being substantially similar to the opinions delivered
     on the Closing Date to the Rating Agencies with respect to the sale of
     the Initial Mortgage Loans on the Closing Date), to be delivered as
     provided in Section 2.01(f);

               (2) the execution and delivery of such Subsequent Transfer
     Agreement or conveyance of the related Subsequent Mortgage Loans does not
     result in a reduction or withdrawal of any ratings assigned to the
     Certificates by the Rating Agencies (without regard to the Class AF-5B
     Policy, in the case of the Class AF-5B Certificates);

               (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;

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<PAGE>

               (4) each Subsequent Mortgage Loan conveyed on such Subsequent
     Transfer Date satisfies the representations and warranties applicable to
     it under this Agreement, provided, however, that with respect to a breach
     of a representation and warranty with respect to a Subsequent Mortgage
     Loan set forth in this clause (4), the obligation under Section 2.03(e)
     of this Agreement of the applicable Seller, to cure, repurchase or
     replace such Subsequent Mortgage Loan shall constitute the sole remedy
     against such Seller respecting such breach available to
     Certificateholders, the Depositor or the Trustee;

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

               (6) no Subsequent Mortgage Loan conveyed on such Subsequent
     Transfer Date was 30 or more days delinquent;

               (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;

<TABLE>
<CAPTION>

Loan Group 1

                                                                                                 Permitted Variance
Characteristic                                                                 Value                  or Range
----------------------------                                        -------------------------  -----------------------
<S>                                                                          <C>                      <C>
Average Stated Principal Balance................................              $187,345                   10%
Weighted Average Mortgage Rate..................................               6.794%                   0.10%
Weighted Average Original Loan-to-Value Ratio...................               76.12%                    3%
Weighted Average Remaining Term to Maturity.....................             353 months               3 months
Weighted Average Credit Bureau Risk Score.......................             620 points               5 points

Loan Group 2
                                                                                                 Permitted Variance
Characteristic                                                                 Value                  or Range
----------------------------                                        -------------------------  -----------------------
Average Stated Principal Balance................................              $173,055                   10%
Weighted Average Mortgage Rate..................................               7.449%                   0.10%
Weighted Average Original Loan-to-Value Ratio...................               80.69%                    3%
Weighted Average Remaining Term to Maturity.....................             359 months               3 months
Weighted Average Credit Bureau Risk Score.......................             589 points               5 points

                                      65
<PAGE>

Loan Group 3
                                                                                                 Permitted Variance
Characteristic                                                                 Value                  or Range
----------------------------                                        -------------------------  -----------------------
Average Stated Principal Balance................................              $242,247                   10%
Weighted Average Mortgage Rate..................................               7.284%                   0.10%
Weighted Average Original Loan-to-Value Ratio...................               82.30%                    3%
Weighted Average Remaining Term to Maturity.....................             359 months               3 months
Weighted Average Credit Bureau Risk Score.......................             597 points               5 points

</TABLE>

               (8) none of the Sellers or the Depositor is insolvent and
     neither of the Sellers nor the Depositor will be rendered insolvent by
     the conveyance of Subsequent Mortgage Loans on such Subsequent Transfer
     Date; and

               (9) the Trustee and the Underwriters will be provided with an
     Opinion of Counsel, which Opinion of Counsel shall not be at the expense
     of either the Trustee or the Trust Fund, addressed to the Trustee, to the
     effect that such purchase of Subsequent Mortgage Loans will not (i)
     result in the imposition of the tax on "prohibited transactions" on the
     Trust Fund or contributions after the Startup Date, as defined in
     Sections 860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause
     any REMIC formed hereunder to fail to qualify as a REMIC, such opinion to
     be delivered as provided in Section 2.01(f).

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

          (f) Within six Business Days after each Subsequent Transfer Date,
upon (1) delivery to the Trustee by the Depositor of the Opinions of Counsel
referred to in Section 2.01(e)(1) and (e)(9), (2) delivery to the Trustee by
CHL (on behalf of each Seller) of a 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.

                                      66
<PAGE>

          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;

               (ii) in the case of each Mortgage Loan that is not a MERS
          Mortgage Loan, the original recorded Mortgage, and in the case of
          each MERS Mortgage Loan, the original Mortgage, 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 2005-11, 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, 2005,
          without recourse" (each such assignment, when duly and validly
          completed, to be in recordable form and sufficient to effect the
          assignment of and transfer to the assignee thereof, under the
          Mortgage to which such assignment relates);

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

                                      67
<PAGE>

               (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 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(R) 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

                                      68
<PAGE>

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) of the
second paragraph of this Section 2.01(g) 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) of
the second paragraph of this Section 2.01(g).

          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 above 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

                                      69
<PAGE>

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.

          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

                                      70
<PAGE>

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 (xvii) 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 and CHL (on behalf of each
Seller), the Class AF-5B Insurer and to 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;

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               (ii) in the case of each Initial Mortgage Loan that is not a
          MERS Mortgage Loan, the original recorded Mortgage, and in the case
          of each Initial Mortgage Loan that is a MERS Mortgage Loan, the
          original Mortgage, noting 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 in
          the form permitted by Section 2.01;

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

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

               (vi) the original or duplicate original 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

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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(R) 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

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face and relate to such Subsequent Mortgage Loan, and (ii) the information set
forth in items (i), (iv), (v), (vi), (viii), (ix) and (xvii) 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;

               (ii) in the case of each Subsequent Mortgage Loan that is not
     a MERS Mortgage Loan, the original recorded Mortgage, and in the case of
     each Subsequent Mortgage Loan that is a MERS Mortgage Loan, the original
     Mortgage, 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 in the
     form permitted by Section 2.01;

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

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

               (vi) the original or duplicate original 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(R) 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

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<PAGE>

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

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<PAGE>

     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 2.

          (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

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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.

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<PAGE>

               (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 delinquent in payment of
     principal and interest.

               (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.

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<PAGE>

               (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.

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               (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.

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               (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, Loan
     Group 2 and Loan Group 3 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, Loan Group 2 and
     Loan Group 3 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, Loan Group 2 and Loan Group 3 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, Loan Group 2 and Loan Group 3 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, Loan Group 2 and Loan Group 3 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, Loan
     Group 2 and Loan Group 3 are secured by PUDs.

               (33) Each Initial Mortgage Loan in Loan Group 1, Loan Group 2
     and Loan Group 3 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 Two-Year Hybrid Mortgage Loan, a Three-Year
     Hybrid Mortgage Loan or a Five-Year Hybrid Mortgage Loan, had an initial
     Adjustment Date no later than the applicable date specified on the
     Collateral Schedule; each Initial Mortgage Loan that is a Two-Year Hybrid
     Mortgage Loan had an initial Adjustment Date no later than the applicable
     date specified on the Collateral Schedule; each Initial Mortgage Loan
     that is a Three-Year Hybrid Mortgage Loan had an initial Adjustment Date
     no later than the applicable date specified on the Collateral Schedule;
     and each Initial Mortgage Loan that

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     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, Loan Group 2 and
     Loan Group 3 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, Loan Group 2 and Loan Group 3, 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, Loan Group 2 and Loan Group 3 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.

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               (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

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     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, Loan Group 2 and Loan Group 3 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, Loan Group 2 and Loan Group 3 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 ss. 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. ss. 433
     nor is any Mortgage Loan a "mortgage" as defined in 15 U.S.C. ss.
     1602(aa).

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               (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

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     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).

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               (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(R) Glossary which is now Version
     5.6 Revised, Appendix E) and no Mortgage Loan originated on or after
     October 1, 2002 through March 6, 2003 is governed by the Georgia Fair
     Lending Act.

               (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 2:

               (i) No Mortgage Loan in Loan Group 2 is covered by the Home
          Ownership and Equity Protection Act of 1994 ("HOEPA");

               (ii) No borrower was required to purchase any single premium
          credit insurance policy (e.g., life, disability, accident,
          unemployment, or health insurance product) or debt cancellation
          agreement as a condition of obtaining the extension of credit. No
          borrower obtained a prepaid single-premium credit insurance policy
          (e.g., life, disability, accident, unemployment, mortgage, or health
          insurance) in connection with the origination of the Mortgage Loan;
          No proceeds from any Mortgage Loan in Loan Group 2 were used to
          purchase single premium credit insurance policies or debt
          cancellation agreements as part of the origination of, or as a
          condition to closing, such Mortgage Loan;

               (iii) No Mortgage Loan in Loan Group 2 originated on or after
          October 1, 2002 will impose a prepayment premium for a term in
          excess of three years.

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          Any Mortgage Loan in Loan Group 2 originated prior to such date will
          not impose prepayment penalties in excess of five years;

               (iv) With respect to (a) any Mortgage Loan in Loan Group 2
          originated by CHL from August 1, 2004 through April 30, 2005 and (b)
          any Mortgage Loan in Loan Group 2 originated by any other entity
          through April 30, 2005, if the related Mortgage or the related
          Mortgage Note, or any document relating to the loan transaction,
          contains a mandatory arbitration clause (that is, a clause that
          requires the borrower to submit to arbitration to resolve any
          dispute arising out of or relating in any way to the mortgage loan
          transaction), CHL will (i) notify the related borrower in writing
          within 60 days after the issuance of the Certificates that none of
          the related seller, the related servicer or any subsequent party
          that acquires an interest in the loan or services such Mortgage Loan
          will enforce such arbitration clause against the borrower, but that
          the borrower will continue to have the right to submit a dispute to
          arbitration and (ii) place a copy of such notice in the Mortgage
          File; and with respect to any Mortgage Loan in Loan Group 2 and
          originated on or after May 1, 2005, neither the related mortgage nor
          the related mortgage note requires the borrower to submit to
          arbitration to resolve any dispute arising out of or relating in any
          way to the mortgage loan transaction; and

               (v) Each Mortgage Loan in Loan Group 2 had an original
          principal balance that conforms to Freddie Mac guidelines concerning
          original principal balance limits at the time of the origination of
          such mortgage loan.

               (78) The representations in Section 2.03(c)(1)-(6) and
     2.03(d)(1)-(6) are true and correct.

          (c) Park Monaco hereby represents and warrants to the Depositor and
the Trustee as follows, as of the Cut-off Date:

               (1) Park Monaco is duly organized as a Delaware corporation and
     is validly existing and in good standing under the laws of the State of
     Delaware and is duly authorized and qualified to transact any and all
     business contemplated by this Agreement and each Subsequent Transfer
     Agreement to be conducted by Park Monaco in any state in which a
     Mortgaged Property securing a Park Monaco Mortgage Loan is located or is
     otherwise not required under applicable law to effect such qualification
     and, in any event, is in compliance with the doing business laws of any
     such state, to the extent necessary to ensure its ability to enforce each
     Park Monaco Mortgage Loan, to sell the Park Monaco Mortgage Loans in
     accordance with the terms of this Agreement and each Subsequent Transfer
     Agreement and to perform any of its other obligations under this
     Agreement in accordance with the terms hereof.

               (2) Park Monaco has the full company power and authority to
     sell each Park Monaco Mortgage Loan, and to execute, deliver and perform,
     and to enter into and consummate the transactions contemplated by this
     Agreement and each Subsequent Transfer Agreement and has duly authorized
     by all necessary corporate action on the part of Park Monaco the
     execution, delivery and performance of this Agreement and each

                                      89
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     Subsequent Transfer Agreement; and this Agreement and each Subsequent
     Transfer Agreement, assuming the due authorization, execution and
     delivery hereof by the other parties hereto, constitutes a legal, valid
     and binding obligation of Park Monaco, enforceable against Park Monaco in
     accordance with its terms, except that (a) the enforceability hereof may
     be limited by bankruptcy, insolvency, moratorium, receivership and other
     similar laws relating to creditors' rights generally and (b) the remedy
     of specific performance and injunctive and other forms of equitable
     relief may be subject to equitable defenses and to the discretion of the
     court before which any proceeding therefor may be brought.

               (3) The execution and delivery of this Agreement and each
     Subsequent Transfer Agreement by Park Monaco, the sale of the Park Monaco
     Mortgage Loans by Park Monaco under this Agreement and each Subsequent
     Transfer Agreement, the consummation of any other of the transactions
     contemplated by this Agreement and each Subsequent Transfer Agreement,
     and the fulfillment of or compliance with the terms hereof are in the
     ordinary course of business of Park Monaco and will not (A) result in a
     material breach of any term or provision of the certificate of
     incorporation or by-laws of Park Monaco or (B) materially conflict with,
     result in a material breach, violation or acceleration of, or result in a
     material default under, the terms of any other material agreement or
     instrument to which Park Monaco is a party or by which it may be bound,
     or (C) constitute a material violation of any statute, order or
     regulation applicable to Park Monaco of any court, regulatory body,
     administrative agency or governmental body having jurisdiction over Park
     Monaco; and Park Monaco is not in breach or violation of any material
     indenture or other material agreement or instrument, or in violation of
     any statute, order or regulation of any court, regulatory body,
     administrative agency or governmental body having jurisdiction over it
     which breach or violation may materially impair Park Monaco's ability to
     perform or meet any of its obligations under this Agreement.

               (4) No litigation is pending or, to the best of Park Monaco's
     knowledge, threatened, against Park Monaco that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement or any Subsequent Transfer Agreement or the ability of Park
     Monaco to sell the Park Monaco Mortgage Loans or to perform any of its
     other obligations under this Agreement or any Subsequent Transfer
     Agreement in accordance with the terms hereof or thereof.

               (5) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery
     and performance by Park Monaco of, or compliance by Park Monaco with,
     this Agreement or any Subsequent Transfer Agreement or the consummation
     of the transactions contemplated hereby, or if any such consent,
     approval, authorization or order is required, Park Monaco has obtained
     the same.

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

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               (7) Immediately prior to the assignment of each Park Monaco
     Mortgage Loan to the Depositor, Park Monaco had good title to, and was
     the sole owner of, such Park Monaco Mortgage Loan free and clear of any
     pledge, lien, encumbrance or security interest and had full right and
     authority, subject to no interest or participation of, or agreement with,
     any other party, to sell and assign the same pursuant to this Agreement.

          (d) Park Sienna hereby represents and warrants to the Depositor and
the Trustee as follows, as of the Cut-off Date:

               (1) Park Sienna is duly organized as a Delaware limited
     liability company and is validly existing and in good standing under the
     laws of the State of Delaware and is duly authorized and qualified to
     transact any and all business contemplated by this Agreement and each
     Subsequent Transfer Agreement to be conducted by Park Sienna in any state
     in which a Mortgaged Property securing a Park Sienna Mortgage Loan is
     located or is otherwise not required under applicable law to effect such
     qualification and, in any event, is in compliance with the doing business
     laws of any such state, to the extent necessary to ensure its ability to
     enforce each Park Sienna Mortgage Loan, to sell the Park Sienna Mortgage
     Loans in accordance with the terms of this Agreement and each Subsequent
     Transfer Agreement and to perform any of its other obligations under this
     Agreement in accordance with the terms hereof.

               (2) Park Sienna has the full company power and authority to
     sell each Park Sienna Mortgage Loan, and to execute, deliver and perform,
     and to enter into and consummate the transactions contemplated by this
     Agreement and each Subsequent Transfer Agreement and has duly authorized
     by all necessary company action on the part of Park Sienna the execution,
     delivery and performance of this Agreement and each Subsequent Transfer
     Agreement; and this Agreement and each Subsequent Transfer Agreement,
     assuming the due authorization, execution and delivery hereof by the
     other parties hereto, constitutes a legal, valid and binding obligation
     of Park Sienna, enforceable against Park Sienna in accordance with its
     terms, except that (a) the enforceability hereof may be limited by
     bankruptcy, insolvency, moratorium, receivership and other similar laws
     relating to creditors' rights generally and (b) the remedy of specific
     performance and injunctive and other forms of equitable relief may be
     subject to equitable defenses and to the discretion of the court before
     which any proceeding therefor may be brought.

               (3) The execution and delivery of this Agreement and each
     Subsequent Transfer Agreement by Park Sienna, the sale of the Park Sienna
     Mortgage Loans by Park Sienna under this Agreement and each Subsequent
     Transfer Agreement, the consummation of any other of the transactions
     contemplated by this Agreement and each Subsequent Transfer Agreement and
     the fulfillment of or compliance with the terms hereof are in the
     ordinary course of business of Park Sienna and will not (A) result in a
     material breach of any term or provision of the certificate of formation
     or limited liability company agreement of Park Sienna or (B) materially
     conflict with, result in a material breach, violation or acceleration of,
     or result in a material default under, the terms of any other material
     agreement or instrument to which Park Sienna is a party or by which it

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     may be bound, or (C) constitute a material violation of any statute,
     order or regulation applicable to Park Sienna of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     Park Sienna; and Park Sienna is not in breach or violation of any
     material indenture or other material agreement or instrument, or in
     violation of any statute, order or regulation of any court, regulatory
     body, administrative agency or governmental body having jurisdiction over
     it which breach or violation may materially impair Park Sienna's ability
     to perform or meet any of its obligations under this Agreement.

               (4) No litigation is pending or, to the best of Park Sienna's
     knowledge, threatened, against Park Sienna that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement or any Subsequent Transfer Agreement or the ability of Park
     Sienna to sell the Park Sienna Mortgage Loans or to perform any of its
     other obligations under this Agreement or any Subsequent Transfer
     Agreement in accordance with the terms hereof or thereof.

               (5) No consent, approval, authorization or order of any court
     or governmental agency or body is required for the execution, delivery
     and performance by Park Sienna of, or compliance by Park Sienna with,
     this Agreement or any Subsequent Transfer Agreement or the consummation
     of the transactions contemplated hereby, or if any such consent,
     approval, authorization or order is required, Park Sienna has obtained
     the same.

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

               (7) Immediately prior to the assignment of each Park Sienna
     Mortgage Loan to the Depositor, Park Sienna had good title to, and was
     the sole owner of, such the Park Sienna Mortgage Loan free and clear of
     any pledge, lien, encumbrance or security interest and had full right and
     authority, subject to no interest or participation of, or agreement with,
     any other party, to sell and assign the same pursuant to this Agreement.

          (e) Upon discovery by any of the parties hereto of a breach of a
representation or warranty set forth in Section 2.03(a) through (d) that
materially and adversely affects the interests of the Certificateholders in
any Mortgage Loan, the party discovering such breach shall give prompt notice
thereof to the other parties and the NIM Insurer. Each of the Master Servicer
and the Sellers (each, a "Representing Party") hereby covenants with respect
to the representations and warranties set forth in Sections 2.03(a) through
(d) that within 90 days of the earlier of the discovery by such Representing
Party or receipt of written notice by such Representing Party from any party
of a breach of any representation or warranty set forth herein made that
materially and adversely affects the interests of the Certificateholders in
any Mortgage Loan or the Class AF-5B Insurer, it shall cure such breach in all
material respects and, if such breach is not so cured, shall, (i) if such
90-day period expires prior to the second anniversary of the Closing Date,
remove such Mortgage Loan (a "Deleted Mortgage Loan") from the Trust Fund and
substitute in its place a Replacement Mortgage Loan, in the manner and subject
to the conditions set forth in this Section; or (ii) repurchase the affected
Mortgage Loan or Mortgage

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Loans from the Trustee at the Purchase Price in the manner set forth below;
provided that (a) any such substitution pursuant to (i) above or repurchase
pursuant to (ii) above shall not be effected prior to the delivery to the
Trustee, of the Opinion of Counsel required by Section 2.05 hereof, (b) any
such substitution pursuant to (i) above shall not be effected prior to the
additional delivery to the Trustee of a Request for File Release and (c) any
such substitution pursuant to (i) above shall include a payment by the
applicable Representing Party of any amount as calculated under item (iii) of
the definition of "Purchase Price". Any Representing Party liable for a breach
under this Section 2.03 shall promptly reimburse the Master Servicer or the
Trustee for any expenses reasonably incurred by the Master Servicer or the
Trustee in respect of enforcing the remedies for such breach. To enable the
Master Servicer to amend the Mortgage Loan Schedule, any Representing Party
liable for a breach under this Section 2.03 shall, unless it cures such breach
in a timely fashion pursuant to this Section 2.03, promptly notify the Master
Servicer whether such Representing Party intends either to repurchase, or to
substitute for, the Mortgage Loan affected by such breach. With respect to the
representations and warranties described in this Section that are made to the
best of the Representing Party's knowledge, if it is discovered by any of the
Depositor, the Master Servicer, the Sellers or the Trustee that the substance
of such representation and warranty is inaccurate and such inaccuracy
materially and adversely affects the value of the related Mortgage Loan,
notwithstanding the Representing Party's lack of knowledge with respect to the
substance of such representation or warranty, such inaccuracy shall be deemed
a breach of the applicable representation or warranty. Any breach of a
representation set forth in Section 2.03(a)(8), (b)(72), (b)(75), (b)(76) or
(b)(77) shall be deemed to materially and adversely affect the
Certificateholders.

          With respect to any Replacement Mortgage Loan or Loans, the
applicable Seller delivering such Replacement Mortgage Loan shall deliver to
the Trustee for the benefit of the Certificateholders the related Mortgage
Note, Mortgage and assignment of the Mortgage, and such other documents and
agreements as are required by Section 2.01, with the Mortgage Note endorsed
and the Mortgage assigned as required by Section 2.01. No substitution will be
made in any calendar month after the Determination Date for such month.
Scheduled Payments due with respect to Replacement Mortgage Loans in the Due
Period related to the Distribution Date on which such proceeds are to be
distributed shall not be part of the Trust Fund and will be retained by the
applicable Seller delivering such Replacement Mortgage Loan on such
Distribution Date. For the month of substitution, distributions to
Certificateholders will include the Scheduled Payment due on any Deleted
Mortgage Loan for the related Due Period and thereafter the applicable Seller
shall be entitled to retain all amounts received in respect of such Deleted
Mortgage Loan. The Master Servicer shall amend the Mortgage Loan Schedule for
the benefit of the Certificateholders to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Replacement Mortgage Loan or Loans
and the Master Servicer shall deliver the amended Mortgage Loan Schedule to
the Trustee. Upon such substitution, the Replacement Mortgage Loan or Loans
shall be subject to the terms of this Agreement in all respects, and the
applicable Seller delivering such Replacement Mortgage Loan shall be deemed to
have made with respect to such Replacement Mortgage Loan or Loans, as of the
date of substitution, the representations and warranties set forth in Section
2.03(b), (c) or (d) with respect to such Mortgage Loan. Upon any such
substitution and the deposit to the Certificate Account of the amount required
to be deposited therein in connection with such substitution as described in
the following paragraph, the Trustee shall release to the Representing Party
the Mortgage File relating to such Deleted Mortgage Loan and held for the
benefit of the Certificateholders and

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shall execute and deliver at the Master Servicer's direction such instruments
of transfer or assignment as have been prepared by the Master Servicer, in
each case without recourse, as shall be necessary to vest in the applicable
Seller, or its respective designee, title to the Trustee's interest in any
Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

          For any month in which any Seller substitutes one or more
Replacement Mortgage Loans for one or more Deleted Mortgage Loans, the Master
Servicer will determine the amount (if any) by which the aggregate principal
balance of all such Replacement Mortgage Loans as of the date of substitution
is less than the Stated Principal Balance (after application of the principal
portion of the Scheduled Payment due in the month of substitution) of all such
Deleted Mortgage Loans. An amount equal to the aggregate of the deficiencies
described in the preceding sentence (such amount, the "Substitution Adjustment
Amount") shall be forwarded by the applicable Seller to the Master Servicer
and deposited by the Master Servicer into the Certificate Account not later
than the Determination Date for the Distribution Date relating to the
Prepayment Period during which the related Mortgage Loan became required to be
purchased or replaced hereunder.

          In the event that a Seller shall have repurchased a Mortgage Loan,
the Purchase Price therefor shall be deposited in the Certificate Account
pursuant to Section 3.05 on the Determination Date for the Distribution Date
in the month following the month during which such Seller became obligated to
repurchase or replace such Mortgage Loan and upon such deposit of the Purchase
Price, the delivery of the Opinion of Counsel required by Section 2.05, if
any, and the receipt of a Request for File Release, the Trustee shall release
the related Mortgage File held for the benefit of the Certificateholders to
such Seller, and the Trustee shall execute and deliver at such Person's
direction the related instruments of transfer or assignment prepared by such
Seller, in each case without recourse, as shall be necessary to transfer title
from the Trustee for the benefit of the Certificateholders and transfer the
Trustee's interest to such Seller to any Mortgage Loan purchased pursuant to
this Section 2.03. It is understood and agreed that the obligation under this
Agreement of the Sellers to cure, repurchase or replace any Mortgage Loan as
to which a breach has occurred and is continuing shall constitute the sole
remedy against the Sellers respecting such breach available to
Certificateholders, the Depositor or the Trustee.

          (f) The representations and warranties set forth in this Section
2.03 shall survive delivery of the respective Mortgage Files to the Trustee
for the benefit of the Certificateholders with respect to each Mortgage Loan.

          Section 2.04 Representations and Warranties of the Depositor.

          The Depositor hereby represents and warrants to the Master Servicer
and the Trustee as follows, as of the date hereof and as of each Subsequent
Transfer Date:

               (1) The Depositor is duly organized and is validly existing as
     a corporation in good standing under the laws of the State of Delaware
     and has full power and authority (corporate and other) necessary to own
     or hold its properties and to conduct its business as now conducted by it
     and to enter into and perform its obligations under this Agreement and
     each Subsequent Transfer Agreement.

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<PAGE>

               (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.

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<PAGE>

          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 and the NIM Insurer.
The Depositor hereby covenants with respect to the representations and
warranties made by it in this Section 2.04 that within 90 days of the earlier
of the discovery by it or receipt of written notice by it from any party of a
breach of any representation or warranty set forth herein made that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, it shall cure such breach in all material respects and, if such breach
is not so cured, shall repurchase or replace the affected Mortgage Loan or
Loans in accordance with the procedure set forth in Section 2.03(e).

          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.

          (b) Upon discovery by the Depositor, any Seller, the Master Servicer
or the Trustee that any Mortgage Loan does not constitute a "qualified
mortgage" within the meaning of section 860G(a)(3) of the Code, the party
discovering such fact shall promptly (and in any event within five Business
Days of discovery) give written notice thereof to the other parties and the
NIM Insurer. In connection therewith, the Trustee shall require CHL, at CHL's
option, to either (i) substitute, if the conditions in Section 2.03(e) with
respect to substitutions are satisfied, a Replacement Mortgage Loan for the
affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
90 days of such discovery in the same manner as it would a Mortgage Loan for a
breach of representation or warranty contained in Section 2.03. The Trustee
shall reconvey to CHL the Mortgage Loan to be released pursuant hereto in the
same manner, and on the same terms and conditions, as it would a Mortgage Loan
repurchased for breach of a representation or warranty contained in Section
2.03.

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          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

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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(R) System, or cause the removal from the registration of any Mortgage
Loan on the MERS(R) 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,

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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 (without
regard to the Class AF-5B Policy in the case of the Class AF-5B 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.

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          Section 3.03 Rights of the Depositor, the Sellers, the
                       Certificateholders, the NIM Insurer, the
                       Class AF-5B Insurer and the Trustee in
                       Respect of the Master Servicer.

          None of the Trustee, the Sellers, the Certificateholders, the NIM
Insurer, the Class AF-5B 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, the Class AF-5B 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, the Class AF-5B 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 Class AF-5B Insurer, 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 Class AF-5B
Insurer, the NIM Insurer or the Trust Fund, and in either case, the Depositor,
the Class AF-5B Insurer, 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),
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

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Servicer shall for any reason no longer be the Master Servicer (including by
reason of any Event of Default), 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

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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. All funds deposited
in the Certificate Account shall be held in trust for the Certificateholders
until withdrawn in accordance with Section 3.08.

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          No later than 1:00 p.m. Pacific time on the Business Day prior to
the Master Servicer Advance Date in each of October 2005, November 2005 and
December 2005, 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); and

               (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.

          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

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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 CHL and shall be
remitted to CHL 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 CHL to the Trustee for deposit into the Pre-Funding Account
out of CHL's own funds immediately as realized. The Trustee shall not be
liable for the amount of any loss incurred in respect of any investment or
lack of investment of funds held in the Certificate Account, the Distribution
Account 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

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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, the
Trustee and the Class AF-5B Insurer 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

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          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
and Principal Remittance Amount for each Loan Group, and the Trustee shall
deposit such amount in the Distribution Account.

          The Trustee shall establish and maintain, on behalf of the
Certificateholders, a Principal Reserve Fund in the name of the Trustee. On
the Closing Date, CHL shall deposit into

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the Principal Reserve Fund $300.00. Funds on deposit in the Principal Reserve
Fund shall not be invested. The Principal Reserve Fund shall be treated as an
"outside reserve fund" under applicable Treasury regulations and shall not be
part of any REMIC created under this Agreement.

          On the Business Day before the first Distribution Date, the Trustee
shall transfer $100.00 from the Principal Reserve Fund to the Distribution
Account, and on the first Distribution Date, the Trustee shall withdraw $100
and distribute such amount to the Class A-R Certificates in reduction of the
Certificate Principal Balance thereof.

          On the Business Day before the Class PF Principal Distribution Date,
the Trustee shall transfer $100.00 from the Principal Reserve Fund to the
Distribution Account and shall distribute such amount to the Class PF
Certificates on the Class PF Principal Distribution Date. On the Business Day
before the Class PV 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 PV Certificates on the Class PV Principal
Distribution Date. Following the distributions to be made in accordance with
the two preceding sentences, 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 the Class AF-5B Insurer 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 penultimate 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

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          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 penultimate 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

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any time be in force and as shall require such additional insurance. If the
Mortgaged Property is located at the time of origination of the Mortgage Loan
in a federally designated special flood hazard area and such area is
participating in the national flood insurance program, the Master Servicer
shall cause flood insurance to be maintained with respect to such Mortgage
Loan. Such flood insurance shall be in an amount equal to the lesser of (i)
the original principal balance of the related Mortgage Loan, (ii) the
replacement value of the improvements that are part of such Mortgaged
Property, or (iii) the maximum amount of such insurance available for the
related Mortgaged Property under the Flood Disaster Protection Act of 1973, as
amended. If the hazard policy contains a deductible clause, the Master
Servicer will be required to deposit from its own funds into the Certificate
Account the amounts that would have been deposited therein but for the
deductible clause.

          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

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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) the modification is in lieu of a
refinancing and (ii) the Mortgage Rate on the Modified Mortgage Loan is
approximately a prevailing market rate for newly-originated mortgage loans
having similar terms and (iii) the Master Servicer purchases the Modified
Mortgage Loan from the Trust Fund as described below. Effective immediately
after the modification, and, in any event, on the same Business Day on which
the modification occurs, all interest of the Trustee in the Modified Mortgage
Loan shall automatically be deemed transferred and assigned to the Master
Servicer 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 the Master Servicer. 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. The Master Servicer shall deposit the Purchase Price
for any Modified Mortgage Loan in the Certificate Account pursuant to Section
3.05 within one Business Day after the purchase of the Modified Mortgage Loan.
Upon receipt by the Trustee of written notification of any such deposit signed
by a Servicing Officer, the Trustee shall release to the Master Servicer the
related Mortgage File and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be necessary
to vest in the Master Servicer any Modified Mortgage Loan previously
transferred and assigned pursuant hereto. The

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Master Servicer 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 the Master Servicer (but such
obligation shall not prevent the Master Servicer or any other appropriate
Person from in good faith contesting any such tax in appropriate proceedings
and shall not prevent the Master Servicer from withholding payment of such
tax, if permitted by law, pending the outcome of such proceedings). The Master
Servicer 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 the Master Servicer. 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, the Master Servicer
will 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

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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

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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 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

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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(R) 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

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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

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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.

          The Master Servicer shall deliver to the Depositor and the Trustee
on or before the 80th day after the end of the Master Servicer's fiscal year,
commencing with its 2005 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 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
throughout such year, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default 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 throughout such year, or, if there has been a default
in the fulfillment of any such obligation specifying each such default known
to such officer and the nature and status thereof. 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 Annual Independent Public Accountants' Servicing
                       Statement; Financial Statements.

          On or before the later of (i) the 80th day after the end of the
Master Servicer's fiscal year, commencing with its 2005 fiscal year or (ii)
within 30 days of the issuance of the annual audited financial statements
beginning with the audit for the period ending in 2005, the Master Servicer at
its expense shall cause a nationally recognized firm of independent public
accountants (who may also render other services to the Master Servicer, CHL or
any affiliate thereof) that is a member of the American Institute of Certified
Public Accountants to furnish a report to the Trustee, the Depositor and CHL
in compliance with the Uniform Single Attestation Program for Mortgage
Bankers. Copies of such report shall be provided by the Trustee to any
Certificateholder or Certificate Owner upon request at the Master Servicer's
expense, provided such report is delivered by the Master Servicer to the
Trustee. Upon written request, the Master

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Servicer shall provide to the Certificateholders or Certificate Owners its
publicly available annual financial statements (or the Master Servicer's
parent company's publicly available annual financial statements, as
applicable), if any, promptly after they become available.

          Section 3.19 The Corridor Contracts.

          CHL shall cause The Bank of New York to enter into the Corridor
Contract Administration Agreement and shall assign all of its right, title and
interest in and to the interest rate corridor transactions evidenced by the
Corridor Contracts to, and shall cause all of its obligations in respect of
such transactions to be assumed by, the Corridor Contract Administrator, on
the terms and conditions set forth in the Corridor Contract Assignment
Agreement. The Trustee's rights to receive certain proceeds of the Corridor
Contracts as provided in the Corridor Contract Administration Agreement will
be an asset of the Trust Fund but will not be an asset of any REMIC. The
Trustee shall deposit any amounts received from time to time with respect to
any Corridor Contract into the Carryover Reserve Fund. The Master Servicer
shall deposit any amounts received on behalf of the Trustee from time to time
with respect to any Corridor Contract into the Carryover Reserve Fund.

          No later than two Business Days following each Distribution Date,
the Trustee shall provide the Corridor Contract Administrator with information
regarding the aggregate Certificate Principal Balance of the Class(es) of
Certificates related to each Corridor Contract after all distributions on such
Distribution Date.

          The Trustee shall direct the Corridor Contract Administrator to
terminate a Corridor Contract upon the occurrence of certain events of default
or termination events to the extent specified thereunder. Upon any such
termination, the Corridor Contract Counterparty will be obligated to pay the
Corridor Contract Administrator an amount in respect of such termination, and
the portion of such amount that is distributable to the Trust Fund pursuant to
the Corridor Contract Administration Agreement and received by the Trustee or
the Master Servicer for the benefit of the Trust Fund, as the case may be, in
respect of such termination shall be deposited and held in the Carryover
Reserve Fund to pay Net Rate Carryover for the applicable Classes of
Certificates as provided in Section 4.04(e) on the Distribution Dates
following such termination to and including the applicable Corridor Contract
Termination Date, but shall not be available for distribution to the
applicable Class of Class C Certificates pursuant to Section 4.08(c) until
such Corridor Contract Termination Date. On each Corridor Contract Termination
Date, after all other distributions on such date, if any such amounts in
respect of early termination of the related Corridor Contract remain in the
Carryover Reserve Fund, such amounts shall be distributed by the Trustee to
(i) in the case of any such amounts relating to the Class AF-1 Corridor
Contract, the Class CF Certificates, and (ii) in the case of any such amounts
relating to the Class 2-AV-1 Corridor Contract, Class 3-AV Corridor Contact
and Adjustable Rate Subordinate Corridor Contract, the Class CV Certificates.

          Section 3.20 Prepayment Charges.

          (a) Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment in full or in part of a Mortgage Loan, the
Master Servicer may not waive any Prepayment Charge or portion thereof
required by the terms of the related Mortgage

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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.

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                                  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 will provide
notice to the Master Servicer by facsimile by the close of business on any
Master Servicer Advance Date in the event that the amount remitted by the
Master Servicer to the Trustee on the Distribution Account Deposit Date is
less than the Advances required to be made by the Master Servicer for such
Distribution Date. The Master Servicer shall be obligated to make any such
Advance only to the extent that such advance would not be a Nonrecoverable
Advance. If the Master Servicer shall have determined that it has made a
Nonrecoverable Advance or that a proposed Advance or a lesser portion of such
Advance would constitute a Nonrecoverable Advance, the Master Servicer shall
deliver (i) to the Trustee for the benefit of the Certificateholders funds
constituting the remaining portion of such Advance, if applicable, and (ii) to
the Depositor, each Rating Agency and the Trustee an Officer's Certificate
setting forth the basis for such determination.

          (c) In lieu of making all or a portion of such Advance from its own
funds, the Master Servicer may (i) cause to be made an appropriate entry in
its records relating to the Certificate Account that any Amount Held for
Future Distributions has been used by the Master Servicer in discharge of its
obligation to make any such Advance and (ii) transfer such funds from the
Certificate Account to the Distribution Account. Any funds so applied and
transferred shall be replaced by the Master Servicer by deposit in the
Certificate Account no later than the close of business on the Business Day
immediately preceding the Distribution Date on which such funds are required
to be distributed pursuant to this Agreement. The Master Servicer shall be
entitled to be reimbursed from the Certificate Account for all Advances of its
own funds made pursuant to this Section as provided in Section 3.08. The
obligation to make Advances with respect to any Mortgage Loan shall continue
until such Mortgage Loan is paid in full or becomes a Liquidated Mortgage Loan
or until the purchase or repurchase thereof (or substitution therefor) from
the Trustee pursuant to any applicable provision of this Agreement, except as
otherwise provided in this Section 4.01.

          (d) If the Master Servicer determines that it will be unable to
comply with its obligation to make the Advances as and when described in
paragraphs (b) and (c) immediately above, it shall use its best efforts to
give written notice thereof to the Trustee (each such notice a "Trustee
Advance Notice"; and such notice may be given by facsimile), not later than
3:00 p.m.,

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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].

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          Section 4.04 Distributions.

          (a) Distributions of Interest Funds for Loan Group 1. On each
Distribution Date, the Interest Funds for such Distribution Date for Loan
Group 1 shall be distributed from the Distribution Account in the following
order of priority:

               (i) concurrently to the Class AF-5B Insurer, the Class AF-5B
          Premium for such Distribution Date and to each Class of Class AF
          Certificates, the Current Interest and Interest Carry Forward Amount
          for each such Class and such Distribution Date, pro rata, based on
          their respective entitlements,

               (ii) to the Class AF-5B Insurer, any Class AF-5B Reimbursement
          Amount,

               (iii) sequentially, to the Class MF 1, Class MF-2, Class MF-3,
          Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8 and Class
          BF Certificates, in that order, the Current Interest for each such
          Class, and

               (iv) any remainder as part of the Fixed Rate Loan Group Excess
          Cashflow.

          (b) Distributions of Interest Funds for Loan Group 2 and Loan Group
3. On each Distribution Date, the Interest Funds for such Distribution Date
with respect to Loan Group 2 and Loan Group 3 shall be distributed by the
Trustee from the Distribution Account in the following order of priority:

               (i) concurrently:

                    (a) from the Interest Funds for Loan Group 2, to the Class
               2-AV-1 Certificates, the Current Interest and Interest Carry
               Forward Amount for such Class and such Distribution Date,

                    (b) from the Interest Funds for Loan Group 3, concurrently
               to each Class of Class 3-AV Certificates, the Current Interest
               and Interest Carry Forward Amount for each such Class and such
               Distribution Date, pro rata, based on their respective
               entitlements,

               (ii) from the remaining Interest Funds for Loan Group 2 and
          Loan Group 3, concurrently to each Class of Class AV Certificates,
          any remaining Current Interest and Interest Carry Forward Amount not
          paid pursuant to Section 4.04(b)(i), pro rata, based on the
          Certificate Principal Balances thereof, to the extent needed to pay
          any Current Interest and Interest Carry Forward Amount for each such
          Class; provided that Interest Funds remaining after such allocation
          to pay any Current Interest and Interest Carry Forward Amount based
          on the Certificate Principal Balances of the Certificates will be
          distributed to each Class of Class AV Certificates with respect to
          which there remains any unpaid Current Interest and Interest Carry
          Forward Amount (after the distribution based on

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          Certificate Principal Balances), pro rata, based on the amount of
          such remaining unpaid Current Interest and Interest Carry Forward
          Amount,

               (iii) from the remaining Interest Funds for Loan Group 2 and
          Loan Group 3, sequentially:

                    (a) sequentially, to the Class MV-1, Class MV-2, Class
               MV-3, Class MV-4, Class MV-5, Class MV-6, Class MV-7, Class
               MV-8, Class MV-9 and Class BV Certificates, in that order, the
               Current Interest for each such Class, and

                    (b) any remainder as part of the Adjustable Rate Loan
               Group Excess Cashflow.

          (c) On each Distribution Date, the Principal Distribution Amount for
such Distribution Date with respect to Loan Group 1 shall be distributed by
the Trustee from the Distribution Account in the following order of priority
(with the Principal Distribution Amount exclusive of the portion thereof
consisting of the Extra Principal Distribution Amount being applied first and
the Extra Principal Distribution Amount being applied thereafter):

          (1) with respect to any Distribution Date prior to the Fixed Rate
     Stepdown Date or on which a Fixed Rate Trigger Event is in effect, from
     the Principal Distribution Amount for Loan Group 1, sequentially:

               (A) to the Class AF Certificates and to the Class AF-5B
          Insurer, in the order, amounts and priorities set forth in clause
          (3)(A) below,

               (B) sequentially, to the Class MF-1, Class MF-2, Class MF-3,
          Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8 and Class
          BF Certificates, in that order, in each case until the Certificate
          Principal Balance thereof is reduced to zero, and

               (C) any remainder as part of the Fixed Rate Loan Group Excess
          Cashflow.

          (2) with respect to any Distribution Date on or after the Fixed Rate
     Stepdown Date and so long as a Fixed Rate Trigger Event is not in effect
     from the Principal Distribution Amount for Loan Group 1, sequentially:

               (A) in an amount up to the Class AF Principal Distribution
          Amount, to the Class AF Certificates in the order and priorities set
          forth in clause (3)(B) below, until the Certificate Principal
          Balances thereof are reduced to zero,

               (B) to the Class AF-5B Insurer, any remaining Class AF-5B
          Premium and any remaining Class AF-5B Reimbursement Amount, in each
          case that has not been paid from Interest Funds for Loan Group 1 for
          such Distribution Date,

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<PAGE>

               (C) sequentially, to the Class MF-1, Class MF-2, Class MF-3,
          Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8 and Class
          BF Certificates, in that order, the Fixed Rate Subordinate Class
          Principal Distribution Amount for each such Class, in each case
          until the Certificate Principal Balance thereof is reduced to zero,
          and

               (D) any remainder as part of the Fixed Rate Loan Group Excess
          Cashflow.

               (3) On each Distribution Date on which any principal amounts
     are to be distributed to the Class AF Certificates and the Class AF-5B
     Insurer pursuant to clause (1)(A) or to the Class AF Certificates
     pursuant to clause (2)(A) above, such amounts shall be distributed to the
     Class AF Certificates and, if applicable, the Class AF-5B Insurer, in the
     following order of priority:

               (A) For each Distribution Date prior to the Fixed Rate Stepdown
          Date or on which a Fixed Rate Trigger Event is in effect,

               (i) the NAS Principal Distribution Amount to the Class AF-6
          Certificates, until the Certificate Principal Balance thereof is
          reduced to zero,

               (ii) sequentially, to the Class AF-1, Class AF-2, Class AF-3
          and Class AF-4 Certificates, in that order, until the Certificate
          Principal Balances thereof are reduced to zero,

               (iii) concurrently, to (x) the Class AF-5A Certificates and (y)
          the Class AF-5B Certificates and the Class AF-5B Insurer, pro rata
          (based on, with respect to clause (x), the Certificate Principal
          Balance of the Class AF-5A Certificates, and with respect to clause
          (y), the Certificate Principal Balance of the Class AF-5B
          Certificates):

                    (a) to the Class AF-5A Certificates, until the Certificate
               Principal Balance thereof is reduced to zero, and

                    (b) sequentially:

                         (1) to the Class AF-5B Insurer, any remaining Class
                         AF-5B Premium that has not been paid from Interest
                         Funds for Loan Group 1 for such Distribution Date,
                         and

                         (2) to the Class AF-5B Certificates, until the
                         Certificate Principal Balance thereof is reduced
                         to zero,

               (iv) to the Class AF-6 Certificates without regard to the NAS
          Principal Distribution Amount, until the Certificate Principal
          Balance thereof is reduced to zero, and

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<PAGE>

               (v) to the Class AF-5B Insurer, any remaining Class AF-5B
          Reimbursement Amount that has not been paid from Interest Funds for
          Loan Group 1 for such Distribution Date.

               (B) For each Distribution Date on or after the Fixed Rate
          Stepdown Date and so long as a Fixed Rate Trigger Event is not in
          effect,

               (i) the NAS Principal Distribution Amount to the Class AF-6
          Certificates, until the Certificate Principal Balance thereof is
          reduced to zero,

               (ii) sequentially, to the Class AF-1, Class AF-2, Class AF-3
          and Class AF-4 Certificates, in that order, until the Certificate
          Principal Balances thereof are reduced to zero,

               (iii) concurrently, to the Class AF-5A Certificates and the
          Class AF-5B Certificates, pro rata, based on the Certificate
          Principal Balances thereof, until the Certificate Principal Balances
          thereof are reduced to zero, and

               (iv) to the Class AF-6 Certificates without regard to the NAS
          Principal Distribution Amount, until the Certificate Principal
          Balance thereof is reduced to zero.

Notwithstanding the foregoing order of priority, on any Distribution Date on
which the aggregate Certificate Principal Balance of the Class AF Certificates
is greater than the sum of the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group 1 and any amount on deposit in the Pre-Funding
Account in respect of Loan Group 1, any principal amounts to be distributed to
the Class AF Certificates and the Class AF-5B Insurer shall be distributed
first, concurrently to each Class of Class AF Certificates, pro rata, based on
the Certificate Principal Balances thereof, in each case until the Certificate
Principal Balance thereof is reduced to zero, and second, to the Class AF-5B
Insurer, any remaining Class AF-5B Premium and any remaining Class AF-5B
Reimbursement Amount.

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          (d) On each Distribution Date, the Principal Distribution Amount for
such Distribution Date with respect to Loan Group 2 and Loan Group 3 shall be
distributed by the Trustee from the Distribution Account in the following
order of priority (with the Principal Distribution Amount exclusive of the
portion thereof consisting of the Extra Principal Distribution Amount being
applied first and the Extra Principal Distribution Amount being applied
thereafter):

               (1) with respect to any Distribution Date prior to the
     Adjustable Rate Stepdown Date or on which an Adjustable Rate Trigger
     Event is in effect, sequentially:

               (A) concurrently:

               (i) from the Principal Distribution Amount for Loan Group 2,
          sequentially:

                    (a) to the Class 2-AV-1 Certificates, until the
               Certificate Principal Balance thereof is reduced to zero; and

                    (b) to the Classes of Class 3-AV Certificates (after the
               distribution of the Principal Distribution Amount from Loan
               Group 3 as provided in Section 4.04(d)(1)(A)(ii)(a) below), in
               the order and priorities set forth in Section 4.04(d)(3) below,
               until the Certificate Principal Balances thereof are reduced to
               zero;

               (ii) from the Principal Distribution Amount for Loan Group 3,
          sequentially:

                    (a) to the Classes of Class 3-AV Certificates, in the
               order and priorities set forth in Section 4.04(d)(3) below,
               until the Certificate Principal Balances thereof are reduced to
               zero; and

                    (b) to the Class 2-AV-1 Certificates (after the
               distribution of the Principal Distribution Amount from Loan
               Group 2 as provided in Section 4.04(d)(1)(A)(i)(a) above),
               until the Certificate Principal Balance thereof is reduced to
               zero;

               (B) from the remaining Principal Distribution Amounts for Loan
          Group 2 and Loan Group 3, sequentially:

               (i) sequentially, to the Class MV-1, Class MV-2, Class MV-3,
          Class MV-4, Class MV-5, Class MV-6, Class MV-7, Class MV-8, Class
          MV-9 and Class BV Certificates, in that order, in each case until
          the Certificate Principal Balance thereof is reduced to zero, and

               (ii) any remainder as part of the Adjustable Rate Loan Group
          Excess Cashflow.

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<PAGE>

               (2) with respect to any Distribution Date on or after the
     Adjustable Rate Stepdown Date and so long as an Adjustable Rate Trigger
     Event is not in effect, from the Principal Distribution Amounts for Loan
     Group 2 and Loan Group 3, sequentially:

               (A) in an amount up to the Class AV Principal Distribution
          Target Amount, pro rata based on the related Class AV Principal
          Distribution Allocation Amount for the Class 2-AV-1 Certificates and
          the Class 3-AV Certificates, respectively, concurrently, to (I) the
          Class 2-AV-1 Certificates, in an amount up to the Class 2-AV-1
          Principal Distribution Amount, until the Certificate Principal
          Balance thereof is reduced to zero and (II) the Classes of Class
          3-AV Certificates, in an amount up to the Class 3-AV Principal
          Distribution Amount in the order and priorities set forth in Section
          4.04(d)(3) below, until the Certificate Principal Balances thereof
          are reduced to zero; provided, however, that if the Certificate
          Principal Balance of the Class 2-AV-1 Certificates or the aggregate
          Certificate Principal Balance of the Class 3-AV Certificates is
          reduced to zero, then any remaining unpaid Class AV Principal
          Distribution Target Amount will be distributed to the remaining
          Class AV Certificates (and in the case of the Class 3-AV
          Certificates, in the order and priorities set forth in Section
          4.04(d)(3) below), until the Certificate Principal Balance(s)
          thereof is/are reduced to zero,

               (B) sequentially, to the Class MV-1, Class MV-2, Class MV-3,
          Class MV-4, Class MV-5, Class MV-6, Class MV-7, Class MV-8, Class
          MV-9 and Class BV Certificates, in that order, the Adjustable Rate
          Subordinate Class Principal Distribution Amount for each such Class,
          in each case until the Certificate Principal Balance thereof is
          reduced to zero, and

               (C) any remainder as part of the Adjustable Rate Loan Group
          Excess Cashflow.

               (3) On each Distribution Date on which any principal amounts
     are to be distributed to the Class 3-AV Certificates, such amounts shall
     be distributed sequentially, to the Class 3-AV-1, Class 3-AV-2 and Class
     3-AV-3 Certificates, in that order, in each case until the Certificate
     Principal Balance thereof is reduced to zero; provided, however, that on
     any Distribution Date on which (x) the aggregate Certificate Principal
     Balance of the Class AV Certificates is greater than the sum of the
     aggregate Stated Principal Balance of the Adjustable Rate Mortgage Loans
     and any remaining portion of the Group 2 Pre-Funded Amount and the Group
     3 Pre-Funded Amount and (y) the aggregate Certificate Principal Balance
     of the Class 3-AV Certificates is greater than the sum of the aggregate
     Stated Principal Balance of the Group 3 Mortgage Loans and any remaining
     portion of the Group 3 Pre-Funded Amount, any principal amounts to be
     distributed to the Class 3-AV Certificates will be distributed pro rata,
     based on the Certificate Principal Balances thereof, in each case until
     the Certificate Principal Balance thereof is reduced to zero.

          (e) With respect to any Distribution Date, any Fixed Rate Loan Group
Excess Cashflow and, in the case of clause (1) below and in the case of the
payment of Unpaid Realized

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<PAGE>

Loss Amounts pursuant to clause (2) below, any amounts in the Credit Comeback
Excess Account available for such Distribution Date, shall be distributed to
the Classes of Certificates in the following order of priority, in each case
first to the extent of the remaining Credit Comeback Excess Cashflow, if
applicable, and second to the extent of the remaining Fixed Rate Loan Group
Excess Cashflow:

               (1) to the Holders of the Class or Classes of Class AF
     Certificates and Fixed Rate Subordinate Certificates then entitled to
     receive distributions in respect of principal, in an amount equal to the
     Extra Principal Distribution Amount for Loan Group 1, payable to such
     Holders as part of the Principal Distribution Amount for Loan Group 1
     pursuant to Section 4.04(c) above; provided, however, that Credit
     Comeback Excess Cashflow (if any) shall only be distributed pursuant to
     this clause, if the Fixed Rate Overcollateralization Target Amount has at
     any previous time been met;

               (2) sequentially, to the Holders of the Class MF-1, Class MF-2,
     Class MF-3, Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8
     and Class BF 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;

               (3) to the Carryover Reserve Fund and from the Carryover
     Reserve Fund to each Class of Class AF Certificates and Fixed Rate
     Subordinate Certificates (in the case of the Class AF-1 Certificates
     after application of AF-1 Corridor Contract to cover Net Rate Carryover),
     pro rata based on the Certificate Principal Balances thereof, to the
     extent needed to pay any unpaid Net Rate Carryover for each such Class;
     and then any Fixed Rate Loan Group Excess Cashflow remaining after such
     allocation to pay Net Rate Carryover based on the Certificate Principal
     Balances of the Certificates shall be distributed to each Class of Class
     AF Certificates and Fixed Rate Subordinate Certificates with respect to
     which there remains any unpaid Net Rate Carryover, pro rata, based on the
     amount of such unpaid Net Rate Carryover;

               (4) to the Holders of the Class or Classes of Class AV
     Certificates and Adjustable Rate Subordinate Certificates then entitled
     to receive distributions in respect of principal, payable to such Holders
     as part of the Principal Distribution Amount as described under Section
     4.04(d) above, in an amount equal to the Extra Principal Distribution
     Amount for Loan Group 2 and Loan Group 3 not covered by the Adjustable
     Rate Loan Group Excess Cashflow allocated pro rata based on the Extra
     Principal Distribution Amount for Loan Group 2 and Loan Group 3 not
     covered by the Adjustable Rate Loan Group Excess Cashflow;

               (5) sequentially, to the Holders of the Class MV-1, Class MV-2,
     Class MV-3, Class MV-4, Class MV-5, Class MV-6, Class MV-7, Class MV-8,
     Class MV-9 and Class BV Certificates, in that order, in each case in an
     amount equal to the Unpaid Realized Loss Amount for such Class remaining
     undistributed after application of the Adjustable Rate Loan Group Excess
     Cashflow;

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<PAGE>

               (6) 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 without
     regard to any amounts allocated to the Trust Fund in respect of any
     Corridor Contract not required to cover Net Rate Carryover on the related
     Class(es) of Certificates on such Distribution Date);

               (7) to the Class CF Certificateholders, the Class CF
     Distributable Amount for such Distribution Date; and

               (8) to the Class A-R Certificates, any remaining amount.

          (f) With respect to any Distribution Date, any Adjustable Rate Loan
Group Excess Cashflow shall be distributed to the Classes of Certificates in
the following order of priority, in each case to the extent of remaining
Adjustable Rate Loan Group Excess Cashflow:

               (1) to the Holders of the Class or Classes of Class AV
     Certificates and Adjustable Rate Subordinate Certificates then entitled
     to receive distributions in respect of principal, in an aggregate amount
     equal to the Extra Principal Distribution Amount for the Adjustable Rate
     Loan Group, payable to such Holders of each such Class as part of the
     Principal Distribution Amount for Loan Group 2 and Loan Group 3 pursuant
     to Section 4.04(d) above;

               (2) sequentially, to the Holders of the Class MV-1, Class MV-2,
     Class MV-3, Class MV-4, Class MV-5, Class MV-6, Class MV-7, Class MV-8,
     Class MV-9 and Class BV 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;

               (3) to the Carryover Reserve Fund and from the Carryover
     Reserve Fund to each Class of Class AV Certificates and Adjustable Rate
     Subordinate Certificates (in each case after application of amounts
     received under the applicable Corridor Contract to cover Net Rate
     Carryover), pro rata based on the Certificate Principal Balances thereof,
     to the extent needed to pay any Net Rate Carryover for each such Class
     remaining after application of amounts under the applicable Corridor
     Contract; provided that any Adjustable Rate Loan Group Excess Cashflow
     remaining after such allocation to pay Net Rate Carryover based on the
     Certificate Principal Balances of the Certificates shall be distributed
     to each Class of Class AV Certificates and Adjustable Rate Subordinate
     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;

               (4) if the Fixed Rate Overcollateralization Target Amount has
     at any previous time been met, to the Holders of the Class or Classes of
     Class AF Certificates and Fixed Rate Subordinate Certificates then
     entitled to receive distributions in respect of principal, payable to
     such Holders as part of the Principal Distribution Amount pursuant to
     Section 4.04(c) above, in an amount equal to the Extra Principal
     Distribution Amount

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<PAGE>

     for Loan Group 1 not covered by the Fixed Rate Loan Group Excess Cashflow
     or Credit Comeback Excess Cashflow;

               (5) sequentially, to the Holders of the Class MF-1, Class MF-2,
     Class MF-3, Class MF-4, Class MF-5, Class MF-6, Class MF-7, Class MF-8
     and Class BF Certificates, in that order, in each case in an amount equal
     to the Unpaid Realized Loss Amount for such Class remaining undistributed
     after application of the Fixed Rate Loan Group Excess Cashflow and Credit
     Comeback Excess Cashflow;

               (6) 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 without
     regard to any amounts allocated to the Trust Fund in respect of any
     Corridor Contract not required to cover Net Rate Carryover on the related
     Class(es) of Certificates on such Distribution Date));

               (7) to the Class CV Certificateholders, the Class CV
     Distributable Amount for such Distribution Date; and

               (8) to the Class A-R Certificates, any remaining amount.

          (g) On each Distribution Date on or prior to each Corridor Contract
Termination Date, amounts received by the Trustee in respect of each Corridor
Contract for such Distribution Date shall be withdrawn from the Carryover
Reserve Fund and distributed:

               (1) in the case of any such amounts received on the Class AF-1
     Corridor Contract, to the Class AF-1 Certificates to the extent needed to
     pay any Net Rate Carryover with respect to such Class;

               (2) in the case of any such amounts received on the Class
     2-AV-1 Corridor Contract, to the Class 2-AV-1 Certificates, to the extent
     needed to pay any Net Rate Carryover for such Class;

               (3) in the case of any such amounts received on the Class 3-AV
     Corridor Contract, concurrently to each Class of Class 3-AV Certificates,
     pro rata, based on the Certificate Principal Balances thereof, to the
     extent needed to pay any Net Rate Carryover for each such Class; and
     then, any amounts remaining after such allocation to pay Net Rate
     Carryover based on the Certificate Principal Balances of the Class 3-AV
     Certificates shall be distributed to each Class of Class 3-AV
     Certificates to the extent needed to pay any remaining unpaid Net Rate
     Carryover, pro rata, based on the amount of such remaining unpaid Net
     Rate Carryover;

               (4) in the case of any such amounts received on the Adjustable
     Rate Subordinate Corridor Contract, concurrently to each Class of
     Adjustable Rate Subordinate Certificates, pro rata, based on the
     Certificate Principal Balances thereof, to the extent needed to pay any
     Net Rate Carryover for each such Class; and then, any amounts remaining
     after such allocation to pay Net Rate Carryover based on the Certificate
     Principal Balances of the Adjustable Rate Subordinate Certificates shall
     be distributed to each Class of Adjustable Rate Subordinate Certificates
     to the extent needed

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<PAGE>

     to pay any remaining unpaid Net Rate Carryover, pro rata, based on the
     amount of such remaining unpaid Net Rate Carryover; and

               (5) any remaining amounts to the Holders of the Class CF and
     Class CV Certificates as provided in Section 4.07(c).

          (h) To the extent that a Class of Interest Bearing Certificates
receives interest in excess of the applicable Net Rate Cap, such interest
shall be deemed to have been paid to the Carryover Reserve Fund and then paid
by the Carryover Reserve Fund to those Certificateholders. For purposes of the
Code, amounts deemed deposited in the Carryover Reserve Fund shall be deemed
to have first been distributed (i) in the case of any such amounts relating to
the Class AF-1 Corridor Contract, the Class CF Certificates, and (ii) in the
case of any such amounts relating to the Class 2-AV-1 Corridor Contract, Class
3-AV Corridor Contract and Adjustable Rate Subordinate Corridor Contract, the
Class CV Certificates.

          (i) 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) with respect to Loan Group 1
shall be allocated to the Class PF Certificates. 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)
with respect to Loan Group 2 and Loan Group 3 shall be allocated to the Class
PV Certificates. On the Class PF Principal Distribution Date, the Trustee
shall make the $100.00 distribution to the Class PF Certificates as specified
in Section 3.08. On the Class PV Principal Distribution Date, the Trustee
shall make the $100.00 distribution to the Class PV Certificates as specified
in Section 3.08.

          (j) On each Distribution Date, the Trustee shall allocate any
Applied Realized Loss Amount for Loan Group 1 to reduce the Certificate
Principal Balances of the Class BF, Class MF-8, Class MF-7, Class MF-6, Class
MF-5, Class MF-4, Class MF-3, Class MF-2 and Class MF-1 Certificates,
sequentially, in that order, in each case until the Certificate Principal
Balance thereof is reduced to zero.

          On each Distribution Date, the Trustee shall allocate any Applied
Realized Loss Amount for Loan Group 2 and Loan Group 3 to reduce the
Certificate Principal Balances of the Class BV, Class MV-9, Class MV-8, Class
MV-7, Class MV-6, Class MV-5, Class MV-4, Class MV-3, Class MV-2 and Class
MV-1 Certificates, sequentially, in that order, in each case until the
Certificate Principal Balance thereof is reduced to zero.

          (k) On each Distribution Date, the Trustee shall allocate the amount
of the Subsequent Recoveries for Loan Group 1, if any, to increase the
Certificate Principal Balance of the Fixed Rate Subordinate Certificates to
which Applied Realized Loss Amounts have been previously allocated,
sequentially, to the Class MF-1, Class MF-2, Class MF-3, Class MF-4, Class
MF-5, Class MF-6, Class MF-7, Class MF-8 and Class BF Certificates, in that
order, in each case by not more than the amount of the Unpaid Realized Loss
Amount of such Class.

          On each Distribution Date, the Trustee shall allocate the amount of
the Subsequent Recoveries for Loan Group 2 and Loan Group 3, if any, to
increase the Certificate

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<PAGE>

Principal Balance of the Adjustable Rate Subordinate Certificates to which
Applied Realized Loss Amounts have been previously allocated, sequentially, to
the Class MV-1, Class MV-2, Class MV-3, Class MV-4, Class MV-5, Class MV-6,
Class MV-7, Class MV-8, Class MV-9 and Class BV 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.

          (l) 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. Payments to the Class AF-5B Insurer shall be made
by wire transfer of immediately available funds to the following account,
unless the Class AF-5B Insurer notifies the Trustee in writing: Account Name:
MBIA Insurance Corporation, Account Number: 910-2-721728, Bank - JPMorgan
Chase Bank, ABA Number 021-000-021, Re: Countrywide 2005-11 - Policy 47010
Class AF-5B.

          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 (including,
without limitation, the actual mortgage rate for each Credit Comeback Loan)
such as to permit the Trustee to prepare the Monthly Statement to
Certificateholders 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) Not later than each Distribution Date, the Trustee shall prepare
and cause to be forwarded by first class mail to each Holder of a Class of
Certificates of the Trust Fund, the Master Servicer, each Seller, the Class
AF-5B Insurer and the Depositor a statement setting forth for the
Certificates:

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               (1) the amount of the related distribution to Holders of each
     Class 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;

               (2) the amount of such distribution to Holders of each Class
     allocable to interest;

               (3) any Interest Carry Forward Amount for each Class;

               (4) the Certificate Principal Balance of each Class after
     giving effect (i) to all distributions allocable to principal on such
     Distribution Date, (ii) the allocation of any Applied Realized Loss
     Amounts for such Distribution Date and (iii) the allocation of any
     Subsequent Recoveries for such Distribution Date;

               (5) the aggregate Stated Principal Balance of the Mortgage
     Loans for the Mortgage Pool and each Loan Group;

               (6) the related amount of the Servicing Fees paid to or
     retained by the Master Servicer for the related Due Period;

               (7) the Pass-Through Rate for each Class of Certificates with
     respect to the current Accrual Period;

               (8) the Net Rate Carryover paid on any Class of Certificates on
     such Distribution Date and any Net Rate Carryover remaining on any Class
     of Certificates on such Distribution Date;

               (9) the amount of Advances for each Loan Group included in the
     distribution on such Distribution Date;

               (10) the number and aggregate principal amounts of Mortgage
     Loans in each Loan Group: (A) Delinquent (exclusive of Mortgage Loans in
     foreclosure) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more
     days, and (B) in foreclosure and Delinquent (1) 30 to 59 days, (2) 60 to
     89 days and (3) 90 or more days, in each case as of the close of business
     on the last day of the calendar month preceding such Distribution Date;

               (11) with respect to any Mortgage Loan that became an REO
     Property during the preceding calendar month in each Loan Group, the loan
     number and Stated Principal Balance of such Mortgage Loan and the date of
     acquisition thereof;

               (12) the total number and Stated Principal Balance of any
     Mortgage Loans converted to REO Properties in each Loan Group as of the
     close of business on the Determination Date preceding such Distribution
     Date;

               (13) the aggregate Stated Principal Balance of all Liquidated
     Mortgage Loans;

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               (14) with respect to any Liquidated Mortgage Loan in each Loan
     Group, the loan number and Stated Principal Balance relating thereto;

               (15) whether a Fixed Rate Trigger Event and/or an Adjustable
     Rate Trigger Event is in effect;

               (16) the amount of the distribution made to the Holders of the
     Class P Certificates;

               (17) prior to the end of the Funding Period, (A) the amount on
     deposit in the Pre-Funding Account (if any) on the related Determination
     Date (net of investment income) and (B) the aggregate Stated Principal
     Balances of the Subsequent Mortgage Loans for Subsequent Transfer Dates
     occurring during the related Due Period; and on the Distribution Date
     immediately following the end of the Funding Period, any unused
     Pre-Funded Amount (if any) included in the Principal Distribution Amount
     for such Distribution Date;

               (18) the amount, if any, of Realized Losses and Subsequent
     Recoveries allocated to the Fixed Rate Subordinate Certificates and the
     Adjustable Rate Subordinate Certificates for such Distribution Date;

               (19) the amount, if any, due to the Trustee on behalf of the
     Trust, and the amount, if any, received by the Trustee on behalf of the
     Trust, in respect of each Corridor Contract for such Distribution Date;

               (20) all payments made by the Master Servicer in respect of
     Compensating Interest for such Distribution Date;

               (21) the information set forth in the Prepayment Charge
     Schedule;

               (22) with respect to any Mortgage Loan repurchased by a Seller
     or purchased by the Depositor or the Master Servicer, the loan number and
     Stated Principal Balance relating thereto;

               (23) the amounts paid by the Class AF-5B Insurer under the
     Class AF-5B Policy for such Distribution Date; and

               (24) all amounts paid to the Class AF-5B Insurer in respect of
     the Class AF-5B Reimbursement Amount for such Distribution Date.

          (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, the Class AF-5B Insurer and the NIM
Insurer. The Trustee may make the above information available to
Certificateholders and the Class AF-5B Insurer via the Trustee's website at
http://www.bnyinvestorreporting.com.

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          (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 set forth in clauses (a)(1), (a)(2) and (a)(6) of
this Section 4.05 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.

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          Section 4.06 Class AF-5B Policy; Rights of the Class AF-5B Insurer.

          (a) If, on the third Business Day before any Distribution Date, the
Trustee determines that the amounts available for such Distribution Date
distributable to the Holders of the Class AF-5B Certificates pursuant to
Section 4.04 will be insufficient to pay the related Required Distributions
due on such Distribution Date, the Trustee shall determine the amount of any
such deficiency and shall give notice to the Class AF-5B Insurer and the
Fiscal Agent, if any, by telephone or telecopy of the amount of such
deficiency, confirmed in writing by notice substantially in the form of
Exhibit A to the Class AF-5B Policy, by 12:00 p.m., New York City time on such
third Business Day. The Trustee's responsibility for delivering the notice to
the Class AF-5B Insurer as provided in the preceding sentence is limited to
the availability, timeliness and accuracy of the information provided by the
Master Servicer.

          (b) In the event the Trustee receives a certified copy of an order
of the appropriate court that any scheduled payment of principal or interest
on a Class AF-5B Certificate has been voided in whole or in part as a
preference payment under applicable bankruptcy law, the Trustee shall (i)
promptly notify the Class AF-5B Insurer and the Fiscal Agent, if any, and (ii)
comply with the provisions of the Class AF-5B Policy, to obtain payment by the
Class AF-5B Insurer of such voided scheduled payment. In addition, the Trustee
shall mail notice to all Holders of the Class AF-5B Certificates so affected
that, in the event that any such Holder's scheduled payment is so recovered,
such Holder will be entitled to payment pursuant to the terms of the Class
AF-5B Policy, a copy of which shall be made available to such Holders by the
Trustee. The Trustee shall furnish to the Class AF-5B Insurer and the Fiscal
Agent, if any, its records listing the payments on the affected Class AF-5B
Certificates, if any, that have been made by the Trustee and subsequently
recovered from the affected Holders, and the dates on which such payments were
made by the Trustee.

          (c) At the time of the execution hereof, and for the purposes
hereof, the Trustee shall establish a special purpose trust account in the
name of the Trustee for the benefit of Holders of the Class AF-5B Certificates
(the "Class AF-5B Policy Payments Account") over which the Trustee shall have
exclusive control and sole right of withdrawal. The Class AF-5B Policy
Payments Account shall be an Eligible Account. The Trustee shall deposit any
amount paid under the Class AF-5B Policy into the Class AF-5B Policy Payments
Account and distribute such amount only for the purposes of making the
payments to Holders of the Class AF-5B Certificates, in respect of the related
Required Distributions for which the related claim was made under the Class
AF-5B Policy. Such amounts shall be allocated by the Trustee to Holders of
Class AF-5B Certificates affected by such shortfalls in the same manner as
principal and interest payments are to be allocated with respect to such
Certificates pursuant to Section 4.04. It shall not be necessary for such
payments to be made by checks or wire transfers separated from the checks or
wire transfers used to make regular payments hereunder with funds withdrawn
from the Distribution Account. However, any payments made on the Class AF-5B
Certificates from funds in the Class AF-5B Policy Payments Account shall be
noted as provided in subsection (e) below. Funds held in the Class AF-5B
Policy Payments Account shall not be invested by the Trustee.

          (d) Any funds received from the Class AF-5B Insurer for deposit into
the Class AF-5B Policy Payments Account pursuant to the Class AF-5B Policy in
respect of a

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Distribution Date or otherwise as a result of any claim under the Class AF-5B
Policy shall be applied by the Trustee directly to the payment in full (i) of
the related Required Distributions due on such Distribution Date on the Class
AF-5B Certificates or (ii) of other amounts payable under the Class AF-5B
Policy. Funds received by the Trustee as a result of any claim under the Class
AF-5B Policy shall be used solely for payment to the Holders of the Class
AF-5B Certificates and may not be applied for any other purpose, including,
without limitation, satisfaction of any costs, expenses or liabilities of the
Trustee, the Master Servicer or the Trust Fund. Any funds remaining in the
Class AF-5B Policy Payments Account on the first Business Day after each
Distribution Date shall be remitted promptly to the Class AF-5B Insurer in
accordance with the instructions set forth in Section 4.04(l).

          (e) The Trustee shall keep complete and accurate records in respect
of (i) all funds remitted to it by the Class AF-5B Insurer and deposited into
the Class AF-5B Policy Payments Account and (ii) the allocation of such funds
to (A) payments of interest on and principal in respect of any Class AF-5B
Certificates and (B) the amount of funds available to make distributions on
the Class AF-5B Certificates pursuant to Sections 4.04(a), (c), (e) and (f).
The Class AF-5B Insurer shall have the right to inspect such records at
reasonable times during normal business hours upon three Business Days' prior
notice to the Trustee.

          (f) The Trustee acknowledges, and each Holder of a Class AF-5B
Certificate by its acceptance of the Class AF-5B Certificate agrees, that,
without the need for any further action on the part of the Class AF-5B Insurer
or the Trustee, to the extent the Class AF-5B Insurer makes payments, directly
or indirectly, on account of principal of or interest on any Class AF-5B
Certificates, the Class AF-5B Insurer will be fully subrogated to the rights
of the Holders of such Class AF-5B Certificates to receive such principal and
interest from the Trust Fund. The Holders of the Class AF-5B Certificates, by
acceptance of the Class AF-5B Certificates, assign their rights as Holders of
the Class AF-5B Certificates to the extent of the Class AF-5B Insurer's
interest with respect to amounts paid under the Class AF-5B Policy. Anything
herein to the contrary notwithstanding, solely for purposes of determining the
Class AF-5B Insurer's rights, as applicable, as subrogee for payments
distributable pursuant to Section 4.04, any payment with respect to
distributions to the Class AF-5B Certificates which is made with funds
received pursuant to the terms of the Class AF-5B Policy shall not be
considered payment of the Class AF-5B Certificates from the Trust Fund and
shall not result in the distribution or the provision for the distribution in
reduction of the Certificate Principal Balance of the Class AF-5B Certificates
within the meaning of Article IV.

          (g) Upon its becoming aware of the occurrence of an Event of
Default, the Trustee shall promptly notify the Class AF-5B Insurer of such
Event of Default.

          (h) The Trustee shall promptly notify the Class AF-5B Insurer of
either of the following as to which it has actual knowledge: (A) the
commencement of any proceeding by or against the Depositor commenced under the
United States bankruptcy code or any other applicable bankruptcy, insolvency,
receivership, rehabilitation or similar law (an "Insolvency Proceeding") and
(B) the making of any claim in connection with any Insolvency Proceeding
seeking the avoidance as a preferential transfer (a "Preference Claim") of any
distribution made with respect to the Class AF-5B Certificates as to which it
has actual knowledge. Each Holder of a Class AF-5B Certificate, by its
purchase of Class AF-5B Certificates, and the Trustee hereby

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agrees that the Class AF-5B Insurer (so long as no Class AF-5B Insurer Default
exists) may at any time during the continuation of any proceeding relating to
a Preference Claim direct all matters relating to such Preference Claim,
including, without limitation, (i) the direction of any appeal of any order
relating to any Preference Claim and (ii) the posting of any surety,
supersedes or performance bond pending any such appeal. In addition and
without limitation of the foregoing, the Class AF-5B Insurer shall be
subrogated to the rights of the Trustee and each Holder of a Class AF-5B
Certificate in the conduct of any Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference
Claim.

          (i) The Master Servicer shall designate a Class AF-5B Insurer
Contact Person who shall be available to the Class AF-5B Insurer to provide
reasonable access to information regarding the Mortgage Loans. The initial
Class AF-5B Insurer Contact Person is to the attention of Secondary Marketing.

          (j) The Trustee shall surrender the Class AF-5B Policy to the Class
AF-5B Insurer for cancellation upon the reduction of the Certificate Principal
Balance of the Class AF-5B Certificates to zero.

          (k) The Trustee shall send to the Class AF-5B Insurer the reports
prepared pursuant to Sections 3.17 and 3.18 and the statements prepared
pursuant to Section 4.05, as well as any other statements or communications
sent to Holders of the Class AF-5B Certificates, in each case at the same time
such reports, statements and communications are otherwise sent.

          (l) For so long as no Class AF-5B Insurer Default shall have
occurred and be continuing, each Holder of a Class AF-5B Certificate agrees
that the Class AF-5B Insurer shall be treated by the Depositor, the Master
Servicer and the Trustee as if the Class AF-5B Insurer were the Holder of all
of the Class AF-5B Certificates, for the purpose (and solely for the purpose)
of the giving of any consent, the making of any direction or the exercise of
any voting or other control rights otherwise given to the Holders of the Class
AF-5B Certificates hereunder.

          (m) With respect to this Section 4.06, the terms "Receipt" and
"Received" shall mean actual delivery to the Class AF-5B Insurer and the
Fiscal Agent, if any, prior to 12:00 p.m., New York City time, on a Business
Day; delivery either on a day that is not a Business Day or after 12:00 p.m.,
New York time, shall be deemed to be Receipt on the next succeeding Business
Day. If any notice or certificate given under the Class AF-5B Policy by the
Trustee is not in proper form or is not properly completed, executed or
delivered, it shall be deemed not to have been Received. The Class AF-5B
Insurer or the Fiscal Agent, if any, shall promptly so advise the Trustee and
the Trustee may submit an amended notice.

          (n) All notices, statements, reports, certificates or opinions
required by this Agreement to be sent to the Rating Agencies or the Class
AF-5B Certificateholders shall also be sent at such time to the Class AF-5B
Insurer at the notice address set forth in Section 10.05.

          (o) The Class AF-5B Insurer shall be an express third party
beneficiary of this Agreement for the purpose of enforcing the provisions
hereof to the extent of the Class AF-5B Insurer's rights explicitly specified
herein as if a party hereto.

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          (p) All references herein to the ratings assigned to the
Certificates and to the interests of any Certificateholders shall be without
regard to the Class AF-5B Policy, in the case of the Class AF-5B Certificates.

          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 $10,000 therein. The Carryover
Reserve Fund shall be an Eligible Account, and funds on deposit therein shall
be held separate and apart from, and shall not be commingled with, any other
moneys, including without limitation, other moneys held by the Trustee
pursuant to this Agreement.

          (b) On each Distribution Date, the Trustee shall deposit all amounts
received in respect of the Corridor Contracts in the Carryover Reserve Fund.
The Trustee shall make withdrawals from the Carryover Reserve Fund to make
distributions in respect of Net Rate Carryover as to the extent required by
Section 4.04.

          (c) Any amounts received in respect of the Class AF-1 Corridor
Contract, Class 2-AV-1 Corridor Contract, Class 3-AV Corridor Contract and
Adjustable Rate Subordinate Corridor Contract with respect to a Distribution
Date and remaining after the distributions required pursuant to Section
4.04(g) shall be distributed (i) in the case of any such amounts relating to
the Class AF-1 Corridor Contract, to the Class CF Certificates, and (ii) in
the case of any such amounts relating to the Class 2-AV-1 Corridor Contract,
Class 3-AV Corridor Contract and Adjustable Rate Subordinate Corridor
Contract, to the Class CV Certificates; provided, however, that if the Class
AF-1 Corridor Contract, Class 2-AV-1 Corridor Contract, Class 3-AV Corridor
Contract or Adjustable Rate Subordinate Corridor Contract is subject to early
termination, early termination payments received in respect of such Corridor
Contract shall be deposited by the Trustee in the Carryover Reserve Fund and
withdrawn from the Carryover Reserve Fund to pay any Net Rate Carryover for
the applicable Classes of Certificates as provided in Section 4.04(g) on the
Distribution Dates following such termination to and including the applicable
Corridor Contract Termination Date, but such early termination payments shall
not be available for distribution to the Class C Certificates on future
Distribution Dates until the applicable Corridor Contract Termination Date.

          (d) (1) Funds in the Carryover Reserve Fund in respect of amounts
received under the Class AF-1 Corridor Contract may be invested in Permitted
Investments at the written direction of the Majority Holder of the Class CF
Certificates, which Permitted Investments shall mature not later than the
Business Day immediately preceding the first Distribution Date that follows
the date of such investment (except that if such Permitted Investment is an
obligation of the institution that maintains the Carryover Reserve Fund, then
such Permitted Investment shall mature not later than such Distribution Date)
and shall not be sold or disposed of prior to maturity. All such Permitted
Investments shall be made in the name of the Trustee, for the benefit of the
Certificateholders. In the absence of such written direction, all funds in the
Carryover Reserve Fund in respect of amounts received under the Class AF-1
Corridor Contract shall be invested by the Trustee in The Bank of New York
cash reserves. Any net investment earnings on such amounts shall be payable
pro rata to the Holders of the Class CF Certificates in

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accordance with their Percentage Interests. Any losses incurred in the
Carryover Reserve Fund in respect of any such investments shall be charged
against amounts on deposit in the Carryover Reserve Fund (or such investments)
immediately as realized.

               (2) Funds in the Carryover Reserve Fund in respect of amounts
     received under the Class 2-AV-1 Corridor Contract, Class 3-AV Corridor
     Contract and Adjustable Rate Subordinate Corridor Contract may be
     invested in Permitted Investments at the written direction of the
     Majority Holder of the Class CV Certificates, which Permitted Investments
     shall mature not later than the Business Day immediately preceding the
     first Distribution Date that follows the date of such investment (except
     that if such Permitted Investment is an obligation of the institution
     that maintains the Carryover Reserve Fund, then such Permitted Investment
     shall mature not later than such Distribution Date) and shall not be sold
     or disposed of prior to maturity. All such Permitted Investments shall be
     made in the name of the Trustee, for the benefit of the
     Certificateholders. In the absence of such written direction, all funds
     in the Carryover Reserve Fund in respect of amounts received under the
     Class 2-AV-1 Corridor Contract, Class 3-AV Corridor Contract and
     Adjustable Rate Subordinate Corridor Contract shall be invested by the
     Trustee in The Bank of New York cash reserves. Any net investment
     earnings on such amounts shall be payable pro rata to the Holders of the
     Class CV Certificates in accordance with their Percentage Interests. Any
     losses incurred in the Carryover Reserve Fund in respect of any such
     investments shall be charged against amounts on deposit in the Carryover
     Reserve Fund (or such investments) immediately as realized.

               (3) The Trustee shall not be liable for the amount of any loss
     incurred in respect of any investment or lack of investment of funds held
     in the Carryover Reserve Fund and made in accordance with this Section
     4.07. 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 Credit Comeback Excess Account.

          (a) On the Closing Date, the Trustee shall establish and maintain in
its name, in trust for the benefit of the Holders of the Class AF and Fixed
Rate Subordinate Certificates, the Credit Comeback Excess Account. The Credit
Comeback Excess 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 held by the
Trustee pursuant to this Agreement.

          (b) On each Distribution Date, the Trustee shall deposit all Credit
Comeback Excess Amounts in the Credit Comeback Excess Account. The Trustee
shall make withdrawals from the Credit Comeback Excess Account to make
distributions as and to the extent required by Section 4.04.

          (c) Funds in the Credit Comeback Excess Account may be invested in
Permitted Investments at the written direction of the Majority Holder of the
Class CF Certificates (voting as a single Class), which Permitted Investments
shall mature not later than the Business

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Day immediately preceding the first Distribution Date that follows the date of
such investment (except that if such Permitted Investment is an obligation of
the institution that maintains the Credit Comeback Excess Account, then such
Permitted Investment shall mature not later than such Distribution Date) and
shall not be sold or disposed of prior to maturity. All such Permitted
Investments shall be made in the name of the Trustee, for the benefit of the
Certificateholders. In the absence of such written direction, all funds in the
Credit Comeback Excess Account shall be invested by the Trustee in The Bank of
New York cash reserves. Any net investment earnings on such amounts shall be
payable pro rata to the Holders of the Class CF Certificates in accordance
with their Percentage Interests. Any losses incurred in the Credit Comeback
Excess Account in respect of any such investments shall be charged against
amounts on deposit in the Credit Comeback Excess Account (or such investments)
immediately as realized.

          (d) 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 Credit Comeback Excess Account and made in accordance with this Section
4.08. The Credit Comeback Excess Account shall not constitute an asset of any
REMIC created hereunder. The Class CF Certificates shall evidence ownership of
the Credit Comeback Excess Account for federal tax purposes.

                                  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-30, 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:

<TABLE>
<CAPTION>

                                                                Integral Multiples in        Original Certificate
            Class                  Minimum Denomination           Excess of Minimum            Principal Balance
------------------------------- ---------------------------- ---------------------------- ----------------------------
            <S>                           <C>                          <C>                          <C>
             AF-1                         $20,000                      $1,000                       $283,724,000
             AF-2                         $20,000                      $1,000                        $40,996,000
             AF-3                         $20,000                      $1,000                       $174,839,000
             AF-4                         $20,000                      $1,000                        $42,758,000
            AF-5A                         $20,000                      $1,000                        $39,000,000
            AF-5B                         $20,000                      $1,000                        $36,027,000
             AF-6                         $20,000                      $1,000                        $83,200,000
             MF-1                         $20,000                      $1,000                        $24,544,000
             MF-2                         $20,000                      $1,000                        $22,048,000
             MF-3                         $20,000                      $1,000                        $13,728,000
             MF-4                         $20,000                      $1,000                        $12,480,000
             MF-5                         $20,000                      $1,000                        $10,816,000
             MF-6                         $20,000                      $1,000                         $9,984,000
             MF-7                         $20,000                      $1,000                         $8,736,000
             MF-8                         $20,000                      $1,000                         $8,320,000
              BF                          $20,000                      $1,000                         $8,320,000
            2-AV-1                        $20,000                      $1,000                       $552,682,000

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                                                                Integral Multiples in        Original Certificate
            Class                  Minimum Denomination           Excess of Minimum            Principal Balance
------------------------------- ---------------------------- ---------------------------- ----------------------------
            3-AV-1                        $20,000                      $1,000                       $161,681,000
            3-AV-2                        $20,000                      $1,000                       $125,689,000
            3-AV-3                        $20,000                      $1,000                        $16,092,000
             MV-1                         $20,000                      $1,000                        $58,984,000
             MV-2                         $20,000                      $1,000                        $56,064,000
             MV-3                         $20,000                      $1,000                        $25,696,000
             MV-4                         $20,000                      $1,000                        $23,944,000
             MV-5                         $20,000                      $1,000                        $21,608,000
             MV-6                         $20,000                      $1,000                        $15,768,000
             MV-7                         $20,000                      $1,000                        $22,192,000
             MV-8                         $20,000                      $1,000                        $14,600,000
             MV-9                         $20,000                      $1,000                        $15,184,000
              BV                         $100,000                      $1,000                        $14,600,000
             A-R                         $99.95(1)                       N/A                         $100
              CF                            N/A                          N/A                          N/A
              CV                            N/A                          N/A                          N/A
              PF                            N/A                          N/A                         $100
              PV                            N/A                          N/A                         $100

</TABLE>

(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

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<PAGE>

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 PF, Class PV, Class CF and Class CV 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

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<PAGE>

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 an employee benefit plan or arrangement subject to Section
406 of ERISA or a plan or arrangement subject to Section 4975 of the Code, or
a Person acting on behalf of any such plan or arrangement or using the assets
of any such plan or arrangement, or (y) in the case of an ERISA-Restricted
Certificate that has been the subject of an ERISA-Qualifying Underwriting, a
representation that the transferee is an insurance company which is purchasing
such Certificate with funds contained in an "insurance company general
account" (as such term is defined in section V(e) of Prohibited Transaction
Class Exemption 95-60 ("PTCE 95-60")) and that the purchase and holding of
such Certificate satisfy the requirements for exemptive relief under Sections
I and III of PTCE 95-60 or (ii) in the case of any ERISA-Restricted
Certificate presented for registration in the name of an employee benefit plan
or arrangement subject to ERISA, or a plan or arrangement subject to Section
4975 of the Code (or comparable provisions of any subsequent enactments), or a
trustee of any such plan or arrangement or any other person acting on behalf
of any such plan or arrangement, an Opinion of Counsel satisfactory to the
Trustee, addressed to the Trustee and the Master Servicer, to the effect that
the purchase 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 subject to Section 4975 of the Code
without the delivery to the Trustee of an Opinion of Counsel satisfactory to
the Trustee meeting the requirements of clause (i) of the first sentence of
this paragraph as described above shall be void and of no effect. The Trustee
shall be under no liability to any Person for any registration of transfer of
any ERISA-Restricted Certificate that is in fact not permitted by this Section
5.02(b)

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<PAGE>

or for making any payments due on such Certificate to the Holder thereof or
taking any other action with respect to such Holder under the provisions of
this Agreement so long as the Trustee, with respect to the transfer of such
Classes of Certificates, required delivery of such certificates and other
documentation or evidence as are expressly required by the terms of this
Agreement and examined such certificates and other documentation or evidence
to determine compliance as to form with the express requirements hereof. The
Trustee shall be entitled, but not obligated, to recover from any Holder of
any ERISA-Restricted Certificate that was in fact an employee benefit plan or
arrangement subject to Section 406 of ERISA or a plan or arrangement subject
to Section 4975 of the Code or a Person acting on behalf of any such plan or
arrangement at the time it became a Holder or, at such subsequent time as it
became such a plan or arrangement or Person acting on behalf of such a plan or
arrangement, all payments made on such ERISA-Restricted Certificate at and
after either such time. Any such payments so recovered by the Trustee shall be
paid and delivered by the Trustee to the last preceding Holder of such
Certificate that is not such a plan or arrangement or Person acting on behalf
of a plan or arrangement.

          (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

                                     144
<PAGE>

     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 (and with respect to the
Class AF-5B Certificates, the Class AF-5B Insurer) such security or indemnity
as may be required by them to save each of them harmless, then, in the absence
of notice to the

                                     145
<PAGE>

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, the Class AF-5B
Insurer and any agent of the Master Servicer, the Trustee, the NIM Insurer or
the Class AF-5B 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
the Class AF-5B Insurer or any agent of the Master Servicer, the Trustee, the
NIM Insurer or the Class AF-5B 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

                                     146
<PAGE>

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

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<PAGE>

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 and the Class AF-5B Insurer 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

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<PAGE>

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.

          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

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<PAGE>

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 (such determination to be made without
regard to the Class AF-5B Policy). 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.

          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, the Class AF-5B
Insurer and the NIM Insurer (upon such party's reasonable request) with copies
of any such insurance policies and fidelity bond. The Master Servicer shall be
deemed to have complied with this provision if an Affiliate of the Master
Servicer has such errors and omissions and fidelity bond coverage and, by the
terms of such insurance policy or fidelity bond, the coverage afforded
thereunder extends to the Master Servicer.

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                                 ARTICLE VII.
                    DEFAULT; TERMINATION OF MASTER SERVICER

          Section 7.01 Events of Default.

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

               (1) any failure by the Master Servicer to deposit in the
     Certificate Account or the Distribution Account or remit to the Trustee
     any payment (excluding a payment required to be made under Section 4.01
     hereof) required to be made under the terms of this Agreement, which
     failure shall continue unremedied for five calendar days and, with
     respect to a payment required to be made under Section 4.01(b) or (c)
     hereof, for one Business Day, after the date on which written notice of
     such failure shall have been given to the Master Servicer by the Trustee,
     the NIM Insurer or the Depositor, or to the Trustee, the NIM Insurer and
     the Master Servicer by the Holders of Certificates evidencing not less
     than 25% of the Voting Rights; or

               (2) any failure by the Master Servicer to observe or perform in
     any material respect any other of the covenants or agreements on the part
     of the Master Servicer contained in this Agreement 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 nor 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

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     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
(subject to the consent of the Class AF-5B Insurer, which consent shall not be
unreasonably withheld), by notice in writing to the Master Servicer (with a
copy to each Rating Agency), 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.
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 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.

          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

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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 (without regard to the Class AF-5B
Policy, in the case of the Class AF-5B 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 (without regard to the Class AF-5B Policy,
in the case of the Class AF-5B Certificates). No appointment of a successor to
the Master Servicer hereunder shall be effective until the Trustee shall have
consented thereto, and written notice of such proposed appointment shall have
been provided by the Trustee to each Certificateholder and the Class AF-5B
Insurer. 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

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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(R) 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, to the Class AF-5B Insurer 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

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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.

          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;

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<PAGE>

               (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.

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          (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.

          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(R) 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.

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          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 (without regard to the Class
AF-5B Policy, in the case of the Class AF-5B 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, the Class AF-5B Insurer 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.

          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, or (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, then the Depositor, the NIM Insurer or the Master Servicer 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

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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 and one complete set to
the successor so appointed. Notice of any removal of the Trustee shall be
given to each Rating Agency by the successor Trustee.

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

          Section 8.08 Successor Trustee.

          Any successor trustee appointed as provided in Section 8.07 hereof
shall execute, acknowledge and deliver to the Depositor, its predecessor
trustee and the Master Servicer an instrument accepting such appointment
hereunder and thereupon the resignation or removal of the predecessor trustee
shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as
if originally named as trustee herein. In addition, if any Corridor Contract
is still outstanding, the Person appointed as successor trustee shall execute,
acknowledge and deliver to the predecessor trustee, CHL and the Master
Servicer an instrument accepting the appointment as successor Corridor
Contract Administrator under the Corridor Contract Administration Agreement.

          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 and its appointment shall not adversely affect
the then-current ratings of the Certificates (without regard to the Class
AF-5B Policy, in the case of the Class AF-5B Certificates).

          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

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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.

          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

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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

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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 penultimate 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

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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 as an outside
reserve fund within the meaning of Treasury Regulation 1.860G-2(h) that is
owned by the Holders of the Class C Certificates, and that is not an asset of
any REMIC created hereunder. The Trustee shall treat the rights of the Holders
of each Class of Certificates (other than the Class P and Class A-R
Certificates) to receive payments from the Carryover Reserve Fund as rights in
an interest rate corridor contract written by: (i) the Corridor Contract
Counterparty in respect of any Net Rate Carryover funded by any Corridor
Contract and in respect of any residual payments from such Corridor Contract
received by the Class CF or Class CV Certificates, as the case may be, and
(ii) the Holders of the Class CF and Class CV Certificates in respect of any
monies distributed pursuant to Sections 4.04(e)(3) and 4.04(f)(4) herein, in
favor of the other Certificateholders. Thus, the Class AF-1, Class 2-AV-1 and
Class 3-AV Certificates and the Adjustable Rate Subordinate Certificates,
shall be treated as representing ownership of not only an Master REMIC regular
interest, but also ownership of an interest in an interest rate corridor
contract. For purposes of determining the issue price of the Master REMIC
regular interests, the Trustee shall assume that the Class AF-1 Corridor
Contract, the Class 2-AV-1 Corridor Contract, the Class 3-AV Corridor Contract
and the Adjustable Rate Subordinate Corridor Contract have values of $15,500,
$91,000, $57,000 and $213,500, respectively. The Trustee shall treat the
rights of the Holders of each Class of Interest-Bearing Certificates to
receive distributions of interest at a per annum rate in excess of the
applicable net rate cap specified in footnote 1 to the table specifying the
class designation, interest rate, and principal amount for each class of
Master REMIC Interest in the Preliminary Statement but not in excess of the
applicable Net Rate Cap as rights in an interest rate corridor contract
written by the Class CF Certificates, in the case of the Class AF Certificates
and the Fixed Rate Subordinate Certificates, or the Class CV Certificates, in
the case of the Class AV Certificates and the Adjustable Rate Subordinate
Certificates. The Trustee shall treat the entitlement to Credit Comeback
Excess Amounts as owned by the Holders of the Class CF Certificates and not as
an asset of, or interest in, any REMIC created hereunder. Further, the Trustee
shall treat any payments of Credit Comeback Excess Amounts to Persons other
than the Holders of the Class CF Certificates as payments made by the Holders
of the Class CF Certificates pursuant to a credit enhancement contract under
Treasury Regulation 1.860G-2(c). The Trustee shall also treat any amount
payable to a Class CF Certificate with respect to an R-3-X Interest as
deposited into the Carryover Reserve Fund.

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          Section 8.12 Access to Records of the Trustee.

          The Trustee shall afford the Sellers, the Depositor, the Master
Servicer, the NIM Insurer, the Class AF-5B 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, the Class AF-5B 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, the Class AF-5B
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, the Class AF-5B
Insurer 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 8.13 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, 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 earlier of (a)
the purchase by the Master Servicer or NIM Insurer (the party exercising such
purchase option, the "Terminator") of all of the Mortgage Loans (and REO
Properties) remaining in the Trust Fund at the 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 in the Trust Fund (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)

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plus, if the Terminator is the NIM Insurer, any unreimbursed Servicing
Advances, and the principal portion of any unreimbursed Advances, made on the
Mortgage Loans prior to the exercise of such repurchase and (b) the later of
(i) the maturity or other liquidation (or any Advance with respect thereto) of
the last Mortgage Loan remaining in the Trust Fund and the disposition of all
REO Property and (ii) the distribution to 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. If any such termination will result in a
Deficiency Amount on the Class AF-5B Policy, the consent of the Class AF-5B
Insurer will also be required prior to exercising such option.

          The right to purchase all Mortgage Loans and REO Properties by the
Terminator pursuant to clause (a) of the immediately preceding paragraph shall
be conditioned upon (1) the Stated Principal Balance of the Mortgage Loans, at
the time of any such repurchase, aggregating ten percent (10%) or less of the
sum of the aggregate Cut-off Date Principal Balance of the Initial Mortgage
Loans and the Pre-Funded Amount, (2) unless the NIM Insurer otherwise
consents, the purchase price for such Mortgage Loans and REO Properties shall
result in a final distribution on any NIM Insurer guaranteed notes that is
sufficient (x) to pay such notes in full and (y) to pay any amounts due and
payable to the NIM Insurer pursuant to the indenture related to such notes and
(3) unless the Class AF-5B Insurer otherwise consents, the purchase price for
such Mortgage Loans and REO Properties shall result in a final distribution on
the Class AF-5B Certificates and the Class AF-5B Insurer that is sufficient
(x) to pay such Class AF-5B Certificates in full (without the need of any
Insured Payment) and (y) to pay any amounts due and payable to the Class AF-5B
Insurer pursuant to the terms hereof.

          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.

          Section 9.02 Final Distribution on the Certificates.

          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, the Master
Servicer shall direct the Trustee to send a final distribution notice promptly
to each related Certificateholder and the Class AF-5B Insurer or (ii) the
Trustee determines that a Class of Certificates shall be retired after a final
distribution on such Class, the Trustee shall notify the related
Certificateholders and the Class AF-5B Insurer within five (5) Business Days
after such Determination Date that the final distribution in retirement of
such Class of Certificates is scheduled to be made on the immediately
following Distribution Date. Any final distribution made pursuant to the
immediately preceding sentence will be made only upon presentation and
surrender of the related Certificates at the Corporate Trust Office of the
Trustee. If the Terminator elects to terminate pursuant to clause (a) of
Section 9.01, at least 20 days prior to the date notice is to be mailed to the
affected Certificateholders, such electing party shall notify the Depositor,
the Class AF-5B Insurer and the Trustee of the date such electing party
intends to terminate and of the applicable repurchase price of the related
Mortgage Loans and REO Properties.

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          Notice of any termination, 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 (a) 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, (b) the amount of such final distribution, (c) the location of the
office or agency at which such presentation and surrender must be made, and
(d) that the Record Date otherwise applicable to such Distribution Date is not
applicable, distributions being made only upon presentation and surrender of
such Certificates at the office therein specified. The Terminator will give
such notice to each Rating Agency at the time such notice is given to the
affected Certificateholders.

          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 the Business Day prior to the applicable
Distribution Date in an amount equal to the final distribution in respect of
the Certificates. Upon such final deposit 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.

          Upon presentation and surrender of the Certificates, the Trustee
shall cause to be distributed to Certificateholders of each affected Class and
the Class AF-5B Insurer the amounts allocable to such Certificates and the
Class AF-5B Insurer held in the Distribution Account (and, if applicable, the
Carryover Reserve Fund) in the order and priority set forth in Section 4.04
hereof 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.

          In the event that any affected Certificateholders shall not
surrender 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 AF-5B Insurer, with respect to any
unpaid Class AF-5B Reimbursement Amounts (only to the extent of amounts
received in respect of the Group 1 Mortgage Loans), and then the Class A-R
Certificates shall be entitled to all unclaimed funds and other assets that
remain subject hereto.

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          Section 9.03 Additional Termination Requirements.

          (a) In the event the Terminator exercises its purchase option, 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, 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;

               (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 for cash; 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.

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                                  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 (without regard to
the Class AF-5B Policy, in the case of the Class AF-5B 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

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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, (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, or (iv) adversely affect in
any material respect the rights or interests of the Class AF-5B Insurer in any
of the provisions of this Agreement without its consent, which consent shall
not be unreasonably withheld.

          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 Class AF-5B Insurer and, if the amendment required the consent of
Certificateholders, to each Certificateholder and each Rating Agency.

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

          Nothing in this Agreement shall require the Trustee to enter into an
amendment without receiving an Opinion of Counsel, 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.

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          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.

          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, 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 and the NIM
Insurer 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.

          Section 10.05 Notices.

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

               (1) Any material change or amendment to this Agreement;

                                     170
<PAGE>

               (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 3.18.

          (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) 225-4053, Attention: David A. Spector, 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) in the case of Park Monaco, Park
Monaco Inc., 4500 Park Granada, Calabasas, California 91302, facsimile number
(818) 225-4028, Attention: Paul Liu, or such other address as may be hereafter
furnished to the Depositor, the Master Servicer and the Trustee by the Sellers
in writing; (iv) in the case of Park Sienna, Park Sienna LLC, 4500 Park
Granada, Calabasas, California 91302, facsimile number (818) 225-4028,
Attention: Paul Liu, or such other address as may be hereafter furnished to
the Depositor, the Master Servicer and the Trustee by the Sellers in writing;
(v) in the case of the Master Servicer, Countrywide Home Loans Servicing LP,
7105 Corporate Drive, Plano, Texas 75024, facsimile number (805) 520-5623,
Attention: Mark Wong or such other address as may be hereafter furnished to
the Depositor, the Sellers and the Trustee by the Master Servicer in writing;
(vi) in the case of the Trustee, The Bank of New York, 101 Barclay Street, New
York, New York 10286, Attention: Corporate Trust MBS Administration, CWABS,
Series 2005-11, or such other address as the Trustee may hereafter furnish to
the parties hereto; (vii) in the case of the Rating Agencies, (x) Moody's
Investors Service, Inc., Attention: ABS Monitoring Department, 99 Church
Street, Sixth Floor, New York, New York 10007, and (y) Standard & Poor's
Ratings Services, a division of The McGraw-Hill Companies, Attention: Mortgage
Surveillance Group, 55 Water Street, 41st Floor, New York, New York 10041; and
(viii) in the case of the Class AF-5B Insurer, MBIA Insurance Corporation, 113
King Street, Armonk, New York 10504, Attention: Insured Portfolio Management -
Structured Finance (IPM-SF) (CWABS

                                     171
<PAGE>

2005-11) or such other address as may be hereafter furnished by the Class
AF-5B Insurer. 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

                                     172
<PAGE>

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:

                                     173
<PAGE>

               (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).

                                     174
<PAGE>

          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:
                                        -----------------------------------
                                        Name:  Leon Daniels, Jr.
                                        Title: Senior Vice President

                                    COUNTRYWIDE HOME LOANS, INC.,
                                       as a Seller

                                    By:
                                        -----------------------------------
                                        Name:  Leon Daniels, Jr.
                                        Title: Vice President

                                    PARK MONACO INC.,
                                       as a Seller

                                    By:
                                        -----------------------------------
                                        Name:  Leon Daniels, Jr.
                                        Title: Vice President

                                    PARK SIENNA LLC,
                                       as a Seller

                                    By:
                                        -----------------------------------
                                        Name:  Leon Daniels, Jr.
                                        Title: Vice President

<PAGE>

                                    COUNTRYWIDE HOME LOANS SERVICING LP,
                                       as Master Servicer

                                    By:  COUNTRYWIDE GP, INC.

                                    By:
                                        -----------------------------------
                                        Name:  Leon Daniels, Jr.
                                        Title: Vice President

                                    THE BANK OF NEW YORK,
                                    as Trustee

                                    By:
                                        -----------------------------------
                                        Name:
                                        Title:

                                    THE BANK OF NEW YORK
                                    (solely with respect to its obligations
                                    under Section 4.01(d))

                                    By:
                                        -----------------------------------
                                        Name:
                                        Title:

<PAGE>

STATE OF CALIFORNIA            )
                               )   ss.:
COUNTY OF LOS ANGELES          )

          On this ____ day of September, 2005, before me, a notary public in
and for said State, appeared Leon Daniels, Jr., 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]

<PAGE>

STATE OF CALIFORNIA            )
                               )   ss.:
COUNTY OF LOS ANGELES          )

          On this ____ day of September, 2005, before me, a notary public in
and for said State, appeared Leon Daniels, Jr., personally known to me on the
basis of satisfactory evidence to be a 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]

<PAGE>

STATE OF CALIFORNIA            )
                               )   ss.:
COUNTY OF LOS ANGELES          )

          On this ____ day of September, 2005, before me, a notary public in
and for said State, appeared Leon Daniels, Jr., 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]

<PAGE>

STATE OF CALIFORNIA            )
                               )   ss.:
COUNTY OF LOS ANGELES          )

          On this ____ day of September, 2005, before me, a notary public in
and for said State, appeared Leon Daniels, Jr., personally known to me on the
basis of satisfactory evidence to be a Vice President of Park Monaco Inc., one
of the corporations that executed the within instrument, and also known to me
to be the person who executed it on behalf of such corporation and
acknowledged to me that such corporation executed the within instrument.

          IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                   _________________________________________
                                                Notary Public

[Notarial Seal]

<PAGE>

STATE OF CALIFORNIA            )
                               )   ss.:
COUNTY OF LOS ANGELES          )

          On this ____ day of September, 2005, before me, a notary public in
and for said State, appeared Leon Daniels, Jr., personally known to me on the
basis of satisfactory evidence to be a 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]

<PAGE>

STATE OF NEW YORK              )
                               )   ss.:
COUNTY OF NEW YORK             )

          On this ____ day of September, 2005 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]

<PAGE>

STATE OF NEW YORK              )
                               )   ss.:
COUNTY OF NEW YORK             )

          On this ____ day of September, 2005 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]

<PAGE>

                                                                  Exhibits A-1
                                                                  through A-30

                        [Exhibits A-1 through A-30 are
                photocopies of such Certificates as delivered.]

               [See appropriate documents delivered at closing.]

                                     A-1
<PAGE>

                                                                     Exhibit B

                  Exhibit B-1 and Exhibit B-2 are photocopies
                   of the Class PF and Class PV Certificates
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                     B-1
<PAGE>

                                                                     Exhibit C

                  Exhibit C-1 and Exhibit C-2 are photocopies
                   of the Class CF and Class CV Certificates
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                     C-1
<PAGE>

                                                                     Exhibit D

                           Exhibit D is a photocopy
                         of the Class A-R Certificate
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                     D-1
<PAGE>

                                                                     Exhibit E

                           Exhibit E is a photocopy
                     of the Tax Matters Person Certificate
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                     E-1
<PAGE>

                                                           Exhibit F-1 and F-2

             [Exhibit F-1 and F-2 are schedules of Mortgage Loans]

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

                                     F-1
<PAGE>

                                  EXHIBIT G-1

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

              Re:  CWABS Asset-Backed Certificates, Series 2005-11
                   -----------------------------------------------

Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of September 1, 2005 (the "Pooling and Servicing
Agreement") among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as
a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller,
Countrywide Home Loans Servicing LP, as Master Servicer, 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 in the form
permitted by Section 2.01 of the Pooling and Servicing Agreement.

          Based on its review and examination and only as to the foregoing
documents, such documents appear regular on their face and related to such
Mortgage Loan.

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

                                    G-1-1
<PAGE>

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

                                    The Bank of New York,
                                        as Trustee

                                    By:
                                        ----------------------------------
                                        Name:
                                        Title:

                                    G-1-2
<PAGE>

                                  EXHIBIT G-2

                   FORM OF INTERIM CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

              Re:  CWABS Asset-Backed Certificates, Series 2005-11
                   -----------------------------------------------

Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of September 1, 2005 (the "Pooling and Servicing
Agreement") among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as
a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller,
Countrywide Home Loans Servicing LP, as Master Servicer, and the undersigned,
as Trustee, 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 __________, 2005 (the "Subsequent Transfer
Agreement") among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as
a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller and The
Bank of New York, as Trustee], except as listed in the following paragraph, as
to each [Initial Mortgage Loan][Subsequent Mortgage Loan] listed in the
[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;

          (ii) the case of each [Initial Mortgage Loan][Subsequent Mortgage
Loan] that is not a MERS Mortgage Loan, the original recorded Mortgage, and in
the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is a
MERS Mortgage Loan, the original Mortgage, 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

                                    G-2-1
<PAGE>

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 2005-11, 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, 2005, without recourse", 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) original recorded assignment or assignments of the Mortgage
together with all interim recorded assignments of such Mortgage (noting the
presence of a MIN in the case of each MERS Mortgage Loan);

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

          (vi) the original or duplicate original lender's title policy or a
printout of the electronic equivalent and all riders thereto or, in the event
such original title policy has not been received from the insurer, any one of
an original title binder, an original preliminary title report or an original
title commitment, or a copy thereof certified by the title company, with the
original policy of title insurance to be delivered within one year of the
Closing Date.

          In the event that in connection with any [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 (xvii) 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

                                     G-2-2
<PAGE>

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.

                                    G-2-3
<PAGE>

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

                                    The Bank of New York,
                                        as Trustee

                                    By:
                                        ----------------------------------
                                        Name:
                                        Title:

                                    G-2-4
<PAGE>

                                  EXHIBIT G-3

                     FORM OF DELAY DELIVERY CERTIFICATION

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

              Re:   CWABS Asset-Backed Certificates, Series 2005-11
                    -----------------------------------------------

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 September 1, 2005 (the "Pooling and Servicing Agreement") among CWABS,
Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco
Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, 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 __________, 2005 (the "Subsequent Transfer Agreement") among CWABS, Inc.,
as Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as
a Seller, Park Sienna LLC, as a Seller and The Bank of New York, as Trustee,]
as to each Delay Delivery Mortgage Loan listed on the Schedule A attached
hereto (other than any [Initial Mortgage Loan][Subsequent Mortgage Loan] paid
in full or listed on Schedule B attached hereto) it has received:

          (1) the original Mortgage Note, endorsed by manual or facsimile
signature in blank in the following form: "Pay to the order of _______________
without recourse", with all intervening endorsements that show a complete
chain of endorsement from the originator to the Person endorsing the Mortgage
Note (each such endorsement being sufficient to transfer all right, title and
interest of the party so endorsing, as noteholder or assignee thereof, in and
to that Mortgage Note), or, if the original Mortgage Note has been lost or
destroyed and not replaced, an original lost note affidavit, stating that the
original Mortgage Note was lost or destroyed, together with a copy of the
related Mortgage Note;

          (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 2005-11, 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, 2005, without recourse", or,
in the case of each [Initial Mortgage

                                    G-3-1
<PAGE>

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:

                                    G-3-2
<PAGE>

                                  EXHIBIT G-4

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE
                          (SUBSEQUENT MORTGAGE LOANS)

                                    [Date]

[Depositor]

[Sellers]

[Master Servicer]

              Re:  CWABS Asset-Backed Certificates, Series 2005-11
                   -----------------------------------------------

Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of September 1, 2005 (the "Pooling and Servicing
Agreement") among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as
a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller,
Countrywide Home Loans Servicing LP, as Master Servicer, 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

          (2) a duly executed assignment of the Mortgage 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

                                    G-4-1
<PAGE>

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:

                                    G-4-2
<PAGE>

                                   EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF TRUSTEE

                                    [Date]

[Depositor]

[Master Servicer]

[Sellers]

[Class AF-5B Insurer]

              Re:  CWABS Asset-Backed Certificates, Series 2005-11
                   -----------------------------------------------

Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement dated as of September 1, 2005 (the "Pooling and Servicing
Agreement") among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as
a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller,
Countrywide Home Loans Servicing LP, as Master Servicer, and the undersigned,
as Trustee, 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 __________, 2005 (the "Subsequent Transfer
Agreement") among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as
a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller and The
Bank of New York, as Trustee,] as to each [Initial Mortgage Loan][Subsequent
Mortgage Loan] listed in the [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) it has received:

          (i) the original Mortgage Note, endorsed by manual or facsimile
signature in blank in the following form: "Pay to the order of
_________________ without recourse", with all intervening endorsements that
show a complete chain of endorsement from the originator to the Person
endorsing the Mortgage Note (each such endorsement being sufficient to
transfer all right, title and interest of the party so endorsing, as
noteholder or assignee thereof, in and to that Mortgage Note), or, if the
original Mortgage Note has been lost or destroyed and not replaced, an
original lost note affidavit, stating that the original Mortgage Note was lost
or destroyed, together with a copy of the related Mortgage Note;

          (ii) in the case of each [Initial Mortgage Loan][Subsequent Mortgage
Loan] that is not a MERS Mortgage Loan, the original recorded Mortgage, and in
the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is a
MERS Mortgage Loan, the original Mortgage, noting thereon the presence of the
MIN of the [Initial Mortgage Loan][Subsequent Mortgage Loan] and language
indicating that the [Initial Mortgage

                                     H-1
<PAGE>

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 2005-11, 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, 2005, without
recourse", 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
together with all interim recorded assignments of such Mortgage (noting the
presence of a MIN in the case of each MERS Mortgage Loan);

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

          (vi) the original or duplicate original lender's title policy or a
printout of the electronic equivalent and all riders thereto or 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 (xvii) 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].

                                     H-2
<PAGE>

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

                                    The Bank of New York,
                                        as Trustee

                                    By:
                                        ----------------------------------
                                        Name:
                                        Title:

                                     H-3
<PAGE>

                                   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 September 1, 2005 (the "Agreement"), by and among CWABS, Inc., as
depositor (the "Depositor"), Countrywide Home Loans, Inc., as a Seller, Park
Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, and The Bank of New York, as Trustee.
Capitalized terms used, but not defined herein or in Exhibit 1 hereto, shall
have the meanings ascribed to such terms in the Agreement. The Transferee has
authorized the undersigned to make this affidavit on behalf of the Transferee.

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

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

          4. The Transferee has been advised of, and understands that a tax
will be imposed on a "pass-through entity" holding the Certificate if at any
time during the taxable year of the pass-through entity a Person that is not a
Permitted Transferee is the record holder of an interest in such entity. The
Transferee understands that such tax will not be imposed for any period with
respect to which the record holder furnishes to the pass-through entity an
affidavit that such record holder is a Permitted Transferee and the
pass-through entity does not have actual knowledge that such affidavit is
false. (For this purpose, a "pass-through entity" includes a regulated
investment company, a real estate investment trust or common trust fund, a
partnership, trust or estate, and certain cooperatives and, except as may be
provided in Treasury Regulations, persons holding interests in pass-through
entities as a nominee for another Person.)

                                    I-1-1
<PAGE>

          5. The Transferee has reviewed the provisions of Section 5.02(c) of
the Agreement (attached hereto as Exhibit 2 and incorporated herein by
reference) and understands the legal consequences of the acquisition of an
Ownership Interest in the Certificate including, without limitation, the
restrictions on subsequent Transfers and the provisions regarding voiding the
Transfer and mandatory sales. The Transferee expressly agrees to be bound by
and to abide by the provisions of Section 5.02(c) of the Agreement and the
restrictions noted on the face of the Certificate. The Transferee understands
and agrees that any breach of any of the representations included herein shall
render the Transfer to the Transferee contemplated hereby null and void.

          6. The Transferee agrees to require a Transfer Affidavit from any
Person to whom the Transferee attempts to Transfer its Ownership Interest in
the Certificate, and in connection with any Transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
Transfer its Ownership Interest or cause any Ownership Interest to be
Transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such Transfer by the Transferee, the
Transferee agrees to deliver to the Trustee a certificate substantially in the
form set forth as Exhibit J-1 to the Agreement (a "Transferor Certificate") to
the effect that such Transferee has no actual knowledge that the Person to
which the Transfer is to be made is not a Permitted Transferee.

          7. The Transferee does not have the intention to impede the
assessment or collection of any tax legally required to be paid with respect
to the Class A-R Certificates.

          8. The Transferee's taxpayer identification number is _____.

          9. The Transferee is a U.S. Person as defined in Code section
7701(a)(30).

          10. The Transferee is aware that the Class A-R Certificates may be
"noneconomic residual interests" within the meaning of proposed Treasury
regulations promulgated pursuant to the Code and that the transferor of a
noneconomic residual interest will remain liable for any taxes due with
respect to the income on such residual interest, unless no significant purpose
of the transfer was to impede the assessment or collection of tax. In
addition, as the holder of a noneconomic residual interest, the Transferee may
incur tax liabilities in excess of any cash flows generated by the interest
and the Transferee hereby represents that it intends to pay taxes associated
with holding the residual interest as they become due.

          11. The Transferee has provided financial statements or other
financial information requested by the Transferor in connection with the
transfer of the Class A-R Certificates to permit the Transferor to assess the
financial capability of the Transferee to pay such taxes.

                               *      *      *

                                    I-1-2
<PAGE>

          IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by
its duly authorized officer and its corporate seal to be hereunto affixed,
duly attested, this ____ day of _____________, 20__.

                                    [NAME OF TRANSFEREE]

                                     By: _______________________________
                                         Name:
                                         Title:

[Corporate Seal]

ATTEST:

_________________________
[Assistant] Secretary

          Personally appeared before me the above-named _____________, known
or proved to me to be the same person who executed the foregoing instrument
and to be the ____________ of the Transferee, and acknowledged that he
executed the same as his free act and deed and the free act and deed of the
Transferee.

          Subscribed and sworn before me this ____ day of _______, 20__.

                                     _____________________________________
                                                  NOTARY PUBLIC
                                     My Commission expires the ___ day of
                                                  , 20__.

                                    I-1-3
<PAGE>

                              Certain Definitions

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

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

          "Person": Any individual, corporation, limited liability company,
partnership, joint venture, bank, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government or any agency
or political subdivision thereof.

          "Transfer": Any direct or indirect transfer or sale of any Ownership
Interest in a Certificate, including the acquisition of a Certificate by the
Depositor.

          "Transferee": Any Person who is acquiring by Transfer any Ownership
Interest in a Certificate.

                                    I-1-4
<PAGE>

                       Section 5.02(c) of the Agreement

          (c) Each Person who has or who acquires any Ownership Interest in a
Class A-R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions, and
the rights of each Person acquiring any Ownership Interest in a Class A-R
Certificate are expressly subject to the following provisions:

          (1) Each Person holding or acquiring any Ownership Interest in a
     Class A-R Certificate shall be a Permitted Transferee and shall promptly
     notify the Trustee of any change or impending change in its status as a
     Permitted Transferee.

          (2) Except in connection with (i) the registration of the Tax
     Matters Person Certificate in the name of the Trustee or (ii) any
     registration in the name of, or transfer of a Class A-R Certificate to,
     an affiliate of the Depositor (either directly or through a nominee) in
     connection with the initial issuance of the Certificates, no Ownership
     Interest in a Class A-R Certificate may be registered on the Closing Date
     or thereafter transferred, and the Trustee shall not register the
     Transfer of any Class A-R Certificate unless, the Trustee shall have been
     furnished with an affidavit (a "Transfer Affidavit") of the initial owner
     or the proposed transferee in the form attached hereto as Exhibit I.

          (3) Each Person holding or acquiring any Ownership Interest in a
     Class A-R Certificate shall agree (A) to obtain a Transfer Affidavit from
     any other Person to whom such Person attempts to Transfer its Ownership
     Interest in a Class A-R Certificate, (B) to obtain a Transfer Affidavit
     from any Person for whom such Person is acting as nominee, trustee or
     agent in connection with any Transfer of a Class A-R Certificate and (C)
     not to Transfer its Ownership Interest in a Class A-R Certificate, or to
     cause the Transfer of an Ownership Interest in a Class A-R Certificate to
     any other Person, if it has actual knowledge that such Person is not a
     Permitted Transferee.

          (4) Any attempted or purported Transfer of any Ownership Interest in
     a Class A-R Certificate in violation of the provisions of this Section
     5.02(c) shall be absolutely null and void and shall vest no rights in the
     purported Transferee. If any purported transferee shall become a Holder
     of a Class A-R Certificate in violation of the provisions of this Section
     5.02(c), then the last preceding Permitted Transferee shall be restored
     to all rights as Holder thereof retroactive to the date of registration
     of Transfer of such Class A-R Certificate. The Trustee shall be under no
     liability to any Person for any registration of Transfer of a Class A-R
     Certificate that is in fact not permitted by Section 5.02(b) and this
     Section 5.02(c) or for making any payments due on such Certificate to the
     Holder thereof or taking any other action with respect to such Holder
     under the provisions of this Agreement so long as the Transfer was
     registered after receipt of the related Transfer Affidavit and Transferor
     Certificate. The Trustee shall be entitled but not obligated to recover
     from any Holder of a Class A-R Certificate that was in fact not a
     Permitted Transferee at the time it became a Holder or, at such
     subsequent time as it became other than a Permitted Transferee, all
     payments made on such Class A-R Certificate at and after either such
     time. Any such payments so recovered by the Trustee shall be paid and
     delivered by the Trustee to the last preceding Permitted Transferee of
     such Certificate.

                                    I-1-5
<PAGE>

          (5) The Master Servicer shall use its best efforts to make
     available, upon receipt of written request from the Trustee, all
     information necessary to compute any tax imposed under section 860E(e) of
     the Code as a result of a Transfer of an Ownership Interest in a Class
     A-R Certificate to any Holder who is not a Permitted Transferee.

          The restrictions on Transfers of a Class A-R Certificate set forth
in this section 5.02(c) shall cease to apply (and the applicable portions of
the legend on a Class A-R Certificate may be deleted) with respect to
Transfers occurring after delivery to the Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trustee, the Sellers
or the Master Servicer to the effect that the elimination of such restrictions
will not cause any constituent REMIC of any REMIC formed hereunder to fail to
qualify as a REMIC at any time that the Certificates are outstanding or result
in the imposition of any tax on the Trust Fund, a Certificateholder or another
Person. Each Person holding or acquiring any ownership Interest in a Class A-R
Certificate hereby consents to any amendment of this Agreement that, based on
an Opinion of Counsel furnished to the Trustee, is reasonably necessary (a) to
ensure that the record ownership of, or any beneficial interest in, a Class
A-R Certificate is not transferred, directly or indirectly, to a Person that
is not a Permitted Transferee and (b) to provide for a means to compel the
Transfer of a Class A-R Certificate that is held by a Person that is not a
Permitted Transferee to a Holder that is a Permitted Transferee.

                                    I-1-6
<PAGE>

                                  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 2005-11
                  ----------------------------

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 September 1, 2005, among CWABS, Inc., as Depositor, Countrywide
Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC,
as a Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The
Bank of New York, as Trustee.

                                    Very truly yours,

                                    _____________________________________
                                    Name of Transferor

                                    By: _________________________________
                                    Name:
                                    Title:

                                     J-1-1
<PAGE>

                                  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 2005-11, 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 September 1, 2005, among CWABS, Inc., as
Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as a
Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans Servicing LP, as
Master Servicer, and The Bank of New York, as Trustee.

                                    Very truly yours,

                                    _____________________________________
                                    Name of Transferor

                                    By: _________________________________
                                    Name:
                                    Title:

                                    J-2-1
<PAGE>

                                   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., 8W
New York, New York 10286

            Re:   CWABS, Inc. Asset-Backed Certificates,
                  Series 2005-11, 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

                                     K-1
<PAGE>

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 September 1, 2005, among CWABS, Inc., as Depositor, Countrywide Home Loans,
Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a
Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank
of New York, as Trustee.

                                    Very truly yours,

                                    _____________________________________
                                    Name of Transferor

                                    By: _________________________________
                                         Authorized Officer

                                     K-2
<PAGE>

                                   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 2005-11, 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

                                     L-1
<PAGE>

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 September 1, 2005, among CWABS, Inc., as Depositor, Countrywide Home Loans,
Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a
Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank
of New York, as Trustee.

                                    Very truly yours,

                                    _____________________________________
                                    Name of Transferor

                                    By: _________________________________
                                         Authorized Officer

                                     L-2
<PAGE>

                                                          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.

                                     L-3
<PAGE>

     ___  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

                                     L-4
<PAGE>

     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:_____________________________

                                     L-5
<PAGE>

                                                          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

                                     L-6
<PAGE>

          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:_____________________________

                                     L-7
<PAGE>

                                   EXHIBIT M

                     FORM OF REQUEST FOR DOCUMENT RELEASE

Loan Information

      Name of Mortgagor:              _______________________________

      Master Servicer
      Loan No.:                       _______________________________

Trustee

      Name:                           _______________________________

      Address:                        _______________________________

                                      _______________________________

      Trustee
      Mortgage File No.:              _______________________________

          The undersigned Master Servicer hereby acknowledges that it has
received from _______________________________________, as Trustee for the
Holders of Asset-Backed Certificates, Series 2005-11, the documents referred
to below (the "Documents"). All capitalized terms not otherwise defined in
this Request for Document Release shall have the meanings given them in the
Pooling and Servicing Agreement dated as of September 1, 2005 (the "Pooling
and Servicing Agreement") among CWABS, Inc., as Depositor, Countrywide Home
Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a
Seller, Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank
of New York, as Trustee.

(  )   Mortgage Note dated ___________, ____, in the original principal sum of
       $________, made by __________________, payable to, or endorsed to the
       order of, the Trustee.

(  )   Mortgage recorded on _________________ as instrument no.
       ________________ in the County Recorder's Office of the County of
       ________________, State of _______________ in book/reel/docket
       _______________ of official records at page/image _____________.

(  )   Deed of Trust recorded on _________________ as instrument no.
       ________________ in the County Recorder's Office of the County of
       ________________, State of _______________ in book/reel/docket
       _______________ of official records at page/image _____________.

(  )   Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
       _________________ as instrument no. __________ in the County Recorder's
       Office of

                                     M-1
<PAGE>

       the County of __________, State of _______________ in book/reel/docket
       _______________ of official records at page/image _____________.

(  )   Other documents, including any amendments, assignments or other
       assumptions of the Mortgage Note or Mortgage.

(  )   ____________________________________________

(  )   ____________________________________________

(  )   ____________________________________________

(  )   ____________________________________________

     The undersigned Master Servicer hereby acknowledges and agrees as
follows:

          (1) The Master Servicer shall hold and retain possession of the
     Documents in trust for the benefit of the Trust Fund, solely for the
     purposes provided in the Pooling and Servicing Agreement.

          (2) The Master Servicer shall not cause or knowingly permit the
     Documents to become subject to, or encumbered by, any claim, liens,
     security interest, charges, writs of attachment or other impositions nor
     shall the Master Servicer assert or seek to assert any claims or rights
     of setoff to or against the Documents or any proceeds thereof.

          (3) The Master Servicer shall return each and every Document
     previously requested from the Mortgage File to the Trustee when the need
     therefor no longer exists, unless the Mortgage Loan relating to the
     Documents has been liquidated and the proceeds thereof have been remitted
     to the Certificate Account and except as expressly provided in the
     Pooling and Servicing Agreement.

          (4) The Documents and any proceeds thereof, including any proceeds
     of proceeds, coming into the possession or control of the Master Servicer
     shall at all times be earmarked for the account of the Trust Fund, and
     the Master Servicer shall keep the Documents and any proceeds separate
     and distinct from all other property in the Master Servicer's possession,
     custody or control.

                                    [Master Servicer]

                                    By ________________________________

                                    Its _______________________________

                                    Date: _________________, ____

                                     M-2
<PAGE>

                                   EXHIBIT N

                       FORM OF REQUEST FOR FILE RELEASE

                    OFFICER'S CERTIFICATE AND TRUST RECEIPT
                          ASSET-BACKED CERTIFICATES,
                                Series 2005-11

__________________________________________ HEREBY CERTIFIES THAT HE/SHE IS AN
OFFICER OF THE MASTER SERVICER, HOLDING THE OFFICE SET FORTH BENEATH HIS/HER
SIGNATURE, AND HEREBY FURTHER CERTIFIES AS FOLLOWS:

WITH RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

[ALL PAYMENTS OF PRINCIPAL AND INTEREST HAVE BEEN MADE.] [THE PURCHASE PRICE
FOR SUCH MORTGAGE LOANS HAS BEEN PAID.] [THE MORTGAGE LOANS HAVE BEEN
LIQUIDATED AND THE RELATED [INSURANCE PROCEEDS] [LIQUIDATION PROCEEDS] HAVE
BEEN DEPOSITED PURSUANT TO SECTION 3.13 OF THE POOLING AND SERVICING
AGREEMENT.] [A REPLACEMENT MORTGAGE LOAN HAS BEEN DELIVERED TO THE TRUSTEE IN
THE MANNER AND OTHERWISE IN ACCORDANCE WITH THE CONDITIONS SET FORTH IN
SECTIONS 2.02 AND 2.03 OF THE POOLING AND SERVICING AGREEMENT.]

LOAN NUMBER:_______________                 BORROWER'S NAME:_____________

COUNTY:____________________

[For Substitution or Repurchase Only: The Master Servicer certifies that [an]
[no] opinion is required by Section 2.05 [and is attached hereto].]

I HEREBY CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS,
THAT ARE REQUIRED TO BE DEPOSITED IN THE CERTIFICATE ACCOUNT PURSUANT TO
SECTION 3.05 OF THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE
CREDITED.

____________                        _____________________
                                    DATED:____________

/ /                                 VICE PRESIDENT
/ /                                 ASSISTANT VICE PRESIDENT

                                     N-1
<PAGE>

                                                                     Exhibit O

                           Exhibit O is a photocopy
                          of the Depository Agreement
                                 as delivered.

               [See appropriate documents delivered at closing.]

                                     O-1
<PAGE>

                                   EXHIBIT P

                     FORM OF SUBSEQUENT TRANSFER AGREEMENT

          SUBSEQUENT TRANSFER AGREEMENT, dated as of ____________, 200[_]
(this "Subsequent Transfer Agreement"), among CWABS, INC., a Delaware
corporation, as depositor (the "Depositor"), COUNTRYWIDE HOME LOANS, INC., a
New York corporation, in its capacity as a seller under the Pooling and
Servicing Agreement referred to below ("CHL"), PARK MONACO INC., a Delaware
corporation, in its capacity as a seller under the Pooling and Servicing
Agreement ("Park Monaco"), PARK SIENNA LLC, a Delaware limited liability
company, in its capacity as a seller under the Pooling and Servicing Agreement
("Park Sienna" and, together with CHL and Park Monaco, the "Sellers") and The
Bank of New York, a New York banking corporation, as trustee (the "Trustee");

          WHEREAS, the Depositor, CHL, Park Monaco, Park Sienna, the Trustee
and Countrywide Home Loans Servicing LP, as Master Servicer, have entered in
the Pooling and Servicing Agreement, dated as of September 1, 2005 (the
"Pooling and Servicing Agreement"), relating to the CWABS, Inc. Asset-Backed
Certificates, Series 2005-11 (capitalized terms not otherwise defined herein
are used as defined in the Pooling and Servicing Agreement);

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

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

          (a) The "Subsequent Transfer Date" with respect to this Subsequent
Transfer Agreement shall be ________ __, 200[_].

          (b) The "Subsequent Transfer Date Purchase Amount" with respect to
this Subsequent Transfer Agreement shall be $_______________.

          (c) The Subsequent Mortgage Loans conveyed on the Subsequent
Transfer Date shall be subject to the terms and conditions of the Pooling and
Servicing Agreement.

          (d) Annex I hereto sets forth a list of the Mortgage Loans which are
Delay Delivery Mortgage Loans.

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

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

                                     P-1
<PAGE>

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

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

                                     P-2
<PAGE>

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

                                    CWABS, INC.,
                                     as Depositor

                                    By: __________________________________
                                        Name:
                                        Title:

                                    COUNTRYWIDE HOME LOANS, INC.,
                                     as a Seller

                                    By: __________________________________
                                        Name:
                                        Title:

                                    PARK MONACO INC.,
                                     as a Seller

                                    By: __________________________________
                                        Name:
                                        Title:

                                    PARK SIENNA LLC,
                                     as a Seller

                                    By: __________________________________
                                        Name:
                                        Title:

                                     P-3
<PAGE>

                                    THE BANK OF NEW YORK,
                                     not in its individual capacity,
                                     but solely as Trustee

                                    By: __________________________________
                                        Name:
                                        Title:

                                     P-4
<PAGE>

                                                                       Annex I

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

                                     P-5
<PAGE>

                                  EXHIBIT Q-1

                     FORM OF CLASS AF-1 CORRIDOR CONTRACT

               [See appropriate documents delivered at closing.]

                                    Q-1-1
<PAGE>

                                  EXHIBIT Q-2

                    FORM OF CLASS 2-AV-1 CORRIDOR CONTRACT

               [See appropriate documents delivered at closing.]

                                    Q-2-1
<PAGE>

                                  EXHIBIT Q-3

                     FORM OF CLASS 3-AV CORRIDOR CONTRACT

               [See appropriate documents delivered at closing.]

                                    Q-3-1
<PAGE>

                                  EXHIBIT Q-4

             FORM OF ADJUSTABLE RATE SUBORDINATE CORRIDOR CONTRACT

               [See appropriate documents delivered at closing.]

                                    Q-4-1
<PAGE>

                                   EXHIBIT R

                              CLASS AF-5B POLICY

                     CERTIFICATE GUARANTY INSURANCE POLICY

OBLIGATIONS: CWABS Asset-Backed Certificates Trust 2005-11 Policy Number: 47010
             Asset-Backed Certificates, Series 2005-11
             $36,027,000 5.414% Class AF-5B Certificates

     MBIA Insurance Corporation (the "Insurer"), in consideration of the
payment of the premium and subject to the terms of this Certificate Guaranty
Insurance Policy (this "Policy"), hereby unconditionally and irrevocably
guarantees to any Owner that an amount equal to each full and complete Insured
Payment will be received by The Bank of New York, or its successor, as trustee
for the Owners (the "Trustee"), on behalf of the Owners from the Insurer, for
distribution by the Trustee to each Owner of each Owner's proportionate share
of the Insured Payment. The Insurer's obligations hereunder with respect to a
particular Insured Payment shall be discharged to the extent funds equal to
the applicable Insured Payment are received by the Trustee, whether or not
such funds are properly applied by the Trustee. Insured Payments shall be made
only at the time set forth in this Policy, and no accelerated Insured Payments
shall be made regardless of any acceleration of the Obligations, unless such
acceleration is at the sole option of the Insurer.

     Notwithstanding the foregoing paragraph, this Policy does not cover
shortfalls, if any, attributable to the liability of the Trust Fund, any REMIC
or the Trustee for withholding taxes, if any (including interest and penalties
in respect of any such liability). This Policy will not provide credit
enhancement for any Class of Certificates other than the Class AF-5B
Certificates.

     The Insurer will pay any Insured Payment that is a Preference Amount on
the Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (i) a certified copy of the order requiring the return of
a preference payment, (ii) an opinion of counsel satisfactory to the Insurer
that such order is final and not subject to appeal, (iii) an assignment in
such form as is reasonably required by the Insurer, irrevocably assigning to
the Insurer all rights and claims of the Owner relating to or arising under
the Obligations against the debtor which made such preference payment or
otherwise with respect to such preference payment and (iv) appropriate
instruments to effect the appointment of the Insurer as agent for such Owner
in any legal proceeding related to such preference payment, such instruments
being in a form satisfactory to the Insurer, provided that if such documents
are received after 12:00 noon, New York City time, on such Business Day, they
will be deemed to be received on the following Business Day. Such payments
shall be disbursed to the receiver or trustee in bankruptcy named in the final
order of the court exercising jurisdiction on behalf of the Owner and not to
any Owner directly unless such Owner has returned principal or interest paid
on the Obligations to such receiver or trustee in bankruptcy, in which case
such payment shall be disbursed to such Owner.

                                     R-1
<PAGE>

     The Insurer will pay any other amount payable hereunder no later than
12:00 noon, New York City time, on the later of the Distribution Date on which
the related Deficiency Amount is due or the second Business Day following
receipt in New York, New York on a Business Day by U.S. Bank Trust National
Association, as fiscal agent for the Insurer or any successor fiscal agent
appointed by the Insurer (the "Fiscal Agent") of a Notice (as described
below); provided that if such Notice is received after 12:00 noon, New York
City time, on such Business Day, it will be deemed to be received on the
following Business Day. If any such Notice received by the Fiscal Agent is not
in proper form or is otherwise insufficient for the purpose of making claim
hereunder, it shall be deemed not to have been received by the Fiscal Agent
for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the
case may be, shall promptly so advise the Trustee and the Trustee may submit
an amended Notice.

     Insured Payments due hereunder, unless otherwise stated herein, will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment
less, in respect of Insured Payments related to Preference Amounts, any amount
held by the Trustee for the payment of such Insured Payment and legally
available therefor.

     The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent
shall in no event be liable to Owners for any acts of the Fiscal Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds
to make payments due under this Policy.

     As used herein, the following terms shall have the following meanings:

     "Agreement" means the Pooling and Servicing Agreement dated as of
September 1, 2005 among Countrywide Home Loans, Inc., as Seller, Park Monaco
Inc., as Seller, Park Sienna LLC, as Seller, Countrywide Home Loans Servicing
LP, as Master Servicer, CWABS, Inc., as Depositor, and the Trustee, as
trustee, without regard to any amendment or supplement thereto.

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

     "Class AF-5B Available Funds" means, with respect to any Distribution
Date, funds allocated from amounts available pursuant to the Agreement to make
distributions on the Class AF-5B Certificates on such Distribution Date.

     "Deficiency Amount" means, with respect to any Distribution Date, the
excess, if any, of Required Distributions for such Distribution Date over
Class AF-5B Available Funds.

     "Insured Payment" means (i) as of any Distribution Date, any Deficiency
Amount and (ii) any Preference Amount.

     "Notice" means the telephonic or telegraphic notice, promptly confirmed
in writing by telecopy substantially in the form of Exhibit A attached hereto,
the original of which is

                                     R-2
<PAGE>

subsequently delivered by registered or certified mail, from the Trustee
specifying the Insured Payment which shall be due and owing on the applicable
Distribution Date.

     "Owner" means each Class AF-5B Certificateholder (as defined in the
Agreement) who, on the applicable Distribution Date, is entitled under the
terms of the Obligations to payment thereunder.

     "Preference Amount" means any amount previously distributed to an Owner
on the Obligations that is recoverable and sought to be recovered as a
voidable preference by a trustee in bankruptcy pursuant to the United States
Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance with
a final nonappealable order of a court having competent jurisdiction.

     "Required Distributions" means, (a) with respect to any Distribution
Date, the sum, without duplication, of (i) the amount of interest that has
accrued on the Class AF-5B Certificates at the then applicable Pass-Through
Rate during the applicable Accrual Period with respect to the Class AF-5B
Certificates, net of any interest shortfalls resulting from Prepayment
Interest Shortfalls and any interest shortfalls resulting from application of
the Servicemembers Civil Relief Act, or similar state or local laws and (ii)
at the election of the Insurer in its sole discretion, the amount equal to the
product of (x) a fraction, the numerator of which is equal to the Certificate
Principal Balance of the Class AF-5B Certificates (after giving effect to all
distributions, other than Required Distributions, to be made on such
Distribution Date), and the denominator of which is equal to the aggregate
Certificate Principal Balance of the Class AF Certificates (after giving
effect to all distributions, other than Required Distributions, to be made on
such Distribution Date), and (y) the amount, if any, by which the aggregate
Certificate Principal Balance of the Class AF Certificates (after giving
effect to all distributions, other than Required Distributions, to be made on
such Distribution Date) exceeds the aggregate Stated Principal Balance of the
Mortgage Loans in Loan Group 1 plus the amount on deposit in the Pre-Funding
Account in respect of Loan Group 1; and (b) on the Last Scheduled Distribution
Date, the outstanding Certificate Principal Balance of the Class AF-5B
Certificates (after giving effect to all distributions, other than Required
Distributions, to be made on such Distribution Date).

     Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings set forth in the Agreement as of the date of execution
of this Policy, without giving effect to any subsequent amendment to or
modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

     Any notice hereunder or service of process on the Fiscal Agent may be
made at the address listed below for the Fiscal Agent or such other address as
the Insurer shall specify in writing to the Trustee.

     The notice address of the Fiscal Agent is 100 Wall Street, Suite 1600,
New York, New York 10005, Attention: Corporate Trust Services, or such other
address as the Fiscal Agent shall specify to the Trustee in writing.

     This Policy is being issued under and pursuant to, and shall be construed
under, the laws of the State of New York, without giving effect to the
conflict of law principles thereof.

                                     R-3
<PAGE>

     The insurance provided by this Policy is not covered by the
Property/Casualty Insurance Security Fund specified in Article 76 of the New
York Insurance Law.

     This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason including payment, or provision being made
for payment, prior to maturity of the Obligations.

     IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed and
attested this 28th day of September, 2005.

                                    MBIA INSURANCE CORPORATION

                                    By _________________________________
                                       President

                                    Attest:

                                    By _________________________________
                                       Assistant Secretary

                                     R-4
<PAGE>

                                   EXHIBIT A

                   TO CERTIFICATE GUARANTY INSURANCE POLICY
                                 NUMBER: 47010

                       NOTICE UNDER CERTIFICATE GUARANTY
                        INSURANCE POLICY NUMBER: 47010

U.S. Bank Trust National Association, as Fiscal Agent
 for MBIA Insurance Corporation
100 Wall Street, Suite 1600
New York, NY  10005
Attention: Corporate Trust Services

MBIA Insurance Corporation
113 King Street
Armonk, NY 10504

     The undersigned, a duly authorized officer of [NAME OF TRUSTEE], as
trustee (the "Trustee"), hereby certifies to U.S. Bank Trust National
Association (the "Fiscal Agent") and MBIA Insurance Corporation (the
"Insurer"), with reference to Certificate Guaranty Insurance Policy Number:
47010 (the "Policy") issued by the Insurer in respect of the CWABS
Asset-Backed Certificates Trust 2005-11, Asset-Backed Certificates, Series
2005-11, $36,027,000 5.414% Class AF-5B Certificates (the "Obligations"),
that:

          (a) the Trustee is the trustee under the Pooling and Servicing
     Agreement dated as of September 1, 2005 among Countrywide Home Loans,
     Inc., as Seller, Park Monaco Inc., as Seller, Park Sienna LLC, as Seller,
     Countrywide Home Loans Servicing LP, as Master Servicer, CWABS, Inc., as
     Depositor, and the Trustee, as trustee;

          (b) the Class AF-5B Available Funds for the Distribution Date
     occurring on [____________] (the "Applicable Distribution Date") is
     $[____________];

          (c) the Required Distributions for the Applicable Distribution Date
     is $[____________];

          (d) the excess, if any, of Required Distributions over Class AF-5B
     Available Funds for the Applicable Distribution Date is $[____________];
     (the "Deficiency Amount")

          (e) the amount of any previously distributed payments on the
     Obligations that is recoverable and sought to be recovered as a voidable
     preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in
     accordance with a final nonappealable order of a court having competent
     jurisdiction is $[____________] (the "Preference Amount");

                                     A-1
<PAGE>

          (f) the total Insured Payment due is $[____________], which amount
     equals the sum of the Deficiency Amount and the Preference Amount; and

          (g) the Trustee directs that payment of the Insured Payment be made
     to the following account by bank wire transfer of federal or other
     immediately available funds in accordance with the terms of the Policy:
     [TRUSTEE'S ACCOUNT NUMBER].

     Any capitalized term used in this Notice and not otherwise defined herein
shall have the meaning assigned thereto in the Policy.

     Any Person Who Knowingly And With Intent To Defraud Any Insurance Company
Or Other Person Files An Application For Insurance Or Statement Of Claim
Containing Any Materially False Information, Or Conceals For The Purpose Of
Misleading, Information Concerning Any Fact Material Thereto, Commits A
Fraudulent Insurance Act, Which Is A Crime, And Shall Also Be Subject To A
Civil Penalty Not To Exceed Five Thousand Dollars And The Stated Value Of The
Claim For Each Such Violation.

     IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
under the Policy as of the [______] day of [_______________], [________].

                                    [NAME OF TRUSTEE], as Trustee

                                    By _______________________________
                                    Title ____________________________

                                     A-2
<PAGE>

                                  EXHIBIT S-1

                FORM OF CORRIDOR CONTRACT ASSIGNMENT AGREEMENT

                     [See document delivered at closing.]

                                    S-1-1
<PAGE>

                                  EXHIBIT S-2

              FORM OF CORRIDOR CONTRACT ADMINISTRATION AGREEMENT

                     [See document delivered at closing.]

                                    S-2-1
<PAGE>

                                   EXHIBIT T

               OFFICER'S CERTIFICATE WITH RESPECT TO PREPAYMENTS

                          ASSET-BACKED CERTIFICATES,
                                Series 2005-11

                                    [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 September 1, 2005, (the "Pooling and Servicing Agreement") among CWABS,
Inc., as Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco
Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide Home Loans
Servicing LP, as Master Servicer, 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

                                     T-1
<PAGE>

               (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

                                     T-2
<PAGE>

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

<TABLE>
<CAPTION>

---------------------------------------- -------------------------------------- --------------------------------------
Loan Number                              Clause 2:  Yes/No                      Clause 3:  (i) or (ii)
---------------------------------------- -------------------------------------- --------------------------------------
<S>                                      <C>                                    <C>

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

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

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

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

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

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

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

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

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

</TABLE>

                                     T-3
<PAGE>

                                  SCHEDULE I

           PREPAYMENT CHARGE SCHEDULE AND PREPAYMENT CHARGE SUMMARY

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

                                    S-I-1
<PAGE>

<TABLE>
<CAPTION>

                                                    SCHEDULE II

                                                COLLATERAL SCHEDULE

------------------------------------------------- ---------------- ----------------- ----------------- ----------------
                                                    Applicable
Characteristic                                       Section         Loan Group 1      Loan Group 2     Loan Group 3
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
<S>                                                 <C>              <C>               <C>              <C>
Single-Family Detached Dwellings                    2.03(b)(32)         80.36%            74.80%           71.57%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Two- to Four-Family Dwellings                       2.03(b)(32)         3.44%             2.77%             1.71%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Low-Rise Condominium Units                          2.03(b)(32)         3.63%             6.96%             6.50%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
High-Rise Condominium Units                         2.03(b)(32)         0.20%             0.17%             0.56%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Manufactured Housing                                2.03(b)(32)         0.35%             0.00%             1.24%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
PUDs                                                2.03(b)(32)         12.01%            15.30%           18.43%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Earliest Origination Date                           2.03(b)(33)       10/31/1997         1/7/1998        10/19/1998
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Prepayment Penalty                                  2.03(b)(35)         82.02%            69.07%           72.56%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Investor Properties                                 2.03(b)(36)         0.85%             0.89%             0.00%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Primary Residences                                  2.03(b)(36)         98.97%            98.72%           99.90%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Lowest Current Mortgage Rate                        2.03(b)(48)         5.000%            4.600%           4.200%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Highest Current Mortgage Rate                       2.03(b)(48)        14.375%           15.875%           14.625%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Weighted Average Current Mortgage Rate              2.03(b)(48)         6.794%            7.449%           7.284%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Lowest Gross Margin                                 2.03(b)(51)          N/A              3.000%           3.300%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Highest Gross Margin                                2.03(b)(51)          N/A             12.100%           12.000%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Weighted Average Gross Margin                       2.03(b)(51)          N/A              6.901%           6.881%
------------------------------------------------- ---------------- ----------------- ----------------- ----------------
Date on or before which each Initial Mortgage
Loan has a Due Date                                 2.03(b)(52)       11/1/2005         11/1/2005         11/1/2005
------------------------------------------------- ---------------- ----------------- ----------------- ----------------

</TABLE>

<TABLE>
<CAPTION>

------------------- ----------------- ---------------------------- ----------------- ----------------- ----------------
                                        Adjustable Rate Mortgage
                                           Loans (other than
                                       Two-Year, Three-Year and                         Three-Year        Five-Year
                       Applicable      Five-Year Hybrid Mortgage    Two-Year Hybrid   Hybrid Mortgage       Hybrid
 Adjustment Date         Section                 Loans)              Mortgage Loans        Loans        Mortgage Loans
------------------- ----------------- ---------------------------- ----------------- ----------------- ----------------
<S>                   <C>                      <C>                    <C>               <C>                 <C>
   Latest Next
 Adjustment Date      2.03(b)(34)              4/1/2006               10/1/2007         10/1/2008            N/A
------------------- ----------------- ---------------------------- ----------------- ----------------- ----------------

</TABLE>

                                    S-II-1EXHIBIT 10.9 

SUBSCRIPTION AND
PURCHASE AGREEMENT 

FOR 

SKY PETROLEUM, INC 

Offering of up to
$2,500,000 

Consisting
of 5,000,000 Shares of Common Stock $0.001 par value per share 

Price per Share $0.50; Minimum Investment of $50,000 (100,000 shares) 

Accredited or
“Offshore” Investors Only  

Offering Commencement Date
of March 31, 2005 

     

ALL INFORMATION HEREIN
WILL BE TREATED CONFIDENTIALLY 

     

	  	Investor(s)	
________________________________

________________________________ 

	  	Number of Shares	
________________________________ 

	  	Date Signed	
________________________________ 

1 

Purchaser Initials _____
_____ 

IMPORTANT: PLEASE READ
CAREFULLY BEFORE SIGNING.

SIGNIFICANT REPRESENTATIONS ARE CALLED FOR HEREIN. 

        Persons
interested in purchasing Shares of Sky Petroleum, Inc (the “Company”) must
complete and return this Agreement along with their check or money order to: 

Sky Petroleum, Inc 

108 Wild Basin Road 

Austin, Texas 78746  

        Subject
only to acceptance hereof by the Company in its discretion, the undersigned (the
“Purchaser”) hereby subscribes for the number of Shares and at the aggregate
subscription price set forth below. 

        An
accepted copy of this Agreement will be returned to the Subscriber as a receipt, and the
physical stock certificates shall be delivered to each Subscriber within thirty (30) days
of the date this offering is closed by the Company (anticipated closing date on or
before June 1, 2005). 

        By
execution below, the undersigned acknowledges that the Company is relying upon the
accuracy and completeness of the representations contained herein in complying with its
obligations under applicable securities laws. 

	1. 	  	Subscription.  

	  	1.1 	  	
The Purchaser, intending to be legally bound hereby, hereby tenders this subscription for
the purchase of ________________ shares (“Shares”) of Sky Petroleum, Inc
a Nevada corporation (the “Company”), at a price of $0.50 per Share on
the terms and conditions set forth below. 

	  	1.2 	  	
The Purchaser will deliver payment in cash directly to the Company together with completed
copies of all applicable Subscription Documents. 

	  	1.3 	  	
THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAW OR UNDER THE
SECURITIES LAWS OF ANY OTHER JURISDICTION AND ARE BEING OFFERED AND SOLD IN RELIANCE ON
EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION PASSED UPON OR ENDORSED THE MERITS 

2 

Purchaser Initials _____
_____ 

	  	
OF
THIS  OFFERING.  ANY  REPRESENTATION  TO THE  CONTRARY  IS A CRIMINAL
                  OFFENSE. THESE ARE SPECULATIVE SECURITIES. 

	  	1.4 	  	
The Purchaser acknowledges that the Company is a holding company with no current revenues,
and there can be no assurances that the Company will ever develop its operations as
currently contemplated. The Purchaser acknowledges that an investment in the Shares is
extremely speculative and that there is a substantial likelihood that the investor will
lose their entire investment. 

	  	1.5 	  	
The Company’s current business plan is to pursue business opportunities that lead to
the creation of stockholder value, preliminarily in the oil and gas industry. Purchaser
acknowledges that, even upon the purchase of the Shares, there can be no assurances that
the Company will be able to accomplish any of the goals described in its SEC filings. The
Purchaser assumes all the obligations and risks of investigating and conducting due
diligence on the matters described in its SEC filings. 

	  	1.6 	  	
The Company intends to use the net proceeds from the sale of the Shares, after deduction
for legal and other miscellaneous costs related to the sale and registration of the
Shares, as working capital to accomplish the objectives described in its SEC filings.
There can be no assurances that the Company will be able to accomplish any of the
objectives described in its SEC filings. 

	  	1.7 	  	
Purchaser expressly covenants and agrees that it will reasonably regard and preserve as
confidential any and all information, including but not limited to trade secrets,
marketing and sales information, pertaining to the Company’s business, including, but
not limited to the information contained in its SEC filings and such other information
relating thereto which may be provided, directly or indirectly, to the Purchaser
(“Confidential Information”). Purchaser further covenants that it shall not,
without the written authority of the Company, use for Purchaser’s own benefit or
purposes or disclose to others, at any time, any such Confidential Information. In the
event that Purchaser shall not purchase the Shares on the terms and conditions described
in this Subscription Agreement, or upon request of the Company, Purchaser shall return to
the Company all written information provided to Purchaser by or regarding Company, and
shall not retain any copies or record (electronic or otherwise) thereof. 

	  	1.8 	  	
The authorized capital of the Company is One Hundred Fifty Million (150,000,000) shares of
Common Stock and Ten Million (10,000,000) shares of Preferred Stock. As of March 31, 2005,
the Company has issued and outstanding approximately Twenty-Six Million (26,000,000)
shares of Common Stock and no issued and outstanding shares of Preferred Stock. 

	2. 	  	Representations
and Warranties.  

	  	
The
Purchaser hereby represents and warrants to the Company as follows:  

3 

Purchaser Initials _____
_____ 

	  	2.1 	  	
The Purchaser represents and warrants that it comes within one of the categories of
“accredited investor” marked below or is not a “U.S. Person” and is
purchasing in an “offshore transaction”, and the Purchaser has truthfully
initialed the category which applies to the undersigned and has truthfully set forth the
factual basis or reason the Purchaser comes within that category. ALL INFORMATION IN
RESPONSE TO THIS PARAGRAPH WILL BE KEPT STRICTLY CONFIDENTIAL. The Purchaser agrees to
furnish any additional information which the Company deems necessary in order to verify
the answers set forth below. 

	Category
 I _____ 	
The Purchaser is an individual (not a partnership, corporation, etc.) whose
individual net worth, or joint net worth with the Purchaser’s spouse, presently
exceeds $1,000,000.  

	  	
Explanation.
 In calculation of net worth the
Purchaser may include equity in personal property and real estate, including the
Purchaser’s principal residence, cash, short term investments,
stocks and securities. Equity in personal property and real estate should
be based on the fair market value of such property less debt secured by such
property.  

	Category
 II _____ 	
The Purchaser is an individual (not a partnership, corporation, etc.) who
had an individual income in excess of $200,000 in 2004 and 2003, or joint income with the
Purchaser’s spouse in excess of $300,000 in 2004 and 2003, and has a reasonable
expectation of reaching the same income level in 2005.  

	Category
 III _____ 	
The Purchaser is a bank as defined in Section 3(a)(2) of the Securities
Act or any savings and loan association or other institution as defined in Section
3(a)(5)(A) of the 1933 Act, whether acting in its individual or fiduciary capacity; a
broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of
1934; an insurance company as defined in Section 2(13) of the Securities Act; an
investment company registered under the Investment Company Act of 1940, or a business
development company as defined in Section 2(a)(48) of that Securities Act; 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; a plan established and
maintained by a state, its political subdivisions, or any agency or instrumentality of a
state or its political subdivisions for the benefit of its employees, if such plan has
total assets in excess of $7,000,000; an employee benefit plan within the meaning of the
Employee Retirement Income Security Act of 1974 if the investment decision is made by the
plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings
and loan association, insurance company, or registered investment advisor, or if the
employee benefit plan has total assets in excess of $7,000,000 or, if a self-directed  

4 

Purchaser Initials _____
_____ 

	  	
plan,
with investment decisions made solely by persons who are “Accredited Investors”as
defined in Section 230.501(a) of the Securities Act.  

	  	
______________________________________________________________________ 

______________________________________________________________________

______________________________________________________________________

(describe entity)

	Category
 IV _____ 	
The Purchaser is a private business development company as defined in
Section 202(a)(22) of the Investment Advisers Act of 1940.  

	  	
______________________________________________________________________ 

______________________________________________________________________

______________________________________________________________________

(describe entity)

	Category
 V _____ 	
The Purchaser is an organization described in Section 501(c)(3) of the
Internal Revenue Code, corporation, Massachusetts or similar business trust, or
partnership, not formed for the specific purpose of acquiring the securities offered,
with total assets in excess of $7,000,000.  

	  	
______________________________________________________________________ 

______________________________________________________________________

______________________________________________________________________

(describe entity)

	Category
VI _____ 	
The Purchaser is a director or executive officer of the Company.  

	Category
 VII _____ 	
The Purchaser is a trust, with total assets in excess of $7,000,000, not
formed for the specific purpose of acquiring the Shares offered, whose purchase is
directed by a “Sophisticated Person” as described in Section 230.506(b)(2)(ii)
of the Securities Act.  

	Category
 VIII _____ 	
The Purchaser is an entity in which all of the equity owners are “accredited
investors” as defined in Section 230.501(a) of the Act.  

	  	
______________________________________________________________________ 

______________________________________________________________________

______________________________________________________________________

(describe entity)

5 

Purchaser Initials _____
_____ 

	Category
 IX _____ 	
The Purchaser is not a “U.S. Person” (as defined
in Rule 902(k) of Regulation S) nor is it purchasing the Shares on behalf of a U.S.
Person, and is purchasing the Shares in an “offshore transaction” (as
defined in Rule 902(h) of Regulation S).  

A PURCHASER WHO COMES WITHIN
CATEGORY IX MUST FILL OUT THE 

REGULATION S OFFSHORE PURCHASER AGREEMENT ENCLOSED HEREIN. 

	  	2.2 	  	
The principal amount of the securities subscribed for by the Purchaser, as set forth in
Section 14 hereof does not exceed ten percent (10%) of the Purchaser’s net worth. 

	  	2.3 	  	
The Purchaser has either a pre-existing personal or business relationship with the Company
and its officers, directors and controlling persons or by reason of its business or
financial expertise has the capacity to protect its own interest in connection with this
transaction. 

	  	2.4 	  	
The Purchaser is acquiring the securities solely for the Purchaser’s own account for
investment purposes as a principal and not with a view to resale or distribution of all or
any part thereof. The Purchaser is aware that there are legal and practical limits on the
Purchaser’s ability to sell or dispose of the securities, and, therefore, that the
Purchaser must bear the economic risk of the investment for an indefinite period of time. 

	  	2.5 	  	
The Purchaser has reached the age of majority (if an individual) according to the laws of
the state in which it resides and has adequate means of providing for the Purchaser’s
current needs and possible personal contingencies and has need for only limited liquidity
of this investment, The Purchaser’s commitment to liquid investments is reasonable in
relation to the Purchaser’s net worth. 

	  	2.6 	  	
The Purchaser understands that the securities are being offered and sold in reliance on
specific exemptions from the registration requirements of federal and state law and that
the representations, warranties, agreements, acknowledgments and understandings set forth
herein are required in order to determine the applicability of such exemptions and the
suitability of the Purchaser to acquire such securities. 

	  	2.7 	  	
The Purchaser is not relying on the Company with respect to the tax and other economic
considerations relating to this investment. In regard to such considerations, the
Purchaser has relied on the advice of, or has consulted with, its own personal tax,
investment or other advisors. 

	  	2.8 	  	
The Purchaser, if executing this Subscription Agreement in a representative or fiduciary
capacity, has full power and authority to execute and deliver this 

6 

Purchaser Initials _____
_____ 

	  	
Subscription Agreement and each
other document included as an exhibit to this Subscription Agreement for which a signature
is required in such capacity and on behalf of the subscribing individual, partnership,
trust, estate, corporation or other entity for whom or which the Purchaser is executing
this Subscription Agreement. 

	  	2.9 	  	
If the Purchaser is a corporation, the Purchaser is duly and validly organized, validly
existing and in good tax and corporate standing as a corporation under the laws of the
jurisdiction of its incorporation with full power and authority to purchase the securities
to be purchased by it and to execute and deliver this Subscription Agreement. 

	  	2.10 	  	
If the Purchaser is a partnership, the representations, warranties, agreements and
understandings set forth above are true with respect to all partners in the Purchaser (and
if any such partner is itself a partnership, all persons holding an interest in such
partnership, directly or indirectly, including through one or more partnerships), and the
person executing this Subscription Agreement has made due inquiry to determine the
truthfulness of the representations and warranties made hereby. 

	  	2.11 	  	
If the Purchaser is purchasing in a representative or fiduciary capacity, the above
representations and warranties shall be deemed to have been made on behalf of the person
or persons for whom the Purchaser is so purchasing. 

	  	2.12 	  	
Within five (5) days after receipt of a request from the Company, the Purchaser will
provide such information and deliver such documents as may reasonably be necessary to
comply with any and all laws and ordinances to which the Company is subject. 

	  	2.13 	  	
The Purchaser or its professional advisor has been granted the opportunity to conduct a
full and fair examination of the records, documents and files of the Company, to ask
questions of and receive answers from representatives of the Company, its officers,
directors, employees and agents concerning the terms and conditions of this offering, the
Company and its business and prospects, and to obtain any additional information which the
Purchaser or its professional advisor deems necessary to verify the accuracy of the
information received. 

	  	2.14 	  	
The securities were not offered to the Purchaser through an advertisement in printed media
of general and regular circulation, radio or television. 

	  	2.15 	  	
The Purchaser has relied completely on the advice of, or has consulted with, its own
personal tax, investment, legal or other advisors and has not relied on the Company or any
of its affiliates, officers, directors, attorneys, accountants or any affiliates of any
thereof and each other person, if any, who controls any thereof, within the meaning of
Section 15 of the Securities Act, except to the extent such advisors shall be deemed to be
as such. 

7 

Purchaser Initials _____
_____ 

	  	2.16 	  	
If the Purchaser has consulted a purchaser representative (“Purchaser
Representative”) to evaluate the merits and risks of the undersigned’s
investment in the securities, the Purchaser Representative has completed a Purchaser
Representative Questionnaire in the form supplied to him. The Purchaser or the Purchaser
Representative has been granted the opportunity to examine documents and files, to ask
questions of and receive answers from representatives of the Company, its officers,
directors, employees and agents concerning the terms and conditions of the Offering, the
Company and its business and prospects, and to obtain any additional information which the
Purchaser or the Purchaser Representative deems necessary to verify the accuracy of the
information received. 

	  	2.17 	  	
The Purchaser either alone or with its Purchaser Representative has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits
and risks of the prospective investment. 

	3.  	  	Acknowledgments.  

	  	
The
Purchaser is aware that:

	  	3.1 	  	
The Purchaser recognizes that investment in the Company involves certain risks, including
the potential loss by the Purchaser of interest on their investment herein, and the
Purchaser has taken full cognizance of and understands all of the risk factors related to
the purchase of the securities. The Purchaser recognizes that the information set forth in
this Subscription Agreement does not purport to contain all the information, which would
be contained in a registration statement under the Securities Act. 

	  	3.2 	  	
No federal or state agency has passed upon the securities or made any finding or
determination as to the fairness of this transaction. 

	  	3.3 	  	
The securities and any component thereof have not been registered under the Securities Act
or any applicable state securities laws by reason of exemptions from the registration
requirements of the Securities Act and such laws, and may not be sold, pledged, assigned
or otherwise disposed of in the absence of an effective registration statement for the
securities and any component thereof under the Securities Act or unless an exemption from
such registration is available. Provided there is a market for the Company’s
securities, the securities will not be eligible for sale for a period of one year from the
date of purchase pursuant to the terms of Rule 144 of the Securities Act of 1933, unless
registered pursuant to the terms and conditions of the attached Registration Rights
Agreement. 

	  	3.4 	  	
There currently is no active market for the Company’s securities, however, the
Company’s common stock is quoted on the Over-the-Counter Bulletin Board. There can be
no assurances that an active market for the Company’s securities will ever develop or
if developed, be sustained in the future. Consequently, the 

8 

Purchaser Initials _____
_____ 

	  	
Purchaser  may  never  be able  to  liquidate  the  Purchaser’s investment
and the Purchaser may bear the economic risk of the Purchaser’s investment for an
indefinite period of time. 

	  	         3.5  	  	The
certificates for the securities will bear the following legend to the effect that: 

	  	
THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (THE “ACT”). THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND
MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF A
CURRENT AND EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT WITH RESPECT TO SUCH SHARES,
OR AN OPINION SATISFACTORY TO THE ISSUER AND ITS COUNSEL TO THE EFFECT THAT REGISTRATION
IS NOT REQUIRED UNDER THE ACT.  

	  	3.6 	  	
The Company may refuse to register any transfer of the securities not made in accordance
with the Securities Act and the rules and regulations promulgated thereunder. 

	  	         3.7  	  	There
will be a  broker/finder  fee of ten percent  (10%) of the funds  received paid directly
to                   the introducing agent(s). 

	4. 	  	Registration.  

	  	
The
Company has undertaken to file a registration statement with the Securities and Exchange
Commission, within 60 days of the Offering Termination Date, which shall be determined by
the Company’s board of directors, however, in no event shall the filing date be later
than August 31, 2005, covering the Shares purchased hereunder. 

	5. 	  	Acceptance
of Subscription.  

	  	
The
Purchaser hereby confirms that the Company has full right in its sole discretion to accept
or reject the subscription of the Purchaser, provided that if the Company decides to
reject such subscription, the Company must do so promptly and in writing. In the case of
rejection, any cash payments and copies of all executed Subscription Documents will be
promptly returned (without interest or deduction in the case of cash payments). 

	6.  	  	Indemnification.  

	  	
The
Purchaser agrees to indemnify and hold harmless the Company as well as the
affiliates, officers, directors, partners, attorneys, accountants and affiliates of any
thereof and each other person, if any, who controls any thereof, within the meaning of
Section 15 of the Securities Act, against any and all loss, liability, claim, damage and
expense 

9 

Purchaser Initials _____
_____ 

	  	
whatsoever  (including,  but not  limited  to, any and all expenses
reasonably incurred in investigating, preparing or defending against any litigation
commenced or threatened or any claim whatsoever) arising out of or based upon any
allegedly false representation or warranty or breach of or failure by the Purchaser to
comply with any covenant or agreement made by the Purchaser herein or in any other
document furnished by the Purchaser to any of the foregoing in connection with this
transaction. 

	7.  	  	Irrevocability.  

	  	
The
Purchaser hereby acknowledges and agrees, subject to the provisions of any applicable
state securities laws providing for the refund of subscription amounts submitted by the
Purchaser, if applicable, that the subscription hereunder is irrevocable and that the
Purchaser is not entitled to cancel, terminate or revoke this Subscription Agreement and
that this Subscription Agreement shall survive the death or disability of the Purchaser
and shall be binding upon and inure to the benefit of the Purchaser, and the Purchasers
respective heirs, executors, administrators., successors, legal representatives and
assigns. If the Purchaser is more than one person, the obligations of the Purchaser
hereunder shall be joint and several, and the agreements, representations, warranties and
acknowledgments herein contained shall be deemed to be made by and be binding upon each
such person and each such person’s heirs, executors, administrators, successors,
legal representatives and assigns. 

	8. 	  	Modification.  

	  	
Neither
this Subscription Agreement nor any provisions hereof shall be waived, modified,
discharged or terminated except by an instrument in writing signed by the party against
whom any such waiver, modification, discharge or termination is sought. 

	9. 	  	Notices.  

	  	
Any
notice, demand or other communication which any party hereto may be required or may elect
to give anyone interested hereunder shall be sufficiently given if; (a) deposited, postage
prepaid, in a United States mail box, stamped registered or certified mail, return receipt
requested, and addressed, in the case of the Company, to the address given in the preamble
hereof, and, if to the Purchaser, to the address set forth hereinafter; or (b) delivered
personally at such address. 

	10.  	  	Counterparts.  

	  	
This
Subscription Agreement may be executed through the use of separate signature pages or in
any number of counterparts, and each of such counterparts shall, for all purposes,
constitute an agreement binding on all parties, notwithstanding that all parties are not
signatories to the same counterpart. 

10 

Purchaser Initials _____
_____ 

	11.  	  	Entire
Agreement.  

	  	
This
Subscription Agreement, and the Exhibits attached, contains the entire agreement of the
parties with respect to the subject matter hereof, and there are no representations,
warranties, covenants or other agreements except as stated or referred to herein. 

	12.  	  	Severability.  

	  	
Each
provision of this Subscription Agreement is intended to be severable from every other
provision and the invalidity or illegality of the remainder hereof. 

	13. 	  	Transferability;
Assignability.  

	  	
This
Subscription Agreement is not transferable or assignable by the Purchaser.  

	14. 	  	Applicable
Law and Forum.  

	  	
This
Subscription Agreement and all rights hereunder shall be governed by, and interpreted in
accordance with the laws of the State of Nevada. The federal and state courts of the State
of Nevada shall have sole and exclusive jurisdiction over any dispute arising from
this Offering and this Subscription Agreement. 

	15. 	  	Subscription
Information.  

	  	
The
Purchaser hereby subscribes, pursuant to this Subscription Agreement dated as of
_____________________________, 2005, for Shares in the amounts set
forth in Paragraph 14.1 below, and tenders payment in cash in consideration therefore, as
further set forth below. Please make checks delivered in respect of subscriptions
hereunder payable to “Sky Petroleum, Inc” 

	  	15.1 	  	
Number of Shares subscribed for, _________________ Shares against payment in cash in the
amount of $_____________, representing $0.50 per
Share. 

	  	
if
the Shares hereby subscribed for are to be owned by more than one person in any manner,
the Purchaser understands and agrees that all of the co-owners of such Shares must sign
this Subscription Agreement. 

	  	
__________________________________________________________________

Please print above the exact name(s) in which the Shares are to be held.  

11 

Purchaser Initials _____
_____ 

        IN
WITNESS WHEREOF, the undersigned Purchaser does represent and certify under penalty of
perjury that the foregoing statements are true and correct and that it has (they have) by
the following signature(s) executed this Subscription Agreement this _______ day of
_______________ , 2005, at __________________________________, ___________________. 

{SIGNATURE PAGE TO
FOLLOW} 

12 

INDIVIDUAL  

	

_____________________________________________

Signature (Individual)

_____________________________________________

Signature (All record holders should sign)

_____________________________________________

Name(s) Typed or Printed	
Address to which Correspondence

Should be Directed

_____________________________________________

Name

_____________________________________________

Street Address

_____________________________________________

City, State and Zip Code

_____________________________________________

Tax Identification or Social Security

Number

_____________________________________________

Telephone
 

13 

CORPORATION,
PARTNERSHIP, TRUST, OR OTHER ENTITY  

	

_____________________________________________

Name of Entity

By:  ________________________________________

       *Signature 

Its:  ________________________________________

       Title

___________________________________________

Name Typed or Printed 

	
Address to which Correspondence

Should be Directed

_____________________________________________

Street Address

_____________________________________________

City, State and Zip Code

_____________________________________________

Tax Identification or Social Security

Number

_____________________________________________

Telephone Number
 

*If Shares are being subscribed for
by a corporation, partnership, trust or other entity, the Certificate of Signatory on the
following page must also be completed. 

14 

CERTIFICATE OF
SIGNATORY 

        To
be completed if Shares are being subscribed for by an entity. 

        I,
      ____________________________________,       am      the
      President       of _________________________________ (the
"Entity"). 

        I
certify that I am empowered and duly authorized by the Entity to execute and carry out the
terms of the Subscription Agreement and Letter of Investment Intent and to purchase and
hold the Shares, and certify that the Subscription Agreement and Letter of Investment
Intent has been duly and validly executed on behalf of the Entity and constitutes a legal
and binding obligation of the Entity. 

        IN
WITNESS WHEREOF, I have hereto set my hand this ______ day of ________________________,
2005. 

	  	
______________________________________________________ 

15 

ACCEPTANCE 

        This
Subscription Agreement is accepted as of ____________________________, 2005. 

	  	
Sky Petroleum, Inc 

a Nevada Corporation

By:  ________________________________________

     Daniel Meyer, President
 

16 

APPENDIX A 

REGULATION S OFFSHORE
PURCHASER AGREEMENT 

Name of Subscriber:    
       ____________________________________________________________ 

Number of Shares:   
__________________  SHARES 

Total Amount Paid: USD$  
______________    

SUBSCRIPTION AGREEMENT
AND INVESTMENT REPRESENTATION 

THE SECURITIES BEING SUBSCRIBED TO
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
APPLICABLE STATE SECURITIES LAWS DUE TO THE APPLICATION OF REGULATION S PROMULGATED BY THE
U.S. SECURITIES AND EXCHANGE COMMISSION UNDER THE PROVISIONS OF THE SECURITIES ACT OF
1933, AS AMENDED. 

FURTHER, THE SECURITIES BEING
SUBSCRIBED TO MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO TRANSACTIONS EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 OR REGULATION S, AS AMENDED, AND
APPLICABLE STATE SECURITIES LAWS, OR COMPLIANCE THEREWITH. FURTHER, HEDGING TRANSACTIONS
WITH RESPECT TO SUCH SECURITIES WILL BE CONDUCTED IN COMPLIANCE WITH THE SECURITIES ACT. 

Board of Directors 

Sky Petroleum, Inc 

108 Wild Basin Road

Austin, Texas 78746   

Gentlemen: 

             1.       
          Consideration for Purchase. The undersigned (the “Purchaser”)
          hereby elects to purchase those Shares of Sky Petroleum, Inc a Nevada (U.S.A.)
          corporation (the “Company”), set forth above at a purchase price of
          $0.50 (U.S.) per Share, and tenders to the Company as consideration for the
          purchase price, US$__________________. 

             2.       
          Understanding of the Purchaser. The Purchaser acknowledges, understands
          and agrees that: 

          		        (a)       
               The Transfer Agent for the Company will be given stop transfer instructions
               restricting the transfer thereof for a period of one year (the
               “Distribution Compliance Period”) (see Paragraph 7 below). The Shares
               are subject to the restrictions on transfer provided in Regulation S, the terms
               and conditions of which are incorporated 

               

A-1 

OFFSHORE PURCHASER'S
INITIALS ______ 

	  	herein
by reference. Further, the Shares will be issued in that name set forth under the
signature line below. 

          		        (b)       
               The Shares have not been registered under the Securities Act of 1933, as
               amended, or any applicable State Law (collectively, the “Securities
               Act”). The Shares may not be sold, offered for sale, transferred, pledged,
               hypothecated or otherwise disposed of except in compliance with the Act or
               Regulation S. Hedging transactions with respect to such Shares will be conducted
               in compliance with the Securities Act, such as Rule 144 thereunder. The
               Purchaser must bear the economic risk of the investment in the Shares for the
               aforesaid period of time. If the Purchaser desires to sell or transfer all or
               any part of the Shares within the aforestated Distribution Compliance Period,
               the Company may require Purchaser’s counsel to provide a legal opinion that
               the transfer may be made without registration under the Securities Act. Other
               restrictions discussed elsewhere herein may be applicable. Purchaser
               acknowledges that they is subject to the restrictions on transfer described
               herein and the Company will issue stop transfer orders with the Company’s
               transfer agent to enforce such restrictions. 

               

          		        (c)       
               No Federal or State (U.S.A.) agency has made any findings or determination as to
               the fairness of an investment in the Company, or any recommendation or
               endorsement of this investment. 

               

             3.       
          Representations and Warranties of the Purchaser. The Purchaser hereby
          represents and warrants to the Company as follows: 

          		        (a)       
               The Purchaser hereby certifies that it is not a “U.S.
               Person” (as defined in Rule 902(k) of Regulation S) nor is it
               purchasing the Shares on behalf of a U.S. Person, and is purchasing the shares
               of common stock (“Shares”) in an “offshore
               transaction” (as defined in Rule 902(h) of Regulation S). 

               

          		        (b)       
               Purchaser’s commitment to investments that are not readily marketable is
               not disproportionate to their net worth, and their investment in the Shares will
               not cause such overall commitment to become excessive. 

               

          		        (c)       
               Purchaser has the financial ability to bear the economic risks of this
               investment, has adequate means for providing for their current needs and
               personal contingencies, and has no need for liquidity in this investment. 

               

          		        (d)       
               Purchaser has evaluated the high risk of investing in the Shares and has such
               knowledge and experience in financial and business matters in general and in
               particular with respect to this type of investment that they are capable of
               evaluating the merits and risks of an investment in the Shares. 

               

          		        (e)       
               Purchaser has been given the opportunity to ask questions of and receive answers
               from the Company concerning the terms and conditions of this investment, and to
               obtain additional information necessary to verify the accuracy of the
               information desired in order to evaluate this investment, and in evaluating the
               suitability of an 

               

A-2 

OFFSHORE PURCHASER'S
INITIALS ______ 

	  	
investment  in  the  Shares.  Purchaser  has  not  relied  upon  any representations
or other information (whether oral or written) other than that furnished by the Company or
its representatives. 

          		        (f)       
               Purchaser has had the opportunity to discuss with professional legal, tax and
               financial advisers the suitability of an investment in the Shares for its
               particular tax and financial situation, and all information that it has been
               provided to the Company concerning Purchaser and their financial position is
               correct and complete as of the date set forth below, and if there should be any
               material change in such information prior to their admission as a stockholder of
               the Company, will immediately provide such information to the Company. 

               

          		        (g)       
               The residence set forth below is the true and correct residence, and Purchaser
               has no present intention of becoming a resident or domiciliary of any other
               country. 

               

          		        (h)       
               In making the decision to purchase the Shares, Purchaser has relied solely upon
               independent investigations made by them or on their behalf. 

               

          		        (i)       
               If Purchaser is acting in this transaction as a distributor, as defined under
               Regulation S, then they will be reselling the Shares only in an offshore
               transaction and will advise the ultimate purchaser, or any other distributor to
               whom they sell the shares that they will be subject to the same restrictions on
               resale to which they are subject under said Regulation S. Otherwise, as the
               ultimate purchaser in this offering, Purchaser is acquiring the Shares solely
               for their own personal account, for investment purpose only, and is not
               purchasing with a view to, or for, the resale, distribution, subdivision or
               fractionalization thereof. 

               

          		        (j)       
               Purchaser is neither a member of nor is affiliated with or employed by a member
               of the National Association of Securities Dealers, Inc., nor is employed by or
               affiliated with a broker-dealer registered with the U.S. Securities and Exchange
               Commission nor with any similar agency of any State. 

               

          		        (k)       
               The certificates for the securities will bear the following legend to the effect
               that: 

               

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH BELOW. BY ITS
ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT HEDGING TRANSACTIONS INVOLVING THESE
SECURITIES WILL NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT AND IT IS NOT A U.S.
PERSON AND IS ACQUIRING THESE SECURITIES IN AN OFFSHORE TRANSACTION, AND AGREES THAT IT
WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS CERTIFICATE
EXCEPT (A) PURSUANT TO AN 

A-3 

OFFSHORE PURCHASER'S
INITIALS ______ 

EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT, (B) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
RULE 904 UNDER THE ACT, OR (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY
RULE 144 UNDER THE ACT (IF AVAILABLE) AND AGREES THAT IT WILL GIVE EACH PERSON TO WHOM
THESE SECURITIES ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND, OR
AN OPINION SATISFACTORY TO THE ISSUER AND ITS COUNSEL TO THE EFFECT THAT REGISTRATION IS
NOT REQUIRED UNDER THE ACT. 

        The
foregoing representations, warranties, agreements, undertakings and acknowledgments are
made by the undersigned with the intent that they be relied upon in determining its
suitability as a purchaser of the Shares. In addition, the undersigned agrees to notify
the Company immediately of any change in any representations, warranty or other
information. If the Purchaser is other than a natural person, the foregoing and following
representations and warranties are being made by and refer to such entity and that the
individual or individuals executing this Subscription Agreement and Investor
Representation have due authority to bind and obligate such entity hereby. If more than
one person is signing this Agreement, each representation, warranty and undertaking herein
shall be a joint and several representation, warranty and undertaking of each such person.
If the Purchaser is a partnership, corporation, trust or other entity, the Purchaser
further represents and warrants that (i) there has been enclosed with this Agreement
appropriate evidence of the authority of the individual executing this Agreement to act on
the behalf of the Purchaser, (ii) the entity was not specifically formed to acquire the
Shares, (iii) the entity was not organized, nor resides, nor do the persons owning or
controlling such entity reside in, the United States. If the Purchaser is a partnership,
the Purchaser further represents that the funds to make this investment were not derived
from additional capital contributions of the partners of such partnerships. 

             4.       
          Further Representations and Warranties of Purchaser to the Company. 

            Purchaser
further represents to the Company as follows: 

          		        (a)       
               The offer leading to the sale and the sale evidenced hereby were made in an
               “offshore transaction,” for purposes of Regulation S. An
               “offshore transaction” as defined under Regulation S is any offer or
               sale of securities if the offer is not made to a person in the United States;
               and either (A) at the time the buy order is originated, the Purchaser is outside
               the United States, or the Company and any person acting on its behalf reasonably
               believe that the Purchaser is outside the United States; or (B) the transaction
               is executed in, on or through the facilities of a “designated offshore
               securities market,” and neither the Company nor any person acting on is
               behalf knows that the transaction has been pre-arranged with the Purchaser in
               the United States. A “designated offshore securities market” is
               defined under Regulation S to be the Eurobond market, as regulated by the
               International Securities Market Association; the Alberta Stock Exchange; the
               Amsterdam Stock Exchange; the Australian Stock Exchange Limited; the Bermuda
               Stock Exchange; the Bourse de Bruxelles; the Copenhagen Stock Exchange; the
               European Association of Securities Dealers Automated Quotation; the Frankfurt
               Stock Exchange; the Helsinki Stock Exchange; The Stock Exchange of Hong Kong
               Limited; 

               

A-4 

OFFSHORE PURCHASER'S
INITIALS ______ 

	  	
the Irish Stock Exchange; the Istanbul Stock
Exchange; the Johannesburg Stock Exchange; the London Stock Exchange; the Bourse de
Luxembourg; the Mexico Stock Exchange; the Borsa Valori di Milan; the Montreal Stock
Exchange; the Oslo Stock Exchange; the Bourse de Paris; the Stock Exchange of Singapore
Ltd.; the Stockholm Stock Exchange; the Tokyo Stock Exchange; the Toronto Stock Exchange;
the Vancouver Stock Exchange; the Warsaw Stock Exchange and the Zurich Stock Exchange. In
regards of this representation and warranty, and notwithstanding the above, offers and
Sales of securities to persons excluded from the definition of “U.S. person” are
offshore transactions. 

	  	            A
“U.S. person” for purposes of Regulation S is (i) any natural person resident in
the United States; (ii) any partnership or corporation organized or incorporated under the
laws of the United States; (iii) any estate of which any executor or administrator is a
U.S. person; (iv) any trust of which any trustee is a U.S. person; (v) any agency or
branch of a foreign entity located in the United States; (vi) any non-discretionary or
similar account (other than an estate or trust) held by a dealer or other fiduciary
organized, incorporated or (if an individual) resident in the United States; (vii) any
discretionary or similar account (other than an estate or trust) held by a dealer or other
fiduciary organized, incorporated or (if an individual) resident in the United States; and
(viii) any partnership or corporation if (A) organized or incorporated under the laws of
any foreign jurisdiction; and (B) formed by a U.S. person principally for the purpose of
investing in securities not registered under the Securities Act, unless it is organized or
incorporated, and owned, by accredited investors who are not natural persons, estates or
trusts. 

          		        (b)       
               Neither the Purchaser, nor any affiliate, nor any person acting on their behalf,
               has made any “directed selling efforts” in the United States, as
               defined in Regulation S to be: any activity undertaken for the purpose of, or
               that could reasonably be expected to have the effect of, conditioning the market
               in the United States for any of the securities being purchased hereby. 

               

          		        (c)       
               The Purchaser understands that the Company is the issuer of the securities which
               are the subject of this Agreement, and that, for purposes of Regulation S, a
               “distributor” is any underwriter, dealer or other person who
               participate, pursuant to a contractual arrangement, in the distribution of
               securities offered or sold in reliance on Regulation S and that an
               “affiliate” is any partner, officer, or director or any person
               directly or indirectly controlling, controlled by or under common control with
               the person in question. In this regard, the Purchaser shall not, during the
               twelve (12) month period, act as a distributor, either directly or through an
               affiliate, nor shall the Purchaser sell, transfer, hypothecate or otherwise
               convey the Shares or interest therein other than to a non-U.S. person (and in
               such case, shall provide evidence to the satisfaction of the Company and its
               Transfer Agent that such resale was made in a bona-fide offshore transaction). 

               

             5.       
          Representations and Warranties of the Company to the Purchaser. The
          Company represents and warrants that: (i) it is a corporation in good standing
          in all jurisdictions in which it conducts its business; (ii) has sufficient
          authorized stock to issue the shares being 

A-5 

OFFSHORE PURCHASER'S
INITIALS ______ 

subscribed to by the Purchaser
hereunder; and (iii) upon proper payment and receipt of the purchase price, acceptance of
the Purchaser’s subscription therefore and issuance and delivery of the Shares being
subscribed to hereunder to Purchaser, such Shares shall be deemed fully paid, validly
issued, and non-assessable. The Company further represents and warrants to the Purchaser
that it has the authority under its corporate charter and under applicable state and
federal corporate and securities laws to enter into the contemplated transaction, and that
the signatories hereto have been duly authorized in accordance with its corporate charter
and bylaws, which authority has not been suspended, modified or revoked as of the date
hereof. Neither the Company, nor any affiliate, nor any person acting on its behalf, has
made any “directed selling efforts” in the United States, as defined in
Regulation S to be: any activity undertaken for the purpose of, or that could reasonably
be expected to have the effect of, conditioning the market in the United States for any of
the securities being purchased hereby. 

             6.       
          Indemnity by Purchaser. The Purchaser understands and acknowledges that
          the Company, its officers, directors, attorneys and agents are relying upon the
          representations, warranties and agreements made by the Purchaser to and with the
          Company herein and, thus, hereby agrees to indemnify the Company, its officers
          and directors, agents, attorneys, and employees, and agrees to hold each of them
          harmless against any and all loss, damage, liability or exposure, including
          reasonable attorney’s fees, that it or any of them may suffer, sustain, or
          incur by reason of or in connection with any misrepresentation or breach of
          warranty or agreement made by the Purchaser under this Agreement, or in
          connection with the sale or distribution by the Purchaser of the Shares in
          violation of the Securities Act or any other applicable law. 

        7.
Distribution Compliance Period/Closing. 

          		        (a)       
               As set forth in Regulation S, the “Distribution Compliance Period”
               means a period that commences on the later of the date upon which the securities
               were first offered to persons other than distributors in reliance upon
               Regulation S or the date of closing of the offering, and in this case, expires
               One (1) year thereafter; provided, however, that all offers and sales by
               a distributor of an unsold allotment or subscription shall be deemed to be made
               during the Distribution Compliance Period; provided further, that in a
               continuous offering, the Distribution Compliance Period shall commence upon
               completion of the distribution, as determined and certified by the managing
               underwriter or person performing similar functions. 

               

          		        (b)       
               The closing of this offering shall occur on the date of execution of this
               Agreement or the date of acceptance of this offer by the Company, whichever is
               later. Notwithstanding the foregoing, the Company shall have the right to make a
               determination based upon the advice of its counsel as to matter relating to the
               Distribution Compliance Period and the closing of the offering for purposes of
               compliance with Regulation S as to any and all Subscriptions offered and
               accepted by the Company in respect of removal of transfer restrictions. 

               

A-6 

        8.
Miscellaneous Provisions.  

          		        (a)       
               Further Assurances. At any time and from time to time after the date of
               this Agreement, each party shall execute such additional instruments and take
               such other and further action as may be reasonably requested by any other party
               to confirm or perfect title to any property transferred hereunder or otherwise
               to carry out the intent and purpose of this Agreement. 

               

          		        (b)       
               Waiver. Any failure on the part of any party hereunder to comply with any
               of their obligations, agreements or conditions hereunder may be waived in
               writing by the party to whom such compliance is owed; however, waiver on one
               occasion does not operate to effectuate a waiver on any other occasion. 

               

          		        (c)       
               Brokers. Each party represents to every other party that no broker or
               finder has acted for it in connection with this Agreement, other than the
               Company’s engagement of introducing agent(s) whom will be paid a
               broker/finder fee of ten percent (10%) of the funds received. Each party agrees
               to indemnify, save, defend and hold the other party harmless from and against
               any fee, loss or expense arising out of claims by brokers or finder shall obtain
               the release of any and all claims which they may have or which may accrue
               against the non-employing parties. 

               

          		        (d)       
               Entire Agreement. This Agreement and all exhibits, schedules and written
               memoranda attached hereto or otherwise referred to herein, constitutes the
               entire agreement between the parties and supersedes and cancels any other
               agreement, representation or communication, whether oral or written, between the
               parties hereto relating to the transactions evidenced hereby and the subject
               mater hereof. 

               

          		        (e)       
               Headings. The article and paragraph headings in this Agreement are
               inserted for convenience only and shall not affect in any way the meaning or
               interpretation of this Agreement. 

               

          		        (f)       
               Governing Law. This Agreement shall be governed by and construed and
               enforced in accordance with the laws of the State of Nevada. 

               

          		        (g)       
               Counterparts. This Agreement may be executed simultaneously in two or
               more counterparts, each of which shall be deemed an original, but all of which
               together shall constitute one and the same instrument. 

               

          		        (h)       
               No Oral Modification. The Agreement may be modified solely in writing,
               and only after the mutual agreement of the parties affected thereby. 

               

          		        (i)       
               Survival of Representations, Warranties and Covenants. The
               representations, warranties, covenants and agreements contained herein shall
               survive the date and execution of this Agreement. 

               

A-7 

OFFSHORE PURCHASER'S
INITIALS ______ 

     

        Please
print above the exact name(s) in which the Shares are to be held. 

Address to which
Correspondence

Should be Directed 

__________________________________________________________________

Name of Entity 

__________________________________________________________________

__________________________________________________________________

Address

By:  
___________________________________________

     * Signature 

___________________________________________

Name Typed or Printed 

Its:  
___________________________________________

     Title 

*If Shares are being subscribed for
by a corporation, partnership, trust or other entity, the Certificate of Signatory on the
following page must also be completed. 

A-8 

CERTIFICATE OF
SIGNATORY 

        To
be completed if Shares are being subscribed for by an entity. 

        I,
      ____________________________________,       am      the
      President       of _________________________________ (the
"Entity"). 

        I
certify that I am empowered and duly authorized by the Entity to execute and carry out the
terms of the Subscription Agreement and Letter of Investment Intent and to purchase and
hold the Shares, and certify that the Subscription Agreement and Letter of Investment
Intent has been duly and validly executed on behalf of the Entity and constitutes a legal
and binding obligation of the Entity. 

        IN
WITNESS WHEREOF, I have hereto set my hand this ______ day of ________________________,
2005. 

	  	
______________________________________________________ 

A-9 

OFFSHORE PURCHASER'S
INITIALS ______ 

ACCEPTANCE 

        This
Subscription Agreement is accepted as of ____________________________, 2005. 

	  	
Sky Petroleum, Inc 

a Nevada Corporation

By:  ________________________________________

     Daniel Meyer, President
 

A-10 

OFFSHORE PURCHASER'S
INITIALS ______ 

Subscrition Agreement
Delivery Instructions: 

Wire instructions for subscription
funds: 

PAYMENTS TO CANADIAN IMPERIAL BANK
OF COMMERCE, TORONTO FROM 

REMITTERS WORLDWIDE IN ANY CURRENCY 

PAY BY SWIFT MT100/103
T0 CIBC TORONTO, CIBCCATT 

FIELD 57: ACCOUNT WITH INSTITUTION 

	  	
//CC001000009

CANADIAN IMPERIAL BANK OF COMMERCE

309 8TH AVENUE S.W.

CALGARY,
ALBERTA, CANADA, T2P 2P2  

FIELD 59: BENIFICIARY CUSTOMER 

	  	
05
60510 SKY PETROLEUM, INC.

//CC = Canadian Clearing Code

0010 = Institution number for CIBC

00009 = 5 digit branch transit code 

A copy of the subscription agreement
should be faxed to: 

	  	
780
444-9577 (Attention: Daniel Meyer)  

Origonal sent to: 

	  	
Sky Petroleum, Inc

108 Wild Basin Road

Austin, Texas 78746  

A-11 

OFFSHORE PURCHASER'S
INITIALS ______

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